AGORA INTERNATIONAL JOURNAL OF ECONOMICAL SCIENCES
ISSN 2067-3310. Online-ISSN 2067-7669 . Acronym: AIJES. Agora International Journal of Economical Sciences is published yearly, beginning with 2007, and includes studies that are structured on the following scientific fields: General Economics, Management, Marketing, Tourism, Accountancy, Finance. AIJES is currently indexed in the following international scientific databases: ERIH PLUS, CEEOL, DOAJ, EZB, Econstor, Index Copernicus, Worldcat, EconBiz, COBIB.SI, Scipio, MIAR. AIJES is ranked Category A in ANVUR, Category B+ in CNCSIS2011 In 2023, Ljubljana School of Business, Slovenia, joined as a co-publisher and, based on this bilateral cooperation, AIJES is published twice per year. In the first issue, AIJES publishes a selection of papers of the annual EECME Conference and in the second issue it publishes a selection of papers of the annual UNEC Conference, besides the regular submitted papers by prestigious international authors.
AN ANALYTİCAL ASSESSMENT OF THE TURKİSH DEFENSE INDUSTRY AND ITS ECONOMİC IMPLİCATİONS
The pursuit of strategic autonomy has been a key driver in shaping Türkiye's defense policy, with a focus on reducing dependence on others through the advancement of its domestic military capabilities. While benefiting from NATO membership and access to global technologies, Türkiye has emphasized the creation of a sovereign defense ecosystem. This article makes an overall evaluation of Türkiye's defense industry through an examination of its historical trajectory, strategic role, structural transformation, sectoral performance indicators, and economic role in a wider senseThe study aims to interpret the shifting pattern of the sector by analyzing export-import performance, labor trends, and its effects on technological and industrial development. A qualitative-descriptive approach was employed, founded on policy document analysis, scholarly literature, and statistics data analysis.The results emphasize Türkiye's improvements in integrating indigenous production, enhancing exportation capability, and aiding economic sustainability through its defense programs.
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GREEN BANKING INITIATIVES IN AZERBAIJAN: CONTRIBUTION OF FINANCIAL SYSTEM
Based on existing academic literature, green banking can primarily evolve along three directions: green product development, green corporate social responsibility, and green internal processes This study qualitatively evaluates the commitment of seven top-performing banks in Azerbaijan to green banking initiatives and categorizes their activities across these dimensions. The results of the content analysis illustrate that the banks under study demonstrated the strongest commitment in the areas of green products and corporate social responsibility. The adoption of green banking practices is anticipated to expand within the banking sector of Azerbaijan in the foreseeable future. Moreover, this article empirically examines the impact of environmental performance, primarily related to the internal processing category of business operations and assessed by resource consumption, on the profitability of the top two banks in Azerbaijan. The results reveal that, after controlling for bank size, environmental indicators do not exert a statistically significant impact, either positive or negative, on the profitability of these banks. Notably, energy consumption and GHG emissions exhibited the most considerable negative association, while only water consumption demonstrated a positive relationship with profitability. These findings support the tenets of Legitimacy theory and align with the findings of previous studies.
HYDROGEN'S ROLE IN GREEN ECONOMY: OPPORTUNITIES AND CHALLENGES IN SELECTED EUROPEAN COUNTRIES
Hydrogen is an important element in the transition to a green economy, with its potential to play a key role in the decarbonization of industry and transport within the European Union. The aim of this article is to analyse the differences in hydrogen production and consumption between selected European countries in the context of their economic maturity. Based on data from 2020 to 2023, a quantitative analysis was conducted including variables such as hydrogen production and consumption capacity and GDP per capita. Using non-parametric tests (Kruskal-Wallis, Dwass-Steel-Critchlow-Fligner), statistically significant differences were identified between groups of countries with high and low levels of hydrogen infrastructure development. The results confirm that higher economic performance of countries is closely related to a more developed hydrogen economy. The discussion highlights the importance of investments, regulatory frameworks and technological innovations in the implementation of hydrogen solutions. The article also identifies the challenges faced by less developed countries and recommends an approach based on support and cooperation within the EU.
SCENARIO FORECASTING REVENUE MANAGEMENT STRATEGY FOR UKRAINIAN HOTELS
An organizational mechanism for revenue management implementing is proposed: monitoring and analytics of metrics for efficient adaptation; dynamic pricing and market segmentation; partnerships and staff motivation. Pessimistic, realistic, and optimistic scenarios have been developed to ensure the long-term effectiveness of revenue management. The pessimistic scenario as a preventive indicator of a crisis situation is proposed to prevent cost dissipation in the face of rate changes, ensuring the preservation of resource potential and maintaining consumer interest in the hotel product. The realistic scenario which reflects situationally possible deviations in revenue dynamics and likely fluctuations in demand focuses on strategizing preventive marketing measures to influence demand depending on external conditions and resource potential. The optimistic scenario, representing a favorable forecast involves the use of a portfolio of strategies, the variability of which provides conditions for maximizing income and helps to determine the priority areas of investment in the revenue management subsystems.
RISING DANGER OF AIR CONDITIONERS: A NECESSITY OR A LUXURY?
Air conditioners have become an indispensable part of modern life, providing a comfortable indoor climate, especially during the hot summer months. However, their use comes with environmental consequences. The increased electricity consumption required to power air conditioners significantly contributes to greenhouse gas emissions and further exacerbates climate change. This research focuses on the use of air conditioners and addresses the question of whether they are used rationally. Methods for reducing air conditioner usage and promoting their proper use are presented. The study analyzes the relationship between air conditioner electricity consumption, GDP, and temperature, highlighting the significant correlation between air conditioner usage and economic prosperity rather than climate conditions. A discussion on policy measures, energy efficiency improvements, and behavioral adaptations is also included.
THE IMPACT OF PRIVATE INVESTMENT IN THE CIRCULAR ECONOMY ON EU GDP
The main purpose of this research is to analyze the Impact of Private Investments in the Circular Economy on EU GDP for the period 2010-2020. This research has a sample of 28 EU Member States and analyzes a 10-year period. The scientific methodology applied in this study is the quantitative method. The data used in this research are secondary and are generated from official data published by Eurostat and the World Bank. Based on the results of this research, we may conclude that there is a negative relationship between private investments in the Circular Economy and the GDP of the European Union countries for the period 2010-2020. During the period 2010-2020, some EU countries experienced problems in attracting private investments due to difficult economic and political conditions, they had influenced private investments to have a negative effect on GDP.
THE IMPACT OF SOCIO-ECONOMIC FACTORS ON THE EFFECTIVENESS OF PUBLIC ACCOUNTABILITY FRAMEWORKS IN THE EU
This study explores how socio-economic factors affect the effectiveness of public accountability frameworks in EU member states, with Romania as a case study. Using data from the World Bank, Eurobarometer, and cross-country comparisons, it identifies five key determinants: income inequality, education, healthcare access, political participation, and economic stability. Grounded in institutional theory, the research shows that inclusive institutions and lower disparities lead to stronger accountability, while weaker frameworks often reinforce inequality and corruption. For Romania, the study recommends boosting transparency, enforcing anti-corruption measures, improving rural-urban equity, and enhancing civic education to strengthen the link between citizens and institutions.
INCLUSIVE, INNOVATIVE, AND RESILIENT: SHAPING ALBANIA'S FUTURE GROWTH FRAMEWORK
As Albania's economy continues to evolve, traditional measures like Gross Domestic Product (GDP) fail to provide a complete picture of its economic well-being and sustainability. This paper explores the need for new tools to assess and guide Albania’s economic policies, shifting the focus from simple growth metrics to a more comprehensive evaluation of economic quality. By examining key indicators such as human capital, infrastructure development, environmental sustainability, and technological innovation, this study highlights how Albania’s GDP growth has not always translated into high-quality, inclusive, or resilient development. Despite positive growth trends, challenges remain in areas like education, infrastructure, and green energy adoption. Our findings underscore the importance of balancing economic growth with long-term objectives such as reducing inequality, fostering innovation, and promoting sustainability. This paper advocates for a more integrated, multidimensional approach to economic policy, one that prioritizes investments in human capital, infrastructure, and renewable energy to ensure that Albania’s growth is both inclusive and sustainable. By adopting this broader growth framework, Albania can align its economic trajectory with global standards of resilience and prosperity, ensuring that the benefits of growth reach all segments of society.
DEVELOPING SUSTAINABLE GAMBLING TOURISM IN ADJARA: STRATEGIC MARKETING INSIGHTS
This research investigates the gambling landscape in Georgia, focusing on strategic marketing approaches to developing sustainable gambling tourism, particularly in the Adjara region. Georgia's gambling industry, encompassing both traditional land-based venues and an emerging online sector, has become a significant contributor to the national economy. Over the past decade, the gambling sector has grown substantially, playing a vital role in Georgia's financial well-being. This study delves into the importance of land-based gambling establishments, such as casinos, in driving tourism, with Adjara emerging as a key destination. Amidst the COVID-19 pandemic, understanding the strategic marketing strategies employed by these establishments to attract gambling tourists and contribute to sustainable regional development is crucial. Qualitative research methods, including in-depth interviews and data analysis, were employed to examine the marketing strategies utilized by leading land-based casinos in Georgia. The findings reveal a focus on customer satisfaction, promotional campaigns, and collaborations with “junket” operators. Additionally, challenges such as regulatory constraints and geopolitical instability are identified, along with opportunities like targeting tourists from alternative countries and improving infrastructure. Statistical data further highlight the significant contribution of the gaming sector to the economy of the Adjara region, underlining its pivotal role in driving sustainable economic development and growth.
RISK IN FINANCIAL DECISION-MAKING: A CONCEPTUAL FRAMEWORK FOR INVESTORS AND CORPORATE MANAGERS
This paper explores the multifaceted nature of risk in financial decision-making by integrating traditional finance models with insights from behavioural finance. It assesses the application of models such as the Capital Asset Pricing Model (CAPM), Weighted Average Cost of Capital (WACC), and Risk-Adjusted Discount Rates in real-world scenarios, examining how their effectiveness is influenced by psychological biases such as overconfidence, loss aversion, and herd behaviour. The study illustrates the impact of psychological and emotional factors on individual investor actions and corporate long-term capital investment decisions through a practical application example. The findings advocate for a comprehensive approach that combines computational tools with behaviorally informed human judgment, aiming to enhance risk analysis and improve financial returns for investors and managers.
THE EFFECT OF MONETARY POLICIES ON THE ECONOMY OF THE WESTERN BALKAN COUNTRIES
Monetary policies have one of the key roles in the creation of economic policies of all countries of the world. Although the main task of monetary policy is to regulate the required amount of money, the objectives of monetary policy can have a development and stabilization character, which affects the entire economy of a country. In accordance with that, this paper analyzes development goals through economic growth and employment growth, as well as stabilization goals through price stability and balance of payments. The aim of this paper is to point out the effects of monetary policy on the economies of the Western Balkan countries, which have been striving for integration into the European Union for years. The research is based on a systematic review of theoretical frameworks and empirical verification of results. In addition to the introduction, the paper consists of three parts. The first part of the paper evaluates the monetary policies of the Western Balkan region over time, while the second part analyzes the development goals of these countries. The third part of the paper examines the stabilization goals of the countries of the Western Balkans. Finally, concluding remarks are given. The results of the research indicate that the monetary policies of the region are designed to be in line with the requirements of the EU, focusing on integration and socio-economic convergence with the EU. In addition, the Western Balkan countries record lower economic growth rates compared to the EU, while on the other hand they record significantly higher average inflation and unemployment, which is not in line with the goals of European integration in the future.
THE IMPORTANCE OF TOUR GUIDES TRAINING IN ADJARA REGION, GEORGIA
The aim of the study was to analyze the influence of training on guides’ job satisfaction, as well as the relationship between service satisfaction and demographic variables. The research was conducted among independent tour guides, agency-based tour guides, and customers. Although the relationships among these variables have been widely studied by scholars, there is a lack of empirical data specifically in the context of Georgia’s Adjara Region. Adjara is one of the most visited destinations in Georgia (Georgian Tourism Association 2024). Considering the region’s Geographical, political and diverse religious characteristics, tour guides require relevant qualification, particularly, in terms of providing precise information. It is also quite interesting to examine the international practice about managing tour guides. In various countries, such as Singapore (Board, n.d.), Japan (Huang & Weiler 2010; (Thomson, Tanaka, & Morikoshi, 2021) and so on, tour guides are well-trained and licensed (Huang, S. & Weiler, B. 2010). Empirical findings claim that training influences employee performance and job satisfaction (Nauman, Bhatti, Jalil, & Riaz, 2021) (Okechukwu, 2017). The research employed a mixed-methods approach as it consists of quantitative as well as qualitative components. The collected data was analyzed by widely applied software SPSS that gives scholars the opportunity to process large numerical data through performing various analytical approaches. Despite the contributions of the research, it has certain limitations.
NOVEL OPPORTUNITIES FOR PURCHASING INTENTION OF ORGANIC FOODS: IDENTIFYING HOW HEALTH AWARENESS, PERCEIVED HEALTH VALUE, AND THE ANTECEDENTS OF THE TECHNOLOGY ADOPTION MODEL (TAM) AFFECT CONSUMERS' PURCHASE INTENTION
It is becoming more and more important to comprehend how customers purchase health friendly organic goods. The goal of the current study is to evaluate consumers' buying intentions regarding healthy products (or health friendly) shopping. This study also looks at how customer intentions to buy organic products are influenced by health awareness, perceived value of organic products, perceived usefulness, and attitude toward utilizing them. Moreover, the research expands upon Davis's (1989) Technology Adoption Model (TAM) by including exogenous factors such as perceived health value and environmental awareness. This study has been conducted through data collection via a Google form survey from 260 customers. With the collected data, structural equation modeling (SEM) and validity and reliability testing were carried out. The current study's findings demonstrate that attitudes toward utilizing organic products are positively and differently impacted by environmental awareness and perceived health value. The study also discovered that consumers' intentions to acquire organic food products are significantly influenced by their attitudes and perceptions of their utility. The current work has implications that benefit academicians, marketers, consumers, and policy makers.
FUNDAMENTALS OF INNOVATION IN MODERN BANKING SERVICES
In today's constantly evolving technological world, banks need to implement modern innovations to remain competitive in banking environment and meet the growing needs of their customers. Innovative advancements help banks digitize their banking services, operations and management, improve efficiency, productivity and functionality, reduce costs, create new banking products and improve existing ones. In addition to their countless benefits, innovations also create numerous potential risks and challenges for banks. Using a mixed research methodology, this article examines the main types of innovation implemented by banks in banking services and management, highlights their main characteristics and analyzes their common benefits and challenges. Demographic analysis part of the article explores the number of users of digital banking services worldwide and the factors influencing their adoption of modern innovations. Based on the findings of this article, the conclusion part offers brief recommendations to banks for the effective implementation of modern innovations and maximizing their benefits.
GLOBAL MINIMUM TAX AND THE DETERMINANTS OF CORPORATE TAX REVENUE: AN ECONOMETRIC ANALYSIS FOR THE WESTERN BALKAN COUNTRIES
The purpose of this paper is to analyze the global minimum tax of 15% for international corporations, the fiscal impact of this policy which is already in force internationally as of January 1, 2025, as well as the determinants of corporate tax revenues, with a particular focus on the Western Balkan countries. The paper relies on secondary data collected from World Bank, the IMF, and Eurostat reports. Data processing is carried out using the STATA software, while the analyzed period covers the last 20 years. The empirical results show that foreign direct investment, GDP per capita, and trade openness have a positive impact on corporate tax revenues, while unemployment has a negative impact. Regarding the global minimum tax, it is seen that this tax has an effect in some countries but does not have a huge impact in some other countries.
THE IMPACT OF STABLECOINS ON GLOBAL FINANCE
Stablecoins represent a rapidly growing segment of the cryptocurrency market, aiming to overcome the high volatility of cryptocurrencies. Their primary goal is maintaining a stable value, usually pegged to fiat currencies (e.g., the US dollar), which facilitates their use in international payments, as assets within decentralized finance (DeFi), and as protection against inflation. This article explores blockchain technology, the development of stablecoins, methods of ensuring stability, and the reasons for their popularity among users. Special emphasis is placed on regulation at both the EU and US levels, evaluating the compliance of the most widely used stablecoins within legal frameworks. This research investigates advantages and risks, including their use in criminal activities, legal ambiguities, and potential instability. Quantitative and qualitative methods were utilized, including analysis of market capitalization, stability assurance mechanisms, and regulatory policies. Findings reveal that investors trust stablecoins backed by fiat currency reserves (particularly USD) the most, with Tether (USDT) holding the largest market share, despite its lack of full legislative compliance. The article highlights the key challenges and opportunities stablecoins present to individuals and financial markets.
IMPLEMENTING SUSTAINABLE STRATEGIES: A CASE STUDY ANALYSIS OF THE SLOVENIAN BUSINESS ENVIRONMENT
A sustainable business strategy integrates economic, environmental, and social considerations into core operations, aiming for long-term value creation for both the organization and its stakeholders, while ensuring resource conservation. This paper examines the implementation of sustainable business strategies and compliance with European Sustainability Reporting Standards (ESRS) within the Slovenian business environment. It analyzes their content and strategic importance, particularly concerning evolving EU regulations. Employing a methodology that combines a review of relevant literature, analysis of the ESRS, and case study analysis of the Slovenian business environment the research investigates the current state of sustainability practices in Slovenia. The study examines a public initiative to boost Slovenian enterprises' international competitiveness via sustainable business transformation. Case studies showcase best practices in sustainable strategy implementation, emphasizing their critical role in maintaining competitiveness. Supported by national programs like SPIRIT Slovenia and the GZS Sustainability Chains, Slovenian companies are increasingly adopting these practices, reflecting global trends and leveraging local opportunities.
STRATEGIC AND ECONOMIC FEASIBILITY OF HYDROGEN INTEGRATION IN AIRPORTS: A CASE STUDY OF TIRANA INTERNATIONAL AIRPORT
Hydrogen and fuel cell technologies are increasingly recognized as strategic tools for decarbonizing the aviation sector, offering not only environmental benefits but also operational and economic value. However, their effective integration within complex airport ecosystems remains underexplored, particularly concerning investment planning and infrastructure management. This study evaluates the technical, environmental, and economic feasibility of deploying hydrogen technologies at Tirana International Airport (TIA), focusing on both stationary and mobility applications powered by rooftop photovoltaic (PV) systems. Scenario-based modeling shows that allocating 25% of TIA’s PV output could produce approximately 5,750 kg of green hydrogen annually—sufficient to supply 96 MWh of clean electricity or support 63,889 km of hydrogen-powered vehicle travel. The environmental assessment reveals a net annual CO₂ reduction of 58,576 kg, primarily from mobility uses, which alone account for 70,181 kg of avoided emissions. Economic analysis estimates the Levelized Cost of Hydrogen (LCOH) at €6.91/kg under current conditions, with potential to decline to €4.45/kg in a lower-CAPEX scenario. The corresponding cost for hydrogen mobility ranges from €1.16/km to €0.85/km, depending on technology and investment assumptions. These results highlight the importance of capital planning, utilization rates, and cost optimization strategies for real-world deployment. A SWOT analysis is used to identify strategic enablers and barriers, revealing key opportunities such as access to EU funding, public-private partnerships (PPPs), employment creation, and the potential to position TIA as a green infrastructure leader in the Western Balkans. The study concludes that hydrogen integration, if paired with targeted investment, institutional support, and coordinated stakeholder engagement, can significantly enhance airport resilience, energy autonomy, and economic competitiveness, aligning with both national policy priorities and broader European sustainability goals.
ECONOMIC BURDEN AND POLICY GAPS IN NONCOMMUNICABLE DISEASE MANAGEMENT IN GEORGIA: A HEALTH ECONOMICS PERSPECTIVE
Noncommunicable diseases (NCDs) present a significant economic challenge for healthcare systems, particularly in low- and middle-income countries such as Georgia. Beyond the health sector, the escalating burden of NCDs has substantial macroeconomic implications, including long-term fiscal pressure on public healthcare budgets, diminished labor market productivity, and increased poverty due to out-of-pocket healthcare expenditures. Collectively, these effects can impede national development and economic growth potential. This study employs a health economics perspective to examine the direct and indirect costs incurred by patients and caregivers, the economic inefficiencies of the current healthcare system, and the broader implications for labor productivity and national development. Utilizing a mixed-methods approach—comprising literature review, qualitative focus group discussions, and quantitative survey—the study identifies key financial barriers, caregiving burdens, infrastructure deficiencies, and policy inadequacies. The findings inform economic policy recommendations, including expanded public financing, improved cost-efficiency of NCD care, and enhanced integration of NCD prevention into national development strategies. The study advocates for urgent health system reforms that not only improve health outcomes but also mitigate the long-term economic impact of NCDs.
THE ROLE OF STRATEGIC FINANCIAL MANAGEMENT IN DRIVING SUSTAINABLE GROWTH IN A GREEN ECONOMY
Strategic financial management is critical in promoting sustainable economic growth and developing a green economy by integrating best financial practices with sustainable development objectives. This study analyzes the impact of strategic financial management on sustainable economic development through three case studies: Greencells in Germany, a leading and highly successful company in solar energy; the ECOPROFIT program in Slovenia, a project that aims to effectively manage the process of reducing costs and waste in enterprises, and Ujë Rugove, a Kosovar company that has received green financing to advance its production process. Through content analysis, comparative analysis, and secondary data analysis, the study examines how the financial strategies of these companies and their green projects have contributed to sustainable growth. The empirical results highlight that strategic financing and effective management of financial resources positively impact improving competitiveness and promoting environmental innovation and sustainable development projects. This study provides recommendations for all businesses, governments, and other stakeholders on effectively integrating strategic financial management into green economy projects.
KNOWLEDGE-BASED LEADERSHIP AS A KEY FACTOR IN BUSINESS SUCCESS – CASE STUDY OF MONTENEGRO
In the contemporary globalized environment, effective leadership becomes a crucial factor for managing change and achieving sustainable business success. Leaders, through their knowledge, skills, and ability to manage knowledge, have a key role in shaping organizations that successfully adapt to dynamic market conditions. Continuous learning and application of knowledge enable leaders to respond to complex challenges of modern business. The aim of this research is to examine how leading principles, observed through knowledge management, influence the education of leaders in Montenegro and their readiness to face global challenges, as well as their contribution to achieving business success. The results indicate that leaders in Montenegro possess significant developmental potential, but also that, in addition, there is room for improvement, especially in the areas of leadership styles, knowledge sharing, readiness to take risks, and digital transformation. As directions for improvement, the need for adapting leadership to specific situations, greater openness and transparency, encouraging innovative thinking, development of multicultural competencies, and focus on international cooperation stand out.
THE IMPORTANCE OF PROFESSIONAL ETHICS FOR ACCOUNTANTS IN THE DIGITAL AGE
The digital age brings many challenges to the modern business world. Due to these significant challenges, the issue of ethics is gaining increasing attention. Ethics focuses on making moral decisions and acting upon them. Both in private and professional life, it is important to be honest, fair, and a good person. Ethics and ethical behavior are extremely important in the work of accountants, and they should apply the code of professional ethics for accountants. Proper application of professional ethics, rules, norms, laws, principles, and ethical codes significantly contributes to a positive work environment. The fundamental beliefs and value systems that accountants apply affect their work and, consequently, influence the trust in the results of their work. Financial statements provide information about an organization’s operations, and accountants are responsible for ensuring that this information is accurate and reliable. Nowadays, trust in financial statements has been significantly damaged, but when ethical norms are visibly applied in the behavior of accountants, it greatly influences the trust in their work and the accuracy of the data presented in financial reports. The subject of this research is to determine how significant the application of professional ethics of accountants is in the digital age. The goal is to identify how applying the International Code of Ethics for Professional Accountants contributes to the quality of accountants’ work. The paper presents the most important results of empirical research related to accountants’ perceptions of the importance of applying ethical principles in the accounting profession. The results show a high level of awareness among accountants regarding the importance of applying the highest ethical standards, which is encouraging and instills confidence in strengthening the integrity of the accounting profession in the future.
THE DIGITAL ENVIRONMENT AND THE NEW SOCIAL SPACE
Currently, the importance and essential place that digital culture occupies in the lives of Romanian adolescents is undeniable. Statistics regarding access to and use of the virtual environment and new technologies have recorded rapid increases, especially among this demographic category. Advancement and evolution in this field are expected to continue, not only by virtue of a strong and natural trend, but also as a result of the international strategies and policies that Romania has undertaken. The Internet contributes greatly to socialization processes (Institute of Education Sciences, 2017), interaction and formation of adolescents' identity. The educational process in today's society is also marked by the use of new information and communication technologies. The potential brought by them represents a permanent challenge for education, which must adapt to new realities on the fly.
TECHNOLOGICAL FINANCE (FINTECH) AND ITS PERFORMANCE IN ALBANIA
The main purpose of this paper presented by the authors has to do with the realization of an analysis on the progress and level of use of Financial Technology (FinTech) with a focus on the banking sector in the state of Albania. The notion of FinTech is a dedicated term for financial technology in the digital age. The diversity of this technological solution brings with it the promise of faster, cheaper, safer and more transparent financial transactions via the internet. In the paper carried out by the authors, primary data obtained from the completion of more than 500 questionnaires by individuals located in Tirana, Elbasan and Durres districts were used. Also, in this paper, other secondary data were used, which were provided by the base data of the Central Bank of the Albanian State, from the base data of the World Bank and the International Monetary Fund. This This paper describes the implications of policies regarding the promotion of relevant institutional policies regarding the increase in the level of use of Technological Finance in the state of Albania. The continued application of innovative technologies in finance and especially in the Fintech sector is very important, this will serve as a tool to increase the level of financial economic development in Albania (Toska, 2021). The findings underscore the potential for FinTech to foster financial inclusion and economic growth in Albania, provided that regulatory frameworks and digital infrastructures are strengthened. The paper presented by the authors also discusses financial policy implications and recommends some important measures that should be considered by the Albanian government and the Central Bank of Albania. By further stimulating the adoption and development of technological Finance in Albania, and by implementing international protocols regarding cyber security.
THE PROCESS OF FORMATION OF THE METAVERSE - A NEW STAGE IN THE CYCLICAL DEVELOPMENT OF SOCIETY
The purpose of this study - to study the essence of the metaverse in the context of its role in the cyclical development of society as a new stage. This article substantiates that, in terms of dynamism and influence on societal development, the processes of metaverse formation represent a new stage of cyclical development of society. The development of metaverse has the potential to overcome the long crisis-depressive dynamics of the global economy and the deployment of an upward wave of the 6th Kondratiev cycle. It has been established that the technologies of the metaverse contribute to transhumanism, the development of the metaverse poses threats and challenges to the most important component of society's productive forces - people, as well as has eco-destructive consequences. It is shown that, the formation of the metaverse plays a significant role in the transformation of the geopolitical system, providing more and more advanced tools of "soft power", as well as technologies for information and cognitive warfare and technologies for the development of "military metaverses". Thus, the technologies of the metaverse radically change the technical-technological, socio-economic, institutional, military, biological components of societal development, and thus the formation of the metaverse is a new stage in the cyclical development of human civilization.
THE IMPACT OF DIGITAL TRANSFORMATION ON ENTERPRISES' RESILIENCE: EVIDENCE FROM UKRAINE
The research focuses on determining the impact of digitalization factors on the resilience of Ukraine’s entrepreneurial sector. The main aim is to determine whether digitalization has a positive impact on the resilience of enterprises. The factors under research include the following: the availability of Internet access at Ukrainian enterprises, their e-commerce, the number of employees involved in research and development, and the share of enterprises that employ ICT specialists. The research methodology has two components: the use of a multifactor nonlinear regression model and the calculation of the proposed Index of Digital Penetration in the Ukrainian business sector. The results show that the most influential factors of digitalization are: the presence of employees specializing in ICT and e-commerce. Both factors make Ukrainian enterprises more resilient and adaptive to shocks. However, the results of the Digital Penetration Index emphasize the low level of digital transformation in Ukrainian enterprises, particularly limited automation and insufficient use of cloud computing and artificial intelligence technologies. The results of the study confirm that digitalization does enhance the resilience of Ukraine's entrepreneurial sector, but the low level of digital transformation underscores the need for legislative action to accelerate the development of advanced digital technologies. In order to benchmark the experience, the authors compare the use of digital technologies in Ukrainian and EU enterprises. The results of the research can be used to deepen the study of sectoral resilience, the experience of EU countries, and to provide recommendations for digital development of Ukraine.
UNDERSTANDING STEM EMPLOYMENT CHALLENGES IN GEORGIA: A QUALITATIVE ANALYSIS OF EMPLOYER PERSPECTIVES
This paper explores the challenges and opportunities within Georgia’s STEM (Science, Technology, Engineering, and Mathematics) labor market from the perspective of employers. Drawing on qualitative data from in-depth interviews and focus group discussions with representatives from key sectors—including ICT, healthcare, engineering, and research—the study examines structural issues hindering STEM workforce development. The analysis identifies six major challenges: talent drain, low salaries and limited career growth, mismatch between education and labor market demands, limited STEM awareness, gender disparities, and regional inequalities. Findings show that employers face persistent difficulty in attracting and retaining qualified professionals, largely due to inadequate training systems, underfunded research infrastructure, and limited career incentives. The study concludes that improved collaboration between academia, industry, and government is essential for enhancing workforce preparedness and promoting sustainable economic growth. Policy recommendations include aligning academic programs with labor market needs, investing in regional infrastructure and promoting inclusive STEM participation through early engagement and targeted reforms.
EXCHANGE-TRADED FUNDS (ETFS) OPTIMIZATION WITH RISK PARITY STRATEGIES
This paper explores the application of the Risk Parity methodology to portfolios constructed using Exchange-Traded Funds (ETFs). In the world where the market is becoming more and more global, it is becoming more dynamic in terms of portoflio recalibrations, bringing resilience in terms of values. In other words, is it important to consider only a short holding period, and adapt the asset allocationn. In opposition to typical capital-weighted techniques, risk parity reallocates portfolio weights to ensure that each asset contributes an equal amount of risk. The study builds and assesses risk parity portfolios using ten assets that comprise the majority of the EA Bridgeway Blue Chip ETF (BBLU). The process entails assessing the volatilities and correlations of specific ETFs, adjusting portfolio weights to balance risk contributions, and back testing performance under different market scenarios. Empirical data shows that risk parity portfolios outperform standard allocation approaches in terms of diversification, drawdowns, and the stability of risk-adjusted returns. This research illustrates Risk Parity's potential as a strong framework for managing ETF portfolios in both institutional and individual investing settings.
SOCIAL MEDIA ADVERTISING: A STUDY ON MILLENNIAL PURCHASE INTENTIONS
Millennials represent one of the most significant consumer groups, combining high purchasing power, technological literacy, and a strong influence on the behaviour of other consumers. Despite their significance, the impact of social media advertising on their purchase intentions remains underexplored in the Slovenian context. The aim of this study was to examine how Slovenian millennials perceive advertisements on social media and how these ads influence their purchasing behaviour and intentions. Data analysis revealed that ad personalization has a positive impact on brand perception, primarily by reducing the perceived intrusiveness of advertising. A key factor influencing purchase intentions is the opinion and recommendations of other users, highlighting the role of social proof. The lack of statistically significant direct influence of advertising on purchasing decisions suggests the importance of long-term trust-building and meaningful user engagement. These findings emphasize the value of strategic approaches that prioritize relevant content and align with consumer values. The study enhances the understanding of millennials' digital behaviour and provides practical guidance for more effective use of social media in marketing.
IMPACT OF MANAGEMENT ACCOUNTING PRACTICES ON THE PERCEIVED FINANCIAL PERFORMANCE OF MANUFACTURING COMPANIES IN SRI LANKA
In manufacturing companies, management accounting plays a vital role of the company. This research examines the role of management accounting practices in the financial performance of listed manufacturing companies in Sri Lanka. This study undertook a quantitative study of data collected using a structured questionnaire from 59 companies listed on the Colombo Stock Exchange. The companies were selected using the census sampling technique. Analytical tools used as descriptive statistics, correlation analysis, and the Partial Least Squares Structural Equation Modeling (PLS-SEM) method, were used to analyse the data. Major findings suggest that a greater extent of budgeting systems and costing systems enhances financial performance. Information for decision-making can occasionally lower an organization’s financial performance in the short term. Performance evaluation systems increase the extent of improved financial performance of organizations, while the analysis of strategic management accounting has the most positive impact on financial performance, supporting its status as a key driver of financial performance in organizations.
REGIONAL INTEGRAL ASSESSMENT OF UKRAINIAN FOREIGN TRADE: SHIFTS IN EXPORTS, IMPORTS, GEOPOLITICAL IMPACT AND SPILLOVER ECONOMIC EFFECTS
This paper provides an in-depth analysis of the regional features of Ukraine's foreign trade in goods, focusing on export and import dynamics for 2024 and historical trends. The study aims to assess the state of foreign economic activity across different regions of Ukraine, using statistical data from the State Statistics Service of Ukraine and Customs Service of Ukraine. The paper explores the key sectors driving foreign trade, such as products of plant origin, machinery, and mineral products, while considering the impact of the ongoing martial law on trade activities. The methodology includes multidimensional ranking techniques, such as integral estimation, to assess regional economic performance based on export-import volumes, business operations, and economic indicators. The key findings reveal significant regional disparities in foreign trade activity, with Kyiv and Dnipropetrovsk regions showing the highest levels of trade. The paper also highlights a decline in overall trade performance compared to previous years, underlining the adverse effects of the current geopolitical situation. The findings suggest that improving Ukraine's foreign economic activity and expanding its international market presence are essential for economic recovery and growth.
PROFESSIONAL GROWTH THROUGH SHORT-TERM INTERNATIONAL MOBILITY: A QUALITATIVE STUDY BASED ON STUDENT REFLECTIONS
In response to the evolving demands of globalised labour markets, higher education institutions are integrating international and intercultural perspectives into the curriculum to foster students’ professional growth by developing core employability skills. This study explores the development of soft and transferable competences through students’ participation in a one-week, project-based international mobility programme. Using a structured reflection framework and qualitative content analysis, the article examines 29 student reflections guided by a set of thematically aligned prompts and reflective questions. The findings indicate that even short-term international collaboration can lead to meaningful development of key professional competences, including intercultural communication, adaptability, teamwork, and digital literacy, as shaped by the designed pedagogical activities. Students also reported increased global awareness, clearer career orientation, and enhanced goal clarity in relation to future professional pathways, alongside the practical application of skills in authentic contexts. The results underscore reflective writing as an effective pedagogical strategy in international learning environments, helping students to recognise and articulate otherwise hidden competences. While the study’s small sample size presents limitations, the findings support the integration of short, intensive, and internationally diverse learning formats into higher education curriculum to foster employability-relevant skills.
TIME VALUE OF MONEY IN THE LITHUANIAN CREDIT MARKET: A PRACTICAL ANALYSIS OF CONSUMER LOAN OFFERS
This report uses the Time Value of Money (TVM) framework to evaluate and compare consumer loan offers from three Lithuanian credit providers: Inbank, Artea, and Saldo Bank. Focusing on a loan amount of €5000, the study examines repayment terms of 12, 24, and 36 months, each with different interest rates and administrative fees. By calculating key financial indicators such as monthly payments (PMT), total repayment, total interest paid, and present value (PV), the analysis identifies differences in the actual cost of borrowing. The results show that Inbank offers the most financially favorable terms overall, yet borrowers may still choose more expensive options based on short-term affordability. These findings emphasize the value of using TVM principles in personal finance and highlight the importance of transparent loan structures in helping consumers make informed financial decisions in the Lithuanian credit market.