In the era of industrial digitalization, companies are increasingly investing in tools and solutions that allow their processes, machines, employees, and even the products themselves, to be integrated into a single integrated network for data collection, data analysis, the evaluation of company development, and performance improvement. To study the impact of Industry 4.0 on the company we used Porter’s (1985) value chain model, which is particularly useful when paying particular attention to corporate areas which have a primary role in customer value creation. Since the primary impact of Industry 4.0 is perceived in value-creating processes, and has so far had the greatest transformative effect in this area, the model can be considered to be appropriate. The objective of our research is to discover how companies operating in Hungary interpret the phenomenon of Industry 4.0, what Internet of Things (IoT) tools they use to support their processes, and what critical issues they face during adaptation. We applied a dual methodology in our investigation: We sent an online questionnaire to manufacturing and logistical service companies to investigate the IoT tools they use, and the problems they face, and received 43 answers we could evaluate. We also conducted four expert interviews with manufacturing firms to get deeper insights into the application, critical issues and development phases of IoT tools. During our research, we found that the spread of real-time data across companies—given the availability of appropriate analytical tools and methods—can have a significant impact on the entire company. In the case of CPS (Cyber Physical System), CPPS and Big Data Technologies, companies using them have been evaluated as having a higher level of logistic service, more efficient processes with their partners, improved cooperation between certain logistic functions, and higher market and financial performance and competitiveness. Applying more efficient production processes, and achieving better productivity and economies of scale, might also result in increased economic sustainability. Furthermore, we have found that companies have started on the path to digital evolution, and investments of this type have already begun.
The Internet revolution has led to the advancement of online business all over the world. The environmental, social, and economic aspects are significant to the e-commerce sector, on both the retailer and consumer sides. It cannot be over-emphasized how important the sustainability of e-commerce in all three dimensions is. E-commerce will allow consumers to shop online easily, at any hour of the day, using secure payment systems; furthermore, trust in retailers’ websites is of paramount importance to consumers. This calls our attention to the gap in previous studies, and consequently, the purpose of this study is to fill the gap, to ensure sustainable e-commerce in three dimensions; environmental, social, and economic. The question and aim under investigation are: How to integrate three dimensions into e-commerce to ensure that sustainability is achieved now and for future generations, while thriving as an industry? Collaboration is required, and all stakeholders in the virtual market must take appropriate responsibility. The methodology adopted is a review of previous studies done on each individual dimension of sustainability, since no joint studies have been carried out and integrated into the same literature framework. Furthermore, a case study involving companies in Kenya and Jordan is used in order to collect empirical data. The findings of the study show that: First, integration is essential for the sustainability of e-commerce in its three dimensions; second, trade-offs must be taken in the various dimensions in order for companies to realize sustainable e-commerce. This will go in hand with the realization of the maximum benefits of integrating the three dimensions in e-commerce to make it more sustainable. In conclusion, by applying these aspects of sustainability in e-commerce, it is clear that everyone wins. This is achieved by improving and safeguarding the quality of life by protecting the environment, preserving natural resources, and maintaining and sustaining the economy. The implications of the study are that, in order to make e-commerce more sustainable, to make decisions and take action, social/environmental/economic aspects must be considered as a fundamental element, and must be treated as a group and not separately as in previous studies. In this way, we can realize greater benefits, not only in online business sustainability, but also in policy-making and environmental protection, while companies will create economic value as well as avoiding labor unrest.
The internal dimension of Corporate Social Responsibility (CSR) refers to the socially responsible behavior of an organization towards its employees. The CSR relationship to employee behavior has received some attention but in general, there is little knowledge about the underlying explanatory mechanisms that can describe this relationship. In this study, a theoretical model of mediation and moderation is developed to explain how CSR can influence employee behavior. Organizational identification and work engagement are used as proxies for employee behavior in the model and internal dimension of CSR is assumed to affect both of them positively. Further, it is proposed that CSR influences the organizational identification positively and this relationship will be stronger in a collectivist culture, which will eventually lead to higher work engagement. A proposed model was tested on a sample of bank employees in Pakistan by using the Structural Equation Modeling (SEM) method. The results of this study provide contextual and empirical insights into how CSR influences employee behavior.
This article examines how worldwide governance, global competiveness, and other institutional determinants have influenced the number of accounting fraud cases in several countries. The researchers have focused more closely on the importance of 'good governance' as one of the indicators of development objectives in itself. The institutional perspective is employed to explain the complexity of frauds in different societies which can be compatible for the purposes of international judgments in order to increase the effectiveness of previous forensic accounting theories. In this paper, a linear regression model is tested where governance, competitiveness, and other institutional variables are associated with a measure of accounting fraud cases. From our results, we can merely claim that an increased level of controlled corruption and political stability might reduce the number of fraud cases in various countries, while more effective and independent governance services with a higher freedom of expression seemed to increase them. The existence of accounting crimes also appeared to be a suitable proxy of better competitiveness. Anglo-Saxon countries have more stated fraud cases than other countries, attributed, perhaps, to the finest commercial courts with the most professional and least corrupt judges in the world, with centuries of precedent cases and experience in dealing with fraud. Moreover, we believe that a better understanding of fraud detection is a potentially important element in forensic accounting analytics in the success of governance policies to enhance development and reduce the risk of bankruptcies related to the reported fraud cases of enterprises.
The development of the tourism sector has been a question of strategic importance for Hungary, a small, open economy with limited natural resources. At the same time, these efforts often generate considerable environmental conflicts, decreasing the sustainability of the environment. To understand the potential methods of sustainable tourism development, and to develop the optimal policy, it is essential to clarify the actors, their systems of interest and the potential ways of forging coalitions between them. The article presents an analysis of two case studies of rural tourism development: the "softening" of tourism at the most important touristic attraction in Hungary, Lake Balaton; and the conflicts arising from wine tourism development. Based on institutional economics, principle-agent theory and strategic management, and applying the MACTOR method, the authors identify the key actors, present the network of their mutual influences and goals, determine the most important conflicts and highlight the potential coalitions between them from the point of view of sustainable rural tourism development, as well as ways to further develop the regulatory environment. Based on this analysis, the article proves: (1) the importance of the modernization and reorganization of the public administration structure, focusing on optimal utilization of resources, as opposed to attaching to traditions; (2) the importance of forming clusters of different partners; (3) the strengthening of the knowledge base of decisions concerning sustainable tourism management; and (4) increasing conscious planning, based on the inclusion of different interest groups and long-term prognoses in local decision making, minimises the environmental burden of tourism.
Business groups have been described as improving the value of the affiliated firms they control, which is often beyond the capability of standalone firms. The purpose of the current study is to analyze the financial performance of affiliates of diversified Pakistani business groups relative to standalone firms. The current study employs data from 284 Pakistani listed non-financial firms from 2008–2015. In order to test the hypotheses, two dependent variables are used, namely, accounting (Return on Assets (ROA)) and stock market (Tobin’s Q) measures of performance. Specifically, this study probes and compares the performance measures of group member and standalone firms. The findings of the study suggest that business group memberships have statistically significant effects on accounting and stock market measures of firm performance. In addition, size and sales growth have an increasing effect on the performance of firms. We believe that business groups in Pakistan are efficient economic actors and can be considered responses to high transaction costs and market failures.
No consensus has been reached on the problem of solving resource depletion. A recognition of the fact that resources are not endless and the Earth is a finite globe reinforces the idea that the vision of continuous economic growth is not sustainable over time. The aim of this paper is to examine the efficacy of real prices as an indicator of metals and oil in consideration of growth tendencies in the Consumer Price Indexes. In addition, enhancing the current literature on commodity price interrelationships, the main contribution of this study is the substitution of different proxies in order to justify the effect of scarcity and crude oil changes on the examined metal group prices. In order to demonstrate the usefulness of scarcity as an indicator of real price deviations, the study has been conducted involving various non-renewable metals, i.e., copper, molybdenum, zinc, gold and platinum group metals. The real price indices and metal prices of the US market are constructed between 1913 and 2015. Moreover, additional econometric analyses are also carried out to discover whether prices of various metals associate with oil prices and scarcity, as the proxy of reserves-to-production ratio. The linear regression results seem to suggest that the effects of the R/P ratios are negatively correlated with each of the examined precious (gold, PGMs), mass consumable (copper, zinc) and doping agent (molybdenum) metals from 1991 to 2015. An increase in oil-prices is positively associated with the price levels of each non-renewable resource in the short-run. The findings of multivariate co-integration and Granger causality tests also suggest that pairwise and direct relationships among these variables seem to arise in the long-run. These findings indicate essential questions that must be addressed by future generations in order to appropriately solve scarcity problems.
Successful energy transitions, also referred to as leapfrog development, present enormous prospects for EU nations to become carbon neutral by shifting from fossil fuels to renewable energy sources. Along with climate change, EU countries must address energy security and dependency issues, exacerbated by factors such as the COVID-19 pandemic, rising energy costs, conflicts between Russia and Ukraine, and political instability. Diversifying energy sources, generating renewable energy, increasing energy efficiency, preventing energy waste, and educating the public about environmental issues are proposed as several strategies. The study draws the conclusion that central European countries may transition to a clean energy economy and become carbon neutral on economic and strategic levels by locating alternative clean energy supply sources, reducing energy use, and producing renewable energy. According to the study, the EU energy industry can be decarbonised and attain energy security using three basic strategies, such as supply diversification, energy savings, and quicker adoption of renewable energy to replace fossil fuels. The energy transformation industry still needs to improve energy efficiency, incorporate a circular and sustainable bioeconomy, and support renewable energies, including solar, wind, hydropower, nuclear, and hydrogen.
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