The main goal of this study was to examine the effects of capital investments on firm performance, using panel-data analysis. For this purpose, financial data were gathered for 60 manufacturing firms based in Serbia, in the period from 2004 to 2016. The main research hypotheses were developed in accordance with the definition, nature, and time aspect of capital investments. Therefore, empirical expectation of this study was that the relationship between capital investments and firm performance should be positive—they probably bring losses to the firm in the short term, but they should increase firm performance in the long term. Finally, the results have indeed shown that capital investments have statistically significant negative effect on the short-term performance, but positive effect on the long-term performance of the analyzed firms, while controlling for time-fixed effects and certain internal factors.

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This analysis aimed to investigate the factors influencing the behavioural intention to use Massive Open Online Courses (MOOCs) in Thailand and Pakistan. The study was geared towards exploring the MOOCs, a relatively new technology platform allowing the spread of education and learning in various areas and fields and surpassing traditional online courses. The study adopted the UTAUT model with additional two variables of perceived autonomy and absorptive capacity. A quantitative method was applied using primary data collected from a sample of 490 and 513 respondents from Thailand and Pakistan, respectively. The sample size was composed of students in institutions of higher learning who were aware of MOOCs or intended to use them in their studies. The analysis was conducted using the Confirmatory Factor Analysis (CFA) and multi-group structural equation modelling (SEM). The study found that four variables (social influence, absorptive capacity, facilitating conditions and perceived autonomy) significantly influence the student intention to use MOOCs in Thailand and Pakistan. However, two variables (performance expectancy and effort expectancy) did not influence the student intention to use MOOCs in Thailand and Pakistan. The results indicated that the findings between the two countries were invariant. This study extended the model by Venkatesh et al. (2003), including two additional variables, the perceived autonomy and absorptive capacity. The study indicated various aspects related to the response of students using MOOCs. This study is especially beneficial during the COVID-19 pandemic for determining factors that officials of higher institutions of learning should consider when implementing MOOCs and associated online learning programs to deliver quality education to students.

Industrial development of the economic system of any state is directly related to the use of energy potential. China’s industrial breakthrough is no exception. Today, China is one of the largest importers–consumers of oil, whose economy is extremely dependent on the energy market. The growing production and population, as well as climatic changes that directly determine the well-being of society, have become the causal basis for the development of alternative ways of generating energy. The aim of the study is to model the implementation of the sustainable development strategy in China through the production and use of biofuels. The simulation is made taking into account the following. The production capacities of Chinese licensed producers of fuel ethanol are calculated. The efficiency of bioethanol production from various types of biological raw materials is evaluated. An economic and mathematical model of bioethanol production is built. The article forecasts the profitability of bioethanol sales from various types of biological raw materials (sugar sorghum, corn) in Chinese and European markets. The study comprehensively reveals the features of the use of biofuels in an industrial country, taking into account geopolitical factors, social and market contexts, as well as technical analysis of the raw materials and production potential of Chinese companies. The article also interprets the economic processes associated with the introduction of biofuels in the ecological and economic systems of China. The article demonstrates other concepts regarding the consequences of the energy sector’s transition to the principles of energy production from biomass. The article shows the contradictory nature of the impact of biofuel production on the food market and the agricultural sector. The article analyzes possible social, resource and macroeconomic risks, and also indicates possible vectors for further research that might be aimed at diversifying the associated negative processes.

The main purpose of the paper is to identify the group of indicators that are most widely used in the manufacturing area worldwide, to identify the responsibility and authority for measuring and evaluating business performance, and to create an illustrative competency-based model for a performance management system within a business. The paper covers two areas that are important in the maintenance of sustainable business performance. The first area focuses on a performance management system and its key performance indicators as an important element in every performance management system within a business. The article also presents the theoretical background of the Z-MESOT method, which is applied to define the consistency of these indicators in practice. The second area is dedicated to defining a competency-based model and competences related to the measurement and assessment of performance, which have been extracted from other general competences. This paper presents findings from qualitative research to eliminate the bottlenecks of the Z-MESOT matrix that was transposed into a questionnaire. The questionnaire, as well as structured interviews, helped identify differences in responsibility attributes of the Z-MESOT matrix regarding the size of the researched businesses. The paper offers a list of competences related to the key performance indicators that can be used for following theoretical and practical research.

The aim of the current study was to ascertain the influence of a management control systems (MCS) package on a firm's sustainability with the help of mediating variables such as differentiation and cost leadership strategy in Malaysian small and medium enterprises (SMEs). Data were collected from managers working in Malaysian SMEs. A total of 384 questionnaires was finally used for analysis using SmartPLS 3.8.2. Area cluster sampling was used for data collection, and seven out of sixteen clusters were selected randomly. These included Selangor, Johor, Kuala Lumpur, Sabah, Penang, Sarawak, and Perak because these seven states cover 73.9% of total SMEs. Structural equation modeling (SEM) was used to test the hypotheses. Confirmatory factor analysis (CFA) was also used to examine the reliability and validity, and structural model assessment was used to test the relationship between variables. Findings revealed that an MCS package had a positive influence on a firm's sustainability, cost leadership, and differentiation strategy. Moreover, cost leadership and differentiation strategy have a significant and positive influence on a firm's sustainability. In addition, cost leadership strategies and differentiation strategies significantly mediate between the MCS package and a firm's sustainability. This research assesses the influence of the MCS package through cost leadership and differentiation strategy on a firm's sustainability of Malaysian SMEs. It helps top management to focus on the MCS package and business strategies in attaining a firm's long-term sustainability. Finally, research recommendations discuss that the present study helps future researchers and academicians.

The cross-border regions, which are the peripheral regions, are struggling with m troubles. They often include high unemployment, insufficiently developed infrastructure, or inadequate language skills of residents, which are barriers to exploiting the potential of such regions. One kind of remedy is the assumption of the European Union’s regional policy, under which Euroregions are created. These units, constituting a form of cooperation between the regions of the European Union member states, candidate countries, and the regions of their neighbors, with the support of local and regional authorities, constitute support for the competitiveness and development of border areas. The purpose of this study is to verify how people perceive the activity and effectiveness of Euroregions, as well as to try to determine whether they think Euroregions contribute to local and regional development. In this research, an online and self-administered survey was used, with two parts: one related to Euroregions in general, and the other to a specific, selected Euroregion. Despite the fact that the Polish experience has not been as long as in other parts of Europe, the results show that the Euroregions are positively evaluated by people, and they rate them as important for development of the regions.

The utilization of energy is on the rise in current trends due to increasing consumptions by households. Smart buildings, on the other hand, aim to optimize energy, and hence, the aim of the study is to forecast the cost of energy consumption in smart buildings by effectively addressing the minimal energy consumption. However, smart buildings are restricted, with limited power access and capacity associated with Heating, Ventilation and Air Conditioning (HVAC) units. It further suffers from low communication capability due to device limitations. In this paper, a balanced deep learning architecture is used to offer solutions to address these constraints. The deep learning algorithm considers three constraints, such as a multi-objective optimization problem and a fitness function, to resolve the price management problem and high-level energy consumption in HVAC systems. The study analyzes and optimizes the consumption of power in smart buildings by the HVAC systems in terms of power loss, price management and reactive power. Experiments are conducted over various scenarios to check the integrity of the system over various smart buildings and in high-rise buildings. The results are compared in terms of various HVAC devices on various metrics and communication protocols, where the proposed system is considered more effective than other methods. The results of the Li-Fi communication protocols show improved results compared to the other communication protocols.