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Managing Circular Economy with a Strategic-Risk Approach

Author(s): Francesca Gennari / Language(s): English Publication Year: 0

The debate about the criticalities of the traditional linear economy-based business model is leading to a more sustainable way of production and consumption which is the circular economy (CE), defned as an economy capable of regenerating itself. However, there is an area of concern related to the risks arising from the changes that CE requires in processes, organization, governance, and relations within the supply chain and with stakeholders. This paper focuses on the main risk areas frms should manage for a successful strategic transition to CE, suggesting a conceptual framework for CE risk identifcation according to a strategic-based approach.

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A Survey on Efficiency and Profitable Trading Opportunities in the Cryptocurrency Markets: An Approach in the Context of the War of 2022

Author(s): Rui Dias,Nicole Horta,Mariana Chambino,Paulo Alexandre,Paula Heliodoro / Language(s): English Publication Year: 0

In this paper, we analyse the long memory process in the cryptocurrencies Bitcoin (BTC), Cardano (ADA), Binance Coin (BNB), Dogecoin (DOGE), Ethereum (ETH) and Ripple (XRP) from January 1st, 2018, to November 10th, 2022, which includes the 2020 and 2022 events. The results demonstrate that the daily returns are leptokurtic, and the distributions arennon-Gaussian. We also observe non-linearity, implying autocorrelation or conditional heteroscedasticity in digital currencies. The DFA exponents reveal that throughout the Tranquil period, digital currencies with current values higher than 0.5 exhibited long memory in their returns. The BNB digital currency has an exponent of 0.5, indicating that the series were unpredictable throughout this period. As can be shown, all cryptocurrencies offer values of the DFA exponent greater than 0.5 in the Stress subperiod, implying that the higher the DFA exponent and closer to 1, the higher the persistence, as well as the autocorrelation between observations and stronger predictive ability. The findings support the evidence examined by the BDS test, namely that price movements are not i.i.d. (independent and identically distributed) and that investors have a high possibility of achieving above-average returns through arbitrage.

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Time-Varying Co-movements between Wti and European Capital Markets: Implications for Portfolio Diversification and Hedging Strategies

Author(s): Mariana Chambino,Rui Dias,Nicole Horta / Language(s): English Publication Year: 0

This paper aims to analyse whether the events of 2020 and 2022 (Covid-19 pandemic crisis, the oil price war between Russia and Saudi Arabia, and the Russian invasion of Ukraine in 2022) affected efficiency, and accentuated shocks across markets in the Netherlands (AEX), Belgium (BEL 20), France (CAC 40), Portugal (PSI 20), Norway (OBX), and in the West Texas Intermediate (WTI) oil index, during the period from September 18th, 2017, to 15th, September 2022. The findings reveal that markets exhibit more substantial signals of (in)efficiency throughout the global economy’s uncertainty sub-period; nonetheless, we find that the shocks across markets did not increase from the Tranquil sub-period to the Stress sub-period. Furthermore, we also find that WTI lacks the hedging and haven features exhibited by the European capital markets studied. These findings have significant consequences, especially for overseas investors and oil corporations, which try to spread risk, particularly during uncertain times. Finally, we demonstrate that there is no evidence that market (in)efficiency increases the co-movements.

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Financial Statement Valuations in the Italian Civil Code: Is Fair Value Really So Extraneous to the Historical Cost Tradition?

Author(s): Annalisa Baldissera / Language(s): English Publication Year: 0

The adequacy of the fair value concerning the historical cost is particularly debated in the literature. This study aims to analyze the Italian legislation on financial statements to verify whether the historical cost is so far from current values. The method applied by this study is based on the historical analysis, from 1942 to today, of the provisions of the Italian civil code on financial statements. The study found that, although the historical cost criterion has always been and still is fundamental, the application of fair value is by no means extraneous to Italian accounting tradition.

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The Digital Nomad Motivation in the Republic of Croatia

Author(s): Kristina Devčić,Ivana Tonković Pražić / Language(s): English Publication Year: 0

Advances in computer and information technologies, widespread access to the Internet and more frequent use of mobile devices allowed for the development of new lifestyles and options for organization of work. Among the most prominent trends of this kind that seems to be gaining popularity is digital nomadism. Digital nomads abandoned the traditional work structures and choose to work remotely at locations that best suit their needs. This paper adds to existing research by investigating the motivation behind the decision to become a digital nomad in a less advanced economy. In order to achieve this aim, empirical research was carried out during the fall of 2022. The collected data was analyzed with Cronbach’s Alpha coefficient to test the reliability of the items and explorative factor analysis to extract different motivation factors. The results unveil that Croatian workers may be motivated to become digital nomads and what might motivate them to do so.

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Electronic Trade, Cards and E-money

Author(s): Vladimir Mladenović,Milica Krulj Mladenović,Danilo Obradović,Jovana Andjelković / Language(s): English Publication Year: 0

The introduction of information systems in the economy is a big step forward for all actors in the process. At the very beginning, there was a certain degree of mistrust of the participants themselves with the introduction of the Internet into business, but the current progress is noticeable with its greater perspective in the future. Buying goods and services online has become a need for a large number of citizens. Citizens have adapted over the years and gradually accepted the advantages of online shopping, and now it's just a question of how far these measures will go. More and more goods and services are available online to be traded. Every day more websites specialize in e-commerce. The paper will show the number of transactions, as well as how they moved in the last 5 years in our country, limited to card transactions and the use of electronic money.

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A Predictive Maintenance Deployment Model for IoT Scenarios

Author(s): Albana Gorishti,Klaidi Gorishti / Language(s): English Publication Year: 0

The Internet of Things (IoT) concept describes the intelligent connectivity of smart devices using Internet connectivity. In a continuously developing IoT environment, companies try diﬀerent approaches for predictive maintenance as a solution to reduce costs and the frequency of maintenance activities. Such an environment can natively foster predictive maintenance as it integrates information from diﬀerent equipment to derive insights and predictions.This paper proposes a deployment model for predictive maintenance approaches on industrial equipment by processing and analyzing their audio signals. Proper maintenance scheduling is necessary to prevent business costs and maintain the equipment in operational capability.The authors propose a system architecture to make predictive maintenance applicable in diﬀerent industrial scenarios. The implementation exploits deep learning neural networks to detect anomalies and further classify them into categories. These machine learning techniques enable predictions of equipment’s conditions and thus maintenance services can be performed.

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Process Mining Maturity Assessment – Critical Success Factors

Author(s): Ioannis Boules,Xanthi Tsipoura,Michail Glykas / Language(s): English Publication Year: 0

In this paper, we present a literature survey of Process Mining and its identifed implementation. The aim is the identifcation of the most prominent Critical Success Factors that should be achieved for successful process mining implementation. We concluded with ten proposed critical success factors that should be assessed in any process mining implementation. We also elaborate on the role of process mining in business process management and its contribution in resolving identifed drawbacks.

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Supplying Critical Materials in a Time of Uncertainty

Author(s): Nikola Radic,Vlado Radic,Nenad Ravić / Language(s): English Publication Year: 0

The high demand for energy, food, and raw materials is putting an enormous strain on ecosystems around the planet. Therefore, the industrial strategies of many countries rely on the so-called green plan and transition toward climate neutrality. In this sense, the need for new materials greatly exceeds the existing possibilities and capacities. Critical materials are raw materials that have great economic importance and for which there is a probability of shortage. Since the world is facing more and more serious problems, whether it is an economic crisis, a pandemic, or war conﬂicts, the general character of the present and, one would say, future time, is uncertain. Prediction of uncertainty is a task that decision-makers must keep in mind when deciding on the present and the future, not only of economies but of entire ecosystems and populations as a whole. The paper shows how critical materials aﬀect development and growth, and the fulfillment of environmental requirements, using examples from various industries.

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The Legal Challenges of the Metaverse: Business Trademarks

Author(s): Monica Lastiri Santiago / Language(s): English Publication Year: 0

The Metaverse is emerging as a hotbed for brand promotion as well as a platform for creating and using intellectual property rights including trademarks. The avatars (users) can create digital objects to sell to other users. Lenders and investors are seeking opportunities to capitalize on new Metaverse markets and digital assets as is the named NFT (not-fungible token) that is the unique data coding that can be visually represented by a digital asset, for example, a virtual handbag.Currently one of the real-world lawsuits involving trademarks and NFTs is the dispute between fashion house Hèrmes vs NFT creator Mason Rothschild. Hermès makes the exclusive line of Birkin handbags and Rothschild started selling NFTs in the form of digital images he named MetaBirkins which are the virtual reproduction of the Hèrmes product. Therefore, the fashion house fled a trademark claim for unauthorized use of their trademark and design.From the above-mentioned lawsuit raises a set of fascinating issues at the intersection of intellectual property law and digital technology. For instance, the unauthorized trademark use in Metaverse, but what, in our view, is the most important challenge is: Can you have a trademark right on an NFT? Trademark owners should be aware of the opportunities and challenges to their brand in virtual worlds.The possibilities for a Metaverse are currently limitless and the investments being made in new Metaverse-related technologies and platforms have grown enormously. Investors and companies are spending purchasing digital land in popular Metaverses to create virtual business spaces where consumers are sold goods, services, or entertainment.

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Guarantee of the Right to Online Education in Exceptional Situations: Case Study of the COVID-19 Pandemic

Author(s): Nejla Peka / Language(s): English Publication Year: 0

Covid-19 came as a challenge in human being life. After the announcement of the state of the world pandemic on March 11, 2020, by the World Health Organization, the government reacted to this situation, undertaking a series of measures considering the general interruption of social and economic activities such as closing schools, the prohibition of mass gatherings in closed or open places, the restriction or prohibition of other movements inside and outside the country, which brought the country into total quarantine for about three months. Among other things, the government also presented an action plan for the prevention and response to Covid-19 in May 2020, which provided three pillars of action: prevention, response, and recovery, to continue providing health services to the entire population. While the government's response has necessarily been swift in terms of protecting health and guaranteeing the right to life, the pandemic situation brought a new challenge, in terms of children's well-being and the eﬀective exercise of their rights, especially in the most vulnerable children. In the situation of the global pandemic, international institutions have addressed a series of recommendations and statements for the protection and guarantee of the rights of children and their families.In April 2020, ENOC 2 calls on governments, the European Commission and the Council of Europe to take all appropriate actions to ensure that the rights of all children are guaranteed in accordance with the United Nations Convention on the Rights of the Child. Children's rights and, the comments of the United Nations Committee on the Rights of the Child, should be respected during the Covid-19 health care crisis.

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EU Databases: One Evaluation on Recitals through the Look of the Court

Author(s): Albena Dobreva / Language(s): English Publication Year: 0

Abstract: In February 2022, the European Commission published the proposal of the Data Act, Art. 35 which deals with the sui generis right of database manufacturers. The Database Directive 1996/9/EC has survived again and is about to enter the EU cloud federation almost intact. This fact received several academic headlines while almost overshadowing a landmark decision of the Court of Justice of the European Union. It is the decision in the case C-762/19 – SIA “CV-Online Latvia” v SIA “Melons”, which signals the beginning of a significant change in the existing jurisprudence and has the potential to focus the blurred image of The Directive. The Court attached great importance to recital 42 from her, which gives rise towell-founded interest. This is because the qualitative and quantitative weight of recitals in the jurisprudence of the Court of Justice of the EU is little studied and not at all in the field of the legal protection of databases. It is precisely some selected aspects of the place and the meaning of recitals in the judgments of the Court of Justice of the EU in proceedings on preliminary rulings that occupy a central area in the present study.

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PANDEMIC CRISIS AND ITS EFFECTS ON BULGARIAN BANKING SYSTEM’S EFFICIENCY

Author(s): Gergana Mihaylova Borisova / Language(s): English Publication Year: 0

The economies are once again facing the challenges of another crisis related to the spread of coronavirus in 2020. The banking sector, being one of the main intermediaries in the economies, is also affected by the spread of the new crisis, which is different compared to the previous crises such as the global financial crisis in 2008 and the European debt crisis in 2012-2013. Still, the banking sector in Bulgaria suffers from the pandemic crisis due to decelerated growth rate of loans, provided to households and non-financial enterprises, as well as declining profits related to the narrowing spread between interest rates on loans and deposits. The pandemic crisis, which later turned into an economic one, is having a negative impact on the efficiency of the banking system. To prove the negative impact of the pandemic crisis on the efficiency of banks, the non-parametric method for measuring the efficiency, the so-called Data envelopment analysis (DEA), is used.

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IMPACT OF LIQUIDITY MANAGEMENT ON COMMERCIAL BANKS PROFITABILITY IN KOSOVO DURING THE PERIOD 2011-2019

Author(s): Yllka Ahmeti,Ardi Ahmeti,Albina Kalimashi / Language(s): English Publication Year: 0

Liquidity management and its impact on the profitability of commercial banks are two issues of particular importance in the further development of the business and at the same time two sources of concern for financial managers. For this reason, this study aims to determine the impact of changes in liquidity levels on the profitability of commercial banks in Kosovo. The study is based on secondary data for nine commercial banks in Kosovo over 9 years, respectively for the period from 2011 to 2019, taken from the audited annual statements of these financial institutions. The study measures the relationship between liquidity management and profitability and its impact on profitability. In order to process the data, regression analysis and correlation were used, while the findings determine whether there is a significant relationship between liquidity management and profitability in commercial banks in Kosovo. The current ratio, the quick ratio, the cash ratio and the capital adequacy ratio have been taken as liquidity indicators, while return on assets and return on equity are considered as profitability indicators.

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TAXATION ARISING FROM DIGITALISATION: ISSUES AT STAKE

Author(s): Silvia Velarde Aramayo / Language(s): English Publication Year: 0

The OECD is leading global efforts to reach an international consensus around the BEPS Project with the G20 support. Action 1 works on the tax challenges of the digital economy and its proposals have been made with the «inclusive framework» participation that brings together more than 137 countries. The article focuses on the legitimacy, operation, and consequences of all this work for developing countries that, according to estimates of the UNCTAD, lost annually U$100 billion due to tax avoidance schemes by MNEs. The OECD/G20 inclusive framework is designing a new global tax structure and its proposals attempt to introduce new rules on taxing rights allocation and distribution. At the same time, some countries have adopted unilateral measures in order to tax some digital businesses. Finally, the European Union Countries continue to delay the adoption of the CCCTB and DST Directive proposals, and the United States has introduced the GILTI legislation that seeks to tax the global intangible income. Everything seems to indicate that in the next years the international tax architecture will be changed in deep.

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HEALTHY ECONOMY: MOBILE APPLICATION TO PROMOTE SUSTAINABILITY IN TIMES OF PANDEMIC

Author(s): Virca Afonso,Clara Silveira,Leonilde Reis / Language(s): English Publication Year: 0

Information and communication technologies enhance the digital transformation of society by accelerating and impacting changes in people’s lives. This paper presents a technological solution, within the scope of the Sustainable Development Goals that intends to implement initiatives to “Eradicate Poverty” and “Healthy Living”, namely an application that provides suggestions to optimize savings. The application has underlying concerns in the scope of Psychological Health, as an integral part of the Health of the human being, allowing to perceive the user’s state of mind. It is also considered relevant that people have good psychological health so that they can manage their resources in a rational and intelligent way. The agile methodology was behind the development of the project as a process that combines the iterative model and the incremental model. The Healthy Economy application thus contributes to raising awareness of the rational management of financial resources, promoting the Sustainable Development Goals.

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SMART CITIES AND THE NECESSITY OF OPENING OF THE DATA IN THE CZECH REPUBLIC AS AN EXAMPLE OF CEE COUNTRY

Author(s): Libor Pacovsky,Jan Jolič / Language(s): English Publication Year: 0

Transparency and openness should be the basic principle of modern public administration. Many cities want to become smart cities, so they develop smart city strategies and realise specific smart city projects. However, only a few of the Czech cities are actually successful in this area. This paper studies the problems of the open data approaches in cities’ practice. The public administration collects and stores data representing a smart city’s critical element and one of the smart governance’s essential tools toward modern public administration. The study aims to analyse the situation of open data and smart city measures in the Czech Republic and demonstrate the obvious separation of smart city implementation, data utilisation and smart governance in cities’ practice. The Czech Republic is one of the CEE countries that could benefit from more comprehensive smart cities measurement applications because some of its regions lag in digitalisation development. The opening of the data and the utilisation of them could be the first step for the cities or regions to implement advanced methods and technologies to become smart city. The only cities with successfully implemented smart city measures are the ones that are also relatively successful in open data publishing.

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E-PARTICIPATORY AND COMMUNICATION MOBILE APPLICATIONS: CASE STUDY OF PRAGUE

Author(s): Michael Fanta,Radek Sobčhart / Language(s): English Publication Year: 0

Worldwide usage of mobile Internet significantly increases, which underlines the importance of mobile applications as a tool for involving residents in local public affairs and decision-making processes. However, the Czech level of e-participation is below the EU average in the long term. Using an exploratory case study, tis article aims to identify all available e-participatory and communication mobile applications designed for the city of Prague and its inhabitants offered on Google Play Store and Apple App Store. Moreover, using the content analysis method, features of identified mobile applications are explored and described. The majority of identified applications serve as one-way communication channels, and one application has a function that allows it to collect opinions of residents through voting polls. It is essential to significantly increase the user base of these applications and thus to ensure efficient development of e-participation in Prague and also in the Czech Republic in the future.

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DIGITAL INJECTION OF UNCERTAINTY: THE INFLUENCE OF SOCIAL MEDIA ON VACCINATION HESITANCY IN THE EUROPEAN UNION

Author(s): Sidorina Ekaterina / Language(s): English Publication Year: 0

The influence of social media on vaccine hesitant users is concerning, as it most often negatively affects the decision about vaccination of oneself and their children, encourages the spread of misinformation and leads to the endangerment of the population. Giving all the potential that the online sphere obtains, this work is meant to bring awareness of the issues caused by social media regarding anti-vaccination and encourage closer monitoring of such content in order to battle hesitancy. The territory of interest for this research is European Union, as despite its unsullied prior record, the most recent data has been showing outbreaks of vaccine-preventable diseases due to insufficient vaccination coverage rates. (European Commission, 2016) Analyzing European vaccination data and patterns, EU-focused academic researches and literature and social media presence of the “anti-vax” campaigns, the work brings up the prospects and suggestions for the possible solutions to the problem.

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Медийни образи и сюжети на прехода и преносите им в таблоидни литературни формати

Author(s): Totka Monova / Language(s): Bulgarian Publication Year: 0

The classic media discourse is increasingly being transformed into a specific media narrative, thus radically changing the communicative situation and reception. Literature is becoming more and more documentary, confessional and autobiographic, while the media content is filled exclusively with accounts of a feature, hypertext and storytelling type. The present article focuses on the tabloidization of the media as a result of their integration into a specific corporate industry and on the transposition of the plots and characters thus created into the field of literature. For its part, the literal transfer of these characters and content and their saturation of the literary field results in the tabloidization of at least a part of it. The authors of such “novels” claim to be creating a vast picture of the Bulgarian Transition by using typically literary means. In fact, however, what they do is simply transposing some durable media formats, stereotypes and personages into literary forms.

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