Open Access Article SciPap-1891

by Mihhail Kirejev, Wolfgang Dieter Gerstlberger, Tarvo Niine

Abstract: Modern cities are developing exponentially and thus ensuring mobility is one of the key challenges. The solution can be viewed as the determination of optimal vectors of strategic city development, including transport as a sub-system. One dominant theme in respective research discourse is sustainable mobility. A competing concept, “smart mobility”, is fuelled by on-going ICT development, aiming to bring about urban transformation with a data-driven approach. While, to a certain extent, smart approach does provide improvement to quality and efficiency of urban life, resulting also in contribution to sustainability goals, then in terms of philosophical foundation, it appears rather an input-driven approach, whereas the logic of sustainable mobility is driven foremost by outputs. Therefore, in this study, the two approaches are treated as two distinct development vectors. Estonia is a pioneer of digital innovation, so the local transport development can be similarly assumed to be ICT-infused. Our study observes the detailed nature of transport system governance and aims to identify the relationships between smart and sustainable paradigms. The study analyses the governance paths of urban transport systems in a sample of medium and small municipalities in Estonia, by evaluating explicit development strategies. The ensuing analysis of expert interviews using a quasi-binary method contributes to the scientific discussion on the smart and sustainable balance and co-existence with empirical insights to policymakers. The study indicates that a local transport governance paradigm is not only influenced mainly by local socio-economic characteristics and environmental factors but also notably on the competence, knowledge, skills and beliefs of incumbent officials. Furthermore, the established relations between smart and sustainable development indicators provides a basis for assessing balance in transport development concepts, as it is possible to consider the integrated concept “smart and sustainable” as a paradigm evolution.

Keywords: Smart City, Smart Transport Development, Sustainable Urban Development, Smart And Sustainable Governance, Smart Mobility

JEL classification: G38, Q01, R58, R11

Open Access Article SciPap-1870

by Thi Thuy Huong Luong, Attasuda Lerskullawat, Thanarak Laosuthi

Abstract: This paper aims to explore the effect of financial innovation on economic growth in 28 transition countries from 2004 to 2021. Financial innovation is categorized based on the structure of the financial system, including commercial banks, non-commercial banks and financial markets. By applying difference GMM estimation, the research demonstrated a significant positive effect of financial innovation in commercial banks and non-commercial banks on economic growth. The results show that a greater number of financial innovations in terms of products and services, processes, technology and function in commercial banks and non-commercial banks would result in higher economic growth in transition countries. In contrast, financial innovation in financial markets indicates significantly negative effects on economic growth. Introducing complex products in stock and bond markets in underdeveloped financial markets probably lead to the volatility and fragility, reducing economic growth. The results of this research contribute to issuing crucial policies that employ financial innovation as an impulse for spurring economic growth in transition countries.

Keywords: Economic Growth, Financial Innovation, Commercial Banks Innovation, Non-Commercial Banks Innovation, Financial Markets Innovation, Transition Countries

JEL classification: G10, G20, O30, O11, P20

Open Access Article SciPap-1718

by Vojtech Hruby

Abstract: This article outlines a pilot study aimed at exploring the influence of Entrepreneurial Orientation (EO) on Artificial Intelligence (AI) adoption and firm performance within Czech chemical SMEs. With dual aims, the study first evaluates the feasibility of the main research design and secondly develops and validates an innovative instrument for measuring AI adoption. Through a quantitative survey, 107 Czech chemical SMEs were engaged, focusing on the practicality of research methodologies and the initial testing of measurement tools, especially for AI adoption. Despite a modest response rate, the study met its methodological objectives, offering insights into AI integration and EO's complexity within the sector. The initial findings hint at the need for broader engagement strategies in the subsequent study, reflecting the challenges of researching niche markets. Significantly, the creation of the AI adoption tool marks a considerable advancement, addressing a gap in existing research tools. This study not only underscores the importance of pilot testing in social sciences, especially within specialized sectors but also its findings and methodologies serve as a blueprint for future research, emphasizing the adaptation of strategies to industry-specific and geographical peculiarities. By establishing a methodological foundation for in-depth future research, this pilot study promises an enhanced understanding of EO's impact on AI adoption strategies and performance outcomes in the Czech chemical industry, directly addressing a critical research gap.

Keywords: Entrepreneurial Orientation, Artificial Intelligence Adoption, Czech Chemical Smes, Pilot Study Methodology, Measurement Instrument Development

JEL classification: O33, L26, L65

Open Access Review SciPap-1884

by Indu Nain, Sruthi Rajan

Abstract: Robo-advisors have recently gained popularity as an algorithm-based method of simplifying financial management. The present study explores the factors that lead many potential consumers to use Robo-advisors in financial decisions. Adopting a scoping review approach formulated by Arksey and O'Malley, the study examines the factors affecting the acceptance and usage of financial Robo-advisors in different parts of the world. The results suggest that performance expectancy, effort expectancy, trust in technology, financial knowledge, investing experience, cost-effectiveness, facilitating conditions, and intrinsic motivation are positively related to adopting Robo-advisors. On the contrary, anxiety, risk perception, investor age, data security, and behavioral biases negatively influence the investor attitude toward Robo-advisors. This creates a barrier to the diffusion of financial Robo-advisors among the investors. The study concludes by providing recommendations to service providers, policymakers, and marketers for the speedy distribution and acceptance of algorithms for the public's financial decision-making. The study identifies gaps in the existing literature and suggests areas for future research for aspiring academics.

Keywords: Fintech, Artificial Intelligence, Financial Advice, Robo-Advisors, Scoping Review, Technology Adoption

JEL classification: O33, O14, D14, G11, G23

Open Access Article SciPap-1656

by Alejandro Valencia-Arias, Orfa Nidia Patiño-Toro, Manuel Humberto Vásquez Coronado, Olga-Velez Bernal, Elizabeth Zea Marquina

Abstract: Knowledge management is pivotal in analyzing organizational innovation, as it influences the capacity to achieve objectives and engage in corporate decision-making. Nevertheless, its application encounters constraints within small and medium-sized enterprises (SMEs) due to resource and knowledge barriers. Hence, scholarly literature must remain current to offer solutions. Consequently, the study aims to explore trends in knowledge management research within SMEs. To achieve this, a bibliometric analysis is conducted employing the Scopus database, adhering to PRISMA statement guidelines. Excel and VOSviewer software are employed for data analysis. This study's perspective delves into the thematic evolution over time, encompassing both areas of sustained development and emerging trends. The findings underscore significant trends that emphasize the pivotal importance of innovation as a driver of organizational performance and advancement. This emphasis is underpinned by the adoption of open innovation approaches, fostering knowledge transfer and exchange to nurture internal learning. Notably, the study highlights the concepts of knowledge absorption capacity and dynamic capability development as fundamental cornerstones for propelling intellectual capital growth and business model adaptation.

Keywords: Innovation, Open Innovation, Sustainable Development, Bibliometric Analysis, Knowledge Management, Small And Medium Enterprises (Smes), Prisma, Organizational Learning

JEL classification: D83

Open Access Article SciPap-1794

by Bernadin D. Ma, Yudi N. Supriadi, Maria A. Wikantari, Nani Ariani, Dahlia Br. Pinem, Pusporini Pusporini

Abstract: This study aims to determine whether the variables of the Quadruple Helix model can enhance the management performance of MSMEs during the new normal era. The study employs Partial Least Squares Structural Equation Modeling (PLS-SEM) for the quantitative design. The research encompasses a sample of 100 MSMEs from Banten Province, Indonesia. Among the four pillars of the Quadruple Helix model—academic, business, local community, and government—business exhibit the most significant influence on management performance, as evidenced by a coefficient value of 0.311. Additionally, government (0.290), academic (0.201), and local community (0.160) display lower coefficients. These findings imply that local community should engage more actively with MSMEs, while the government should enhance its support through policies. Furthermore, MSMEs should seek to gain valuable insights into management practices from academic. The Quadruple Helix model serves as a comprehensive framework that provides government decision-makers with a holistic perspective. Ultimately, this study has the potential to enhance management practices and shed light on strategies for the survival and resilience of MSMEs in a changing economic landscape during the new normal era. It underscores the critical importance of adopting Quadruple Helix thinking for the continued viability of MSMEs.

Keywords: Msmes, Management Performance, Quadruple Helix, Management Practices, Pls-Sem

JEL classification: O38, L26

Open Access Article SciPap-1812

by Alena Mojsejova, Alisha Marcinová

Abstract: The paper deals with household wealth and its determinants. The attention is drawn to the main causes and determinants which affect wealth and wealth inequality. The comparison between the particular CEE countries is based on the relationship between net wealth and the determinants. The paper emphasizes the impact of the particular determinants on the net wealth of households in Slovakia, Poland, Hungary, and neighboring Austria according to HFCS data. Quantile regression describes an influence of the value of the household's main residence, the value of the household's vehicles, total financial assets, total household gross income, the outstanding balance of mortgage debt, the amount spent on consumer goods and services, substantial inheritance/gift received and gender of the reference person. The results of quantile regression indicate the statistical significance of value of household's main residence as the most significant factor across all observed countries and all quantiles of the population supported by an impact of received inheritance and gifts in the countries apart from Austria. Value of household's vehicles, total financial assets, and outstanding balance of mortgage debt play significant roles. The paper compares the results not only between the countries but also between the determinants, supplementing a picture of the current trends of household wealth in the CEE countries.

Keywords: HFCS, Inequality, Wealth, Cee Countries, Quantile Regression

JEL classification: D14, D31, P52

Open Access Article SciPap-1755

by Bertha Silvia Sutejo, Sumiati -, Risna Wijayanti, Candra Ananda

Abstract: The purpose of this study was to investigate the influence of positive aand negative emotions on investment decisions during the Covid-19 pandemic, as well as to test risk tolerance as a intervening variable between basic emotions and investment decisions. This study uses endogenous variables, namely investment decisions and exogenous variables, namely positive and negative emotions including anger, sadness, hope, happiness, and fear. As well as the intervening variable, namely financial risk tolerance. Data collection was carried out by distributing questionnaires to 180 young investors in Surabaya, Indonesia. The questionnaire uses a 5-point Likert scale. Hypothesis testing uses a structural equation model. The results of the study indicate that there is a significant impact of positive emotions on investment decision-making. The association in question is mediated by financial risk tolerance. The regulation of the relationship between negative emotions and investment decisions by financial risk tolerance remains unclear. Furthermore, the impact of negative emotions on investment decisions appears to be insignificant. Practical implications of this research help young investors of generation z to manage their emotions, especially in the era of Covid-19. This is because emotions can affect their investment decision making. The originality of this research is a unique study of the positive and negative emotions associated with the investment decisions of young investors in the Covid-19 era. As well as risk tolerance which will strengthen the influence of emotions on investment decisions. The results of the research strengthen the theory of emotional intelligence and the dual process theory.

Keywords: Covid-19, Positive Emotions, Negative Emotions, Investment Decision-Making, Generation Z Investors

JEL classification: G10, G11, G4, G40, G41

Open Access Article SciPap-1854

by Wolfgang Dieter Gerstlberger, Mike Franz Wahl, Bernhard Baumann

Abstract: Change processes always go through various stages. Regarding political change projects, there are specific continuative aspects that influence the decision-making behaviour of local politicians. This also applies to specific decisions relating to issues of inter-municipal cooperation. The intended gain in knowledge is to determine how council rep-resentatives decide towards inter-municipal destination management organizations as a form of inter-municipal cooperation, to what extent experiences already exist in this field, how open they are towards them, and which possible influencing factors have an impact on this decision behaviour. Action research is the chosen research strategy for the study, including a mixed method. The research is categorized as an explanatory, cross-sectional. Semi-structured focus group interviews (Step 1) are followed by constructing the initial research model. Then written survey of council representatives (Step 2) was conducted. This study finds that the openness of local politicians on inter-municipal cooperation, using the example of destination management organisations, is significantly dependent on location issues, legal form, information (weighing up the advantages and disad-vantages) and its origin (internal/external to the parliamentary group). Building on the findings and reference to theoretical framework models, a six-phase change management model was constructed specifically for the decision-making behav-our of local politicians regarding inter-municipal projects, which includes the phases of initiation (1), persuasion (2), political decision-making (3), implementation (4), evaluation (5), and resolution amendment (6).

Keywords: Change Management, Local Political Decision-Making Behaviour, Inter-Municipal Coopera-Tion, Destination Management, Tourism Development

JEL classification: D8

Open Access Article SciPap-1696

by Alia Khalaf, Wan Nur Syahida Wan Ismail, Ahmad Marei, Mohammed W.A. Saleh, Marwan Mohammad Mansour

Abstract: This paper aims to investigate the extent to which System Trust's framework was utilized in the Jordanian government sector and its impact on organizational commitment (OC). A quantitative approach was used for data collection and achieving the study goals. In particular, the responses were collected through a survey instrument from 260 internal auditors and accountants of 14 governmental institutions in Jordan. After obtaining the desired responses the primary data were analyzed using the Partial Least Square Structural Equation Model (PLS-SEM). The outcomes showed that AIS reliability factors positively influence OC Further, System Trust has played a vital role in affecting business sustainability and confidence in the Jordanian Public sector. Future research can build on these results and be focused on other national and cultural conditions. The research confirms that management must realize how essential going to adopt the System Trust’s principles for ensuring the reliability of AIS within their firms and are aware of which of these standards is appropriate for their sector and size as well as how it affects OC.

Keywords: Pls-Sem., Ais Reliability, System Trust, Organizational Commitment(Oc), Jordanian Governmental Sector

JEL classification: M, M15

Open Access Article SciPap-1719

by Le Thanh Tung, Pham Nang Thang

Abstract: This article aims to determine the impact of international tourism on poverty in 28 developing and emerging countries from 2005-2020. The Driscoll-Kraay standard errors method was used in the quantitative analysis. Unlike previous studies, this study provides concrete answers to conflicting debates about tourism development and poverty reduction. Our results robustly conclude that international tourism helps to reduce poverty perspective in countries. Specifically, more enormous tourism revenues and higher numbers of international tourists will lead to lower poverty rates in host countries. In addition, the results also emphasize the role of institutional quality in poverty reduction. Research shows that good institutions in the host country help reduce poverty. These findings may provide policy implications regarding future tourism development and poverty reduction in developing countries and emerging economies.

Keywords: Developing Countries, International Tourist, Tourism Revenue, Poverty Reduction, Institutional Quality

JEL classification: I32, O19, O11

Open Access Article SciPap-1689

by Oanh Kim Thi Tran, Duong Binh Mai, Trang Thanh Thi Chu, Diep Van Nguyen

Abstract: This article aims to analyze the role of FDI and institutional quality in local economic growth in Vietnam. Using a dataset of 63 provinces in Vietnam between 2005 and 2020, the result of the Bayesian linear regression method cover that FDI has a negative effect on economic growth, while provinces have a negative effect on economic growth. High institutional quality (IQ) leads to high economic growth. Besides, the result of the article also shows that the interaction between FDI flows and institutional quality (FDIxIQ variable) positively impacts the economic growth of provinces in Vietnam. This implies that localities with good institutional quality will absorb FDI better. These findings suggest that policymakers should pay more attention to policies to attract FDI and improve institutional quality in order to promote sustainable GDP growth in the localities of Vietnam, thereby promoting the overall economic growth of Vietnam.

Keywords: Economic Growth, Fdi, Bayesian Linear Regression, Provinces Of Vietnam, Institutional Quality

JEL classification: C11, F21, F43, O11

Open Access Article SciPap-1746

by Ondřej Kuba, Beáta Mikušová Meričková

Abstract: Many democracies across the world are experiencing issues with declining voter turnout, and the Czech Republic is not exempt to this trend. Over the past 30 years, turnout has decreased in this country by almost 20 percentage points. The aim of this research is to identify the determinants that mobilize (or demobilize) citizens to vote in the context of the Czech political environment and to describe the relationships between them. Specifically, we focus on the mobilizing effect of political engagement, mainstream and alternative media, and citizen satisfaction in various aspects of life. The research is based on the responses of a representative sample of respondents (N = 807) and uses structural equation modelling to analyse the responses. Our results show that of all the determinants examined, turnout is particularly influenced by citizens' political engagement. Surprisingly, consumption of mainstream and alternative media content, and citizen satisfaction are not shown to mobilize citizens to vote. However, these determinants have been shown to be significantly related to political engagement and it can be suggested that political engagement is a mediating variable. Thus, we show that it is appropriate to pay attention not only to the direct effects of individual determinants on turnout when examining the determinants of turnout, but also to examine decision-making processes in a broader context.

Keywords: Media, Satisfaction, Election, Voter Turnout, Political Engagement

JEL classification: D72

Open Access Article SciPap-1736

by Tetiana But, Daria Mamotenko, Libor Lnenicka, Tetiana Pulina, Veronika Židová

Abstract: The modern 21st century makes developed countries introduce advanced IT technologies, such as smart solutions, which penetrate into the public administration environment and are used by municipalities to improve the life of citizens. Modern programs for developing and implementing “smart city” solutions are focused primarily on the interests and needs of the population. As a result, this trend directly affects the development of tourism by improving the quality of tourist services. The purpose of the study is to offer a conceptual model for creating “smart cities” in Czechia based on smart specialization in the tourism industry by introducing modern technologies and innovations, which will result in bettering the quality of tourism services, increasing the number of tourists and improving the image of the city as a tourist destination. The methodological approach to this study is a systematic literature review. The authors identifies which “smart cities” are effective, efficient, productive, sustainable and unsustainable, and the difference between effective and productive “smart cities”. The creation of “smart cities” in Czechia on the basis of smart specialization in the tourism industry is substantiated. It is noted that the size of the city and the number of its inhabitants do not affect the creation of a “smart city”. Increasing the tourist attractiveness of Czech cities will enable cities of any size to become “smart”. The authors have determined which components of the developed conceptual model will affect its effectiveness. The findings indicate that the impact of new technologies, thanks to the advanced implementation of information and communication technology (ICT) applications, play a crucial role in data collecting and sharing for the “smart cities” development. The article mentions examples of successful implementation of the concept in the Czech cities of Prague, Hradec Králové and Brno. In general, a “smart city” of Czechia can make the tourism industry more accessible and efficient for both tourists and locals, ensure the sustainability of tourism in the city and increase its competitiveness in the tourism market.

Keywords: Smart City, Tourism Industry, Smart Strategy, Concept

JEL classification: Z32

Open Access Article SciPap-1693

by Mahirun Mahirun

Abstract: This study aims to test and analyze the effect of capital structure, profitability, investment opportunity set, firm value, earnings per share, and dividend policy, on stock returns. Our research uses regression analysis to determine and analyze the influence of independent variables on dependent variables. The objects in this study are companies incorporated in LQ45 for the period 2013 - 2021. The reason for choosing LQ45 is because it is a type of index used to measure the price performance of stocks that have high liquidity and large market capitalization and are supported by good firm fundamentals. The results of the study found that the capital structure with indicators debt to equity ratio has a significant negative effect on stock return. Profitability with indicators return on equity and investment opportunity set with indicators price earning ratio have a positive and significant effect on stock return. While other findings from our study are firm value with price to book value indicators, profitability from the investor's point of view represented by earning per share indicators, and dividend policy with dividend payout ratio indicators have no effect on stock return.

Keywords: Profitability, Capital Structure, Firm Value, Stock Return, Investment Opportunity Set, Earning Per Share, Dividend Policy

JEL classification: P45, O16, B26, G32, I22

Open Access Article SciPap-1709

by Iryna Kornilova, Iryna Horbas, Alona Alona Poltoratska, Iryna Netreba, Oksana Derkach, Tetiana Ovcharenko

Abstract: This article puts forward an approach to systemic understanding of innovation outsourcing types based on the dialectical combination of the general and the specific in outsourcing practice. The study involved synthesis, systematisation, and development of theoretical and applied approaches to identifying types of innovation outsourcing in order to establish a theoretical and methodological foundation for organisations to create their own unique models of innovation outsourcing. The article suggests a classification of innovation outsourcing based on various characteristics, including the nature of the services provided, type of business processes, scope of management function, level of change, nature and organisational form of collaboration, source of resourcing, subjects involved, degree of cooperation, stage of the innovation process, and location of outsourcing service providers. The study demonstrates the cross-functional and multi-faceted nature of outsourcing and possibilities of various combinations of innovation outsourcing types, which should be considered when developing innovation strategies of organisations. The main purpose of the article is to shape a comprehensive understanding of various issues related to making effective managerial decisions regarding possible optimisation perspectives of innovation activities for economic entities through collaboration with outsourcers, determining the form, nature, terms, scale, depth, and other critical elements of such collaboration, and considering a range of their advantages and limitations.

Keywords: Management, Outsourcing, Innovations, Innovation Process, Core Competencies, Business Process, Outsourcing Service Provider

JEL classification: O32, O31, F20

Open Access Article SciPap-1681

by Daniel Cardona Valencia, Carola Calabuig Tormo

Abstract: This study aims to empirically assess the impact of green banking activities on banks' green financing and environmental performance. Likewise, it seeks to identify the mediating effect of green financing on the relationship between banks’ environmental performance and green banking activities. It also examines the trends and challenges on the topic. Structural equation modeling was used to evaluate the relationship between the variables identified from primary data collected through a structured questionnaire administered to 321 Colombian bankers, who were selected using convenience sampling. According to the results, green banking activities have a positive impact on banks’ environmental performance, and banks' sources of green financing significantly influence their environmental performance. Notwithstanding, green banking is regarded as a promising strategy for banks because it enhances their competitiveness and reputation, helps them reduce their carbon footprint and costs in the long term, and enables them to be included in sustainability indexes.

Keywords: Sustainability, Environmental Performance, Green Banking, Financial Inclusion, Green Finance, Green Financing

JEL classification: A1, F64

Open Access Article SciPap-1735

by Sofiane Laradi, Roucham Benziane, Abdelhak Lefilef, Salwa Alghamdi, Ramzi Bouderdja, Youcef Souar

Abstract: This research investigates the factors influencing the adoption of mobile banking services in the Arab region, focusing mainly on a case study from Algeria. A conceptual model integrating the Technology Acceptance Model (TAM), Diffusion of Innovations (DOI), and Trust Theory is proposed to gain comprehensive insights. Empirical validation was conducted through a survey of 285 users of BaridiMob, a mobile banking application by Algeria Post, with data analysis conducted using structural equation modelling. The results showed that perceived usefulness, Ease of use, Trust, and attitude towards technology are vital determinants influencing adoption intention. Among these, perceived usefulness had the strongest impact, underscoring the importance of functional value in technology acceptance. Trust was also highlighted as crucial in shaping user attitudes and adoption intentions. These findings have significant implications for promoting mobile banking adoption in the Arab region and emerging economies. However, the study's limitations, including its cross-sectional design and use of convenience sampling, may affect the generalizability of the findings. Future research should employ probability sampling, longitudinal designs, and qualitative approaches to deepen understanding. Exploring additional variables affecting mobile banking adoption and testing the model in various cultural contexts within the Arab region is also recommended to comprehend technology acceptance and adoption nuances, thereby contributing to more effective strategies for promoting mobile banking adoption.

Keywords: Perceived Usefulness, Mobile Banking Adoption, Arab Region, Technology Acceptance Model (Tam), Trust Theory, Structural Equation Modelling

JEL classification: G24, O14, M13

Open Access Article SciPap-1680

by Olga Sych, Vira Kruhliakova

Abstract: European structural funds and financial institutions are the primary funding sources for strategic development initiatives, achieving sustainable development goals and implementing the Green Deal strategy in Europe. As Ukraine moves towards EU membership, it has the potential to use these new financial instruments to support its development projects, drawing on the experience of neighbouring countries such as Poland and the Czech Republic. The article evaluates the effectiveness of EU funding in Poland, the Czech Republic, and Ukraine. We built a regression model that assessed the impact of EU financial instruments on economic growth in Ukraine, Poland and the Czech Republic over ten years. A regression analysis of the relationship between financing through EBRD, EIB loans and indicators of GDP per capita, and foreign direct investment, showed a high level of correlation between these indicators in each country. The most significant impact on GDP is indicated by EBRD project financing in Ukraine. In addition, the growth of financing through European banks is a good sign for foreign investors. It contributes to their involvement in the country's economy, which is crucial for the recovery of Ukraine after the war. The study is of practical importance for improving Ukraine's reconstruction programs using diversified sources of financing.

Keywords: Cohesion Policy, Ukraine., Eu Programs, Grants, Eib Loans, Ebrd Loans

JEL classification: O19, R11, G28

Open Access Article SciPap-1691

by Sainath A R, Gnanendra M, Mohanasundaram T, Leena James, Sheelan Misra

Abstract: This study employs the DCC-GARCH model to investigate the dynamic connectedness between the Indian stock market and major global stock markets. Specifically, we examine daily log returns data of the National Stock Exchange (NSE) index and several international indices, including the United States, Australia, China, Germany, England, Japan, and Taiwan. Our analysis indicates a significant level of volatility spillover between the Indian stock market and the international stock market. Notably, we observe a significant positive spillover effect from the S&P 500 and FTSE 100 to the Indian stock market, suggesting the presence of contagion effects. Additionally, we find bidirectional spillover between the Indian stock market and the Nikkei 225 and Hang Seng, indicating a high level of interdependence between these markets. Our research contributes to the growing literature on the dynamic connectedness of stock markets and has important implications for policymakers and investors in emerging economies such as India. Overall, this study provides valuable insights into the nature and extent of spillover effects between the Indian and international stock markets.

Keywords: Dynamic Connectedness, Volatility Spillover, Indian Stock Market, International Stock Market, Dcc-Garch, Contagion Effects, Interdependence, Emerging Economies.

JEL classification: G01, G15, G17, G18, G32