SciPap, Volume 32 (2024)

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, R58, Q01, 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, P20, O30, O11

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