SciPap, Volume 33, Issue 1 (2025)

https://doi.org/10.46585/sp3301


Open Access Article SciPap-2146
Differences in Methodological Approaches to Evaluate Innovation Performance in European Countries
by Ramil Namazov, Rashidatu Bassabi

Abstract: In the context of transition to green, digital and knowledge economy, measuring innovation performance is of great importance to understand and improve national and regional competitiveness. Institutional structures in innovation systems that ensure the coordination and interaction of innovation activities within the country, undertake the tasks of regulating innovation activity and executing and carrying out competitive development programs based on reported assessments and performance metrics. This paper brings a comparison of selected innovation performance indices. The primary aim is to evaluate how these indices measure, assess and categorize innovation performance in the European contexts. Four important frameworks are considered in the study: the Global Innovation Index (WIPO), the European Innovation Scoreboard (European Commission), Global Competitiveness Index (World Economic Forum) and the Bloomberg Innovation Index framework. The study assesses innovation success by analysing different assessment methods, indicators and weighting systems. The analysis shows that innovation assessment is multidimensional, while European indices reflect regional characteristics and assessments are concentrated across different actors, scales and sectors. By providing a comparative analysis of innovation assessment frameworks, this study improves the understanding of methodological differences and indicator weights and provides important conclusions on how these changes affect the assessment of innovation performance in European countries. This contributes to the ongoing debate on improving innovation measurement approaches to better respond to the dynamic challenges of contemporary innovation ecosystems.
Keywords: Comparative Analysis, Innovation Systems, Innovation Indices, Innovation Benchmarking, Innovation Frameworks.
JEL classification: R59, O31

Open Access Article SciPap-2235
Multi-Level Leadership and Collective Well-Being During Crisis in Higher Education
by Mike Franz Wahl, Divya Shukla, Hala Mansour, Wolfgang Dieter Gerstlberger, Rünno Lumiste

Abstract: Organizational governance and strategic, tactical and operational level leadership play a vital role in handling crises. Multi-level leadership is also crucial for the smooth recovery from crisis and for establishing collective well-being. In the premise of social exchange, and social learning theories, this study explores the multi-level leadership attributes during the crisis in the context of higher education and its influence on the collective well-being. This has been approached qualitatively by interviewing higher education faculty, executives, and administrative staff in Egypt, Estonia, India, and United Kingdom. The purposeful sampling technique included seven participants, where they have been taken as individual cases to explore the study objectives. The interview questions revolve around crisis leadership and well-being aspects that cover the interviewee themselves, their team and departments. The interview transcripts were coded by following the content analysis procedure. After three steps to thematic analysis, the final themes emerged and were further utilised. The present study contributes firstly, by exploring multi-level leadership attributes and its influence on the collective well-being of students, faculty, executives, and administrative staff. Secondly, the study has derived a framework from the findings that shows the multi-level leadership attributes that act as enablers and a list of a matrix which could ensure collective well-being during the crisis in the context of higher education.
Keywords: Higher Education, Crisis, Collective Well-Being, Multi-Level Leadership, Qualitative Method.
JEL classification: G34, H12, I23, I31

Open Access Article SciPap-2282
Empirical Analysis of Environmental Innovation´s Drivers in Emerging Economies: The Case of Slovenia
by Miloš Kolář, Anna Dvořáková, Denisa Dušková

Abstract: This study examines the drivers of firm-level eco-innovation in Slovenia, a country that ranks among the best performers in environmental sustainability but faces the challenge of translating its strong environmental framework into widespread adoption of eco-innovation practices at the firm level. The study focused on three areas of eco-innovation, which are the implementation of energy management systems, the adoption of waste minimization and recycling strategies and introduction of measures to control air pollution. These areas were used to investigate the impact of determinants - ten predictor (independent) variables such as own R&D, energy consumption and CO2 emissions, on the adoption of eco-innovation in 409 Slovenian firms. The analysis shows that CO2 emissions goals and own R&D are crucial for promoting eco-innovation in the country analysed. The findings underline the importance of R&D investments and stringent CO2 emissions goals for promoting eco-innovation. This study offers insights for policymakers and business leaders, indicating that tailored strategies and supportive policies can effectively enhance sustainable practices. By improving the environment for eco-innovation, Slovenia can serve as a model for other CEE countries that are striving for sustainability and environmental responsibility.
Keywords: Sustainability, R&D, Eco-Innovation, Energy Consumption, Co2 Emissions Goals, Environmental Goals, Slovenian Firms
JEL classification: Q01, Q55

Open Access Review SciPap-1975
Fraudulent Financial Reporting in the Gray Area of Accounting: A Systematic Literature Review and Future Research Directions
by Falsa Dzaky Arifian, Anis Chariri

Abstract: This study aims to review research on fraudulent financial reporting (FFR) in the grey area of accounting with a systematic literature review approach and bibliometrics analysis. The study was conducted on 74 research articles from the Scopus database. The gray area comprises discretionary accruals, real earnings management, and FFR detection models. This study synthesizes FFR research characteristics, topic developments, key research streams, and future research directions. There are differences in characteristics between research in the gray area and misconduct in the form of research subjects, research objectives, and countries where the research is conducted. The topic development began with utilizing financial ratios as detection tools until various FFR detection methods emerged. The key research streams encompass six main discussions. Several directions for future research, including investigations into the differences in FFR enforcement between developed and emerging countries, studies on real earnings management from behavioral perspectives, exploration of the novel detection methods, and meta-analysis on the Beneish M-score model. Several reviews of FFR have predominantly concentrated on fraudulent organizations, neglecting the exploration of the gray area. This research contributes to other researchers by providing a roadmap for FFR research in the gray area of accounting.
Keywords: Earnings Management, Systematic Literature Review, Fraudulent Financial Reporting, Restatement, Beneish M-Score, Gray Area, Bibliometrics Analysis
JEL classification: M41, M42

Open Access Article SciPap-2124
Diversity of Cooperation Networks and Environmental Orientation in Spanish SMEs Transitioning to Circularity
by Juan Jaime Arroyave, Francisco J Sáez Martínez, Pablo Ruiz Palomino, Angela González Moreno

Abstract: Firms are increasingly adopting circular economy (CE) practices to meet the growing demand for sustainability, but most small and medium-sized enterprises (SMEs) have been unable to adopt them due to limited resources, capabilities, and a lack of environmental culture. However, SMEs with an environmental orientation and diverse cooperation networks tend to find this adoption easier. This article examines the role of environmental orientation and the moderating effects of cooperation with diverse networks on the adoption of the following CE practices: CE-based service provision, CE-based communication, CE-based design for production, and CE-based manufacturing. The study is based on a survey conducted with managers from 300 SMEs in the Spanish manufacturing sector. The results, analyzed through structural equation modeling, confirm that both environmental orientation and the diversity of cooperation networks significantly influence the adoption of CE practices among SMEs. These findings have significant implications for business managers, urging them to adopt an environmental orientation and diversify their cooperation networks to access the resources necessary to implement CE practices. Furthermore, policymakers are encouraged to promote the diversification of SME cooperation networks, for example, by fostering partnerships through incentives that support digital platforms for these interactions, ultimately contributing to a more sustainable economy.
Keywords: Stakeholders, Circular Economy Practices, Environmental Orientation, Diversity Of Cooperation, Networks, Small And Medium-Sized Enterprises.
JEL classification: Q01, M1, M21, L25

Open Access Article SciPap-2136
Embracing Intelligent Insights: Unveiling Investor Adoption of AI Advice And Risk Appetite
by Hang Dang, Sandeep Kumar Dey, Sinh Duc Hoang

Abstract: This paper aims to reveal the factors influencing investors' intention to accept AI advice in financial decision-making. By integrating the Theory of Planned Behavior (TPB) and the Technology Acceptance Model (TAM), it proposes a comprehensive model that elucidates the intricate relationships between social norms, attitude, perceived behavioral control, and the intention to accept AI advice, with a particular focus on examining risk tolerance as a moderating factor. A questionnaire survey was conducted with 569 Vietnamese investors to collect data in three different times. Partial least squares structural equation modeling (PLS-SEM) was utilized to analyze the measurement model and test the hypotheses. Results indicate that perceived usefulness, perceived ease of use, attitude, subjective norms, and perceived behavioral control positively influence the intention to accept AI advice. Furthermore, risk tolerance significantly moderates the link between attitude, subjective norms, perceived behavioral control, and intention to accept AI advice. This pioneering study introduces a comprehensive model unveiling the dynamics of AI advice acceptance in finance. It explores the novel concept of risk tolerance as a moderator, marking an important step in understanding human-AI interaction for financial decisions. Findings provide valuable insights into evolving AI adoption, especially in high-risk contexts.
Keywords: Tam, Risk Tolerance, Ai Advice, Tpb, Financial Decision Making
JEL classification: G15, G4, G11