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This paper explores the dynamic and evolving relationship between capital and artistic composition, revealing how shifts in economic structures have historically influenced the creation, distribution, and perception of art. Drawing from interdisciplinary research in economics, cultural theory, sociology, and art studies, the article traces the transformation of art from a symbolically autonomous practice to a financially integrated mechanism within capitalist systems. Through historical analysis, spanning from the...

The aim of this paper is to explore the theoretical foundations of Central Bank Digital Currencies (CBDCs), as a digital variant of traditional existing money. We present the characteristics, advantages and disadvantages of Central Bank Digital Currencies in the current context of financial digitalization. We also distinguish them from cryptocurrencies, which are virtual currencies issued in a decentralized manner by private entities. In addition, we examine how different countries are approaching CBDC implementat...

This study examines the educational and technological competencies of societies across European Union countries, aiming to understand their role in supporting socio-economic development in a rapidly changing world. The analysis draws on a comprehensive set of variables that go beyond traditional indicators, incorporating aspects particularly relevant in today’s fast-evolving, digitally driven world—such as lifelong learning, digital skills, and knowledge of foreign languages. Using multidimensional statistical...

The paper examines the spread of the extensive trade margin of the three Baltic countries: Lithuania, Latvia and Estonia after the collapse of the Soviet Union in the 1990s. We use the gravity modelling technique including 3 countries of origin, more than 150 countries of destination and a large number of products to empirically estimate which factors were the most important for the spread of the number of export markets in these countries. For our econometric analyzes we take the main gravity model variables, suc...

Sustainability reporting requires organizations to collect, verify and communicate environmental information with a high degree of accuracy. This study examines ESG reporting as a managerial competence and analyses how artificial intelligence supports transparency in environmental data interpretation. A structured search in Scopus and Web of Science identified 368 publications. The literature shows variation in the quality of environmental disclosures and increasing use of AI tools such as natural language process...

The current turbulent development in the real estate market, not only in Slovakia but throughout Europe, is caused by several crises that have a global impact and partially resemble the situation in the market 15 years ago. One factor that negatively affects the real estate market in Slovakia is the lack of residential real estate. In the long term, the demand for housing significantly exceeds the supply of apartments. This article analyzes the prices of real estate intended for housing in Slovakia. It defines eco...

The agricultural sector is under severe pressure due to climate change, which affects crop yields, water availability, and the overall sustainability of food systems. Within this context, also the wine sector faces growing challenges from climate change, calling for both adaptation and mitigation strategies and increasing interest in solutions such as New Genomic Techniques (NGTs). These techniques accelerate natural adaptation processes in grapevines and enable the development of pathogen- and climate-resilient v...

As global entities encounter increasing demands to reconcile economic goals with environmental and social responsibilities, the integration of sustainability accounting and artificial intelligence (AI) provides a scientific framework for enhancing ESG performance. This paper explores the role of AI-enhanced sustainability accounting as a crucial instrument for measuring, analyzing, and improving the effects of organizations on ecological and social systems. By leveraging AI's computational strengths - such as pred...

The article examines the transformation of the value of Niko Pirosmani's paintings over time in the economic and cultural context of the art market. The analysis shows how the value and price of the artist's paintings changed between 1900 and 2025, from zero value to high international premium levels. The research methodology uses the Bloomberg database. In relation to time, the price index, secondary sales index, and hedonic price index are analyzed. A comparative analysis is conducted with Basquiat’s and Frida...

This paper aims to provide a detailed analysis of the issues related to full employment versus unemployment.Keynes wrote in an era marked by mass unemployment, degradation, and suffering on an incredible scale.A reasonable person could have argued for the failure of capitalism, reaching the conclusion that only major institutional changes-perhaps the nationalization of the means of production-could restore economic health.In fact, many economists came to this conclusion:a large number of British and American intel...

In this paper, we present a comparative review of Multi-Criteria Decision Analysis (MCDA) methods used in the selection of Enterprise Resource Planning (ERP) systems. ERP selection is inherently complex and involves multiple organizational and technical factors that must be evaluated simultaneously. MCDA methods provide a structured framework to support such decisions by handling diverse and sometimes conflicting evaluation criteria. Our study focuses on four widely recognized MCDA methods (AHP, ANP, TOPSIS, ELECT...

Romania features an extensive wine tradition and culinary culture, presenting substantial potential for the advancement of wine and gourmet tourism. The country's viticultural surfaces are varied, with eight wine regions spanning three EU-designated growing areas. Notwithstanding structural limitations, Romania possesses significant potential for high-quality wine production. Wine tourism, while still in a developing phase relative to other European nations, exhibits potential for expansion, especially in areas su...

The aim of this paper is to evaluate the bilateral trade between G7 countries (Canada, France, Germany, Italy, Japan, United Kingdom, United States) in the period 2005-2020. The methodology is based on gravity model, using panel data and Ordinary Least Squares Method in EViews. The Pearson Correlation, the Unit Root Test and the Hausman test were performed. Three different gravity models were performed, with the exports, the imports and the bilateral trade flows as the dependent variables. The findings are: GDP of...

Amid global geopolitical fragmentation, global supply chain (GSC) adjustments have become a key feature. The private sector is typically slow or reluctant to embark on GVC reconfiguration. First, GSC readjustment involves considerable search costs, learning costs, fixed costs, etc. Second, firms often underestimate the GVC disruption risk and the urgency to make readjustments. As a public policy to forge GVC resilience, governments typically require public procurement contractors to assess GSC risk and restructure...

The aim of this study was to evaluate the impact of the demographic determinants on three groups of countries: the European Tigers, the Asian Tigers and the Asian Cubs during the period 2000-2023. The European Tigers are Ireland, Estonia, Latvia and Lithuania. The Asian Tigers are Hong Kong, South Korea, Singapore and Taiwan. The Asian Cubs are Indonesia, Malaysia, Philippines, Thailand and Vietnam. The considered demographic determinants are the age dependency, the birth rate, the death rate, the fertility rate, ...

Can foreign intervention in civil wars or proxy wars create a long-term impact on economic exchanges between the foreign intervenors and the intervened state? Could the regions belonging to the two opposing and warring sides in the civil war react differentially to economic exchanges with the foreign intervening powers? We draw on one of the longest and most brutal wars of the second half of the 20th century: the Vietnam War (1955–1975). It involved the United States and the Soviet Union supporting opposing side...

The article is devoted to the analysis of the demographic and social consequences of forced industrialization and violent collectivization in Soviet Kazakhstan, based on the data of the 1939 All-Union Population Census. The focus is on identifying the causes and consequences of the minimal population growth (only 1.3%) during the period from 1926 to 1939. This demographic stagnation is viewed as a direct result of the mass famine of the early 1930s, which led to a sharp decline in the indigenous population, especi...

The sunflower has significant potential in terms of agrarian production, painting, and sustainable development. The paper discusses the potential of the sunflower as an opportunity for food security, energy efficiency, ecological balance protection, and diversification. The aim of the study is to identify the potential of the sunflower for sustainable development. The research also considers the demonstration of an innovative approach to the synergy of science and painting in terms of shaping society’s vision to...

Global sustainability initiatives, effective resource allocation, and corporate responsibility are all at risk from greenwashing, which is the willful distortion of environmental sustainability policies. With an emphasis on the economic ramifications of greenwashing, corporate transparency, and the economical use of natural resources, this paper explores the function of accounting in identifying and stopping it. We examine how sound accounting procedures might improve responsibility in resource and waste managemen...

Environmental, social, and governance (ESG) reporting has evolved from a niche practice to a mainstream business priority across the globe. As companies integrate ESG considerations into corporate strategy and disclosure, cultural factors play a significant role in shaping how sustainability commitments are perceived and implemented. National values, norms, and management practices influence corporate sustainability behavior – for example, whether firms view ESG initiatives as ethical imperatives, compliance exe...

The author analyses the peculiarities of the behaviour of consumers of tourism services in terms of sustainability in Lithuanian regions. The aim of the study is to analyse the peculiarities of the behaviour of consumers of tourism services in terms of sustainability in Lithuanian regions. The objectives of the study are to carry out a theoretical analysis of the peculiarities of the behaviour of consumers of tourism services in terms of sustainability and to carry out a study of the peculiarities of the behaviour...

Migration is a multifaceted phenomenon influenced by several macro-level determinants. In this article we aim to analyze the key factors driving migration, and focus on violence and conflict, human rights, institutional quality, economic opportunities, governance, political factors, climate change, environmental threats. Based on an interdisciplinary approach, we synthesize the existing research and data to provide a comprehensive overview of these drivers. In order to understand the interaction between structural...

The aim of this paper is to find out the main determinants of the bilateral trade between the BRICS countries. The BRICS countries are fast growing, emerging markets, relatively recently known as a group that counts for more than a third of the world’s land and more than 40% of the world’s population. The augmented gravity model was used because is the model that explains most of the international bilateral trade and a panel approach was chosen to address the heteroskedasticity issues. The linear regression us...

The paper addresses the impact of smart grids on the energy sector and personal rights. Renewable conversion of the energy cycle has been deemed insufficient over time, and the production perspective has been complemented by innovation and research that have changed the transition process, which now also involves the digitization of the entire electricity system. Sustainable development is also technological, incorporating both the energy transition and the digital transition, aimed at creating an efficient electr...

The aim of this paper is to assess the impact of the demographics on the economic development on the BRICS countries during 2009-2021. The BRICS countries as Brazil, Russia, India, China and South Africa are known starting 2009 (and 2010 for South Africa respectively), they are fast growing economies, emerging markets in the second stage of demographic transition and highly heterogeneous countries in most social economic features. Due to the fact they are counting for more than 40% of the global population, the de...

In this paper we aim to present the theoretical foundations of virtual currencies, distinguishing them from legal tender, and to explore the blockchain technology that underpins their creation. We classify the existing virtual currencies into three categories (cryptocurrencies, stablecoins, and Central Bank Digital Currency), and analyze their characteristics and market evolution. We also present the evolution of popular cryptocurrencies, bitcoin and Ethereum, underline their market dynamics, historical price tren...

Developing a sustainable green high-tech model for an online insurance broker necessitates a convergence of technological innovation, customer-centric approaches, data analytics, blockchain technology, and environmentally friendly practices. Online insurance brokers may improve their operational efficiency, improve client experience, promote openness and accuracy, prevent fraud, and contribute to the general sustainability of the insurance business by embracing five essential aspects. Traditionally, the insurance ...

Due to the war in Ukraine and restrictions on the hydrocarbons export from Russia by the European countries, uranium companies are again becoming an interesting sector in terms of investment. Consequently, it is important for investors to have accurate forecasts of uranium sector. This article applies machine learning algorithms such as the Random Forests and the Support Vector Machine to predict future URA ETF prices for the next five periods. The study was conducted using data on the ETF Global X Uranium for the...

An unstable economic environment highlights the importance of financial security, which depends on external and internal factors (i.e., household members' decisions and financial choices). As financial security can be considered from various perspectives, this research proposes to analyse it from a subjective perspective considering the changes in households' financial decisions. Therefore, the study aims to explore the condition of households' financial security and the changes in households' financial decisions ...

Eco-tourism and geo-tourism are both important sources of income for biodiversity conservation, geo-heritage conservation and local economic development. These activities also play important role in public education and awareness building on important ecological problems. Yet these activities might also have significant negative effects on local biodiversity, potentially undermining conservation goals. Modern technologies provide opportunities to reduce recreational pressure on sensitive ecosystems, simultaneously...

The Russian invasion of Ukraine that has occurred between two of the largest exporters of food and energy in the world has had an impact to global energy and food industry in 2022. One of the biggest industries that was affected by this war is the dairy industry. The dairy industry is one of the most important agricultural industries apart from grain production in the Baltic States - Latvia, Estonia and Lithuania. And the Russia- Ukraine war has had and is further impacting dairy sector in the Baltic States. Simul...

Effective landscape management could have an impact on the regional economy, but to do this, the framework for analyzing and assessing the impact of landscape on different economic sectors and regions in a country needs to be outlined. Opportunities should be sought to provide new tools through which the government and non-governmental sectors can develop effective strategies. On the other hand, the public sector could be modernized organizationally and at the same time collective actions with the private and NGO ...

The relationship between energy commodities and poverty can be studied from different perspectives, representing a multifaceted issue. In our present paper, we review the literature and explore the influence of different energy commodities such as electricity, natural gas, coal, and oil on income, health, education, environment, as parts of the poverty dimension. We underline the complex factors influencing how energy commodities and poverty interact. Access to electricity improves several aspects of our lives, su...

Tourism is a short-term hobby that is characterized mainly by traveling to nearby, but also more distant locations. It is associated with recreation, rest, but also with active activity. The increased concentration of tourists in these locations brings with it both positive and negative effects. A positive influence is mainly the economic impact that a location sought after by tourists brings stabilization and the possibility of job growth, reduction of unemployment, development of local business and economic grow...

COVID-19 put the world and tourism in a situation that had not been predicted even by the most pessimistic forecasts of either theoreticians, or the people directly involved in tourism development. Hence the need of theoretical research of the issue and of didactic and methodological knowledge to disseminate the findings of such research into practice. The impact which crises have on tourism development is the subject of research for a number of Bulgarian and foreign authors. Currently, however, there seems to be ...

This research aims to present the challenges that companies faced in pandemic times and the ways corporate governance influence their corporate behaviour and made the difference between companies that succeeded to adapt to their strategies to the new business environment and the one that failed. Data was collected from different scientific libraries, presenting the pandemic environment and continued with what corporate social responsibility means and its importance at companies’ level. Noticing the global contex...

Tourism in Georgia is one of the most important sectors of National Economy that severely damaged by COVID-19 pandemic. Adverse epidemiologic circumstances placed the development of tourism business under the threat. As the COVID-19 Pandemic had step-by-step reduced and came to the end the tourism begun to arise. For today the actors of tourism industry should discuss and elaborate the measures to solve the global problems could take place in the future. Today, in the conditions of weakening of COVID-19 pandemic p...

The paper aims at assessing the amplitude of the change in households and business environment perception and confidence regarding the economic prospects in the aftermath of the COVID-19 pandemic. It is employed an exploratory unsupervised technique called cluster analysis, by using two proxy variables computed and published periodically by OECD, namely the consumer confidence index and the business confidence index. The focus is on the 23 European countries which are members of the OECD. The analysis has been run...

In 2020, the world was hit by the COVID-19 pandemic. Countries faced an unprecedented challenge and had to implement many strict measures to prevent the spread of COVID-19, but this led to a significant increase in unemployment, thus harming economic growth. This study analyzes the data obtained in two surveys, the first survey was conducted in the months of October, November 2020 (during the first wave of the COVID-19 pandemic), while the second survey was conducted in October 2022. Slightly more than 200 unemplo...

Today, the inflow of foreign remittances is an important development factor associated with migration processes. At the same time, also a factor that has proven to be more resistant to global economic adversities than the inflow of foreign direct investment (FDI) or the inflow of overseas development aid (ODA). Foreign remittances in recent years have exceeded global amounts of FDI and become the prevalent basis of external financing in low- and middle-income countries. What is interesting to point out is that Cro...

The capital structure of a company represents the way in which companies finance their needs. Currently, there is no unifying determining the selection between debt and equity. Existing scientific knowledge does not lead to the creation of a unified theory of capital structure, mainly because of the complexity and number of factors that influence these decisions. Considering the specifics of forest enterprises, including from the point of view of financial management, this problem is even more complex. The article...

Well-functioning financial markets are crucial in creating strong economic environment, determined by stock market size, capitalization, and also banking development, which can forecast the improvements in growth and productivity. Access to sustainable financing could benefit equally to companies and also environment. Stock market is an alternative source of funding to banks, when they are cautious in lending to businesses, especially during various crises. The research aim is to analyze stock market capitalizatio...

The formation of an innovative economy means the transformation of the intellect, the creative potential of a person into a leading factor in economic growth and national competitiveness. The source of high incomes is not only the possibility of obtaining income from the use of natural resources, due to the high world market conditions, but also the production of new ideas, technologies and social innovations. The interaction between business and science arises in the field of innovation, so it is easy to trace th...

The key component of the institutional communication of the economic entity is the financial communication. Financial communication is at the crossroads of many areas, including finance, marketing and law, has many characteristics, and its purpose is to reflect the values, philosophy and culture of the economic entity. The message of financial communication is to create and manage the image of the economic entity for all its components. Financial communication is comparable to marketing in that it is a method used...

An article reveals the problems of tourist and recreational resources usage within western Polesie in Poland and Ukraine. Statistical information on available tourism and recreational resources has been collected. The tourist and recreational potential of administrative and territorial units belonging to the physical and geographical zone of western Polesie has been determined. It was also studied the experiences related to the usage of the tourist resources of Western Polesie in the Republic of Poland. The recomm...

The experience of developed countries demonstrated that without a strong agriculture insurance market you cannot have a modern and strong agriculture industry in your country. For a farmer, in order to work the land intensive with high quality technology they need big investments. Taking into account these big investments it is very important that the farmer should take into account the associated climate risk which if it is not insured can be very devastating for the farmer. In the last decade the climate change ...

The main field of study for the article topic is the innovation clusters concept, a brief history about clusters and how are becoming more and more essential for innovation development. The functioning of innovation is based on cooperation and collaboration between entities, allowing orchestration of activities, new technologies and adopting solutions based on the market needs. Proximity is often correlated with cooperation, better use of nfrastructure and built of science and tech parks as a way of increasing eco...

In Portugal, tourism revenues in 2019 accounted for around 8.5% of Gross Domestic Product, before the COVID-19 pandemic. One of the sectors that directly influence this weight of tourism revenues is accommodation. Tourism business units have suffered a severe setback since the beginning of the global pandemic. However, it is generally believed that the sector will return to the 2019 level around 2 23. Although for investors in general the profitability of their investments is their main objective, in most sectors ...

The aim of this paper is to analyse the liberalization process of the Romanian Gas Market, both on retail and wholesale. Based on the available information, we are studying both production and supply markets of natural gas. The Natural Gas Sector has been analysed in terms of market liberalization and the data was collected from the annual reports of the Romanian Energy Regulatory Agency (ANRE) and National Institute of Statistics (INS)

The range of objects and phenomena of Ukrainian tourism in the context of international tourism has been highlighted, which is one of the important business components in informing society and opens opportunities to solve management problems – to implement its functions: social (health, humanitarian, spiritual), and business-professional (concluding agreements, solving strategic partnership tasks, etc.). For this purpose, international tourism legislation is developed and implemented, the exchange of information...