ITEMA 2022 / 6 – Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture - SELECTED PAPERS
ITEMA 2022 / 6 – Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture - SELECTED PAPERS
Contributor(s): Vuk Bevanda (Editor), Paulo Alexandre (Editor)
Subject(s): Social Sciences, Economy
ISSN: 2683-5991
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Information Technology; Tourism; Economics; Management; Agriculture
Summary/Abstract: The purpose of the annual ITEMA conference is to support the power of scientific research and dissemination of the research results with the objective to enhance society by advancing knowledge; policy-making change, lives, and ultimately, the world. Our objective is to continue to be the fore-most annual conference on cutting-edge theory and practice of information technology, tourism, economics, management, and agriculture, encouraging advancement via excellence, and interaction. ITEMA conference aims to bring together the international academic community (experts, scien-tists, engineers, researchers, students, and others) and enable interactive discussions and other forms of interpersonal exchange of experiences and popularization of science and personal and collective affirmation. The annual ITEMA conference is committed to the highest standards of publishing integrity and academic honesty as ensuring ethics in all its publications. Conformance to standards of ethical behavior is therefore expected of all parties involved: authors, editors, reviewers, and the publisher. The conference organizer follows the Committee on Publication Ethics (COPE) guidelines on how to deal with potential acts of misconduct. All received full papers prior peer review process are subject to plagiarism check with iThenticate by Turnitin software. Any identified plagiarism automatically disqualifies a paper. Afterward, all full papers are double-blind peer-reviewed by the reviewers drawn from the editorial committee or external reviewers depending on the topic, title, and the subject matter of the paper. Peer reviewers provide a critical assessment of the paper and may recommend improvements. Although the author may choose not to take this advice, we highly recommend that the author address any issues, ex¬plaining why their research process or conclusions are correct. The conference program of the 6th International Scientific Conference on Recent Advances in In-formation Technology, Tourism, Economics, Management, and Agriculture - ITEMA 2022 held on October 27, 2022, combined presentations of the latest scientific developments in the field of knowl¬edge management with blockchain, data-driven vehicle lifecycle management, AI-based website content generation, comparative analysis of protocol attributes, cryptocurrency evidence, electronic invoicing, genetic algorithms for job shop problems, risk management with automation, social net¬works in healthcare, e-platform usage in education, augmented reality learning, information security and cybersecurity, payment security in online commerce, tourism, COVID-19’s economic impact, digitalization, strategic alliances, capital markets, healthcare financing, FINTECH, sustainability reporting, human resources, education strategies, agricultural analysis, and others. The selection of papers for presentation on the conference day was based on quality, originality, and relevance. ITEMA 2022 keynote speaker was full-time professor Kornelije Rabuzin representing the Faculty of Organization and Informatics, University of Zagreb, Varaždin, Croatia with the topic Using Busi¬ness Intelligence. Within publications from the ITEMA 2022 conference: • 12 double peer-reviewed papers have been published in the ITEMA 2022 Selected Papers, • 48 double peer-reviewed papers have been published in the ITEMA 2022 Conference Proceedings, • 106 abstracts have been published in the ITEMA 2022 Book of Abstracts.Altogether ITEMA 2022 publications have more than 700 pages. All full papers have DOI num-bers and ORCID iD integration. Participation in the conference took 193 researchers representing 20 different countries from different universities, eminent faculties, scientific institutes, colleges, various ministries, local governments, public and private enterprises, multinational companies, associations, etc.
- Print-ISBN-13: 978-86-80194-64-6
- Page Count: 119
- Publication Year: 2022
- Language: English
Capital Structure and Profitability: Panel Data Evidence from the European Tourism Industry
Capital Structure and Profitability:
Panel Data Evidence from the European Tourism Industry
(Capital Structure and Profitability: Panel Data Evidence from the European Tourism Industry)
- Author(s):Rezart Demiraj, Suzan Dsouza, Enida Demiraj
- Language:English
- Subject(s):Social Sciences
- Page Range:1-8
- No. of Pages:8
- Keywords:Capital structure; Profitability; Tourism industry; Europe
- Summary/Abstract:Finding the optimal debt-equity mix, where shareholders’ welfare and firm value are maximized is the goal of every business organization. The literature review revealed a broad spectrum of mixed and contradictory empirical findings on this topic, suggesting that the debate is far from over. This paper aims to assess the impact of capital structure on the profitability of the tourism industry in the European continent. This study is motivated by the importance that the tourism industry has for the economic development of European countries. The sample includes all European-listed firms in the tourism industry. Data is extracted from the Thomson Reuters (Refinitiv) database for a period of 10 years, i.e., 2010-2019. Panel data regression is used to determine the impact of the debt-to-assets ratio on the return on assets. The results reveal that the debt ratio has a significant negative impact on ROA, but not on ROE.
Potential and Need of Tourism Cluster Organizations in Slovakia
Potential and Need of Tourism Cluster Organizations in Slovakia
(Potential and Need of Tourism Cluster Organizations in Slovakia)
- Author(s):Jozef Gáll
- Language:English
- Subject(s):Social Sciences
- Page Range:9-20
- No. of Pages:12
- Keywords:Tourism; Tourism cluster organizations; Destination management; Tourist regions of Slovakia
- Summary/Abstract:One of the important issues in the context of tourism cluster organizations is their role as a tool and potential for the development of the region’s economy and as a source of its advantages, but also some potentially negative effects. The main aim of this article is to evaluate the potential of existing clusters and cluster organizations and to identify the real nature, direction, and impact of the cluster organization in tourist regions and its real impact on member companies (institutions). To achieve it, we will use primary sources of information, which represent the results of surveys carried out in the environment of companies and institutions associated with selected cluster organizations, by asking cluster policy implementers and information obtained from cluster organization coordinators. Qualitative methods such as the method of sociological inquiry in the form of a questionnaire and an individual in-depth interview will be used to obtain a reliable picture. A detailed analysis, which examined the cooperation between companies, research and development institutions, and local governments, allowed us to identify the activities of the cluster organization, its technological level, innovations in the cluster organization and competitive position, as well as development perspectives. The research carried out between coordinators and member companies (institutions) pointed out the key problems of cluster activities and cooperation. Part of it is a processed issue of cluster support in regions and current activities on the part of local (regional) authorities.
Digitalization as an Emergent Process: Evidence from Italian Museums
Digitalization as an Emergent Process: Evidence from Italian Museums
(Digitalization as an Emergent Process: Evidence from Italian Museums)
- Author(s):Enrico Cori, Costina Andreea Calota
- Language:English
- Subject(s):Social Sciences
- Page Range:21-29
- No. of Pages:10
- Keywords:Digital skills; Work organization; Non-technical employees; Employee-driven innovation
- Summary/Abstract:This paper aims to deepen some characteristics of the digitalization process in Italian museums. In particular, it aims at investigating the role of non-technical employees in such a process. Our research is qualitative and explorative. Three Italian museums, selected through convenient sampling, have been investigated through a longitudinal approach. The study points out the relevance of participatory, emergent, and mainly informal processes aimed at developing the museum’s digital skills. The findings shed new light on the role of non-technical employees in fostering digitalization, thanks to autonomously developed learning processes. These are combined with the willingness to enhance employees’ skills and ideas by museum managers. This approach can be viewed as an alternative or supplement to the development of digital skills through the inclusion of specialized roles (e.g.: digital manager). Some significant theoretical and managerial implications are highlighted, as well as some future lines of research.
Testing the Causal Relationship between Central and Eastern European Capital Markets: Evidence in Periods of Uncertainty in the Global Economy
Testing the Causal Relationship between Central and Eastern European Capital Markets: Evidence in Periods of Uncertainty in the Global Economy
(Testing the Causal Relationship between Central and Eastern European Capital Markets: Evidence in Periods of Uncertainty in the Global Economy)
- Author(s):Paulo Alexandre, Rui Dias, Nicole Horta, Paula Heliodoro, Mariana Chombino
- Language:English
- Subject(s):Social Sciences
- Page Range:31-47
- No. of Pages:16
- Keywords:2020 and 2022 Events; Capital markets movements; Portfolio diversification
- Summary/Abstract:The purpose of this study is to examine the movements of capital markets in Austria (ATX), Serbia (BELEX 15), Hungary (BUX), Croatia (CROBEX), Russia (IMOEX), the Czech Republic (PRAGUE PX), Slovenia (SBI TOP), and Poland (WIG) from September 18th, 2017 to September 15th, 2022. To obtain more robust results, we divide the sample into two sub-periods: the Quiet period, from September 18th, 2017, to December 31st, 2019; and the Stress Period, from January 1st, 2020, to September 15th, 2022, marked by the global pandemic (COVID-19), the oil price war in 2020, and the Russian invasion in 2022. The time series exhibit non-normal distributions due to the presence of fat tails, a characteristic that is common in periods of extreme volatility. The results of the VAR Granger Causality/Block Exogeneity Wald Tests model verified the existence of 16 pairs of markets showing co-movements between them during the quiet subperiod. The market that causes more co-movements is the Austrian stock market (ATX), while the Russian stock index (IMOEX) does not cause shocks in the markets under analysis. In the Stress subperiod, we verify the presence of 42 pairs of markets causing (each other in the Grangerian sense. The stock indexes ATX, BUX, CROBEX, and PRAGUE PX show 6 causal relations in 7 possible, while the capital markets of Russia (IMOEX) and Poland are the ones that cause less (4 in 7 possible). In conclusion, we verify that the events that occurred in 2020 and 2022 have significantly increased the movements in these regional markets. Such findings could put into question the implementation of efficient portfolio diversification strategies and eventually some gains above the market average due to arbitrage levels. The authors consider this evidence to be relevant for supervisors, regulators, and investors operating in these regional markets.
Impact of the 2020 and 2022 Events on the Efficiency of Europe’s Capital Markets
Impact of the 2020 and 2022 Events on the Efficiency of Europe’s Capital Markets
(Impact of the 2020 and 2022 Events on the Efficiency of Europe’s Capital Markets)
- Author(s):Paula Heliodoro, Rui Dias, Nicole Horta, Paulo Alexandre, Mariana Chambino
- Language:English
- Subject(s):Social Sciences
- Page Range:47-59
- No. of Pages:14
- Keywords:European capital markets; BDS; DFA Random Walk; Arbitrage
- Summary/Abstract:This paper intends to test efficiency, in its weak form, in the capital markets of the Netherlands (AEX), Belgium (BEL 20), France (CAC 40), Ireland (ISEQ 20), and Portugal (PSI 20), for the period from September 18th, 2017, to September 15th, 2022. Given the skewness and kurtosis coefficients, the time series shows signs of deviation from the normality hypothesis. We also observe that during the Tranquil and second Covid-19 wave subperiods, European equity markets are in equilibrium and that the (in) efficiency hypothesis, in its weak form, does not hold, implying that investors will struggle to achieve returns above the market average without incurring additional risk. When we examine the first Covid-19 subperiod, we find that all capital markets show long memories, indicating a propensity to forecast returns, particularly the Portuguese capital market shows the highest value of persistence (0.65), while the stock indexes of Belgium (BEL 20), France (CAC 40), Ireland (ISEQ 20) have exponents of 0.62, and the Netherlands 0.61. In the fourth sub-period that corresponds to the Russian invasion of Ukraine in 2022, we find that the efficiency hypothesis, in its weak form, is rejected for all stock indexes, except for the French capital market (CAC 40). When the sub-periods of the first wave of COVID-19 and the Russian invasion of Ukraine in 2022 are compared, we notice that markets exhibit more pronounced imbalances during the first wave of COVID-19, due in large part to uncertainty regarding the course of the 2020 pandemic. In addition, we empha¬size that during subperiods of higher uncertainty in the global economy, prices do not fully reflect available information and that price fluctuations are not i.i.d. In other words, there is a reversion to the mean, and prices become predictable, allowing regional and international investors to achieve above-market average returns. The authors suggest that these findings are significant for regulators and supervisors of European capital markets to promote efforts to guarantee that available market information is rectified more effectively.
Recent Advances in Fintech: The Case of Italian Challenger Banks
Recent Advances in Fintech: The Case of Italian Challenger Banks
(Recent Advances in Fintech: The Case of Italian Challenger Banks)
- Author(s):Annalisa Baldissera
- Language:English
- Subject(s):Social Sciences
- Page Range:61-70
- No. of Pages:10
- Keywords:Financial technology; Emerging finance; Digitalization; Economic performance
- Summary/Abstract:Fintech or financial technology is a relatively recent and expanding phenomenon, which identifies the application of technologies, in particular digital, in the financial sector. In the context of Fintech, a recently born sector is represented by challenger banks (CBs), i.e. banks that do not have branches but operate exclusively through apps and smartphones. There are currently 96 challenger banks in Europe, of which 12 are located in Italy. This study aims to analyze the performance of the Italian challenger banks in the three years 2019-2021 to grasp the strengths and weaknesses of their management. The study highlighted how Italian challenger banks have overcome the pandemic with satisfactory results compared to 2019. This is partly due to the advantages that digital services offer in conditions in which physical travel is limited or prohibited. However, income performance also grew in 2021 and confirms the progressive strengthening of the sector.
Do Audit Opinions Affect Earnings Persistence?
Do Audit Opinions Affect Earnings Persistence?
(Do Audit Opinions Affect Earnings Persistence?)
- Author(s):Jovana Stojanović, Milica Đorđević
- Language:English
- Subject(s):Social Sciences
- Page Range:71-80
- No. of Pages:10
- Keywords:Auditors’ reports; Audit modification; Financial statements; Earnings quality; Investment decisions
- Summary/Abstract:In the professional literature, the largest number of studies focus on examining and analyzing the content of auditors’ reports and their impact on the quality of financial statements, while a smaller number of authors examine the impact of audit opinions on earnings persistence. Since understanding the type of audit opinion undoubtedly allows investors to assess the quality of a company’s earnings and predict future cash flows, this paper investigates whether they react differently when making capital investment decisions if the financial statements contain a modified opinion. By looking at the previous literature, the authors consider market reactions, especially when it comes to some kind of modified opinion, given that they can cause a negative reaction and affect the reduction of earnings persistence. The research results so far show, although inconsistent and unusual, still interesting results when it comes to the impact of the audit opinion on earnings persistence. By analyzing previous studies, the authors reveal whether investors give enough importance to the audit opinion when making financial and investment decisions, which could later affect the amount of additional capital, which is a necessary condition for development, especially in transition and developing countries. In addition to the conclusions of this paper being relevant for users of financial statements, especially investors, they are also significant for regulatory bodies, as they indicate the necessity of constant improvement of the accounting and auditing system.
Sustainability Reporting Practices of Real Estate Companies from Germany, Austria and Switzerland – First Insights from 2020
Sustainability Reporting Practices of Real Estate Companies from Germany, Austria and Switzerland – First Insights from 2020
(Sustainability Reporting Practices of Real Estate Companies from Germany, Austria and Switzerland – First Insights from 2020)
- Author(s):Dominika P. Galkiewicz
- Language:English
- Subject(s):Social Sciences
- Page Range:81-90
- No. of Pages:10
- Keywords:Sustainability; Report; ESG; Directive; NFRD
- Summary/Abstract:In the last twenty years, sustainability became a strong movement leading to regulatory initiatives around the world. In this study, the European regulation is compared with common sustainability reporting practices in the Real Estate Sector in Germany, Austria, and Switzerland. The goal of the study is to show what type of information related to employees, and other social and governance issues are being provided and by how many firms in the year 2020. The findings show that more than half of the analyzed firms report the total number of employees, the share of women and the number of permanent full-time contracts. Furthermore, supervisory board members are listed by 37 out of 53 companies. More than a third of the 53 companies confirmed to have anti-corruption processes implemented and 25 firms state to have UN SDGs included in their reports. However, details on diversity and employee-related information are often, more than 50% of the time, missing (e.g. salary ratio of woman to man, average sick days/year, total number of trainees, executive pay ratio, total accidents, average age, proportion of female executives, % of woman on the board of directors, staff turnover rate, newly hired employees, employee-satisfaction, full-time employees and part-time employees). Moreover, the involvement of firms, customers, suppliers and employees in following human rights guidelines, ESG and Code of Conduct rules is low. Less than a third of companies stated to follow the human rights guidelines obtained a sustainability certificate or employee well-being certificate and provided ESG-specific employee training. Performing Code of Conduct training for employees, customer surveys, and implementing business partner Code of Conduct/Supplier Code of Conduct besides mentioning the cases of corruption and incidents of discrimination are reported by less than one-third of firms. These results are important for individuals, companies and politicians implementing new rules related to sustainability reporting in Europe.
Anxiety Due to COVID-19 and the Role of Obsession, Job Location Selection and the Number of Children in Hospitality Employees
Anxiety Due to COVID-19 and the Role of Obsession, Job Location Selection and the Number of Children in Hospitality Employees
(Anxiety Due to COVID-19 and the Role of Obsession, Job Location Selection and the Number of Children in Hospitality Employees)
- Author(s):Konstantinos Krikonis, Ioannis Konstantaras
- Language:English
- Subject(s):Social Sciences
- Page Range:91-96
- No. of Pages:6
- Keywords:Coronavirus anxiety; Obsession with COVID-19; Job location selection; Hospitality employees
- Summary/Abstract:Under the framework of the Transactional Theory of Stress and Coping, stress is formulated ultimately from our interaction with the situations we find ourselves in. During COVID-19, hospitality workers experienced high levels of stress due to instability and the constant lack of infection. This survey examines the moderating role of “job location selection” and “number of children” on the direct effect of “obsession with COVID-19” on “Coronavirus anxiety”. To address the above, we utilized “Partial Least Squares Structural Equation Modelling (PLS-SEM)” on collected data from 403 hospitality employees working seasonally in Greece. The results uncov-ered the dynamic of “job location selection” in reducing the stressor “obsession with COVID-19”, moderating its effect on “Coronavirus anxiety”. Moreover, the “number of children” can negatively affect this relationship adding more anxiety to workers. Such insights can offer practical implications to each worker individually.
Virtual Reality Experience Marketing (Nissan Sakura Case Study in Vrchat Application)
Virtual Reality Experience Marketing (Nissan Sakura Case Study in Vrchat Application)
(Virtual Reality Experience Marketing (Nissan Sakura Case Study in Vrchat Application))
- Author(s):Marcin Gurtatowski, Doris Antczak, Natalia Gluza
- Language:English
- Subject(s):Social Sciences
- Page Range:97-102
- No. of Pages:6
- Keywords:Virtual reality; Automotive market; Experience economy; Experience marketing
- Summary/Abstract:The article aims to analyze the possibility of using virtual reality (VR) technology as an experience marketing tool, enabling the building of ties between the brand and the consumer, based on deep emotions, translating into an increased liking for the company and attachment to its commercial offer. The analysis was based on a literature study on social communication, marketing communication and VR, as well as a case study of the Nissan Sakura electric car brand in the VRChat application, which was launched in May 2022, simultaneously on the Japanese market and in the Metaverse. The analysis of VR technology, carried out on the example of the VR experience „NISSAN SAKURA Driving Island” in the VRChat application shows that VR meets in practice the assumptions of experience marketing and can potentially be an effective tool for shaping attitudes and behaviors influencing the purchasing decisions of consumers on the automotive market. Nevertheless, due to the innovative nature of the tool, it does not currently provide the possibility of reaching a mass audience with the marketing message. The application nature of the work is related to the indication of the conditions, benefits and limitations of the use of VR technology in activities aimed at shaping attitudes and behaviors, influencing the purchasing decisions of consumers in the automotive market. Contrary to the literature in the field of social and marketing communication and the automotive market, which is very wide, issues related to VR technology are the area of interest of only a small group of researchers. Given the growing popularity of VR technology, knowledge of the possibility of using it to shape attitudes and behaviors that influence consumer purchasing decisions in the automotive market may turn out to be valuable both for theoreticians and marketing practitioners.
Online Learning during the COVID-19 Pandemic
Online Learning during the COVID-19 Pandemic
(Online Learning during the COVID-19 Pandemic)
- Author(s):Silva Kostić, Nada Ratković Kovačević, Marija Zajeganović, Đorđe Dihovični, Ivana Krulj, Dragan Kreculj
- Language:English
- Subject(s):Social Sciences
- Page Range:103-109
- No. of Pages:8
- Keywords:E-learning; Blended Learning; LMS Platforms; Virtual Meeting Platforms
- Summary/Abstract:In the 21st century almost every higher education course includes some type of digital learning. Many universities provide blended, online or e-learning courses. Many LMS platforms are used for online learning and testing students in various fields. Several virtual meeting platforms are used for online learning and communication. The use of these platforms at universities skyrocketed during the Covid-19 pandemic. This paper focuses on teachers’ experience and satisfaction with different tools for online learning in comparison with traditional, face-to-face teaching methods. The authors surveyed three academies of applied studies in Serbia. According to the survey, most teachers used online learning platforms as well as virtual meetings during the Covid-19 pandemic and they were satisfied. The results of the survey imply that the majority of teachers find blended learning to be the optimal method of teaching in the future.
Successful E-learning: Wishful Thinking or Reality?
Successful E-learning: Wishful Thinking or Reality?
(Successful E-learning: Wishful Thinking or Reality?)
- Author(s):Zoran Ježić, Renee Škulić
- Language:English
- Subject(s):Social Sciences
- Page Range:111-119
- No. of Pages:10
- Keywords:Digital Technology; ICT; Education; UNIRI; SWOT
- Summary/Abstract:Technology is developing at an unprecedented pace, and this is affecting the education system as well. This is especially true in the context of the COVID-19 pandemic, the consequences of which we are still feeling. Basically, COVID-19 has accelerated the inevitable change that has already begun and that has received an incredible boost on the way to the introduction of e-learning. In this paper, the authors explore the question of whether e-learning at the University of Rijeka (UNIRI) Constituents’ is really at a level where it can be said to be e-learning in the true sense of the word and whether it can be classified as successful. Since e-learning is an upcoming educational trend, it deserves special attention and a concrete assessment of its current status so that policymakers can direct their actions toward improvements. Regardless of the outcome of this research, one thing is very clear: education and educational policy will never be the same again.
