South East European Journal of Economics and Business
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ARTIFICIAL INTELLIGENCE AND DIGITAL LEADERSHIP: MAPPING RESEARCH TRENDS AND THEMATIC PATTERNS
No full textDigital transformation has accelerated the integration of artificial intelligence (AI) into organizational processes, reshaping leadership practices across industries. Therefore, this study utilizes bibliometric analysis to examine the evolving landscape of artificial intelligence in leadership research. This study conducts a bibliometric analysis of 60 articles retrieved from the Dimensions.ai database (2019–2025*), utilizing the Bibliometrix package in RStudio. The study provides essential insights by examining publishing trends, prominent authors and sources, thematic developments, and collaboration networks, and trending topics within AI and leadership.The findings illustrate that the publishing trends revealed a significant and rapid growth in research output over the years. Moreover, the analysis of prominent authors and sources highlights the most influential works that have had a substantial impact on the field. Thematic mapping identifies six significant research clusters, with “AI, leadership, and digital transformation” serving as a motor theme. Collaboration networks uncover limited but growing international collaboration, with the United States and China exhibiting the most robust partnerships. Furthermore, trending keywords such as “artificial intelligence,” “leadership,” and “digital transformation” indicate ongoing research interest and signal directions for future research. This study not only maps the existing knowledge structure but also offers valuable insights that can inspire future research directions regarding the evolving role of leadership in the age of artificial intelligence
IS CULTURAL DISTANCE BENEFICIAL? EVIDENCE FROM OUTWARD FDI FLOWS IN AN EMERGING MARKET CONTEXT
No full textThis research explores the impact of cultural distance (CD) on Türkiye’s outward foreign direct investment (OFDI) by examining Hofstede’s six cultural dimensions, focusing on a country that shares several similarities with other Southeast European (SEE) countries. Using panel ordinary least squares, random effect, and quantile regression models, the study analyzes Türkiye’s OFDI to 26 partner countries from 2001 to 2022. The findings reveal a statistically significant positive effect of CD on OFDI, consistent across all cultural dimensions. This research enhances the limited literature on the relationship between CD and OFDI in Türkiye. The divergent findings provide new insights, highlighting the importance of understanding the nuanced dynamics between CD, cultural incongruence, and cultural conflicts in FDI. These results underscore the necessity for a contextual approach in examining the interplay between cultural factors and FDI, offering a more comprehensive understanding of how CD influences OFDIs
RETHINKING FINANCIAL DEEPENING: FINANCIAL DEVELOPMENT AND GROWTH IN WESTERN BALKANS COUNTRIES WITH REFERENCE TO THE LEVELS OF ECONOMIC DEVELOPMENT AND EURO-INTEGRATION STATUS
Full text linkThis article provides an empirical analysis of the relationship between financial development and economic growth, using a sample of nine countries in the Western Balkans from 1995–2022. The study addresses the gap in the literature on financial deepening in the region, specifically regarding its impact on economic development and the Euro-integration status. A novel approach is used to construct the Financial Development Index employing principal component analysis, utilizing a comprehensive matrix of financial proxies for both financial institutions and markets, not previously used in the literature. Results of the dynamic generalised method of moments estimation confirm a significant positive impact of financial deepening on economic growth and income per capita. The positive quadratic term of financial deepening suggests that financial development fosters economic growth. Furthermore, European member states have not yet reached a level of financial development, where the effects of “too much finance” would appear, implying that European integration has not deepened financial development
THE DYNAMIC INTERPLAY BETWEEN CREDIT RISK AND MONETARY POLICY IN ALBANIA’S BANKING SECTOR: A COMPREHENSIVE ANALYSIS
Full text linkThe study examines the relation between credit risk and monetary policy in Albania’s banking sector from 2015 to 2023, utilizing the Autoregressive Distributed Lag (ARDL) model. It analyzes post-crisis developments, particularly the Central Bank’s (CB) stabilization efforts and the write-off of NPLs. The findings show that higher CB rates increase NPLs in the short and long term. Following the 2008 financial crisis and the COVID pandemic, measures such as NPL write-offs and loan repayment postponements helped mitigate credit risk. Inflation contributed to credit stability by easing debt repayment burdens. Inflation and higher rates ease debt repayment and enhance credit stability. The Loan/Deposit Ratio influences NPLs, as managed decreases in LDR lower credit risk. Additionally, increased CB rates reduce new loan issuance, deterring high-risk borrowers and curbing NPL growth. The study highlights the effectiveness of Albania’s monetary policy inmaintaining banking sector stability and supporting economic recovery
SUSTAINABLE CONSUMPTION BEHAVIOR AMONG GENERATION Z IN CROATIA: UNDERSTANDING ACTIONS AND ATTITUDES IN THE CONTEXT OF GLOBAL ECOLOGICAL CHALLENGES
No full textAddressing growing environmental and economic pressures requires a better understanding of how younger consumers engage in sustainable consumption. This study examines sustainable consumption behavior among Generation Z in Croatia, focusing on the effects of unneeded consumption, saving orientation, and product reusability on environmentally sustainable behavior (ESB). A quantitative survey was conducted on a sample of 334 respondents, and the data were analyzed using confirmatory factor analysis and linear regression. The results reveal that unneeded consumption has no statistically significant effect on ESB, while saving orientation and product reusability positively influence pro-environmental behavior. These findings suggest that Croatian Gen Z consumers adopt sustainable practices primarily when they provide tangible economic or practical benefits. By integrating the Theory of Planned Behavior and the Value-Belief-Norm framework, the study contributes to understanding the role of economic pragmatism and moral motivation in shaping youth sustainability, offering context-specific insights for post-transition EU economies
THE DETERMINANTS OF THE INCIDENCE OF EMPLOYER-PROVIDED TRAINING IN THE WESTERN BALKANS
Full text linkIf the standards of living in the Western Balkans are to converge on those in the EU then the current productivity gap needs eliminating. A significant portion of that gap would ideally be eliminated through the expansion of employer-provided training. However, survey data indicate that since 2016 training incidence has been rising in only two of the six countries of the Western Balkans. The main contribution of this paper is to investigate this disappointing performance. A model of the determinants of the incidence of employer-provided training is developed based on theory and investigations in other countries. It is found that in the Western Balkans firms with foreign owners, those who export and those who report that their employees are eager to access training are more likely to provide training, whilst micro and small firms are less likely to provide training. Sentiments regarding the firm’s and economy’s current performance and their prospects are also significant determinants. The policy implications of these findings are addressed in the concluding section
THE ROLE OF SOCIAL FACTORS IN THE ACCEPTANCE OF ARTIFICIAL INTELLIGENCE-BASED SERVICES: THE EXAMPLE OF THE BANKING SECTOR OF BOSNIA AND HERZEGOVINA
Full text linkIn times when AI’s development and research is moving at an unprecedented speed, this paper explores its role in retail banking. The results presented are part of a wider research of market readiness and AI acceptance, especially in developing economies. The research was conducted in Bosnia and Herzegovina (B&H). The quantitative portion consisted of a survey completed by 671 respondents. This paper focuses on the influence of social factors (perceived humanness, perceived social interactivity, and perceived social presence) on the attitudes towards – and subsequently acceptance of - AI-based services. Chatbots, specifically ChatGPT-4, were the technology the research focused on. The results indicate that perceived humanness and perceived social interactivity have a positive effect on attitudes – and acceptance – of AI-based services. This research could not prove that there is a positive relationship between social presence and attitudes towards AI-based services. The positive relationship between attitude and acceptance was proven as well
THE CAPITAL STRUCTURE DYNAMICS OF SMES IN KOSOVO: EVIDENCE USING PANEL DATA
Full text linkThis paper evaluates the applicability of capital structure theories in assessing the financial choices made by SMEs in Kosovo. Additionally, it examines whether previously studied determinants of capital structure, such as firm age and size, liquidity, profitability, firm growth, asset structure, effective tax rate, and non-debt tax shield, can explain the capital structure choices of SMEs in Kosovo. Utilizing annual firm-level data, a panel data methodology is employed to test empirical hypotheses on a sample of 90 SMEs in Kosovo from 2013 to 2018. Dynamic panel model findings reveal that the financial behavior of Kosovo’s SMEs is influenced not only by internally generated funds but also by various specific firm characteristics, including liquidity, effective tax rate, non-debt tax shield, size, asset structure and growth. Finding aligns with the pecking order theory, which suggests that more profitable SMEs tend to rely less on debt financing. The study offers implications and recommendations for both firms’ managers and policymakers
SHADOW BANKING IN CENTRAL AND EASTERN EUROPE: SPECIFICITIES AND DRIVERS
Full text linkhe paper analyses the specificities and drivers of the shadow banking (SB) system in eleven Central and Eastern European (CEE) EU member states for 2004-2019. It contributes to the understanding of the CEE SB in terms of how the structural features of the financial and banking system determine its development. The SB system of the region is much smaller, and its structure is less complex and significantly different from that of developed European countries: the role of capital market intermediaries is smaller, while the role of nonbank lenders is larger. Specific features of the CEE financial system include the dominance of banks, the relative underdevelopment of capital markets, the dominance of foreign ownership, and, until the mid-2010s, the reliance on foreign interbank funding in several countries. Indeed, as the results of our panel regression show, regional specificities in the structural characteristics of financial systems are key for the development of the SB
DOMESTIC COMPETITION, TRADE OPENNESS AND ENTREPRENEURIAL CULTURE: CANONICAL CORRELATION ANALYSIS
Full text linkThe paper analyses canonical correlations between domestic competition, trade openness and entrepreneurial culture. The research covered 141 countries ranked by World Competitiveness Index in 2019. Canonical correlation analysis is applied to find relationship between two canonical variables. The first canonical variable includes sub-indexes from Domestic competition and Trade openness pillars. The second variable contains sub-indexes from Entrepreneurial culture pillar. The results of the analysis showed there is a strong, positive, statistically significant canonical correlation between these canonical variables with a Pearson coefficient of 0.86. The linear regression analysis is also applied. The regression analysis shows that the variable Distortive effects of taxes and subsidies on competition is the most important for all dependent variables. The extent of market dominance, Competition in services and Border clearance efficiency are important, but not as much as taxes and subsidies. It confirms that regulation of domestic competition and trade openness are supreme for entrepreneurial culture