EMC REVIEW - ECONOMY AND MARKET COMMUNICATION REVIEW

FINANCIAL INNOVATIONS IN THE CROATIAN BANKING SECTOR: THE PERCEPTION OF BANK MANAGERS

Mihovil Anđelinović, Branka Tuškan Sjauš, Marija Kvesić — Fri, 25 Sep 2026 00:00:00 +0200

In the dynamic environment of the modern financial sector, innovations play an increasingly important role in shaping the business strategies and services of financial institutions. This particularly applies to the banking sector, which is continuously and significantly adapting to technological changes and market demands, thus creating the potential for strengthening financial inclusion. Due to the increasing importance of this topic, the paper clarifies the concept of financial innovations and presents the results of qualitative research based on data obtained through structured interviews with high-level managers of the six largest banks in the Croatian banking sector. The collected data enabled a comparison and analysis of the perception of financial innovations in different banks, which provides a clearer insight into the diversity of bank managers’ attitudes in this area, and consequently contributes to understanding the impact of their perception on the formation of business models. The above also contributes to increasing the reliability and credibility of the results obtained. The aim of the research is to determine, based on the analysis conducted, the dynamics and manner in which financial innovations are implemented in banking operations and what their impact is on existing bank business strategies. The results of the research conducted indicate a deep integration of financial innovations into banks’ business models and their significant impact on business strategy, internal processes and financial services distribution channels in the Croatian banking sector, which consequently affects the strengthening of the availability of financial services to end users. Financial innovations have also significantly shaped consumer expectations regarding the availability, speed and personalization of financial services. The main conclusion of the paper is that financial innovations are necessary and desirable, but their successful implementation requires stronger regulatory support and special attention within the risk management system.

U.S.-CHINA ACADEMIC DEPENDENCY

Davor Vlajčić, Davor Filipović, Davor Labaš — Fri, 25 Sep 2026 00:00:00 +0200

This study aimed to examine the extent and evolving nature of China’s academic dependency on the United States using the field of computer science as the empirical setting. This analysis is situated within Alatas’s framework of intellectual imperialism and academic dependency. The empirical analysis employed scientometric methods using Scopus data from 2016 to 2024, and assessed four dimensions of dependency: reliance on U.S. research ideas (international knowledge spillovers), dependence on U.S. academic employment (high-skilled human capital flows), dependence on U.S. investment in education (comparative R&D financing architecture), and dependence on U.S. media of ideas (economic geography of scholarly publishing). The results show that China’s dependence on U.S. research ideas has decreased, with Chinese scholars citing domestic research at increasing rates and showing declining reliance on U.S. publications. The analysis also finds rising return migration of Chinese scientists from the United States, a pattern consistent with a redistribution of high-skilled human capital that strengthens China’s national innovation system. Furthermore, evidence suggests that Chinese academic funding is overwhelmingly domestically sourced. Yet persistent structural dependencies remain, particularly in publishing, as Chinese scholars continue to rely heavily on Western, especially U.S. and European, journals for global recognition. Overall, the findings indicate that although China is moving toward greater academic self-sufficiency in this field, it remains highly dependent on Western infrastructures for intellectual recognition. This suggests that the academic relationship reflects partial rebalancing rather than complete decoupling, confirming the leading role of the U.S. in the global academic community. The findings contribute to the literature on technological decoupling, international knowledge spillovers, and the comparative political economy of national innovation systems.

LEADERSHIP DYNAMICS IN A DEVELOPING ECONOMY: FROM TRANSITION TO POST-TRANSITION (2011–2025)

Jelena Vukonjanski Srdić, Bojana Miličić, Dražen Jovanović — Fri, 25 Sep 2026 00:00:00 +0200

This study examined differences in perceived leadership behaviors between two independent samples of respondents from organizations in Serbia surveyed in 2011 and 2025, corresponding to the transition and post-transition periods examined in the study. Using a repeated cross-sectional design and the same leadership measurement instrument in both surveys, the study compared aggregate transformational and transactional leadership and their constituent dimensions. The results indicate statistically significant lower scores in 2025 for core transformational leader behavior, high performance expectations, contingent punishment behavior, and the aggregate transformational and transactional leadership measures. In contrast, supportive leader behavior was significantly higher in the 2025 sample, although the difference was limited in magnitude. No statistically significant between-sample differences were found for intellectual stimulation or contingent reward behavior. High performance expectations showed the largest difference among the individual leadership dimensions and was the only dimension with a medium effect size. Overall, the findings reveal selective rather than uniform between-sample differences and show that aggregate leadership measures should be interpreted alongside their constituent behaviors in comparisons between the 2011 and 2025 samples.

VALUATION GIANTS: A MULTIVARIATE INVESTIGATION INTO THE RISE OF THE MAGNIFICENT SEVEN

Yusuf Tepeli, Erkan Poyraz, Cem Sehil — Fri, 25 Sep 2026 00:00:00 +0200

This study examines the factors determining market value in leading technology companies in terms of financial performance, capital structure, and investor sentiment. Using a fixed effects model, the relationships between market value and variables such as earnings per share (EPS), debt-to-equity ratio, return on equity (ROE), return on assets (ROA), price-to-book ratio, and return on investment (ROI) were analyzed. The findings indicate that EPS and ROI have a positive effect on market value, while the debt-to-equity ratio has a negative effect. This suggests that investors are sensitive to profitability increases and that perceptions of financial risk influence valuation. Interestingly, negative relationships were found between ROE, ROA, and market value, implying that high leverage or artificially inflated profits may be perceived as risk factors. R&D and SG&A expenditures were found to have no significant short-term impact. Overall, the results support that market valuation in large-cap technology companies is shaped not only by financial indicators but also by investor perceptions and growth expectations.

CONFLICT AND AMBIGUITY AS MEDIATORS BETWEEN JOB CREEP AND EMPLOYEE VOICE

Murat Sağlam, Filiz Demir — Fri, 25 Sep 2026 00:00:00 +0200

The aim of this study is to examine the effect of job creep on employee voice and the mediating roles of role conflict and role ambiguity. Using a quantitative relational survey design, data were collected through questionnaires from 393 healthcare employees at Karaman Hospital. Reliability, frequency, and correlation analyses were conducted using IBM SPSS; confirmatory factor analysis was performed with IBM SPSS AMOS; and mediation analyses were carried out using Hayes’ Process Macro Model 4. The results indicate that job creep significantly increases both role conflict and role ambiguity. In addition, role conflict and role ambiguity have positive effects on employee voice. Together, job creep, role conflict, and role ambiguity explain a substantial proportion of the variance in employee voice. Mediation analyses further revealed a significant indirect effect of job creep on employee voice, indicating that role conflict and role ambiguity partially mediate this relationship at a low level.

A SEMIOTIC ANALYSIS OF HUMAN AND MACHINE INTERACTION: THE BLACK MIRROR

Umut Denizli — Fri, 25 Sep 2026 00:00:00 +0200

This study examines the ethical implications of contemporary digital technologies for human existence, focusing on the semiotic construction of human–machine interaction in the anthology series Black Mirror. The research gap addressed in this article concerns the limited attention paid to the sign systems through which the series produces ethical meanings: while existing studies have discussed Black Mirror mainly as a thematic critique of technological dystopia, fewer have systematically examined how visual and verbal signs organise questions of consciousness, autonomy, surveillance, identity, and responsibility. To address this gap, the study uses a Saussurean and Peircean semiotic framework to analyse how selected episodes encode ethical problems at the intersection of organic and artificial life. The empirical corpus consists of fourteen purposively selected episodes from seasons 2–6, excluding the later seventh season released in 2025, and was examined through qualitative coding of visual and verbal signs related to consciousness transfer, artificial intelligence (AI), social media, virtual reality, surveillance, and digital vigilantism. The analysis identifies recurring oppositions between embodiment and disembodiment, autonomy and control, presence and mediation, and responsibility and outsourcing, which together articulate specific moral narratives about technological progress. The article’s original contribution lies in linking semiotic form to technological ethics: it shows how popular techno-dystopian fiction not only represents ethical problems thematically but also constructs them through recurring signs, oppositions, motifs, and narrative patterns. The findings suggest that Black Mirror foregrounds the fragility of human agency in technologically mediated environments and problematises unregulated innovation as a threat to dignity, privacy, and social cohesion within the selected corpus. The study concludes that these findings are interpretive insights from a purposively selected corpus, while also indicating the need for further research on how AI and related technologies are represented, governed, and ethically implemented in ways that protect human agency, dignity, and the broader public interest.

THE IMPACT OF CAPITAL STRUCTURE ON COMPANY VALUE AND THE MODERATING ROLE OF THE BOARD

Ali Akgün, Dedi Kurniawan, Ali Alagöz — Fri, 25 Sep 2026 00:00:00 +0200

This study examines the effect of leverage, board size, firm size, growth, asset structure, profitability, and firm age on firm value, using Tobin’s Q as a proxy. Furthermore, this study explores the role of board size as a moderating variable in the relationship between leverage and firm value. Control variables such as company size, growth, fixed asset ratio, Return on Total Assets, and company age are added in this study. Based on 128 financial report data of public companies listed on the Indonesia Stock Exchange from 2021 to 2024, and using panel data regression with a Fixed Effects Model, the results show that leverage has a significant negative impact on firm value. Although board size does not directly affect firm value, board size serves as a key moderating variable that reduces the negative impact of leverage on firm value. These findings highlight the important role of corporate governance in mitigating financial risks associated with capital structure.

THE IMPACT OF BANKING SECTOR DEVELOPMENT ON SUSTAINABLE ENVIRONMENTAL QUALITY: APPLICATION OF OECD COUNTRIES

A. Selcuk Koyluoglu, Murat Tekbas, H. Serhat Cerci, Mesut Dogan — Fri, 25 Sep 2026 00:00:00 +0200

This study examines the impact of banking sector development, economic growth, energy consumption, and renewable energy consumption on environmental quality (CO2 emissions) and sustainability-oriented policy design in 26 OECD countries over the period 2001-2021. Utilizing robust econometric techniques for panel data, including LLC/IPS unit root tests, Pedroni/Kao cointegration, FMOLS/DOLS estimations, and Dumitrescu-Hurlin (2012) causality tests, this study aims to clarify the environmental role of the financial system. The empirical findings demonstrate that banking sector development and renewable energy consumption significantly reduce CO2 emissions, while economic growth leads to an increase in emissions. Furthermore, the causality analysis reveals a bidirectional relationship between banking sector development, renewable energy, and CO2 emissions. The study’s 20-year scope and robust methodology enhance its credibility. Its main contribution lies in revealing the environmental benefits of financial development—an underexplored topic offering valuable insights for green growth and sustainability-oriented policy design. These findings suggest that policymakers should promote green credit allocation and integrate ESG frameworks into banking regulations to accelerate the transition to sustainable energy.

SUSTAINABILITY-ORIENTED PREFERENCES FOR ADRIATIC ISLAND DESTINATIONS: AN EXPLORATORY PCA APPROACH

Boris Jurič, Anica Hunjet, Dijana Vuković — Fri, 25 Sep 2026 00:00:00 +0200

This study examines sustainability-oriented tourist preferences for Adriatic island destinations and explores the underlying dimensions that structure destination choice. Particular attention is given to natural and environmental values, tourism and development pressures, cultural authenticity, local identity, and the experiential qualities associated with island tourism. The empirical research was conducted between June and September 2025 on a stratified random sample of 529 tourists visiting selected Adriatic islands. Data were collected using a structured questionnaire covering socio-demographic characteristics, travel behaviour, destination values, and sustainability-related attitudes and perceptions. Descriptive and bivariate analyses examined individual preference patterns, while principal component analysis (PCA) was used as an exploratory technique to identify the underlying structure of sustainability-oriented destination preferences. The measurement instrument demonstrated high internal consistency, while the Kaiser–Meyer–Olkin measure and Bartlett’s test confirmed the suitability of the data for component analysis. The findings indicate that tourists attach particular importance to natural and environmental qualities, contact with nature, lower tourism intensity, and the preservation of cultural and local identity. The exploratory PCA revealed three distinct dimensions of sustainability-oriented island destination preferences: avoidance of mass tourism and development pressures, natural values and the psychological experience of vacation, and cultural authenticity and local identity. Together, these dimensions accounted for 67.80% of the total variance. The findings contribute to a more differentiated understanding of sustainability-oriented destination choice by demonstrating that tourists perceive island sustainability as a multidimensional combination of environmental, experiential, developmental, and cultural attributes. The study also provides practical implications for destination managers seeking to balance tourism development with environmental preservation, authentic visitor experiences, and the protection of local identity.

STRATEGIC ALIGNMENT OF SPORT MANAGEMENT EDUCATION WITH LABOR MARKET DEMANDS: INSIGHTS FROM FOCUS GROUP RESEARCH

Daniel Opelik, Josef Voráček, Grzegorz Mikrut — Fri, 25 Sep 2026 00:00:00 +0200

This study addresses the critical misalignment between academic preparation and the evolving demands of the sports management labor market. While the industry undergoes rapid professionalization and technological disruption, a significant “skills gap” persists between graduate competencies and employer expectations. The primary objective of this research is to identify and analyze the determinants of professional readiness through the lived experiences and retrospective perceptions of the graduates themselves. Utilizing a qualitative research strategy, data was collected through two focus group discussions involving twelve sports management graduates. The findings indicate that while university programs provide a robust theoretical foundation and a broad disciplinary overview, graduates frequently encounter significant hurdles when transitioning into professional practice. The most prominent deficiencies identified include a lack of preparation for Human Resource processes, specifically regarding self-presentation and recruitment navigation, limited proficiency in advanced digital and technological tools, and a pressing need for rigorous training in business negotiation and formal communication. The research concludes that to bridge this gap, academic institutions must innovate their curricula toward greater practical relevance. Essential steps include the integration of project-based learning centered on real-world industry mandates, the expansion of structured and longitudinal internships, and the introduction of modern coursework reflecting current digital trends. Ultimately, only a strategic partnership between academia and the professional sphere can ensure that graduates transition from being theoretically proficient experts to confident, practice-ready managers capable of navigating the complex challenges of the 21st-century sports industry.

FORECASTING COMMODITY MARKET VOLATILITY: A COMPARATIVE ANALYSIS OF TRADITIONAL AND MACHINE LEARNING MODELS

Ivana Miklošević — Fri, 25 Sep 2026 00:00:00 +0200

This study examines how conventional and machine learning models perform in predicting and forecasting volatility in the Indian commodity market and study involved seven key commodities i.e., gold, silver, crude oil and metals. The study applied GARCH, GARCH plus LSTM, and machine learning models like Random Forest, BiLSTM and XGBoost. The study also uses Principal Component Analysis. This study employs daily data for the period spanning from January 2003 to December 2025. Data was sourced from the Multi Commodity Exchange (MCX).
While traditional GARCH models are helpful in capturing volatility persistence, they are insufficient for accurately forecasting volatile commodity markets.
It was concluded that Machine learning models performed better, especially hybrid ones that mix GARCH and LSTM. Findings matter for investors, policymakers and analysts who need better ways to understand risk in fast-changing markets. It supports the use of data driven tools to manage market risk in a volatile environment, specifically focusing on Indian commodity market.

DYNAMIC PRICE FORMATION IN THE ONLINE ENVIRONMENT

Mirjana Landika, Nina Uremović, Vanja Sredojević — Fri, 25 Sep 2026 00:00:00 +0200

The subject of the research is the impact of the perception of dynamic in online stores on the perception of fairness, consumer trust and purchase intent, with a special focus on the role of transparency. The topic is significant due to the increasing use of algorithmic pricing in digital commerce, which can shape the experience of fairness and consumer behavior. The aim of this study was to examine the interrelationships of these variables and to determine whether transparency mitigates the potentially negative effects of dynamic prices.
The research was conducted using a quantitative approach, using a survey questionnaire with a Likert scale, and the sample consisted of respondents with experience in online shopping. The data were analyzed using descriptive statistics, correlation and regression analysis, moderation analysis, and structural modeling (SEM) to test hypotheses and assess the correlation between constructs.
The results show that respondents recognize dynamic price formation, but the perception of fairness remains moderate. It was found that the perception of dynamic prices significantly influences fairness and trust, while fairness and transparency strongly contribute to purchase intent. Transparency has emerged as a significant influencing factor that reinforces the link between fairness and purchase intent. Consequently, dynamic pricing does not have to have a negative impact on consumers if it is accompanied by clear and transparent communication. The contribution of the paper lies in an integrated model that explains the relationships between price perception, trust and consumer behavior in the online environment.

REBRANDING IN CRISIS SITUATIONS

Vanja Sredojević, Nina Uremović, Mirjana Landika — Fri, 25 Sep 2026 00:00:00 +0200

The aim of this study was to examine the impact of the perception of successfully implemented rebranding of Nektar beer on the level of consumer confidence in a crisis situation. The research was conducted using a quantitative approach through a survey among 124 consumers of the Banja Luka Brewery brand. The questionnaire contained ten claims that measure the perception of rebranding and trust, and the responses were rated on a Likert scale of 1 to 5. The results show that the majority of respondents positively perceive the authenticity and sincerity of changes, especially in questions that measure learning from previous mistakes and the clarity of brand communication. A positive perception of rebranding directly affects consumers’ willingness to buy again and recommend the brand to others. The reliability analysis shows high Cronbach α coefficients (0.85–0.88), while the Pearson correlation (r = 0.72, p < 0.01) and linear regression (β = 0.71, p < 0.01) confirm the significant positive impact of the perception of rebranding on trust. While some respondents expressed caution about future crises, the overall results show that authentic and consistently communicated changes significantly increase trust, strengthen loyalty, and contribute to maintaining a positive brand image. These findings have practical value for managers and marketing professionals, providing guidance for strategic rebranding and crisis communication in order to restore and strengthen consumer trust.

STIMULATING LOYALTY THROUGH CUSTOMER EXPERIENCE VIA MARKETING OUTCOMES IN THE BANKING SECTOR

Đorđe Ćelić, Viktorija Petrov, Tanja Džinić, Dalibor Berić — Fri, 25 Sep 2026 00:00:00 +0200

Literature positions customer experience as a strategic driver of competitive advantage in the banking sector. However, gaps remain in emerging-market research, where contextual factors can shape experiential perceptions in different ways. Addressing these gaps through empirical research provides both theoretical advancement and practical guidance for banks navigating competitive and transitional environments. This study investigates the relationships among customer experience, customer satisfaction, word-of-mouth, and behavioural loyalty intentions in the Serbian banking sector. The primary objective is to examine whether customer satisfaction and word-of-mouth mediate the effect of customer experience on behavioural loyalty intentions. Empirical data were collected from bank customers in Serbia, comprising 616 valid responses, and analysed using structural equation modelling. The findings indicate that customer experience exerts a statistically significant positive effect on behavioural loyalty intentions, both directly and indirectly. Customer satisfaction was found to partially mediate the relationships between customer experience and behavioural loyalty intentions, as well as between customer experience and word-of-mouth. In addition, customer satisfaction and word-of-mouth jointly demonstrate a partial serial mediating effect on the relationship between customer experience and behavioural loyalty intentions. These results suggest that customer experience should be conceptualised as a strategic antecedent of customer loyalty, operating through both affective and communicative mechanisms. The study contributes to the existing literature by extending the understanding of loyalty formation in banking and by providing context-specific evidence from Serbia. The findings also offer managerial implications, indicating that more effective management of customer experience, satisfaction, and customer advocacy may contribute to stronger customer retention and positive recommendation behaviour.

PUBLIC SECTOR EXPENDITURES AS A MEASURE OF INVESTMENT IN BIODIVERSITY: A CASE STUDY OF THE REPUBLIC OF SRPSKA

Vesna Novaković — Fri, 25 Sep 2026 00:00:00 +0200

This paper explores public expenditures aimed at biodiversity preservation in the Republic of Srpska. The central research question addressed in this paper is: How much public funding is allocated to biodiversity protection in the Republika Srpska? Accordingly, the subject of the research is the analysis of public sector expenditures in the Republika Srpska, with a particular focus on budget allocations aimed at biodiversity conservation. The main hypothesis of the study is that allocations for biodiversity protection account for approximately 1% of total public expenditures in the Republika Srpska. However, the research is subject to several challenges and limitations. A key constraint is the absence of a unified database for tracking and identifying biodiversity-related investments, This lack of systematic data classification complicates the precise assessment of financial flows directed toward biodiversity. Furthermore, the introduction of a program-based budgeting system, accompanied by clearly defined monitoring and control mechanisms, would significantly improve the accuracy and transparency of data collection on public expenditures by purpose. Such reforms would enable a more reliable evaluation of biodiversity-related investments.

PUBLIC OPINION PERCEPTION OF EURO-ATLANTIC INTEGRATION OF BOSNIA AND HERZEGOVINA-THE RELATIONSHIP BETWEEN ECONOMIC EXPECTATIONS AND SECURITY FEARS

Miloš Grujić, Marko Aćić — Fri, 25 Sep 2026 00:00:00 +0200

This paper examines public opinion in Bosnia and Herzegovina regarding Euro-Atlantic integration. The study explores the relationship between hopes for a change in living standards and concerns about geopolitical security. Based on a survey of 1,111 respondents in November 2025, support for EU membership is rated high (4.38). At the same time, expectations of immediate economic benefits are more modest. Respondents gave an average score of 3.14 for improving household budgets with EU accession. This shows that citizens are pragmatic, if not skeptical or undecided, regarding the financial benefits of EU and Euro-Atlantic integration. The results show that the primary motives for supporting EU membership are strengthening the rule of law and fighting corruption (4.15). Support for NATO is lower (3.71), with noticeable gender and entity differences. The study finds that significantly more women than men see NATO as a guarantor of long-term peace. The perception of Russia as a positive security factor is low (1.92), even in Republika Srpska (2.10). The paper concludes that despite political crises, citizens remain committed to integration. They view these processes mainly as a framework for regulation and security rather than immediate economic benefits.

EXISTENTIAL EMPTINESS AND COMPENSATORY CONSUMPTION THROUGH IDENTITY INSECURITY AND SELF-ESTEEM

Linda Martić Kuran, Dijana Mečev — Fri, 25 Sep 2026 00:00:00 +0200

This study examines the psychological mechanisms underlying compensatory consumption in conditions of existential emptiness. The aim of the research is to analyse whether a deficit of perceived meaning in life acts as a structural antecedent of compensatory consumption through its impact on identity insecurity and self-esteem. The study integrates concepts from existential psychology, identity economics and consumer behaviour theory in order to construct and empirically test a sequential mediation model. Data were collected through a structured online survey conducted between October 2025 and January 2026 on a convenience (snowball) sample of 446 adult respondents in the Republic of Croatia. Validated measurement scales were adapted to operationalise existential emptiness, identity insecurity, self-esteem and compensatory consumption. Statistical analyses were performed using regression analysis and PROCESS macro (Model 6) with bootstrap estimation (5,000 samples) to test indirect effects. The results indicate that existential emptiness significantly predicts identity insecurity, which is in turn negatively associated with self-esteem, while lower self-esteem predicts higher compensatory consumption. A significant sequential indirect effect indicates that the relationship between existential emptiness and compensatory consumption is transmitted through identity insecurity and self-esteem; once the mediators are included, the direct association is no longer statistically significant, a pattern consistent with full sequential mediation. The findings suggest that compensatory consumption is not merely a situational reaction but the outcome of a broader identity-evaluative destabilisation process. The study contributes to consumer economics by introducing existential emptiness as a theoretically grounded antecedent of compensatory consumption; its implications for preference instability are advanced as a theoretical interpretation rather than as an empirically established finding.

THE MEDIATING ROLE OF ELECTRONIC WORD-OF-MOUTH (E-WOM) AND E-TRUST IN THE EFFECT OF E-SERVICE QUALITY ON E-SATISFACTION IN THE READY-TO-WEAR SECTOR

Fatma Atıgan — Fri, 25 Sep 2026 00:00:00 +0200

The objective of the current study is to identify the impact of e-service quality and its components on e-satisfaction on e-commerce sites that sell ready-to-wear products online, accounting for the largest share of e-commerce volume in the Turkish economy, and the mediating role of e-WOM and e-trust in this impact. The survey data collected from 755 university students were analyzed using SPSS 31, and mediating effects were tested using the Hayes Process v4.2 macro. The hypothesis that e-service quality has a positive and significant impact on e-satisfaction was accepted, and all three components of e-service quality—process, outcome, and recovery—were found to significantly affect e-satisfaction. Additionally, e-WOM and e-trust were found to have separate and combined mediating roles in the impact of e-service quality on e-satisfaction. The study’s limitations include the fact that the sample comprised only university students, the data were collected within a certain time period, and regional differences were not revealed. However, the present study contributes to the literature since limited research has been conducted on the ready-to-wear sector, it evaluates e-service quality holistically, and develops mediation models in the literature.

WHEN CANCEL CULTURE ENTERS THE CHURCH: INSTITUTIONAL RESPONSE TO THE RUPNIK AND CENTRO ALETTI CASE

Monika Cverlin, Šime Zupčić, Marijana Musladin — Fri, 25 Sep 2026 00:00:00 +0200

This article examines how discourses of cancel culture emerged and developed around the case of Marko Rupnik, a Jesuit priest and artist against whom multiple women have filed allegations of abuse spanning several decades, and how calls for the removal or preservation of his artworks extended cancel culture logic beyond the individual to the symbolic objects and spaces associated with him, with particular attention to Centro Aletti, the Catholic artistic centre he founded in Rome in 1991. Drawing on a document analysis of selected media reports and ecclesial documents, the study addresses the following research question: in what ways does the Rupnik affair illustrate how cancel culture operates at both individual and institutional levels within a religious context? The analysis yields three principal findings. First, the cancel culture framing was a discursive strategy introduced by Centro Aletti itself as a defensive communicative response to mounting public pressure. Second, cancel culture logic produced a ripple effect of accountability demands that extended from the individual to the symbolic objects associated with him, generating a spectrum of institutional responses. Third, religious institutional contexts generate specific forms of resistance to cancellation dynamics, grounded in canonical procedure, theological authority, and the spiritual function of sacred art, that distinguish them from secular corporate contexts. The article contributes to the emerging literature on cancel culture by extending its analytical scope to religious institutional communication.

CYBERSECURITY IN THE MARITIME INDUSTRY: CREW PREPAREDNESS, ORGANISATIONAL COMMUNICATION, AND ECONOMIC IMPLICATIONS

Maja Račić, Mira Pavlinović, Jerko Glavaš — Fri, 25 Sep 2026 00:00:00 +0200

The maritime industry is increasingly exposed to cyber threats due to its strong reliance on information and communication technologies and automated systems. While digitalisation enhances the efficiency of maritime operations, it simultaneously creates new security challenges related to information management, the exchange of security-related data, and coordination within shipboard systems. In this context, cybersecurity is not solely a technical issue but an organisational and managerial one in which the crew plays a central role.
This preliminary exploratory and descriptive study examines respondents’ reported experiences and perceptions of maritime crew awareness, preparedness, and communication concerning cyber threats. The analysis addresses crew training, respondents’ familiarity with security protocols, threat information sharing, perceived communication effectiveness among crew members, access control to information systems, and awareness of recovery plans and business continuity procedures in the event of a cyber incident.
The results indicate that respondents frequently reported basic technical security measures on board, while training was often reported as a one-time experience, participation in regular simulations was limited, and awareness of information-sharing practices and protocols was inconsistent. Respondents also frequently perceived cyber incidents as potentially having operational and economic consequences, including disruptions and negative effects on the financial stability and competitiveness of shipping companies. Based on these findings, this paper proposes preliminary recommendations for improving crew cyber preparedness, considering their potential operational and economic implications for maritime operations and shipping companies. This paper builds upon previous research on cyber challenges in the Croatian maritime industry published in 2022 by Springer.
The findings are based on a convenience sample of 77 male seafarers attending a Special Education Programme at a single Croatian institution. They represent respondents’ self-reported perceptions rather than verified onboard practices or demonstrated economic effects and should not be generalised to the maritime industry as a whole.

RENEWABLE ENERGY ADOPTION, CARBON EMISSIONS AND ECONOMIC GROWTH: PANEL EVIDENCE FROM WESTERN BALKAN AND DEVELOPED EUROPEAN ECONOMIES

Ivana Miklošević, Katerina Fotova Čiković, Anica Vukašinović — Fri, 25 Sep 2026 00:00:00 +0200

This study aims to examine the adaptive relationships among sustainable energy adoption, carbon-intensive emissions, and growth in economic output across eight European economies Croatia, Slovenia, Serbia, Bosnia and Herzegovina, Montenegro, North Macedonia, Germany, and Austria over the period 1990–2023, yielding 272 panel observations. The study applies a comprehensive panel econometric framework comprising LLC, IPS, Augmented Dickey-Fuller and Phillips-Perron Fisher unit root tests, Pedroni and Kao cointegration tests, the Pooled Mean Group estimator among the Panel ARDL framework, robustness checks through FMOLS and DOLS and the Dumitrescu-Hurlin panel causality test. Findings confirm that all variables are related in order and long run interconnected. PMG estimation reveals that renewable energy adoption positively and plays the important role in economic growth with an elasticity of 0.312, while carbon emissions exert a negative long-run effect on GDP. The inverted U Environmental Kuznets Curve hypothesis is linked with the validity of the panel, with an estimated revenue with the turning point of approximately USD 25,840 per capita. Causality analysis confirms a bidirectional relationship between sustainable energy and GDP growth and a unidirectional causal effect of sustainable energy on emissions reduction. The findings revealed that renewable energy investment represents a viable dual strategy for simultaneously promoting economic growth and reducing carbon emissions across both developing Western Balkan and developed European economies, with important implications for regional energy transition policy and EU accession frameworks.

THE ROLE OF FORENSIC AUDIT IN IMPROVING FINANCIAL MANAGEMENT AND CONTROL SYSTEMS

Vedrana Vuković Perduv, Vesna Novaković — Fri, 25 Sep 2026 00:00:00 +0200

Forensic auditing is a significant tool for detecting, preventing, and proving financial irregularities, fraud, and corruption, thereby contributing to the strengthening of financial management and control systems in both the public and private sectors. The subject of this paper is an analysis of the role of forensic auditing in improving financial management and control systems, with a special focus on its contribution to increasing the transparency, accountability, and efficiency of financial resource management. The aim of the research is to examine the significance and potential application of forensic auditing in detecting financial misconduct, reducing fraud risk, and strengthening internal control mechanisms, based on a theoretical analysis, a review of relevant scientific and professional literature, and empirical research. The main hypothesis of this research posits that the application of forensic auditing significantly contributes to the improvement of financial management and control systems by enabling the timely detection of irregularities, more efficient risk management, and greater reliability of financial reporting. The research results indicate that forensic auditing is an important mechanism for improving corporate and public governance, strengthening the integrity of financial processes, and increasing stakeholder confidence. The scientific contribution of this paper lies in the systematization of theoretical knowledge and in highlighting the importance of the broader application of forensic auditing as a tool for contemporary financial management and control.

ACCOUNTING AND AUDITING IN EMBEDDED FINANCE FIELD: CASE OF TÜRKIYE

Iffet Kesimli — Fri, 25 Sep 2026 00:00:00 +0200

The integration of banking services into nonfinancial applications and services is called embedded finance. Former research show that even though not yet saturated, there are satisfactory pioneering applications of embedded finance in Turkish market, and consumers welcome embedded finance applications in Türkiye. However, there is lack of literature focusing on embedded finance in Türkiye, let aside accounting and auditing in embedded finance field. This study aims to fill this gap. Practitioner‑scholar approach is applied; where trade publications, industry reports, and expert analyses are used along with academic research. International Standards on Auditing (ISAs), International Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and other relevant legislation are the complementary sources of the research. Findings are that literature is not homogeneous from several aspects, and regulations and guides are not exactly addressing the issues related to the embedded finance. Practical implications are the messages it conveys to the regulatory bodies. The paper is original in that it is one of the pioneering researches handling the topic. Therefore, it adds value to the newly accumulating field.