European Journal of Marketing and Economics
type: channel
description: The European Journal of Marketing and Economics (EJME) is an international, double-blind peer-reviewed, open-access journal dedicated to advancing high-impact research across marketing, economics, and managerial governance. EJME welcomes original theoretical and empirical research papers, case studies, literature reviews, conceptual frameworks, analytical models, and technical notes from academic scholars, economists, and industry practitioners worldwide.
publisher: Revistia
language: en
publication name: European Journal of Marketing and Economics
issn: 2601-8659
items: Who Governs the Algorithm? Accountability, Liability, and Consumer Protection in AI Marketing
items: Determinants of Shopping Mall Attractiveness: The Case of shopping malls in Nairobi, Kenya
items: Personal Branding in the Digital Era: How Individuals Build and Manage Their Personal Brand on LinkedIn, Instagram, and TikTok
items: Luxury Marketing: A Case Study of Cartier
items: Affiliate Marketing Strategy: A Literature Review on Value Creation, Governance, and Ethical Challenges
items: Neuromarketing and Sustainability as a Competitive Advantage in the International Market: The Case of Zouri
items: Sensory Marketing: Case Study Burguezia do Leitão
items: Light and Dark Sides of Sustainability Image: Consumer Perceptions of Brand Ethics
items: Challenges in Decoding Consumer Behavior with Data Science
items: Strategic Mechanisms of Influence Marketing: Implications for Consumer Decision-Making and Market Dynamics
items: From Dopamine to Decision: How TikTok’s Reward-Based Design Shapes Consumer Behaviour
items: Semiotics and the Shaping of Country of Origin Perceptions: Evidence from an Experimental Study
items: Brand Communities as Relational Assets: A Commercial Management Perspective on Value Creation
items: Green Marketing and Market Efficiency: Consumer Behaviour and the Risks of Greenwashing
items: Factors That Influence the Intention to Use Alternative Finance Fintech: An Application of Structural Equation Model to The Case of Small Service Sector Businesses in Metropolitan Lima
items: Memory, Marketing and Economic Performances in USA Symphony Orchestras and Opera Houses
items: Business Strategies Based on Large Sets of Data and Interaction: Business Intelligence
items: Stock Allocation in Turkish Capital Markets: Industry and Firm Level Perspectives
items: Measuring the factors that contribute to the quality of services in the restaurants in Republic of Macedonia
items: The Relationship with Ad Clicks and Purchase Intention: An Empiricial Study of Online Consumer Behaviour
items: Oriental Cultural Values Depicted in Advertising; with Special Reference to Sri Lankan Context
items: Some Factors for Growing Savings to Be Well-Thought-Out by Key Actors in Kosovo
items: The Impact of Carbon Tax Application on the Economy and Environment of Indonesia
items: Short-Term Impact of the EU-Japan EPA: The Case of Wine Exports from France, Italy, and Spain to Japan
items: Financial Analysis and Bankruptcy Risk Identification Model Used by Companies Operating in Poland – Empirical Study Results
items: Management Accounting Maturity Levels Continuum Model: a Conceptual Framework
items: A Comparative Analysis on the Required Commercial Competences for Women Entrepreneurship Development in Selected Countries
items: Behavioral Analysis of Sustained Individual Investors
items: Development and Structure of the Bulgarian Export After the Country’s Accession to the EU
items: The Management Process at the Pretrial Stage under Malaysian Rules of Court 2012

Who Governs the Algorithm? Accountability, Liability, and Consumer Protection in AI Marketing
type: item
description: The integration of artificial intelligence into marketing practice has created a structural governance problem that existing scholarly frameworks have not adequately addressed. When AI-driven marketing systems produce discriminatory profiling, manipulative personalization, or opaque dynamic pricing, civil liability law cannot assign responsibility, organizations lack the governance infrastructure to prevent or remediate harm, and human resource management systems fail to create substantive oversight capacity. This paper conceptualizes this condition as the AI Marketing Accountability Gap and argues that it arises from four structurally interdependent governance failures spanning the legal, organizational, human resource management, and marketing ethics dimensions of AI marketing practice. To address these failures, the paper develops the AI Marketing Accountability Model (AMAM), an original theoretical framework that integrates Calabresi's cheapest-cost-avoider principle, Jensen and Meckling's principal-agent theory, Floridi et al.'s duty-of-care framework, and the marketing ethics consumer-autonomy tradition, unified by the Concentration Principle. The framework is applied through comparative legal analysis of governance systems in the EU, US, UK, and Estonia, and through systematic legal-doctrinal gap analysis of Georgian law, examined as a representative case of EU-aspiring emerging economies that are rapidly digitalizing without adequate regulatory infrastructure. The analysis generates five research propositions and a six-phase policy agenda. Three contributions are made: the AMAM, the first integrated governance framework addressing all four accountability dimensions; the first systematic AI marketing governance analysis in Georgia; and a transferable governance model for developing economies.
subject: Articles
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subject: Array
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creator: Zurab Mushkudiani
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-12-29
publication date: 2025-12-29
starting page: 179
ending page: 192
doi: 10.26417/1pbnp123

Determinants of Shopping Mall Attractiveness: The Case of shopping malls in Nairobi, Kenya
type: item
description: In the recent past there has been massive growth of shopping malls in Africa. As a result, in some countries like Kenya, shopping malls have to fight to ensure they attract shoppers to the mall and as a result maintain the image and the current tenants while attracting new quality tenants. This study focused on identifying and validating a tool to measure the determinants of shopping mall attractiveness. Data was collected from residents of Nairobi City in Kenya. A total of 303 respondents participated in the study. Initially a tool with 38 items was developed from the literature and after subjecting it to a factor analysis, validity and reliability tests a 17item scale was achieved. Confirmatory factor analysis (CFA) and structural equation modelling (SEM) were used in the determination of shopping mall attractiveness dimensions. From the analysis of data, five key determinants of shopping mall attractiveness were identified. These included: design and aesthetics; service options; convenience and safety; service employees; and, utilitarian value. Amongst the five dimensions, convenience and safety was identified as the most important in influencing shopping mall attractiveness.
subject: Articles
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subject: Array
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creator: Peter N. Kiriri
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-12-29
publication date: 2025-12-29
starting page: 161
ending page: 178
doi: 10.26417/m7nyer91

Personal Branding in the Digital Era: How Individuals Build and Manage Their Personal Brand on LinkedIn, Instagram, and TikTok
type: item
description: The management of personal brands on social media platforms has become an increasingly relevant professional competency in the contemporary digital context. This article examines how individuals build, manage, and sustain their personal brand on LinkedIn, Instagram, and TikTok. The study adopts a mixed methodological approach, combining a systematic literature review with qualitative evidence obtained through semi-structured interviews. The systematic review focused on open-access articles indexed in Scopus and the Web of Science, published between 2020 and 2025, and integrated studies addressing topics such as personal branding, self-branding, human branding, engagement on digital platforms, and identity management on social media. Additionally, ten semi-structured interviews were conducted with professionals from marketing, design, financial markets, and related fields, following a common interview guide covering professional identity, platform-specific strategy, management tools, evaluation metrics, perceived risks, and practical recommendations. The findings show that an effective personal brand rests on the alignment between a stable core identity and forms of expression adapted to the specificities of each platform. LinkedIn is used primarily to signal authority, competency, and employability; Instagram supports visual credibility, lifestyle expression, and the humanization of the professional profile; and TikTok offers organic reach and spontaneity, though it raises credibility and reputational risk concerns in certain professional contexts. Participants valued tangible outcomes such as job opportunities, partnerships, and qualified interactions over so-called vanity metrics, although follower growth remains relevant for profiles oriented towards public visibility. The article concludes that the digital personal brand should be understood as a strategic, continuous, and ethically responsible process that requires consistency, self-knowledge, adaptive communic…
subject: Articles
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subject: Array
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creator: Adriana Fernandes
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-12-29
publication date: 2025-12-29
starting page: 122
ending page: 139
doi: 10.26417/b8tfps08

Luxury Marketing: A Case Study of Cartier
type: item
description: This paper, proposed within the scope of the Commercial Management and Marketing course of the Master's Degree in Business Management, aims to analyse the concept of luxury marketing through a case study of Cartier. Its objective is to understand the creation of symbolic value, consumer behaviour and the relationship between the brand and its customers. Luxury marketing integrates emotional, social and symbolic factors for customers, associated with the exclusivity, prestige and experience that the brand possesses. It is clear that different types of consumers and certain financial, functional, individual and social aspects influence the consumption of luxury goods. The customer experience is fundamental to customer loyalty as well as to building lasting relationships, personalising, using storytelling and managing the consumer journey. The company chosen to conduct this study was Cartier, which confirms these assumptions. This highlights a brand positioned at an intermediate level of the luxury pyramid, combining traditional craftsmanship with contemporary communication. When making a purchase, consumers associate a moment of emotion with meaning, which reinforces the idea of the symbolic value of the products. Cartier has a relational strategy based on the balance between proximity and exclusivity, through personalised services and an omnichannel approach. Finally, the theoretical contribution of this work concludes that Cartier's success results from a combination of tradition, innovation and focus on experience. It also concludes that luxury today is based mainly on meaning, relationship and the feeling of belonging provided to the customer.
subject: Articles
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creator: Francisca Fernandes
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-12-29
publication date: 2025-12-29
starting page: 87
ending page: 99
doi: 10.26417/8qk8h740

Affiliate Marketing Strategy: A Literature Review on Value Creation, Governance, and Ethical Challenges
type: item
description: Affiliate marketing makes a world of differences in digital marketing, especially where performance is paramount. The literature out there feels scattered even though this strategy has a huge economic punch and grows quickly. That seems to be the indication that we need to take a deeper look into exactly how it creates value. That's why this research digs into aspects like technological change, how it's governed, and the ethical side. It adopts a qualitative approach, drawing from reviews of existing studies and investigating the case of PayPal and Honey. From what crops up, such as the trust to be developed, sources to appear credible, and management of the parasocial connections with individuals online, they are important for the success of affiliate programs. It's not just setting up incentives or tracking data in an analytical way; those intangibles are right up there with them. However, these models also pose a big threat, which includes cookie stuffing and fraudulent attribution, which affects the metrics and the overall integrity of the affiliate program. Affiliate marketing is shifting from a focus on short-term customer relationships to longer-lasting partnerships. The short term and long term need to be balanced together in branding. The theory and real world are intertwined in the following explanation to describe the current relationships that exist between brands, affiliates, and consumers. The intricacy of these processes may be overwhelming; however, the process that is seen in the current marketing environment can be clearly defined.
subject: Articles
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subject: Array
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creator: Bruno Alexandre Patrício Carvalho
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-12-29
publication date: 2025-12-29
starting page: 76
ending page: 86
doi: 10.26417/m8fzks74

Neuromarketing and Sustainability as a Competitive Advantage in the International Market: The Case of Zouri
type: item
description: The growing importance of sustainability has significantly influenced consumer behaviour and transformed the way companies compete in international markets. At the same time, neuromarketing has emerged as an innovative approach to understanding the emotional and cognitive processes that shape purchasing decisions. This study aims to analyse how sustainability and neuromarketing contribute to the creation of competitive advantage in international markets, using the case study of Zouri Shoes, a Portuguese sustainable footwear brand that transforms marine plastic waste into environmentally responsible products. A qualitative methodology based on literature review and case study analysis was adopted. The research examines the relationship between sustainable marketing, consumer behaviour, emotional engagement, and competitive differentiation, with particular attention to the role of neuromarketing in interpreting consumer responses to sustainability-oriented communication strategies. The findings indicate that sustainability is a central component of Zouri’s value proposition and a key driver of brand differentiation. The brand’s communication strategy incorporates emotional storytelling related to environmental protection and ocean preservation, aligning with neuromarketing principles. These elements enhance consumer engagement, strengthen brand loyalty, and support international competitiveness. The study concludes that integrating sustainability and neuromarketing creates a powerful mechanism for value creation and differentiation in competitive international markets.
subject: Articles
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subject: Array
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creator: Anastácia Melnyk
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-12-29
publication date: 2025-12-29
starting page: 62
ending page: 75
doi: 10.26417/etve3t90

Sensory Marketing: Case Study Burguezia do Leitão
type: item
description: The evolution of consumer behavior has shifted the focus of marketing from purely rational attributes to emotional and experiential dimensions. In the highly competitive restaurant sector, the quality of food alone is no longer sufficient to guarantee customer loyalty. This study aims to analyze the application of sensory marketing strategies in “Burguezia do Leitão”, a gastronomic reference in the Bairrada region, Portugal. Adopting a qualitative approach based on the case study method, the research utilizes a multisensory analysis and direct observation to evaluate the stimuli present in the servicescape. The methodology integrates a review of the customer journey, from digital interaction to the physical environment. The findings demonstrate that the brand successfully integrates all five senses: vision (through architecture and decor), smell (the characteristic aroma of traditional roasting), hearing (strategic sound zoning), touch (comfort and ergonomics), and taste (the preservation of traditional gastronomy). The study concludes that the alignment between the digital promise and the physical sensory experience validates the brand’s positioning. Ultimately, this research proves that sensory marketing is a crucial tool for differentiation, emotional engagement, and value creation within the hospitality industry, transforming a traditional meal into a memorable holistic experience.
subject: Articles
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subject: Array
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creator: Mara Lopes
rights: Copyright (c) 2026 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-12-29
publication date: 2025-12-29
starting page: 49
ending page: 61
doi: 10.26417/t52ptp63

Light and Dark Sides of Sustainability Image: Consumer Perceptions of Brand Ethics
type: item
description: Despite the growing body of academic literature addressing sustainability and brand image, most existing studies pay limited attention to the ethical dimension underlying consumers’ perceptions of sustainable brands. In an era where consumers increasingly scrutinise not only what brands claim but how ethically they act, understanding this gap becomes critical. This study aims to synthesize and analyse recent academic research on sustainable marketing in order to understand how a brand’s sustainability image influences consumers’ ethical perceptions. A qualitative research approach was adopted, based on the systematic analysis of recent peer-reviewed academic articles and relevant publications in this field. The findings reveal that emerging marketing trends, require brands to move beyond symbolic sustainability claims and create value through authentic and ethical practices. The results highlight that consumer highly associate sustainability with trust and transparency. In conclusion, sustainability should not be perceived as a temporary marketing trend, but rather as a core strategic orientation that demands alignment between organizational discourse and actual practices. Such consistency is essential to create a long-term consumer loyalty in increasingly conscious markets. Therefore, this study provides valuable insights for marketing practitioners, corporate strategists, and academic researchers seeking to align sustainability claims with ethical consumer expectations.
subject: Articles
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subject: Array
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creator: Francisco Saraiva Grácio
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-12-29
publication date: 2025-12-29
starting page: 33
ending page: 48
doi: 10.26417/j6dk5y62

Challenges in Decoding Consumer Behavior with Data Science
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description: Decoding the ever-evolving consumer behavior is one of the biggest challenges faced by marketers around the world. The future of consumer behavior research is put into question by the advances in data science. Today, when consumers are all the time exposed to new technologies, trends such as facial recognition, artificial intelligence, and voice technology did not advance as rapidly as predicted, marketing intelligence gained a significant share of the spotlight. This paper gives an overview of possible ways to anticipate consumer data intelligence development from the perspectives of a robust data set and deep artificial intelligence expertise for better understanding, modeling, and predicting consumer behavior. Showing that marketing cannot happen in isolation in the era of digital overexposure, it requires a deeper understanding of consumer behavior. Data scientists, analysts, and marketers around the world have to work together to increase consumer loyalty, grow revenue, and improve the predictiveness of their models and effectiveness of their marketing spend. Efficiently integrating consumer behavior data into marketing strategies can help companies improve their approach towards attracting and winning the diverse and dynamic consumer segments and retaining them. This synthesis of current research will be helpful to both researchers and practitioners that work on the use of data science to understand and predict consumer behavior, as well as those making long-range planning marketing decisions.
subject: Articles
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subject: Array
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creator: Valentina Chkoniya
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-12-29
publication date: 2025-12-29
starting page: 1
ending page: 14
doi: 10.26417/p2twey90

Strategic Mechanisms of Influence Marketing: Implications for Consumer Decision-Making and Market Dynamics
type: item
description: This study analyzes influencer marketing as a strategic mechanism within the Marketing 5.0 paradigm, examining its implications for consumer decision-making and market dynamics in digital environments. The purpose of the article is to clarify how influencer credibility, engagement, and platform-specific characteristics contribute to value creation beyond mere brand visibility. The study adopts a conceptual research design based on a systematic integrative literature review of academic and industry sources published between 2019 and 2025. The analysis highlights the role of parasocial interaction and perceived authenticity in shaping consumer trust and purchase intention, while also comparing the strategic effectiveness of different influencer typologies. The findings indicate that nano and micro-influencers tend to generate higher engagement and superior return on investment compared to larger influencers, particularly when aligned with appropriate platform strategies. The study concludes that influencer marketing performance should be evaluated through ROI-oriented attribution models and integrated into the broader marketing mix to enhance commercial value and brand safety.
subject: Articles
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subject: Array
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creator: João Pereira
rights: Copyright (c) 2026 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2026-03-29
publication date: 2026-03-29
starting page: 210
ending page: 226
doi: 10.26417/c3473074

From Dopamine to Decision: How TikTok’s Reward-Based Design Shapes Consumer Behaviour
type: item
description: In a digital environment where seconds of attention influence consumption decisions, TikTok transforms dopaminergic stimuli into purchasing behaviour, making it essential to understand how platform design shapes modern consumers. This study examines the impact of dopamine-driven marketing strategies on TikTok and their effects on consumer behaviour. As short-form video platforms gain importance in digital marketing, TikTok stands out due to its algorithmic personalisation, continuous content flow, and reward-based interaction design, all of which are closely linked to dopaminergic mechanisms influencing attention, motivation, and decision-making. Using a systematic literature review based on the PRISMA methodology, this study analyses articles published in the SCOPUS database over the past year, identified through keywords such as marketing, dopamine, TikTok, and consumer behaviour. The findings highlight the growing relevance of neuromarketing and behavioural economics in explaining social media marketing effectiveness. In particular, TikTok’s design intensifies emotional engagement and reinforces impulsive consumption. This study contributes by synthesising recent research, identifying theoretical gaps, and outlining implications for academic research and digital marketing practice.
subject: Articles
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subject: Array
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creator: Ana Beatriz de Oliveira Nunes
rights: Copyright (c) 2026 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2026-03-29
publication date: 2026-03-29
starting page: 193
ending page: 209
doi: 10.26417/9s8mgx24

Semiotics and the Shaping of Country of Origin Perceptions: Evidence from an Experimental Study
type: item
description: Firms often use semiotic cues, such as colours associated with foreign national identities, to influence consumers’ perceptions of a product’s country of origin. This study investigates whether incorporating the colours of the Italian flag on olive oil packaging alters American consumers’ perceptions of origin and how these perceptions affect downstream evaluations within the Stimulus-Organism-Response (SOR) framework. A quasi-experimental design using fictitious packaging was administered to U.S. consumers (n = 231) via MTurk. Although the stimulus successfully shifted perceived origin toward Italy, perceived origin did not significantly influence perceived quality, involvement, or brand trust. When the true origin (Portugal) was revealed, consumer evaluations did not deteriorate; instead, willingness to pay increased. These results suggest that semiotic cues can shape perceived origin but may not generate deeper evaluative effects unless strongly aligned with category-specific expectations. The study contributes to semiotics and country-of-origin research by demonstrating that symbolic cues may influence perception without affecting internal evaluations, and that origin disclosure does not necessarily elicit negative reactions. Insights into international branding strategies are discussed.
subject: Articles
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subject: Array
  topic: keywords
creator: Maria João Lopes
rights: Copyright (c) 2026 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2026-06-28
publication date: 2026-06-28
starting page: 182
ending page: 201
doi: 10.26417/5ndbky54

Brand Communities as Relational Assets: A Commercial Management Perspective on Value Creation
type: item
description: This study examines the shift from transactional marketing to relational marketing through the strategic creation and management of brand communities. Conceptualised as relational assets, brand communities are analysed for their role in generating long-term value and competitive advantage in commercial management. Grounded on a literature review, the study integrates tribal marketing and commitment–trust theories to explain how social cohesion, shared identity, and trust-based relationships foster durable customer loyalty. Illustrative cases, including LEGO, Sephora, Discord, and Reddit, are used to contrast firm-controlled brand ecosystems with third-party community platforms, highlighting the strategic implications of different governance models. The analysis demonstrates that brand communities create value not primarily through firm-to-customer transactions, but by enabling horizontal, member-to-member interactions that support co-creation, knowledge sharing, and relational commitment. These dynamics reduce relational uncertainty and enhance retention by positioning customers as active contributors rather than passive recipients of brand value. The study argues that sustainable commercial performance increasingly depends on managers’ ability to cultivate and govern these relational assets, balancing control with authenticity and community autonomy. By reframing brand communities as economically relevant relational resources, this paper contributes to marketing and economics research and offers a commercially grounded perspective on value creation in relational marketing strategies.
subject: Articles
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subject: Array
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creator: Leonardo Joaquim
rights: Copyright (c) 2026 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2026-06-28
publication date: 2026-06-28
starting page: 18
ending page: 35
doi: 10.26417/y8v2s711

Green Marketing and Market Efficiency: Consumer Behaviour and the Risks of Greenwashing
type: item
description: This study examines how sustainability-oriented marketing practices influence consumer-related outcomes, with particular attention to trust formation, purchasing decisions, and long-term market functioning. Based on a critical review of recent academic literature, the article analyses the role of credibility and transparency in sustainability communication and their implications for economic efficiency. The findings indicate that authentic and verifiable sustainability claims strengthen consumer confidence by reducing information asymmetry and improving the reliability of market signals. In contrast, misleading environmental communication undermines credibility, distorts competitive conditions, and weakens incentives for genuine sustainable innovation. By integrating perspectives from marketing theory and economic analysis, the study highlights trust as a key mechanism linking sustainability communication to consumer decision-making and efficient resource allocation. The article contributes to the literature by framing deceptive sustainability practices not only as an ethical concern but also as a structural threat to well-functioning markets, with implications for managers and policymakers seeking to promote credible and resilient sustainability-driven economic systems.
subject: Articles
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subject: Array
  topic: keywords
creator: Maria Carolina Semedo Martins
rights: Copyright (c) 2026 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2026-06-28
publication date: 2026-06-28
starting page: 1
ending page: 17
doi: 10.26417/7k63sb16

Factors That Influence the Intention to Use Alternative Finance Fintech: An Application of Structural Equation Model to The Case of Small Service Sector Businesses in Metropolitan Lima
type: item
description: This paper applies structural equation modeling (SEM) to comprehensively investigate the core determinants influencing the behavioral intention to adopt alternative financing mechanisms, with a specific, targeted focus on Micro, Small, and Medium-sized Enterprises (MSMEs). The central objective of this research is to identify, isolate, and rigorously measure the specific latent variables that explain and predict MSMEs’ intention to utilize modern Fintech-based financing platforms. Drawing theoretically upon the Technology Acceptance Model (TAM), the study deeply highlights the critical relevance of perceived usefulness, which is formally defined here as the degree to which individual firms value alternative financial technologies as highly effective tools for strategic investment and long-term business growth. The resulting empirical findings strongly suggest that the widespread adoption of Fintech financing is primarily driven by MSMEs’ recognition of its immense potential to rapidly enhance liquidity, expand access to formal credit, and overcome long-standing structural barriers to traditional institutional financing. By directly linking behavioral intention with technological acceptance within the financial domain, this paper contributes a valuable dual perspective to a better, more nuanced understanding of Fintech adoption pathways across developing economies. Ultimately, these insights offer actionable conclusions for both macroeconomic policymakers and financial institutions seeking to foster greater financial inclusion, optimize regulatory frameworks, and design supportive digital ecosystems for vulnerable business sectors.
subject: Articles
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subject: Array
  topic: keywords
creator: Juan Luis Peñaloza Figueroa
creator: et al.
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-03-28
publication date: 2025-03-28
starting page: 135
ending page: 165
doi: 10.26417/spg19369

Memory, Marketing and Economic Performances in USA Symphony Orchestras and Opera Houses
type: item
description: When resources are scarce at crisis times and when competition is intense with other creative supplies, USA symphony orchestras and opera houses memorize and perform their repertoires (or repertories), so that seasons are crucially bundled between tradition and innovation. Since the beginning of the latest financial and real crisis (2007), USA classical music has seen different levels of funding from the federal government and businesses have encouraged more nonconventional programming (Pompe, Tamburri, 2016; Turbide, Laurin, 2009; Ravanas, 2008; Rushton, 2008; Turrini, 2006; Smith, 2007). On one side, fundraisers have stressed bundles (contemporary music with tradition) to sponsors; on the other side, marketing officers have emphasized the repertoire memory to audiences who constantly love Traviata, Boheme and Don Giovanni with echo of famous regisseurs, scenographers, etc. This is quite the same worldwide (Cancellieri, Turini, 2016). Fundraising and marketing affect economic performances of classical music, also thanks to social media and networks. Consumers have access to information about ticketing, rehearsals, present and past performances, etc. Art organizations strive to manage communication via social media to create brand values. Social media support both fundraising and marketing, as they mediate to sponsors and audiences: values, advocacy, videos and photos of the repertoire and nonconventional programming, which continually increase trustworthy relationships and nurture memories.This paper investigates 200 USA symphony orchestras and opera houses according to repertoires, revenues, expenses and gains in 2008 and 2015. With cluster analysis, three profiles emerge with different strategies, performances and emphasis on memory or innovation.
subject: Articles
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subject: Array
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creator: Angela Besana
creator: Annamaria Esposito
rights: Copyright (c) 2024 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2024-06-28
publication date: 2024-06-28
starting page: 155
ending page: 170
doi: 10.26417/dbtz4z54

Business Strategies Based on Large Sets of Data and Interaction: Business Intelligence
type: item
description: The dominant perspective in Business Intelligence (BI) projects has historically been constrained by a purely technological conception that focuses heavily on the technical-instrumental nature of computing. This narrow view has unfortunately hindered a critical paradigm shift away from traditional business models reliant on tangible resources toward modern frameworks that exploit intangible assets like data, interactions, and decentralized networks. Consequently, many applied BI projects remain stubbornly anchored in outdated operational patterns, continuing the stovepipe, siloed activities of legacy corporate structures where the impact of digital interaction as a generator of new business opportunities is severely limited. Under this tech-centric view, the transformative value of big data is often reduced to a minor operational and technical problem rather than a strategic asset. To overcome these limitations, this paper argues for re-conceptualizing BI as a comprehensive business philosophy that demands new forms of organizational architecture and a modern management style centered on data analysis and ecosystem interaction. Our objective is not only to emphasize the cultural and philosophical shift necessary for successful BI application, but to actively drive a rigorous discussion regarding how corporate structures must adapt when data and interaction are viewed as the primary drivers of business value. Ultimately, this research lays the groundwork for generating actionable intelligence, providing a conceptual blueprint for organizations aiming to break down traditional structural silos, capitalize on massive internal data volumes, and foster corporate agility within a volatile, hyper-connected global marketplace.
subject: Articles
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subject: Array
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creator: Juan Luis Peñaloza Figueroa
creator: Carmen Vargas Perez
rights: Copyright (c) 2024 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2024-06-28
publication date: 2024-06-28
starting page: 139
ending page: 155
doi: 10.26417/dsgazt87

Stock Allocation in Turkish Capital Markets: Industry and Firm Level Perspectives
type: item
description: Investors' trading patterns have been an intensively researched topic in emerging markets due to their significant role and power in capital markets, and this paper explores the global and domestic factors driving the stock allocation of both domestic and foreign investors in Turkey between 2006 and 2016. Utilizing year-end data obtained from the Central Securities Depository Institution of Turkey, the study analyzes how major economic crises altered investors' attitudes toward equity allocation across different sectors, including the BIST Industrials, Financials, and Services indices. Furthermore, the paper provides a detailed classification of investors, breaking down individual and institutional categories into granular firm and industry levels, with specific focuses on mutual funds, corporate entities, and investment trusts. The research also provides critical insights into firm-level stock allocations by considering the behavior of responsible stockholders, demonstrating how corporate governance practices have been systematically strengthened by the growing influence of institutional investors within the financial system. Ultimately, these findings reveal the evolving investor profile of the BIST Corporate Governance Index during this highly volatile decade, offering valuable implications for policymakers and asset managers seeking to understand capital flight and institutional stabilization within emerging market ecosystems.
subject: Articles
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creator: Ozlem Kutlu Furtuna
rights: Copyright (c) 2024 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2024-06-28
publication date: 2024-06-28
starting page: 129
ending page: 138
doi: 10.26417/w9rf8239

Measuring the factors that contribute to the quality of services in the restaurants in Republic of Macedonia
type: item
description: This study examines contemporary consumer behavior within the restaurant industry of Macedonia, providing a rigorous, critical evaluation of current marketing practices and their direct impact on customer satisfaction. Beyond analyzing the perception gaps between restaurant employees and consumers regarding what drives dining decisions, this paper isolates the primary informational tools customers utilize to discover new restaurant offers and evaluates ten core operational and sensory factors, including food quality, taste, accessibility, food decoration, customer care, innovation, price, hygiene, ambience, and marketing promotion. The empirical findings paint a clear picture of the strategic opportunities and structural challenges facing Macedonian hospitality managers today by identifying precisely which operational variables generate the highest return on customer loyalty. Consequently, the study gives explicit directions for implementing advanced analytical techniques and modern marketing methods within the culinary sector. Ultimately, this research serves as a practical blueprint, offering targeted recommendations for developing tailored marketing strategies designed to maximize consumer satisfaction, optimize service quality, and drive long-term business growth in a highly competitive regional market.
subject: Articles
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creator: Mislim Zendeli
creator: Blagica Vanikj
rights: Copyright (c) 2024 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2024-06-28
publication date: 2024-06-28
starting page: 114
ending page: 128
doi: 10.26417/najbhw40

The Relationship with Ad Clicks and Purchase Intention: An Empiricial Study of Online Consumer Behaviour
type: item
description: This study examines how advertisements on social media and word-of-mouth (WOM) marketing actively drive consumer ad clicks, establishing a comprehensive research model where motivation, self-congruity, and consumer attitudes toward social media ads dynamically influence click-through behavior and subsequent purchase intentions. The primary aim of this research is to develop a nuanced understanding of the psychological and behavioral mechanisms through which ad clicks translate into definitive purchase intentions within modern social networking environments. Focusing empirically on the Turkish market, the findings underscore the critical importance of consumer behavior in dictating social media utility and shaping purchasing trajectories among Turkish consumers. The statistical analysis reveals that all variables within the conceptual framework are positively and significantly related to one another, confirming that heightened motivation and positive brand alignment heavily reinforce the effectiveness of both peer recommendations and digital advertisements. Ultimately, these results suggest that contemporary marketers cannot afford to treat digital advertising as a passive endeavor; instead, they must take into account these behavioral drivers and actively manage their social media ecosystems and targeted social network sites to foster community engagement, optimize conversion rates, and cultivate long-term consumer loyalty.
subject: Articles
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creator: Şakir Erdem
creator: Osman Özdemir
creator: Beril Durmuş
rights: Copyright (c) 2024 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2024-06-28
publication date: 2024-06-28
starting page: 102
ending page: 113
doi: 10.26417/r3h17e36

Oriental Cultural Values Depicted in Advertising; with Special Reference to Sri Lankan Context
type: item
description: Following the eradication of a domestic terrorist menace that severely disrupted the country for over thirty years, Sri Lanka has entered an era of rapid social and economic development where mass media can play a highly significant role in national transformation. Within this developmental process, an urgent need arises to study the specific role of advertising media in the sphere of cultural evolution, particularly because the unique nature and historical trajectory of Sri Lankan advertising culture heavily depend on traditional oriental cultural values. Because a cultural dimension—defined as a learned system of shared knowledge, attitudes, behaviors, beliefs, and norms—is an essential factor for understanding modern media environments, it must be rigorously evaluated; yet, sufficient academic emphasis has not yet been placed on how advertising functions as a core component in the conceptual development and broader cultural processes of Sri Lanka. Advertising within oriental cultural value settings remains a remarkably under-explored area of research across global disciplines, including media and communications studies, leaving a distinct gap in the literature that the authors of this paper actively attempt to fill. By deeply examining the direct effects of oriental cultural values on the contemporary advertising culture in Sri Lanka, this study ultimately aims to provide a framework that fosters the active cultivation and preservation of authentic Sri Lankan cultural values through more conscious, contextually aware concept development in modern commercial advertising.
subject: Articles
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creator: Sajitha Lakmali Hewapathirana
creator: R.I. Batuwangala
rights: Copyright (c) 2024 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2024-06-28
publication date: 2024-06-28
starting page: 94
ending page: 101
doi: 10.26417/sbm7vk63

Some Factors for Growing Savings to Be Well-Thought-Out by Key Actors in Kosovo
type: item
description: A primary impediment to sustainable macroeconomic development in developing nations is the persistent lack of domestic investment, which consequently limits a country's long-term economic growth potential. Developing the real sector of an economy is a critical challenge that cannot be left to random market actors; therefore, the Government of Kosovo, the Central Bank of Kosovo, and local commercial banks represent the three primary institutional pillars that must strategically focus on factors influencing the growth of domestic savings. By systematically channeling these savings back into the Kosovar economy through banking channels for investments in healthy financial capital, Kosovo can become economically and politically more developed and self-reliant. Based on extensive literature analysis and empirical data processing, this paper identifies the core systemic factors that can effectively stimulate savings growth in Kosovo, thereby expanding the financial capital available to local entrepreneurs and ensuring the continuity of the country's economic expansion. The research isolates and analyzes key drivers of increased saving behavior, including taxation and disposable income levels, demographic variables, public confidence and deposit security, the physical banking network, the potential role of a state-owned bank, financial education, and broader financial inclusion. While the prevailing interest rate is universally recognized as another important factor, this study intentionally omits it from the core framework, as it is frequently the standalone subject of other specialized literature, allowing this paper to provide a deeper, multi-dimensional analysis of the institutional and socio-economic determinants of capital accumulation.
subject: Articles
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creator: Fitim Mexhuani
creator: Artur Ribaj
rights: Copyright (c) 2024 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2024-06-28
publication date: 2024-06-28
starting page: 78
ending page: 93
doi: 10.26417/pjp37h79

The Impact of Carbon Tax Application on the Economy and Environment of Indonesia
type: item
description: As the most efficient market with a mitigation instrument basis, carbon tax is highly recommended by economists and international organizations. This paper examines the impact of implementing carbon tax policy on value of change in GDP, GDP Quantity Index, Government Household Demand, Private Household Demand, and CO2 emission effects in Indonesia by using the dynamic energy Computable General Equilibrium (CGE) model. This study used GTAP-E that was part of GTAP 9 in 2011. GTAP-E consists of 140 countries and 57 sectors aggregated into eleven regions and eight sectors. There were three scenarios of carbon tax used in this paper that were China, Singapore, and India. The result shows that both GDP and GDP index have a negative impact due to the carbon tax of US $20/tCO2, US$ 10/tCO2, and US $1.60/t CO2. The greater the application of the carbon tax is, the greater the decrease of values of GDP, Government Household Demand, Private Household Demand towards carbon tax policies in Indonesia are. The negative impact of carbon tax is greater for the Private Household Demand that is indicated by all commodities except crude oil has decreasing demand from baseline scenario (no tax). While in the Government Household Demand, agriculture sector, crude oil, refined oil product, and other industries, carbon tax has a positive impact. In the environmental facet, if the carbon tax in Indonesia is implemented in accordance with the above simulation, then it appears that carbon tax can reduce emissions of CO2.
subject: Articles
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creator: Putri Ayu
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2026-06-28
publication date: 2026-06-28
starting page: 144
ending page: 159
doi: 10.26417/qe6gm258

Short-Term Impact of the EU-Japan EPA: The Case of Wine Exports from France, Italy, and Spain to Japan
type: item
description: In February 2019, the Economic Partnership Agreement between the European Union and Japan was enforced, liberalising most of the bilateral trade. For example, Japan eliminated the duties on European products such as chemicals, textiles, clothing and wine immediately upon entry into force of the agreement. In this study, we attempt to quantify the short-term effect of the EPA on European wine exports to Japan. We fit a seasonal auto regressive integrated moving average (SARIMA) model to the monthly exports of wine from France, Italy, and Spain to Japan up to the month prior to the activation of the EU – Japan EPA. Subsequently, we use the estimated models to forecast twelve months ahead starting from February 2019, i.e., from the first month of implementation of the EU – Japan EPA. Finally, we compare the forecasts with the observed values for the same period. The results show that our forecasts do not outperform the observed values. Consequently, we conclude that the positive difference between the observed values and the forecast is due to the effect of the agreement.
subject: Articles
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subject: Array
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creator: Massimiliano Porto
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2026-06-28
publication date: 2026-06-28
starting page: 131
ending page: 143
doi: 10.26417/krsjfn09

Financial Analysis and Bankruptcy Risk Identification Model Used by Companies Operating in Poland – Empirical Study Results
type: item
description: Financial analysis and bankruptcy risk assessment models are applied to assess an economic position and to identify risks to business activity. The assessment is conducted based on data from financial statements which in Poland can be prepared in accordance with both domestic and international accounting standards. Bankruptcy risk identification models which based on historical or prospective data allow identifying a probability of such an event started to appear in Poland a few years following the political changes of 1989. Currently, there are over 15 models developed by different authors and described in detail in the literature. The aim of this article is to present the results of an empirical study (survey study) on the application of financial analysis and bankruptcy risk identification models which was conducted among the largest Polish companies. The study results show that Polish companies apply tools of financial analysis to assess the economic position not only of their own entity, but also competition and business partners, and bankruptcy risk assessment models developed according to and adjusted to the Polish economic circumstances.
subject: Articles
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subject: Array
  topic: keywords
creator: Piotr Prewysz Kwinto
creator: Grazyna Voss
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-06-28
publication date: 2025-06-28
starting page: 163
ending page: 173
doi: 10.26417/wc9xbd78

Management Accounting Maturity Levels Continuum Model: a Conceptual Framework
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description: Until now, in the financial domain, there were only few attempts made to develop maturity models – a useful tool to identify strengths and weaknesses of certain domains of an organization. The aim of this paper is to present a maturity model for management accounting. The method used to develop the model is an interpretive approach, in which an exploratory sequential mixed method research design was applied to broadly explore and understand data on management accounting systems in various settings and in its historical perspective. This study extends my previous research on development of management accounting and financial leadership (Lebedev, 2014, 2015, 2016, 2018, 2019b, 2019a). The framework traces 10 prototype roles of management accounting along their continuum of maturity (from “non-existent” to “strategic leadership”). Each maturity level reflects the extent to which management accounting creates value for its users based on the support provided for “conversations” among stakeholders, the deepness of leadership “embodied” into the management accounting function, and the effectiveness of management accounting principles and management accounting practices (MAPs) employed. This study contributes to the theory of management accounting by offering a framework for understanding of the evolution of financial function and management accounting. In practical terms, the results of the research could be applied to support decisions in transformation of financial function along its maturity continuum (both conducted internally by managers and/or with external support of consultants and advisors), supporting the process of reconciliation of current practices of a company being transformed to a proposed transformational strategy and chosen direction of implementation.
subject: Articles
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subject: Array
  topic: keywords
creator: Pavel Lebedev
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-06-28
publication date: 2025-06-28
starting page: 140
ending page: 162
doi: 10.26417/ze71hb38

A Comparative Analysis on the Required Commercial Competences for Women Entrepreneurship Development in Selected Countries
type: item
description: The scientific report is based on a desk research and an on-line survey done within an Erasmus + project, under Key Action 2 – Cooperation for innovation and the exchange of good practices, High Education Sector, named European Partnership for Social Inclusion and Creation of Skills for Women Entrepreneurship E-learning. The project is realized by three partner countries and it is focused on the social inclusion of women wishing to develop their own business in the area of trade and logistics through integration into entrepreneurship, acquiring practical skills and competences in order to generate financial, cultural and social value. A comparative analysis of the trade competences required for the development of women's entrepreneurship in the three partner countries is done. In the analysis, a study of the necessary literature in order to establish the theoretical and methodological framework of the study was initially carried out. Via a study of the existing competency models in the field of trade, the key necessary competencies for the realization of a trader have been identified. They serve to develop a questionnaire and they are the basis for the comparative analysis between the three partner countries.
subject: Articles
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subject: Array
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creator: Asya Pandzherova
creator: Dimitar Krastev
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-06-28
publication date: 2025-06-28
starting page: 134
ending page: 139
doi: 10.26417/d1y4z385

Behavioral Analysis of Sustained Individual Investors
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description: With a direct access to 32 self-directed investors from two European countries and the USA, we found that with experience, investors learn to mitigate well-studied behavioral biases while new biases and convictions emerge. The explorative interview method revealed reasons for seemingly irrational behavior not discovered by existing empirical studies using aggregated quantitative data. Thematic analyses were done using open coding and predefined concepts of mainstream and behavioral finance. The findings were contrasted with empirical literature and validated with expert interviews. Learning from mistakes, investors in our sample acknowledged the presence of emotions and built ways to mitigate behavioral issues. We found that overconfidence referenced in numerous studies diminishes after initial enthusiasm; underconfidence may emerge after painful losses. Illusion of control could not be identified. Instead, investors reported feeling of insufficient control on their investments. An important new bias candidate, tangibility bias was discovered which makes investors accept lower financial utility if they feel being in control of their investments. Tangibility bias contributes to less efficient portfolios due to the priority for small number of well-known investments instead of well-diversified but not transparent funds. Beyond decision-making biases, investors had developed experience-based convictions which may be rational or unfounded. Taking into account non-financial motivations, we argue that seemingly irrational actions have a purpose and efficacy.
subject: Articles
  topic: section
subject: Array
  topic: keywords
creator: Antti Paatela
creator: Jordi Weiss
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-06-28
publication date: 2025-06-28
starting page: 121
ending page: 133
doi: 10.26417/42xpc331

Development and Structure of the Bulgarian Export After the Country’s Accession to the EU
type: item
description: Nowadays the European Union includes 28 countries. The last country that has signed an accession treaty was Croatia in 2013. The previous enlargement of the Union was in 2007 when Bulgaria and Romania became members. The accession process for these two countries took some time and was related to quite a lot of changes in the economic practices of both countries. The present article reviews the changes that occur in the Bulgarian foreign economic practice, more particularly in the export activity after Bulgaria's accession to the European Union in 2007. The paper analyses the trends in the development, structure and geographical distribution of the country's export during the 10-year period of the country’s EU membership (2007-2016). The main reasons and factors for the main trends are outlined. On the basis of a detailed comparative analysis of the situation before and after the EU accession, the authors try to assess the impact of European integration on the Bulgarian export practices, highlighting both positive and negative results. The paper also elaborates specific recommendations for improvement of the competitiveness of the Bulgarian economy in the context of the country's export changes.
subject: Articles
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subject: Array
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creator: Oleg Lozanov
creator: Stela Zhivkova
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-06-28
publication date: 2025-06-28
starting page: 106
ending page: 120
doi: 10.26417/qvgaf852

The Management Process at the Pretrial Stage under Malaysian Rules of Court 2012
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description: The pre-trial stage requires judicial attention as well as attention from solicitors representing the parties to the action to ensure that cases are managed and disposed within strict deadlines. This study recommends the use of management process activities that are commonly used by business organizations to manage civil cases in the Malaysian civil courts at the pre-trial stage. Therefore, the objectives of this study are; first, to examine whether the provisions under the Rules of Court 2012 are capable of delivering quality service in its role as the fortress of justice and how the understanding of management process can assist in the management and disposal of cases efficiently. The findings indicate that the activities of process management (namely planning, organizing, directing and controlling exercises) can be used as a practical guide for the court managers as well as solicitors acting for the parties to the action to understand the importance of abiding by the provisions of the Rules of Court 2012 so that the management and disposal of cases can be done in an efficient manner. Although this study does not analyze the various process management theories, it is expected that the preliminary findings might enrich present literature relating to the conduct of civil litigation and also provide an insight on possible adoption of a framework to be used as a guide in managing cases under the Rules of Court 2012.
subject: Articles
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subject: Array
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creator: Norman Zakiyy
creator: Kamal Halili Hassan
rights: Copyright (c) 2025 European Journal of Marketing and Economics https://creativecommons.org/licenses/by-nc-sa/4.0
date: 2025-06-28
publication date: 2025-06-28
starting page: 94
ending page: 105
doi: 10.26417/c1t55a42