Articles in "Economy and Business"

Summary: This study provides detailed statistical results on the use of digital banking and digital payments in Azerbaijan, highlighting a high level of usability. However, consumer adoption of open banking remains very low despite the implementation of relevant legislation and security standards. This study aims to assess the impact of digital banking on the use of open banking in Azerbaijan. Using the Toda-Yamamoto causality method and data covering the years 2022-2024, the variables "Bank accounts", "Bank customers", "Digital banking Number", and "Instant Payment System Number", where open banking operations will be carried out, were used in the econometric model. Based on the Toda-Yamamoto causality between "Digital Banking Number" (lnDBN) and "Instant Payment System Number" (lnIPSN), carried out for the main purpose of the research, digital banking will have a positive effect on the future use of open banking, and there is a bidirectional relationship. Additionally, while there is a causal relationship between "Bank Accounts" (lnBA) and "Instant Payment System Number" (lnIPSN), no causal relationship was found between "Bank Customers" (lnBC) and "Instant Payment System Number" (lnIPSN). Factors such as ease of use, usefulness, reliability, and a sense of psychological ownership will play crucial roles in the rapid adoption of open banking.

Summary: The banking sector in Azerbaijan has undergone significant transformations, especially after the country gained independence. The regulatory framework is largely governed by the Central Bank of Azerbaijan, which has been shaping policies on interest rates, credit policies, and foreign exchange regulations. Currently, the major banks in Azerbaijan include both state-owned and private institutions that play a crucial role in the economy by providing essential banking services like savings accounts, personal loans, mortgages, and credit cards. On the global stage, banking services have increasingly shifted towards digitalization, with many customers opting for mobile banking, internet banking, and fintech solutions. Globally, the trend has also moved towards sustainability, with banks introducing green financing and socially responsible investment products, considering environmental, social, and governance (ESG) factors. With financial markets becoming more interconnected, Azerbaijan’s banking system is starting to align with global financial frameworks, although there are still gaps in terms of offering advanced products and services compared to more developed markets. In Azerbaijan, traditional banking products are widely offered, but there is a growing shift towards innovative financial services, including digital banking platforms and contactless payment systems. The customer experience in Azerbaijan is steadily improving, although banks need to enhance accessibility, transparency, and reduce fees to keep pace with global customer expectations.

Summary: The aim of this study is to examine the relationship between teachers’ job crafting, job satisfaction, and life satisfaction. This study is significant for understanding how the relationship between job crafting, job satisfaction, and life satisfaction contributes to enhancing the overall quality of life of teachers, who are key stakeholders in the education system. The literature highlights a strong relationship between job satisfaction and life satisfaction, emphasizing that the satisfaction individuals derive from their jobs positively influences their overall well-being. Aligned with the purpose of the study, Job Crafting Scale, Job Satisfaction Scale and Satisfaction with Life Scale were used. The results indicate that teachers’ job satisfaction and cognitive job crafting have a significant and positive impact on their life satisfaction. However, the dimensions of task crafting and relational crafting were found to have no significant effect on life satisfaction. Also, the study revealed that female teachers exhibit higher levels of cognitive, relational, and task crafting compared to male teachers. Finally, the article, provide some suggestions and directions for future research.

Summary: The Net Promoter Score (NPS) has emerged as a well-known measure for assessing customer satisfaction and loyalty across different sectors, including higher education. This study examines how NPS is applied in higher education institutions to assess student satisfaction, loyalty, and overall institutional effectiveness. This study explores how adapting NPS, typically used in business environment, to the specific dynamics of higher education can function as an essential instrument for evaluating student experiences, pinpointing areas needing enhancements, and promoting greater student involvement. This research seeks to offer higher education leaders practical insights to improve student satisfaction, loyalty, and institutional results via NPS. The net promoter score's importance for higher education was investigated using systematic and phenomenological approaches.

Summary: Leaders can make significant contributions to the functioning of the firm, regardless of their time and position. Leadership with effective strategies can provide a fundamental foundation for the effective use of the strategic management process. Leaders who follow strategies can accelerate the growth of relevant strategic activities and determine how to implement them. These activities serve as a gateway to higher average results and strategic competitiveness. Managers working in various organizations are fully aware of the need to create a strategic plan for the future of their organizations and participate in the effective adoption of these well-planned plans. In strategic management, the leader assumes various roles. He/she creates the conditions for change. Secondly, he/she selects key players from the organization and in the third stage, he/she creates a leadership team by shaping the vision and strategy through a visionary process that breaks down the existing hierarchy and clarifies the strategy that the entire organization can understand. Taking into consideration above mentioned facts, the article focuses on theoretical background of the topic. Scientific literature has been used in order to shred light into the topic.

Summary: Entrepreneurship is critically importance for individuals' economic and social development. The concepts of entrepreneurial resilience, entrepre-neurial intentions and entrepreneurial self-efficacy have become important research topics in the field of entrepreneurship and the number of studies carried out on these topics is increasing. Entrepreneurial resilience describes the resistance and adaptability of entrepreneurs in overcoming challenges, while entrepreneurial intentions represent individuals' attitudes and motivations towards entrepreneurial activities. Entrepreneurial self-efficacy is based on individuals' entrepreneurial abilities and their confidence in using these abilities. The aim of this study is to comprehensively examine the bibliometric analysis of academic studies on entrepreneurial resilience, entrepreneurial intentions and entrepreneurial self-efficacy. This type of analysis is essential for understanding the current knowledge in the field of entrepreneurship, evaluating the effects on entrepreneurial processes and determining future research directions. For this purpose, data was obtained using the Web of Science database and analyzed using the R program using the bibliometric method. Within the scope of the findings, 2525 studies are examined in detail and it is aimed to provide important information for researchers who want to work in this field and to contribute to the literature.

Summary: This study employs harmonic analysis to investigate the relationship between Petkim stock prices and the USD/TL exchange rate. The harmonic analysis is a robust analytical method in modern time series analysis, particularly suitable for data exhibiting stationary characteristics without any apparent trend. This approach emphasizes the importance of considering both linear, nonlinear, and periodic components to fully understand and predict the dynamics of the financial market, demonstrating significant implications for econometric modeling. The dynamics between stock prices and exchange rates attract attention due to their profound impact on economic indicators and investment strategies in the volatile world of financial markets. Our study covers the period from May 1, 2023, to March 29, 2024, marked by significant economic events and policy changes potentially affecting Turkey's capital and currency markets. Consequently, a model with a parabolic (quadratic) trend for both factors and small amplitude sinusoidal and cosinusoidal departures around this trend has been constructed.

Summary: Exploring the relationship between international oil prices, income, and carbon dioxide (CO2) emissions in Saudi Arabia, this study examines if renewable energy consumption plays a lowering tool in international oil prices' impact on CO2 emissions, employing conventional econometric methods and the functional coefficient approach. The study reveals that the interaction between renewable energy consumption and international oil prices has a negative and statistically significant impact on CO2 emissions. This emphasizes the potential for Saudi Arabia to reduce carbon emissions by prioritizing renewable energy projects. In addition, a positive and statistically significant relationship between income and CO2 emissions is found, emphasizing the need to decouple economic growth from emissions growth. Furthermore, an interesting decoupling effect between oil price elasticity of CO2 emissions and per capita GDP is noted from the early 2000s–2015. This indicates that economic growth driven by rising oil prices can be managed to mitigate environmental impact, showcasing Saudi Arabia's commitment to sustainable development. Policy recommendations involve intensifying efforts to promote renewable energy implementation, lowering fossil fuel dependence in power generation, and incentivizing emissions reduction for a more sustainable energy future.

Summary: The study described in this paper develops a new technique which permits the execution of an open straddle strategy based on the superior volatility forecast for analyzing historical data. We extend the current litearure by measuring the volatility of an underlying asset in the last predefined period and comparing the actual volatility in currency with historical volatility in currency to make predictions of implied volatility. We calculated stock price volatility through an optimal holding period (OHP) and set up bars of volatility in currency. To obtain this, we solved optimization equations to find maximum and minimum movements in the volatility in currency within the defined range. We placed volatility in currency into percentile rankings and designed a straddle trading strategy based on the last OHP’s volatility in currency. The technique allows for an investor (or trader) to open either short or long positions based on calculations for a selected OHP’s volatility in currency. We applied this strategy to 130 stocks which are traded on CBOE. We developed a trading algorithm which can be used by institutional as well as individual investors. The algorithm is set to determine historical volatility in currency and forecast upcoming volatilities in currency through the understanding of the market sentiment. The empirical findings show that the stocks analyzed with the algorithm generate positive returns along a spectrum of changing volatilities of the underlying assets.

Summary: Most countries have tried to decline fossil fuels dependency by supporting clean energy transition. In light of this, this study investigates the impact of energy security risk (ESR) and geopolitical risk (GPR) on the load capacity factor (LCF) in four fragile countries (Brazil-BRA; India-IND; South Africa-ZAF, Türkiye-TUR). The study applies quantile approaches for the period between 1985/m2 and 2018/m12, which represents the largest amount of accessible data. The results show that (i) at higher quantiles, ESR declines the LCF in IND and ZAF, while it has an increasing impact in BRA and a mixed impact in TUR; (ii) GPR increases the LCF in BRA, ZAF, and TUR at lower and middle quantiles, while GPR decreases ecological quality at higher quantiles in all countries; (iii) ESR and GPR have a causal effect on the LCF across various quantiles; (iv) ESR and GPR are strong predictors of the LCF, but their predictive power varies by quantile and becomes significantly weaker with increasing lags. With these fresh outcomes, the study underlines the significant influence of ESR and GPR in ensuring ecological sustainability across all quantiles and countries. The overall findings of the study emphasize that risks and uncertainties degrade the ecological quality of four fragile countries and that policymakers should turn to clean energy sources in case of an increase in geopolitical and energy risks.