Central European Business Review, 2026 (vol. 15), issue 2

Articles

The TOBE Playbook: Identifying Barriers and Drivers of Digital Success in the Service Sector

Ottó Csiki, Rebeka Pop, Máté Baksa, László Seer

Central European Business Review 2026, 15(2):1-25 | DOI: 10.18267/j.cebr.410  

The process of digitalization varies across organizations, with many encountering significant barriers that hinder them from fully using the benefits of digital technologies. This limitation is primarily attributed to a lack of knowledge and expertise. This study aims to answer the following research question: what are the most important factors that affect technology adoption in the service sector? Drawing from the literature findings, a semi-structured interview protocol was applied to facilitate exploratory discussions. Six service companies were analyzed. Based on the interviews conducted, organizational factors emerged as the most prevalent...

Impact of Carbon Emissions as Anti-ESG Factor on the Performance of Financial Markets in China

Monika Matušovičová, Sandra Matušovičová

Central European Business Review 2026, 15(2):27-48 | DOI: 10.18267/j.cebr.412  

The article researches the impact of anti-ESG factors on financial markets in China and its consequences for the countries of Central Europe. In this connection, the specific aim of the article was to analyze whether CO₂ emissions, as the main factor against ESG concept, negatively affect the return of stock and bond investments in the extreme environment of the world's largest producer of emissions - China. The multiple linear regression (MLR) model method was used for explaining the investment return according to Khan’s and Long’s model specification, applied on annual data for investment horizon from 1991 to 2023. The...

Equity Risk Premium in Hungary’s Emerging Market: Evaluating Country Risk and Financial Dynamics

Marco I. Bonelli

Central European Business Review 2026, 15(2):49-68 | DOI: 10.18267/j.cebr.413  

This study evaluates Hungary’s equity market using Damodaran’s country risk premium (CRP) framework to estimate its cost of equity and assess investment attractiveness within the Central and Southeast European context. The paper integrates Hungary’s sovereign credit rating, default spread, and a volatility adjustment to compute an implied cost of equity of approximately 11.5%, placing it among the least risky regional markets. The methodology benchmarks Hungary against peers including Romania, Slovakia, Serbia, Bosnia, and North Macedonia using key structural indicators such as market capitalization, turnover, P/E ratios, and...

AI Implementation by Small Entrepreneurs in Russia: Flowers Grow also on Stones

Alexander Chepurenko, Yulia Dormidontova

Central European Business Review 2026, 15(2):69-90 | DOI: 10.18267/j.cebr.416  

This study examines the individual factors of artificial intelligence (AI) implementation by small and medium‑sized enterprise (SME) owners, based on a survey of 499 respondents in Russia. Drawing on Innovation Diffusion Theory, the Technology Acceptance Model (TAM), and stakeholder‑oriented sustainability approach, the analysis shows that SME owners who already use AI for private purposes are more likely to implement it in their businesses. Owners who see AI as potentially damaging to their businesses are also more likely to adopt it. Those who believe AI will harm the economy overall are less likely to use it. Younger entrepreneurs...

Entrepreneurial Bricolage and Resilience: Surviving and Thriving of Micro and Small Businesses

Mirjana Grčić Fabić, Antonija Petrlić, Tamara Šmaguc

Central European Business Review 2026, 15(2):91-112 | DOI: 10.18267/j.cebr.417  

Empirical research on the impact of entrepreneurial bricolage on business performance remains insufficiently grounded and often yields non-straightforward results. The objective of this study is to investigate how entrepreneurial bricolage relates to business performance, both directly and indirectly through entrepreneurial resilience. Structured survey data were collected from 640 owners and founders of micro and small businesses in the Republic of Croatia. PLS-SEM was used to examine the interplay among entrepreneurial bricolage, resilience and business performance. The results indicate a significant and positive relationship between entrepreneurial...

Coaching and Mentoring as a Tool for Individualisation in Employee Learning and Development and Their Impact on Business Performance: The Mediating Role of Line Managers’ Involvement in HR Processes Observed in Medium and Large Enterprises

Zuzana Joniaková, Branislav Zagoršek, Hana Gažová Adamková, Soňa Ďurišová

Central European Business Review 2026, 15(2):113-132 | DOI: 10.18267/j.cebr.411  

Contemporary Human Resource Management (HRM) emphasizes individualized approaches to employee learning and development (ILD), such as coaching and mentoring, and assigns key roles to line managers in HR processes. While both elements are recognized separately for their benefits, the joint impact of ILD and line managers' involvement (LMI) on overall company performance (CP), including productivity, innovation, and environmental effects, has not been extensively studied at the organizational level. This study investigates this relationship using data from a large-scale CRANET survey of 4145 medium and large companies across 38 countries. Utilizing Covariance-Based...