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...
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...
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...
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...
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...
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...
Central European Business Review 2026, 15(1):135-149 | DOI: 10.18267/j.cebr.409
The post-COVID period brought not only a change in the way of life but also in business. The aim of the paper is the investigation of possible changes in preferences in the context of retail as well as the identification of key elements of changes in behaviour for the needs of managerial practice. The paper is supported by a primary survey based on 370 respondents. Respondents responded to seven key statements that emerged from the professional literature as possible elements of change that occurred after COVID-19. For data processing, we use a number of statistical methods with an emphasis on descriptive statistics, correspondence analysis,...
Central European Business Review 2026, 15(1):111-133 | DOI: 10.18267/j.cebr.407
Diversity-oriented recruitment practices are increasingly recognized as a crucial component of human resource management, particularly in the context of globalization. However, the implementation of these practices varies significantly across organizational contexts and economic systems. This study examines the adoption of diversity-oriented recruitment practices in post-socialist European countries, where historical legacies and transitional economic conditions shape workforce diversity policies. Using data from the CRANET research network, the study analyzes responses from 1,270 companies in 11 post-socialist economies. A combination of descriptive...
Central European Business Review 2026, 15(1):89-109 | DOI: 10.18267/j.cebr.408
This study evaluates the logistics performance index of Central and Eastern European (CEE) countries using a hybrid Multi-Criteria Decision-Making (MCDM) model. It examines the logistics performance of CEE countries from 2010 to 2023. The countries included in this study are Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Estonia, Georgia, Hungary, Latvia, Lithuania, Moldova, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovak Republic, Slovenia and Ukraine. The assessment of the logistics performance is conducted based on six criteria determined through a literature review: customs, infrastructure, international shipments, logistics...
Central European Business Review 2026, 15(1):61-87 | DOI: 10.18267/j.cebr.406
The Fourth Industrial Revolution has propelled many employees to perform work from home (WFH), which has been enabled by rapid digital advancements and the integration of technology into daily workflows. This paper aims to explore the relationship between job satisfaction and job performance for employees working from home in Vietnam due to remote work policies implemented by European enterprises. Based on the Job Demands-Resources (JD-R) theory, the research model is proposed. Accordingly, hypotheses are developed, and this study applies a quantitative analysis with a research sample of 256 employees from European multinational enterprises now working...
Central European Business Review 2026, 15(1):29-60 | DOI: 10.18267/j.cebr.405
This study examines the dynamic connectedness between Bitcoin and various financial assets, including the stock market, gold, oil, bonds, and exchange rates, as well as explores portfolio strategies involving these assets. The study covers the period from January 2, 2015, to March 1, 2024. The quantile connectedness approach and portfolio strategies are utilized in the analysis. The findings are as follows: Intermarket volatility spillover significantly increases under extreme conditions. Bitcoin emerges as a transmitter during bullish markets and acts as a receiver in bearish and normal market conditions. Gold serves as a receiver in extreme conditions...
Central European Business Review 2026, 15(1):1-27 | DOI: 10.18267/j.cebr.404
The objective of this study is to investigate the effects of the Covid-19 pandemic on the multidimensional performance of companies operating in the European airline transport sector. In Addition is to compare multidimensional performance of Traditional and LCC (Low Cost Carrier) airlines in the European airline transport sector across the pre-pandemic, pandemic and post-pandemic periods. In this context, the multidimensional performance of 11 airlines (6 Traditional and 5 LCC) operating in Europe for the period 2019–2022 is analysed using the LOPCOW-based AROMAN method. In the initial stage of the analysis, the variables pertaining to the airlines...
Central European Business Review 2025, 14(5):117-134 | DOI: 10.18267/j.cebr.400
The focus on customer value-added (CVA) concepts in human resource management (HRM) is increasingly vital for maintaining competitiveness and sustainability in today's dynamic environment. This study evaluates the current implementation and future expectations of CVA in HRM within Central and Eastern European (CEE) countries, comparing these findings with practices in Western Europe (WE) and globally. The primary objective is to analyze the extent of CVA integration in HRM systems and assess the sustainable competitiveness of CEE enterprises. The study aims to understand the current state of CVA in HRM and its projected importance for sustainable business...
Central European Business Review 2025, 14(5):93-115 | DOI: 10.18267/j.cebr.403
During the current multiple crises periods, economies are trying to find their way to development. One possibility is investment in research and development (R&D). However, emerging economies often have limited resources, so they rely on stimulating R&D through FDI inflows. The question remains about the effectiveness of this path. To investigate this question methodologically, a panel regression analysis with fixed effects was applied. The presented research was inspired by the empirical finding that a correlation between FDI inflow and business expenditure on research and development (BERD) has not been proven in EU countries. However, the...
Central European Business Review 2025, 14(5):61-91 | DOI: 10.18267/j.cebr.402
This study examines the evolving competencies of management consultants in Northeast Hungary from 2001 to 2021 and proposes a comprehensive consultant competence model based on a 20-year longitudinal analysis. The research combines questionnaire surveys (conducted in 2001 and 2005–2006) with in-depth interviews involving consultants and clients during 2011–2012, 2015–2016, and 2020–2021, analysed using SPSS 30.0. Findings reveal significant transformations in consultant competencies over the two decades, shaped by the region’s socio-economic evolution. Notably, perceptions of consultant competence remained stable between...
Central European Business Review 2025, 14(5):41-60 | DOI: 10.18267/j.cebr.401
Changes in legal regulations are a permanent element of political systems. The degree of complexity of tax systems is a characteristic feature of developing countries. The study aims to check whether changes in legal regulations cause manipulations in companies' financial data. Manipulations may result from the ambiguity of the introduced regulations (unintentional) or the deliberate actions of taxpayers (intentional). The study analyses the impact of changes in reporting information on tax income from capital sources on anomalies in financial data. In the survey, anomalies in economic data are identified using Benford's Law, using MAD (mean absolute...
Central European Business Review 2025, 14(5):23-39 | DOI: 10.18267/j.cebr.399
Family firms, accounting for 60% of European private sector jobs, play a critical role in advancing business sector sustainability through their practices and employment characteristics. This study examines family entrepreneurs’ attitudes toward sustainability using quantitative methods and the 2023 Global Entrepreneurship Monitor (GEM) Annual Population Survey (APS) dataset from Hungary. Businesses were categorised into non-family, one-person, and family enterprises. After analysing the reliability of sustainability-related questions, two indices measuring attitudes toward environmental, social, and economic sustainability were constructed:...
Central European Business Review 2025, 14(5):1-22 | DOI: 10.18267/j.cebr.398
The working paper examines several variables of the Economic Freedom Index and the effect of GDP on foreign direct investment (FDI) in the 6 European Union economies (EU6) and the 6 Western Balkan economies (WB6). This study aims to explore whether these determinants affect foreign direct investments in EU6 and WB6 towards other international economies. To accomplish the stated aim, we used secondary panel data on an annual basis from the trusted databases of the Heritage Foundation and the World Bank, covering the period 2017–2023, comprising a total of 42 observations for each panel. The mathematical modeling paradigm employed is Two-Stage...
Central European Business Review 2025, 14(4):133-152 | DOI: 10.18267/j.cebr.397
The paper compares the funding structure of European clusters. It uses a hand-collected questionnaire survey (n = 185) to examine the budget structure of European clusters. The objective is to identify the differences between clusters in post-communist and developed countries, as well as between clusters located in countries with higher and lower levels of innovation performance. The results show that clusters in (i) post-communist countries and (ii) countries with lower levels of innovation performance have a much higher share of EU structural funds and community programmes in their budgets than clusters in (iii) developed countries and (iv) countries...
Central European Business Review 2025, 14(4):107-132 | DOI: 10.18267/j.cebr.394
The article focuses on adoption of Industry 4.0 technologies in Czechia's small and medium-sized enterprises (SMEs). It examines how enterprise size and sector affect the level of implementation of these technologies. The main objective is to observe the differences in the use of modern technologies in SMEs based on enterprise size and the sector in which they operate and to identify the main barriers to their implementation. The research was conducted online between October 2023 and January 2024, involving 240 respondents from various sectors. The statistical analysis included a non-parametric multivariate analysis of variance (PERMANOVA), the Kruskal-Wallis...
Central European Business Review 2025, 14(4):81-106 | DOI: 10.18267/j.cebr.395
The role of high-tech companies increases in turbulent times. Additionally, the status of the company (high-tech or non-high-tech) affects financial decisions. Moreover, CEOs with ownership in the company that they work for make specific financial decisions. The paper aims to identify the impact of CEO ownership on financial decisions in high-tech companies. The sample consists of 750 manufacturing firm-year observations from the period 2018-2021. All the companies included in the research are listed on the Warsaw Stock Exchange. Linear mixed-model analysis with individual and interactive effects were implemented. Findings show that high-tech companies...
Central European Business Review 2025, 14(4):65-80 | DOI: 10.18267/j.cebr.393
It is a well-known fact that consumers demonstrate their status through displaying their consumption and one of the key areas of consumption used to display status is travel. While traditional markers of travel status emphasized destinations, today’s status is more often conveyed through particular, often intangible, elements included in how the travel experience is shared. The display of these more intangible and immaterial aspects of travel consumption has developed vis-a-vis the proliferation of social media, which has allowed displaying the manner of travel in more detail but has also changed what status travel means. Our research aims to...
Central European Business Review 2025, 14(4):25-63 | DOI: 10.18267/j.cebr.396
The increasing complexity of energy security threats, both internal and external, poses significant challenges for businesses in Europe, necessitating a robust framework for evaluating and responding to these risks. This article introduces a comprehensive methodology designed to assess the effects of these threats on a state's energy security through two distinct approaches. The first method focuses on identifying imbalances by analysing the deviation of key indicators from established sustainability benchmarks. The second method combines expert evaluations of changes in comprehensive index components with mathematical computations to assess their...
Central European Business Review 2025, 14(4):1-24 | DOI: 10.18267/j.cebr.392
In the contemporary business environment, many companies in Central and Eastern Europe (CEE) have adopted self-service technologies (SSTs), moving away from traditional face-to-face interactions. Although numerous studies have examined the factors that shape users’ attitudes towards SSTs, the extant literature has primarily focused on the impact of specific individual and technological factors. In addition, a predominant emphasis is placed on SSTs for hotels, restaurants and retail stores. To bridge these gaps, the present research explores the effect of demographic factors on Bulgarian users’ attitudes towards SSTs at filling stations....
Central European Business Review 2025, 14(3):103-131 | DOI: 10.18267/j.cebr.391
An increasing number of articles published on the nexus between corporate sustainability disclosure (CSD) and tax behaviour (TB) have enriched the academic research landscape. However, they have provided inconclusive results as to the nature of the connection and have not yet adequately examined the sources of variation that might moderate the effect sizes under investigation. This study performs a standard meta-analysis and synthesises the empirical-quantitative results regarding the CSD-TB connection, following Hunter & Schmidt's (1990) research design. Several criteria are employed to collect documents with methodological and content relevance....
Central European Business Review 2025, 14(3):87-102 | DOI: 10.18267/j.cebr.390
Companies with product quality labels, often micro-companies or solo entrepreneurs, do not have the marketing know-how of retail chains and are being outpaced in communication in the fast current online environment, especially on social media platforms. Current literature does not provide this specific knowledge, such as what are the important product quality characteristics which should be talked about in marketing campaigns and how these should campaigns be targeted. Thus, the aim of this article is to examine the product quality characteristics important for Czech consumers purchasing food products with a quality label and find suitable consumer...
Central European Business Review 2025, 14(3):65-85 | DOI: 10.18267/j.cebr.387
The underrepresentation of women in leadership positions is common evidence of gender inequality. Consequently, the European Commission brought a directive to balance the underrepresentation of women on boards in EU countries. Often, females are presumed to be less favourable for top management positions in successful companies and are faced with different obstacles during their careers. However, they possess many different characteristics, which makes them excellent leaders and may create positive differences in financial reporting quality (FRQ). Croatia still lags behind other EU countries in terms of the share of women within corporate boards; therefore,...
Central European Business Review 2025, 14(3):45-63 | DOI: 10.18267/j.cebr.388
The effectiveness of education policies and economic, social and environmental conditions play a crucial role in a country’s ability to attract intellectual capital and influence emigration levels. Effective management of migration processes requires coordinating and synchronizing policies across various economic sectors to address the complexity of these dynamics. This study employs a two-step system of the generalized method of moments (GMM) to analyse the impacts of population literacy and ICT skills on migration patterns in EU countries in the period 2007–2022. The findings underscore the importance of enhancing ICT skills and improving...
Central European Business Review 2025, 14(3):21-44 | DOI: 10.18267/j.cebr.386
This study aims to statistically investigate the effects of an infodemic as an external stimulus on consumer decision processes based on the stimulus-organism-response theory (SOR). An infodemic is known as an epidemic of misinformation, and the literature on infodemics in marketing is quite limited. With the research model created for this purpose, the mediating role of brand trust (organism) in the relationship between both infodemic and positive word-of-mouth marketing (stimulus) and consumers' store visit intentions (response) is examined. The findings suggest that infodemic news and positive word-of-mouth marketing influence consumers' shopping...
Central European Business Review 2025, 14(3):1-19 | DOI: 10.18267/j.cebr.389
A frequently discussed topic nowadays, especially in business, marketing or human resources, is the generation gap. Young people have a relatively strong environmental sense, which is also reflected in their choice of employment. When formulating the hypotheses, we proceeded from theories of social capital. Gen Z, which has grown up and matured in a fully digital world, attracts a lot of attention. This is evidenced by the many expert studies on the subject. One important reason for studying the behaviour and attitudes of Gen Z is their significant purchasing power. These people are on the rise or approaching the peak of their professional careers....
