New Innovations in Economics, Business and Management Vol. 7

Purpose: The goal of this study is to offer a "Integrated Performance Measurement System" (PMS) for "Small and Medium Enterprises"(SMEs) that addresses the measurement and management of financial and non-financial performance as well as "Intellectual Capital" (IC). The work is based on Pirozzi and Ferulano's (2016) "Integrated New Model" (INM), which deals with the same job applied to a specific sector. As a result, we recommend that the INM model be modified to establish a "Renewed and Advanced Model" known as "INM*" as an integrated PMS for SMEs. Methodology: To create an advanced model INM*, we employed a qualitative method with an inductive and deductive approach. As a result, the characteristics of SMEs are translated into our enhanced INM* model using the INM* structure and the IC framework. We also included the viewpoints of "Strategic Management Accounting" (SMA) and "Systems of Innovation" (SI) in our suggested model INM*.

Findings: As an integrated PMS, we offered the advanced model INM*. This is a model that supports entrepreneurial and innovative small businesses, as well as a conceptual framework that summarises the interactions and knowledge conversions that occur between the IC components during the innovation process. As a result, the presented model is a beneficial tool for SMEs.  

Conclusion: The INM* model, which has been updated and improved, is useful in both academic and practical settings. It demonstrates the benefits of utilising an innovative measurement system dedicated to completing all of the measurement duties undertaken by SMEs. In addition, two other models are offered and are available for further investigation.

The purpose of this article is to determine the effectiveness of time management in relation to self management, environment and productivity in an origination. This work applied some instruments for data collection such as questionnaires and observations on 75 academic staff and non academic staff selected randomly in the University of Juba and Statistical Package for Social Sciences (SPSS) was applied to analyze the data gathered. The findings suggest that time management has an inverse relationship with self management, environment and productivity in an organization. It is recommended here that necessary time management tools and favorable working environment should be applied and provided strictly to staff with modern management approaches to boost self commitment to time management and improve productivity in an organization (University of Juba). The study suggests that further research be done at the university level on the importance of time value and knowledge. It could be done in a joint dialogue with academia and staff to foster team and collaborative learning in order to bridge the gap and improve working conditions and relationships in order to increase productivity.

Auditing practices is one of the key sub-components of public financial management primarily concerned with examining and ascertaining whether public resources were used for the purposes they were budgeted for in line with the set regulations. The objective of this research was to determine the impact of auditing as practiced in Ghana’s district assemblies (DAs) on service delivery. The study used a mixed methods research design to collect qualitative and quantitative data through questionnaires, interviews, focus group discussions, and document analysis. Thirty-four districts out of 170 that existed in 2008 were sampled. The study gathered information from 612 DA officials, 1020 citizens, 28 key informants and 20 participants in focus group discussions. Quantitative data was measured by using scaled-items, and analysed using descriptive statistics and multiple regression. For qualitative data, the researcher used thematic summary analysis. According to the findings, citizens rated service delivery poorly, whereas district assembly officials rated service delivery as satisfactory. The research also found that auditing practices had a positive but insignificant effect on service delivery. The study recommends that district assemblies and authorities work hard to integrate and improve innovative communication tools such as websites, Facebook, Twitter, and WhatsApp to supplement the interaction activities of auditors, those who implement audit findings, and other stakeholders. DAs should increase the current capacity of audit staff.  DAs should also work towards strengthening the role of sector audit implementation committees, ensure strict enforcement of audit reports, and enforce sanctions of officers culpable of malpractices.

Oil and gas marketing organisations around the world are faced with the challenge of maintaining a greater market share among competitors in the oil and gas industry. Due to organisational culture rigidity and inadequate adoption of information technology competence in their organisations, most business managers in Nigeria's oil and gas marketing industry find it difficult to consistently achieve increases in performance in terms of market share. As a result, the moderating effect of organisational culture on the link between information technology capacity and performance of oil and gas marketing enterprises in Lagos State, Nigeria, was explored in this study. The survey research design was used in this study. In Lagos State, Nigeria, the target population consisted of 515 oil and gas marketing and retail shops. The method used was entire enumeration. The analysis indicated that there is a significant and positive relationship between information technology capability and market share of oil and gas marketing companies in Lagos State, Nigeria, and that organisational culture significantly moderates the relationship between information technology capability and market share. According to the findings, there is a link between information technology capability and market share. Furthermore, the relationship between information technology competency and market share is moderated by organisational culture.

Objectives: To improve education, the Naturally Optimised Revenue Demand in Communities (NORDIC) model was used. Dropout is a major issue. Dropping out means leaving high school, college or university for practical reasons, necessities, or disillusionment.  It has an impact not just on the student who drops out, but also on the university and society as a whole. Based on the NORDIC model, this paper presented a novel and effective economic instrument for enhanced dropout management.

Methods: The proposed model generated artificial shadow costs that could be put into government accounts to create economic incentives to reduce dropout rates. The ensuing shadow cost, as well as its impact on the PSBR, form a single essential component that represents the success of the education strategy over time by a single digit. The newly introduced model took into account the age of students who have completed a BSc. This case study demonstrated how the NORDIC model, which is a system of student-government cooperation, may be used to improve education in Swedish society.

Results: The findings suggest to a promising methodology for employing economic tools to reduce the dropout rate and lower the qualification age. The NORDIC model has the potential to enhance education systems and qualification ages, notably for BScs.

Conclusions: Governments have access to a tool for monitoring, managing, and evaluating the education sector. End users could include school administrators and legislators looking for a complete tool to rethink education policy. To reduce the qualification age, the NORDIC model should be applied to education difficulties. Further study will focus on designing algorithms for certain student groups.

FinTech can completely transform the way financial services companies create, distribute, and monetize their products and services. This phrase could also be used to the technologies offered by these businesses. Fintech has made the most progress in the payments industry, whereas other industries have made less progress. Fintech has changed the financial environment in numerous ways. In addition to transactions, Fintech can be utilized to acquire financial advice. In the event of difficulty, NBFCs provide online support, allowing customers to contact a lender. Customers have embraced the concept of on-demand financing because of mobile and cloud technology. According to fintech trends, people are increasingly comfortable handling their money and business online, and they are less ready to put their money and business on the line. The chapter is a much-needed summary of the current trends and prospects of “Financial Technology” and its increasing importance. The chapter draws attention to the acceptance of fintech, its users and how it works; with a background showing history, advantages, disadvantages and its regulation. The chapter concludes with an analysis of fintech prospects.

Alumni entrepreneurship is a critical driver of economic growth. This research focuses on identifying factors that enhance entrepreneurial mindsets among Alumni in GCC (Gulf Cooperation Council). More specifically, the role of the government, entrepreneur incubators, entrepreneurial courses given at higher education institutions, and Alumni demographic factors in encouraging Alumni to embrace entrepreneurship must all be examined. This is a primary data-based study in which data was collected from a sample of 500 Alumni from GCC via a self-administered questionnaire and analysed using one-way ANOVA testing. The findings show that alumni entrepreneurs recognise the importance of the government, entrepreneurship courses, entrepreneur incubators, and demographic factors in encouraging them to pursue entrepreneurship. The study also aims to determine the impact of selected entrepreneurship course variables on GCC Alumni behaviours toward entrepreneurship. The government and the entrepreneurial course were shown to be the most influential factors in alumni's decision to pursue entrepreneurship. Despite this, the low aggregate mean indicated that the majority of Alumni do not believe these bodies have performed satisfactorily. Whereas, according to the ANOVA results, age, academic level, and work experience were not significant determinants in motivating Alumni to pursue entrepreneurship. The level of unemployment among Alumni remains high throughout the region.  The study's final conclusion is that the government should play a more contemplative role in inspiring alumni to pursue entrepreneurship. The government should come up with more effective policies with ease in the procedures, laws and regulations for start-ups and existing businesses.

The object of this study is to compare numerical results for a hypothetical numerical model of a cement industry facing demand fluctuations, high versus low, with alternate technologies, high fixed cost versus low fixed costs, using marginal cost pricing versus John M. Clark’s workable competition pricing. The article is a thought experiment in economics that is only carried out in the imagination. The article gives a detailed numerical model of a basic industry, cement manufacturing, with a big number of sellers, cement factories, and large numbers of consumers, the building industry, each working independently and fully aware of supply and demand conditions. Cement plants in the model have linear total cost functions and absolute capacity restrictions. The article compares two alternative technologies: 1) old plants with low fixed costs but high marginal costs, and 2) new plants with high fixed costs but low marginal costs. In opposition to marginal cost competition theory, this study argues in favour of John M. Clark's (1884-1963) practicable competition theory. The study looks at the likely equilibrium circumstances under two different pricing systems: A) short-run marginal cost pricing and B) John M. Clark's practical competition notion. In the off-peak period, workable competition raises prices above marginal costs, but in the peak period, it decreases prices. The study assumes a frequency of 6/7 off periods and 1/7 peak periods. The paper claims that, under the model's assumptions, workable competition pricing increases consumer surplus over time. The study claims, under the assumptions of the model, that the gains in consumer surplus with workable competition pricing in high-demand periods though infrequent (1/7), will outweigh the loses in consumer surplus with workable competition pricing in low demand periods though frequent (6/7).

This is an examination of the evolution of the strategies of large multinational corporations doing business in China. Based on a survey of large firms, we classified the strategic posture of MNC subsidiaries in China into four discrete frames using the TOWS approach (Weirich, 1982). The strategic motives that inspire MNCs to engage in FDI have been a source of discussion for many years among researchers.  The findings of our study, which used the TOWS approach, enabled us to identify a trend in strategic evolution. We discover that the primary investment motivation of MNS in China has shifted from "low labor cost" to " exploiting Chinese market." We report on the motivations, actions, and aspirations of the managers of the largest multinational subsidiaries operating in the country.  The research results show that there is significant variation in the strategic posture exhibited by MNS.  This difference is shown in each of the four frames.  In the S-O quadrant MNS in China adopt a consistent developing strategy based on overall cost leadership. 

Objectives: There is a general effort to gain desired outcomes with as few resources as possible. There is a need for ever more cost-effective organisations, making this study required to improve the policy efficiency and raise the technological standard in various communities within the global market. That facilitates local enterprises’ competing with global corporations when the boundaries are dissolved across national cultures and economies in the pending Global Village. The Naturally Optimised Revenue Demand in Communities (NORDIC) model is employed to improve the flow of physical and intangible utilities through entities of different kinds, such as producing companies and nations. The applied economic instrument also improves the ecological footprint of organisations.

Methods: The basis for the work is the existing Efficient Use of Resources for an Optimal Production Economy (EUROPE) model, which is developed to become more powerful. Constructed shadow costs are added to the bookkeeping systems of organisations to give economic incentives to improve the economy, technology, and environment. The design of the scientific work emphasises a logical-historical disposition.

Results: The NORDIC model gives managers a management tool. The model is applicable to the public sector and commercial activities. The method provides a key indicator to assess and improve actors’ performance. A manual for the practical use of the NORDIC model is presented. The case study demonstrates how to create an economic incentive to reduce costs and increase efficiency in Sweden's health care, education, and social services.

Conclusions: The model shows utility for various entities, such as public sectors, within nations. Citizens of the ever more integrated global market get a better life, and improved health, due to a better economy when the results in this study are implemented. In the future, studies could be conducted to determine how the NORDIC model can be applied to larger units. There is potential to apply the model to the global context.

In the present study, an attempt has been made to evaluate the performance of SEZs in India. The research is based on the secondary data that has been taken for the period of 2006-07 to 2020-21. The results of the study reveal that in India, 268 SEZs are in operation as on 17 February, 2022. SEZs have drawn a big amount of investment and create a large number of job possibilities for the people, hence assisting in the eradication of poverty in India. In summary, the study finds that special economic zones (SEZs) have played an essential role in attracting foreign direct investment and creating jobs in the country. The study also found that Tamil Nadu has the highest number of approved SEZs followed by Maharashtra and Telangana. IT/ITES/Electronic hardware and software sector is on the top having the highest number of SEZs in India.

To recognise international investment law as a component of international law control and management, and then to examine the interactions between foreign investors in host country and the state, and contrast it with the role of state regulation The use of a qualitative case study in the research and collection of primary material to express the role of international investment legislation was explained. The researcher contacted some implement examples from the United Kingdom, the United States, and China. After a thorough review of the literature from the United Kingdom and the United States, a heavy comparison was made. The following are some of the study's findings:  (1) With these explanations of international investment law in mind, we find the limitation of the foreign investment role in providing protection for foreign investors against state regulation after beginning by describing the main procedural and substantive challenges.  (2) no comprehensive or integrated international treaty on the regulation of foreign investment (3) international investment law can be deemed as one of the pioneers for protection the investor after conducting an analysis of the role of investment law to prevent the rights of investor in jurisprudence.(4) With the expansion of international investment and the increase in the number of companies investing abroad in foreign countries, the utilisation of the core concepts of public international law has not been deemed adequate to regulate foreign investment.

This article has discussed that how the digital economy has emerged due to the digital transformation. On one side, the digital transformation has changed the way of living for individuals and on the other hand, digitalization has entirely changed the business processes. The digital economy has significantly impacted every country either developed or underdeveloped. There are three basic components of the digital economy and there are different business models that have become highly prevalent in the time of digital transformation. These include the internet of things, cloud computing as well as e-commerce. The overall economic impacts of these three business models are positive and these models are becoming the reason behind the economic growth at the global level.

The purpose of this research is to develop a theoretical framework for how organisations use isomorphic forces to survive and thrive in the current market. The authors define the relationship between isomorphic pressures from firms, the value of company resources, and sustained competitive advantage in addition to institutional methods [1]. The growing significance of corporate organizations in modern society implies that firms can be the origins of institutional influences. This work examines institutional isomorphism as well as pertinent theories such as the resource-based view, transaction cost theory, and resource dependency theory for this aim. It then makes recommendations based on theoretical considerations and inferences. Firms are supposed to strengthen their resources by using coercive, mimetic, and normative isomorphic pressures. As a result, they are more likely to outperform competitors in current marketplaces. At the conclusion of the study, the implications are discussed. This study adds to the scope of institutionalisation tactics by offering a different perspective. Furthermore, it emphasises the significance of corporate strategy based on corporal isomorphic forces. It is suggested that practitioners regard their company's ability to conform to other stakeholders as an important strategic asset.

China's coastal tourism economy has maintained rapid growth in recent years, however costal tourism-related economic activities have been greatly suffered from the impact of COVID-19 pandemic since earlier 2020. This paper reviews the development of China's coastal tourism economy for the period of 2014 to 2020. According to official data from China’s government, the total production value of China's coastal tourism economy increased from RMB 888.2 billion in 2014 to RMB 1,808.6 billion in 2019, thus contributing to about 20 percent of the gross marine product or 50% of the main marine industry. By the end of 2020, China's coastal tourism industry had achieved an added value of RMB 1,392.4 billion, accounting for about 17 percent of the gross marine product or 47 percent of the main marine industry, a decrease of 416.2 billion yuan or 23.01% year-on-year due to the impact of pandemic. The implications for the sustainability of China's coastal tourism economy are presented.