This study investigates how ecosystem reconfiguration serves as the foundation for open innovation (OI) in Indonesia’s travel agency sector. It introduces the Hybrid Smart Travel Assistant–Community-Based Travel Agent (STA–CBTA) model to explain how digital and community-based actors co-evolve within Tourism 4.0.
Design/methodology/approach
A qualitative exploratory case study used document analysis, 20 interviews, and two focus group discussions with key stakeholders (agencies, policymakers, and communities). Thematic analysis and ecosystem mapping traced the reconfiguration of monetary, data, and cultural value flow. A Drivers–Barriers Matrix interprets dynamics through the lenses of OI and dynamic capabilities.
Findings
The results show that Indonesia’s ecosystem is in partial reconfiguration: digital efficiency (STAs) is advanced, but data and cultural flows remain critically weak, leading to limited cross-actor learning and fragmented governance. This structural asymmetry constrains the collective innovation. The Hybrid STA–CBTA model shows OI emerging from localized reconfiguration, linking digital intelligence with community authenticity.
Originality/value
This study offers a new theoretical pathway by grounding OI in ecosystem reconfiguration, contributing to the understanding of emerging tourism markets. The Hybrid STA–CBTA model localizes smart tourism by integrating social and cultural dimensions into digital transformation, thereby advancing the global Tourism 4.0 discourse.
Practical implications
The model provides actionable insights for policymakers to strengthen data interoperability and cultural co-creation, thereby enabling inclusive and sustainable innovation among public, private, and community actors.
{"title":"Reconfiguring Indonesia’s travel ecosystem through the Hybrid STA–CBTA Model: A pathway to inclusive innovation in Tourism 4.0","authors":"Dodie Tricahyono , Risris Rismayani , Yunus Thariq Rizky","doi":"10.1016/j.joitmc.2025.100706","DOIUrl":"10.1016/j.joitmc.2025.100706","url":null,"abstract":"<div><h3>Purpose</h3><div>This study investigates how ecosystem reconfiguration serves as the foundation for open innovation (OI) in Indonesia’s travel agency sector. It introduces the Hybrid Smart Travel Assistant–Community-Based Travel Agent (STA–CBTA) model to explain how digital and community-based actors co-evolve within Tourism 4.0.</div></div><div><h3>Design/methodology/approach</h3><div>A qualitative exploratory case study used document analysis, 20 interviews, and two focus group discussions with key stakeholders (agencies, policymakers, and communities). Thematic analysis and ecosystem mapping traced the reconfiguration of monetary, data, and cultural value flow. A Drivers–Barriers Matrix interprets dynamics through the lenses of OI and dynamic capabilities.</div></div><div><h3>Findings</h3><div>The results show that Indonesia’s ecosystem is in partial reconfiguration: digital efficiency (STAs) is advanced, but data and cultural flows remain critically weak, leading to limited cross-actor learning and fragmented governance. This structural asymmetry constrains the collective innovation. The Hybrid STA–CBTA model shows OI emerging from localized reconfiguration, linking digital intelligence with community authenticity.</div></div><div><h3>Originality/value</h3><div>This study offers a new theoretical pathway by grounding OI in ecosystem reconfiguration, contributing to the understanding of emerging tourism markets. The Hybrid STA–CBTA model localizes smart tourism by integrating social and cultural dimensions into digital transformation, thereby advancing the global Tourism 4.0 discourse.</div></div><div><h3>Practical implications</h3><div>The model provides actionable insights for policymakers to strengthen data interoperability and cultural co-creation, thereby enabling inclusive and sustainable innovation among public, private, and community actors.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100706"},"PeriodicalIF":0.0,"publicationDate":"2026-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145939008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-31DOI: 10.1016/j.joitmc.2025.100702
José Hernandez - Ascanio, Jaime Aja - Valle, Miguel Jesús Medina Viruel, Mercedes Alonso - García
This study aimed to validate a multidimensional scale designed to measure the capacity for social innovation in social organisations, understood as the set of organisational competencies that enable the generation and sustainability of innovative processes oriented toward social value creation. A quantitative, non-experimental and cross-sectional design was applied to a sample of 668 Spanish third-sector organisations. The instrument, based on the theoretical framework of the Social Innovation Capabilities Model, was validated through expert judgement, exploratory and confirmatory factor analyses, and predictive models using logistic regression and neural networks. The results confirmed a five-factor structure—social orientation, social capillarity, participatory governance, adaptability, and innovation management—with high internal consistency and excellent model fit indices (α = 0.95; CFI = 0.97; RMSEA = 0.065). The logistic and neural analyses demonstrated the predictive validity of the construct, highlighting participatory governance and adaptability as the most influential dimensions in generating social innovation. These findings substantiate the robustness of the scale and the coherence between theoretical and empirical evidence. The validated instrument represents a relevant methodological contribution to the empirical study of social innovation and provides a practical tool for diagnosing, comparing, and enhancing innovative capacity within social organisations. The study advances understanding of how collaborative, adaptive, and participatory organisational dynamics drive innovation in the third sector, reinforcing the link between social innovation and open innovation paradigms and offering valuable insights for research, public policy, and institutional development.
{"title":"Validating a scale to measure social innovation capacity in social organizations: An empirical contribution to open innovation research","authors":"José Hernandez - Ascanio, Jaime Aja - Valle, Miguel Jesús Medina Viruel, Mercedes Alonso - García","doi":"10.1016/j.joitmc.2025.100702","DOIUrl":"10.1016/j.joitmc.2025.100702","url":null,"abstract":"<div><div>This study aimed to validate a multidimensional scale designed to measure the capacity for social innovation in social organisations, understood as the set of organisational competencies that enable the generation and sustainability of innovative processes oriented toward social value creation. A quantitative, non-experimental and cross-sectional design was applied to a sample of 668 Spanish third-sector organisations. The instrument, based on the theoretical framework of the Social Innovation Capabilities Model, was validated through expert judgement, exploratory and confirmatory factor analyses, and predictive models using logistic regression and neural networks. The results confirmed a five-factor structure—social orientation, social capillarity, participatory governance, adaptability, and innovation management—with high internal consistency and excellent model fit indices (α = 0.95; CFI = 0.97; RMSEA = 0.065). The logistic and neural analyses demonstrated the predictive validity of the construct, highlighting participatory governance and adaptability as the most influential dimensions in generating social innovation. These findings substantiate the robustness of the scale and the coherence between theoretical and empirical evidence. The validated instrument represents a relevant methodological contribution to the empirical study of social innovation and provides a practical tool for diagnosing, comparing, and enhancing innovative capacity within social organisations. The study advances understanding of how collaborative, adaptive, and participatory organisational dynamics drive innovation in the third sector, reinforcing the link between social innovation and open innovation paradigms and offering valuable insights for research, public policy, and institutional development.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100702"},"PeriodicalIF":0.0,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145938923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-30DOI: 10.1016/j.joitmc.2025.100713
Germán Antonio Arboleda-Muñoz , Nuria Chaparro-Banegas , Norat Roig-Tierno
Solving the main global challenges in terms of sustainability is essential for all territories. Questions have recently emerged over the role of innovation systems in the transition toward a more sustainable economy. However, studies that attempt to address these questions have primarily been conducted in developed countries. Meanwhile, developing countries often have weak innovation systems and low performance in knowledge and technology production. In these countries, there are also persistent challenges such as social inequality and poverty, which constrain sustainable development achievement. This study provides an overview of the scientific literature on the role of innovation systems for sustainable development in developing countries. The methodology combines the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) reporting guidelines with bibliometric analysis. An analysis was performed on the distribution of publications over time, key publications, most important countries, main sources, co-citation analysis, and thematic mapping. The results reveal that research interest in this topic of study is growing. The countries that form the focus of research on innovation systems within the framework of sustainable development are mostly high-income countries, primarily in Europe. China is the leading developing country where this type of analysis has been conducted. Technological innovation systems (TISs) represent one of the main frameworks used in these studies. This study contributes to bridging the gap in understanding innovation systems in developing countries for sustainable development, as a guide for moving toward more sustainable economies and the achievement of the Sustainable Development Goals (SDGs).
{"title":"Bridging the gap: Innovation systems and sustainable development in developing countries","authors":"Germán Antonio Arboleda-Muñoz , Nuria Chaparro-Banegas , Norat Roig-Tierno","doi":"10.1016/j.joitmc.2025.100713","DOIUrl":"10.1016/j.joitmc.2025.100713","url":null,"abstract":"<div><div>Solving the main global challenges in terms of sustainability is essential for all territories. Questions have recently emerged over the role of innovation systems in the transition toward a more sustainable economy. However, studies that attempt to address these questions have primarily been conducted in developed countries. Meanwhile, developing countries often have weak innovation systems and low performance in knowledge and technology production. In these countries, there are also persistent challenges such as social inequality and poverty, which constrain sustainable development achievement. This study provides an overview of the scientific literature on the role of innovation systems for sustainable development in developing countries. The methodology combines the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) reporting guidelines with bibliometric analysis. An analysis was performed on the distribution of publications over time, key publications, most important countries, main sources, co-citation analysis, and thematic mapping. The results reveal that research interest in this topic of study is growing. The countries that form the focus of research on innovation systems within the framework of sustainable development are mostly high-income countries, primarily in Europe. China is the leading developing country where this type of analysis has been conducted. Technological innovation systems (TISs) represent one of the main frameworks used in these studies. This study contributes to bridging the gap in understanding innovation systems in developing countries for sustainable development, as a guide for moving toward more sustainable economies and the achievement of the Sustainable Development Goals (SDGs).</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100713"},"PeriodicalIF":0.0,"publicationDate":"2025-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145938924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Digital transformation implies the infusion of digital technologies into all processes at non-banking financial companies (NBFCs) to make operations effective and to improve customer experience. In this context, advanced technologies in artificial intelligence (AI), machine learning (ML), analytics with big data, blockchain, cloud computing, and Robotic process automation (RPA) are implemented to streamline processes and functions, enabling the delivery of personalised services. This study examines the technological revolution in NBFCs through a systematic literature review (SLR). Five hundred twenty-two articles are finalised based on various keyword combinations and inclusion/exclusion criteria. The study's findings are based on the year of publication, journals, country of research, and most cited papers. Seven themes are also identified in the research domain. For future research agendas, context, intervention, mechanisms, and outcomes (CIMO) will be used to propose future research propositions. Six future research propositions are proposed to help the NBFCs shape the adoption and implementation of digital transformation in NBFCs.
{"title":"From technological revolution to digital transformation in non-banking financial companies: A future research direction","authors":"Vaivaw Kumar Singh , Zakir Hossen Shaikh , Kunal Sinha , Rashmi Ranjan Panigrahi , Subhodeep Mukherjee , Venu Gopala Rao Chowdary","doi":"10.1016/j.joitmc.2025.100712","DOIUrl":"10.1016/j.joitmc.2025.100712","url":null,"abstract":"<div><div>Digital transformation implies the infusion of digital technologies into all processes at non-banking financial companies (NBFCs) to make operations effective and to improve customer experience. In this context, advanced technologies in artificial intelligence (AI), machine learning (ML), analytics with big data, blockchain, cloud computing, and Robotic process automation (RPA) are implemented to streamline processes and functions, enabling the delivery of personalised services. This study examines the technological revolution in NBFCs through a systematic literature review (SLR). Five hundred twenty-two articles are finalised based on various keyword combinations and inclusion/exclusion criteria. The study's findings are based on the year of publication, journals, country of research, and most cited papers. Seven themes are also identified in the research domain. For future research agendas, context, intervention, mechanisms, and outcomes (CIMO) will be used to propose future research propositions. Six future research propositions are proposed to help the NBFCs shape the adoption and implementation of digital transformation in NBFCs.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100712"},"PeriodicalIF":0.0,"publicationDate":"2025-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145939007","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-26DOI: 10.1016/j.joitmc.2025.100710
Carlos Luengo Vera , Alnoor Bhimani , José Andrés Gómez Gandía , Antonio de Lucas
This study investigates how generative artificial intelligence (GenAI) is transforming the architecture of the workplace and reconfiguring managerial agency in contemporary organisations. While prior research has explored task automation and human–machine collaboration, scholarship has under-examined to the broader structural and epistemic implications of GenAI on authority, coordination, and organisational decision-making. To address this gap, a bibliometric and conceptual analysis was conducted on a corpus of 212 Scopus-indexed publications (2018–2025). Using VOSviewer and Bibliometrix, the study maps performance trends, thematic structures, and the conceptual evolution of the field. The findings reveal a dynamic knowledge domain where technical constructs such as large language models and generative adversarial networks intersect with behavioural and managerial concepts including autonomy, coordination, and decision-making. Thematic mapping and co-word analysis uncover six coherent conceptual clusters, while a Sankey diagram of thematic evolution illustrates the convergence of lexical frameworks and the pivotal role of a small group of authors in structuring the discourse. The article advances a conceptual framework of the algorithmic workplace, characterised by hybrid agency, decentralised decision-making, and the erosion of rigid managerial boundaries. It suggests a transition from command-and-control models to guide-and-collaborate paradigms, with GenAI acting as a socio-technical intermediary in decision-support processes. By offering a systematic and theory-informed mapping of the field, the study contributes to emerging scholarship on AI-enabled organisational transformation and outlines future trajectories for research at the intersection of technology, management, and decision systems.
{"title":"Generative AI and the algorithmic workplace: A bibliometric and conceptual analysis of its impact on organisational decision-making and work design","authors":"Carlos Luengo Vera , Alnoor Bhimani , José Andrés Gómez Gandía , Antonio de Lucas","doi":"10.1016/j.joitmc.2025.100710","DOIUrl":"10.1016/j.joitmc.2025.100710","url":null,"abstract":"<div><div>This study investigates how generative artificial intelligence (GenAI) is transforming the architecture of the workplace and reconfiguring managerial agency in contemporary organisations. While prior research has explored task automation and human–machine collaboration, scholarship has under-examined to the broader structural and epistemic implications of GenAI on authority, coordination, and organisational decision-making. To address this gap, a bibliometric and conceptual analysis was conducted on a corpus of 212 Scopus-indexed publications (2018–2025). Using VOSviewer and Bibliometrix, the study maps performance trends, thematic structures, and the conceptual evolution of the field. The findings reveal a dynamic knowledge domain where technical constructs such as large language models and generative adversarial networks intersect with behavioural and managerial concepts including autonomy, coordination, and decision-making. Thematic mapping and co-word analysis uncover six coherent conceptual clusters, while a Sankey diagram of thematic evolution illustrates the convergence of lexical frameworks and the pivotal role of a small group of authors in structuring the discourse. The article advances a conceptual framework of the algorithmic workplace, characterised by hybrid agency, decentralised decision-making, and the erosion of rigid managerial boundaries. It suggests a transition from command-and-control models to guide-and-collaborate paradigms, with GenAI acting as a socio-technical intermediary in decision-support processes. By offering a systematic and theory-informed mapping of the field, the study contributes to emerging scholarship on AI-enabled organisational transformation and outlines future trajectories for research at the intersection of technology, management, and decision systems.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100710"},"PeriodicalIF":0.0,"publicationDate":"2025-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145880588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Indonesia has considerable potential for zakat compared to other countries. However, its governance structure is insufficient, particularly in the recognition and professionalization of Amil (zakat managers). The Amil profession is considered inadequately recognized by law and insufficiently protected, primarily due to the absence of a comprehensive regulatory framework that undermines the overall effectiveness of zakat institutions. Therefore, this study aims to improve zakat governance in Indonesia by implementing and institutionalizing Good Amil Governance (GAG). It analyses 12 essential dimensions of GAG, pinpointing significant structural challenges and strategic priorities using the Decision Making Trial and Evaluation Laboratory (DEMATEL) and the Analytic Network Process (ANP). Through focus group discussions and comprehensive interviews, this study identified six dimensions as causes and six dimensions as effects within the GAG framework. The fundamental structural challenges include the absence of a comprehensive governmental policy on human resource management, inadequate professional competence among Amil, and insufficient certification systems. The strategic priorities emphasize the formulation of comprehensive HR governance policies, the implementation of targeted HR management systems, and the augmentation of capacity-building initiatives for Amil. Moreover, this study introduces an innovative structural policy model by combining DEMATEL-ANP to connect institutional governance with Amil welfare, a subject rarely explored in previous zakat literature. This study provides important recommendations for the government to ensure clear career paths and welfare schemes for Amil through various policies and regulations, as well as to enhance the role of Zakat Institutions in the national economy. This is because zakat institution regulations are still uneven across regions, requiring coordinated regulatory reform. Moreover, current zakat regulations only stipulate the percentage that may be treated as Amil costs, but do not broadly outline the career path for Amil in Indonesia. The results highlight the imperative for standardized governance innovations to improve the professionalism and sustainability of the zakat ecosystem. Future research should examine cross-national policy adaptations and institutional differences to improve and broaden the GAG model.
{"title":"Innovating zakat governance through good Amil governance (GAG): A structural policy model using DEMATEL-ANP in Indonesia","authors":"Tika Widiastuti , Anidah Robani , Imron Mawardi , Sunan Fanani , Shahir Akram Hassan , Muhammad Ubaidillah Al-Mustofa , Nikmatul Atiya , Syanisma Khansa Indirwan , Eka Puspa Dewi , Fitriah Dwi Susilowati","doi":"10.1016/j.joitmc.2025.100711","DOIUrl":"10.1016/j.joitmc.2025.100711","url":null,"abstract":"<div><div>Indonesia has considerable potential for zakat compared to other countries. However, its governance structure is insufficient, particularly in the recognition and professionalization of Amil (zakat managers). The Amil profession is considered inadequately recognized by law and insufficiently protected, primarily due to the absence of a comprehensive regulatory framework that undermines the overall effectiveness of zakat institutions. Therefore, this study aims to improve zakat governance in Indonesia by implementing and institutionalizing Good Amil Governance (GAG). It analyses 12 essential dimensions of GAG, pinpointing significant structural challenges and strategic priorities using the Decision Making Trial and Evaluation Laboratory (DEMATEL) and the Analytic Network Process (ANP). Through focus group discussions and comprehensive interviews, this study identified six dimensions as causes and six dimensions as effects within the GAG framework. The fundamental structural challenges include the absence of a comprehensive governmental policy on human resource management, inadequate professional competence among Amil, and insufficient certification systems. The strategic priorities emphasize the formulation of comprehensive HR governance policies, the implementation of targeted HR management systems, and the augmentation of capacity-building initiatives for Amil. Moreover, this study introduces an innovative structural policy model by combining DEMATEL-ANP to connect institutional governance with Amil welfare, a subject rarely explored in previous zakat literature. This study provides important recommendations for the government to ensure clear career paths and welfare schemes for Amil through various policies and regulations, as well as to enhance the role of Zakat Institutions in the national economy. This is because zakat institution regulations are still uneven across regions, requiring coordinated regulatory reform. Moreover, current zakat regulations only stipulate the percentage that may be treated as Amil costs, but do not broadly outline the career path for Amil in Indonesia. The results highlight the imperative for standardized governance innovations to improve the professionalism and sustainability of the zakat ecosystem. Future research should examine cross-national policy adaptations and institutional differences to improve and broaden the GAG model.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100711"},"PeriodicalIF":0.0,"publicationDate":"2025-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145939005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-25DOI: 10.1016/j.joitmc.2025.100707
Anna Dunay , László Pataki , Csaba Bálint Illés , Mónika Hoschek , Judit Vitéz-Durgula
The living standards of the population in Visegrad Countries (V4) have long been below the EU and OECD averages, and the increase of negative impacts and crisis phenomena may be detected in their health systems, too. Our study examines the similarities and differences of the SMEs of healthcare sector in Visegrad Countries and their characteristics and common hallmarks of the overburdened healthcare system in which they are integrated. The aim of our research is to explore the similarities the financial indicators (liquidity, profitability, indebtedness, and efficiency) of SMEs in the healthcare sector of the four Visegrad Countries and to identify the possible clusters with similar financial typology. The research covers two crisis periods – from the 2008 financial and capital market crisis to the 2020 Covid-19 health crisis – and analyses the relationship and patterns in the financial performance of healthcare SMEs using correlation and cluster analysis. Based on our primary research results we found that the financial typology of SMEs in the healthcare sector in the Visegrad Countries shows similar characteristics in terms of liquidity – profitability – indebtedness – efficiency. Financial indicators of indebtedness and efficiency were significantly similar for all four countries. In addition, three relatively homogeneous groups could be formed according to the typical financial characteristics of each country.
{"title":"From crisis to crisis: Assessment of financial performance of SMEs in the healthcare sector in Visegrad Countries","authors":"Anna Dunay , László Pataki , Csaba Bálint Illés , Mónika Hoschek , Judit Vitéz-Durgula","doi":"10.1016/j.joitmc.2025.100707","DOIUrl":"10.1016/j.joitmc.2025.100707","url":null,"abstract":"<div><div>The living standards of the population in Visegrad Countries (V4) have long been below the EU and OECD averages, and the increase of negative impacts and crisis phenomena may be detected in their health systems, too. Our study examines the similarities and differences of the SMEs of healthcare sector in Visegrad Countries and their characteristics and common hallmarks of the overburdened healthcare system in which they are integrated. The aim of our research is to explore the similarities the financial indicators (liquidity, profitability, indebtedness, and efficiency) of SMEs in the healthcare sector of the four Visegrad Countries and to identify the possible clusters with similar financial typology. The research covers two crisis periods – from the 2008 financial and capital market crisis to the 2020 Covid-19 health crisis – and analyses the relationship and patterns in the financial performance of healthcare SMEs using correlation and cluster analysis. Based on our primary research results we found that the financial typology of SMEs in the healthcare sector in the Visegrad Countries shows similar characteristics in terms of liquidity – profitability – indebtedness – efficiency. Financial indicators of indebtedness and efficiency were significantly similar for all four countries. In addition, three relatively homogeneous groups could be formed according to the typical financial characteristics of each country.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100707"},"PeriodicalIF":0.0,"publicationDate":"2025-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145880589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-23DOI: 10.1016/j.joitmc.2025.100708
Mohammad Rakib Uddin Bhuiyan , Anupam Dutta , Ali Ahmed , Gazi Salah Uddin
Water investments play an increasingly important role in sustainable finance, yet their response to climate policy uncertainty (CPU) under different market conditions remains poorly understood. This study examines the regime-dependent influence of CPU on water equity performance using monthly data for the First Trust Water ETF (FIW) and the Invesco Global Water ETF (PIO) from 2007 to 2024. A Markov regime-switching VAR framework is employed to capture nonlinear dynamics that conventional linear models may overlook. The results reveal two distinct volatility regimes with contrasting CPU effects. In low-volatility periods, CPU is associated with higher returns, indicating that climate-policy developments can signal investment opportunities when markets are stable. During high-volatility periods, CPU exerts a negative influence, consistent with rising discount rates applied to long-term water-infrastructure cash flows. Regime persistence differs across ETFs: FIW exhibits frequent, short-lived transitions, whereas PIO displays more persistent states. A complementary DCC-GARCH analysis shows that crude oil provides a relatively cost-effective hedge for water portfolios, while technology ETFs offer substantially weaker hedging performance. Overall, the findings highlight the importance of regime-sensitive portfolio strategies for investors and emphasize that policymakers should consider prevailing market conditions when communicating climate initiatives. The study demonstrates that nonlinear models are essential for uncovering climate-finance linkages that linear approaches fail to detect.
水资源投资在可持续金融中发挥着越来越重要的作用，但人们对其在不同市场条件下对气候政策不确定性（CPU）的反应知之甚少。本研究利用2007年至2024年First Trust water ETF （FIW）和景顺全球水ETF （PIO）的月度数据，考察了CPU对水股权绩效的制度依赖影响。采用马尔可夫状态切换VAR框架捕捉传统线性模型可能忽略的非线性动力学。结果揭示了两种不同的波动机制与对比的CPU效应。在低波动性时期，CPU与较高的回报相关，这表明气候政策的发展可以在市场稳定时发出投资机会的信号。在高波动性时期，中央集权率会产生负面影响，这与长期水基础设施现金流的贴现率不断上升相一致。状态持久性在不同的etf之间是不同的：FIW显示频繁的、短暂的转换，而PIO显示更持久的状态。一项补充性的DCC-GARCH分析表明，原油为水投资组合提供了相对具有成本效益的对冲，而技术etf的对冲表现则弱得多。总体而言，研究结果强调了对制度敏感的投资组合策略对投资者的重要性，并强调政策制定者在沟通气候倡议时应考虑当前的市场状况。该研究表明，非线性模型对于揭示线性方法无法发现的气候融资联系至关重要。
{"title":"Impact of climate risk on clean water investments: Does crude oil act as a hedge?","authors":"Mohammad Rakib Uddin Bhuiyan , Anupam Dutta , Ali Ahmed , Gazi Salah Uddin","doi":"10.1016/j.joitmc.2025.100708","DOIUrl":"10.1016/j.joitmc.2025.100708","url":null,"abstract":"<div><div>Water investments play an increasingly important role in sustainable finance, yet their response to climate policy uncertainty (CPU) under different market conditions remains poorly understood. This study examines the regime-dependent influence of CPU on water equity performance using monthly data for the First Trust Water ETF (FIW) and the Invesco Global Water ETF (PIO) from 2007 to 2024. A Markov regime-switching VAR framework is employed to capture nonlinear dynamics that conventional linear models may overlook. The results reveal two distinct volatility regimes with contrasting CPU effects. In low-volatility periods, CPU is associated with higher returns, indicating that climate-policy developments can signal investment opportunities when markets are stable. During high-volatility periods, CPU exerts a negative influence, consistent with rising discount rates applied to long-term water-infrastructure cash flows. Regime persistence differs across ETFs: FIW exhibits frequent, short-lived transitions, whereas PIO displays more persistent states. A complementary DCC-GARCH analysis shows that crude oil provides a relatively cost-effective hedge for water portfolios, while technology ETFs offer substantially weaker hedging performance. Overall, the findings highlight the importance of regime-sensitive portfolio strategies for investors and emphasize that policymakers should consider prevailing market conditions when communicating climate initiatives. The study demonstrates that nonlinear models are essential for uncovering climate-finance linkages that linear approaches fail to detect.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100708"},"PeriodicalIF":0.0,"publicationDate":"2025-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145837391","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines how technological capabilities drive value creation in technology startups under turbulence. Using market and technological turbulence as proxies and survey data from 404 tech startups in the United Kingdom, Germany, and the Netherlands, the findings reveal that human capital development through expert talent acquisition and continuous technical training is more impactful than traditional R&D investment in fostering value creation. This study also highlights the strategic value of incremental innovation over radical innovation. Furthermore, market turbulence weakens the positive effect of technological capabilities on value creation, whereas technological turbulence has no significant moderating effect. This study advances theory by unpacking which specific technological capabilities matter for value creation and offer insights into how tech startups should prioritize capabilities under turbulence, contributing to the literature on strategic agility and innovation management in turbulent environments.
{"title":"Technological capabilities for value creation in tech startups under turbulence","authors":"Raditya Ardianwiliandri , Sandra Hasanefendic , Bart Bossink","doi":"10.1016/j.joitmc.2025.100704","DOIUrl":"10.1016/j.joitmc.2025.100704","url":null,"abstract":"<div><div>This study examines how technological capabilities drive value creation in technology startups under turbulence. Using market and technological turbulence as proxies and survey data from 404 tech startups in the United Kingdom, Germany, and the Netherlands, the findings reveal that human capital development through expert talent acquisition and continuous technical training is more impactful than traditional R&D investment in fostering value creation. This study also highlights the strategic value of incremental innovation over radical innovation. Furthermore, market turbulence weakens the positive effect of technological capabilities on value creation, whereas technological turbulence has no significant moderating effect. This study advances theory by unpacking which specific technological capabilities matter for value creation and offer insights into how tech startups should prioritize capabilities under turbulence, contributing to the literature on strategic agility and innovation management in turbulent environments.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100704"},"PeriodicalIF":0.0,"publicationDate":"2025-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145797492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines the applicability and effectiveness of the Technological Innovation System (TIS) framework in developing countries, with a specific focus on Malaysia's semiconductor and electronics sector and its Gallium Nitride (GaN) technology development. Despite global recognition of GaN technology's potential, its integration within Malaysia's technological landscape poses challenges emblematic of broader issues faced by developing nations, including disparities in technological capabilities, limited access to resources, and weak commercialization pathways. The primary objective of this research is to explore the knowledge transfer mechanisms within Malaysia's GaN technology ecosystem, analyzing how knowledge is generated, shared, and applied among diverse actors through the lens of open innovation dynamics. Through semi-structured interviews with key stakeholders and document reviews, the study identifies critical enablers and barriers to effective knowledge transfer. Findings highlight the pivotal role of technology transfer, robust knowledge networks, open innovation partnerships, and learning and experimentation in driving GaN technology development and diffusion. The research reveals both significant strengths (strong government commitment, strategic international partnerships, dedicated research infrastructure) and notable weaknesses (limited private sector engagement, heavy dependence on foreign expertise, weak commercialization pathways) within Malaysia's GaN ecosystem. The study contributes to the broader discourse on TIS by offering insights into how developing countries can harness technological innovations to bridge the gap with developed counterparts, while providing a three-stage framework for closing the TIS gap in developing countries. The insights gained from Malaysia's GaN technology ecosystem provide a model for other developing nations seeking to leverage technological innovations for economic and social development.
{"title":"Technological innovation system applicability in developing countries: Insights from Malaysia's gallium nitride technology development","authors":"Hoo Kooi Lim , Seuk Wai Phoong , Ahmad Shuhaimi , Ainin Sulaiman","doi":"10.1016/j.joitmc.2025.100700","DOIUrl":"10.1016/j.joitmc.2025.100700","url":null,"abstract":"<div><div>This study examines the applicability and effectiveness of the Technological Innovation System (TIS) framework in developing countries, with a specific focus on Malaysia's semiconductor and electronics sector and its Gallium Nitride (GaN) technology development. Despite global recognition of GaN technology's potential, its integration within Malaysia's technological landscape poses challenges emblematic of broader issues faced by developing nations, including disparities in technological capabilities, limited access to resources, and weak commercialization pathways. The primary objective of this research is to explore the knowledge transfer mechanisms within Malaysia's GaN technology ecosystem, analyzing how knowledge is generated, shared, and applied among diverse actors through the lens of open innovation dynamics. Through semi-structured interviews with key stakeholders and document reviews, the study identifies critical enablers and barriers to effective knowledge transfer. Findings highlight the pivotal role of technology transfer, robust knowledge networks, open innovation partnerships, and learning and experimentation in driving GaN technology development and diffusion. The research reveals both significant strengths (strong government commitment, strategic international partnerships, dedicated research infrastructure) and notable weaknesses (limited private sector engagement, heavy dependence on foreign expertise, weak commercialization pathways) within Malaysia's GaN ecosystem. The study contributes to the broader discourse on TIS by offering insights into how developing countries can harness technological innovations to bridge the gap with developed counterparts, while providing a three-stage framework for closing the TIS gap in developing countries. The insights gained from Malaysia's GaN technology ecosystem provide a model for other developing nations seeking to leverage technological innovations for economic and social development.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100700"},"PeriodicalIF":0.0,"publicationDate":"2025-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145797475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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