The descriptions of Research and Development (R&D) activities in the annual reports of listed companies provide crucial insights into a company’s internal governance, external competitiveness, and long-term sustainability strategies. However, R&D disclosures in China’s securities market are largely semi-mandatory, often leading listed companies to adopt either “self-enhancement” or “self-suppression” approaches in their R&D activity descriptions. This inconsistency between actions and disclosures erodes trust among market participants and exacerbates information asymmetry. Based on annual report data from Chinese manufacturing firms, this study assesses the intensity of R&D activity disclosures from both accounting data and textual information using Latent Dirichlet Allocation (LDA) topic modeling and principal component analysis (PCA). Normalized difference metrics are applied to quantify the level of inconsistency between these two dimensions. Empirical findings reveal a prevalent degree of inconsistency in R&D activity descriptions within manufacturing firms’ annual reports. Furthermore, both accounting and textual disclosure intensities have increased over time, with inconsistency levels initially rising and then showing a marked decline. The findings offer a theoretical basis for enhancing and standardizing R&D activity descriptions and disclosures, serving as a resource for government, companies, third-party agencies, and investors.
The determinants influencing marketing performance in small and medium-sized enterprises (SMEs) have garnered increasing scholarly attention due to their critical role in driving economic development. SMEs face multifaceted challenges in optimizing market strategies, necessitating a comprehensive understanding of the factors underpinning marketing success. Through a systematic literature review (SLR) adhering to Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) protocols, this study synthesizes insights from 44 empirical studies published between 2019 and 2023. Key determinants identified include entrepreneurial orientation, marketing capabilities, innovation, and digital strategies. Entrepreneurial orientation and marketing capabilities were found to exhibit a strong correlation with marketing performance, highlighting their importance in shaping SME competitiveness. Furthermore, innovative practices and the strategic use of digital marketing tools were observed to significantly bolster market positioning, enabling SMEs to achieve competitive differentiation. Enhanced marketing performance is shown to contribute to consistent revenue generation, organizational resilience, and financial stability, thereby promoting long-term sustainability in competitive industries. This investigation advances the academic discourse by proposing an integrated conceptual framework to guide future research on SME marketing performance. Additionally, evidence-based recommendations are provided to assist enterprises in leveraging identified determinants to enhance marketing efficacy and achieve sustainable growth.
This study introduces a novel framework that integrates the balanced scorecard (BSC) with Data Envelopment Analysis (DEA) to address the critical challenge of aligning organizational strategy with operational efficiency. The BSC, a widely adopted tool for translating strategic objectives into measurable performance indicators, is utilized to define inputs and outputs in the DEA model. This approach facilitates a comprehensive evaluation of the relative efficiency of decision-making units (DMUs) within organizations, while ensuring that performance assessments are aligned with overarching strategic goals. The integration of these methodologies bridges the gap between qualitative strategic insights and quantitative efficiency assessments, offering a holistic perspective on organizational performance. A case study in the banking sector illustrates the framework’s applicability, demonstrating its effectiveness in identifying inefficiencies, benchmarking high-performing units, and providing actionable recommendations for resource optimization. The results underscore the robustness of the proposed model, highlighting its ability to enhance data-driven decision-making processes and support sustainable organizational growth. The framework’s versatility is further evidenced by its potential for application across diverse sectors, making it a powerful tool for contemporary performance management. The implications of this approach are significant, offering organizations a systematic method for evaluating efficiency while simultaneously ensuring that performance aligns with strategic objectives, thereby fostering long-term organizational success.
This study aims to develop a model of sustainable business performance within small and medium-sized enterprises (SMEs) in the manufacturing sector, with a particular focus on Human Resource Management (HRM) factors, and to compare this model across different sectors, namely manufacturing, trade, and services. The empirical research was conducted in February 2024 across the Visegrad Four (V4) countries—Czech Republic, Slovakia, Poland, and Hungary. Data collection was managed by the European Centre for Economic and Social Research through a Computer-Assisted Web Interviewing (CAWI) method, using a survey questionnaire designed by the research team. Linear regression modeling (LRM) was employed to test the proposed hypotheses. The findings reveal that a participative management style and a high-quality employee appraisal system were identified as significant factors influencing business sustainability within the manufacturing sector. Additionally, career growth planning, employee satisfaction, and low turnover rates were found to have positive effects on sustainability. When comparing the models across the sectors, the research highlighted significant sectoral differences. In the trade sector, all HRM factors were found to be influential, whereas, in the manufacturing sector, only the factors related to participative management style (x1), employee appraisal quality (x2), and career growth planning (x4) showed significant effects. The least significant impact of HRM factors on business sustainability was observed in the services sector, where only two factors (x2 and x4) were significant. Notably, differences were observed in the significance of certain factors across the sectors: while factor x2 (employee appraisal quality) was crucial in the manufacturing sector, it was insignificant in the services sector. Conversely, factor x3 (employee satisfaction) showed no significant effect in the manufacturing sector but was significant in the trade sector. These findings underscore the importance of adapting HRM practices to the specific characteristics of each sector in order to enhance sustainability. The study highlights the necessity for tailored HRM strategies that align with the sector-specific dynamics of SMEs to promote long-term business sustainability.
The digitalization of manufacturing processes in Small and Medium-Sized Enterprises (SMEs) is increasingly recognized as a pivotal factor for business growth, market expansion, innovation, and improved investment efficiency. Despite the European Union’s overarching goal of fostering digital transformation across all sectors by 2030, significant regional disparities persist, particularly within Southeast Europe (SEE). Although substantial research has been conducted on the digitalization of businesses within the EU, limited attention has been paid to the specific dynamics of Southeast European countries, especially those aspiring to join the Union. This study aims to fill this gap by analyzing the degree of digitalization and the adoption of Information and Communication Technologies (ICT) in SMEs across Southeast Europe. The Evaluation Based on Distance from the Average Solution (EDAS) method, enhanced by the Entropy weighting technique, was employed to assess the relative position of these countries in relation to the EU digitalization benchmark. Data obtained from the Eurostat database were utilized to evaluate ICT integration in SMEs with 10 to 249 employees. The results highlight a significant divide between EU member states and the candidate countries, with several SEE nations lagging behind the EU average in terms of digital maturity. Notably, discrepancies were identified not only between EU members and non-members but also within the SEE region itself, with clear divisions emerging between countries that have already joined the EU and those in the accession process. These findings underscore the urgent need for accelerated digital transformation and infrastructure development in countries where ICT adoption remains limited. The study emphasizes the importance of targeted policy interventions to foster digital integration and competitiveness among SMEs in Southeast Europe, thus contributing to the broader objectives of the EU’s digital agenda.
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