Virtual Economics

The Role of the Pareto Principle in Quality Management within Industry 4.0: A Comprehensive Bibliometric Analysis

Aleksy Kwilinski — 2024-09-30

Quality is a fundamental aspect of the management of almost every area of a company, directly influencing the efficiency of its processes. The increased importance of quality, as well as advances in industrialisation methods and computerisation, has stimulated the development of a new generation of technologies, leading to the fourth industrial revolution known as Industry 4.0. In addition to new technologies, the Pareto principle plays an important role in quality management, enabling the identification of the key factors that influence quality, emphasising that 20% of causes are responsible for 80% of quality problems. Its importance has been highlighted by the American Society for Quality (ASQ), which recognises the Pareto principle as one of the seven basic tools used in the area of process improvement. The purpose of this study is to identify the impact of the Pareto principle on quality management on the basis of a bibliometric analysis carried out to characterise the evolutionary aspects of the development of key terms specific to the area under consideration. The analysis focuses on a sample of 8002 items, and the data collected come from the extensive Scopus database of scientific articles, covering the years 1990-2024. VOSviewer software was used as a tool. On the basis of the empirical data, the exponential growth of the number of publications was confirmed in terms of the relationship between the Pareto principle and quality management. On the basis of the resulting visualisation maps, five areas (clusters) were identified and characterised in terms of keyword coincidence, and their evolutionary natures were described. This publication can serve as a basis for further considerations in the impact layer of the Pareto principle in terms of quality management.

Exploring Competitive Intelligence Effectiveness on SMEs Performance: The Meditating Influence of Entrepreneurial Orientation

Banji Rildwan Olaleye — 2024-09-30

The small and medium-sized enterprise (SME) sector is the backbone of the economies of most large countries, driving employment and economic growth. Competitive intelligence (CI) is a major concern for academics and practitioners, as it affects company strategy. In the current uncertain global climate, CI is crucial, as it fosters the development of new ideas and innovations. Given that more established companies typically hold this association, the overarching goal of this study was to explore how smaller companies' entrepreneurial drive interacts with their use of CI to boost performance, thereby adding to the existing body of knowledge. We obtained information from 504 small business owners or managers, and tested the suggested heuristic model via descriptive statistics and partial least squares structural equation modelling (PLS-SEM). The results indicated that entrepreneurial orientation (EO) plays a significant role in mediating the impact of CI on SMEs' performance. We confirmed that CI has a direct effect on SMEs' performance, as does the nexus between CI and EO. However, EO mediates this connection. On the basis of the results of this research, SME managers should maintain a thriving entrepreneurial mindset while developing novel strategic approaches to increase innovation and productivity. Furthermore, we provide valuable recommendations for future research, and we urge policymakers to launch entrepreneurship programmes to help SMEs develop an entrepreneurial drive and a conceptual model that positions EO as a strong indicator of CI and SME performance.

Trends in Current Interfaces between Fintech, Sustainable Development and Methods: A Scientific Review

Gintare Pauliukeviciene — 2024-09-30

This study aims to conduct a scientific review of the interfaces among fintech, sustainable development, and methods. It will also evaluate the trends of this interface in recent years to discover the most suitable methods for further research on the sustainable development of the fintech industry. A descriptive and evaluative analysis of the recent scientific literature in the Scopus and Web of Science (WoS) databases is carried out for this purpose via the keywords "FinTech," "Sustainable development," and "Method." The results of the scientific review indicate several main findings: (1) the first traces of the selected keywords interface began to appear in 2017-2018, which gained momentum in 2019-2021, and a growth spurt is visible in 2021-2024; (2) the top 20 countries with the most articles for the selected keywords interface in Scopus and WoS cover 5 continents out of 7, which demonstrates the relevance of the selected keywords interface in today's context on a global scale; (2) Asian countries are the most interested in research on the interface of selected keywords with China at the forefront; (3) EU countries are currently not very interested in research on the interface of selected keywords; (4) Ukraine pays special attention to the research of selected keywords, as it is second only to China in terms of productivity, and second only to the UK in scientific journals; and (5) an evaluative analysis of Scopus data has shown that the method of moments quantile regression (MMQR) is the most suitable for research on the interface between fintech and sustainable development. The results of this study refine the most appropriate methods for studying the sustainable development of the fintech industry, which, to date, has not been refined and clearly named. The results of the study can be used by parties interested in this topic as a guideline or basis for further research.

Anti-Money Laundering in the Digital Economy: Institutional, Financial, and Educational Channels

Anton Boyko — 2024-09-30

This paper aims to address the practical challenge of enhancing the effectiveness of anti-money laundering systems within the context of the digital economy. Specifically, it examines how institutional, financial, and educational channels can be optimised to combat illicit financial activities. This research responds to the growing need for a comprehensive anti-money laundering framework that can adapt to the evolving dynamics of the digital economy, where financial crimes are becoming increasingly sophisticated. A methodological framework is proposed to assess and forecast the effectiveness of these channels, employing the principal component method and Saaty hierarchy analysis. The study incorporates both linear and nonlinear regression models to provide medium-term forecasts for the channels' characteristics and their contribution to anti-money laundering effectiveness. An integral indicator is developed to quantify the impact of these channels in combating illicit financial activities. Historical data are utilised to project trends up to 2025, revealing the expected influence of institutional, financial (investment), and educational channels on the anti-money laundering system. The results indicate that, without targeted interventions, the effectiveness of institutional and financial channels gradually decreases, whereas the educational channel maintains a positive trajectory. This analysis underscores the importance of strengthening institutional frameworks and financial oversight to ensure the sustainability of anti-money laundering measures in the digital economy.

The Impact of Socio-Economic Factors on Digital Skills in the Population of the EU 27 Countries

Viera Labudova — 2024-09-30

This research investigates digital skills across the 27 EU countries, examining how incentive and disincentive factors shape these competencies, particularly under varying socio-economic conditions. Using a quantitative methodology, the study applies cluster analysis and linear ordering methods to classify countries by digital skills indicators, utilising data from the Eurostat Digital Economy and Society database. Key analytical methods—including Hellwig’s method, order counting, and the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS)—are employed to pinpoint crucial factors that stimulate digital competencies, such as investment in research, training programmes, and innovation. Findings indicate that countries within clusters featuring higher values in these stimulative factors tend to adopt a proactive approach to digital development. These clusters frequently correlate with substantial investments in skills training and comprehensive educational policies. Conversely, clusters characterised by high disincentive variables, such as limited funding and socio-economic disparities, show slower progress in digital skills development, highlighting barriers in educational and social inclusion systems. The results reveal marked spatial disparities across the EU. Leading countries typically have robust education systems promoting lifelong learning and inclusivity, while lagging countries face structural challenges, including centralised education systems and urban-rural divides. This disparity underscores the need for sustained investment in education, training, and policy support to enhance workforce digital skills. The study highlights that digital competencies are closely intertwined with each country's educational and socio-economic frameworks, recommending targeted interventions to foster lifelong digital literacy and reduce skills gaps. As the digital landscape continues to evolve, interdisciplinary research is essential for addressing both quantitative and qualitative aspects of digital skill development. Future studies should aim to bridge the digital divide through comprehensive strategies for upskilling populations, ensuring inclusive digital integration across all EU countries.