Įkurtas 2001 m. „Transformations in Business and Economics“ yra tarptautinis mokslo žurnalas, publikuojantis originalius mokslinius straipsnius, skirtus svarbiausioms ekonomikos ir vadybos srities problemoms. Nuo 2007 m. indeksuojamas „Scopus“ (Q2), nuo 2005 m. – „Web of Science“ (Q3).
Vilniaus universiteto leidykla / Vilnius University Press
Susipažinkite su autorių teisėmis žurnalo politikoje skiltyje Autorių teisės.
Promoting international scientific networks
Autorių teisės (c) 2026 Authors https://creativecommons.org/licenses/by/4.0
Promoting national and international scientific events
Reviewed book: Dalia STREIMIKIENE (2026), Circular Economy Assessment Indicators and Applications, Routledge, 442 p.
Reviewer: Dr. Ingrida Griesienė, associated professor at Vilnius University
Food security, competitiveness erosion, and the illusion of sustainability: insights from Romania’s pig sector
The pig sector is confronting numerous challenges under the European Union’s (EU) stricter socio-economic and environmental sustainability requirements, which complicate the management of African Swine Fever (ASF) and its market effects. Farmers face increasing difficulty in remaining both environmentally compliant and economically efficient. In this context, some EU countries face declining pig meat production capacity and growing reliance on pig meat imports to satisfy domestic demand. Among EU member states, Romania is among the most affected, as reflected by the size of its pig meat trade deficit, which represents the country’s largest deficit among agri-food products. The objective of this research was to provide market insights capable of serving as a foundation for policy measures designed to improve the performance of the Romanian pig sector. This paper proposes an integrative descriptive framework to jointly examine food security, competitiveness, and environmental impacts in the Romanian pig sector over the 2011–2022 period. Data were drawn from the Romanian National Institute of Statistics, the International Trade Centre, and FAOSTAT. The results indicate that Romania's dependence on pig meat imports is associated with weaker domestic production potential in the context of ASF management, with implications for the sector's structural sustainability. Food security risks therefore emerge, in addition to the food safety concerns arising from the intensification of ASF. By contrast, Romania’s domestic pig-livestock emissions remain low within the EU, but this apparent sustainability gain largely reflects production contraction and import dependence.
Autorių teisės (c) 2026 Nicolae Istudor | Raluca Ignat | Irina-Elena Petrescu | Marius Constantin | Elena-Mădălina Deaconu | Cristian Teodor https://creativecommons.org/licenses/by/4.0
Autorių teisės (c) 2026 https://creativecommons.org/licenses/by/4.0
Promoting National and International Scientific Events (LT)
Promoting National and International Scientific Events & Promoting International Scientific Networks
Characterizing Regional Tourism in Romania through Web-Scraped Data and Multivariate Statistical Analysis
The study investigates the tourism profile of Romania’s counties by using automatically collected data from a major online travel platform. The analysis integrates variables related to the number of accommodation facilities, average prices, overall and category-specific ratings, number of reviews, and available amenities. To identify regional typologies and the determinant factors of tourism quality and development, cluster analysis and Principal Component Analysis (PCA) were applied. The results revealed four distinct clusters corresponding to different levels of development and attractiveness, as well as two principal components: a Tourism Offer Quality Component, reflecting visitors’ satisfaction and perceptions of services, and a Tourism Development Component, associated with the scale and intensity of tourism activity. The study provides an integrated view of regional disparities, highlighting mature tourism destinations, counties with growth potential, and emerging areas, and offers recommendations for differentiated regional development and tourism promotion policies. The innovative contribution of this research lies in the use of alternative, web-scraped data that complement and enrich official statistics and data, offering timely, detailed insights, oriented towards the actual experience of tourists. Based on the findings, the study proposes recommendations for decision-makers, aiming to stimulate growth in emerging regions, improve service quality, and support balanced regional tourism development across Romania. By integrating digital data and multivariate methods, the research makes an original contribution to understanding the competitiveness and performance of regional tourism in Romania.
From Crisis Mode to Choice: Factors Influencing Student Satisfaction with Online Education
This study examines undergraduate students’ satisfaction with online learning compared to traditional teaching at a Romanian economic university. Using survey data from 313 students collected between April 2022 and March 2023, the research analyzes satisfaction levels, perceived challenges, and key predictors influencing the online learning experience. Results indicate generally high satisfaction, frequent use of audio-video platforms, and strong recognition of cost savings, although some students reported technological barriers, workload pressure, and emotional difficulties. Regression analyses reveal a bidirectional relationship between satisfaction and preference for online learning, and underscore the importance of institutional quality, prompt feedback, and acceptance of online learning as the “new normal.” The S.T.A.R. factors– technical competency, additional assignment time, teacher preparedness, and time-management challenges – account for a significant portion of satisfaction variance. The study concludes that effective online learning depends on the alignment of student skills, instructor readiness, and institutional support.
The Impact of the New Complex of Threats on Human and Societal Resilience in The Baltic Sea Region Countries During Periods of Shocks
The contemporary world is increasingly shaped by multiple overlapping threats, including pandemics, socio-economic inequality, geopolitical tensions, climate change, and technological risks. These challenges create new forms of uncertainty that affect both individuals and societies. In this context, strengthening human and societal resilience has become an important condition for sustainable development. This paper examines the impact of this new complex of threats on human and societal resilience in the Baltic Sea Region (BSR) countries during periods of shocks. The aim of the study is to assess how major global threats influence human development and resilience in the BSR countries and to identify possible directions for strengthening resilience. The analysis focuses on ten countries of the region: Denmark, Sweden, Finland, Germany, Estonia, Latvia, Lithuania, Poland, Norway, and Iceland. The research relies on the analytical framework of the United Nations Development Programme and uses indicators such as the Human Development Index (HDI), the Inequality-adjusted Human Development Index (IHDI), and the Planetary Pressures-adjusted Human Development Index (PHDI). The results show that although human development in the BSR countries has generally improved, significant differences remain between country groups. Inequality and planetary pressures reduce the potential of human development and weaken resilience, while countries with higher development levels demonstrate greater capacity to withstand shocks. The findings highlight the importance of reducing inequality, strengthening human potential, and integrating social, economic, and environmental policies in order to build more resilient societies in the Baltic Sea Region.
A Hybrid MCDM Framework for Overcoming Barriers in the Covid-19 Vaccine Supply Chain
The COVID-19 pandemic has posed unprecedented challenges globally, with the vac-cine supply chain (VSC) serving as a critical lifeline to mitigate the spread of the virus. This paper addresses the significant barriers to the COVID-19 VSC, identifies strategies for overcoming these barriers, and proposes a hybrid multi-criteria decision-making (MCDM) approach for prioritising these strategies. Using the Best-Worst Method (BWM) to determine the weights of barriers and the Weighted Aggregate Sum Product Assessment (WASPAS) method to rank strategies, this study reveals that the most significant barriers include challenges in monitoring and controlling vaccine temperature, maintaining cold chain logistics, and dealing with costs and suboptimal immunisation budgets. The findings suggest that fostering collab-oration, cooperation, and coordination across organisations is the most effective strategy for overcoming the mentioned barriers. This research provides actionable insights for policymakers, healthcare systems, and vac-cine distributors to enhance the efficiency and resilience of the COVID-19 VSC, contributing to global vaccination efforts. The study’s implications extend to future pan-demic response planning, offering strategies to build more sustainable and adapt-able vaccine supply chains.
Weighted Aggregated Sum Product Assessment (WASPAS)
Bringing Brands to Life: The Mediating Role of Brand Attachment in the Relationship between Brand Anthropomorphism, Brand Love, and eWOM
Brand anthropomorphism, defined as the act of personifying brands, has gained significant attention from research scholars within the current market. The present research investigates how brand anthropomorphism, a powerful branding strategy, promotes brand attachment, particularly in the confectionery industry. The study employs the theory of attachment and anthropomorphism. Responses from 463 participants were collected via social media, specifically from those who interacted with anthropomorphised brands used in the confectionery industry. PLS-SEM was employed to analyse the relations between variables and examine the mediating role of attachment with the brands. Results confirmed that anthropomorphic brands significantly enhance attachment and help strengthen brand love, thus inspiring consumers towards a positive electronic word-of-mouth (eWOM). The analysis reveals that brand attachment fully mediates the effect of anthropomorphism on brand love and partially mediates its impact on eWOM. The results propose that brand humanisation can be a powerful approach to building emotional connections, driving consumer encouragement, and strengthening brand perceptibility through eWOM. The research provides valuable insights for marketers, highlighting the importance of anthropomorphism in fostering stronger consumer relationships with the brand, leveraging these bonds to establish long-term relationships and promote a positive eWOM.
Rethinking Team Viability: Literature Review and New Conceptualisation
This study focuses on the concept of team viability. Following a literature review on team viability, this study first analyses the historical confusion and inconsistency in how team viability has been defined and measured, as well as compared to similar constructions such as team satisfaction, cohesion, or willingness to stay in the team. The literature synthesis helped categorise the various conditions essential for team viability into six distinct groups: organisational context, team composition, leadership style, team synergy, and teamwork results, which were drawn from both theoretical and recent empirical research. Finally, a new, more precise definition of team viability is formulated to guide future research and the development of a more reliable team viability assessment instrument.
Compensation Structure and Real CSR Reporting Activity: CEO Dollars and Sustainable Sense
We utilize the voluntary Corporate Social Responsibility (CSR) environment in the Unted States (U.S.) to examine executive compensation and impact on real firm activities. Specifically, we consider both debt-like incentives of pension compensation and complex agency frictions arising from mixed executive compensation structures. We explore how the frictions between the short-term incentives of equity compensation and the long-term incentives of debt-type compensation influence real firm activities. Focusing on CEO pension compensation, we examine voluntary U.S. CSR reporting from 2006 to 2020. We find that firms offering higher pension compensation are less likely to initiate CSR reporting, but more likely to engage in ongoing voluntary CSR disclosure post-initiation. Additionally, ongoing CSR reporting is more prevalent when the CEO's pension compensation is higher relative to other forms of compensation, such as cash-based (salary and bonus) and equity-based compensation (stock options). This indicates that CEOs with substantial pension compensation are incentivized to make decisions that preserve long-term firm value, ensuring their pensions are secured. Furthermore, we observe that CEOs are more likely to engage in ongoing CSR reporting in environments where the alignment of compensation structures with firm capital structures minimizes agency risk. This suggests that the alignment of incentive structures with real firm activities is more achievable in contexts where agency friction is minimized. These insights offer valuable implications for understanding agency theory, optimizing compensation incentives, and enhancing CSR reporting and voluntary disclosure practices.
corporate social responsibility reporting
How Enterprise Digital Transformation Reshapes Risk Sharing between Banks and Enterprises: Based on Multiperiod DID Analysis
The digital transformation of enterprises is seen as a key variable in reshaping bank–enterprise relationships and enhancing a financial system’s resilience. However, the literature has rarely provided a systematic explanatory framework or theoretical mechanisms for how and whether it alters the risk-taking behavior between banks and enterprises. Drawing on theories of information asymmetry and financing constraints, using the data from nonfinancial listed companies on China’s A-share market from 2013 to 2021, a multiperiod difference-in-differences model was employed to explore how corporate risk-taking influences bank risk-taking, and the heterogeneous effects were examined based on enterprises’ level of digital transformation, R&D investment, and information transparency. Results reveal that corporate risk-taking has a significant inhibiting effect on bank risk-taking, exhibiting a clear inverse change. Furthermore, the results after incorporating the effects of digital transformation reveal that corporate risk-taking has a significant promoting effect on bank risk-taking, leading to a clear positive change. In particular, corporate risk-taking influences bank risk-taking through the mechanisms of information asymmetry and financing constraints, serving as a mediating effect. The degree of competition between enterprises also plays a significant positive moderating role between corporate and bank risk-taking, thereby enhancing the promoting effect of corporate risk-taking on bank risk-taking. Furthermore, the influence of corporate risk-taking on bank risk-taking is heterogeneous, and enterprises with higher digital transformation levels, more R&D investment, and better information transparency have a more pronounced positive promoting effect. The conclusions provide decision-making support for the coordinated promotion of bank–enterprise risk-sharing through digital transformation.
The Impact of Enterprise Social Media Use on Employee Innovation Behaviour
This study employs the survey questionnaire method to empirically investigate how enterprise social media affects the innovation behaviour of employees in China-based enterprises, examining the roles of team climate and leader-member exchange. Accordingly, the study participants were recruited through the Credamo platform. By applying the social exchange theory, the study findings indicate that leader-member exchange and team climate constitute substantial mechanisms that influence the effects of enterprise social media on employees’ innovation behaviour. The use of enterprise social media facilitates interaction between leaders and subordinates, stimulating employees to foster job commitment and innovative behaviour, and optimising organisational performance. As a result, innovative behaviour is supported through optimised social exchange processes in the workplace. Furthermore, this research also confirms the profound moderating effects of enterprise social media intensity on the relationship between the use of enterprise social media and employee innovation behaviour. Reportedly, leader-member exchange bolsters the effect of employee innovation behaviour by augmenting the intensity of enterprise social media. Thus, this study offers valuable insights into the influence of enterprise social media use on social exchange relationships and employee innovation behaviour.
Optimising Special Voting Rights in Dual-Class Share Structure Companies: A Corporate Governance Perspective from China
China has established a pre-access approval system for companies with dual-class share structures that adopt special voting rights. Due to the overly stringent nature of this approval process, few companies opt for the special voting rights system. This paper examines the application of the special voting rights system and dual-class share structures in Chinese companies, as well as the current status of relevant legal texts. Through normative and comparative analysis, it is found that the strict pre-access regulations for the special voting rights system have led to issues such as the overall design deviating from market innovation goals, information disclosure deficiencies resulting in inefficient information utilisation, and insufficient incentives limiting the role of independent directors. These problems hinder the full mobilisation of continuous innovation enthusiasm in tech-driven enterprises and, in the long term, are detrimental to the modernisation of China’s capital markets. To address these issues, mechanism design theory should be introduced to transform the regulatory model of the special voting rights system, reconstructing it with an incentive-oriented approach while moderately relaxing pre-access controls. By implementing measures such as incentive compatibility, improving information disclosure, optimising the functions of independent directors, and enhancing judicial remedies, a balanced regulatory environment can be created, achieving a dynamic equilibrium between innovation development and the protection of minority shareholders’ interests.
Evaluating Scale Efficiency of Industry Clusters: a DEA Approach
The paper deals with the impact of the existence of clusters on the efficiency of firms in terms of scale. The research subject is seven industries, six of which are manufacturing industries (automotive, engineering, furniture, nanotechnology, packaging and textile industries) and one service industry (IT). Technical and scale efficiencies were investigated in these industries from 2009 to 2021. The analysed firms were divided into two groups. The first group consists of members of the cluster organisation and companies operating in the same region as the cluster organisation. They may, therefore, share to some extent the positive externalities of the cluster organisation. The second group then represents other firms from more distant regions. The results show no positive impact of the existence of clusters on scale efficiency. Only in one industry - textile - a significant difference in the level of scale efficiency was found, but in reverse order. That is, non-clustered textile firms have achieved higher scale efficiency than clustered firms. Three industries (furniture, IT and packaging) are dominated by companies in conditions of increasing returns to scale. In the automotive industry, companies were on average close to optimal scale production around 2018-2019. However, the COVID-19 pandemic and subsequent sales problems in the industry marked a turning point for scale efficiency. In IT services, clustered companies in particular were close to optimal scale. In other industries, companies operating in a situation of declining returns to scale were significantly more prevalent.
Characteristics of Spatial and Temporal Evolution of The Distribution of High-Tech Textile Enterprises in China and Its Influencing Factors
The spatial distribution of high-tech textile firms directly affects the effectiveness of industrial agglomeration, technological diffusion, and competitiveness enhancement. Using provincial panel data (2011–2023), this study adopts centroid migration analysis, Gini coefficient decomposition, and spatial Durbin modeling to systematically explore the spatiotemporal evolution and underlying determinants of China’s high-tech textile firms. Reportedly, there is a pronounced two-stage growth trajectory, characterised by rapid expansion from 2012 to 2017 and a marked slowdown after 2018, including negative growth during and following the COVID-19 pandemic. Further econometric evidence from the spatial Durbin model highlights land prices, industrial scale, market potential, human capital, and technological innovation capacity as key factors exerting significant spatial spillover effects. Conversely, wage levels and regional economic development also affect enterprise location decisions but exhibit comparatively weaker spatial spillovers. This study contributes to the interdisciplinary discourse bridging economic geography and business management by clarifying the multifaceted drivers of industrial spatial distribution. Thus, the findings offer actionable insights and policy guidance for optimising textile industry layouts and regional economic coordination under China’s dual-circulation development framework, with broader implications for emerging economies.
Equity Incentive Mechanism for an Alliance-Based Agricultural Product Logistics Model under Digital-Intelligence Platforms
In China, agricultural logistics systems are still confronted with persistent challenges, including excessive circulation links, high post-harvest losses, and elevated transaction costs. As a result, market mismatches characterized by unsold produce and difficulties in procurement are frequently observed. Increasing attention has therefore been drawn from policymakers, industry practitioners, and academic researchers. Existing studies are primarily focused on infrastructure investment, information system development, and the optimization of individual logistics models. However, systematic investigations into multi-agent collaborative governance and stable incentive mechanisms under digital-intelligence platforms remain scarce. To address this gap, a conceptual framework for an alliance-based hybrid agricultural logistics model was constructed by synthesizing China’s logistics practices with international experience. Within a multi-principal–multi-agent theoretical framework, a supply chain consisting of agricultural suppliers, digital platform enterprises, and third-party logistics providers was examined. An equity incentive mechanism was introduced to analyze participants’ effort levels, payoff structures, and cooperation stability. Simulation results demonstrate that the lead agent’s additional returns increase significantly as the equity share rises, accompanied by enhanced effort provision. The lead principal’s logistics expenditures decrease with higher equity allocation, while the payoffs of subordinate principals and agents remain largely stable. A Pareto-improving outcome is thus generated for all supply chain participants. The findings offer a novel theoretical explanation for the recurring problem of unsold agricultural products and provide valuable managerial insights for the design of logistics structures and incentive mechanisms in digital-intelligence platform environments.
incentive mechanismsincentive mechanisms
Impact of Extra-Eu Exports on Economic Non-European Countries’ Growth: Panel Evidence from 140 Partners
This study examines the impact of extra-EU exports on the GDP of trading partners, with a particular focus on the moderating role of export trade efficiency. Using panel data from 140 partners over 22 years (2000–2021), pooled OLS, random effects, fixed effects, and correlated random effects models are employed to assess both short and long-term impact of extra-EU exports on economic growth. Regression analysis reveals a statistically significant positive correlation between extra-EU exports and the GDP of partner countries, demonstrating a dual transmission mechanism: short-term demand-side stimulation through fluctuations in export volume and long-term supply-side structural impacts through the optimisation of export composition and adjustments to trade policy. Further research indicates that the moderating effects of trade efficiency primarily stem from long-term factors, such as the deepening of free trade agreements, the implementation of trade facilitation measures, and improvements in market openness. The study provides critical insights for policymakers and economists, particularly in the new era of trade tensions, where extra-EU exports play a vital role in sustaining global economic recovery.
The article addresses the issues of identifying the impact of the independent indicators analyzed (i.e. insurance and financial services, gross capital formation, transport services, foreign direct investment, research and development expenditure, changes in inventories and inflation) at the level of the 22 European economies over a period of 23 years. The evolution of goods and merchandise exports, were considered dependent indicators. According to our findings within the econometric study, higher volume related to the exported goods and merchandise are associated with high levels of insurance, gross capital formation, transport services, FDI, R&D expenditure and inventories. Our analysis confirms that significant increase in prices due to cost-push inflation can negatively impact trade by making exports less competitive in international markets. Conversely, efforts to address trade imbalances through cost reduction measures may result in economic distress. Therefore, maintaining a balanced approach to inflation and trade policies is essential to ensuring overall economic stability. We have identified that clusters of EU countries having lower inflation, like North-Western European countries, tend to have higher trade activity. In the same time, the South Eastern-European countries show lower overall values, which might indicate developing or smaller economies. These results add value to the existing literature, concluding and formulating recommendations for policy support, to contribute and increase exports competitiveness both at the EU level and for South Eastern European.
New Urbanisation and Regional Economic Development: Spatiotemporal Characteristics of County Towns
Inevitably, the Chinese path aims to modernise and integrate urban and rural development to promote the construction of new urbanisation with county towns as important carriers. Using inter-provincial panel data from China from 2006 to 2022, this study employs the “vertical and horizontal segmentation entropy weight method” to scale new urbanisation, with county towns as important carriers. Further, the spatiotemporal characteristics of Chinese new urbanisation, with county towns as important carriers, were analysed using kernel density estimation, the Dagum Gini coefficient, a Markov chain, and a convergence model. The key conclusions are drawn as follows: (ⅰ) The new urbanisation with county towns as important carriers has realised rapid and sustained growth, with a clear spatial pattern of “high in the east, followed by the middle, and low in the west” from the middle and low levels to the middle and high levels; (ⅱ) a certain degree of convergence in the central, western, and national regions exists, whereas the differentiation phenomenon is more pronounced in the eastern region; provinces at low and high levels exhibit a relatively high probability of maintaining their original level; the phenomenon of low-level convergence and high-level convergence clubs is more prominent; (ⅲ) the spatial differences have eased, and the regional differences constitute the core portion of the overall differences, but their contribution is gradually diminishing; (ⅳ) the new urbanisation, with county towns as an important carrier, demonstrates a certain degree of <!-- [if gte mso 9]><xml> <o:OLEObject Type="Embed" ProgID="Equation.DSMT4" ShapeID="_x0000_i1025" DrawAspect="Content" ObjectID="_1838278223"> </o:OLEObject> </xml><![endif]--> convergence; there are absolute <!-- [if gte mso 9]><xml> <o:OLEObject Type="Embed" ProgID="Equation.DSMT4" ShapeID="_x0000_i1026" DrawAspect="Content" ObjectID="_1838278224"> </o:OLEObject> </xml><![endif]--> convergence and <!-- [if gte mso 9]><xml> <o:OLEObject Type="Embed" ProgID="Equation.DSMT4" ShapeID="_x0000_i1027" DrawAspect="Content" ObjectID="_1838278225"> </o:OLEObject> </xml><![endif]--> conditional convergence, however, their speed is relatively slow.
Autorių teisės (c) 2026 Author https://creativecommons.org/licenses/by/4.0
Boosting county economic resilience through digital villages: The dual role of innovation capacity and fiscal investment
Amid rising global economic volatility and the advancing rural revitalization strategy, strengthening the resilience of county economies has become a key prerequisite for safeguarding overall national economic stability. Although previous studies have explored various determinants of economic resilience, empirical evidence remains insufficient with regard to the role and mechanisms of government-led digital policy interventions. To assess whether institutional digitalization serves as a channel through which digital village initiatives shape county-level resilience, this study utilizes the National Digital Village Pilot Program as an exogenous policy shock. Drawing on regional economic resilience theory and technology-biased innovation frameworks, we assemble county-level panel data that cover 2006–2023 and implement a difference-in-differences identification strategy to evaluate the policy’s causal impact. Empirical evidence demonstrates that digital village programs generate significant and robust gains in county economic resilience, and these improvements are primarily driven by two underlying mechanisms: by improving county innovation capacity and increasing local fiscal investment. The findings provide important managerial and policy implications for enhancing regional economic stability and optimizing rural development strategies in the digital era, suggesting that strengthening inclusive digital infrastructure and establishing coordinated fiscal and digital mechanisms are essential for systematically building counties’ capacity for risk resistance and recovery.
Autorių teisės (c) 2026 Yang Cao | Fei Teng https://creativecommons.org/licenses/by/4.0
Exploring trophy hunting and recreational hunting tourism: an analysis from a bibliometric perspective (1971–2024)
Recreational and trophy hunting are controversial practices that intersect ecological conservation, ethical debates and socio-economic development. Only a few studies have been conducted on this subject; thus, this study analyses scientific literature on recreational and trophy hunting by applying the systematic literature network analysis methodology. It uses bibliometric software Bibliometrix and VOSviewer© to analyse a total of 1,559 scientific publications short-listed from the Web of Science© and Scopus© databases from 1971 to 2024. Geographically, there is a lack of research in regions with a hunting tradition. The study contribution extends to the academic and policy areas, establishing a basis for guiding future research and informed policymaking on trophy hunting with socio-economic benefits.
Autorių teisės (c) 2026 José Rafael Caro-Barrera | María de los Baños García-Moreno García | Manuel Adolfo Pérez Priego https://creativecommons.org/licenses/by/4.0
To what extent can spreadsheets shape sustainability? A machine learning approach to ESG score prediction
This study examines whether corporate ESG ratings can be predicted using multi-year lagged financial indicators. The objective is to evaluate the extent to which historical financial information explains ESG performance among Slovak manufacturing firms. The analysis uses a sample of 974 Slovak manufacturing firms with ESG ratings for 2023 and financial data from 2018–2022. The primary model applies XGBoost with recursive feature elimination and SHAP analysis, while a PCA-based one-vs-rest XGBoost model is used as a robustness check. The findings show that historical financial indicators provide meaningful but incomplete information about ESG performance. Leverage, liquidity, debt-servicing capacity, firm age, and tax-related indicators emerge as important predictors. Older lagged variables also remain significant, suggesting that ESG outcomes reflect longer-term financial patterns. The alternative model improves prediction, particularly for the Environmental and Governance pillars, whereas the aggregate ESG score remains more difficult to classify. The models predict the middle ESG rating category most reliably, while performance for extreme categories is limited by class imbalance and the ordinal structure of ESG scores. The study concludes that financial data can support ESG prediction, especially at the pillar level, but cannot replace qualitative and ESG-specific information.
Autorių teisės (c) 2026 Hussam Musa | Zdenka Musová | Frederik Rech | Janka Grofčíková https://creativecommons.org/licenses/by/4.0