Ekonomika ISSN 1392-1258 eISSN 2424-6166

2025, vol. 104(4), pp. 27–42 DOI: https://doi.org/10.15388/Ekon.2025.104.4.2

Expenses Mastery: Thriving on Thrift for Sustainable Budgeting and Elevating Finnov

Enkeleda Lulaj*
Faculty of Business, Haxhi Zeka University, Peja, Kosovo
Email: enkeleda.lulaj@unhz.eu
ORCID: https://orcid.org/0000-0002-5325-3015
https://ror.org/01jrt3n05

Donjeta Lulaj
Independent Researcher, Mic Sokoli, 30000 Peja, Kosovo
Email: donjeta.lulaj@gmail.com
ORCID: https://orcid.org/0009-0005-2314-4538

Abstract. The purpose of this study was to examine the relationships between factors influencing business expense management and their impact on mastering expenses in the context of fostering sustainable budgeting and financial innovation (Finnov). The research focused on identifying critical elements that contribute to expense optimization and financial sustainability within corporations. The study employed a quantitative research design using data collected from treasurers and financial managers of 200 corporations in the Western Balkan Countries between 2020 and 2023. Analytical methods, including exploratory factor analysis, reliability analysis, and multiple regression analysis, were used to explore the relationships between various factors and their impact on expense management practices systematically. The findings revealed significant statistical relationships between expense management practices and sustainable budgeting. Key factors such as transparency, timely reimbursement, and clear communication emerged as critical for optimizing expense management. Additionally, flexibility in financial processes, enhanced financial communication, and the integration of financial and business management performance were identified as drivers of financial sustainability and innovation. This study contributes novel insights into the interplay between expense management and financial innovation, emphasizing actionable strategies for achieving financial sustainability. The results provide valuable guidance for businesses aiming to refine their expense management frameworks, support sustainable budgeting, and foster innovation in financial practices.
Keywords: expenses mastery; sustainable budgeting; elevating Finnov; Western Balkan Countries; strategic finance & KSI (Knowledge, Strategy and Innovation).

__________

* Correspondent author.

Received: 11/01/2025. Accepted: 21/09/2025
Copyright © 2025 Enkeleda Lulaj, Donjeta Lulaj. Published by Vilnius University Press
This is an Open Access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

1. Introduction

Effective business expense management is essential for companies aiming to maintain financial stability and promote sustainable growth in the current dynamic economic environment. As companies face increasing pressure to optimize their financial practices in dynamic market conditions, cost mastery becomes essential for operational efficiency that drives financial innovation (Finnov) and ensures long-term sustainability. Despite the importance of this topic, current research lacks a comprehensive exploration of the relationships between key factors such as Effective Business Expense Management (EBEM), Efficiency and Responsibility in Expense Management (EREM), Flexibility and Financial Communication of Expenses (FFCE), Financial and Business Management Performance (FBMP), and Optimizing Control and Transparency of Business Expenses (OCTBE). Narain (2022) emphasizes the critical role of credit management for financial stability and successful business development, while Handoyo et al. (2023) highlight that firms adopting proactive financial strategies tend to outperform those employing defensive spending strategies. Pies and Schultz (2023) introduce a new ergonomic approach to managing financial model innovation and expense mastery, by using a sustainable cube as an innovative corporate governance tool. This study is guided by the following research questions: (1) How do the identified factors interrelate to influence effective expense management?; (2) What is the impact of each factor on the overall mastery of expenses?; and (3) Are there statistically significant relationships between these factors and at least one determinant variable? Recent research highlights key factors driving business performance and innovation. Zhu et al. (2023) show that managerial expectations influence expense structures, focusing on effectiveness, responsibility, and control. Mendoza et al. (2023) complement this finding by identifying 14 innovative business models that support sustainable financial systems. Similarly, Rafiki et al. (2023) emphasize that entrepreneurial orientation and personal values, especially innovation, significantly impact SME growth.

2. Review of Literature and Hypothesis Development

Effective business expense management is essential for achieving sustainable budgeting and fostering financial innovation (Finnov) within organizations. This study examines key factors influencing expense management, including EBEM, EREM, FFCE, FBMP, and OCTBE, through the lens of cost management theory. According to McCrie and Lee (2022), efficient resource allocation and stringent cost control directly enhance financial performance, forming the theoretical foundation for this research. Expanding on this, Strielkowski et al. (2022) emphasize Finnov’s role in promoting business growth via strategic tax management and budgeting. Complementing this, Lulaj and Minguez-Vera (2024) identify optimization strategies, effective working capital management, sound financial decisions, and technological advancements as crucial drivers of positive cash flow and cost containment. Financial and organizational innovation further supports sustainability, as demonstrated by Sonmez Cakir and Adiguzel (2023), who link Finnov and organizational innovation to an improved sustainability performance. This aligns with Firmansyah et al. (2024), who underscore financial strategies as key to sustainable business models. Transparency in accounting practices also plays a vital role in maintaining budget sustainability (Merello et al., 2022), while employee adaptability, captured by the FFCE factor, enhances firm competitiveness (Lulaj et al., 2023). Consumer behavior significantly influences sustainable profit growth; thus, Lulaj (2023) argues that businesses should align pricing, product quality, and transparency with consumer expectations. Additionally, Sharma et al. (2024) find that financial well-being mediates the relationship between fintech adoption and small business sustainability, highlighting the importance of integrated financial technologies. Integrated reporting and integrated thinking offer frameworks to support sustainable business models, though they are often viewed primarily as compliance mechanisms (Di Vaio et al., 2021; Tseng et al., 2021). Emerging financial fields such as decentralized finance and sustainable finance, are reshaping financial innovation trends (Ozili, 2023), while ethical and green finance research further broadens sustainability discussions (Paulsy & Madhu Lal, 2024). Team models and open innovation positively impact employee efficiency, which is crucial for cost management (Trzeciak & Banasik, 2022). Adapting to technological trends is equally important, with Bakhtina et al. (2023) highlighting the value of software-driven, data-based decision-making approaches. Digital transformation accelerates financial innovation, with software playing a central role in operational excellence (Tang et al., 2023; Sokiyna & Aqel, 2020). Regarding internal factors, Liu et al. (2024) show that, by managing EREM and FFCE factors effectively, businesses can reduce R&D costs and diversify risks through alternative investments. Sarhan and Gerged (2023) emphasize the positive link between internal communication and employee engagement, while Lee (2023) highlights internal awareness as key to fostering customer loyalty. What concerns external factors, such as FBMP and OCTBE, Liu et al. (2023) note growing consumer demand for transparency, which, as Ho et al. (2023) suggest, can be met by developing comprehensive information disclosure systems that enhance market functioning. Lulaj (2025a–c) highlights that cost efficiency, strategic financial management, and digitalization collectively drive sustainable budgeting and financial innovation. Cost and operational efficiency enhance investment and development, strategic management ensures revenue precision, and digital tools improve transparency and decision-making, thereby forming a foundation for effective expense mastery and Finnov growth. Moreover, Kuzey et al. (2023) observe that financially distressed firms with greater visibility are more likely to produce sustainable reports, follow reporting guidelines, and seek external verification, thereby reinforcing accountability and trust.

Building on these insights, the following hypothesis is proposed: Hypothesis (H): A statistically significant relationship exists between the factors EBEM, EREM, FFCE, FBMP, and OCTBE, and at least one determinant variable, demonstrating their impact on mastering expenses, supporting sustainable budgeting, and promoting financial innovation (Finnov).

(1)

where X_i represents represent the determinant variables for each respective factor (EBEM, EREM, FFCE, FBMP, and OCTBE), and µ, represents the error term.

The purpose of this hypothesis is to test statistically significant relationships between key business expense management factors, such as effective expense management (EBEM), efficiency (EREM), flexibility (FFCE), financial performance (FBMP), and transparency (OCTBE), and their respective determinant variables.

3. Methodology

3.1. The purpose of the paper

This paper aims to explore the relationships among different factors related to business expenses management (EBEM, EREM, FFCE, FBMP, OCTBE) and their impact on mastery expenses in the context of thriving on thrift for sustainable budgeting and elevating financial innovation (Finnov), as well as to determine if there is a statistically significant relationship between each factor and at least one determinant variable.

3.2. Data analysis

With the objective to assess the significance of the model and to confirm the Hypothesis (H), data analysis was performed by using Exploratory Factor Analysis (EFA), reliability analysis (Cronbach’s alpha), and multiple regression analysis; SPSS software (64-bit) was used. Initially, EFA was performed to reveal the underlying structure of the data, by using the Kaiser criterion (Kaiser>1). Following Kaiser (1974), EFA was used to assess the construct validity of the measurement instrument of this study. Reliability analysis assessed the internal consistency of the factors (EBEM, EREM, FFCE, FBMP, and OCTBE), based on Cronbach’s (1951) original work on coefficient alpha and further developed through generalization theory in order to better understand reliability in mastery of expenses.

3.3. Data collection and sample selection

Data were collected from 200 financial professionals (treasurers and financial managers) across Western Balkan companies via online surveys and interviews (2020–2023). The sample size complies with accepted standards for factor and regression analyses, thereby ensuring reliability. Companies were purposively selected to represent diverse industries, sizes, and locations. The participants rated key financial practices on a 5-point Likert scale. Constructs (Table 1) were developed from an extensive literature review to enhance reliability.

Table 1. Explanation and characterization of study variables

Source: prepared by the authors (2023–2024)

Table 1 shows the study variables categorized into five factors related to expense mastery in the context of thriving on thrift for sustainable budgeting and elevating Finnov for five factors (EBEM, EREM, FFCE, FBMP, and OCTBE).

3.4. Demographic and organizational analysis

Table 2 summarizes respondent demographics. Statistical analyses confirmed the absence of any significant differences in responses across these groups, thereby supporting the robustness and generalizability of the findings.

4. Results

Analyses such as descriptive analysis, factor analysis (EFA), multiple regression analysis, and Cronbach’s Alpha for factors (EBEM, EREM, FFCE, FBMP, and OCTBE) were completed as presented and elaborated as follows:

Table 2. Demographic and organizational statistics

Source: prepared by the authors (2023–2024)

Table 2 shows the demographic and organizational statistics related to expense mastery in the context of thriving on thrift for sustainable budgeting and elevating Finnov. The data show that 61.5% of the respondents are financial managers whereas 38.5% are treasurers. The majority of businesses operate in the service sector (41.0%), followed by manufacturing (34.5%) and commercial (24.5%). Most organizations are medium-sized (48.5%) with 1–50 employees (45.5%). The gender distribution is nearly balanced, with 53.0% male and 46.0% female respondents. In terms of age, 46.0% are 36–55 years old, while 30.5% are 18–35 years old, and 23.5% are over 55 years old.

Table 3 validates key Business Expense Management (BEM) factors through Exploratory Factor Analysis (EFA) and Cronbach’s Alpha, confirming reliability and significance. The EBEM factor (α=.828, KMO=.827) ensures cost efficiency and accountability, with strong subfactor loadings (λ=.794, .790). EREM (α=.897, KMO=.809) reinforces financial discipline (λ=.771, .749). FFCE (α=.812, KMO=.817) enhances flexibility and transparency (λ=.798, .798, .796). FBMP (α=.739, KMO=.890) strengthens financial strategy (λ=.739), while OCTBE (α=.827, KMO=.799) optimizes control and transparency (λ=.826). These findings confirm the model’s robustness in ensuring financial efficiency, discipline, and accountability.

Table 3. EFA and Cronbach’s Alpha

Source: prepared by the authors (2023–2024)
Note: KMO – Kaiser-Meyer-Olkin, χ² – Chi-Square, df – degrees of freedom, ***p<0.01, α=Cronbach’s Alpha, λ – Factor Loading, BT – Bartlett’s Test

Table 4 summarizes the regression models analyzing key factors influencing business expense management (BEM) at a 0.01 significance level. All five factors (EBEM, EREM, FFCE, FBMP, and OCTBE) show strong positive relationships with their respective variables. EBEM, EREM, FFCE, and OCTBE display high R-values (≥0.908) and R² values (≥0.824), indicating their strong explanatory power. FBMP, while slightly lower (R=0.761, R²=0.579), remains statistically significant. Durbin-Watson test results (ranging from 1.607 to 2.009) confirm no autocorrelation across all models, supporting their reliability. These results underline the importance of these factors in driving effective expense management and financial strategy.

Table 4. Model Summary

Source: prepared by the authors (2023–2024)
Note. ***p<0.01, ^aPredictors: (Constant), A – Adjusted

Table 5 presents the coefficient results for effective business expenses management (EBEM) and its variables (EBEM1–3) at a 0.01 significance level. The analysis highlights that EBEM1-3 significantly impacts EBEM. Specifically, company support for managing travel expenses (EBEM1), transparency in reviewing and approving reports (EBEM2), and cost-effective solutions (EBEM3) positively influence EBEM, with Beta coefficients of 0.342, 0.371, and 0.327, respectively. These findings validate hypothesis, reinforcing the link between expense management, budget sustainability, and financial innovation (Finnov).

Table 5. Coefficients

Source: prepared by the authors (2023–2024)
Note: ***p<0.01

Based on the 95% confidence interval (two-tailed), the p-values for variables EBEM1-3 are below 0.01 (p<0.01). As a result, the hypothesis for EBEM is accepted for β₁, β₂, and β₃.

Table 6. Coefficients

Table 6 presents the coefficient results for Efficiency and Responsibility in Expense Management (EREM) and its variables (EREM1–5) at a 0.01 significance level. All variables significantly impact EREM. A company’s efficient expense management system (EREM1) positively influences EREM (Beta=0.574, t=53.262, Sig.=.000), while a timely and efficient reimbursement process (EREM5) has the strongest positive impact (Beta=0.935, t=94.133, Sig.=.000). Conversely, reduced fraud prevention (EREM2) negatively affects EREM (Beta=-0.653, t=-64.251, Sig.=.000), thus increasing fraudulent spending. Similarly, insufficient expense policy information (EREM3) and a lack of responsibility in financial resource use (EREM4) negatively influence EREM. These findings validate the hypothesis, while also highlighting the critical role of efficient expense systems in budget savings and financial innovation (Finnov).

Based on the 95% confidence interval (two-tailed), the p-values for variables EREM1-5 are less than 0.01, leading to acceptance of (β₁, β₂, β₃, β₄, β₅). It is advisable for businesses to increase their focus on contributing to β₂, β₃ and β₄.

Table 7. Coefficients

Table 7 presents the coefficient results for Flexibility and Financial Communication of Expenses (FFCE) and its variables (FFCE1–5) at a 0.01 significance level. All variables significantly impact FFCE. Positive contributors include flexibility in expense policies (FFCE1, Beta=0.090, t=13.581, Sig.=.000), alignment with company values (FFCE2, Beta=0.123, t=18.127, Sig.= .000), and employee support for business expenses (FFCE5, Beta=0.707, t=117.635, Sig.=.000), with FFCE5 having the strongest positive effect. Conversely, weak expense communication (FFCE4, Beta=-1.057, t=-155.577, Sig.=.000) and ineffective expense management processes (FFCE3, Beta=-0.283, t=-47.691, Sig. =.000) negatively impact FFCE, with FFCE4 showing the largest negative effect.

Based on the 95% confidence interval (two-tailed), it is observed that the p-values for variables FFCE1–5 are less than 0.01, which leads to acceptance of (β₁, β₂, β₃, β₄, β₅). It is advisable for businesses to focus more on contributing to β₃, β₄.

Table 8. Coefficients

Table 8 presents the coefficient results for Financial and Business Management Performance (FBMP) and its variables (FBMP1–3) at a 0.01 significance level. FBMP1–3 significantly impact FBMP, but the strongest positive influence comes from a consistent and predictable expense approval process (FBMP3, Beta=0.315, t=5.349, Sig.=.000), while a fair and objective review of expense reports (FBMP1, Beta=0.233, t= 4.020, Sig.=.000) also enhances FBMP. Conversely, inadequate expense management tools (FBMP2, Beta=-0.904, t=4.020, Sig.=0.000) negatively affect FBMP. These findings confirm Hypothesis (H), by establishing a statistically significant link between financial management and business performance. The insights offer strategic guidance for companies to refine expense management, strengthen financial sustainability, and foster innovation in business development.

Based on the 95% confidence interval (two-tailed), the p-value for variables FBMP1–3 is less than 0.01, leading to acceptance of (β₁, β₂, β₃).

Table 9. Coefficients

Table 9 presents the coefficient results for Optimizing Control and Transparency of Business Expenses (OCTBE) and its independent variables (OCTBE1–3) at a 0.01 significance level. The analysis confirms a significant statistical impact of all variables on OCTBE. The strongest positive effect comes from an expense reporting system that allows easy corrections (OCTBE1, Beta=1.142, t=278.863, Sig.=.000), while providing adequate training on expense management (OCTBE3, Beta=0.017, t=4.294, Sig.=.000) also contributes positively. Conversely, disregarding employee feedback in expense policy updates (OCTBE2, Beta =-0.518, t =-130.449, Sig.=.000) has the most negative impact. These findings confirm Hypothesis (H), by establishing a statistically significant link between OCTBE and its variables.

Based on a 95% confidence interval (two-tailed), the p-value for variables OCTBE1–3 is less than 0.01, leading to acceptance of (β₁, β₂, β₃). It is advisable for businesses to increase their focus on contributing to β₃.

Table 10. Breusch-Pagan test for Heteroscedasticity

Table 10 shows that the Breusch-Pagan test results indicate no evidence of heteroscedasticity across the five key factors related to business expense management: EBEM, EREM, FFCE, FBMP, and OCTBE. Each model reports very low R-squared values (ranging from 0.008 to 0.028), low F-statistics, and high p-values (all above 0.05), which suggests that the independent variables do not significantly explain variation in the residuals. These findings confirm the assumption of homoscedasticity, by indicating that the regression models are statistically valid for further analysis.

5. Conclusions and Future Studies

Grounded in empirical analysis of thrift-based expense management practices, this research explores how effective expense management contributes to sustainable budgeting and financial innovation, specifically within the context of thriving on thrift in the Western Balkans. By examining key factors such as expense budgeting, reimbursement practices, flexibility, financial communication, and performance management, the study highlights how these elements interact to support financial sustainability and Finnov advancement. Data from 200 financial managers and treasurers were analyzed by using econometric techniques. These data provide insights into the relationships among these factors. Our results emphasize transparency in expense management as essential for accountability and linking financial goals to innovation. Timely reimbursement practices enhance trust and sustain financial stability, while flexibility in expense policies encourages a sustainable financial behavior. Effective financial performance reviews maintain trust and foster innovation, whereas optimization of expense control supports continuous improvement. Based on these results, companies should adopt transparent, flexible, and efficient expense management systems. Financial managers and policymakers should prioritize timely reimbursements, fraud prevention, and fair expense reviews. Industry guidelines could strengthen best practices and ensure adaptable financial systems. While this study offers valuable insights, future research should examine trends over time, the impact of emerging technologies, and qualitative aspects of expense management to deepen understanding of evolving financial practices. In conclusion, this research underlines the crucial role of expense management in driving sustainable budgeting and the advancement of financial innovation through thrift. The findings provide actionable recommendations for businesses to refine cost management strategies and achieve long-term financial success.

References

Abu Afifa, M., Nguyen, N.M. and Bui, D.V. (2024). Management accounting practices going sustainable: the move toward sustainable risk management in ASEAN developing economies. Competitiveness Review 35(5), 858–882. https://doi.org/10.1108/CR-03-2024-0056

Arslan, A., Al Kharusi, S., Hussain, S.M. and Alo, O. (2023). Sustainable entrepreneur-ship development in Oman: a multi-stakeholder qualitative study. International Journal of Organizational Analysis 31 (8), 35–59. https://doi.org/10.1108/IJOA-11-2022-3497

Avdimetaj, E., Lulaj, E. and Alcoriza, G.B. (2025). Bridging Theory to Practice: Empowering Indigenous Businesses Through Innovative Analysis of Audited Financial Statements, Emerald Publishing Limited, Leeds, pp. 35-52. https://doi.org/10.1108/978-1-83608-068-820251003

Ayaz, G. and Zahid, M. (2024). Trends, shifts and future prospects of sustainable finance research: a bibliometric analysis, Sustainability Accounting. Management and Policy Journal 15 (5), 1094–1117. https://doi.org/10.1108/SAMPJ-06-2022-0340

Azadda, W.N., Koomson, S. and Klutse, S.K. (2024). Sustainable finance and business risk resilience: a conceptual perspective and suggestions for upcoming research. Vilakshan - XIMB Journal of Management 21(1), 66–78. https://doi.org/10.1108/XJM-02-2023-0034

Bakhtina, M., Matulevičius, R., and Seeba, M. (2023). Tool-supported method for privacy analysis of a business process model. Journal of Information Security and Applications 76, 103525. https://doi.org/10.1016/j.jisa.2023.103525 .

Cronbach, L.J. and Shavelson, R.J. (2004). My Current Thoughts on Coefficient Alpha and Successor Procedures. Educational and Psychological Measurement 64, 391–418. https://doi.org/10.1177/0013164404266386

Demirkan, I. (2018). The impact of firm resources on innovation. European Journal of Innovation Management 21(4), 672–694. https://doi.org/10.1108/EJIM-12-2017-0196

Di Vaio, A., Syriopoulos, T., Alvino, F. and Palladino, R. (2021). Integrated thinking and reporting” towards sustainable business models: a concise bibliometric analysis. Meditari Accountancy Research, 29(4), 691–719. https://doi.org/10.1108/MEDAR-12-2019-0641

Firmansyah, E.A., Masri, M., Anshari, M. and Besar, M.H.A. (2024). Innovation in finance: a bibliometric and content-analysis study. Nankai Business Review International 15 (4), 578–594. https://doi.org/10.1108/NBRI-08-2023-0071

Frost, G., and Rooney, J. (2021). Considerations of sustainability in capital budgeting decision-making. Journal of Cleaner Production 312, 127650. https://doi.org/10.1016/j.jclepro.2021.127650.

Handoyo, S., Suharman, H., Ghani, E., K. and Soedarsono, S. (2023). A business strategy, operational efficiency, ownership structure, and manufacturing performance: The moderating role of market uncertainty and competition intensity and its implication on open innovation. Journal of Open Innovation: Technology, Market, and Complexity 9(2), https://doi.org/10.1016/j.joitmc.2023.100039.

Ho, K-Ch., Yen, H-P., Lu, C., Lee, Sh-Ch. (2023). Does information disclosure and transparency ranking system prevent the default risk of a firm? Economic Analysis and Policy 78, 1089–1105. https://doi.org/10.1016/j.eap.2023.04.028.

Jin, K., Shan, Y., and Taylor, S. (2015). Matching between revenues and expenses and the adoption of International Financial Reporting Standards. Pacific-Basin Finance Journal 35, 90–107. https://doi.org/10.1016/j.pacfin.2014.10.008.

Kaiser, H.F. (1974). An index of factorial simplicity. Psychometrika 39, 31–36. http://dx.doi.org/10.1007/BF02291575

Kukalaj, R., Lulaj, E. and Dragusha, B. (2025). Evaluating Business Performance Through Audited Financial Statements: Considerations for Future Trends in Indigenous Finance. In Ghosal, I., Gupta, S., Rana, S. and Saha, D. (Ed.) Indigenous Empowerment through Human-Machine Interactions, Emerald Publishing Limited, Leeds, pp. 133–151. https://doi.org/10.1108/978-1-83608-068-820251008

Kuzey, C., Uyar, A., Wasiuzzaman, Sh., Karaman, A., S., and Inwinkl, P. (2023). Financial distress and corporate transparency/opacity: The role of firm visibility. International Review of Economics & Finance 88, 766–798. https://doi.org/10.1016/j.iref.2023.07.019.

Lee, Ch-Ch. (2023). Analyses of the operating performance of information service companies based on indicators of financial statements. Asia Pacific Management Re-view 28 (4), 410-419. https://doi.org/10.1016/j.apmrv.2023.01.002.

Liu, J., Sheng, Sh., Shu, Ch., & Zhao, M. (2021). R&D, networking expenses, and firm performance: An integration of the inside-out and outside-in perspectives. Industrial Marketing Management, 92, 111–121, https://doi.org/10.1016/j.indmarman.2020.11.010.

Liu, Y., Heinberg, M., Huang, X., Eisingerich, A., B. (2023). Building a competitive advantage based on transparency: When and why does transparency matter for corporate social responsibility? Business Horizons 66(4), 517–527. https://doi.org/10.1016/j.bushor.2022.10.004.

Liu, W., Lin, G., and He, Q. (2024). Enhanced management information disclosure re-sponsibilities and corporate risk-taking: Evidence from the accountability system for errors in China. International Review of Economics & Finance, 89, 511–531. https://doi.org/10.1016/j.iref.2023.10.028.

Lulaj, E. (2025b). Decoding the Financial Zeitgeist: A Scientific Exploration of the Calculus of Capital for Cost-Efficient and Sustainable Growth in Investments and Operations. Brazilian Administration Review, 22(2), e230171. https://doi.org/10.1590/1807-7692bar2025230171

Lulaj, E., Gopalakrishnan, A., Kehinde Lamidi, K. (2025). Financing and Investing in Women-led Businesses: Understanding Strategic Profits and Entrepreneurial Expectations by Analysing the Factors that Determine Their Company Success. Periodica Polytechnica Social and Management Sciences 33(1), 59–75. https://doi.org/10.3311/PPso.22532

Lulaj, E., Tahiraj, D., Hameed, A. A. and Lulaj, D. (2024c). Seeing Isn’t Always Believing: Unveiling the Financial Risks of Fraudulent Images on Personal Finances in Online Shopping. 2nd International Conference on Artificial Intelligence, Blockchain, and Internet of Things (AIBThings), Mt Pleasant, MI, USA, 1–10. https://doi.org/10.1109/AIBThings63359.2024.10863626.

Lulaj, E., Hysa, E. and Panait, M. (2024d). Does digitalization drive sustainable trans-formation in finance and accounting? Kybernetes ahead-of-print(ahead-of-print). https://doi.org/10.1108/K-04-2024-1006

Lulaj, E. and Minguez-Vera, A. (2024). Cash Flow Dynamics: Amplifying Swing Models in a Volatile Economic Climate for Financial Resilience and Outcomes. Scientific Annals of Economics and Business, 71(3), 315–336. https://doi.org/10.47743/saeb-2024-0022

Lulaj, E. (2021). Quality and reflecting of financial position: an enterprises model through logistic regression and natural logarithm. Journal of Economic Development, Environment and People 10(1), 26–50. http://dx.doi.org/10.26458/jedep.v10i1.690

Lulaj, E. (2023). A sustainable business profit through customers and its impacts on three key business domains: technology, innovation, and service (TIS). Business, Management and Economics Engineering 21(1), 19–47. https://doi.org/10.3846/bmee.2023.18618

Lulaj E, Dragusha B, and Lulaj D. (2024 a). Market Mavericks in Emerging Economies: Redefining Sales Velocity and Profit Surge in Today’s Dynamic Business Environment. Journal of Risk and Financial Management 17(9), 395. https://doi.org/10.3390/jrfm17090395

Lulaj E., Dragusha, B., and Hysa, E. (2023). Investigating Accounting Factors through Audited Financial Statements in Businesses toward a Circular Economy: Why a Sustainable Profit through Qualified Staff and Investment in Technology? Administrative Sciences 13(3), 72. https://doi.org/10.3390/admsci13030072

Lulaj E., Dragusha, B., Hysa, E, and Voica, M., C. (2024b). Synergizing Sustainability and Financial Prosperity: Unraveling the Structure of Business Profit Growth through Consumer-Centric Strategies—The Cases of Kosovo and Albania. International Journal of Financial Studies 12(2), 35. https://doi.org/10.3390/ijfs12020035

Lulaj, E. (2024). Money Talks: A Holistic and Longitudinal View of the Budget Basket in the Face of Climate Change and Sustainable Finance Matters. Ekonomika 103(1), 91–107. https://doi.org/10.15388/Ekon.2024.103.1.6

Lulaj, E. (2025d). Penny-Wise Acumen in Costonomics: Transforming Costs into Entrepreneurial Gold Through Smart Financial Management. Journal of Risk and Financial Management, 18(1), 9. https://doi.org/10.3390/jrfm18010009

Lulaj, E. (2025a). Unearthing the Depths of Revenue Precision: A Cutting-Edge Research Agenda for Empowering Agile Finance. Croatian Economic Survey 27(1), 29–70. https://doi.org/10.15179/ces.27.1.2

Lulaj, E. (2025b). Digitalization as Catalysts of Change in Finance, Accounting, and Reporting: Uncovering Symbiotic Relationships Among Financial Factors. Studies in Business and Economics 20(1), 97–124. https://doi.org/10.2478/sbe-2025-0006

Lulaj, E., & Brajković, M. (2025). The Moderating Role of Finance, Accounting, and Digital Disruption in ESG, Financial Reporting, and Auditing: A Triple-Helix Perspective. Journal of Risk and Financial Management 18(5), 245. https://doi.org/10.3390/jrfm18050245

Lulaj, E. (2025c). Decoding the Financial Zeitgeist: A Scientific Exploration of the Calculus of Capital for Cost-Efficient and Sustainable Growth in Investments and Operations. BAR - Brazilian Administration Review, 22(2), e230171. https://doi.org/10.1590/1807-7692bar2025230171

Manasseh, C.O., Nwakoby, I.C., Okanya, O.C., Nwonye, N.G., Odidi, O., Thaddeus, K.J., Ede, K.K. and Nzidee, W. (2024). Impact of digital financial innovation on financial system development in Common Market for Eastern and Southern Africa (COMESA) countries. Asian Journal of Economics and Banking 8(1), 121–142. https://doi.org/10.1108/AJEB-04-2022-0041

McCrie, R., and Lee, S(L). (2022). 8 - Accounting Controls and Budgeting. Security Operations Management (Fourth Edition), 265–300. https://doi.org/10.1016/B978-0-12-822371-0.00008-6.

Mendoza, J., M., F., Gallego-Schmid, A., Velenturf, A., P., M., Jensen, P., D., and Ibarra, D. (2023). Circular economy business models and technology management strategies in the wind industry: Sustainability potential, industrial challenges and opportunities. Renewable and Sustainable Energy Reviews 163, 112523. https://doi.org/10.1016/j.rser.2022.112523.

Merello, P., Barberá, A., and De la Poza, E. (2022). Is the sustainability profile of FinTech companies a key driver of their value? Technological Forecasting and Social Change 174, 121290. https://doi.org/10.1016/j.techfore.2021.121290.

Misati, R., Osoro, J., Odongo, M. and Abdul, F. (2024). Does digital financial innovation enhance financial deepening and growth in Kenya? International Journal of Emerging Markets19(3), 679–705. https://doi.org/10.1108/IJOEM-09-2021-1389

Narain, R., Sh. (2022). Good credit management’s Impact: How does it contribute to material effectiveness and possibility in business. Materialstoday Proceddings, 63, 376–381. https://doi.org/10.1016/j.matpr.2022.03.242.

Ozili, P.K. (2023). Assessing global interest in decentralized finance, embedded finance, open finance, ocean finance and sustainable finance. Asian Journal of Economics and Banking, 7(2), 197–216. https://doi.org/10.1108/AJEB-03-2022-0029

Paulsy, L. and M, M.L. (2024). Why do investors prefer sustainability? A bibliometric review and research agenda. Vilakshan - XIMB Journal of Management 22 (1): 133–157. https://doi.org/10.1108/XJM-01-2024-0015

Pies, I. and Schultz, F., C. (2023). The governance of sustainable business model innovation—An Ordonomic Approach. Scandinavian Journal of Management 39 (1). https://doi.org/10.1016/j.scaman.2022.101246.

Rafiki, A., Nasution, M.D.T.P., Rossanty, Y. and Sari, P.B. (2023). Organizational learning, entrepreneurial orientation and personal values towards SMEs’ growth in Indonesia, Journal of Science and Technology Policy Management, Vol. 14 No. 1, pp. 181-212. https://doi.org/10.1108/JSTPM-03-2020-0059

Sarhan, A. A. & Gerged, M., A (2023). Do corporate anti-bribery and corruption commitments enhance environmental management performance? The moderating role of corporate social responsibility accountability and executive compensation governance. Journal of Environmental Management 341, 118063. https://doi.org/10.1016/j.jenvman.2023.118063.

Shafiee, S., Wautelet, Y., Friis, S., C., Lis, L., Harlou, U., & Hvam, L. (2021). Evaluating the benefits of a computer-aided software engineering tool to develop and document product configuration systems. Computers in Industry, 128. https://doi.org/10.1016/j.compind.2021.103432.

Shafiee, S., Wautelet, Y., Friis, S., C., Lis, L., Harlou, U., & Hvam, L. (2021). Evaluating the benefits of a computer-aided software engineering tool to develop and document product configuration systems. Computers in Industry, Vol 128, https://doi.org/10.1016/j.compind.2021.103432.

Sharma, V., Gupta, M. and Taneja, S. (2024). Does FinTech adoption impact on sustainability of small businesses: mediating role of financial well-being. Global Knowledge, Memory and Communication ahead-of-print(ahead-of-print). https://doi.org/10.1108/GKMC-04-2024-0225

Siegel, A., F., and Wagner, M., R. (2022). Multiple Regression Analysis. Practical Business Statistics (Eighth Edition)

Sokiyna, M., & Aqel, M. (2020). The role of e-business applications software in driving operational excellence: Impact of departments collaboration using sustainable software. Sustainable Computing: Informatics and Systems 28. https://doi.org/10.1016/j.suscom.2020.100445.

Sonmez Cakir, F. and Adiguzel, Z. (2022). An examination of the effects of financial and process innovation on the sustainability of businesses under the influence of entrepreneurial leadership: a research in energy companies. American Journal of Business 37(4), 196–213. https://doi.org/10.1108/AJB-03-2022-0046

Sonmez Cakir, F. and Adiguzel, Z. (2022). An examination of the effects of financial and process innovation on the sustainability of businesses under the influence of entre-preneurial leadership: a research in energy companies. American Journal of Business 37 (4), 196-213. https://doi.org/10.1108/AJB-03-2022-0046

Sonmez Cakir, F. and Adiguzel, Z. (2023). Effects of innovative finance, strategy, organization and performance: a case study of company. International Journal of Innovation Science 15(1), 42–58. https://doi.org/10.1108/IJIS-08-2021-0146

Strielkowski, W., Samoilikova, A., Smutka, L., Civín, L. and Lieonov, S. (2022). Dominant trends in intersectional research on funding innovation in business companies: A bibliometric analysis approach. Journal of Innovation & Knowledge, 7(4), https://doi.org/10.1016/j.jik.2022.100271.

Tang, M., Liu, Y., Hu, F., and Wu, B. (2023). Effect of digital transformation on enter-prises’ green innovation: Empirical evidence from listed companies in China. Energy Economics 128, 107135. https://doi.org/10.1016/j.eneco.2023.107135 .

Trzeciak, M., and Banasik, P. (2022). Motivators Influencing the Efficiency and Commitment of Employees of Agile Teams. Journal of Open Innovation: Technology, Market, and Complexity 8(4). https://doi.org/10.3390/joitmc8040176.

Tseng, M.-L., Bui, T.-D., Lim, M.K., Tsai, F.M. and Tan, R.R. (2021). Comparing world regional sustainable supply chain finance using big data analytics: a bibliometric analysis. Industrial Management & Data Systems 121(3), 657–700. https://doi.org/10.1108/IMDS-09-2020-0521

Tsyganov, V., V. (2022). Adapting, Training, and Company Expenses Control. IFAC-Papers OnLine, 55(1), 510–515. https://doi.org/10.1016/j.ifacol.2022.04.084 .

Vincenzi, T.B.D. and da Cunha, J.C. (2021). Open innovation and performance in the service sector. Innovation & Management Review 18(4), 382–399. https://doi.org/10.1108/INMR-01-2020-0004

Yu, F., Du, H., Li, X., and Cao, J. (2023). Enterprise digitalization, business strategy and subsidy allocation: Evidence of the signalling effect. Technological Forecasting and Social Change 190. https://doi.org/10.1016/j.techfore.2023.122472.

Yu, Y., Li, H., Xu, J., Zhang, M., Zhang, X., Zhang, J.Z. and Wu, Y. (2023). The effect of internal quality integration on financial performance: the mediating role of product innovation. Journal of Manufacturing Technology Management 34(7), 1235–1255. https://doi.org/10.1108/JMTM-01-2023-0005

Zhang, R., Lin, J., Li, S. and Cai, Y. (2024). Addressing the loss of exploratory innovation: the roles of organizational foresight and strategic orientation. Journal of Business & Industrial Marketing 39(13), 27–48. https://doi.org/10.1108/JBIM-02-2023-0095

Zhu, B., Chen, Y., and Cheng, J-Ch. (2023). Business cycle and cost structure. International Review of Financial Analysis, 89. https://doi.org/10.1016/j.irfa.2023.102825.