Contemporary Studies of Risks in Emerging Technology, Part B

Purpose: The main goal of this discussion is to explain how competitiveness could be an important source of knowledge and economic power in a society, especially in the period of higher demands on knowledge, innovation and organisational base growth. Our focus of the discussion will be tourism as an important service sector economic activity in countries all over the world.

Methodology: The chapter will be conceptually based on its goal to develop the theories of competitiveness and to discuss how competitiveness influences knowledge, organisational processes and forms with a focus on tourism services.

Findings: Competitiveness in tourism depends on many factors. As an intangible source of knowledge, organisational culture processes and organisational forms generally influences tourism activity. For this reason, not only is comparative advantage important in the competitiveness concept, but also competitive advantage and the way of deploying resources play an important role.

Significance: Resources are not only based on labour, capital and land (neoclassical theory approach), but resource-advantage theory underlines the importance of financial, physical, legal, human, organisational, informational and relational capital. In this process, new processes and organisational forms must be created, as well as innovative approaches to processes and the importance of knowledge capital.

Practical Implications: New ideas about this process could be helpful for researchers and practitioners to recognise the importance of competitiveness for their work and research.

Purpose: The study is designed to investigate internal audit functions in banks’ cyber security governance processes by assessing the pros and cons of blockchain technology through swot analysis.

Need of the Study: The study is needed to clarify the complexities in internal audit fields integrated into cyber security governance and explore the blockchain application opportunities.

Methodology: Blockchain technology is explored from the point of technical concepts and policy framework by swot analysis to propose a set of solutions for continuous audit methods in cyber security governance.

Limitations: The sample of this study is limited to the personal ideas and evaluations of academicians, experts in the banking sector and legal regulators of Türkiye, with the data received between March and December 2021.

Findings: Blockchain technology can be applied as an alternative to conventional risk control methods as a mechanism of continuous audit methods to reduce human mistakes and special causes.

Practical Implications: The control of risk management operations for cyber security processes should be performed with the support of audit units of the banks. Therefore, innovations are being implemented to cyber-risk controls to drop the defects that cause technical and ethical issues with blockchain technology as a way of using automation. So, this advancement can be applied in audit operations practically for unanticipated events which can emerge in cyberspace to mitigate inherent risk to residual levels. However, there is ample room to adapt this technology for cyber security management and audit practices from the point of view of the labour force, regulations and environmental issues.

Purpose: The study aims to explore the wider acceptance of blockchain technology and growing faith in this technology among all business domains to mitigate the chances of fraud in various sectors.

Design/Methodology/Approach: The authors focus on studies conducted during 2015–2022 using keywords such as blockchain, fraud detection and financial domain for Systematic Literature Review (SLR). The SLR approach entails two databases, namely, Scopus and IEEE Xplore, to seek relevant articles covering the effectiveness of blockchain technology in controlling financial fraud.

Findings: The findings of the research explored different types of business domains using blockchains in detecting fraud. They examined their effectiveness in other sectors such as insurance, banks, online transactions, real estate, credit card usage, etc.

Practical Implications: The results of this research highlight (1) the real-life applications of blockchain technology to secure the gateway for online transactions; (2) people from diverse backgrounds with different business objectives can strongly rely on blockchains to prevent fraud.

Originality/Value: The SLR conducted in this study assists in the identification of future avenues with practical implications, making researchers aware of the work so far carried out for checking the effectiveness of blockchain; however, it does not ignore the possibility of zero to less effectiveness in some businesses which is yet to be explored.

Aim/Purpose: This chapter supplies an overview of extant literature investigating consumer preferences and purchase behaviour towards Electric vehicles in India. The present research applied the predictive and prescriptive analysis methods to understand the consumer purchase intentions evolved with the advancement of technologies. The study considers the security and privacy of data for companies and consumers.

Design/Methodology/Approach: The conceptual model is analysed via path analysis using interviews with a set of people, and online survey data is collected from Indian users and prospects. Secondary data research methods are used to make interpretations.

Findings: The research found that consumer preferences and purchase behaviour about electric vehicles have a wide scope in marketing decision-making. The findings support linking social cognitive perception and attitude intent with mitigating socio-demographic variables and mediating attitudes towards Battery Electric Vehicles (BEV).

Research limitations/implications: The present chapter provides implications for future interdisciplinary research addressing consumer behaviour with mentioned technologies. This study proposes some theoretical and policy implications and supplies guidance to industry-specific consumers, suppliers, policymakers and business professionals to encourage the adoption of BEVs in the emerging transportation industry. The research explores the future possibility and extent to which the consumer prefers and buys EVs.

Originality/Value: This study is based on the ‘perception-attitude-intention’ socio-psychological linkage framework. Earlier studies overlooked the effects of socio-psychological characteristics and socio-demographic moderators when considering the adoption of BEVs.

Purpose: This study links SDG goal 9 of industry, innovation strategies and another infrastructural environment to branding relating to destination and interactive marketing. Digital marketing tools with various applications aim to offer hi-tech services to customers in interactive marketing services, namely multiple goods and services, data and innovative techniques in the tourism and travel sector. Exploring the study would add to the existing literature supporting interactive marketing procedures and destination branding. Branding relating to destinations fosters tourists around the globe facilitating economic growth and development and supporting the local economies.

Need for the Study: It is observed from the literature that very few studies have been identified across the globe from various researchers on the interactive marketing and destination branding that ensures brand loyalty and reassesses the intent of the tourists just before the epidemic pandemic in the form of COVID-19. Artificial Intelligence, as part of information technology, offers various interactive marketing services in the form of different social media marketing strategies, attractive websites for tourists and travel providers and image building on destination branding. This study would help fill the marketing gap, which results in branding relating to destination, brand loyalty and reassessing the intent of various tours and travel plans just before the pandemic.

Methodology: The study focused on the literature, demonstrating the stimulus organism methodology and examining the impact of potential marketing strategy, which is interactive focusing on the destination branding, loyalty relating to the brand and also procedures to revert with the intent that would motivate and facilitate the customer’s confidence showering the loyalty relating to the brand in the travel and tourism sector.

Findings and their Practical Implications: The study revealed that the marketing relating to interactive methodologies in the hi-tech digital approaches ought to be carried out to create opportunities for prospective tourists willing to get information about various tourists destinations with the help of various marketing techniques such as different social media applications, easy access of websites for accessing the tourist destinations and relevant information, accessing images pertinent to the tourism destinations with the ease of chat box and providing suitable audios and video sources to the potential customers.

The study focuses on micro, small and medium-sized enterprises (MSMEs) perceptions about using Fintech instruments to meet their financial requirements.

Methodology: The research utilises a quantitative method, which entails collecting primary data from 400 participants using an organised questionnaire. Chi-square tests, principal component analysis and multiple linear regression are some of the statistical tools utilised to analyse the findings.

Findings: The study’s findings indicate that only a small percentage of business owners know that Fintech instruments can be a source of financing for their companies. In addition, the items utilised in the research led to the generation of three different aspects: banking, MSME and Fintech.

Originality: The previous study indicates that several scholars have focused on various facets of the application and utilisation of Fintech. In the category of digital payments, the total transaction value is anticipated to reach $8.49 trillion in 2022. By 2027, it is expected that the entire transaction value will have increased by 12.31 per cent each year (CAGR 2022–2027), totaling US$15.17 trillion. Digital commerce is expected to have a total transaction value of US$5.49 trillion in 2022, making it the market’s largest segment. On the other hand, there isn’t much research that concentrates on developing countries, and the standards those studies need to meet are relatively stringent. In the context of MSMEs, this is an innovative approach taken towards the State of Punjab.

Need: Fintech services have an important role in bringing about significant change by providing innovative financial services, addressing credit gaps and reshaping how financial services are delivered. Fintech instruments are gaining very high popularity in terms of functions and novelty and can be predicted as the future of operations in the financial sector. Moreover, Fintech instruments can be seen to have a close connection to the MSME-guided programmes. Thus, it would be pretty interesting to note if there lies a need for the optimum implications of Fintech in MSMEs and upcoming start-ups.

Purpose: The main aim of the study is to provide a tool for non-financial information in decision-making. We analysed the non-financial data in the annual reports in order to show the usage of this information in financial decision processes.

Need for the Study: Main financial reports such as balance sheets and income statements can be analysed by statistical methods. However, an expanded financial reporting framework needs new analysing methods due to unstructured and big data. The study offers a solution to the analysis problem that comes with non-financial reporting, which is an essential communication tool in corporate reporting.

Methodology: Text mining analysis of annual reports is conducted using software named R. To simplify the problem, we try to predict the companies’ corporate governance qualifications using text mining. K Nearest Neighbor, Naive Bayes and Decision Tree machine learning algorithms were used.

Findings: Our analysis illustrates that K Nearest Neighbor has classified the highest number of correct classifications by 85%, compared to 50% for the random walk. The empirical evidence suggests that text mining can be used by all stakeholders as a financial analysis method.

Practical Implications: Combining financial statement analyses with financial reporting analyses will decrease the information asymmetry between the company and stakeholders. So stakeholders can make more accurate decisions. Analysis of non-financial data with text mining will provide a decisive competitive advantage, especially for investors to make the right decisions. This method will lead to allocating scarce resources more effectively. Another contribution of the study is that stakeholders can predict the corporate governance qualification of the company from the annual reports even if it does not include in the Corporate Governance Index (CGI).

Purpose: The banking sector took the initiative to improve it by releasing a new blockchain application. This innovative approach connects customers from various geographic locations and also gives them a sense of banks’ global presence. Competition is one of the most important market factors because consumer tastes, interests and demands constantly change, making it difficult to meet these problems.

Methodology: Blockchain develops a Blue Ocean Approach in this competitive climate by enticing numerous market segments and giving the financial industry a fresh perspective that benefits the potential consumer. This chapter illustrates how the Blue Ocean Approach can be unlocked by a disruptive technology called blockchain, which generates value innovation and renders the competition obsolete.

Findings: This paradigm shifts the emphasis away from the present competition and generates value and demand for the product. The researcher advises that the Blue Ocean Strategy in retail banking, which uses blockchain technology, works very well since it eliminates cut-throat competition and favours costs, operations, and meeting financial targets on time.

Practical Implications: The study focuses on the bank’s real-world application of the Blue Ocean Strategy and the discovery of sustainable marketing strategies that will aid in their pursuit of innovation. It also highlights the elements introduced in the banking industry to support innovation and the development of long-lasting markets.

Purpose: Analysis and systematisation of global trends in the transformation of DSSs from the standpoint of solving their global and local problems and determining the central axioms of setting up and supporting business processes in DSSs.

Need of the Study: Decision Support Systems (DSSs) are the basis of doing business in an enterprise by automating business processes, keeping accounting and reducing various risks associated with complexity, labour-intensiveness, slow execution time and, therefore, potential loss of profit. In recent decades, the rapid development of DSSs has led to the emergence of complex enterprise information system architectures. At the same time, many local business processes are not implemented or are partially implemented. In Ukraine, such techniques include VAT accounting.

Methodology: The study is based on the literature analysis, Internet resources and practical experience obtained during the SAP ERP system implementation projects. Particular attention is paid to developing information systems architecture to solve the problems enterprises face during their growth. Thanks to the analysis of the example of the realisation of the Internet sales process and the induction method, the axioms of automation of business processes in accounting systems were formed.

Findings: Regardless of the qualitative and quantitative transformation, modern DSSs still cannot solve all the enterprise’s problems, mainly due to the use of paper documents and the diversity of national legislation. By the example of the SAP ERP system, the optimal implementation of the business process of VAT liabilities was proposed by Ukrainian legislation for sales below cost price.

Practical Implications: Compliance with the established axioms of automation of business processes will reduce the cost of resources for their implementation, maintenance and correction of potential errors and, therefore, will provide an opportunity to process more transactions. Implementing the proposed algorithm for calculating VAT liabilities in SAP ERP for sales below the cost price will simplify the existing process and enable the fulfilment of other requirements within the framework of current legislation.

Purpose: The banking sector is facing a challenge in the quality of services rendered to the ultimate customers for the adoption of Fintech applications in an efficient way. Due to dynamic market conditions, it is difficult for the banks to win the heart of the customers. It can be done only by providing them with updated technological applications and excellent services. Here, service quality plays a major role in this regard. It acts as an optimum strategy for the service providers to attain the interest of their customers and change their perceptions towards the banks in a positive way by providing them satisfactory services. This chapter aims to critically analyse and assess the quality of banking services rendered for Fintech applications to the customers.

Design/Methodology/Approach: The study evaluated the preference for public/private banks for Fintech applications across various demographic factors. In this research, users of public or private banks have been considered as respondents who are using Fintech applications. The service quality of both banks has been measured using a service quality scale, i.e., SERVQUAL. With the help of the Questionnaire, data were collected from 100 respondents from Punjab State on a convenience sampling basis. The Chi-square method was used to check the preference for different types of banks across demographic profiles.

Findings: ‘Responsiveness’ and ‘Tangibles’ are the most significant service quality dimensions. The present study revealed that the preference towards public/private sector banks has no dependency on occupation but found dependence on age and education level.

Research Limitations/Implications: The present study merely concentrates on the banking sector’s service quality towards Fintech applications. It could be used for the security market, insurance and other sectors in the future period. The present study provides implications for future interdisciplinary research addressing the need for Fintech applications as Fintech has become the need of every industry.

Originality/Value: This study is conducted to explore the opportunities for Fintech in the banking sector vis-á-vis service quality. The authors anticipate that the current study will contribute to existing literature and thus become the reference for academicians, researchers and industry professionals.

Purpose: This study explores how computer video games can promote creative techniques. It specialises in innovative elements of special educational video games: Virtual Recreation Based Mastering (VRBM), behavioural analytics and defined research results to measure the creative energy of leisure activities on laptops. The involvement and inclusion of gaming in learning are being adopted globally and becoming true global citizens. The macro problems and awareness, such as sustainability, climate changes, etc., around it can be easily created through the advent of PC games.

Design/Methodology/Approach: Examining job incentives, true tales, and inventive skill-related elements allow for measuring creative aspects. The Player’s Statistics for Pride (PSFP) survey technique employs a heuristic checklist in the world of sports games to look at the areas of participating sports that are important to a participant’s overall performance and to assess the participant’s knowledge. Energy, freedom and control, connections and presence contribute to player happiness. This examination evaluates how these sports affect participants’ knowledge and the impact of the teacher’s information on student learning. The study aimed to enhance the understanding of the inventive capacity of persons engaged in developing knowledge and abilities while playing video games.

Findings: The findings demonstrate that a region’s capacity for innovation propels it to a certain degree of overall success in the leisurely game of service activity mastery. Results on how video games broaden crucial research as a foundation for the research version of creative skills are anticipated (CPLN). CPLN openly discusses the link between research concepts and innovation. The results’ interpretation is crucial.

Purpose: This chapter attempts to apply Information Communication and Technology (ICT) to explain the increase in financial inclusion in the Indian financial system. The increasing use of facts and communication technology is integrating the arena. India’s information and conversation era is an industry that embodies globalization’s possibilities to develop low-profit economies.

Design/Methodology: The study is based on secondary data. The scope of the survey will only be confined to a financial institution in the economic systems of India. Various policy documents, lectures, reports, surveys, etc. of financial regulators and ministries are explored for analysis in the context of the objectives set. One of the largest challenges Indian banks will face in the next decade is banking operations, which is 50 per cent of India’s populace of around 1.2 billion (World bank, Overview 2021). The Reserve Bank of India encourages banks to use technology to maximize and attain growth profitability within the United States’ maximum faraway regions. For instance, ICT allows unknown clients to use biometrics to prompt their financial institution debts, disposing of the need for signatures.

Findings/Conclusion: The chapter concludes with numerous suggestions for expanding the manner of financial inclusion to reach the extremes of the Indian economy.

Purpose: In this technologically advanced era, it is crucial to understand how consumers adopt innovations so that producers and marketers can cater to these needs effectively. While existing technology adoption models have good explanatory power, a hybrid model must account for newer contexts.

Need for the Study: Most technology adoption papers in extant literature deal with the phenomenon’s functional, environmental and cognitive aspects. However, a mindset-oriented approach is largely absent from current studies. Mindsets are core beliefs people have about the malleability of human traits and characteristics that ultimately shape consumer behaviour. Investigating the adoption of such technologies through a deeper psychological lens will advance the field substantially.

Methodology: This conceptual paper utilised a literature review and theoretical integration to present a novel technology adoption model. The literature review of secondary data helped identify extant gaps, while academic integration of major concepts helped fill said gaps.

Findings: Based on the existing gaps in the literature, this study conceptualised a novel technology adoption model based on the foundation of Mindset Theory. Overall, relevant constructs, variables and scales have been presented along with future research propositions.

Practical Implications: From a global perspective, the findings of this chapter will enable marketers and practitioners to understand consumer adoption of new-age technologies. Producers of such technologies will also be able to cater to consumers more efficiently as a result of this study.

Purpose: Evaluation of the reform of public policy of digital economy taxation in Ukraine under conditions of military threats.

Need of the Study: The global digital transformation of the economy gives the IT sector priority positions in shaping public policy goals. The world community is searching for optimal models of digital business taxation, which can enhance its global investment attractiveness. In 2021, Ukraine introduced new tax rules on digital services; however, the war launched on 24 February 2022 made irreversible changes for businesses. The Ukrainian government started a new special tax regime, whose impact on the business environment needs to be thoroughly studied.

Methodology: This research is based on the content analysis of the legal framework of state policy on taxation of digital economy services.

Findings: The authors found that the reforms in the taxation of digital economy services carried out in Ukraine are designed to create incentives for attracting foreign IT companies and can create an effective tax competitive advantage for our country. At the same time, the special facilitated tax regime for the period of martial law in Ukraine creates a certain buffer in counteracting the threatening economic consequences of the war in Ukraine.

Practical Implications: The study summarises major taxation amendments and special conditions under martial law in Ukraine that affect the development of the digital economy, which allows for assessing the consequences for the business environment in the national IT sector.

Purpose: Progression is an unpreventable reality of presence, and banking is no exclusion. Cash transformers and moneylenders from times gone past are great agents today. Cash held in trust became store taking, and money advancing became credit making; over an extended time, banks transformed into a need, and the occupation of banks, transformed into a critical piece of monetary reality. Banks’ turn of events and headway has been mind-boggling, with the latest frenzy being intuitive media banking. The chapter additionally framed the amazing open doors and dangers for banks because of the presentation of innovations and how banks are making the most of the open doors and endeavouring to cure the risks. The financial area in India is a lifesaver for the country. Indian banks could become the fifth most prominent on earth by 2020 and the third most prominent by 2025.

Methodology: This study has given auxiliary information. Furthermore, it’s gathered from the holding bank of India concerning utilisation by various banks. Which utilised graphic review including mean mode middle.

Finding: After the review, we find that sight, sound, and green banking have become fantastic assets for the baking area. During COVID-19, the utilisation of mixed media expanded in contrast to a year ago.

Significance: The review featured sight and sound and green banking sealed spine in COVID -19 and is utilised expanded after this pandemic.

Purpose: Discarded electronic products have become one of the major and dangerous waste streams in the world, which is growing at a fast rate and has become a serious topic of concern. ‘E-waste’ has become a substantial waste stream in recent decades due to rapid technological advancements, consumerism, economic development, urbanisation and obsolescence, resulting in shorter product lifecycles. As a result, in recent years, the management and control of electronic waste have been a cause of concern, as it has a detrimental impact on the environment and the humans who deal with it.

Methodology: This doctrinal-analytical paper aims to analyse legislation enacted for the prevention and reuse of e-waste in India and the implementation of the International Convention regarding e-waste, along with the threat e-waste poses against the Sustainable Development goals set by the United Nations to protect the future.

Findings: One option for dealing with the hazard posed by informal ‘electronic waste’ disposal is to enact punishing restrictions that have a deterrent effect on society. As a result, various environmental rules and standards dealing with e-waste have been implemented in India, directly or indirectly. Because punitive measures in ecological laws dealing with electronic trash have not stopped environmental damage, such enactments have failed. By identifying the source of e-waste (polluters), accountability can be charged to them, which will lead to deterrence; moreover, adapting to a more ecologically efficient e-waste management method will also help reduce e-waste hazards.

Purpose: MSMEs can cater to both domestic as well as international markets. But, MSMEs are facing problems due to increased competition in the global market and being dependent on outdated technology. India, in general, and Punjab, in particular, is facing a serious problem of high unemployment rate, especially for the ‘Educated’ unemployed. Therefore, MSMEs could contribute towards generating additional employment for the technically trained workforce. The sector faces several challenges, including strong international competition, pressure to use key resources like energy, water and raw materials more efficiently, and implement more environmentally sustainable production processes. By modernising and adopting green and inclusive innovations, India’s MSME sector can create new economic opportunities and strengthen its long-term competitiveness.

Methodology: For this purpose, the chi-square values are calculated to test the pre-fixed hypothesis. Besides, the values of Cramer’s V (Φc) and Spearman’s Rank Correlation (rs) have also been calculated.

Finding: There is a significant association between the age of the enterprises and improvements undertaken by the enterprises to improve the product and production process. Besides, there is a significant association between the average annual turnover of the enterprises and their contribution/initiative level regarding marketing research, innovation and quality management standards.

Significance: The study analyses the contribution of MSMEs towards innovation and technology-driven marketing research and quality management standards adopted by sports goods enterprises by studying their relationship with different variables.

Introduction: Information technology is a field with particular importance in the activity of companies, which requires additional procedures in the audit of financial statements.

Aim: The purpose of the chapter is to identify the reports in which the financial auditors considered the impact of information technology on the financial statements of companies as a Key Audit Matter (KAM) and what was the approach in assessing this issue.

Method: The sample consists of companies listed on the primary market on European stock exchanges for 2013–2021 from 25 countries. Data were synthesised, systematised and analysed according to auditor type, audit year, countries and industries.

Findings: During the analysed period, 465 KAMs were identified for 174 distinct companies that referred to information technology, of which a Big4 auditor issued 97 per cent. The most KAMs were issued on companies from countries such as the United Kingdom, the Netherlands and Norway, and the least in Austria, the Czech Republic, Hungary and Italy. Also, most KAMs were issued by auditors in 2018 (19 per cent), and the least in 2013 (2 per cent). The industry that recorded the most KAMs related to information technology was finance, insurance, and real estate (64 per cent), and those which identified a single KAM on this topic were agriculture, forestry, fishing.

Conclusion: Information technology and its impact on audit quality and automation remain a growing topic especially in this pandemic period that caused more changes in the financial audit planning and risk assessment. The auditors were forced to perform remote audits and use information technology more than in previous years.

Artificial Intelligence (AI) is one of the newest technology that is quickly advancing and can be utilised to improve human resource competence in the age of rapid digital transformation. The present competitive scenario demands accurate data that need to be collected and analysed for organisational growth.

Purpose: The research examines the applications and usage of AI in performance management and further analyses the future of PM from the perspectives of AI.

Methodology: The study is conceptual and relies on secondary data from research papers, publications, HR blogs, survey reports and other sources. Employee performance and attitudes were monitored using digital technologies, big data analytics and AI. The quality of employee performance continues to increase with the integration of AI, enabling predictive analytics to increase employee performance.

Research Implication: In employee performance appraisal, a digital performance management system leads to openness and honesty with time, effort and sincerity. It is based on the performance management system’s practical usefulness.

Theoretical Implication: The study’s findings provide HR managers, academics, IT professionals and practitioners with an understanding of how AI may be used for performance management and its consequences on their operations. In addition, the connection between the HR devolution theory on performance management and AI is discussed.