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In the context of recurrent ecological and societal crises, the European institutions are committed to fostering sustainable development that meets the needs of present and future generations, while providing new opportunities for employment, investment and economic growth. These commitments are the guiding principle of European policies and strategies in terms of financing sustainable growth, green transition, and building an economy at the service of citizens. They have been gradually transposed into a large number of European regulations, including those related to sustainability disclosure by certain categories of economic and financial actors. The significance of the paradigm shift fuels the reflection on the relationship between these new regulations and the social reality, in which and upon which they must act. The new regulations referring to are especially: Regulation (EU) 2019/2088 of the European Parliament and of the Council on sustainability‐related disclosures in the financial services; Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (Taxonomy Regulation); Directive (EU) 2022/2464 of the European Parliament and of the Council amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting. As part of the European and international sustainability concerns, this article is a reflection paper on the developments, notably conceptual, axiological and substantive, generated by the Directive (EU) 2022/2464, and their translation into legal and practical innovations. Based on an extensive review of the relevant literature and European legislation, as well as on content analysis and secondary analysis of numerous scientific studies in the field, authors’ contribution focuses on the meaning and implications of the switch from 'non-financial information' to 'sustainability information', as well as on the new relationship between the law and the social reality created by Directive (EU) 2022/2464. The authors assume that such clarifications are a prerequisite for the successful transformation of certain professions significantly affected by this Directive, including those of financial analysts and auditors. This requires, at the same time, upstream changes of university curricula and continuing education in this area, as well as in research programs.

Conflict is a costly endeavor. However, conflict itself is of unobservable magnitude which makes statistical inference problematic. The long-run economic cost of conflict is calculated as the sum of the contemporaneous costs and the discounted value of future costs. Typically, researchers use War or Militarized Interstate Conflicts as independent, discrete events to calculate its contemporaneous effect and then introduce a time binary variable to estimate the lagged effects since the end of the event. The conflict datasets accurately recognize the dates of the core conflict. However, they ignore the possibility that a lack of militarized conflict does not necessarily mean that issues have been settled, thus we are underestimating overall costs.The present study estimates the economic costs of rivalry. The international rivalry cycle is a process in which a pair of states create and sustain a relationship of atypical hostility for some period. This paper is part of the renaissance of research activity in the applied economics of international trade. The gravity model is used to determine the economic cost of Rivalry on bilateral trade using panel data.At the aggregate level, strategic and enduring rivalries have a negative and significant effect on trade flow. The results show that the total effect of rivalry accounts for48%-57% of the fall in bilateral trade volume, which is equivalent in cost to 19% of the ad-valorem tax. If the rivalry is disaggregated by claim type: spatial, positional, and mixed, then we observe that the cost varies substantially with the type. Spatial rivalry explains 16%-26% of the fall in trade volume, while positional and mixed rivalry explain 49%-57% and 77%-82%, respectively.

At its 30th anniversary, the Maastricht Treaty remains a milestone in the history and practice of the European Union. This referring to the adhesion process, since the set of conditions that a country must accomplish have been settled and derived by the treaty, but also for the fact that now, after 20 years of entering in force, the Euro, the Union currency, has performed and faced different consecutive challenges, thus becoming observable concerning it effects and role, and as a consequence, its theoretical and practical validity.But there is yet a vast area, in the center of Europe, that is still dragging on its calvary of adhesion, that of the Western Balkans. At this point, considering the processes that the countries of this area have been going through, by pursuing the adhesion path, the analysis of the dominating factors that have determined the trajectory of their EU membership, becomes essential.The paper questions and analyses the validity of the Maastricht Treaty and subsequent criteria for the adhesion of the Western Balkan countries, as well as highlights on the ‘ad-hoc’ criteria and evaluations often applied during the process and their consequences in terms of the attitudes of the Balkan populations and their determination toward the EU and the Western Balkans adhesion.

The purpose of this study is to establish a robust strategic framework for the development of investment potential within Ukraine’s tourism industry during the post-conflict period. The methodology involves a systematic approach encompassing literature review, conceptual framework development, measurement of corporate responsibility, creation of indicative indicators, implementation stages, and cross-border cooperation. As a result, the article presents a model of the functional platform of the international economic system, which forms the concept of the State’s investment policy on the basis of corporate socio-economic responsibility and implements the strategy of development of the tourism industry. From the standpoint of a holistic view of the strategic development of the investment potential of the tourism industry, the range of measurement of corporate socio-economic responsibility of joint investment institutions and their partnerships is presented. A methodical approach to the formation of indicative indicators of the first and second levels, which activate the investment development of the tourism industry in the regions of the country, has been developed. The stages of implementation of measures for the strategic development of the investment potential of the tourism industry in the context of international turbulence are presented. The developed proposals can be successfully implemented when planning programs for the development of the tourism industry of Ukraine on the basis of cross-border cooperation of regional associations, in order to support the national economic system of Ukraine.

This study investigates the influence of sovereign wealth fund (SWF) investments on the financial performance of firms in Saudi Arabia and Spain. Findings indicate that SWF investments exert a notable influence on average share prices, accounting for a considerable portion of the variation in stock values across both countries. Conversely, no significant relationship was found between SWF investments and other financial indicators such as return on investment, liquidity ratio, financial leverage, and profitability ratio. The analysis underscores the relevance of a firm’s national context when assessing the implications of SWF activity, as such investments may alter ownership structures and strategic directions. Additionally, the study emphasizes that SWF decisions are closely linked to broader economic and political developments, necessitating continuous monitoring and contextual evaluation.To explore these dynamics, the research utilized statistical tools such as regression models and coefficients of determination, enabling a clear measurement of the investments’ effects on financial indicators. The study concludes with several recommendations: further investigation into other variables influencing financial performance, stronger collaboration with SWFs as part of strategic investment planning, and improved transparency through consistent financial disclosure. Moreover, longitudinal and cross-sectoral comparative research is encouraged to deepen the understanding of SWF impacts globally.

Social exclusion is a complex and multidimensional process. This phenomenon is also characterised by spatial differentiation, which is illustrated by numerous indicators. Yet, insufficient attention is paid to non-monetary indicators of social exclusion. The aim of this paper was to identify the key non-monetary indicators of social exclusion (also related to the Agenda 2030 sustainable development goals) and, on their basis, to develop a synthetic measure that would make it possible to rank and compare the countries that joined the European Union on May 1, 2004. The considerations were limited to a group of non-monetary indicators of social exclusion selected by the author on the basis of the analysis of the literature on the subject, which included the Laeken indicators. Data on indicator values were taken from the Eurostat database for 2020. In the study, the method of multidimensional comparative analysis of Hellwig's development pattern was used. The analyses showed that, compared to the other countries selected for the analysis, the Czech Republic, Slovenia and Poland were in the most favourable situation in terms of social exclusion understood through the prism of non-monetary indicators.

The object of research is government expenditure effect on welfare of society, whereas the aim of the paper is to analyse government expenditure effect on welfare of society in the theoretical aspect. The research deals with the analysis of theoretical interpretations of the phenomenon of welfare of society, expands the concept of welfare of society, comparison of the methods applied in practice for assessment of the level of welfare of society, and provides the summary of the theoretical link between welfare of society and government expenditure based on the previous research works in this field.

The deterioration of the general investment climate, the economic recession, and changes in consumption patterns caused by the COVID-19 pandemic have forced various foreign investors to restrict or suspend investments. One of the possible reactions by investors to the coronavirus crisis is divestment. This article aimed at detecting and analysing the regularities between the risk of foreign divestment in various industry branches and the destinations of FDIs at the level of NUTS 1 macroregions of the Visegrad Group countries during the COVID-19 pandemic, using correspondence analysis. The results of the assessment of the risk of foreign divestment in NUTS 1 macroregions of the Visegrad Group countries are characterised by diversity in terms of territorial and sectoral layout, depending on the analysed scenario of the COVID-19 pandemic development. It is hard to clearly indicate a macroregion which, irrespective of the scale of the spread of the disease, could be perceived by foreign investors as invariably highly risky or characterised by a constantly low risk of divestment.

The paper assesses the moderating role of firm age in the relationship between financial constraints, as measured by the KZ index, and the WW index on three alternative measures of firm growth (Asset growth, ROA, and ROE) in the ASEAN–6 region. This study employs a sample of ASEAN–6 listed firms over the period 2009–2019 using Fixed Effects and the System GMM model. Firm age is found to interact positively with financial constraints in their effects on firm growth. The negative impact of financial constraints on firm growth is less severe with older age firms.

Strategic support of the company’s work in the international market requires a complete restructuring of business processes in a crisis situation and improvement of the company's relations with both consumers and producers. The necessity to form a combined production cycle to reduce competition should not be overlooked. The dynamics of the formation of modern enterprise forms the need for a constant analysis of emerging investment proposals. The novelty of the study is determined by the fact that the company must ensure a change in the format of work when entering the international market and identify the possibilities of strategic formation of financial and organizational reserves for the possibility of autonomous provision of activity for several production cycles. The authors show that in order to understand the development strategy, the enterprise needs to integrate diagnostic tools into the system of production indicators, which can provide an integrated assessment of the quality of enterprise management. The practical significance of the study is determined by the need to formulate an enterprise development strategy for a period of up to five years. The main value should be determined in the structure of ensuring the damping of crisis phenomena in the context of stagnation of industrial production, demand and financial markets of the state. This will allow to unify investment and anti-crisis development strategies.