Minh Duc Nguyen

2026, 48, 1-16. doi.org/10.22367/jem.2026.48.01
 

Aim/purpose – This paper proposes a framework that integrates deep learning-based return forecasting with environmental, social, and governance (ESG)-differentiated optimization to align portfolio performance with financial and sustainability goals, enabling data-driven responsible investment decisions. The study hypothesizes that ESG risk dimensions influence portfolio performance differently: mitigating environmental risk imposes higher financial costs due to regulatory and operational pressures, whereas social and governance risks yield more balanced return-sustainability trade-offs.

Design/methodology/approach – This study employs the N-BEATS deep learning model to forecast one-day-ahead returns for S&P 100 stocks. The predicted returns serve as inputs to an enhanced Mean-Variance with Forecasting (MVF) model that integrates ESG risk as a penalty term. ESG factors are analyzed both collectively and across individual dimensions using a tunable risk-aversion parameter that reflects investor preferences. The dataset includes 99 S&P 100 stocks from January 2017 to December 2024, with distinct training, validation, and test sets for model development and evaluation.

Findings – The study reveals that incorporating ESG risk into portfolio optimization with forecasted returns produces distinct trade-offs across ESG dimensions. Mitigating environmental risk entails the greatest return cost, whereas social and governance risks allow more favorable balances between return and sustainability. The N-BEATS model achieves sufficient forecasting accuracy to inform investment decisions. Moreover, the elbow point method offers a practical means for selecting optimal ESG sensitivity levels, enabling investors to effectively balance performance and sustainability objectives.

Research implications/limitations – This research demonstrates that combining deep learning-based forecasting with ESG-differentiated optimization enables more nuanced and responsible investment strategies, offering practical tools for aligning financial and sustainability goals. However, the study is limited by its focus on a single market (S&P 100) and does not account for real-world factors such as transaction costs or dynamic rebalancing, which could affect practical applicability.

Originality/value/contribution – This study is among the first to integrate N-BEATS-based return forecasting with ESG-differentiated portfolio optimization in a unified framework. It offers a novel approach that enables investors to explicitly manage trade-offs between financial returns and individual ESG risk dimensions, providing both methodological innovation and practical guidance for responsible investing.
 

Keywords: responsible investment, ESG risk, portfolio optimization, deep learning, N-BEATS.

JEL Classification: G1, C5, Q5, M1.

Ling Zhang, Yuxin Wang

2026, 48, 17-34. doi.org/10.22367/jem.2026.48.02
 

Aim/purpose – Linguistic distance, as a core element of cultural distance, significantly affects bilateral trade flows. Mitigating its adverse impact has become a central concern for both policymakers and scholars. This study examines how linguistic distance influences China’s exports of cultural products and investigates whether overseas Chinese-language education moderates this relationship.

Design/methodology/approach – This paper first examines the impact of linguistic distance on trade in Chinese cultural products using global panel data regression. It then analyzes how overseas Chinese education mitigates the obstructive effect of linguistic distance on trade through a moderation analysis.

Findings – This study reveals that although linguistic distance hinders exports, overseas Chinese-language education can effectively mitigate the obstructive effect on trade in cultural products. The heterogeneity analysis further shows that this mitigating effect is more pronounced in non-adjacent countries, Belt and Road countries, and those within the Confucian cultural circle. Finally, the non-core trade in cultural products is more strongly affected by linguistic distance.

Research implications/limitations – This study not only provides empirical evidence that may help optimize overseas Chinese education and communicate Chinese cultural narratives more effectively, but also offers insights that could contribute to enhancing competitiveness in the trade of cultural products. However, the data are limited to China’s cultural trade, and the conclusions should be understood within this context. Moreover, the complexity of linguistic factors deserves further study.

Originality/value/contribution – This study offers new evidence of how linguistic distance affects China’s exports of cultural products. It further examines the moderating effect of overseas Chinese education and its heterogeneous effects. The findings contribute to our understanding of both the constraints and proactive roles of language factors in the field of cultural exports.
 

Keywords: linguistic distance; overseas Chinese education; core culture; Belt and Road.

JEL Classification: I2, Z1.

Adhi Prakosa, Syafa Zuliatun, Hapsari Dyah Herdiany, Anindita Imam Basri

2026, 48, 35-63. doi.org/10.22367/jem.2026.48.03
 

Aim/purpose – This research investigates the factors influencing consumer purchasing intentions toward eco-friendly-labelled products, particularly addressing the limited understanding of the emerging plant-based milk sector, specifically oat milk. The study explores consumers’ knowledge of eco-friendly labelling and their perceptions of brand image origin among Gen Y and Gen Z Indonesians.

Design/methodology/approach – This study employs an extended theory of planned behavior (TPB) model. The sample was selected using purposive sampling, with the criterion being Gen Y and Gen Z living in Indonesia. Data were collected through a structured questionnaire from 209 consumers in Indonesia and analyzed using SmartPLS4.

Findings – The results indicated that subjective knowledge, attitude, subjective norm, and perceived behavioral control are the direct drivers of consumers’ intention to purchase oat milk. Additionally, this study found that brand origin image influences subjective knowledge. The study found that attitude and subjective knowledge mediated the relationship between purchase intention and subjective norm. In contrast, objective knowledge weakened the relationship between the subjective norm and the intention to purchase oat milk.

Research implications/limitations – This research provides valuable insights for managers to understand how knowledge and perceptions influence consumer intentions toward eco-friendly, labelled plant-based dairy products. A key limitation is that the sample comprises only consumers of oat milk, which may limit the applicability of the results to the broader plant-based dairy market.

Originality/value/contribution – This research contributes originality by analyzing the moderating role of consumer eco-label knowledge and brand origin image within the specific domain of plant-based dairy products, providing new insights that have not been extensively discussed in previous research, particularly in the context of developing countries.
 

Keywords: eco-labels, purchase intention, TPB, knowledge, brand origin image.

JEL Classification: M31, L66, Q56.

Bükra Doganer, Gültekin Altuntaş

2026, 48, 64-90. doi.org/10.22367/jem.2026.48.04
 

Aim/purpose – This study investigates how process performance mediates the relationship between software performance and business performance in Türkiye’s logistics industry. It addresses the problem of fragmented digitalization efforts that fail to integrate software with strategic process improvements.

Design/methodology/approach – The research employs a quantitative approach, using survey data collected from 124 managers in micro-, small-, medium-, and large-scale Turkish logistics businesses that utilize Transportation Management Systems (TMS). Data analysis is conducted via SPSS 28 and PROCESS Macro (Model 4) to test mediation effects.

Findings – The results confirm a dual-channel mechanism in which software performance exerts a direct effect on business performance and a stronger indirect effect mediated by strategic process performance. Specifically, TMS software enhances alignment, speed, and quality in strategic decision-making, which, in turn, drives superior outcomes across competitive metrics such as customer satisfaction, cost reduction, market share, and profitability.

Research implications/limitations – The findings highlight the need for process-centric strategies in software adoption; therefore, the study focuses on strategic decision-making performance rather than operational metrics. In addition, the results are limited to the logistics industry in Türkiye and rely on self-reported data.

Originality/value/contribution – This study extends digital value-realization research by quantifying the mediating role of process performance in the relationship between TMS software performance and business performance in Türkiye’s logistics industry. By integrating the resource-based view and business process management, it shows that software capabilities contribute to business outcomes both directly and – more strongly – through process-based conversion mechanisms in an emerging-economy context.
 

Keywords: Software performance, process performance, business performance, logistics industry, emerging economies, mediation analysis.

JEL Classification: L91, M15, O32.

Joanna Błach, Cristina Florio, Monika Wieczorek-Kosmala, Silvano Corbella

2026, 48, 91-126. doi.org/10.22367/jem.2026.48.05
 

Aim/purpose – This study aims to synthesize the extant literature and illustrate the thematic evolution and intellectual structure of research on corporate cash holdings (particularly precautionary cash holdings) and risk, through a scientific mapping of works published over the past 20 years.

Design/methodology/approach – The study applies various bibliometric analysis techniques offered by the SciMAT software. Following the PRISMA methodological rigor, the analysis covers 110 research publications indexed in the Scopus database from 2005 to 2025.

Findings – The study reveals motor themes leading the development of this domain: cash holdings, cash flows, investment decisions, working capital management, and bank loans. Emerging topics highlight the importance of agency costs and industry studies, while the notable gap underscores the need to develop a risk management theme. Research on Central European companies and sectors beyond energy, agriculture, finance, and hospitality is scarce. This opens the door to further research on corporate governance, cross-country studies, or industry-related factors.

Research implications/limitations – This study contributes to the scholarly discourse by highlighting the multifaceted, interconnected dimensions of cash holdings and risk management decisions, thereby enhancing managers’ and policymakers’ knowledge. Future research may explore the link between cash holdings and new emerging types of risk, namely ESG risk, cybersecurity risk, climate risk, or geopolitical risk. The main limitations of this study stem from the methodological choices, namely: using the Scopus database solely, defining selection criteria and keywords, and setting specific parameters in the SciMAT software.

Originality/value/contribution – This study makes a novel contribution to the literature, being the first to use the SciMAT tool to analyze cash holdings and risk-related studies. It demonstrates that studies linking cash holdings to risk management represent a potentially promising area for future research. This work can serve as a reference point for researchers investigating the determinants of cash holdings, particularly precautionary cash holdings, in the context of risk management. The findings can also guide future strategies to develop more efficient and effective cash and risk management in a turbulent business environment and amid global shocks.
 

Keywords: Cash holdings, precautionary motive, risk, risk management, bibliometric analysis, scientific mapping, SciMAT.

JEL Classification: G32, G34, D81, M21.

Tatang Kristiawan, Abdul Haeba Ramli

2026, 48, 127-148. doi.org/10.22367/jem.2026.48.06
 

Aim/purpose – The purpose of this paper is to examine how perceived organizational support (POS) and servant leadership (SL) influence employee creativity (EC) in the public sector, with work engagement (WE) serving as a mediating variable. The problem addressed is the limited space for innovation within rigid public bureaucracies, which often hinders employees from expressing creative ideas essential for improving service quality.

Design/methodology/approach – This study employed a quantitative research method using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the rela-tionships among variables. The research sample consisted of 397 civil servants from the Jakarta Provincial Government, selected through stratified random sampling across seven administrative regions.

Findings – The study found that POS, SL, and WE all have a positive and significant effect on EC. Both POS and SL exhibited significant, comparable direct effects on crea-tivity. Additionally, WE was shown to partially mediate the relationships between POS and SL and EC. This suggests that when employees feel supported by their organization and empowered by their leaders, they are more engaged in their work, which in turn enhances their creative contributions in the public sector.

Research implications/limitations – The findings imply that fostering organizational support and SL, along with enhancing WE, can effectively boost EC in the public sector. However, the study is limited by its cross-sectional design and focus on a single regional government, which may affect the generalizability of the results.

Originality/value/contribution – This study contributes to the literature by empirically testing an integrated model in which POS and SL are simultaneous predictors of EC, with WE as a partial mediating mechanism, in a public-sector context. The findings clarify the role of WE as a key psychological conduit through which organizational and leadership resources translate into creative behavior within bureaucratic environments.
 

Keywords: Employee creativity, perceived organizational support, servant leadership, work engagement, public sector.

JEL Classification: M12, M54, O35, H83.

Diva Aldira Wijaya, Alvania Artamevia, Cathrine Nathania Cahyadi, Anita Maharani

2026, 48, 149-180. doi.org/10.22367/jem.2026.48.07
 

Aim/purpose – This study examines how technostress and perceived disadvantages of flexible work arrangements relate to turnover intention among Generation Z employees in Indonesia’s hybrid work settings, with work engagement serving as a potential mediator.

Design/methodology/approach – A quantitative cross-sectional design was employed using an online survey of 235 Generation Z employees working in hybrid or work from anywhere arrangements. Data were analyzed using partial least squares structural equation modeling (PLS-SEM) with SmartPLS.

Findings – Technostress is positively associated with turnover intention, indicating that higher digital demands are linked to stronger withdrawal intentions among Gen Z employees. Technostress also shows a positive relationship with work engagement, suggesting that, in hybrid work contexts, certain technological pressures may be interpreted as motivating challenges rather than as purely hindrance stressors. Work engagement is negatively related to turnover intention, highlighting its protective role within digitally intensive environments. However, the indirect effect of technostress on turnover intention through work engagement was not statistically significant; therefore, the proposed mediation effect was not confirmed. Perceived disadvantages of flexible work arrangements are positively associated with turnover intention, suggesting that dissatisfaction with flexibility may drive turnover intentions.

Research implications/limitations – The findings highlight the context-dependent nature of technostress and suggest that established job demands-resources assumptions may operate differently in digitally intensive hybrid work settings. The cross-sectional design limits causal inference, and the focus on Indonesian Gen Z employees may constrain generalizability. Future research could apply longitudinal or comparative designs and further refine the measurement of flexibility-related mechanisms.

Originality/value/contribution – This study contributes by empirically examining the direct and indirect relationships among technostress, work engagement, and turnover intention among Generation Z employees in Indonesia’s hybrid work context, while also examining the direct role of perceived disadvantages of flexible work arrangements in explaining turnover intention.
 

Keywords: Technostress, turnover intention, work engagement, perceived disadvantages of flexible work arrangements, Generation Z, hybrid work system.

JEL Classification: J24, J28, M12, M54, O33.