https://hdl.handle.net/10419/334724 2026-10-24T03:53:48Z https://hdl.handle.net/10419/334838 Title: Legal challenges in developing a digitalised electricity market in the EU: The case of Estonia Authors: Keypour, Javad Abstract: Over the past decade, digitalisation has gained significant attention across various European Union (EU) policy areas, particularly in the energy sector. Along with this, digitalisation can contribute to higher energy security and sustainability of the EU energy systems especially by reducing fossil fuel dependency and distributing energy production through micro-renewable generation. However, digitalisation of electricity markets still deals with regulatory hurdles, especially within data management issues, and potential monopolies. Thus, this paper aims to address these challenges within Estonian market and focusing on prosumers' contributions to stabilising the digital electricity market through power generation or demand response. Applying document analysis of legal provisions and the multi-level perspective model of transition, the results indicate that while smart meters are pivotal in demand response and surplus electricity exchange, the current regulations create a de facto monopoly favouring Estonian suppliers, undermining prosumers' interests. Additionally, the concentration of data within a few aggregators can impede competition, while the lack of legal obligations for detailed data access hinders consumers' ability to engage in intra-day and balancing markets. The study highlights the need for legal provisions to facilitate data exchange and access for aggregators while addressing privacy concerns, thereby ensuring competition thrives. It also recommends establishing obligations for timely sharing of individual consumer consumption data and defining 'accounting points' to align with EU regulations. Additionally, clear definitions and provisions for data management, competition law compliance, and consumer rights are crucial. By implementing these recommendations, Estonia can enhance its role as a leader in digitalisation within the EU, promoting a more resilient and sustainable energy system. 2024-01-01T00:00:00Z https://hdl.handle.net/10419/334815 Title: The effect of financial innovation on economic growth in transition countries Authors: Thi Thuy Huong Luong; Attasuda Lerskullawat; Thanarak Laosuthi Abstract: This paper aims to explore the effect of financial innovation on economic growth in 28 transition countries from 2004 to 2021. Financial innovation is categorized based on the structure of the financial system, including commercial banks, non-commercial banks and financial markets. By applying difference GMM estimation, the research demonstrated a significant positive effect of financial innovation in commercial banks and non-commercial banks on economic growth. The results show that a greater number of financial innovations in terms of products and services, processes, technology and function in commercial banks and non-commercial banks would result in higher economic growth in transition countries. In contrast, financial innovation in financial markets indicates significantly negative effects on economic growth. Introducing complex products in stock and bond markets in underdeveloped financial markets probably lead to the volatility and fragility, reducing economic growth. The results of this research contribute to issuing crucial policies that employ financial innovation as an impulse for spurring economic growth in transition countries. 2024-01-01T00:00:00Z https://hdl.handle.net/10419/334842 Title: Managerial competencies critical for enhancing organisational responsiveness and agility in digital transformation of SMEs: A qualitative study Authors: Boateng, Philipp; Olexová, Cecília Abstract: This research aims to identify and categorise the key competencies required for managers to effectively lead small and medium-sized enterprises (SMEs) through the digital transformation process. Utilising a qualitative approach, the study employs Mayring's content analysis to examine semi-structured interviews with ten SME representatives in Germany. The findings reveal that agile leadership, and the integration of innovative technologies are crucial for enhancing organisational responsiveness and agility. However, significant gaps in standardising systems and processes remain a challenge. The study underscores the importance of adaptive leadership, and the strategic use of digital tools to foster a resilient organisational culture. The insights provided contribute to the broader understanding of how SMEs can effectively implement digital transformation, highlighting the need for specialised leadership competencies to drive this change. The significance of the study lies in its potential to guide SME managers and policymakers in developing strategies that support sustainable digital growth and innovation. 2024-01-01T00:00:00Z https://hdl.handle.net/10419/334827 Title: Investment inclusion of the credit market of Ukraine Authors: Bondarenko, Nataliia V.; Vlasiuk, Svitlana A.; Huzar, Bohdan S.; Ptashnyk, Svitlana A.; Prystеmskyi, Oleksandr S. Abstract: The article examines the peculiarities of investment inclusion in the credit market of Ukraine and the sources of turbulent processes in the banking ecosystem. The formalized model of the interrelation of endogenous factors of investment lending in the time horizon of multiple signs that reduce the manifestation of destabilization of the banking ecosystem (reduction of liquidity and regulatory capital of banks) and ensure the stability of the inclusion of the credit market is substantiated. A model of the distribution of investment lending risks over time, their assessment and limitation has been developed. For the period of martial law in Ukraine, donors of investment crediting of agriculture and its restoration in the future have been singled out. A multifactor model of investment inclusion of the credit market of Ukraine has been built, which has a set of variables that affect the stable state of the banking ecosystem and ensure the maximum efficiency of the distribution and use of investments in the projects of restoring the economic development of the country. 2024-01-01T00:00:00Z