Volume 8, Issue 1

The Effects of the Energy Crisis on Citizens in North Macedonia the-effects-of-the-energy-crisis-on-citizens-in-north-macedonia Volume 8, Issue 1 Research Article 2026 8 This paper examines the socioeconomic effects of the recent energy crisis on citizens in the Republic of North Macedonia, focusing on household living standards, affordability of basic services, and perceptions of government support measures. Drawing on primary data from a nationwide survey and supported by secondary statistical indicators, the study identifies significant negative impacts on household budgets, energy affordability, transportation, food security, and overall quality of life. The findings reveal pronounced disparities across income levels, regions, age groups, and educational attainment, underscoring the need for targeted and transparent policy interventions to mitigate energy
poverty and protect vulnerable populations.
This study contributes to the existing literature in three key ways. First, it provides original survey-based evidence on the household-level socioeconomic effects of the energy crisis in a small, import-dependent economy. Second, it highlights the unequal distribution of impacts across income groups, regions, and demographic characteristics, demonstrating how the crisis intensified pre-existing vulnerabilities. Third, it offers policy-relevant insights into citizen perceptions of government support
measures, emphasizing the importance of transparency, targeting, and long-term energy resilience.

]]> Baumeister, C., Korobilis, D., & Lee, T. K. (2022). Energy markets and global economic conditions. The Review of Economics and Statistics, 104(4), 828–844. https://doi.org/10.1162/rest_a_00977
Cao, H., Guo, L., & Zhang, L. (2020). Does oil price uncertainty affect renewable energy firms’ investment? Evidence from listed firms in China. Finance Research Letters, 33, 101523. https://doi.org/10.1016/j.frl.2019.06.003
Carvalho, L., & Santos, M. R. C. (2024). The role of the energy sector in contributing to Sustainable Development Goals: A text mining analysis of literature. Energies, 17(1), 208. https://doi.org/10.3390/en17010208
Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). (2020). National energy and climate plan of the Republic of North Macedonia. GIZ GmbH.
International Monetary Fund. (2023). North Macedonia: Staff report and policy recommendations related to the energy crisis and fiscal measures. International Monetary Fund.
Liu, Z., Wang, Y., Yuan, X., Ding, Z., & Ji, Q. (2025). Geopolitical risk and vulnerability of energy markets. Energy Economics, 141, 108055. https://doi.org/10.1016/j.eneco.2024.108055
Macedonian Association for Public Policy. (2023). Public perceptions of the energy crisis and government response in North Macedonia. Macedonian Association for Public Policy.
Organisation for Economic Co-operation and Development. (2022). Energy poverty, affordability, and policy responses in Europe. OECD Publishing.
Petreski, M., & Petreski, B. (2023). The impact of the food and energy crisis on household welfare in North Macedonia. Finance Think – Economic Research & Policy Institute.

]]> Energy crisis, living standards, energy poverty, households, North Macedonia 2026-07-10 https://tefmj.ibupress.com/articles/the-effects-of-the-energy-crisis-on-citizens-in-north-macedonia 1 1-13 10.69648/GCQE4643 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ Afrim Bajrami true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Evaluating the Economic and Environmental Effects of Environmental Taxation in OECD Countries evaluating-the-economic-and-environmental-effects-of-environmental-taxation-in-oecd-countries Volume 8, Issue 1 Research Article 2026 8 As concerns about global environmental issues are recognized as a significant factor that must be addressed and mitigated, policymakers are turning to taxation to internalize externalities and motivate sustainable practices. This paper investigates the effectiveness of environmental taxation in achieving economic and environmental objectives by analyzing data from OECD countries. Examining the relationship between taxation, economic behavior, and environmental goals provides essential insights into the implementation and outcomes of environmental taxation policies. If appropriately designed, environmental taxation can be an important tool that aligns economic incentives and environmental objectives. In order to test for the effect that environmental taxes would have on the economy and the environment, data were analyzed for the OECD countries for the period 1994-2023 by using several techniques, including the Ordinary Least Squares, Fixed Effects, and Random Effects models. The findings suggest that in OECD countries, by implementing environmental taxation, the desired economic and environmental goals are not being met yet, since environmental taxation is not contributing to positive economic growth and not contributing to lowering emissions, such as a one percentage point increase in environmental related tax revenue, leads to a decrease in the real GDP of $4633per capita, and 1.22 metric ton increase in emissions per capita, indicating that the environmental tax as a tool is not being used effectively in OECD countries.

]]> Agostini, P., Botteon, M., & Carraro, C. (1992). A carbon tax to reduce CO₂ emissions in Europe. Energy Policy, 20(4), 279–290.
Baranzini, A., Goldemberg, J., & Speck, S. (2000). A future for carbon taxes. Ecological Economics, 32, 395–412. https://doi.org/10.1016/S0921-8009(99)00110-5
Berkhout, P. H. G., Ferrer-i-Carbonell, A., & Muskens, J. C. (2004). The ex-post impact of an energy tax on household energy demand. Energy Policy, 26, 297–317.
Bilalli, D. (2024). Evaluating the influence of environmental regulations on sustainable trade practices (in selected OECD countries). Knowledge – International Journal, 64(1), 173–178. https://ojs.ikm.mk/index.php/kij/article/view/6798
Borozan, D. (2019). Unveiling the heterogeneous effect of energy taxes and income on residential energy consumption. Energy Policy, 129, 13–22. https://doi.org/10.1016/j.enpol.2019.04.017
Dökmen, G. (2012). Environmental tax and economic growth: A panel VAR analysis. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 40, 43–65.
Hettich, F. (1998). Growth effects of a revenue-neutral environmental tax reform. Journal of Economics, 67(3), 287–316. https://econpapers.repec.org/article/kapjeczfn/v:67:y:1998:i:3:p:287-316.htm
Karydas, C., & Zhang, L. (2019). Green tax reform, endogenous innovation and the growth dividend. Journal of Environmental Economics and Management, 97, 158–181. https://doi.org/10.1016/j.jeem.2017.09.005

Kolstad, C. D. (2011). Environmental economics (2nd ed.). Oxford University Press.
Lin, B., & Li, X. (2011). The effect of carbon tax on per capita CO2 emissions. Energy Policy, 39(9), 5137–5146. https://doi.org/10.1016/j.enpol.2011.05.050
Liobikienė, G., Butkus, M., & Matuzevičiūtė, K. (2019). The contribution of energy taxes to climate change policy in the European Union. Resources, 8(2), 63. https://doi.org/10.3390/resources8020063
Mardones, C., & Cabello, M. (2019). Effectiveness of local air pollution and GHG taxes: The case of Chilean industrial sources. Energy Economics, 83, 491–500. https://doi.org/10.1016/j.eneco.2019.05.012
Miller, S. J., & Vela, M. A. (2013). Are environmentally related taxes effective? (IDB Working Paper No. IDB-WP-467). Inter-American Development Bank. https://publications.iadb.org/en/are-environmentally-related-taxes-effective
Morley, B. (2012). Empirical evidence on the effectiveness of environmental taxes. Applied Economics Letters, 19, 1817–1820.
Nakata, T., & Lamont, L. (2001). Analysis of the impacts of carbon taxes on energy systems in Japan. Energy Policy, 29(2), 159–166.
Organisation for Economic Co-operation and Development. (2023). Environmentally related tax revenue. OECD Data. https://stats.oecd.org/Index.aspx?DataSetCode=ERTR
Organisation for Economic Co-operation and Development (2025a). Air Emissions- Greenhouse gas emissions inventories. OECD Data. https://www.oecd.org/
Organisation for Economic Co-operation and Development. (2025b). Real GDP per capita (green growth indicators). OECD Data. https://www.oecd.org/
Organisation for Economic Co-operation and Development. (2006). The political economy of environmentally related taxes. OECD Publishing. https://read.oecd-ilibrary.org/environment/the-political-economy-of-environmentally-related-taxes_9789264025530-en
Sadiku, L., & Madzova, V. (2024). The relationship between industrial production and green growth of OECD countries. Economics and Management, 21(1), 7–22.
Wolde-Rufael, Y., & Mulat-Weldemeskel, E. (2023). Effectiveness of environmental taxes and environmental stringent policies on CO2 emissions: The European experience. Environment,
Development and Sustainability, 25(6), 5211–5239. https://doi.org/10.1007/s10668-022-02262-1

]]> Environment, taxes, carbon, emissions, sustainable 2026-07-10 https://tefmj.ibupress.com/articles/evaluating-the-economic-and-environmental-effects-of-environmental-taxation-in-oecd-countries 1 15-26 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ Diellza Bilalli International Balkan University – Skopje true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

The Effects of Unemployment and Trade on Economic Growth: Case of Western Balkans the-effects-of-unemployment-and-trade-on-economic-growth-case-of-western-balkans Volume 8, Issue 1 Research Article 2026 8 This research paper investigates the effects of unemployment and trade on economic growth in countries of Western Balkan. Using panel data for the time span 2000-2023 and employing the fixed and random effects regression models, this study aims to provide better understanding concerning the correlation of abovementioned variables. The results suggest that there is a statistically significant effect of both independent variables, such as unemployment and trade on GDP per capita. Hausman test justified the use of the random effect model as an appropriate model for analysis. As expected considering the theoretical framework, the empirical evidence shows that higher unemployment harms GDP per capita, while trade improves it. This brings into focus the importance of trade openness especially in small open economies and proposing measures and control over the rise of unemployment.

]]> Agénor, P.-R., & Lim, K. Y. (2018). Unemployment, growth and welfare effects of labor market reforms. Journal of Macroeconomics, 58, 19–38. https://doi.org/10.1016/j.jmacro.2018.08.009

Fanati, L., & Manfredi, P. (2003). Population, unemployment and economic growth cycles: A further explanatory perspective. Metroeconomica, 54(2–3), 179–207. https://doi.org/10.1111/1467-999x.00165

Fujii, T., & Roland-Holst, D. (2007). How does Viet Nam's accession to the World Trade Organization change the spatial incidence of poverty? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.975738

Schwickert, F., & Giucci, R. (2024). 10 years Berlin Process: Economic development in the Western Balkans since 2014. GET Policy Study on International Trade and Regional Integration.

Berument, H., Doğan, N., & Tansel, A. (2006). Economic performance and unemployment: Evidence from an emerging economy. International Journal of Manpower, 27(7), 604–623. https://doi.org/10.1108/01437720610708248

Hedvičáková, M., & Pozdílková, A. (2023). Analysis of key macroeconomic indicators and their relationship to unemployment in the Czech Republic. Proceedings of the Liberec Economic Forum 2023, 416–424. https://doi.org/10.15240/tul/009/lef-2023-45

Josten, S. (2006). Dynamic fiscal policies and unemployment in a simple endogenous growth model. International Tax and Public Finance, 13(6), 701–716. https://doi.org/10.1007/s10797-006-6603-5

Kukaj, D. (2018). Impact of unemployment on economic growth: Evidence from Western Balkans. European Journal of Marketing and Economics, 1(1), 9–17. https://doi.org/10.26417/ejme.v1i1.p10-18

Mbogela, C. (2019). An empirical examination on trade openness and economic growth nexus in Africa. Asian Journal of Economics and Empirical Research, 6(1), 1–15. https://doi.org/10.20448/journal.501.2019.61.1.15

Mishra, A., Gadhia, J., Kubendran, N., & Sahoo, M. (2015). Trade flows between India and other BRICS countries: An empirical analysis using gravity model. Global Business Review, 16(1), 107–122. https://doi.org/10.1177/0972150914553523

Murjani, A. (2019). Short-run and long-run impact of inflation, unemployment, and economic growth towards poverty in Indonesia: ARDL approach. Jurnal Dinamika Ekonomi Pembangunan, 2(1), 15–29. https://doi.org/10.14710/jdep.2.1.15-29

Nzeh, I. C., Uzoechina, I. B., Okoli, U. V., & Imoagwu, C. P. (2023). Economic performance in the Arab Maghreb Union (AMU): A focus on the contributions of economic openness and institutional quality. International Journal of Economics, Business and Entrepreneurship, 6(2), 153–169. https://doi.org/10.23960/ijebe.v6i2.265

Okun, A. M. (1962). Potential GNP: Its measurement and significance. In Proceedings of the Business and Economic Statistics Section (pp. 98–104). American Statistical Association.

Sadiku, L., Bexheti, A., Bexheti, G., & Bilic, S. (2018). Empirical analyses of the relationship between trade and budget deficit of FYR of Macedonia. KnE Social Sciences, 3(10), 1–15. https://doi.org/10.18502/kss.v3i10.3527

Tenzin, U. (2019). The nexus among economic growth, inflation and unemployment in Bhutan. South Asia Economic Journal, 20(1), 94–105. https://doi.org/10.1177/1391561418822204

Velichkovska, K. (2021). Investigating the existence of the Okun's law in North Macedonia. Trends in Economics, Finance and Management Journal, 3(2), 1–9. https://tefmj.ibupress.com/articles/investigating-the-existence-of-the-okun-s-law-in-north-macedonia

Wang, C., & Le, A. (2018). Measuring the macroeconomic performance among developed countries and Asian developing countries: Past, present, and future. Sustainability, 10(10), 3664. https://doi.org/10.3390/su10103664

World Bank. (2025). WDIData.xlsx (Microsoft Excel data file). World Bank Open Data. https://databank.worldbank.org/source/world-development-indicators

World Bank. (2026). Western Balkans regular economic report No. 29, Spring 2026: Adjusting to shocks, mobilizing untapped potential. http://hdl.handle.net/10986/44801

]]> Economic growth, unemployment, trade openness, GDP per capita, Western Balkans 2026-07-10 https://tefmj.ibupress.com/articles/the-effects-of-unemployment-and-trade-on-economic-growth-case-of-western-balkans 1 27-36 10.69648/DTNU6090 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ Edita Mustafa International Balkan University – Skopje true Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Exchange Rate Pass- Through to Inflation: Empirical Analysis for Southeast European Countries exchange-rate-pass-through-to-inflation-empirical-analysis-for-southeast-european-countries Volume 8, Issue 1 Research Article 2026 8 The aim of this research article is to analyze the Exchange Rate Pass-Through (ERPT) and consumer prices for the case of Southeast Europe, considering eight transition economies. Monetary systems alongside trade openness of these economies are essential factors for macroeconomic stability. Therefore, this study utilizes a balanced panel dataset covering two decades and adopting a Fixed Effects econometric framework through which the effects of exchange rate fluctuations, real economic growth, and trade integration on the Consumer Price Index (CPI) are estimated. Also, diagnostic assessments, such as Multicollinearity and Panel Unit Root analyses are performed to ensure the consistency and efficiency of the model. The results indicate a significant correlation between delayed exchange rate fluctuations and inflation, further intensified by the structural reliance of these countries on international trade. Trade openness serves as a primary driver of external price shocks, indicating that inflation in the Western Balkans is predominantly an imported occurrence. The paper concludes with policy recommendations for regional central banks, highlighting the necessity for proactive monetary initiatives to alleviate the lagged impacts of currency fluctuation on consumer purchasing power.

]]> Burstein, A. T., Eichenbaum, M., & Rebelo, S. (2005). Large devaluations and the real exchange rate. Journal of Political Economy, 113(4), 742–784. https://doi.org/10.1086/431254
Campa, J. M., & Goldberg, L. S. (2005). Exchange rate pass-through into import prices. Review of Economics and Statistics, 87(4), 679–690. https://doi.org/10.1162/003465305775098189
Comunale, M., & Kunovac, D. (2017). Exchange rate pass-through in the euro area (Working Paper Series No. 2003). European Central Bank. https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp2003.en.pdf
Capraru, B., & Ihnatov, I. (2011). External factors influence on inflation: The case of Romania. Annals of Faculty of Economics, 1(1), 469–475.
Ghosh, A. (2013). Exchange rate pass-through, macro fundamentals and regime choice in Latin America. Journal of Macroeconomics, 35, 163–171. https://doi.org/10.1016/j.jmacro.2012.09.001
Garrón, I., Rodríguez-Caballero, V., & Ruiz, E. (2026). International factors and inflation risks. International Journal of Forecasting, 42(3), 889–908. https://doi.org/10.1016/j.ijforecast.2025.12.003
Hahn, E. (2003). Pass-through of external shocks to euro area inflation (ECB Working Paper No. 243). European Central Bank. https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp243.pdf
McCarthy, J. (1999). Pass-through of exchange rates and import prices to domestic inflation in some industrialised economies (BIS Working Papers No. 79). Bank for International Settlements. https://www.bis.org/publ/work79.htm
Pham Thi Tuyet Trinh, & Nhan, L. P. A. (2023). The global factors driving common inflation in ASEAN. Global Business & Finance Review, 28(4), 90–103. https://doi.org/10.17549/gbfr.2023.28.4.90
Ito, T., & Sato, K. (2007). Exchange rate pass-through and domestic inflation: A comparison between East Asia and Latin American countries (RIETI Discussion Paper Series No. 07-E-040). Research Institute of Economy, Trade and Industry.
Sadiku, L., Bexheti, A., Bexheti, G., & Bilic, S. (2018). Empirical analyses of the relationship between trade and budget deficit of FYR of Macedonia. KnE Social Sciences. https://doi.org/10.18502/kss.v3i10.3527
Shah, S. A., & Garg, B. (2026). Dynamics of exchange rate pass-through: The role of pricing strategies and economic shocks. Economic Modelling, 154, 107353. https://doi.org/10.1016/j.econmod.2025.107353

]]> Exchange Rate Pass-Through, Consumer Price Index (CPI), Trade Openness, Imported Inflation, Monetary Policy 2026-07-10 https://tefmj.ibupress.com/articles/exchange-rate-pass-through-to-inflation-empirical-analysis-for-southeast-european-countries 1 37-46 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ Era Memeti South East European University, North Macedonia true Selbije Memeti Karemani University of Tetovo Blerta Abazi Chaushi South East European University, North Macedonia Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Data Breaches in the Telecom Sector: A Comparative Analysis of Regulatory Fines Across Continents data-breaches-in-the-telecom-sector-a-comparative-analysis-of-regulatory-fines-across-continents Volume 8, Issue 1 Research Article 2026 8 The research paper examines the incidences of telecom data breaches, and regulatory measures that have been taken in the chosen countries of Asia, Europe, North America, Africa, and especially in Indian telecom sector. As the world moves at a fast pace towards digitalization, higher mobile penetration and high use of online services, telecom operators deal with huge amounts of personal data, and data breaches are becoming a major challenge to regulators across the globe.

The study applies a comparative qualitative approach to the investigation of the response to cybersecurity incidents by different jurisdictions using documented breach incidents and publicly reported regulatory actions. The results indicate a significant difference between regulators in Europe and North America, who tend to impose huge financial fines after big data breaches and those in India who have been mostly using advisories, notices and compliance audits with small financial fines.

The paper presents a point where variations in legislations, regulatory ability, and level of data protection systems affect enforcement strategies. The Digital Personal Data Protection Act, 2023, introduced in India, provides an opportunity to strengthen the country's telecom data protection framework and align it with international standards.

]]> Acquisti, A., Taylor, C. R., & Wagman, L. (2016). The economics of privacy. Journal of Economic Literature, 54(2), 442–492. https://doi.org/10.1257/jel.54.2.442

Anderson, R., Barton, C., Böhme, R., Clayton, R., van Eeten, M. J. G., Levi, M., Moore, T., & Savage, S. (2013). Measuring the cost of cybercrime. In R. Böhme (Ed.), The economics of information security and privacy (pp. 265–300). Springer. https://doi.org/10.1007/978-3-642-39498-0_12

Becker, G. S. (1968). Crime and punishment: An economic approach. Journal of Political Economy, 76(2), 169–217. https://doi.org/10.1086/259394

(2024). BharatNet Project. Retrieved December 20, 2025, from https://usof.gov.in/en/bharatnet-project

Böhme, R., & Moore, T. (2012). The economics of information security investment. Journal of Information Security, 3(2), 75–83. https://doi.org/10.4236/jis.2012.32010

Böhme, R., Laube, S., & Riek, M. (2019). A fundamental approach to cyber risk analysis. Variance, 12(2), 161–185 https://doi.org/10.66573/001c.120742

Business Standard. (2024, June 26). BSNL data breach exposes 278 GB of sensitive telecom info, twice in 6 mts. Retrieved December 20, 2025, from https://www.business-standard.com/companies/news/bsnl-data-breach-exposes-278-gb-of-sensitive-telecom-info-twice-in-6-mts-124062600314_1.html

Creemers, R. (2022). China's emerging data protection framework. Journal of Cybersecurity, 8(1), tyac011. https://doi.org/10.1093/cybsec/tyac011

(2024). BSNL data breach highlights weak cybersecurity enforcement in India. https://telecom.economictimes.indiatimes.com/

(2025). SK Telecom cyberattack exposes subscriber data. https://telecom.economictimes.indiatimes.com/

European Data Protection Board. (2024). EDPB Annual Report 2023. Retrieved December 10, 2025, from https://www.edpb.europa.eu/our-work-tools/our-documents/annual-report/edpb-annual-report-2023_en

Federal Communications Commission. (2024, September 17). FCC Announces $13 Million Settlement with AT&T Resolving Vendor Cloud Breach Investigation. Retrieved December 10, 2025, from https://www.fcc.gov/document/fcc-settles-att-vendor-cloud-breach

Financial Express. (2025, September 27). DPDP Act needs to have broader approach. Retrieved January 10, 2026, from https://www.financialexpress.com/life/technology-dpdp-act-needs-to-have-broader-approach-3991224

Financial Times. (2018, May 23). GDPR: Europe takes lead. Retrieved December 10, 2025, from https://www.ft.com/content/bd3eb2ae-5ea0-11e8-9334-2218e7146b04

Gal-Or, E., Gal-Or, R., & Penmetsa, N. (2018). The Role of User Privacy Concerns in Shaping Competition Among Platforms. Information Systems Research, 29(3), 698–722. https://doi.org/10.1287/isre.2017.0730

Gao, L., Chen, Z., Zhao, W., & Lai, X. (2025). Does cybersecurity regulation reduce corporate data-breach risk? Finance Research Letters, 78, 107171. https://doi.org/10.1016/j.frl.2025.107171

Greenleaf, G. (2021). Global Data Privacy Laws 2021: Despite COVID Delays, 145 Laws Show GDPR Dominance. Privacy Laws & Business International Report, 169, 10–13 http://dx.doi.org/10.2139/ssrn.3836348

Greenstein, S., & Prince, J. (2006). The diffusion of the Internet and the geography of the digital divide in the United States (NBER Working Paper No. 12182). National Bureau of Economic Research. https://doi.org/10.3386/w12182

GSMA Intelligence. (2023). The Mobile Economy Sub-Saharan Africa 2023. Retrieved January 10, 2026, from https://www.gsmaintelligence.com/research/the-mobile-economy-sub-saharan-africa-2023

GSMA Intelligence. (2024). Trusted data and insights for the global mobile ecosystem. Retrieved January 10, 2026, from https://www.gsmaintelligence.com/

HT Digital Streams Ltd. (2024, July 5). Bharti Airtel denies data breach of 37.5 crore subscribers. Retrieved January 10, 2026, from https://www.livemint.com/companies/news/bharti-airtel-data-leak-telecom-major-denies-security-breach-of-over-37-crore-customers-after-hackers-post-allegations-11720173165182.html

Information Commissioner's Office (ICO). (2024). Annual Report 2023–24. Retrieved January 10, 2026, from https://ico.org.uk/media2/migrated/4030348/annual-report-2023-24.pdf

International Telecommunication Union (ITU). (2022). Global Cybersecurity Index 2020. Retrieved December 10, 2025, from https://www.itu.int/pub/D-STR-GCI.01-2021

Kamiya, S., Kang, J. K., Kim, J., Milidonis, A., & Stulz, R. M. (2021). Risk management, firm reputation, and the impact of successful cyberattacks on target firms. Journal of Financial Economics, 139(3), 719–749. https://doi.org/10.1016/j.jfineco.2019.05.019

Kuner, C. (2022). The GDPR: A transnational perspective. International Data Privacy Law, 12(1), 3–15. https://doi.org/10.1093/idpl/ipab042

PRS Legislative Research. (2023). The Digital Personal Data Protection Bill, 2023. Retrieved January 10, 2026, from https://prsindia.org/billtrack/digital-personal-data-protection-bill-2023

(2021). European regulators fine telecom firms under GDPR rules. Retrieved December 10, 2025, from https://www.reuters.com

(2022, January 21). Cybersecurity and data privacy foresight 2022. Retrieved December 10, 2025, from https://www.reuters.com/legal/legalindustry/cybersecurity-data-privacy-foresight-2022-2022-01-21/

(2023, October 16). Your organization has suffered a data incident: Now here are the regulators it will face. Retrieved January 10, 2026, from https://www.reuters.com/legal/legalindustry/your-organization-has-suffered-data-incident-now-here-are-regulators-it-will-2023-10-16/

(2024, November 13). China-linked hackers stole surveillance data from telecom companies, U.S. says. Retrieved December 10, 2025, from https://www.reuters.com/technology/cybersecurity/china-affiliated-actors-compromised-networks-multiple-telecom-companies-us-says-2024-11-13/

(2025a). South Korea agency fines SK Telecom $97 million over major data leak. https://www.reuters.com/sustainability/boards-policy-regulation/south-korea-agency-fines-sk-telecom-97-million-over-major-data-leak-2025-08-28/

(2025b, February 1). Data Privacy and Cybersecurity: 2024 Trends and Developments. Retrieved January 10, 2026, from https://www.reuters.com/practical-law-the-journal/transactional/data-privacy-cybersecurity-2024-trends-developments-2025-02-01/

Romanosky, S. (2016). Examining the costs and causes of cyber incidents. Journal of Cybersecurity, 2(2), 121–135. https://doi.org/10.1093/cybsec/tyw001

Romanosky, S., Telang, R., & Acquisti, A. (2011). Do data breach disclosure laws reduce identity theft? Journal of Policy Analysis and Management, 30(2), 256–286. https://doi.org/10.1002/pam.20567

(2024). State of the Network 2024. Retrieved January 10, 2026, from https://www2.telegeography.com/hubfs/LP-Assets/Ebooks/state-of-the-network-2024.pdf

(2026). 61 Biggest GDPR Fines & Penalties So Far [2026 Update]. Retrieved March 2, 2026, from https://termly.io/resources/articles/biggest-gdpr-fines/

The Economic Times. (2023, August 18). Government will ensure orderly transition to new data rules: MoS IT Rajeev Chandrasekhar. Retrieved December 10, 2025, from https://economictimes.indiatimes.com/tech/technology/government-will-ensure-orderly-transition-to-new-data-rules-mos-it-rajeev-chandrasekhar/articleshow/102811046.cms

The Economic Times. (2025, June 30). Trai’s new proposal may help check spam as it complements data protection laws. Retrieved December 10, 2025, from https://economictimes.indiatimes.com/tech/technology/trais-new-proposal-may-help-check-spam-as-it-complements-data-protection-laws/articleshow/122146683.cms

Times of India. (2023, August 3). Entities violating digital data protection norms to face penalty of up to Rs 250 crore: DPDP 2023. Retrieved December 10, 2025, from https://timesofindia.indiatimes.com/india/entities-violating-digital-data-protection-norms-to-face-penalty-of-up-to-rs-250-crore-dpdp-2023/articleshow/102392400.cms

Times of India. (2024, June 26). Hacker claims to have critical security data, SIM card details of BSNL customers. Retrieved January 10, 2026, from https://timesofindia.indiatimes.com/technology/tech-news/hacker-claims-to-have-critical-security-data-sim-card-details-of-bsnl-customers/articleshow/111289752.cms

T-Mobile Data Breach Settlement. (2023). T-Mobile Data Breach Settlement. Retrieved December 10, 2025, from https://www.t-mobilesettlement.com/

Wolters, P. T. J. (2019). The enforcement by the data subject under the GDPR. Journal of Internet Law, 22(8), 22–31. Retrieved January 10, 2026, from https://repository.ubn.ru.nl/handle/2066/200981

]]> Telecom Data Breaches, Data Protection Regulation, Cybersecurity Governance, Telecom Sector Regulation, Digital Personal Data Protection Act 2026-07-10 https://tefmj.ibupress.com/articles/data-breaches-in-the-telecom-sector-a-comparative-analysis-of-regulatory-fines-across-continents 1 47-72 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ Anjali Gupta School of Business Management & Commerce, MVN University, Palwal-121105, Haryana, India true Netra Pal Singh School of Business Management & Commerce, MVN University, Palwal-121105, Haryana, India Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Entrepreneurship as a Roadmap to a Sustainable Economy: The Role of an Entrepreneur entrepreneurship-as-a-roadmap-to-a-sustainable-economy-the-role-of-an-entrepreneur Volume 8, Issue 1 Research Article 2026 8 The Sustainable Development Goals (SDG) 2030 represent a global framework designed to promote social equity, inclusive growth, and environmental sustainability. Entrepreneurs play an imperative role in achieving the SDGs by creating jobs, driving innovation, and developing of sustainable business solutions. This paper examines the strategic actions entrepreneurs can undertake to hasten the achievement of the SDG 2030 agenda. The study adopts a structured narrative literature review methodology, drawing on peer-reviewed articles, policy documents, and institutional reports published. Using qualitative content analysis, the study highlights the importance of incorporating sustainability into commercial operations, fostering innovation for social and environmental impact, adopting ethical and inclusive practices, and building partnerships across sectors as a pathway to achieving SDG 2030. The study also emphasizes the necessity for entrepreneurs to invest in research and technology, measure their impact, and engage in sustainability advocacy. This paper explores how entrepreneurial activities can contribute to achieving all 17 SDGs. The study concludes that entrepreneurship, when guided by sustainability principles, can serve as a transformative force across all dimensions of the SDG framework. Strengthening entrepreneurs’ capacity, innovation systems, and policy support mechanisms is therefore critical to realizing the SDG 2030 agenda and building a prosperous, inclusive, and environmentally sustainable world.

]]> Abdelwahed, N. A., Bastian, B. L., & Wood, B. P. (2022). Women, entrepreneurship, and sustainability: The case of Saudi Arabia. Sustainability, 14(18), Article 11314. https://doi.org/10.3390/su141811314

Akinwale, Y. O., Alaraifi, A. A., & Ababtain, A. K. (2020). Entrepreneurship, innovation, and economic growth: Evidence from Saudi Arabia. In M. H. Bilgin, H. Danis, E. Demir, & U. Tony-Okeke (Eds.), Eurasian economic perspectives: Proceedings of the 28th Eurasia Business and Economics Society Conference (pp. 25–40). Springer International Publishing. https://doi.org/10.1007/978-3-030-48531-3_3

Alfalih, A. A., & Ragmoun, W. (2020). Drivers of sustainable entrepreneurship orientation for students at business school in Saudi Arabia. Journal of Entrepreneurship Education, 23(3), 1–6.

Aliyeva, N. (2021). Social entrepreneurship and sustainable development: The case of social enterprises in Azerbaijan. European Scientific Journal, 17(12), 39–57. https://doi.org/10.19044/esj.2021.v17n12p39

Alwakid, W., Aparicio, S., & Urbano, D. (2021). The influence of green entrepreneurship on sustainable development in Saudi Arabia: The role of formal institutions. International Journal of Environmental Research and Public Health, 18(10), Article 5433. https://doi.org/10.3390/ijerph18105433

Apostolopoulos, N., Al-Dajani, H., Holt, D., Jones, P., & Newbery, R. (2018). Entrepreneurship and the Sustainable Development Goals. In N. Apostolopoulos, H. Al-Dajani, D. Holt, P. Jones, & R. Newbery (Eds.), Entrepreneurship and the Sustainable Development Goals (Vol. 8, pp. 1–7). Emerald Publishing Limited. https://doi.org/10.1108/S2040-724620180000008005

Apostu, S.-A., & Gigauri, I. (2023). Sustainable development and entrepreneurship in emerging countries: Are sustainable development and entrepreneurship reciprocally reinforcing? Journal of Entrepreneurship, Management and Innovation, 19(1), 41–77. https://doi.org/10.7341/20231912

Ashari, H., Abbas, I., Abdul-Talib, A.-N., & Mohd Zamani, S. N. (2022). Entrepreneurship and sustainable development goals: A multigroup analysis of the moderating effects of entrepreneurship education on entrepreneurial intention. Sustainability, 14(1), Article 431. https://doi.org/10.3390/su14010431

Audretsch, D. B., & Keilbach, M. (2004). Entrepreneurship and regional growth: An evolutionary interpretation. Journal of Evolutionary Economics, 14(5), 605–616. https://doi.org/10.1007/s00191-004-0228-6

Bashir, H. A., & Akhtar, A. (2016). The role of innovative entrepreneurship in economic development: A study of G20 countries. Management Studies and Economic Systems, 3(2), 91–100. https://doi.org/10.12816/0037559

Ben Youssef, A., Boubaker, S., & Omri, A. (2018). Entrepreneurship and sustainability: The need for innovative and institutional solutions. Technological Forecasting and Social Change, 129, 232–241. https://doi.org/10.1016/j.techfore.2017.11.003

Branca, E., Vanderstraeten, J., Slabbinck, H., & Maes, I. M. R. (2025). The impact of entrepreneurial education on key entrepreneurial competencies: A systematic review of learning strategies and tools. The International Journal of Management Education, 23(2), Article 101144. https://doi.org/10.1016/j.ijme.2025.101144

Broccia, S., Dias, A., & Pereira, L. (2022). Sustainable entrepreneurship: Comparing the determinants of entrepreneurial self-efficacy and social entrepreneurial self-efficacy. Social Sciences, 11(12), Article 537. https://doi.org/10.3390/socsci11120537

Burnett, D. (2000). Hunting for heffalumps: The supply of entrepreneurship and economic development. Technopreneurial.com. http://www.technopreneurial.com/articles/history.asp

Cagarman, K., Fajga, K., & Kratzer, J. (2023). Capturing the sustainable impact of early-stage business models: Introducing esSROI. Highlights of Sustainability, 2(3), 171–184. https://doi.org/10.54175/hs23003

Chaaben, N., Elleuch, Z., Hamdi, B., & Kahouli, B. (2024). Green economy performance and sustainable development achievement: Empirical evidence from Saudi Arabia. Environment, Development and Sustainability, 26(1), 549–564. https://doi.org/10.1007/s10668-022-02722-8

Dana, L.-P., Chhabra, M., & Agarwal, M. (2024). A two-decade history of women’s entrepreneurship research trajectories in developing economies context: Perspectives from India. Journal of Management History, 30(1), 6–28. https://doi.org/10.1108/JMH-11-2022-0064

Drucker, P. F. (1985). Innovation and entrepreneurship. Harper Business.

Food and Agriculture Organization of the United Nations. (2014). The state of world fisheries and aquaculture 2014. http://www.fao.org/3/a-i3720e.pdf

GreenFacts. (n.d.). Ecosystem change. https://www.greenfacts.org/en/ecosystems/index.htm

Gu, W., Qiu, Y., & Zhang, Q. (2020). Entrepreneurship and economic growth: Evidence from China. Economic Modelling, 88, 70–81. https://doi.org/10.1016/j.econmod.2019.09.034

Gupta, M., & Dharwal, M. (2022). Green entrepreneurship and sustainable development: A conceptual framework. Materials Today: Proceedings, 49, 3603–3606. https://doi.org/10.1016/j.matpr.2021.08.148

Hartog, C., Parker, S., van Stel, A., & Thurik, R. (2010). The two-way relationship between entrepreneurship and economic performance (Scales Research Reports H200822). EIM Business and Policy Research.

He, W., Lu, X., & Qiu, Y. (2020). Entrepreneurship and carbon emissions: Evidence from China. Energy Economics, 86, Article 104623.

Khodapanah, B., Padash, H., & Eisalou, F. M. (2026). Entrepreneurship policies and strategies for sustainable development. In M. Akbari, L. Azimi, & M. Hemmati (Eds.), Sustainable entrepreneurship (pp. 161–178). Springer. https://doi.org/10.1007/978-3-032-04909-4_9

King, L., & Thobela, S. (2014). Woolworths farming for the future. International Food and Agribusiness Management Review, 17(Special Issue B), 161–166. https://doi.org/10.22004/ag.econ.179565

Kroll, C. (2015). Sustainable development goals: Are the rich countries ready? http://bit.ly/1K4ACNc

Organisation for Economic Co-operation and Development. (2015). States of fragility 2015: Meeting post-2015 ambitions. OECD Publishing. https://doi.org/10.1787/9789264227699-en

Pinson, L. (2010). Entrepreneur: What’s in a definition? Thinkinglike.com. http://www.thinkinglike.com/Essays/entrepreneur-definition.html

Roy, R. R., Kumar, A., Kaushik, M., & Goswami, A. (2025). Fostering green economy via catalyst of sustainability: Navigating entrepreneurial landscape for eco-innovation. In S. Sharma & A. Kumar (Eds.), Human-centric AI in digital transformation and entrepreneurship (pp. 179–208). IGI Global Scientific Publishing. https://doi.org/10.4018/979-8-3693-8009-3.ch009

Sayed, O. A., & Abedelrahim, S. S. (2024). Economic freedom as a catalyst for entrepreneurship: An empirical analysis of GCC countries. Cogent Business & Management, 11(1), Article 2304374. https://doi.org/10.1080/23311975.2024.2304374

Schumpeter, J. A. (1934). The theory of economic development (3rd ed.). Oxford University Press.

Transparency International. (2012). Putting corruption out of business. https://www.transparency.org/files/content/feature/2012_LostBusinessDueToBribery_EN.pdf

Transparency International. (2015). Corruption perceptions index 2015. https://www.transparency.org/cpi2015

Velichkovska, K., Mitić, P., & Kojić, M. (2025). Empowering sustainable growth through emerging technologies in Serbia and North Macedonia. Economic Analysis, 58(2), 103–122. https://doi.org/10.28934/ea.10490

]]> Sustainable Development Goal, Entrepreneurs, Sustainability, Entrepreneurial Activities 2026-07-10 https://tefmj.ibupress.com/articles/entrepreneurship-as-a-roadmap-to-a-sustainable-economy-the-role-of-an-entrepreneur 1 73-95 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ Omololu Adex Bamigboye Osun State University, Osogbo, Nigeria true Ibrahim Gbenga Olatunji Kings University, Odeomu Nigeria Uthman Kayode Adeyemo Osun State University, Osogbo, Nigeria Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

Research Trends and Knowledge Structure in Green Human Resource Management: A Bibliometric Analysis research-trends-and-knowledge-structure-in-green-human-resource-management-a-bibliometric-analysis Volume 8, Issue 1 Research Article 2026 8 This bibliometric study provides a comprehensive analysis on research trends in Green Human Resource Management (GHRM). It addresses the gap in systematic reviews of this emerging field. This study used VOS viewer software to analyse 88 papers from the database - Dimensions AI (2017-2024) and it helps to explore the publication growth, regional distributions, authors contribution, keywords, and networks. Result of the study highlights that GHRM's role in integrating sustainability into HR practices, with implications for policy and future research on economic and social sustainability dimensions. This bibliometric study offers valuable guidance for scholars and practitioners addressing global environmental challenges.

]]> Alaghbari, A. J. (2023). Impact of green human resource management practices in enhancing the organization's performance. Applied Science University Journal, 7. https://doi.org/10.18576/jasu/070101

Albloush, A. J., Alharafsheh, M., Hanandeh, R., Albawwat, A., & Abu Shareah, M. (2022). Human capital as a mediating factor in the effects of green human resource management practices on organizational performance. International Journal of Sustainable Development and Planning, 17(3), 981–990. https://doi.org/10.18280/ijsdp.170329

AlKetbi, A., & Rice, J. (2024). The impact of green human resource management practices on employees, clients, and organizational performance: A literature review. Administrative Sciences, 14(4), 78. https://doi.org/10.3390/admsci14040078

Benevene, P., & Buonomo, I. (2020). Green human resource management: An evidence-based systematic literature review. Sustainability, 12(15), 5974. https://doi.org/10.3390/su12155974

Bombiak, E., & Marciniuk-Kluska, A. (2018). Green human resource management as a tool for the sustainable development of enterprises: Polish young company experience. Sustainability, 10(6), 1739. https://doi.org/10.3390/su10061739

Faisal, S. (2023). Green human resource management—A synthesis. Sustainability, 15(3), 2259. https://doi.org/10.3390/su15032259

Farrukh, M., Ansari, N., Raza, A., Wu, Y., & Wang, H. (2022). Fostering employee’s pro-environmental behavior through green transformational leadership, green human resource management and environmental knowledge. Technological Forecasting and Social Change, 179, 121643. https://doi.org/10.1016/j.techfore.2022.121643

Haldorai, K., Kim, W. G., & Garcia, R. L. F. (2022). Top management green commitment and green intellectual capital as enablers of hotel environmental performance: The mediating role of green human resource management. Tourism Management, 88, 104431. https://doi.org/10.1016/j.tourman.2021.104431

Iraldo, F., Testa, F., & Frey, M. (2009). Is an environmental management system able to influence environmental and competitive performance? The case of the eco-management and audit scheme (EMAS) in the European union. Journal of Cleaner Production, 17(16), 1444-1452. 1016/j.jclepro.2009.05.013

Khan, M. H., & Muktar, S. N. (2020). A bibliometric analysis of green human resource management based on scopus platform. Cogent Business & Management, 7(1), 1831165. https://doi.org/10.1080/23311975.2020.1831165

Kuo, Y. K., Khan, T. I., Islam, S. U., Abdullah, F. Z., Pradana, M., & Kaewsaeng-on, R. (2022). Impact of Green HRM Practices on Environmental Performance: The Mediating Role of Green Innovation. Frontiers in Psychology, 13:916723. 3389/fpsyg.2022.916723

Mampra, M. (2013, January). Green HRM: Does it help to build a competitive service sector? A study. In Proceedings of tenth AIMS international conference on management (Vol. 3, No. 8, pp. 1273-1281). https://www.scirp.org/reference/referencespapers?referenceid=3833758

Mandago, R. J. (2018). Influence of green reward and compensation practice on environmental sustainability in selected service based state corporations in Kenya. European Journal of Business and Strategic Management, 3(6), 1-12. https://iprjb.org/journals/EJBSM/article/view/676

Merlin, M. L., & Chen, Y. (2022). Impact of green human resource management on organizational reputation and attractiveness: The mediated-moderated model. Frontiers in Environmental Science, 10, https://www.frontiersin.org/journals/environmental-science/articles/10.3389/fenvs.2022.962531/full

Pham, N. T., Hoang, H. T., & Phan, Q. P. T. (2020). Green human resource management: A comprehensive review and future research agenda. International Journal of Manpower, 41(7), 845–878. https://doi.org/10.1108/IJM-07-2019-0350

Ren, S., Tang, G., & E. Jackson, S. (2018). Green human resource management research in emergence: A review and future directions. Asia Pacific Journal of Management, 35(3), 769-803. https://link.springer.com/article/10.1007/s10490-017-9532-1

Ren, Z., & Hussain, R. Y. (2022). A mediated–moderated model for green human resource management: An employee perspective. Frontiers in Environmental Science, 10, 973692. https://www.frontiersin.org/journals/environmental-science/articles/10.3389/fenvs.2022.973692/full

Xie, H., & Lau, T. C. (2023). Evidence-based green human resource management: A systematic literature review. Sustainability, 15(14), 10941. https://doi.org/10.3390/su151410941

Yang, C. L., Lin, S. P., Chan, Y. H., & Sheu, C. (2010). Mediated effect of environmental management on manufacturing competitiveness: an empirical study. International Journal of Production Economics, 123(1), 210-220. https://doi.org/10.1016/j.ijpe.2009.08.017

]]> Bibliometric, Green Human Resource Management, GHRM, Sustainable organization, Environmental strategy 2026-07-10 https://tefmj.ibupress.com/articles/research-trends-and-knowledge-structure-in-green-human-resource-management-a-bibliometric-analysis 1 97-119 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ Ruby Mittal MVN123 University, Palwal, India true Ritu Bhardwaj MVN University, Palwal Atul Chauhan MVN University, Palwal Trends in Economics, Finance, and Management Journal 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com