Purpose. This systematic literature review examines how firms utilise artificial intelligence (AI) as a strategic rather than purely operational resource and develops an integrative conceptual framework of the AI strategic lifecycle. Design/methodology/approach. A PRISMA‑guided search identified 147 peer‑reviewed articles published between 2020 and 2025 across major scholarly databases, including Elsevier (Scopus), Emerald, Springer, and Wiley. The evidence is synthesised through five dominant theoretical lenses: dynamic capabilities, resourcebased view (RBV), knowledgebased view (KBV), technology acceptance model (TAM), and disruptive innovation theory (DIT). Findings. Dynamic capabilities and RBV explain how organisations mobilise data, algorithms, and AI‑related human capital to build and sustain competitive advantage in sectors such as public administration, energy, human resource management (HRM), and researchintensive industries. KBV highlights the role of absorptive capacity and knowledgesharing routines in transforming AI outputs into innovation, particularly in user‑facing contexts such as healthcare and hospitality. In these sectors, TAM is central, emphasising trust, ease of use, and perceived usefulness as key drivers of adoption. In finance, DIT elucidates competitive disruption and incumbent response strategies triggered by AI‑enabled entrants. Practical implications. The review provides recommendations for practitioners, including investing in organisational learning and absorptive capacity and ensuring transparency of AI‑enabled interfaces to translate AI investments into sustainable performance gains. Originality/value. By integrating five theoretical perspectives, the review develops a model of the AI strategic lifecycle, offering both a consolidated foundation for future research and a forwardlooking agenda for managers seeking to leverage AI as a strategic asset.

The development of space-based solar energy (SBSP) in the last decade goes beyond scientific and technical experiments and acquires the features of an emerging sector of the global economy. In contrast to the works focused on technological aspects or the environmental agenda, the study considers SBSP as an area of intersection of long-term investment strategies, national priorities of energy security and new market opportunities. The subject of the analysis is the country models of SBSP development, their institutional design and economic parameters determining the prospects for the orbital stations’ commercialization. The purpose of the work is to identify the dominant national strategies in the sphere of space energy and to determine the threshold values of indicators ensuring its economic feasibility. The relevance of the topic is due to the intensification of programs in the United States, China, Japan, India, Russia and the European Union, which consider SBSP as a tool for reducing dependence on traditional energy carriers and consolidating technological leadership. The methodological framework includes comparative country analysis, modeling with the decomposition of factor influences on LCOE, as well as analysis of strategic documents and reporting data. The scientific novelty of the study lies in the classification of national approaches to the development of CSE, built on the basis of the analysis of financing sources and mechanisms, as well as in the adaptation of the levelized cost of energy (LCOE) methodology to the specifics of space projects. The results of the study allow us to identify six strategic paradigms, from the American synergetic model based on private initiative to the conservative evolutionary position of Russia. Quantitative analysis confirms the main barrier to commercialization is not the efficiency of photovoltaic cells but the cost of launching a payload into orbit, setting benchmarks for long-term investment policy and technological development.

This study aims to systematically map the literature on circular economy (CE) applications in small and medium enterprises (SMEs) and to propose a conceptual framework for sustainability strategies. The method involved retrieving a dataset of 510 publications from the Scopus database and analyzing it with the Bibliometrix package in RStudio, using bibliometric techniques to assess publication performance, prolific authors, institutional contributions, collaboration patterns, and thematic structures, followed by thematic cluster mapping integrated with strategic management perspectives (environmental scanning, strategy formulation, implementation, and evaluation) underpinned by institutional theory, the technologyorganization-environment framework, and dynamic capabilities theory. The results reveal a significant increase in CE‑related SME research in recent years, with contributions concentrated in specific institutions and research networks, and identify three dominant research directions: digital technologies enabling circular practices, environmental policies driving adoption, and the design of sustainable business models, underscoring the importance of technology-enabled transformation, regulatory alignment, and organizational readiness in SME transitions. The contributions of this study lie in providing a strategic roadmap that integrates bibliometric insights with management theory, demonstrating how SMEs can transform challenges such as capital constraints and limited infrastructure into strategic opportunities through capability development and stakeholder collaboration, while offering practical implications for SMEs, policymakers, and academics to design evidence-based sustainability strategies that enhance competitiveness and advance global sustainability goals.

This paper analyzes the dynamic interdependence between the bond market, crude oil prices, geopolitical instability, and financial volatility. The objective is to understand how these factors interact and transmit each other over time, particularly during periods of major financial and geopolitical crises. Data. The study covers the period 2000–2024 and uses data on sovereign bond yields, crude oil prices (WTI and Brent), the geopolitical instability index of Caldara and Iacoviello (2022), as well as financial volatility indicators (VIX and MOVE). Methods. Empirically, we combine a structural vector autoregression (VAR) model to identify exogenous shocks, a Dynamic Conditional Correlation — Generalized Autoregressive Conditional Heteroskedasticity (DCC‑GARCH) model to examine the temporal evolution of correlations, and structural break tests to highlight the effect of crises (global financial crisis, COVID‑19, conflict in Ukraine). The results show a significant non‑linear interdependence between the four dimensions studied. Oil and geopolitical shocks strongly influence bond yields and increase financial volatility, with more pronounced effects in emerging countries than in developed economies. Dynamic correlations indicate an intensification of risk transmission during periods of crisis, suggesting an amplifying role of geopolitical instability in the propagation of financial shocks. Contribution. This work is distinguished by the joint integration of the bond market, oil, geopolitical instability and financial volatility in a single dynamic framework. Unlike previous studies that focus on bilateral relationships (oil — bonds or geopolitics — financial markets), this research proposes a systemic approach highlighting the multiple channels of risk transmission.

This study examines the role of integrated digital marketing (DM) in shaping luxury hotel choice (LHC) among international tourists in an emerging market, with brand reputation (BR) as a partial mediator. Purpose: The study addresses conceptual fragmentation in hospitality research by analyzing DM as an integrated system and clarifying its direct and indirect effects on consumer choice behavior. Method: A quantitative cross-sectional survey was conducted among international guests at eleven five‑star hotels in Hue City, Vietnam (n = 489). DM was modeled as a second-order formative construct comprising seven reflective dimensions. Data were analyzed using partial least squares structural equation modeling with bootstrapping. Results: DM strongly influences LHC and significantly enhances BR. BR also positively affects LHC; however, its mediating role is limited. The variance accounted for indicates a low‑level partial mediation structure, suggesting that most of the total effect of DM operates through direct pathways. Contributions: The study contributes by modeling DM as a coordinated higher-order construct and integrating signaling theory with environmental stimulus theory. It provides context-specific evidence from an emerging tourism destination and offers managerial implications for prioritizing digital strategies while identifying directions for future research on resource allocation and emerging digital technologies.

Aviation produces at least 5% of global carbon and pollutant emissions. The green, sustainable, eco‑friendly and silent airport concepts’ implementation makes it possible to strengthen the aviation’s contribution to the sustainable development agenda. The aim of the study is to systematize technically feasible engineering solutions for a complex object of air transport infrastructure, which lead to an increase in the project cost of construction or reconstruction, but at the same time reduce air pollution, noise, wastewater, waste, electricity and water, taking into account prolonged social and economic effects. Methods : a) drawing up a heat map of the appropriate solutions for airport facilities (terminal, airfield, airfield area, and hangar); b) selection and critical evaluation of engineering solutions to reduce emissions in the terminal and airfield design and construction with a forecast of economic benefits. Findings of the study reveal the confirmation of the advantages of implementing eco‑engineering solutions for a green airport, including eco‑design and data management, monitoring and forecasting energy consumption, water supply, technical parameters of airport operations to ensure flights and passenger safety in conditions of increased flight intensity, performed in the form of a critical assessment of the effects, and show the ranges as reducing the carbon footprint, as well as savings on future operating costs with objective financial constraints in the airport construction or reconstruction. Conclusion. The future savings effect provides an economic incentive, in addition to following responsible behavior, to build new carbon-neutral airports, combining concern for the environment, aviation safety, passenger comfort and the well-being of local residents.

In the context of increasing integration across global financial markets, understanding the dynamic relationships between energy, digital assets, and equity markets is crucial for effective portfolio management and risk mitigation. Purpose: This study examines the potential hedging benefits of cryptocurrencies against volatility shocks by analyzing nonlinear and regime-dependent co-movements among crude oil, Bitcoin, and equity markets. Method: The research utilizes a fuzzy copula framework that incorporates Gaussian, Student-t, Clayton, and Gumbel copulas to capture asymmetric and tail-dependent dependence structures. Fuzzy-weighted dependence measures are employed to evaluate dynamic linkages across low-, medium-, and high-volatility regimes, facilitating smooth regime transitions and localized dependence analysis. Results: The findings indicate a weak average dependence under normal market conditions, suggesting limited hedging effectiveness of cryptocurrencies. However, statistically significant upper‑tail dependence is observed during periods of heightened volatility, indicating a deterioration in diversification benefits under market stress. Contributions: The study provides insights for investors, portfolio managers, and policymakers by highlighting the regime-contingent hedging role of cryptocurrencies. The results emphasize the importance of nonlinear and regime-sensitive models in portfolio allocation, risk management, and financial stability assessment.