This study investigates the intricate relation between money laundering and financial instability in fragile states, particularly the impact of underground financial networks on loss of financial governance, resource misallocation, and loss of public confidence in the financial system. Purpose: This study examines how money laundering fosters shadow wealth, spurs inflationary pressures and reduces the effectiveness of monetary policy. Method: The study adopts a mixed‑ methods research design, combining quantitative and qualitative approaches. The research follows an explanatory sequential design and uses both quantitative and qualitative data. Results: It analyses how politically exposed individuals, informal financial networks, and cross‑ border transactions contribute to cycles of financial opacity and economic vulnerability. The paper reveals three main channels through which money laundering directly leads to instability. First, a decrease in tax revenue and, as an outcome, rising fiscal deficits. Secondly, a destabilisation of banking sectors due to the expansion of illicit credits and bad loans. Finally, capital flight and devaluation influence. The paper also examines the issues of resource scarcity for financial intelligence units and central banks in identifying and countering irregular financial activities. Contributions: This study suggests policy options that include regional cooperation instruments, strengthening law enforcement capacities, and incorporating anti-money laundering measures into financial inclusion policies. Reinforcing legal and institutional capacities and using digital tools for transaction tracking seems essential to countering the destabilising impact of money laundering. The results indicate the great need for comprehensive, context-sensitive policies regarding the disruption of the money laundering process and ensuring the financial stability in vulnerable regions.

Key factors in limiting the negative impact of human society on the planet’s climate include the availability of cost-effective low-carbon technologies and manufacturers’ ability to shift mass consumer demand from traditional to environmentally friendly products. Private companies, focused on maximizing profits, face a dilemma: follow a reactive logic of minimizing regulatory risks or develop proactive strategies that turn climate challenges into a source of competitive advantage. The aim of the study is to find a way to improve the internal operational efficiency of green goods producers to achieve price parity with conventional analogs, that, all other things being equal, will provide the mass consumer with the opportunity to realize an environmentally sound purchasing model. This work is conceptual and analytical in nature and focuses on developing a methodology for managing value creation in the production of green products, applicable under conditions of confidentiality of cost data specific to each company. Results. The article argues that mass demand for green products can only be ensured by increasing a company’s internal operating efficiency to bring their production costs closer to those of traditional counterparts. The use of an internal carbon price (ICP) is proposed as a tool for achieving this goal. Conclusions. Unlike the traditional approach focused on hedging regulatory risks, the authors position the ICP as a tool for strategic financial planning. This allows for the a priori integration of future environmental risks’ cost in target markets into project performance calculations, creating internal sources of innovation funding and establishing economic incentives to achieve price parity with traditional counterparts. The article demonstrates that this approach not only reduces strategic risks but also creates conditions for market share and company capitalization growth through proactive adaptation to changing market terms.

The study investigates the relationship between digital transformation (Dt) and breakthrough innovation (Bi) in Chinese A-share listed companies. Specifically, the subject of the study is the influence of Dt on Bi, focusing on comparing its effects during normal periods and the global health crisis, with an emphasis on the differing impacts across state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs). The purpose of the research is to explore how digitalization can enhance innovation under both stable conditions and during external disruptions, while examining the variations in its effects on different types of firms. The relevance lies in the increasing role of Dt in driving innovation in today’s rapidly evolving global landscape, especially in light of the challenges posed by the COVID-19 crisis. This study provides important insights into how firms can adapt their digital strategies to maintain or accelerate innovation during periods of disruption. The scientific novelty lies in the analysis of the heterogeneous impact of Dt on innovation across firm types and external contexts, particularly the comparison between normal and crisis periods. The authors used the methods of machine learning-based text-mining techniques to construct indicators for Dt and fixed-effects regression models to estimate its impact on Bi. As part of the study, the author used panel data from Chinese listed companies spanning from 2014 to 2024, applying these advanced methods to uncover the effects of Dt on Bi under different periods and firm conditions. Based on the results, it was found that Dt significantly boosts Bi under normal circumstances but that this positive relationship is disrupted during crisis periods, especially in SOEs. Non-SOEs showed no significant impact from Dt in either normal or crisis periods. The author concluded that while digital transformation is a key driver of innovation, its effectiveness is contingent upon firm type and the external context, with global disruptions potentially limiting its full potential, particularly for SOEs.

The Purpose: The study examines the impact of sustainable management control systems and sustainable management accounting systems on sustainable business performance and analyses whether strategic agility moderates these relationships. The research addresses the problem of how internal sustainability mechanisms influence long-term business outcomes in dynamic environments. Methods: The study uses a quantitative approach with data collected via questionnaires from publicly listed companies on the Indonesia Stock Exchange (IDX). The sample consists of 265 issuers listed on IDX, representing various sectors with an emphasis on organisational practices related to sustainability and performance. The researchers employed structural equation modelling using the Statistical Package for the Social Sciences (SPSS) Analysis of Moment Structures (AMOS) 22 to test the hypotheses, along with sensitivity and expansion tests. The results indicate that both sustainable management control systems and sustainable management accounting systems significantly enhance sustainable business performance. However, strategic agility does not moderate these relationships. Limitations: The findings are limited to IDX-listed companies and thus may not be generalisable to non-listed firms. The study also did not account for the adoption of specific international sustainability standards, limiting insights into innovation-driven sustainability practices. Contribution: This study contributes to the literature by integrating strategic agility into the sustainability-performance framework and highlighting the roles of internal control and accounting systems. It offers empirical evidence from an emerging market context, emphasising structural over strategic drivers of sustainable business performance.

The recent revolutionary shifts in the global economy have generated new prospects for the growth and development of national economies through technological innovation while also exacerbating issues of macroeconomic instability, social inequality, and poverty. At present, small and medium-sized enterprises (SMEs) have catalyzed the advancement of the majority of national economies. The subject of the study is the conditions and determinants affecting the sustainable development of SMEs in Cameroon. The purpose of this research is to identify the key factors of development and suggest a comprehensive model of the sustainable development of the SME sector in Cameroon, taking into account the structural features of the national economy. The relevance is determined by modern trends of globalization and technological innovations affecting national economies, especially developing countries such as Cameroon, along with its vital economic and social problems. The scientific novelty involves developing a cognitive model that examines the cross-impact of factors influencing the development of SMEs, based on the theory of fuzzy sets, and substantiating practical mechanisms to enhance the effectiveness of government policies supporting SMEs. The authors used methods of systems approach, expert assessment method, fuzzy set theory, cognitive modeling, comparative analysis, and statistical methods of data verification. The authors concluded that there is structural dualism in Cameroon’s economy in the disproportion between the high-tech financial sector and archaic forms of entrepreneurship. A fuzzy cognitive map has been developed, indicating seven important influential factors with maximum centrality, including the level of production infrastructure development and the success of anti-corruption strategy, among others. The necessity for a program-targeted strategy has been substantiated, focusing on the establishment of a sustainable investment climate, the development of public-private partnerships, and the enhancement of the financial culture within the business environment. The existence of systemic contradictions has been proven, namely regarding the exclusion of SMEs from investment growth in infrastructure.

This study addresses the critical challenge of interregional fiscal disparities and the excessive financial dependence of Russia’s constituent entities on federal transfers. The primary objective is to develop and substantiate comprehensive measures to transform the allocation of tax revenues between the federal and regional budgets, thereby strengthening regional financial sustainability within the framework of competitive federalism. The research is highly relevant given the persistent spatial polarization of Russia’s economic development and the new fiscal conditions created by recent tax innovations. This work proposes a model that combines three changes: moving some value-added tax (VAT), giving some control over the mineral extraction tax (MET), and changing the investment tax deduction into a federal‑ regional partnership. The method uses a systematic approach, with comparative, statistical, and system reviews of official data from the Ministry of Finance of the Russian Federation for 2019–2024. The results show that regions rely on the federal government, with federal taxes accounting for 64.5% to 67.7% of regional budget money. The study estimates that giving 25% of domestic VAT to the regions could cover a large part of their federal transfers. The suggested change to the investment tax deduction includes setting up federal standards and a way to make it work better. The proposals are discussed within the context of current sanctions, claiming that the change of fiscal flows allows the federal center to focus on important priorities while making regions partners in growth. In conclusion, implementing these connected steps in place will help switch from a support‑based model to one that encourages competitive federalism, leading to a stronger and fairer federation. The findings suggest ways to change budget and tax laws.

Purpose. This study examines the impact of external debt, capacity utilisation, and digital infrastructural architecture on national savings in African debt-distressed countries. It addresses a critical gap in the literature by providing a holistic empirical assessment of how debt dynamics, productive efficiency, and digital transformation jointly influence domestic resource mobilisation in vulnerable economies. Methods. The analysis employs panel data from 18 African debt-distressed countries covering 2011–2024. The panel system generalised method of moments (GMM) is used as the baseline estimator to address endogeneity and dynamic panel bias, while the threshold cross-sectionally augmented autoregressive distributed lag (CS-ARDL) model serves as a robustness check to capture short and long-run dynamics and cross-sectional dependence. The findings reveal that rising external debt measured through debt ratios, servicing obligations, and debt stock significantly reduces national savings in both the short and long run, reflecting fiscal crowding-out effects. Capacity utilisation indicators also exert a negative influence on savings, suggesting structural inefficiencies rather than productivity-enhancing expansion. Digital infrastructural architecture shows negative short-run effects on savings due to high investment costs and institutional constraints, though potential long-term benefits remain evident. Diagnostic tests confirm model validity and robustness. Significance. The results underscore the need for prudent debt management, productivity-oriented investment, and institutionally grounded digital infrastructure reforms to enhance national savings and strengthen macroeconomic resilience in African debt-distressed economies.