This research is an event study that evaluates the performance of large market capitalization shares using a performance model that is adjusted to risks due to the COVID-19 outbreak. The study measured the performance of large market capitalization stocks which represented each tick size on the Indonesian Stock Exchange during the COVID-19 pandemic using the Sharpe Index, the Treynor Ratio, and Jensen’s Alpha. The sample selection used a purposive sampling technique and 24 stocks were selected as samples in the study. We used the daily closing price of stocks, the Indonesia composite index, and average risk-free rate return (BI rate). By using Jensen’s Alpha, this study found that FREN was the highest beta with a value of 1.8189, indicating that the index was an effective and well-diversified stock. FREN is low priced and the highest market capitalization stock in its tick size (third tier stocks). Jensen’s Alpha is good for measuring the performance of large capitalization and low-priced stocks. There are eight stocks that always have negative values in each method of measuring stock performance, which indicates that these stocks underperformed during COVID-19. Full article

The research questions of the current study include: “Is it beneficial for countries, local governments, and autonomous districts with a high level of e-government to become smarter cities with the electronic, digital, and smart introduction of information and communications technology (ICT) technologies?” “Do cities with well-developed e-governments have a similar process from e-government to smarter cities?”, and “Do cities with similar levels of e-government or smarter cities go through different development processes in terms of their socio-cultural attributes?” This study focuses on the fact that e-government and smart cities, whose academic roots arose differently over time, are evolving to address governance, including next-generation e-government, urban e-government, and civic engagement, which has expanded to digital government and platform government concepts. Therefore, the scope of this study is set to e-government and smart/smarter cities as platforms. By comparing the key success factors of e-government with the smart city through a prior study, some intersections were found, but the success factors of the e-government and smart city were different. In order to explain the change of system from e-government to smart city as a platform in the socio-cultural attributes in which each case is involved, two cases—the Royal Borough of Greenwich and Seongdong-gu—were selected under similar conditions by comparing the e-government development level, economic indicators, and smart city development level. As a result of the case analysis, it was confirmed that the development level of e-government affected the smarter city process. The changes in the system from e-government to smart city was capable of being explained in different ways depending on the social and cultural attributes. In the process from e-government to smarter city, the case of Seongdong-gu, which has followed the informatization project and e-government development formula, was analyzed from the viewpoint of institutional overwrap, and the case of the Royal Borough of Greenwich, which was an active innovation agent for solving urban problems through public-private cooperation, was analyzed from the viewpoint of institutional transformation. In the Korean context with a collective hierarchical culture, citizens and stakeholders have participated in the public sector to the extent that they raise issues and express their preferences in policy-making decisions. The governments, including the autonomous district, have still treated citizens and stakeholders as guidance targets or customers rather than cooperative partners. On the other hand, the UK, which has an individualistic rational culture, citizens and stakeholders have become accustomed to maintaining cooperative relationships and operating cities based on partnerships as innovators. Since the socio-cultural contexts of each country have affected the actual system operations and changes, implementation plans and solutions under feasibilities need to take into account critical success factors and the socio-cultural properties of each autonomous district for the introduction, expansion, and establishment of smarter cities. This result of this study is that transferability considering sociocultural properties should be considered when introducing best practices, etc. Full article

This paper explores HacktheCrisis, the Swedish hackathon that was a response to the COVID-19 pandemic to address the challenges that it brought up. The main aims of the research were to explore the feasibility of the digital only COVID-19 hackathon as an open innovation method and to uncover the major issues that emerged during the HacktheCrisis hackathon in Sweden. The process and outcomes were assessed, leading to the lessons and development of recommendations for future health hackathons as an innovation in health care. We have found that conducting the virtual hackathon for COVID-19 resulted in significant growth in the digital health community in Sweden. Governments should be as fast as the private actors and citizens to address these challenges and to undertake organizational adaptations. Not only the hackathons, but the projects and processes after the hackathons should also be planned. Matchmaking between individuals and private and public actors should be facilitated throughout the year. Technology companies should provide platforms that facilitate flow of process with nice structures and user-friendly tools. Organizations were not ready to utilize the outcomes of these hackathons. Compared to public organizations, private organizations were faster to join hackathons. Full article

Most of the studies related to technology analysis have focused on one specific technological field such as autonomous driving or blockchain. Most technologies have large and small relationships with each other. Therefore, it is necessary not only to perform technology analysis focusing on one target technology, but also to analyze several integrated technologies at the same time. In this paper, we propose a methodology for integrating technologies and analyzing the integrated technologies. We integrate patent big data for technological integration and use text mining, boosting, and ensemble for integrated technology analysis. To evaluate the performance of proposed method, we search the patent documents related to disaster artificial intelligence (AI) and extended reality (XR). In our case study, we integrate the patent data from disaster AI and XR technologies and analyze the integrated patent data using regression trees, random forest, extreme gradient boosting, and ensemble models. Therefore, we illustrate how our proposed method can be applied to the real domain. Full article

The university is currently involved in complex processes of open innovation through permanent dialogue with institutions and companies in the economic, social, and political fields. Professors, researchers, students, and other members of the institution take part in these processes. This is a phenomenon that has emerged in today’s network society due to digitalization and globalization. It is therefore essential, in this context of open innovation, to know the behaviors, habits, consumption, or lifestyles of university staff and students to achieve, in the best and most effective way, integration of higher education in this new reality. How we interact and communicate with the surrounding people has transformed with wider access to the Internet and the development of information and communication technologies (ICTs), especially through smartphones and the use of apps and social networks (WhatsApp, Twitter, Facebook, etc.). This digital revolution has reconfigured our interests, dispositions, and social participation. From the university field, knowing the interests of students who access the Internet is of vital importance to guide teaching methodologies, adapt content, facilitate communication processes, develop digital literacy practices, etc. The present research, focused on the Latin American sociocultural space, has a double objective: (GO1) to know which are the issues of most interest and consumption for university students; (GO2) to determine which issues they reject while they surf on the Internet. A quantitative research has been developed (n = 2482) based on the validated questionnaire COBADI^®. The topics of greatest interest to the Latin American university students were, in this order: “use of social networks”, “news”, “music”, “education”, “work”, and “videos”. The fact that they put education in fourth place, as students, shows that it is not a high priority in their use of the network. On the opposite side, those that show more rejection are “celebrity journalism”, “online games”, and “pornography”. Among their topics of rejection is also “politics”, which is not prioritized by university students. These topics have been presented in different proportions according to the country analyzed, depending on their specific social and political circumstances, and have experienced a different evolution from 2012 to 2019—the time covered by the study. Full article

The construction industry is high-tech and is one of the key areas for the strategic development of regions in terms of their digitalization. The construction complex provides regions with infrastructure of various levels from design documentation to commissioning, as well as reconstruction and major repairs of buildings. The article adopts an isolated regional approach, which is due to the need to assess specific territories by the level of readiness for digitalization of the construction complex. The purpose of the research is to determine the level of readiness of Russian regions for the digitalization of the construction complex by forming a rating of regions according to the indicator “the level of readiness of the region for digitalization of the construction complex”. To build the rating, the fuzzy sets method was applied using a triangular membership function, which allows to describe the influence of various processes on the formation of digitalization processes in the construction complex of the region. When forming the rating, a scale of fuzzy variable values is set which allows one to classify regions by levels, namely very low, low, medium, high, and very high. The generated rating is illustrated according to the specified scale. Based on the rating, the leading regions and outsider regions are identified by the formed indicator. It was determined that Moscow and Saint Petersburg are highly prepared for the digitalization of their construction complexes, and 53 regions of Russia are potentially prepared. In the future, it will be possible to create a rating of Russian regions on the level of readiness for digitalization of the construction complex with a two-year lag. Then, using the DEA shell analysis method, a quantitative assessment will be carried out that allows you to form performance boundaries and, against the background of four years, adjust the data to identify the most realistic picture. Also, the rating methodology considered by the authors allows us to scale this research to the international level, which will allow us to assess the level of digital development of construction complexes in other countries. The proposed rating algorithm is suitable for other sectors and complexes of the economy. It is enough to determine the main aggregate indicator and select groups of factors. Full article

The defense industry has unique features involving national sovereignty. Despite the characteristics that led to the separation of the military and civil spheres, since the 1990s, the number of dual-use projects has been growing. Taking into account that Portugal is a small European country, this paper analyzes the relationships within the defense industry in order to determine how university–industry–government relationships (the Triple Helix) function in this specific industry. The analysis of 145 projects of the Portuguese Ministry of Defense led to the following conclusions: first, academia was represented in more than 90% of the projects, and 40% of those projects have a dual-use application; second, there is a predominance of knowledge production, dissemination and application, for which the university’s institutional sphere is essential and third, the Triple Helix system evolves into a network of relationships that involve projects with both civil and military applications. Full article

Dynamic capabilities are creating dramatic change for the industry around the world. Resource-Based View (RBV) theory and Operational capability theory are the basic capabilities of an organization under a normal changing environment. This creates a competitive advantage and organizational success in a relatively short period of time, in which the dynamic environment is not sufficient to cope with this change. Dynamic capability is a concept for managing change under this dynamic environment. Past research supports a direct positive relationship between dynamic capability and firm performance but it did not focus on the mediator variables. This research emphasizes the influences of competitive advantages and innovation capabilities as mediators of dynamic capabilities and firm performance were investigated. A cross-sectional design study was utilised and questionnaires were submitted to 326 firms to test the proposed relationships. IBM SPSS Statistics Base 26, IBM SPSS AMOS 21, and PROCESS macro 3.6 were used for statistical analysis. Results revealed that competitive advantages and innovation capabilities were partially mediated by dynamic capabilities and firm performance. Findings contribute to the literature on empowering leadership and innovative firm performance by highlighting that competitive advantages and innovation capabilities act as mediators to improve dynamic capabilities and enhance innovative firm performance. Full article

This investigation was carried out on the adoption of the e-money payment model with the application of a quantitative and qualitative approach (mixed methods). Online questionnaires, which included closed-ended questions on a Likert five-point scale and open-ended questions, were distributed through social media chat groups. Respondent samples were drawn from the population of adolescent customers in Indonesia. The collected questionnaires were verified for accuracy, reliability, and validity before the data were analyzed. Adequate data were used to test the relationship model between latent variables, and the relationship of latent variables in the model was tested using partial least squares by employing Smart-PLS 3.0 software and NVIVO 12 plus. The final analysis shows that the reasons for adopting e-money are practicality and convenience. The main reasons that customers adopt electronic money are its practicality, ease of use, efficient transaction time, faster payment, and the simplicity of the payment process. The final modeling formed good-fit inner and outer models. This model verifies the significant influence of social factors, effort expectancy, and facilitation conditions on e-money attitudes. Additionally, social factors, effort expectancy, and attitudes have a significant influence on e-money behavior. Full article

Cloud computing hastens technology driven innovation by taking advantage of the speed, the cost-effectiveness, the efficiency and the security that such applications offer. By using cloud computing, public organizations can exploit the economies of scale and innovate both efficiency and rapidly. The present study focuses on the factors influencing the adoption of a new technological application within the procedures of change management. It examines the willingness to adopt cloud computing for the case of administrative employees in a higher education institute working environment. A prediction model explores a Ubiquitous cloud computing adoption system (USAS), utilizing the theory of technology acceptance model (TAM) and resulting that end users are welcoming the adoption of the cloud computing. Policy makers should move towards empowering the stakeholders with e-skills to stimulate technology driven innovation, resulting in improvements in effectiveness and efficiency, in the creation of new jobs and in the promotion of sustainable development practices. Full article

The main aim of this research was to search for relevant indicators and effective instruments for modeling the impact and institutional management of the regional innovation system for its balanced development. The objective of the study was to justify approaches for institutional management elaboration for balanced sustainable development of regional innovation systems regarding related factors and the needs of the region. The methodology of cognitive modeling and scenario impulse modeling are used for the analysis of the interconnection between the regional innovation system and higher education institutions and developing an instrument to diagnose the problems of no-congruence and improving the institutional management elaboration in the regional innovation policy. The analysis of system indicators of the cognitive map allowed to define the basic patterns in the regional system, determine the most significant factors and relationships for the economic system of the region and visualize them in the form of a cognitive map, identify the influence of the innovation environment elements on the target indicators, quantify its positive and negative impact, forecast and determine the directions of its improvement and enhancing the interaction of regional actors. The results of the study have practical value for use in improving institutional management in planning reforms and transformations of regional innovation systems. Full article

Successfully developing a new product, service, or production process for commercial purposes involves complex and dynamic changes, and therefore requires an organizational climate that fosters innovation. In this sense, the means by which knowledge is created and exploited in the firm constitute its key competence and the source of its innovation capabilities. The research objective was to establish the relationship between organizational climate and innovation capability. The sample consisted of 102 Colombian new technology-based firms. Partial least squares structural equation modeling (PLS-SEM) and PLSpredict were used for the statistical analysis. The results indicate that the organizational climate positively and directly influences the innovation capability (organizational ambidexterity, exploration, and exploitation). The findings obtained will help firms, especially those that require a lot of knowledge and carry out their activities in dynamic environments, to understand how organizational climate influences innovation capability, which is understood through the dimensions of exploration, exploitation, and organizational ambidexterity. This will provide new technology-based firms with a higher capacity to adapt to the conditions of uncertainty and complexity of the environment. Full article

As the Korean government expands the budget for national research and development, the need for an institute that deliberates, coordinates, and operates research development and its budget has increased. In response to these demands, the National Science and Technology Council (NSTC) was recently established. However, to achieve a creative economy, which is the economic system where value is based on novel imaginative qualities rather than the traditional resources of land, labor, and capital, more efficiently, fundamental research regarding the current state of the Korean national administration system of science and technology in Korea is required. Accordingly, this study first analyzes the function and organizational structure of the NSTC in Korea. Second, it investigates the current state of the NSTC in other countries. Finally, the study derives several implications for improving NSTC operation based on the benchmarking study and suggests an operational improvement plan for NSTC with respect to enhancement of function, operation of organization, human resource management, and improvement of the relationships between other departments. The study contributes to analyze the current state of the NSTC in Korea and science and technology (S&T) Councils in other major countries, systematically and in detail. In addition, based on benchmarking study, this study derived operational improvement of NSTC in Korea with four perspectives, including enhancement of function, operation of organization, human resource management, and improvement of the relationships between other departments. Full article

To gain the potential benefit of autonomous intelligent systems, their design and development need to be aligned with fundamental values and ethical principles. We need new design approaches, methodologies and processes to deploy ethical thought and action in the contexts of autonomous intelligent systems. To open this discussion, this article presents a review of ethical principles in the context of artificial intelligence design, and introduces an ethical framework for designing autonomous intelligent systems. The framework is based on an iterative, multidisciplinary perspective yet a systematic discussion during an Autonomous Intelligent Systems (AIS) design process, and on relevant ethical principles for the concept design of autonomous systems. We propose using scenarios as a tool to capture the essential user’s or stakeholder’s specific qualitative information, which is needed for a systematic analysis of ethical issues in the specific design case. Full article

This paper considers a carbon emission cap and trade market, where the carbon emission cap for each entity (either government or firm) is allocated first and then the carbon trading price is decided interdependently in the carbon trading market among the non-cooperative entities which make their production decision. We assume that there are n entities emitting carbon during the production process. After allocating the carbon (emission) cap for each participating entity in the carbon cap and trade market, each participant makes a production decision using the Newsvendor model given carbon trading price determined in the carbon trading market and trades some amount of its carbon emission, if its carbon emission is below or above its own carbon cap. Here, the carbon trading price depends on how carbon caps over the entities are allocated, since the carbon trading price is determined through the carbon (emission) trading market, which considers total amount of carbon emission being equal to total carbon caps over entities and some fraction of total carbon emission should be from each entity participating in the carbon cap and trade market. Thus, we can see the interdependency among the production decision, carbon cap and carbon trading price. We model this as a non-cooperative Stackelberg game in which carbon cap for each entity is allocated in the first stage and each entity’s production quantity is decided in the second stage considering the carbon trading price determined in the carbon trading market. First, we show the monotonic property of the carbon trading price and each entity’s production over the carbon cap allocation. In addition, we show that there exists an optimality condition for the carbon cap allocation. Using this optimality condition, we provide various results for carbon cap and trade market. Full article

Not only with respect to the common overlaps within the market of urban air mobility, but also in terms of their requirement profile with regard to the systemic core, all mobility industries are converging. This article focuses on the required patterns of learning in order to cope with these changes, and what automotive managers can learn from the aerospace industry in this context. As organizational learning is the central parameter of economic evolution, and technology develops over trajectory shifts, companies are, at the very least, cyclically forced to learn ambidextrously, or are squeezed out of the market. They have to act and react as complex adaptive systems in their changing environment. Especially in these dynamics, ambidextrous learning is identified to be a conditio sine qua non for organizational success. Especially the combination of efficiency-oriented internal exploitation with an explorative and external-oriented open innovation network turns out to be a superior strategy. By combining patent data, patent citation analysis and data on the European Framework Programs, we show that there are temporal differences, i.e., position of the product in the product, technique, technology, and industry life cycle. Furthermore, we draw a conclusion dependent on the systemic product character, which enforces different learning requirements concerning supply chain position and, as an overarching conclusion, we identify product structure to be decisive for how organizational learning should be styled. Full article

A supporting management discipline is an under researched phenomenon. A majority of firms’ operating capabilities relating to knowledge, innovation and technology management as a supporting management discipline. This paper reviews the literature in the research and development (R&D) domain to formulate qand propose a conceptual model which is influenced by capabilities relating to knowledge, innovation and technology management. We performed a systematic literature review in which a range of articles were searched related to R&D, from 1990 to 2018. Our review is presented in two parts. The first part presents a descriptive analysis using the Preferred Reporting Items for Systemic View and Mata Analysis (PRISMA)protocol and the second part develop proposition based on keywords analysis. The review revealed that there are nine capabilities that contribute to influence on R&D based on three dimensions known as knowledge, innovation and technology management which correspond to some of the key resources that used to drive these capabilities. Finally, this work proposes a conceptual model based on the outcome of Systematic Literature Review (SLR) interpretation. This research may support current trends on the literature. The list of references may be considered a potential source for future research in this area. Full article