Journal of Open Innovation: Technology, Market, and Complexity最新文献

{"title":"Hybrid early warning system: Integration of Z-score and machine learning for predicting financial performance of IRB in Indonesia","authors":"Imron Mawardi ,&nbsp;Andi Estetiono ,&nbsp;Tika Widiastuti ,&nbsp;Anidah Robani ,&nbsp;Muhammad Ubaidillah Al Mustofa ,&nbsp;Faris Kurnia Hakim ,&nbsp;Qothrotunnidha Almaulidiyah ,&nbsp;Eka Puspa Dewi","doi":"10.1016/j.joitmc.2025.100694","DOIUrl":"10.1016/j.joitmc.2025.100694","url":null,"abstract":"<div><h3>Purpose</h3><div>This study aims to develop a hybrid Early Warning System (EWS) that integrates the traditional Z-score method with machine learning algorithms to accurately predict the financial performance and potential failure of IRB in Indonesia.</div></div><div><h3>Design/methodology/approach</h3><div>The study employs a data science–driven approach using monthly financial and macroeconomic data from 2011 to 2024. A total of 21 independent variables were tested against the Z-score as the dependent variable. Various machine learning models were compared using AutoML (TPOT and LazyRegressor), and model validation was conducted through statistical testing, cross-validation, robustness checks, and feature importance analysis.</div></div><div><h3>Findings</h3><div>The Extra Trees algorithm emerged as the most accurate and robust predictive model, achieving an R² of 0.95 and the lowest Mean Absolute Error (MAE) of 0.0676. Key predictive variables identified include Non-Performing Financing (NPF), inflation (INF), and istishna'-based Financing. The model successfully anticipates financial distress up to two years in advance and enables the categorisation of IRB conditions into Stable, Vulnerable, and Unstable using Z-score thresholds.</div></div><div><h3>Originality/value</h3><div>This is the first study to integrate Z-score with advanced machine learning techniques within a hybrid EWS framework tailored to IRB. It offers a novel predictive model that enhances early risk detection and supports regulatory decision-making.</div></div><div><h3>Limitation</h3><div>The study focuses exclusively on IRB in Indonesia and may require recalibration for broader application in different financial systems or geographies. Reporting accuracy and completeness may also limit the use of secondary data.</div></div><div><h3>Practical implications</h3><div>The hybrid model provides actionable insights for regulators (OJK, LPS) and financial institutions to monitor IRB's health proactively. It strengthens risk mitigation strategies and contributes to the long-term resilience of the Islamic microfinance sector.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100694"},"PeriodicalIF":0.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145748558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"From technological revolution to digital transformation in non-banking financial companies: A future research direction","authors":"Vaivaw Kumar Singh ,&nbsp;Zakir Hossen Shaikh ,&nbsp;Kunal Sinha ,&nbsp;Rashmi Ranjan Panigrahi ,&nbsp;Subhodeep Mukherjee ,&nbsp;Venu Gopala Rao Chowdary","doi":"10.1016/j.joitmc.2025.100712","DOIUrl":"10.1016/j.joitmc.2025.100712","url":null,"abstract":"<div><div>Digital transformation implies the infusion of digital technologies into all processes at non-banking financial companies (NBFCs) to make operations effective and to improve customer experience. In this context, advanced technologies in artificial intelligence (AI), machine learning (ML), analytics with big data, blockchain, cloud computing, and Robotic process automation (RPA) are implemented to streamline processes and functions, enabling the delivery of personalised services. This study examines the technological revolution in NBFCs through a systematic literature review (SLR). Five hundred twenty-two articles are finalised based on various keyword combinations and inclusion/exclusion criteria. The study's findings are based on the year of publication, journals, country of research, and most cited papers. Seven themes are also identified in the research domain. For future research agendas, context, intervention, mechanisms, and outcomes (CIMO) will be used to propose future research propositions. Six future research propositions are proposed to help the NBFCs shape the adoption and implementation of digital transformation in NBFCs.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100712"},"PeriodicalIF":0.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145939007","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Factors influencing circular economy business model adoption: Evidence from NCA and PLS-SEM","authors":"Noor Ul Hadi ,&nbsp;M. Imran Khan","doi":"10.1016/j.joitmc.2025.100697","DOIUrl":"10.1016/j.joitmc.2025.100697","url":null,"abstract":"<div><div>Several studies have examined the factors influencing circular economy business model adoption. However, understanding remains limited from the perspective of Necessary Condition Analysis, leaving a notable gap in circular economy research that explicitly applies Necessary Condition Analysis to uncover the hidden conditions necessary for the successful implementation of circular strategies in business organizations. Drawing on the Resource-Based View and Stakeholder Theory, this study combines Partial Least Squares Structural Equation Modeling (PLS-SEM) with Necessary Condition Analysis (NCA) to distinguish “should-have” associations from “must-have” thresholds. Using survey data from 209 marble manufacturing firms, we examine eight factors: circular human resource management, circular entrepreneurship, circular marketing, circular financing, circular manufacturing technologies, circular-oriented workplace culture, circular open innovation, and government support. The integrated results show that several internal capabilities and one institutional factor are both necessary and sufficient (circular human resource management, circular entrepreneurship, circular manufacturing technologies, circular-oriented culture, government support), circular open innovation is necessary-only<strong>,</strong> circular financing is sufficient-only, and circular marketing is neither in this context. NCA bottleneck thresholds provide actionable benchmarks indicating minimum levels each necessary condition must meet at different target levels of CEBM adoption. Methodologically, the study demonstrates how a dual-logic approach reveals hidden constraints that sufficiency models alone overlook. Theoretically, it reframes selected capabilities and institutional enablers as foundational preconditions rather than merely supportive resources. Practically, it offers a sequenced roadmap: meet the lowest unmet threshold first, then deploy sufficiency levers to scale circular outcomes supporting managers and policymakers seeking credible pathways toward a regenerative, circular economy.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100697"},"PeriodicalIF":0.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145748556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic policy uncertainty and artificial intelligence (AI) innovation: A cross-country analysis","authors":"Tuan-Hock Ng ,&nbsp;Chun-Teck Lye ,&nbsp;Ying-San Lim ,&nbsp;Ying-Zhee Lim","doi":"10.1016/j.joitmc.2025.100698","DOIUrl":"10.1016/j.joitmc.2025.100698","url":null,"abstract":"<div><div>As nations vie for a strategic edge in artificial intelligence (AI), sustaining innovation has shifted from priority to imperative. Yet, economic policy uncertainty (EPU) presents a particularly salient threat, capable of derailing the investment and research and development (R&amp;D) activities that underpin AI breakthroughs. Against this backdrop, this study examines the relationship between EPU and AI innovation in 34 countries from 2017 to 2023, using quantile regression to delineate heterogeneous effects across the innovation distribution. The results indicate that EPU exerts a significantly negative effect on AI innovation, with disproportionately stronger adverse effects observed in countries at lower innovation quantiles. These results remain robust across pooled ordinary least squares (OLS), fixed and random effects models, generalised method of moments (GMM), and placebo tests. As one of the earliest empirical investigations into the asymmetric effects of EPU on AI innovation, this study contributes novel insights to the open innovation literature and ongoing policy dialogue. Collectively, the findings highlight the importance of stable and predictable policy environments in bolstering national innovation ecosystems and narrowing the global AI innovation gap.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100698"},"PeriodicalIF":0.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145748557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The five-blade propeller: An evolutionary model of innovation with sustainability as the rotor (SPIRAL)","authors":"Pedro Luis López-de-Alba ,&nbsp;Ricardo Alberto Rodríguez-Carvajal ,&nbsp;Paula Concepción Isiordia-Lachica ,&nbsp;Francisco Javier Villarreal Segoviano ,&nbsp;Jorge Alberto Romero Hidalgo ,&nbsp;Omar Trejoluna Puente","doi":"10.1016/j.joitmc.2026.100738","DOIUrl":"10.1016/j.joitmc.2026.100738","url":null,"abstract":"<div><div>This contribution proposes a conceptual model of innovation called the Five-Blade Propeller with Sustainability as the Rotor (SPIRAL), which constitutes a structural evolution of the Triple, Quadruple, and Quintuple Helix models. Unlike previous approaches—where actors operate horizontally and the environmental dimension appears as a context or peripheral subsystem—the SPIRAL model positions sustainability as the dynamic, normative, and regulatory axis of the innovation system. Based on a systematic review of the literature, a critical analysis of helix-based literature published between 2000 and 2025, and the integration of recent contributions from innovation ecology, regenerative economics, complex adaptive systems, and common goods governance, this article develops the conceptual, comparative, and operational contemporary challenges such as climate change, energy transition, ecological degradation, environmental justice, and digital governance. The results show that the SPIRAL model offers a more robust, coherent, and teleologically oriented framework for socio-ecological regeneration. The conclusions highlight implications for public policy, academic institutions, businesses, communities, and digital ecosystems, as well as a methodological agenda for operationalizing the model through indicators, metrics, and future empirical validations.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100738"},"PeriodicalIF":0.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147394475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Identifying key topics and network structures: A case in Korean AI value chain","authors":"Hyo Jung Jang,&nbsp;Hyoung Ryul Ma","doi":"10.1016/j.joitmc.2026.100737","DOIUrl":"10.1016/j.joitmc.2026.100737","url":null,"abstract":"<div><div>This study provides results of key topics and actor relationships in the Korea AI value chain using news articles. We build a dataset of 5200 news articles (2021–2024). Using LDA topic modeling, we identify 14 key topics and track yearly changes in the number of news articles in four value chain domains: the Hardware, Data, Model, and Solution domains. The results show a surge in the Hardware domain, a majority of articles in the Solution domain, gradual growth in the Model domain, and a small, stagnant Data domain. We then conduct a network analysis of actors within each domain. The Data domain has a policy driven structure with a relatively high share of government actors. The Hardware, Model, and Solution domains exhibit market driven structures dominated by big-tech firms. University and research institutes play a peripheral role across domains. Connections between domains also change over time. In the early years of the period, the strongest connection is between Solution-Data. By 2024, the strongest connection is between Solution-Hardware. Taken together, these findings suggest that the Korean AI value chain is dominated by large firms that mainly practice closed open innovation. The ecosystem remains in a transformation stage and shows weak integration in and around the Data and Model domains and a limited role for academic actors. Based on this, we argue that Korean AI policy should promote market open innovation through SMEs and start-ups, social open innovation, and closer links across domains and between universities, research institutes, and industry.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100737"},"PeriodicalIF":0.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147394476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Evaluating strategic management of sustainable development in the European Union: A spatial–cluster perspective","authors":"Henryk Dzwigol","doi":"10.1016/j.joitmc.2026.100740","DOIUrl":"10.1016/j.joitmc.2026.100740","url":null,"abstract":"<div><div>This study investigates structural interactions and synergies among the Sustainable Development Goals (SDGs) in the European Union using a data-driven clustering and multivariate analysis approach. The empirical basis is a panel for the EU-27 spanning 2000–2024, drawn from the Europe Sustainable Development Report, which provides harmonised SDG performance indicators across Member States. First, hierarchical clustering (Ward’s method) is applied to the SDGs to identify groups of goals exhibiting similar trajectories. Three clusters emerge: (i) a socioeconomic–ecological cluster (GT), (ii) a socio-environmental governance cluster (GP), and (iii) a distinct responsible consumption and production cluster (GIS). Second, Multiple Factor Analysis (MFA) is used to examine interdependencies among these clusters within a shared factorial space. The magnitude and statistical significance of relationships are quantified using RV coefficients complemented by permutation-based tests. The findings indicate strong, persistent synergies between GT and GP, with RV coefficients ranging from 0.61 to 0.71 across the study period, reflecting stable alignment between economic development, social well-being, and governance capacity. By contrast, linkages involving GIS are comparatively weak and volatile (RV = 0.03–0.38), suggesting fragmentation in the integration of responsible consumption and production within EU sustainability strategies. Subregional comparisons reveal higher coherence in Northern and Baltic countries than in Southern and Central–Eastern Europe. Overall, the results highlight the critical role of strategic coordination and institutional capacity in reinforcing SDG complementarities. A key limitation is that the analysis is conducted at the goal level; future research should explore indicator-level dynamics and causal mechanisms underpinning observed synergies.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100740"},"PeriodicalIF":0.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147394480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Upscaling of the renewable hydrogen economy: A study on complex adaptive systems","authors":"Sami Pohto,&nbsp;Pekka Tervonen,&nbsp;Harri Haapasalo","doi":"10.1016/j.joitmc.2026.100725","DOIUrl":"10.1016/j.joitmc.2026.100725","url":null,"abstract":"<div><div>The renewable hydrogen economy is one of the potential solutions in the green transition by reducing the impact of carbon dioxide on society and planetary well-being, particularly in hard-to-abate sectors. This qualitative study examined the upscaling of the hydrogen economy through the lens of complex adaptive systems (CAS) to enhance stakeholder adaptability. The literature review identified central organising concepts that served as a framework for analysing empirical data. The central organising concept was adopted from the reflexive thematic analysis (RTA) method to support the analysis of empirical data. This paper proposes five distinct yet interconnected themes based on these central organising concepts. The findings aim to reveal the potential of a complex adaptive systems approach in the explorative context of the hydrogen economy and suggest directions for future research.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100725"},"PeriodicalIF":0.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146077363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The role of channel integration quality in shaping consumer behavior in omnichannel and multi-channel retail","authors":"Nazym T. Tulebayeva ,&nbsp;Zhanna T. Kozhamkulova ,&nbsp;Taşkın Dirsehan","doi":"10.1016/j.joitmc.2026.100721","DOIUrl":"10.1016/j.joitmc.2026.100721","url":null,"abstract":"<div><h3>Purpose</h3><div>This study examines how channel integration quality influences consumer behavior—specifically satisfaction, purchase intentions, and brand loyalty—in omnichannel and multi-channel retail environments. It aims to highlight cross-country differences by comparing the Turkish and Kazakhstani markets.</div></div><div><h3>Design/methodology/approach</h3><div>Grounded in the Stimulus-Organism-Response (SOR) framework, the study uses survey data collected from 402 consumers in Turkey and Kazakhstan. Channel integration quality is operationalized through service channel configuration and interaction consistency. Structural equation modeling is used to assess the proposed relationships.</div></div><div><h3>Findings</h3><div>Results reveal significant differences across countries. In Kazakhstan, channel integration quality strongly influences customer satisfaction and brand loyalty, supporting the value of seamless omnichannel experiences. In contrast, Turkish consumers show no significant association between channel integration quality and satisfaction, suggesting that mobile applications operate more as standalone channels rather than as part of an integrated system.</div></div><div><h3>Originality/value</h3><div>This study provides cross-market insights into the effects of channel integration quality, contributing to omnichannel retailing literature by uncovering how cultural and technological contexts shape consumer responses in different countries. It highlights the importance of localized omnichannel strategies to drive customer satisfaction and brand loyalty.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100721"},"PeriodicalIF":0.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145977077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The role of digital twin technology in enhancing sustainable aviation transition: A state-of-the-art review and future direction","authors":"Bright Appiah Adu-Gyamfi","doi":"10.1016/j.joitmc.2025.100693","DOIUrl":"10.1016/j.joitmc.2025.100693","url":null,"abstract":"<div><div>The aviation industry faces mounting pressure to align with international decarbonization goals, yet its digital sustainability efforts remain fragmented and narrowly focused. Digital twin (DT) technology has emerged as a critical enabler of real-time system modeling, predictive analysis, and operational optimization; however, its application in aviation has predominantly focused on isolated domains, such as maintenance and component design. This state-of-the-art review critically examines the current landscape of DT adoption across aviation, highlighting its traditional roles and identifying key limitations in addressing holistic sustainability objectives. Drawing insights from advanced implementations in adjacent sectors, including energy, automotive, maritime, and smart cities, the review proposes a comprehensive, multi-domain digital twin framework for sustainable aviation. The framework encompasses six interrelated domains: fuel and propulsion systems, lifecycle sustainability assessment (LCSA), certification support, sustainable airframe design, operational optimization, and end-of-life management. Through this integrated lens, DTs are positioned not merely as tools for performance enhancement but as strategic infrastructures capable of embedding environmental intelligence across the aviation lifecycle. This work synthesizes academic advances and industrial progress between 2010 and 2025, providing a critical foundation for future digital transformation initiatives in aviation. It advocates for the development of interoperable, lifecycle-aware DT architectures to accelerate the sector’s transition toward net-zero emissions and sustainable value creation.</div></div>","PeriodicalId":16678,"journal":{"name":"Journal of Open Innovation: Technology, Market, and Complexity","volume":"12 1","pages":"Article 100693"},"PeriodicalIF":0.0,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145623194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}