The Economics and Business Review (earlier as the Poznan University of Economics Review) has been published by Poznań University of Economics and Business Press since 2001. The EBR provides a platform for academicians all over the world to share, discuss and integrate state-of-the-art economics and finance thinking with a special focus on emerging market economies. The EBR invites submissions of original and unpublished articles. The journal is published in English only, with a frequency of four issues yearly. Texts are double-blind reviewed. EBR is an open access journal. To submit, process and publish an article in Economics and Business Review authors are not required to pay any charge. Impact Factor 2024: 1.6| CiteScore 2024: 2.1 Call for papers: Global Economy under Geopolitical Pressure The Economics and Business Review invites empirical and theoretical contributions that explore how uncertainty and conflict are driving shifts in global power structures, fragmenting traditional trade and financial systems, and prompting new alignments among states and markets. For more details check the call for papers.
Poznan University of Economics and Business Press
From digital mining to market prices: An empirical analysis of the relationship between energy consumption and price dynamics of Bitcoin and Ether
This study aims to comparatively examine the relationships between Bitcoin and Ethereum's energy consumption and price dynamics. Using daily frequency data, Augmented Dickey-Fuller (ADF), Phillips-Perron (PP), ARDL cointegration tests, and Toda–Yamamoto causality analysis were applied to evaluate the effects of cryptocurrency markets on energy demand from both short-term and long-term perspectives. The analysis results indicate that there is a long-term cointegration relationship between energy consumption and prices for Bitcoin and a unidirectional causality from prices to energy consumption. In contrast, ARDL boundary test results for Ethereum revealed no long-term relationship, and causality analysis also failed to detect any directional causality between price and energy consumption. This indicates that with Ethereum's transition to a Proof-of-Stake mechanism, energy consumption has become independent of price movements. The findings reveal that the effects of cryptocurrency markets on the energy economy vary according to technology-specific structural characteristics.
Copyright (c) 2026 Levent Sezal https://creativecommons.org/licenses/by/4.0
Economic complexity and shadow economy in Africa: An assessment of nonlinearity and asymmetry
Recent literature reveals that economic complexity (EC) has important implications for shadow economy and has generated mixed empirical conclusions. This paper contributes to this debate by investigating the nonlinear and asymmetric effects of EC on shadow economy in 28 Africa countries between 1995 and 2020. Granger and Yoon’s (2002) approach is used to decompose the EC into positive and negative components, while the dynamic panel threshold regression, two-step system generalised method of moments, pooled mean group, augmented mean group, and common correlated mean group are employed as the estimation techniques. The results indicate that positive EC shocks reduce the size of the shadow economy, whereas negative shocks contribute to the growth of informality, thus suggesting the presence of asymmetry. The threshold of economic complexity was found to be 0.41.
Copyright (c) 2026 James Temitope Dada, Folorunsho M. Ajide, Mosab I. Tabash, Mamdouh Abdulaziz Saleh Al-Faryan https://creativecommons.org/licenses/by/4.0
Sentiment and dividend smoothing: Do firms alter dividends during periods of high market activity?
This study investigates whether investor sentiment shapes dividend policy among publicly listed firms in Bangladesh by testing the hypothesis that firms alter their dividend smoothing practices in response to market optimism. We utilise a balanced panel of 116 firms from 2010 to 2021, applying robust panel regression techniques, including random effects, panel-corrected standard errors, and instrumental variable estimation to address model imperfections and potential endogeneity. Our findings show that, on average, firms increase dividends during periods of heightened investor optimism. However, this effect is moderated by prior dividend levels, indicating a tendency toward dividend smoothing. Firms appear to balance market sentiment with the need to maintain consistent payout signals. The findings contribute to the behavioural finance literature by highlighting sentiment as a key determinant of dividend behaviour within the Bangladesh context, where market volatility and retail participation are pronounced.
Copyright (c) 2026 M. Jahir Uddin Palas, M. Adnan Ahmed https://creativecommons.org/licenses/by/4.0
Financial inclusion and economic growth in Vietnam: Evidence across provinces and income groups
This research aims to examine the effect of financial inclusion on economic growth in Vietnam. Using panel data from 63 provinces during 2014–2020, estimations are conducted for both the full sample and across two income groups. Financial inclusion is measured by indicators capturing geographical penetration and using products and services in commercial banks and insurance. The difference-GMM estimation results demonstrate that financial inclusion captured by higher commercial bank branches and using bank accounts, saving passbooks, and ATM cards present significant positive effects on economic growth in Vietnam. In contrast, participating life and non-life insurance shows a non-significant effect. For high-income provinces, participating in life and non-life insurance positively affects economic growth. In addition, the study indicates robust effects of commercial bank branch penetration and using ATM cards in enhancing economic growth in both low-income and high-income localities.
Copyright (c) 2025 Thi Thuy Huong Luong, Attasuda Lerskullawat, Thi Anh Nhu Nguyen https://creativecommons.org/licenses/by/4.0
Perceived usefulness, ease of use, risk, and trust: Explaining BNPL user recommendation intention through behavioural models
The main objective of the article is to identify and evaluate the key determinants of consumer recommendation intention with Buy Now, Pay Later (BNPL) services, operationalised through the intention to recommend such services to others through the intention to recommend such services to others. The study investigates the influence of five core constructs: perceived usefulness, perceived ease of use, perceived trust, and perceived risk. Data are collected from a quota sample of 350 users of deferred payment services, selected in accordance with the demographic profile of BNPL users. The study employs PLS-SEM. The results show that perceived usefulness and perceived trust in the BNPL provider significantly boost recommendation intention. Perceived risk negatively impacts recommendation intention, while perceived ease of use has only a marginal effect. These results contribute to the existing literature by elucidating the behavioural mechanisms underlying BNPL usage and provide actionable insights for financial service providers (...)
Copyright (c) 2025 Krzysztof Waliszewski, Ewa Cichowicz, Mateusz Folwarski, Łukasz Gębski, Jakub Kubiczek, Paweł Niedziółka, Małgorzata Solarz https://creativecommons.org/licenses/by/4.0
Copyright (c) 2026 Monika Banaszewska, Ida Musiałkowska, Konrad Sobański https://creativecommons.org/licenses/by/4.0
R&D tax credits, innovative activity and the targeting approach
The aim of this study is to investigate if the French R&D tax credit targeted at small and medium-sized enterprises (SMEs) has a positive impact on innovative activity. The French institutional setting provides a unique research setting as the R&D tax credit targeted at SMEs only applies to expenditures incurred during the development phase of R&D projects instead of all eligible R&D expenditures. In order to explore the effectiveness of the French R&D tax credit, a regression discontinuity design (RDD) is applied by comparing targeted SMEs with larger firms not subject to the tax credit over the period 2014-2018. In general, we find that the French R&D tax credit has a positive impact on innovative activity. Moreover, SMEs react more strongly to this incentive in their growth stage. The findings suggest, however, that this effectiveness in increasing SMEs’ innovation does not persist over time.
Copyright (c) 2025 Erik Gjymshana, Annelies Roggeman, Isabelle Verleyen https://creativecommons.org/licenses/by/4.0
Corporate governance, financial markets, and economic growth: Does corporate governance moderate the finance-growth nexus?
This paper examines whether corporate governance plays a moderating role in the impact of financial development on economic growth. It collects a dataset of 39 advanced and developing countries for the 2006-2020 period. The empirical results show that the credit-to-GDP ratio is negatively associated with economic growth, and this finding is consistent with the literature showing the relevance of "too much finance". The main findings indicate that the negative growth impact of credits is attenuated by corporate governance as measured by minority investor protection and disclosure extent. This moderating effect is economically significant and holds for different country groups and horizons. Hence, the paper argues that corporate governance measures the quality of financial markets, while credit ratio measures its quantitative dimension. Therefore, it shows that both quality and quantity dimensions need to be taken into account to understand the finance-growth nexus properly.
Copyright (c) 2025 Mustafa Kilinc, Talat Ulussever https://creativecommons.org/licenses/by/4.0
Speaking up in financial co‑operatives: How values and job type shape employee commitment
This article examines the relationship between employee voice and affective commitment in co-operative financial institutions. It focuses particularly on the moderating role of perceived employer orientation towards co-operative values and principles as well as job type (front- or back-office) on the relationship between two types of voice (challenging and supportive) and affective commitment. The analysis was performed with a dataset of 217 employees from 8 UK building societies. Results indicate that supportive employee voice has a clear positive relationship with affective commitment, while the effect of challenging voice is more complex. Moreover, both employee voice types correlate with higher affective commitment for employees who view their employer as little oriented towards co-operative values and principles, but not for those who rated their employer attached to these values. Finally, job type has little impact on the effects of employee voice, although a slightly more positive reaction from back-office staff is noticeable.
Copyright (c) 2025 Przemysław Piasecki, Maciej Ławrynowicz https://creativecommons.org/licenses/by/4.0
Clustering S&P 500 companies by machine learning for sustainable decision-making
This study examines the Environmental, Social, and Governance (ESG) performance of S&P 500 companies using three clustering algorithms: K-Means, Gaussian Mixture Model, and Agglomerative Clustering. ESG scores from leading data providers are analysed to uncover sectoral patterns and performance trends. The findings indicate that technology and healthcare firms achieve the highest ESG scores, particularly in the governance and social dimensions, while the industrial and energy sectors face the greatest environmental challenges. Among the methods compared, K-Means demonstrates superior clustering performance by forming compact and well-separated ESG groups. These results offer a robust foundation for sector-specific ESG benchmarking, supporting investors and policymakers in identifying sustainability leaders, assessing risk, and targeting areas for improvement.
Copyright (c) 2025 Cansu Ergenç, Rafet Aktaş https://creativecommons.org/licenses/by/4.0
Gender diversity in corporate boards and firm risk-taking: Evidence from Pakistan
Using annual data from 49 publicly listed non-financial firms from January 2011 to December 2022, this study investigates how board gender diversity affects firm risk-taking behaviour in Pakistan. We use the exogenous shock introduced by the Securities and Exchange Commission of Pakistan (SECP) through the Companies Act in 2017, mandating the inclusion of at least one female director on corporate boards in Pakistan. To address endogeneity, we employ the Two-stage Least Squares (2SLS) and Two-stage Residual Inclusion (2SRI) estimations and validate the findings with the Difference-in-Differences (DiD) and Markov Switching (MS) models. The results indicate that greater female board representation correlates significantly with lower financial leverage and reduced earnings volatility. These results suggest that mandated gender diversity can shape strategic decisions that can help mitigate firm-level financial risk.
Copyright (c) 2025 Mohsin Khawaja, Sobia Shakeel https://creativecommons.org/licenses/by/4.0
Fair trade and its role in sustainable development of agri-food system: A systematic literature review
The ‘fair trade’ movement aims to promote equitable trade relations between developed and developing countries. By guaranteeing producers a fair price, it seeks to improve livelihoods of farmers and workers in marginalized regions. This review critically explores Fairtrade certification's impact on economic, social, and environmental sustainability of agri-food systems using PRISMA methodology and SWOT analysis. Key themes emergent from the reviewed papers include sustainable consumption, social equity and women empowerment, and governance in alternative food networks. Most sources focused on consumer behavior and Fairtrade, concluding that consumer-driven strategies are crucial for systemic change and long-term success. Fairtrade still faces obstacles including market competition with other certification schemes and uneven distribution of benefits between producers and supply chain actors. The final retail price is significantly affected by the value added by retailers, contrary to the Fairtrade mission, which can undermine confidence in the system.
Copyright (c) 2025 Aleksandra Kowalska, Ashura Salim, Louise Manning https://creativecommons.org/licenses/by/4.0
Copyright (c) 2025 Monika Banaszewska, Paweł Niszczota, Michał Pilc https://creativecommons.org/licenses/by/4.0
Forecasting cryptocurrencies in turbulent times: Evidence on parsimony versus model complexity
This study examines short-term return forecasting for Bitcoin, Ethereum, and Litecoin over 2020–2024, comparing autoregressive benchmarks with Kitchen Sink and VARX-type models using point and density accuracy measures supported by Diebold–Mariano and Model Confidence Set inference. The results demonstrate that the AR(1) benchmark and parsimonious specifications incorporating cryptocurrency-specific variables consistently outperform the more elaborate linear frameworks considered, while the inclusion of macro-financial predictors offers limited benefits. Findings highlight the robustness of autoregressive dynamics for short-term cryptocurrency forecasting and underscore the importance of parsimony over model complexity. These results are consistent with a market environment characterised by high structural uncertainty, sentiment-driven trading and rapidly shifting regimes, in which additional macro-financial information contributes little to forecastability beyond short-run return momentum and crypto-specific volatility.
Copyright (c) 2026 Anna Tatarczak, Oleksandra Humeniuk https://creativecommons.org/licenses/by/4.0
Attitudes towards income inequality and trust: an analysis by income class in Poland
Increasing income inequality has raised concerns about its effects on social cohesion, yet the subjective dimension of inequality and its relation to trust remain underexplored. This article investigates how attitudes toward income inequality relate to generalized and institutional trust across income classes in Poland, a post-socialist country characterized by strong anti-inequality sentiment and low trust levels. Using data from the European Values Study (N = 1,352), we apply an economic stratification framework with five income classes, combined with nonparametric tests and logistic regression. Results show that acceptance of inequality increases with income, with the sharpest contrasts between low- and high-income classes, while middle strata remain relatively homogeneous. Generalized trust rises with income, whereas institutional trust follows more complex, non-linear patterns. Crucially, links between trust and inequality attitudes are class-specific: generalized trust in strangers legitimizes inequality overall, while generalized trust in relatives has divergent effects across lower- and upper-middle income groups.
Copyright (c) 2026 Małgorzata Szczepaniak , Katarzyna Bentkowska https://creativecommons.org/licenses/by/4.0
Innovation and Industry 4.0 in building the international competitiveness of food industry enterprises: The perspective of food industry representatives in Poland
The aim of the research is to determine the impact of innovations and Industry 4.0 solutions on the international competitiveness from the perspectives of representatives of food industry enterprises. The empirical layer used information collected on the basis of a survey using the CATI method conducted on a representative sample of representatives of food industry enterprises. Descriptive statistics, the Kruskal-Wallis test, Mann-Whitney test, multiple comparison test and box-plot plots were used to analyse the data. The study confirmed that implementing certain innovations and solutions, both intangible and tangible, is important for maintaining and improving competitiveness on the international market. This applies particularly innovative, modern ways of reaching the customer, developing innovative products, the use of IT systems and the use of innovative methods in advertising and promotion. The conclusions present direct implications for managers of food enterprises who formulate competitive strategies.
Copyright (c) 2024 Katarzyna Łukiewska https://creativecommons.org/licenses/by/4.0
What makes stocks sensitive to investor sentiment: An analysis based on Google Trends
We capture Google’s vast search volume through Google Trends to generate a weekly investor sentiment index (2018–2022) using the most popular keywords (extracted from Google Search) from a keywords collection of 92,000+ words found in business, finance, and common language dictionaries. The results show that Google Trends is an efficient measure of investor sentiment as reflected in relative trading volume. To check what makes stocks sensitive to investor sentiment, 500 randomly selected US firms from various industries are categorised by firm characteristics. We generate two sub-portfolios: large, old, profitable, and dividend-yielding firms versus small, young, unprofitable, and non-dividend-yielding firms—and find the relative trading volume of the latter to be more sensitive to investor sentiment. Our results remain robust when control and autoregressive variables are introduced, in addition to when an alternative measure of sentiment is used, thereby confirming our primary findings.
Copyright (c) 2025 Adeel Ali Qureshi https://creativecommons.org/licenses/by/4.0
Energy mix and its implicationson the Vietnamese economy by 2030: A CGE analysis using GTAP-E-Power
This study uses the GTAP-E-Power model to examine the economic and environmental implications of transitioning to different energy generation mixes in Vietnam by 2030. Three scenarios were considered for that year: (1) low-coal and high-gas, (2) low-coal and high-renewables, and (3) high-coal. Scenario 2 emerges as the most balanced approach, resulting in a 1.02% GDP decline and a 0.78% increase in CO2 emissions. In this scenario, the electronics sector grows slightly (+0.3%), while metals (-3.1%) and chemical products (-1.0%) experience moderate declines. In terms of exports, Scenario 2 gives rise to an increase in the trade balance (151 million USD) and a modest gain in exports to China (+0.46%), Japan (+0.37%), Korea (+0.33%), and Western Europe (+0.35%). Across all three scenarios, the output of the electronics industry shows sensitivity to energy mix changes, while the coal mining sector seems to be resilient to changing the energy mix.
Copyright (c) 2025 Duy Chinh Nguyen, Dr. Jong-Hwan Ko https://creativecommons.org/licenses/by/4.0
How initial price history influences expectation formation in multi-asset experimental markets: An exploratory case study
We present an exploratory study on expectation formation in a controlled experimental setting. Participants predicted the prices of three risky assets, with their key information being the initial price history. Our research investigates the impact of the initial price history on overall price dynamics and the participants’ coordination. We provide tentative evidence highlighting several key points. Firstly, a stable initial price history reduces asset price volatility. Secondly, the correlation between assets during the initial price history is crucial for price dynamics. Notably, two assets exhibited strong negative dependence, which significantly influenced participants’ expectations. It is important to note that this dependence persisted in subsequent price evolution. In general, the initial price history played a pivotal role in shaping participants’ expectations. Given the exploratory nature of this study, we acknowledge that these findings are preliminary and should be interpreted with caution.
Copyright (c) 2025 Michaela Sedláková, Aleš Kresta https://creativecommons.org/licenses/by/4.0
Game-theory behaviour of large language models: The case of Keynesian beauty contests
The growing adoption of large language models (LLMs) presents potential for deeper understanding of human behaviours within game theory frameworks. This paper examines strategic interactions among multiple types of LLM-based agents in a classical beauty contest game. LLM-based agents demonstrate varying depth of reasoning that fall within a range of level-0 to 1, which are lower than experimental results conducted with human subjects in previous literature, but they display similar convergence pattern towards Nash Equilibrium choice in repeated setting. Through simulations that varies the group composition of agent types, I found that environment with lower strategic uncertainty enhances convergence for LLM-based agents, and environments with mixed strategic types accelerate convergence for all. Results with simulated agents not only convey insights on potential human behaviours in competitive setting, they also offer valuable understanding of strategic interactions among algorithms.
Copyright (c) 2025 Siting Estee Lu https://creativecommons.org/licenses/by/4.0
Financial inclusion, remittances and household consumption in sub-Saharan Africa: Evidence from the application of an endogenous threshold dynamic panel model
This paper examines the effect of financial inclusion on per capita household consumption expenditures in sub-Saharan Africa. It uses data from 28 countries over the period 2004-2022 and an endogenous threshold dynamic panel model for econometric estimations. The study finds evidence of asymmetric effects of financial inclusion on household consumption expenditures in the region. There exists a remittances threshold that varies between 2.6% and 6.5% of an average sub-Saharan African country’s GDP below which, financial inclusion increases per capita household consumption expenditures. However, above that threshold, financial inclusion does not contribute to improving household welfare in the region. Therefore, given that the effect of financial inclusion increases with liquidity constraints, policies that target a better allocation of remittances received would amplify the effect of financial inclusion on household consumption.
Copyright (c) 2025 Mahamat Ibrahim Ahmat-Tidjani https://creativecommons.org/licenses/by/4.0
Economic growth in the European Union: Exploring the role of innovation and gender
This paper aims to investigate the linkages between human capital and employment in high-tech sectors and their impacts on economic growth, considering the overall level of innovation in both the public and private sectors and exploring the role of gender. The analysis employs dynamic ordinary least squares (DOLS) to estimate a model for the EU-27 across the period 2008–2021. The results indicate that employment in high-tech sectors is the variable that most contributes to economic growth in those countries that are leaders in innovation. However, in these countries, a positive and significant effect of the gender gap in employment is observed.
Copyright (c) 2025 Vicente J. Coronel, Carmen Díaz-Roldán https://creativecommons.org/licenses/by/4.0
Copyright (c) 2025 Joanna Lizińska, Katarzyna Schmidt-Jessa, Konrad Sobański https://creativecommons.org/licenses/by/4.0
The impact of women’s economic empowerment on human development in sub-Saharan Africa: A panel quantile regression approach
This paper uses a panel quantile regression approach to study the economic empowerment of women in sub-Sa­haran Africa and how it impacts human development. Analysing data collected from 42 countries covering the period 2000–2023, the study looks at various indicators of women’s economic empowerment. The impacts of wom­en’s economic empowerment are found to differ depending on quantile levels; female entrepreneurship shows a sig­nificant impact only at higher levels. Across all levels, mar­riage rights and workplace participation repeatedly show positive impacts. The Gender Development Index’s signifi­cant positive impact underscores the importance of gender equality for overall human development. Parenting rights and mobility show positive results at most levels, though there are some variations.
Copyright (c) 2025 Lotfi Mekhzoumi, Sabrina Chikh-Amnache, Nabila Mekhzoumi https://creativecommons.org/licenses/by/4.0
The quality of work life in competitive potential development in the tourism industry: A conceptual model and research propositions
In order to be able to deal successfully with the challenges of increased competition tourism enterprises have to take measures to acquire adequate labour resources and to maintain a sustainable competitive advantage based on these resources. The aim of the paper is to create a conceptual model explaining relations between the quality of work life and competitive potential in the tourism industry. It is argued that the quality of work life, which is measured as a discrepancy between expectations towards work and its perceptions, is affected by individual and organisational factors, whilst its influence on competitive potential is moderated by individual characteristics and local labour market conditions.
Copyright (c) 2025 Marlena BEDNARSKA, Marcin OLSZEWSKI, Dawid SZUTOWSKI https://creativecommons.org/licenses/by/4.0
Fundamentals of tourism: What makes a person a potential tourist and a region a potential tourism destination?
The paper introduces a conceptual structural model to describe which central factors determine whether and where tourism takes place. It refers to five factors that are considered to be a prerequisite for tourism: assets, amenities (or facilities) and accessibility on the side of a potential destination, and ability and motivation to travel on the demand side. Empirical evidence is presented based on large sample population surveys in Germany of the strong influence of these five factors. Whether a person becomes a potential tourist or not depends strongly on ability and on the motivational intensity. In addition, the perception of assets, amenities, and accessibility (rated for 10 regions/countries) is essential for the selection of regions considered for the initial consideration set. Both findings support the structure and links used in the conceptual model. They thus emphasize the importance of these basic factors as fundamentals of tourism.
Copyright (c) 2025 Martin LOHMANN, Henrike BEER https://creativecommons.org/licenses/by/4.0
Prosumers in the tourism market: the characteristics and determinants of their behaviour
The goal of this article is to characterise the prosumer as a specific consumer category in the tourist market. The author presents the general characteristics of a prosumer and how his/her behaviour is conditioned as a result of general social trends as well as specific features of the tourist market. In order to empirically illustrate the issues involved the author presents results of a direct survey conducted with 3 representatives of various types of tourist companies (a tour operator, a travel agent, an airline representative). The interviewees noted their customers’ intensifi ed activity. While customers have greater expectations and requirements, their knowledge does not translate into cooperation with tourist agencies. The respondents claimed that the new customers interested in new forms of the product included primarily young people as well as business people acquainted with new technologies.
Copyright (c) 2025 Agnieszka NIEZGODA https://creativecommons.org/licenses/by/4.0
The role of culture in building regional innovation systems and its impact on business tourism – The case of the Nuremberg Metropolitan Region
In recent years increased attention has been paid to the role of culture and creativity as significant factors infl uencing economic development. Another crucial phenomenon shaping the economy is the great importance of regionalism. Culture, creativity and regionalism seem to facilitate coping with the troubles of our times in a better way. This paper aims to contribute to a better understanding of the ways culture and creativity influence the building of a regional innovation system. A review of crucial literature considering the regional innovation system and the role of culture and creativity in the economic development is provided. The conclusion from qualitative research suggests that the signifi cance of creativity in the Nuremberg Metropolitan Region is widely acknowledged and is an attempt to exploit this finding.
Copyright (c) 2025 Anna BIALK-WOLF, Harald PECHLANER, Christian NORDHORN https://creativecommons.org/licenses/by/4.0
The emergence of entrepreneurship in organizations: joint decision-making about new sales practices in management group meeting interaction
This study examines the emergence of entrepreneurship in organizations. The material consists of the audio-recorded meetings of management group members in one Finnish firm specialized in management services. The analysis illustrates how the members jointly negotiated new entrepreneurial sales practices in their meeting interaction but failed to demonstrate commitment to their future application. The findings conceptualize the emergence of entrepreneurship as a collaborative, four-stage decision making process based on shared understandings of entrepreneurial ideals. They further suggest that this process is contingent on the agreement and commitment of organizational members to whom the responsibility to apply entrepreneurial practices in their daily work is assigned.
Copyright (c) 2025 Soili PELTOLA https://creativecommons.org/licenses/by/4.0
Renewable energy sources as a new research area in tourism
The article identifies and describes a research gap in the tourism economy with regard to renewable energy sources and delineates the biggest research needs and challenges. First of all, the subject of the paper is the tourism phenomenon as a multidimensional research area. Then, the paper concentrates on the renewable energy sources (RES) market in the modern economy with particular regard to investment processes. It characterises investments and innovations in the tourism economy and presents the greatest research difficulties in this respect. The last part of the paper concerns the characteristics of a research gap in the tourism economy identified from where investments and innovations in RES meet. The summary includes effects and desired research directions related to the discussed phenomena.
Copyright (c) 2025 Łukasz NAWROT https://creativecommons.org/licenses/by/4.0