International Journal of Diplomacy and Economy (23 papers in press)

Regular Issues

• Intellectual capital and financial performance nexus in Indian hospitality sector: A panel data analysis  
  by Sushila Soriya, Pushpender Kadian 
  Abstract: The present study empirically examines the effects of intellectual capital (IC) components on business performance indicators of Indian hospitality sector. Further, it explores the role of interactions among IC components to enhanced corporate performance. The study adopted the Modified Value-Added Intellectual Coefficient (MVAIC) model to measure IC and multiple regressions models to analyse the panel data, using a sample of top 50 Indian hotels. The findings demonstrated that the most important and statistically significant variables are human capital efficiency, capital employed efficiency and interaction between human and structural capital efficiencies which positively influence the hotel’s performance, measured through profitability and productivity indicators. The findings also reveal IC as strategic source of enhanced corporate performance. Thus, it may assist the management, stakeholders, policymakers, and government in developing economies like India to enhance and utilize their IC sources effectively and efficiently, particularly in hospitality sector.
  Keywords: Intellectual capital; financial performance; interaction effects; hospitality sector; panel data analysis.
  DOI: 10.1504/IJDIPE.2023.10059850
   
  
• Enhancing the competitiveness of Ethiopian cut flower exports using strategic diplomacy  
  by Alemayehu Derege 
  Abstract: This study sought to identify the main impacts of diplomacy on Ethiopia's cut flower exports. The researcher link export incentives with cut flower exports, and finally identify challenges for the cut flower export subsector. Based on their analysis, researcher identified low social acceptance of investment in flowers, high competition from other partner countries, and low compensation for land and property that underperforms the sector. The diplomatic relation during PP makes the export of cut flowers fall by 28.4% relative to the EPRDF regime. Based on the results, the study suggests increasing export incentives for the sector. Besides, the government should reconsider with whom it should further strengthen its diplomatic ties.
  Keywords: Diplomacy; Cut Flower; Export; Incentives; GDP; Trade Competitiveness.
  DOI: 10.1504/IJDIPE.2024.10061019
   
  
• Igbo Cultural Diplomacy and Peace Building in Pre-colonial Nigeria  
  by Francis Odeke 
  Abstract: Diplomacy creates mutual and healthy relations among people of different backgrounds pursuing varied socio-political and economic interests. In pre-colonial Nigeria, Igbo people pursued diplomacy by cultural means which earned them cordial and profitable socio- political and economic advantages in trade and other engagements. This study uses the primary and secondary sources of data to examine how the Igbo succeeded in their socio-political and economic drives in pre-colonial Nigeria, building bridges of peace with all the communities they related with using Cultural Diplomacy. The study is of the opinion that the Igbo approach in diplomacy could help the elusive global quest for peace and security if carefully imported into the business of the international community.
  Keywords: Nigeria; Igbo; Global peace and security; Diplomacy; Culture; Peaceful co- existence; Economic interests.
  DOI: 10.1504/IJDIPE.2024.10061021
   
  
• The Russia-Ukraine War and Stock Market Volatility: Lessons from Selected South Asian Countries  
  by Nishat Rumaly, Md Mehedi Hasan, Uttam Golder, Barnali Roy 
  Abstract: The ongoing conflict of Russia-Ukraine has severely affected the stock market worldwide. Although several studies in developed countries have explored the footprint of this dispute on the equity market, the impression of this war in the South Asian context is still underexplored. Using data from August 2014 to November 2022, we inquire about the aftermath of the Russia-Ukraine fight on equity market volatility and its return in five selected South Asian countries: Bangladesh, India, Pakistan, Sri Lanka, and Nepal. Applying Generalized Auto-Regressive Conditional Heteroskedasticity-in-Mean (GARCH-M) model, we find that the war increases the volatility of stock markets. Besides, we also identify that the war negatively impacts the equity return. Our study recommends that the war be stopped immediately and that rigorous regulatory adjustments be implemented to mitigate the financial damages resulting from Russia's current evasion of Ukraine.
  Keywords: Russia-Ukraine War; DSEX; Nifty 500; KSE 100; CSE All-Share; NEPSE; GARCH-M.
  DOI: 10.1504/IJDIPE.2024.10063911
   
  
• Commercial Diplomacy: Conceptual analysis and factors shaping its empirical impact on trade and investments.  
  by Panagiotis Tsitsoglou, Grigoris Zarotiadis 
  Abstract: The activities and relevant means/instruments of conducting Commercial Diplomacy (CD), recognized by relevant literature need further clarification and conceptualization. Scholars usually point out the agents (state/non-state actors) or the goals of the concept (exports/investments, business promotion), without stressing the instruments/means available to relevant actors, while conducting CD. This paper contributes to a better understanding of CD, since we propose - after a thorough theoretical and empirical literature review - two conceptual dimensions of activities and relevant instruments of CD - cognitive and political - which we also take into account in our proposed definition of the concept. Thus, we introduce a new holistic framework of CD, where next to the actors and the goals, the concept is additionally characterized by the activities and relevant means, both integrated into the aforementioned categories/dimensions, defined respectively. Last but not least, we point out specific qualitative factors that affect the impact of CD on international trade/investment flows.
  Keywords: Commercial diplomacy; definition; dimensions of activities; exports; investments; embassies; consulates; trade missions; export/investment promotion agencies; business support.
  DOI: 10.1504/IJDIPE.2024.10063912
   
  
• Company Specific Antecedents to Stock Returns: A Statistical Investigation with Special Reference of the NIFTY 50  
  by Sweta Goel, Nikhil Yadav, Nassir Ul Wani, Aamir Syed 
  Abstract: This study examines the relationship between stock returns and company-specific factors. Specifically, the study investigates the effect of Growth, Earnings, Dividends, Financial Ratios, Risk, and Volatility on the stock returns of companies listed on the Indian Stock Exchange. The study used an ex post facto research design. The population comprised all Companies listed on NIFTY 50, National Stock Exchange, India. Multiple regression analysis is used to analyze the data and test the hypothesis that financial indicators significantly impact stock returns. Findings reveal that several independent variables, such as Earnings per Share, Dividend Payout Ratio, and Price-to-Book Ratio had a statistically significant relationship with stock returns. This study provides valuable insights for investors and analysts regarding the stock selection process. The findings suggest that combining company-specific factors can help predict stock returns. Few studies have addressed the interplay of company-specific factors and stock returns. This paper provides unique insights into this relationship in a developing economy using comprehensive financial metrics and advanced statistical techniques.
  Keywords: Company-Specific Factors; Stock Returns; Dividends; Financial Ratios.
  DOI: 10.1504/IJDIPE.2024.10064766
   
  
• Solidifying the Concept of Political Will to Promote Decoloniality and Migration Diplomacy in South Africa  
  by Joyce Toendepi, Eric B. Niyitunga, James Asani 
  Abstract: The lack of political will has impeded the decolonisation of migration diplomacy in South Africa. Political will is a critical pillar in applying migration laws and the practice of migration diplomacy in Africa. Unfortunately, African scholars of decoloniality have not yet explored the role and effects of political will in promoting decoloniality and migration diplomacy in South Africa. This paper adopts a qualitative research methodology with an explanatory approach to achieve its objectives. Thematic content analysis was used to identify and analyse data patterns systematically and objectively and assemble a shared interpretation. The findings show that the lack of political will has affected the fate of decoloniality, migration laws and diplomacy in South Africa. The paper recommends that African leaders understand the effects and role of political will in promoting decoloniality and addressing the failures of migration diplomacy in South Africa.
  Keywords: Migration; migration laws; migration diplomacy; political will; coloniality; decoloniality; South Africa.
  DOI: 10.1504/IJDIPE.2024.10065241
   
  
• After Nearly 50 Years of Ping-Pong Diplomacy: Does the Tense Contemporary US-China Relationship Need A Return to Sports Diplomacy  
  by Mohamad Zreik  
  Abstract: Sports have historically bridged gaps that wars, politics, and economics could not. Ancient rulers turned to sports to mend fractured ties between kingdoms and empires. A prime example is "ping-pong diplomacy." In the early 1970s, amidst strained US-China relations, an unexpected interaction between Glenn Cowan (US) and Zhuang Zedong (China) at the World Table Tennis Championships catalyzed US President Nixon's visit to China, rekindling diplomatic ties. However, five decades later, US-China relations are again. Amidst a backdrop of trade wars and political tensions, this paper explores the potential of sports diplomacy in mending US-China relations, asking: "Can sports diplomacy reset US-China relations?" Drawing from primary and secondary sources, this study highlights the pivotal role sports played historically and suggests that sports diplomacy might again be the tool to reorient the trajectory of US-China ties.
  Keywords: Sports Diplomacy; Ping-pong Diplomacy; US-China Relations; Public Administration; Management.
  DOI: 10.1504/IJDIPE.2024.10065743
   
  
• Indo-Pak Diplomacy- Prospects and Barriers  
  by Tansif Rehman 
  Abstract: Diplomacy is the art and practice of negotiating between representatives of different states or organizations to achieve mutual agreements or the resolution of conflicts. Diplomacy involves negotiation, communication, and compromise to resolve disputes peacefully. Diplomacy in the modern period expands its activities to several locations, yet, it is subject to unprecedented consequences and restrictions. Expanding global multidimensional diplomacy's structure and themes indicate its expanding impact. Since the creation of two independent countries, namely Pakistan and India, they have been fixated on their various disputes. These countries fought three conventional wars and frequently demonstrated their nuclear power capabilities to intimidate each other. The underlying issue is that Pakistan and India have destabilized regional and global stability and socioeconomic growth.
  Keywords: digitization; diplomacy; global aspects; India; institutional aspects; Pakistan.
  DOI: 10.1504/IJDIPE.2024.10065744
   
  
• Science diplomacy merging with commercial diplomacy in small and developed countries  
  by Slobodan Šešum 
  Abstract: The challenges that humanity is facing nowadays are rooted in science and technology and call for an international approach. Science is important not only for solving these common problems but is swiftly gaining importance in the economy. A continually important topic in the economy, which is rapidly coming back to the fore today, is the question of productivity and innovation, which cannot be improved without cooperation with the scientific sphere. The term "science diplomacy" is a buzzword, but its exact meaning is not clear. Activities of commercial diplomacy can be "reactive" and "proactive." For small countries, it is irrelevant whether we call it economic or commercial diplomacy. Small countries may have a different understanding of the concept of science diplomacy, namely, a much broader one. By combining science diplomacy with commercial diplomacy, small and developed countries can leverage their scientific and technological capabilities to drive their economic growth and competitiveness.
  Keywords: Science diplomacy; commercial diplomacy; economic diplomacy; diplomacy; small countries; productivity; economic counsellor; global challenges.
  DOI: 10.1504/IJDIPE.2024.10065745
   
  
• Does Diplomacy Influence Stock Market Trends?: Analyzing the Impact of the Russia-Ukraine Conflict on India and the US During and After War  
  by Neha Seth, Vengababu Baleboina 
  Abstract: The present paper aims to study the diplomacy influence on the stock market by analyzing the impact of Russia and Ukraine’s warfare in the long run, short run, dynamic relationships, and innovations between Brent crude oil, the Nifty 50, and the S&P 500. So, the study collects the daily closing prices. The entire study period has been split into two sections: before and during the war. The cointegration model is used to examine the long-term relationship. It found that there is no cointegration. also, there is no short-term relationship except for S&P 500 to Nifty 50 in both periods. While checking the impulse response and variance decomposition, it was observed that before war, there was a negative trend response in Brent to S&P 500, and during the war, there was a negative trend response in Brent to Nifty 50, the S&P 500 to Brent, and Nifty 50 to Brent.
  Keywords: Ukraine and Russia conflict; Nifty 50; Brent oil; S&P 500; Cointegration; Causality; Impulsive Response Function; Stock market; Crude oil; Indian; US; Diplomacy.
  DOI: 10.1504/IJDIPE.2024.10065747
   
  
• Russia-Ukraine conflict Disturbance of Global Supply Chain  
  by Sarfraz Hussain, Kiran Shrimant Kakade, Saravanakumar S, CA.Kamakshi Mehta 
  Abstract: Russia and Ukraine, the unpredictability and volatility of global economic policies have been significantly ratcheted up to a much higher level. The chance that global economic policies would fall short of their goals as a result of this development has significantly risen. Within the context of economic globalization, the primary question that we investigate is whether or not the unpredictability of global economic policy will have distinct effects on the manufacturing sectors of the world's three most significant economies: China, the United States of America, and the European Union. These are the economies that make up the United States of America, the European Union, and China, respectively. For the purpose of analyzing the effect that global economic policy uncertainty (GEPU) has on manufacturing between the years of March 2008 and March 2023, this study employs a model that is known as a time-varying parameter vector autoregressive model (TVP-VAR).
  Keywords: global economic policy uncertainty; manufacturing; PMI; TVP-VAR.
  DOI: 10.1504/IJDIPE.2024.10065748
   
  
• Comparative Insights into the Digital Transformation of the Tourism Industry: A Literature Review  
  by Yuan Zhang, Habil. Zoltán Szabó, Habil. Árpád Papp-Váry, Ragif Huseynov, Nidhi Shukla, Aamir Syed 
  Abstract: This review conducts a comparative analysis of digital transformation in the tourism industry, bridging Chinese and international perspectives. Utilizing an interdisciplinary framework, it critically evaluates the transformative role of digital technologies on operational and managerial aspects of tourism. The findings highlight distinct approaches and outcomes of digitalization in different regions, revealing three primary dimensions: consumer experience enhancement, innovative business models, and sustainability practices. The review acknowledges the dual nature of digital transformation, offering opportunities for improved consumer engagement and operational efficiency while addressing challenges like data privacy and sustainable development. A significant contribution of this paper is its synthesis of diverse impacts of digital transformation across various geographical contexts, providing strategic insights for industry practitioners and policymakers in the digital era, especially under the influence of the COVID-19 pandemic.
  Keywords: Digital Transformation; Tourism Industry; Comparative Analysis; COVID-19 Impact; International Perspectives.
  DOI: 10.1504/IJDIPE.2025.10067118
   
  
• Cultural Diplomacy and Informal Artistic Relations in china in the 20th Century: A Global Perspective  
  by Kiran Shrimant Kakade, Jayant Shaligram Brahmane, Anjali Kulkarni, Subhash Yadav, Arjita Jain 
  Abstract: A notion that relates to the sharing of art, information, ideas, and other aspects of culture between countries and their people in order to enhance and expand mutual understanding is referred to as cultural diplomacy. Increasing the amount of contact that occurs between different populations and fostering the development of trust between countries via cooperation and collaboration are two examples that demonstrate the significance of cultural diplomacy. Through an emphasis on shared values and a shared humanity, cultural diplomacy fosters international cooperation and supports international cooperation. It is partially a response to fears about the perceived development of Chinese soft power, and partly a consequence of changing attitudes among the elite who make decisions about foreign policy regarding the uses of new social media. During the process of making this investment, the conditions associated with both the international and the regional arenas are being taken into account.
  Keywords: Cultural diplomacy; Global Perspective; Network studies; cultural relations literature; Globalization and transnational.
  DOI: 10.1504/IJDIPE.2025.10067119
   
  
• The Evolution of Human Resource Roles in Business: A Systematic Literature Review from Origins to the Present  
  by Divya Shukla, Mitushi Singh 
  Abstract: Human resource management have been drastically changing with the business environment. The concept of HR roles has evolved drastically over the last four decades with the changing technology, nature of the industry, and scale of operation. This study summarizes the eminent work on HR roles and its evolution over the years. As the operation change, the role of Human Resource mutates, and based on these changes the literature on HR roles is evolving. The objective of the study is to capture the evolution of HR roles through a systematic literature review. The study highlights three themes which are, traditional human resource management, strategic human resource management, and international human resource management. The purpose of the research paper is to identify the gaps in the existing literature on HR roles and encourage scholars to work on those gaps.
  Keywords: Human resource roles; HR roles; human resource management.
  DOI: 10.1504/IJDIPE.2025.10067120
   
  
• WMD Proliferation Concerns in the Era of Great Power Competition: An Indian Perspective  
  by Anamika Gulati, Laxman Kumar Behera, Gaurav Tyagi 
  Abstract: The ongoing great power rivalry between the US-led democratic alliance on one hand and Russia and China on the other has brought the sharp focus on proliferation concerns. In this paper, we have discussed the proliferation concerns in the changing world order with a special focus on the Indo-Pacific region, which has emerged as the center of great power competition. We argue that the Russian invasion of Ukraine and the Chinese belligerence and expansionism are the key drivers of proliferation concerns in the region. We have also discussed the efficacy of various multilateral export control regimes in dealing with the evolving proliferation concerns. Lastly, we have discussed India’s non-proliferation efforts and how, and why, India can play a significant role in the global non-proliferation efforts.
  Keywords: Weapon of mass destruction; non-proliferation; multilateral export control regimes; Russia-Ukraine conflict; treaties; NSG; disarmament.
  DOI: 10.1504/IJDIPE.2025.10067121
   
  
• INTERNATIONAL PORTFOLIO DIVERSIFICATION - A COMPARISON OF INDIVIDUAL INVESTORS IN AUSTRIA AND MEXICO  
  by Vito Bobek, Tobias Boh, Tatjana Horvat 
  Abstract: Investors tend to overweigh domestic stocks in their portfolios. This insufficient diversification negatively impacts their performance and harms investors. The present paper investigates differences in the approach to international diversification between individual investors from Austria and Mexico. Comparing investors from these two countries offers further insights concerning the observable gap in international diversification between developed and emerging economies. A survey among individual investors from Austria and Mexico was conducted. The survey results show that retail investors from both countries express significant levels of home bias, with Austrian investors expressing a higher affinity for international diversification in general and Mexican investors expressing a higher preference for domestic stocks. These findings underline the complex nature of the puzzle, showing once more that investors express a deeply rooted home bias in their investment decisions. The results emphasize the need for adequate financial education to highlight the advantages of international portfolio diversification.
  Keywords: Home bias; portfolio diversification; investments; Austria; Mexico.
  DOI: 10.1504/IJDIPE.2025.10067122
   
  
• Chinese Economic Diplomacy, Public-Private Partnerships and Nigerian Lekki Deep-Seaport  
  by Olukayode Faleye, Ozekhome G. Igechi 
  Abstract: This paper examines the emerging trends in Chinese economic diplomacy characterized by the transition from state loans to Public-Private Partnerships (PPPs) in Africa. It discusses how the Nigerian Lekki Deep Seaport symbolizes a new wave of Sino-African PPP. The existing literature on Chinese economic diplomacy is built on the dichotomized views of the debt trap and aids narratives. Studies have criticized the Sino-African PPPs as an illusion designed by China to sustain African underdevelopment. We nevertheless present a counter-narrative in this study and argue that African agencies can strategically improve their negotiating capacities to create favourable conditions for growth. Based on the analyses of diverse official sources and the extant literature, this paper concludes that this peculiar example of Sino-African PPPs ensures the convergence of national interest and global justice.
  Keywords: AfCFTA; BRI; Global Justice; Lekki Deep-Seaport; Regional Economy; Sino-African PPPs; Transportation Infrastructure.
  DOI: 10.1504/IJDIPE.2025.10067123
   
  
• The correlation between stress and economic crisis Models of economic diplomacy  
  by Jayalakshmi M, Kiran Shrimant Kakade, Jayant Brahmane, Anjali Kulkarni, Shailendrakumar Kale 
  Abstract: It is commonly known that economic stress presents a considerable danger to the health and productivity of workers, particularly during times of economic crisis on a global scale. The study was conducted with the specific objective of determining whether or not one of them, or both of them, are related with one another. We arrived at the conclusion that the stress brought on by the economy may perhaps have a detrimental impact on creativity in both a direct and indirect manner, via an increase in absenteeism. The years 2018 and 2019, the investigation that was carried out as a part of a cross-sectional research study which takes place at a product manufacturing facility. It came to the process of gathering answers for the Stress Questionnaire, the nine-item scale, and a single-item questionnaire about absenteeism, there were a total of 578 workers who took part in the process.
  Keywords: economic stress; work related stress; absenteeism; innovation; innovative behavior; mental health.
  DOI: 10.1504/IJDIPE.2025.10067124
   
  
• Boylywood’s soft power and Thai public diplomacy  
  by Poowin Bunyavejchewin, Kornphanat Tungkeunkunt, Orawan Nugprachaya 
  Abstract: Thai Boys Love (BL) drama series, which feature love between cute boys and/or stylish young men, has enjoyed global popularity in recent years, causing the home-grown BL entertainment industry - Boylywood - to grow rapidly. Although Boylywood exhibited high potential as a source of Thailand's soft power, it was not until 2021 that the Foreign Ministry in Bangkok began to include Thai BL dramas as part of the country's public diplomacy content. This was preponderantly due to Boylywood's ability to function as a revenue generator. Regime legitimation and the establishment's de facto green light were also factors that furthered Thai BL drama's soft power. Despite the government's initially limited involvement, Boylywood has become the country's most lucrative source of soft power, at least economically. Moreover, Thai public diplomacy's openness can be a catalyst for the government to maximise the potential utility of Thai BL drama's soft power.
  Keywords: BL; Boylywood; public diplomacy; soft power; Thai BL; Thai Boys Love; Thai Boys Love series; Thai foreign policy; Thailand; Y series.
  DOI: 10.1504/IJDIPE.2025.10067125
   
  
• Job Polarization with Advent of Technology: A Changing Landscape of Employment explored through Bibliometric Analysis  
  by Manpreet Kaur, Dr. Parneet Kaur 
  Abstract: Employment trends have been changing over the decades A phenomenon in employment is observed recently which is termed job polarization Technology has been considered as the main reason for this phenomenon This study aims to trace the advancement of literature concerning job polarization from the year 1990 to 2023 A total of 175 research studies are extracted from the Scopus database After applying the inclusion criteria, 144 studies are considered for analysis through bibliometric and network visualization techniques The research work of 291 authors is considered to underline the most eminent authors, journals, countries, and organizations in this field of research The bibliometric maps, networks, and tables have been made and examined using bibliometric tools such as VOSviewer and Biblioshiny This study also uncovers the major themes that have been focussed on in the literature The future research areas that require the attention of researchers are also highlighted.
  Keywords: Systematic literature review; job polarization; vosviewer; biblioshiny; scopus; bibliometric coupling.
  DOI: 10.1504/IJDIPE.2024.10067476
   
  
• Open-Source Intelligence (OSINT) and International Humanitarian Law: Exploring the Scope and Limitations of Civilian Participation in the Russia-Ukraine War  
  by Ila Joshi 
  Abstract: Since the inception of four Geneva Conventions and inclusion of Additional Protocols the wars have seen tremendous change in its nature and the participants. The seamless adoption of technology in war has forced the academia to reinterpret or re-evaluate the war and its laws. Also, the overwhelming presence of virtual spaces have given people across the globe access to the real time happenings of the wars, thus shaping their perceptions and actions. The use of OSINT in the form of publicly available information on any platform has proved to be one of the most used and successful tools of intelligence since ever. Whether it was the use of Foreign Broadcast Intelligence Service during the Second World War or the use of Telegram, VK and other platforms by the Ukrainian citizens to upload the movement of the Russian troops in the ongoing war, the publicly available information has reshaped the nature of war. The free flow of information has ushered in an era of information warfare, where the information is flowing both from formal as well as informal channels.
  Keywords: Open-Source Intelligence (OSINT); International Humanitarian Law; civilians; combatants; non-combatants; Russia- Ukraine war; Geneva Convention; Additional Protocols.
  DOI: 10.1504/IJDIPE.2024.10067477
   
  
• THE INFLUENCE OF SLOVENIAN ECONOMIC DIPLOMACY AND COMPANIES ON CHANGING ENVIRONMENTAL VALUES IN NORTH MACEDONIA  
  by BREDA MULEC 
  Abstract: Despite some progress, countries still face challenges when it comes to environmental protection. The paper relies on existing academic research and a structured interview conducted with diplomats from the Ministry of Foreign and European Affairs of the Republic of Slovenia, as well as representatives from Slovenian companies, to analyse the potential influence that companies and economic diplomacy from more developed countries with high environmental protection standards have on changing attitudes towards the environment in countries with lower standards. We focused our attention on Slovenian companies operating abroad in order to determine whether Slovenian companies in North Macedonia apply higher environmental protection standards than required by the regulations in the host country. Despite its efforts to join the EU, North Macedonia faces a spate of environmental protection challenges, including high levels of air pollution that place it among the worst affected countries.
  Keywords: economic diplomacy; corporate social responsibility; environmental protection; environmental standards; North Macedonia; Slovenia; pollution havens; public administration.
  DOI: 10.1504/IJDIPE.2024.10067478