At a time when technological transformations, demographic shifts, geopolitical reconfigurations, and sustainability pressures are profoundly shaping global economic dynamics, the Journal of Financial Studies presents this special issue dedicated to analyzing emerging trends and challenges influencing the contemporary financial, organizational, and societal ecosystem. The journal’s special issues aim to provide a broader perspective on areas of research of increasing relevance, and this edition continues that tradition through the diversity and complexity of the topics covered.
The articles included explore a wide range of topics at the heart of current academic and professional debates. From the impact of demographic factors on consumer behavior in the digital environment to the transformations generated by artificial intelligence in organizational management, education, financial processes, and creative industries, this issue reflects the extent to which technology influences the modern economy. Issues related to sustainability, energy transition, green taxation, and the role of ESG in financial markets are addressed through empirical research and bibliometric analysis, indicating the strategic direction in which economic and corporate policies are heading.
Particular emphasis is placed on consumer behavior, both in traditional sectors such as food purchases or energy consumption, and in emerging areas such as e-commerce and digital banking. The studies in this volume capture the effects of price changes, recent crises, accelerated digitization, and cultural transformations on individual decision-making processes. At the same time, topics dedicated to organizational performance, work-life balance, corporate resilience, and new managerial paradigms offer an integrated view of the evolution of the business environment.
The special issue also includes contributions on current challenges in the areas of financial control, auditing, risk assessment, and adaptation to European regulatory frameworks, at a time when integrity, ethics, and transparency are essential for the functioning of markets. Analyses of energy markets, volatility generated by the conflict in the European Union’s neighborhood, and access to finance in sectors such as agriculture complete a comprehensive picture of the issues influencing regional economic stability.
The contributions of authors from academia and research institutes in Romania and abroad illustrate a high-quality collective effort, based on rigorous methodologies and interdisciplinary perspectives. The scientific evaluation process ensured a high academic standard, and the diversity of approaches provides the reader with a valuable tool for understanding current economic and social phenomena.
We would like to thank the authors, reviewers, editorial board, and institutional partners for their involvement and professionalism, which made this special issue possible.
We hope that this edition will be a useful resource for researchers, professionals, and decision-makers, generating new directions for analysis, reflection, and dialogue on the economic transformations currently underway.

The paper analyses the evolution of access to finance and investment behaviour in Bulgarian agriculture during 2014–2024, a period spanning two Common Agricultural Policy programming cycles. Using data from national institutions, CAP implementation reports, and the Farm Accountancy Data Network, the study evaluates changes in the structure of finance, investment intensity, and the effectiveness of public financial instruments. A composite Financial Access Index, constructed from micro-data, captures farm-level differences in credit availability, borrowing costs, and participation in support schemes. The results reveal modest overall improvement in financial inclusion but persistent structural and regional asymmetries. Large, capital-intensive farms continue to dominate credit and investment activity, while smaller holdings rely primarily on self-financing and subsidies. Public support under the Rural Development Programme has facilitated modernization, yet has not fundamentally reduced financial exclusion or dependence on grants. Guarantee schemes and new financial instruments have broadened access only marginally due to limited scale and administrative complexity. The paper concludes that enhancing financial literacy, expanding risk-sharing and guarantee mechanisms, and aligning finance with green and digital transformation priorities are critical for improving the competitiveness and resilience of Bulgarian agriculture. Stronger coordination among financial institutions, policymakers, and advisory services remains essential for building an inclusive and sustainable agricultural financial ecosystem.

Financial markets operate as dynamic systems in which information and volatility interact continuously, challenging traditional forecasting models based on fixed historical patterns. This study compares Bayesian and Autoregressive (AR (1)) models for forecasting daily returns of the Dow Jones Industrial Average (DJIA) between October 2022 and October 2025, using daily open-close data (approx. 750 trading days). Using the EViews 12 Student Version, the analysis constructs daily percentage returns and evaluates each model through key econometric indicators: Mean Absolute Error (MAE), Forecast Bias and a newly introduced Adaptability metric. 
Empirical results show that the AR (1) model achieves lower error and negligible bias, confirming its stability and persistence, whereas the Bayesian model exhibits higher MAE and modest positive bias but significantly greater adaptability. The Bayesian approach updates prior beliefs (0.55) into posterior probabilities (0.92) in response to market evidence, illustrating how information assimilation enhances real‑time responsiveness. Although less smooth, the Bayesian forecasts better capture short‑term uncertainty and regime shift typical of modern equity markets. The findings demonstrate that Bayesian learning provides a flexible alternative to autoregressive persistence, offering a richer representation of how market expectations evolve under uncertainty. This research contributes to the econometric literature by operationalizing Bayesian inference within a standard forecasting environment and proposing adaptability as a quantitative measure of model responsiveness. The results have implications for both academic forecasting and practical investment decision‑making in volatile market conditions.

The overlapping crises of recent years have highlighted a new dimension in the evaluation of an organization, namely its ability to adapt and survive in crisis situations, a concept defined as organizational resilience. The purpose of this research is to highlight the current state of research, as well as emerging trends and directions in research on organizational resilience. The research methodology consists of conducting a bibliometric analysis of scientific publications in the Web of Science database from 1996 to 2025. The bibliometric analysis was performed using Bibliometrix and VOSviewer software. The results of the research highlight that future research should develop predictive models and quantitative tools capable of anticipating and measuring organizational resilience in volatile contexts. At the same time, it emphasizes the need to integrate resilience into governance strategies, explore the relationship with sustainability and organizational ethics, and adapt to emerging risks generated by digitization, climate change, and geopolitical changes. The research adds value to the scientific literature by highlighting future research directions in the analysis of organizational resilience in various economic contexts.

This article explores the influence of financial and accounting education on the ability of small and medium-sized enterprises (SMEs) to adopt sustainable strategies. Financial literacy is becoming an essential competence for SMEs, especially in the context of current economic challenges, requiring the transition to a green economy and facing increased regulatory pressures (such as the European Green Deal and the Corporate Sustainability Reporting Directive – CSRD). The research aims to answer two fundamental questions:
(1) To what extent does financial and accounting education influence the integration of sustainability into SME strategies? and
(2) What are the main research directions on the connection between financial literacy and sustainable performance in SMEs, according to the scientific literature from 2019–2024?
To answer these questions, a bibliometric analysis of 345 relevant articles from the Web of Science database was conducted using the VOSviewer tool. The results highlighted the existence of significant clusters of terms linking the concepts of sustainability, financial performance and financial education. An emerging correlation was also identified between financial-accounting education and the ability of SMEs to access green financing, report according to ESG standards and adopt responsible business models.
The research findings highlight the importance of developing educational policies and public initiatives tailored to the needs of SMEs, especially in regions with low levels of financial literacy. The paper provides a relevant theoretical contribution to the sustainability literature and opens new directions for applied research on financial resilience and sustainability integration in the SME sector.

The article analyses financial regulation, emphasising its importance in guaranteeing financial security and stimulating sustainable economic growth. It discusses the challenges that economies face in the information age, the factors influencing these processes and the emerging risks that may arise in this constantly changing landscape. In addition, the threats and risks targeting financial security in the digital age are identified and presented in detail, and the relevant indicators for their assessment are carefully analysed. The article also highlights the importance of new practices for verifying and monitoring financial processes. A crucial point of the research is that, for insurance purposes, the effective development and strengthening of various forms of public control, it is essential to invest in improving the financial cultivation of the population and in promoting a more solid economic culture that supports adaptation to the new challenges of the digital economy.

This article analyses the impact of recent European financial regulations on the digital financial market, with a focus on balancing system stability and the encouragement of innovation. The main objective is to examine how these new regulations influence fintech companies, traditional banks, and consumers within the context of accelerated digitalisation. The research is based on a qualitative methodology, which includes the analysis of European legislative documents (such as MiCA, DORA, and PSD3), official reports, and specialised academic studies. Key findings include the strengthening of financial market stability and improved consumer protection but also rising compliance costs for fintech’s and a slowdown in the innovation process. These regulations place pressure on smaller players, favouring market consolidation and forcing traditional banks to adopt digital technologies to remain competitive. Ultimately, the article highlights how this regulatory framework will continue to shape the European financial landscape, balancing security with the freedom to innovate.

The research paper addresses the contemporary topic of digitalization through both its structure and content. The case study focuses on the medical sector, where a sample of 20 companies with an average of 105 employees was analysed. The study examines the need to enhance the digital competencies of medical staff and explores the correlation between the required level of digital knowledge—driven by advancements in medical technology—and the financial performance of these companies. Data collected through questionnaire responses were processed using JASP statistical software, and the relationship between digitalization and financial performance was analysed using Bayesian methods.

The audit of financial liabilities is an essential process for verifying the transparency and reliability of financial statements, with the objective of rigorously analysing how financial statements are recognized, measured and presented within entities. However, factors such as the existence of conflicts of interest, lack of professional due diligence, economic pressures and ineffective internal controls can lead to ethical dilemmas that influence audit quality. This research investigates the ethical challenges specific to the audit of financial liabilities based on the provisions of International Standards on Auditing and National Accounting Standards. The study combines a theoretical and applied perspective, based on a critical literature review and examination of relevant case studies from financial audit practice and interviews with professional auditors, designed to provide a thorough understanding of the difficulties encountered in applying audit procedures. The findings of this study highlight the complex interplay between risk factors and the effectiveness of audit procedures applied at each stage of the audit. The results highlight that a systematic and adaptive implementation of these procedures can mitigate ethical risks and strengthen the reliability of financial statements. On this basis, the research develops a theoretical conceptual model that incorporates the ethical dimension into the audit framework, contributing to strengthening the professional independence of auditors and enhancing the confidence of users of financial information.

This study deals with the problem of professional stress and burnout regarding the police officers who carry out various activities within the field of Public Order and National Safety, at the level of Police Units. A number of 76 police officers, agents and various other officers have been included in this study, with an average accumulated service of 5 years in their respective fields. Two questionnaires have been used to carry out the research, with closed questions, by means of which the main coping strategies employed by police officers in their professional activity have been identified; another aspect taken into consideration was the analysis of the connection between the coping strategies employed and the emotional and physical exhaustion, pertaining to improper management of stress factors.