Journal of Business and Innovation (Бизнес & Инноваци)

ANALYZING TOP-20 INDEX RETURNS USING THE WEIBULL DISTRIBUTION

Sanaser Sodnomdorj — 2026-07-28

Financial market returns tend to exhibit substantial temporal volatility and asymmetric behavior. This study investigates whether such characteristics are present by analyzing 1,354 positive return observations of the TOP-20 Index over the past ten years using the Weibull distribution. The empirical results indicate that small daily returns occur with relatively high frequency, while returns deviate from the mean by approximately 0.79 percent on average. In addition, although the probability is relatively low, the market demonstrates the potential for large fluctuations and extreme movements. The significance of this study lies in the finding that the annual growth rate of the TOP-20 Index may exceed 57 percent approximately once in every 100 observations, while an increase exceeding 87 percent may occur approximately once in every 1,000 observations.

THE IMPACT OF ECONOMIC UNCERTAINTY ON A COMPANY’S CAPITAL STRUCTURE

Narantungalag Bayaraa — 2026-07-28

Economic uncertainty directly influences debt-or-equity financing decisions. This study examines how economic uncertainty in Mongolia affects the capital structure of companies operating in the light and heavy industrial sectors. Financial data spanning 10 years from 18 Tier I and Tier II companies listed on the Mongolian Stock Exchange, along with Mongolia’s economic uncertainty data from the World Uncertainty Index /WUI/, were collected, processed, and estimated using a Fixed Effects /FE/ model. The results indicate that companies operating in both sectors tend to favour debt financing over equity financing during periods of economic uncertainty, and – depending on the nature of their operations – tend to prefer long-term debt over short-term debt financing.

ROBUST PORTFOLIO OPTIMIZATION FOR CONSTRUCTING INVESTMENT PORTFOLIOS IN THE MONGOLIAN STOCK EXCHANGE

Batsuuri Dovdon — 2026-07-28

This study investigates the construction of investment portfolios on the Mongolian Stock Exchange (MSE) data using robust portfolio optimization methods that account for uncertainty in investment returns. Robust models incorporating ellipsoidal uncertainty sets and box uncertainty sets for expected returns were developed and applied. The results show that the robust models produce more stable and practically applicable portfolios compared to the traditional Markowitz model.

DETERMINING FACTORS OF THE SUSTAINING COMPETITIVE ADVANTAGES OF ORGANIZATIONS USING THE VRIO MODEL – ON THE EXAMPLE OF THE NBFIS –

Tsoodol Lantuu — 2026-07-28

Based on a VRIO analysis of the physical, human, and organizational resources of non-bank financial institutions listed on the Mongolian Stock Exchange, this study identifies the key strategic resources that foster a sustainable competitive advantage in the sector.

SUPPLIER SATISFACTION WITH PUBLIC PROCUREMENT COMPLIANCE: EVIDENCE FROM A STATE-OWNED INDUSTRIAL ESTATE

Munkhzaya Tumurbaatar — 2026-07-28

Public procurement is a key mechanism for promoting economic efficiency and social equity, and stakeholder satisfaction is an important indicator of how effectively the system functions. Data were collected from representatives of more than 80 enterprises through a survey and analyzed using factors, correlation, and regression analyses to draw conclusions and develop policy recommendations. The findings show that procurement planning has a statistically significant positive effect on participant satisfaction (β = 0.416, p < 0.05), whereas the organization of the tendering process has a weaker effect. Therefore, the study highlights the need to
improve the effectiveness of public procurement by strengthening evidence-based procurement planning, enhancing market research, and improving the process of identifying actual needs. These findings contribute to both theoretical and practical discussions on improving public procurement systems.

RESEARCH ON CUSTOMER SATISFACTION IN CHAIN RESTAURANTS AND OPPORTUNITIES TO IMPROVE MANAGEMENT

Chimgee Dari — 2026-07-28

Comparative research on customer satisfaction among international chain restaurants operating in Ulaanbaatar and the identification of key restaurant-related factors influencing customer satisfaction are considered highly significant for business growth and managerial improvement. This study examined two chain restaurants in Ulaanbaatar, “Yuna Korean Restaurant” and “Mr. Ling Chinese Restaurant,” by surveying 100 consumers from each restaurant, totaling 200 consumers, collecting data through a questionnaire survey, and analyzing the results using IBM SPSS Statistics 21.0 through mathematical statistical analysis.The findings of the study indicate that factors such as employee service, food quality, and pricing exert the strongest influence on customer satisfaction. Furthermore, differences in service performance between the two restaurants were identified, and recommendations for managerial improvement were proposed.

EMPLOYEE PERFORMANCE IN THE HOTEL INDUSTRY: THE EFFECTS OF EMPLOYEE ENGAGEMENT, JOB SATISFACTION, AND EMOTIONAL INTELLIGENCE

Khaschuluu Sukhbaatar — 2026-07-28

This study identified factors that influence hotel employee performance, such as employee engagement, job satisfaction, and emotional intelligence. Their interrelationships and interdependencies were examined through quantitative analysis.
The study found that hotel employee engagement is an important factor that directly and indirectly increases individual job performance, and job satisfaction plays a mediating role. The results of the moderator analysis also showed that emotional intelligence increases the strength of the relationship between employee engagement and job satisfaction and changes its level of manifestation depending on the situation.

“A STUDY ON FACTORS INFLUENCING CONSUMER ATTITUDES TOWARD THE USE OF BUY NOW, PAY LATER (BNPL) SERVICES”

Maralmaa Mendbayar — 2026-07-28

This study aims to examine the effects of individual materialism, financial constraints, social influence, and self-control on the use of Buy Now, Pay Later (BNPL) services in Mongolia. Although e-commerce and digital payment systems are rapidly developing in Mongolia, research on the influence of BNPL services on consumer behavior remains relatively limited. A total of 385 consumers with prior experience using BNPL services were selected through random sampling, and the collected data were analyzed using SPSS 26 software. The findings reveal that individual materialism has the strongest influence on consumers’ attitudes toward using BNPL services. In addition, financial constraints and social influence were found to be important factors affecting consumers’ choices.

EMOTIONAL INTELLIGENCE AS A PSYCHOLOGICAL SELF-REGULATORY SYSTEM AND ITS RELATIONSHIP WITH DEPRESSION, ANXIETY, AND STRESS. (IN CASE OF FIRST YEAR STUDENTS AT NATIONAL UNIVERSITY OF MONGOLIA)

Uyanga Ganbaatar — 2026-07-28

This study investigated the relationship between emotional intelligence (EI) and psychological distress in case of the students at National University of Mongolia, with particular attention to gender differences. Data were collected from 240 undergraduate students at the National University of Mongolia. Emotional intelligence was assessed using a 23-item mixed-model scale, and psychological distress was measured using the DASS-21. A quantitative correlational design was used, and data were analyzed using reliability analysis, exploratory factor analysis, and Pearson correlation analysis.

STUDY OF THE EXTERNAL ENVIRONMENT AND INSTITUTIONAL CONDITIONS AFFECTING MONGOLIAN FILMS’ ENTRY STRATEGY INTO THE CHINESE MARKET

Delgermaa Munkhbaatar — 2026-07-28

This article examines the external environmental and institutional conditions that shape the entry of Mongolian films into the Chinese market. Using literature review, policy-text analysis and industry-data analysis, it analyzes China’s legal-policy framework, industrial structure, audience consumption patterns and platform conditions. The findings show that China remains a large and active film market, but film import, content review, public-screening permits and distribution are still subject to high institutional thresholds. Therefore, Mongolian films should not rely primarily on direct nationwide theatrical competition. A more feasible initial path is phased and segmented entry through platform cooperation, film festivals, cultural-exchange screenings and localized pilot promotion.