Template-Type: ReDIF-Article 1.0 Author-Name: Elina Pelto Author-X-Name-First: Elina Author-X-Name-Last: Pelto Author-Name: Peeter Vahtra Author-X-Name-First: Peeter Author-X-Name-Last: Vahtra Author-Name: Kari Liuhto Author-X-Name-First: Kari Author-X-Name-Last: Liuhto Title: Cyp‐Rus investment flows to central and Eastern Europe ‐ Russia's direct and indirect investments via Cyprus to Cee Abstract: Abstract This paper deals with Russian investments to ten Eastern European EU candidate countries. Eastern European countries are an important destination for Russian OFDI, and the share of Russia in many CEEC's inward FDI stock is substantial. Russian investments to these countries are mostly connected to the internationalisation of Russian energy sector. Russian oil and gas giants have been actively investing to almost all eastern EU candidate countries. However, OFDI constitutes only a small part of Russian capital abroad, as it covers merely 10 % of the Russian capital flight. Cyprus has been an important landing place for Russian capital flight and is currently the biggest direct investor to Russian economy. Also the investment flow from (or via) Cyprus to other Eastern European countries is relatively big. Significant share of these Cypriot investments are considered to be of Russian origin. This paper tries to anticipate the effects of the legislative changes, due to Cyprus's EU accession in 2004, on the role of Cypriot offshore sector as a landing place for Russian capital. Journal: Journal of Business Economics and Management Pages: 3-13 Issue: 1 Volume: 5 Year: 2003 Month: 11 X-DOI: 10.1080/16111699.2004.9636063 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636063 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2003:i:1:p:3-13 Template-Type: ReDIF-Article 1.0 Author-Name: Ruth Alas Author-X-Name-First: Ruth Author-X-Name-Last: Alas Title: Changes in Estonian organizations from institutional perspective Abstract: Abstract During last decade Estonia has passed through its transition from the authoritarian, centralized, totalitarianism of state socialism, to the democratic country with a free market economy, with different attitudes and values. Estonian companies have been in continuous change process and remarcable part of these changes are deepest by scope ‐ transformational changes. Author proposes that the social phenomena such as organizational change can only be understood in relations to the wider contextual influences that surround them. Changes in Estonian companies could be explained by using institutional and historical context. Research in Estonian companies indicates, that during stable institutions developmental or transitional changes take place in organizations, during societal transience transformational changes occur in organizations. Journal: Journal of Business Economics and Management Pages: 15-23 Issue: 1 Volume: 5 Year: 2003 Month: 11 X-DOI: 10.1080/16111699.2004.9636064 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636064 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2003:i:1:p:15-23 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Title: Tax evasion through offshore companies: How important the phenomenon is? Abstract: Abstract The aim of the paper is to elaborate phenomenon of offshore activity. In the article principles and conditions of offshore companies’ performance have been discussed and the most popular areas of offshore economical activity analyzed. Authors’ view to efficiency of Lithuanian government's attempts to restrict usage of offshore zones has been presented. Journal: Journal of Business Economics and Management Pages: 25-30 Issue: 1 Volume: 5 Year: 2003 Month: 11 X-DOI: 10.1080/16111699.2004.9636065 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636065 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2003:i:1:p:25-30 Template-Type: ReDIF-Article 1.0 Author-Name: Igor Kabashkin Author-X-Name-First: Igor Author-X-Name-Last: Kabashkin Title: The problems of logistics within the frame of European platform for transport research Abstract: Abstract Review of the main research activities in the field of transport and freight logistics within the frames of European Research Area and European Platform for Transport Research. Journal: Journal of Business Economics and Management Pages: 31-38 Issue: 1 Volume: 5 Year: 2003 Month: 11 X-DOI: 10.1080/16111699.2004.9636066 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636066 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2003:i:1:p:31-38 Template-Type: ReDIF-Article 1.0 Author-Name: Antanas Makštutis Author-X-Name-First: Antanas Author-X-Name-Last: Makštutis Title: Forecasting threats to the Baltic sea region cooperation security in the period of Lithuania integrating into Nato and the Eu Abstract: Abstract The work deals with the global economic factors of the world that have an impact on the development of the country's economy and national market as well as on the regional cooperation security under the conditions of Lithuania's integration into NATO and the European Union (EU). Methodological principles of research of internal threats of the regional cooperation security, methodics and methods of their implementation are provided. Forecast is made of the tendencies of human activity efficiency in dependence upon which a description is given of the human life quality and the rational use of resources, the GDP changes and tendencies of competitiveness in the national, EU and world markets. The internal environment for the regional cooperation security in time and space is modelled. Journal: Journal of Business Economics and Management Pages: 39-50 Issue: 1 Volume: 5 Year: 2003 Month: 11 X-DOI: 10.1080/16111699.2004.9636067 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636067 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2003:i:1:p:39-50 Template-Type: ReDIF-Article 1.0 Author-Name: Aldona Garškiene Author-X-Name-First: Aldona Author-X-Name-Last: Garškiene Author-Name: Kristina Garškaite Author-X-Name-First: Kristina Author-X-Name-Last: Garškaite Title: Enterprise bankruptcy in Lithuania Abstract: Abstract Since the re‐establishment of the independence, Lithuania has undergone major changes in the sphere of economy and had to re‐orientate it towards a new (economic) market system, to enter new markets, and to restructure the economy. The shift in business conditions has given rise to numerous upheavals, including the bankruptcy of enterprises, which had detrimental economic and social consequences (one of such evils was increasing unemployment). However, it is also necessary to point out the positive role of the bankruptcy, which is related to a growing competition in the contemporary market economy and the acceleration of changes allowing the best companies alone to survive on the market. A positive improvement in the legal basis of bankruptcy and restructuring leaves the hope that the number of bankrupt companies will decrease. Moreover, in order to reduce the bankruptcy risk, it is necessary to create a system of bankruptcy prevention. Journal: Journal of Business Economics and Management Pages: 51-58 Issue: 1 Volume: 5 Year: 2003 Month: 11 X-DOI: 10.1080/16111699.2004.9636068 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636068 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2003:i:1:p:51-58 Template-Type: ReDIF-Article 1.0 Author-Name: Willem K. Brauers Author-X-Name-First: Willem K. Author-X-Name-Last: Brauers Title: Multiobjective optimization (moo) in privatization Abstract: Abstract Deregulation of public enterprises and services by privatization is very fashionable nowadays. The aim of privatization is mainly to increase effectiveness, while the government itself likes to maximize its revenue at the occasion of the takeover. Most of these public enterprises show a shortage in investment while maintenance of a reasonable employment level in the new private firm is also strongly desirable, not to mention the ecological obligations imposed on the new private firm. It means that takeover bids have to face multiple objectives and different stakeholders, i.e., all the parties interested in the issue. Traditionally the optimization of all these objectives is then judged upon in a rather subjective way. Consequently, there is a need for a more general and objective, not to say scientific, method which can compare several takeover bids for privatization optimizing multiple objectives sometimes with different units of measurement. With that purpose, a method is developed, which takes into consideration upper limits, lower bounds, dominating and nondominating effects, ending up with a set of nondominated takeover bids, which are ranked by using ratio analysis and Reference Point Theory, whereas objectivity and decreasing marginal utility are fully respected [1]. A simulation on several takeover bids for a public enterprise given multiple objectives follows the theoretical explanation. Journal: Journal of Business Economics and Management Pages: 59-65 Issue: 2 Volume: 5 Year: 2004 Month: 2 X-DOI: 10.1080/16111699.2004.9636069 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636069 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:2:p:59-65 Template-Type: ReDIF-Article 1.0 Author-Name: Gediminas Davulis Author-X-Name-First: Gediminas Author-X-Name-Last: Davulis Title: A model and method for solving a dynamic transport problem Abstract: Abstract The problem of optimal development of transport network is considered. We have to define a plan of network development, i.e. a network state at fixed time moments possible the scope of allocated resources such that the total expenses for reconstruction of the network and construction of its new elements as well as for passenger and cargo transportation be the lowest. Thus the problem considered can be described by the optimization model with a non‐linear non‐convex objective function and linear constraints of special structures. Since that is a non‐convex problem with a lot of extreme therefore one can expect to find only an approximate solution, close to a global one, at best. There is no effective and universal solution methods for this problem even in the sense of a local solution. This paper discusses a method for solving the problem using the synthesis of static section, that allows us to decompose dynamic problem into the set of static problems of a smaller volume, and contour optimization methods. The experimental calculation confirm that the proposed method is suitable for solving problem represented in the paper. Journal: Journal of Business Economics and Management Pages: 67-76 Issue: 2 Volume: 5 Year: 2004 Month: 2 X-DOI: 10.1080/16111699.2004.9636070 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636070 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:2:p:67-76 Template-Type: ReDIF-Article 1.0 Author-Name: John Saee Author-X-Name-First: John Author-X-Name-Last: Saee Title: Internationalisation strategy for education in the 21ST century Abstract: Abstract There has been a sea change in the world economy with perceived far‐reaching consequences on all aspects of human civilization. This dramatic transformation is largely precipitated by the phenomenon of globalization. Baylis and Smith (1997) put forward the notion that globalization has accelerated the process of increasing interconnectedness between societies so much that events in one part of the world have more and more effect on peoples and societies far away. A globalized world, they argue, is one in which political, economic, cultural, and social events become more and more interconnected, and also one in which they have a wider impact. It is a truism to state that globalization means different things to different people. For some, the term is entirely benign; it portrays a process that accelerates economic prosperity for the nations engaged in globalization. However, for others globalization is a plot by multinational companies, which want to exploit third‐world countries’ resources in terms of cheap labor and raw materials. At the same time, these multinational companies undermine national sovereignty of the third‐world countries due to their enormous economic and political powers (Saee, 2004). In this research paper, an attempt is made to critically explore the drivers and the rationale behind the globalization that has also led educational institutions in most countries around the world to develop internationalization strategies for launching their degree offerings internationally. However, the focus of this research paper is on internationalization strategies by the Australian educational institutions that have important lessons for educational institutions of other countries interested in gaining an insight into internationalization strategies of Australian educational institutions. Journal: Journal of Business Economics and Management Pages: 77-84 Issue: 2 Volume: 5 Year: 2004 Month: 3 X-DOI: 10.1080/16111699.2004.9636071 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636071 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:2:p:77-84 Template-Type: ReDIF-Article 1.0 Author-Name: Ligita Šimanskiene Author-X-Name-First: Ligita Author-X-Name-Last: Šimanskiene Title: Analysis of typical Lithuanian features in the context of accession to the European union Abstract: Abstract The work reviews the influence of cross‐cultural features in management in the context of globalization. The work analyses the particular characteristics of a national stereotype of a Lithuanian based on the survey of other authors. Several hypotheses have been suggested based on SPSS programmer during the survey. The research has corroborated that the correct reasoning of typical characteristic features of a Lithuanian depends on age, position, sex, while the hypothesis 4, asserting that the correct reasoning of typical characteristic features of a Lithuanian depends on education, hasn't been corroborated according to statistics and the variety of answers was due to different personal characteristics of respondents. Also the work analyses future forecasts for Lithuania in the European Union. Journal: Journal of Business Economics and Management Pages: 85-96 Issue: 2 Volume: 5 Year: 2004 Month: 2 X-DOI: 10.1080/16111699.2004.9636072 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636072 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:2:p:85-96 Template-Type: ReDIF-Article 1.0 Author-Name: Boris Frenkel Author-X-Name-First: Boris Author-X-Name-Last: Frenkel Author-Name: Dmitry Alberg Author-X-Name-First: Dmitry Author-X-Name-Last: Alberg Author-Name: Ilia Frenkel Author-X-Name-First: Ilia Author-X-Name-Last: Frenkel Title: Simulation analysis of the weekend effect's problem Abstract: Abstract The proposed paper uses the simulation approach to the analysis of the model, which explains the essence of the ‘Weekend Effect’ existing on the world's stock exchanges. This effect contains the difference of the daily working ratio between Saturday and Monday. The stock market is considered as the Queuing System functioning according to the Matchmaker concept. Journal: Journal of Business Economics and Management Pages: 97-101 Issue: 2 Volume: 5 Year: 2004 Month: 2 X-DOI: 10.1080/16111699.2004.9636073 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636073 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:2:p:97-101 Template-Type: ReDIF-Article 1.0 Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Title: Theoretical framework for restructuring of transition countries Abstract: Abstract The aim of the paper is to elaborate a theoretical framework for further formulating of efficient state policy in such strategic field as reconstructing of transition country's economy. The main question, which has been arisen, is: to what extent tendencies of restructuring processes are determined by consistent patterns of development. Another target of article is to discuss how far benchmarking attempts could be used in the process of choosing concrete economic policy of transition country. Journal: Journal of Business Economics and Management Pages: 103-108 Issue: 2 Volume: 5 Year: 2004 Month: 2 X-DOI: 10.1080/16111699.2004.9636074 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636074 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:2:p:103-108 Template-Type: ReDIF-Article 1.0 Author-Name: Ruth Alas Author-X-Name-First: Ruth Author-X-Name-Last: Alas Title: Process model for organisational change: A study of Estonian companies Abstract: Abstract Both the popular press and academic literature tend to consider organizational change as a step‐by‐step process leading to success. This paper examines the suitability of the theory that guides the implementation of change at company level for organisations in countries in transition. The author's survey, conducted in 137 Estonian companies, shows that the main focus of Estonian managers has been on initiating change and much less attention paid to assessing the process of change and making modifications and consolidating improvements. Although attention has been focused on initiating change, nobody has mentioned having identified any resistance to change. Based on the survey results the author proposes a change model for Estonian organisations. Journal: Journal of Business Economics and Management Pages: 109-117 Issue: 3 Volume: 5 Year: 2004 Month: 4 X-DOI: 10.1080/16111699.2004.9636075 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636075 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:3:p:109-117 Template-Type: ReDIF-Article 1.0 Author-Name: Algis Šileika Author-X-Name-First: Algis Author-X-Name-Last: Šileika Author-Name: Valdas Rupšys Author-X-Name-First: Valdas Author-X-Name-Last: Rupšys Author-Name: Boguslavas Gruževskis Author-X-Name-First: Boguslavas Author-X-Name-Last: Gruževskis Title: Youth unemployment and its reduction measures Abstract: Abstract The efficient use of the labour force in post‐industrial society predetermines the competitiveness of the economy and encourages social development. In this context, youth unemployment is a particularly undesirable phenomenon, reducing the efficiency of youth labour force within the level of general labour, raising social costs, and restricting social development. The position of young people on the labour market depends on a number of social, economic and demographic factors, leading to the conclusion that youth unemployment as a socio‐economic phenomenon is a particularly negative result of the interaction between these factors. The aim of the paper is to discuss the theoretical assumptions of the youth integration to the labour market and to discuss the subsequences of their unemployment. Another target of the paper is to propose the policy measures for rising economic activity of the youth. The authors of the article suggest that the youth integration to the labour market could be increased by integrated decisions based on qualified services of vocational training. Journal: Journal of Business Economics and Management Pages: 119-131 Issue: 3 Volume: 5 Year: 2004 Month: 4 X-DOI: 10.1080/16111699.2004.9636076 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636076 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:3:p:119-131 Template-Type: ReDIF-Article 1.0 Author-Name: Yossi Hadad Author-X-Name-First: Yossi Author-X-Name-Last: Hadad Author-Name: Lea Friedman Author-X-Name-First: Lea Author-X-Name-Last: Friedman Author-Name: Aviad A. Israeli Author-X-Name-First: Aviad A. Author-X-Name-Last: Israeli Title: Evaluating hotel advertisements efficiency using data envelopment analysis Abstract: Abstract This paper introduces popular methods for ranking alternatives with multiple inputs and multiple outputs in the DEA context. The ranking methods are based on different criteria. Consequently, the ranking of the alternatives are not always the same, particularly as regards the best alternative. The decision maker, however, must make an absolute decision as to the most favored alternative. This study proposes a new ranking method, which is based on the average of the highly correlated ranking method. The new method is applied on a case study of ranking hotels in Israel. Journal: Journal of Business Economics and Management Pages: 133-141 Issue: 3 Volume: 5 Year: 2004 Month: 4 X-DOI: 10.1080/16111699.2004.9636077 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636077 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:3:p:133-141 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Darius Gudačiauskas Author-X-Name-First: Darius Author-X-Name-Last: Gudačiauskas Title: Brand valuation model Abstract: Abstract Brand valuation technique is a core problem in a company value creation process. It has been done a lot of researches on the issue since brand valuation hit the headlines in 1988. The main task in brand valuation is to distinguish brand earnings from the earnings attributable to another assets: patents, intellectual property, and tangible assets. This seems to be an undisputable must, but not the only task for brand valuator. Another task is to estimate probability that the brand will generate these earnings in the future. Aim of our article is to propose brand earnings calculation, brand index calculation and brand risk assessment models, which are the results of the final doctoral dissertation. We believe that we have developed an ideal brand valuation model for emerging markets with low share liquidity. Journal: Journal of Business Economics and Management Pages: 143-153 Issue: 3 Volume: 5 Year: 2004 Month: 4 X-DOI: 10.1080/16111699.2004.9636078 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636078 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:3:p:143-153 Template-Type: ReDIF-Article 1.0 Author-Name: Ol'ga Kašjaková Author-X-Name-First: Ol'ga Author-X-Name-Last: Kašjaková Title: Support to small and medium enterprises ‐ business incubators in Slovakia Abstract: Abstract In both developed and developing economies, policies supporting small and medium enterprises are widely promoted as their role for economic and social development is universally recognised. Support programs range from technical assistance to tax incentives, from direct supply of capital to regulatory provisions, training, support to innovation and other types of incentives. One of the mechanisms employed to nurture small firms for more than two decades is “business incubation”. Journal: Journal of Business Economics and Management Pages: 155-163 Issue: 3 Volume: 5 Year: 2004 Month: 4 X-DOI: 10.1080/16111699.2004.9636079 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636079 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:3:p:155-163 Template-Type: ReDIF-Article 1.0 Author-Name: Borisas Melnikas Author-X-Name-First: Borisas Author-X-Name-Last: Melnikas Title: Transition processes in Lithuania and other east ‐ and Central European countries: Development of university and professional studies system Abstract: Abstract The present state of university and professional education in Lithuania and major problems of its development are outlined. The possibilities of upgrading university and professional studies are evaluated, taking into account the processes associated with the integration of Lithuania into the European Union. In addition, the prospects of education development are analyzed in the context of transitions characteristic of the states of Central and Eastern Europe. Journal: Journal of Business Economics and Management Pages: 165-171 Issue: 3 Volume: 5 Year: 2004 Month: 4 X-DOI: 10.1080/16111699.2004.9636080 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636080 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:3:p:165-171 Template-Type: ReDIF-Article 1.0 Author-Name: Willem K. Brauers Author-X-Name-First: Willem K. Author-X-Name-Last: Brauers Title: Multi‐objective optimization for facilities management Abstract: Abstract The main point of this article is to present in a short text all aspects of Multi ‐ Objective Optimization for Facilities Management, so to say from the cradle until the grave. Additionally, the combination of Multi ‐ Objective Optimization with Nominal Methods and Scenario Writing represents an innovation. It is also stated that all stakeholders interested in the issue, instead of one decision maker, have to be involved. First, desk research will discover all the surrounding conditions of the issue under consideration. Therefore, during a period of creative thinking in a nominal exercise all the main influencing events are recorded and finally ranked. From this information, scenarios for the future of the facilities sector are deduced. On basis of all these data, objectives and alternatives are simulated. A Multi ‐ Objective Optimization for the facilities sector is made possible by two methods: an additive method with ratios and the application of Reference Point Theory. Automatically, using these methods, all objectives are normalized to dimensionless numbers between zero and one. Nevertheless, a problem of importance for each objective may remain. Therefore, two methods are proposed. First, weights are granted in a nonlinear way. Secondly, an objective becomes more important by introducing different attributes for the same objective. The latter method seems to be more refined. In this way, a final ranking of the alternatives for the fulfillment of the objectives is obtained. Journal: Journal of Business Economics and Management Pages: 173-182 Issue: 4 Volume: 5 Year: 2004 Month: 11 X-DOI: 10.1080/16111699.2004.9636081 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636081 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:4:p:173-182 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Valentinas Podvezko Author-X-Name-First: Valentinas Author-X-Name-Last: Podvezko Title: Complex evaluation of the use of information technologies in the countries of eastern and central Europe Abstract: Abstract "New economy” is a specific economic phenomenon emerging when two processes including globalization and technological revolution are taking place simultaneously. A question arises what economic and institutional conditions in the states under transition would allow them to take the best advantage of the potential of “new economy”. These conditions determine if a particular state is capable of accelerating its pace of long‐term economic development and approaching the level achieved by highly‐developed countries. In this context, the problem of evaluating the readiness of the states under transition to take advantage of “new economy” acquires great theoretical and practical value. To measure the above parameter, a so‐called indicator of new economy (NEI) based on ten variables characterizing the development and effective use of “new economy” has been recently offered. The INE indicator is a weighted sum of all ten variables for each state. It may also be calculated as a non‐weighted sum of all the related criteria. It may be assumed (based on the expertise) that the impact of any particular variable (criterion) on the general indicator of “new economy” varies to some extent, therefore, multiple criteria decision‐making methods should be used for complex evaluation of NEI Journal: Journal of Business Economics and Management Pages: 183-191 Issue: 4 Volume: 5 Year: 2004 Month: 11 X-DOI: 10.1080/16111699.2004.9636082 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636082 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:4:p:183-191 Template-Type: ReDIF-Article 1.0 Author-Name: Aluko Bioye Tajudeen Author-X-Name-First: Aluko Bioye Author-X-Name-Last: Tajudeen Title: Privatization of public enterprises in Nigeria: Valuation issues and problems Abstract: Abstract Privatization of public enterprises is a rapidly growing phenomenon in developing countries. However, it requires a lot of policy decisions and careful planning, which depend on high‐quality accounting and valuation data. But, the major controversy which trailed the first phase of privatization programmes in Nigeria is the asset valuation methodology. This article therefore examines valuation issues and problems besetting divestiture of public enterprises in the country and offers suggestions toward improving upon the quality of asset valuation for privatization. Journal: Journal of Business Economics and Management Pages: 193-203 Issue: 4 Volume: 5 Year: 2004 Month: 11 X-DOI: 10.1080/16111699.2004.9636083 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636083 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:4:p:193-203 Template-Type: ReDIF-Article 1.0 Author-Name: Renata Korsakiene Author-X-Name-First: Renata Author-X-Name-Last: Korsakiene Title: Determining competitive advantage: The analytic hierarchy process Abstract: Abstract Fundamental changes initiated by globalisation, new technologies, intensive competition, fluctuating demand of consumers, as well as economical and political changes encourage managers to be pro‐active, take greater risks and choose innovative strategies. Besides that, a company's ability to gain competitive advantage becomes an urgent problem. However, the managers lack a clear approach to the determination of competitive advantage. That is why the article analyses some important aspects concerning company's competitive advantage and presents the results of the determination of company's competitive advantage by using analytic hierarchy process. Journal: Journal of Business Economics and Management Pages: 205-215 Issue: 4 Volume: 5 Year: 2004 Month: 11 X-DOI: 10.1080/16111699.2004.9636084 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636084 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:4:p:205-215 Template-Type: ReDIF-Article 1.0 Author-Name: Judit Kapás Author-X-Name-First: Judit Author-X-Name-Last: Kapás Title: New variant of the firm: A market‐like form Abstract: Abstract The paper is concerned with the issue of variants within a firm, the causes of their emergence and coexistence. A particular attention is paid to the New Economy's variant called market‐like form. It is contrasted with the M‐form firm that was dominated over the last century. Significant shift in physical technology is thought to be a major force driving the evolution process of a firm which is characterized by the emergence of new variants. The paper also analyzes how the character of the production technology determines which variant of the firm is the best suitable to a particular technology. Journal: Journal of Business Economics and Management Pages: 217-228 Issue: 4 Volume: 5 Year: 2004 Month: 12 X-DOI: 10.1080/16111699.2004.9636085 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636085 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:4:p:217-228 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Title: Statistical view to development Lithuania: Prospects of competitiveness in the enlarged European union Abstract: Abstract The aim of the paper is to present a statistical view to Lithuanian development tendencies and to highlight specific features of country's economic structure. Statistical approach grounded on theoretical elaborations of consistent patterns of transition countries’ development should lead to concretization of state economic policy in field of defining of development directions. Journal: Journal of Business Economics and Management Pages: 229-234 Issue: 4 Volume: 5 Year: 2004 Month: 12 X-DOI: 10.1080/16111699.2004.9636086 File-URL: http://hdl.handle.net/10.1080/16111699.2004.9636086 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:5:y:2004:i:4:p:229-234 Template-Type: ReDIF-Article 1.0 Author-Name: Mirjana Radović Marković Author-X-Name-First: Mirjana Radović Author-X-Name-Last: Marković Title: Managing the organizational change and culture in the age of globalization Abstract: Abstract Great shifts ‐ genuine and radical transformation ‐ have been shaping the economy and business environment in recent decades. The world is going to be too tough and competitors too ingenious as companies are shaken loose from traditional ways of conducting business. Therefore, the old principles no longer work in the age of Globalization. Based on her research, Dr Radović Marković tried to make a profile of a successful organization which will be in the best way adopted to business environment in the new economy. Namely,in order to get a complete picture how the winning organization will look like in the future, the author concluded that the successful companies in the future will be the ones which are wise enough to harness the full potential of the entire organization in the rapidly changing business environment .It means that the winners will be the unbridled firms that are responsive to challenges and adroit in both creating opportunities and capturing them. In other words, to match the business environment that is more networked within and among companies, the ability to manufacture value will have to be distributed across the company to a much greater extent than in the past. Under these circumstances, managers need to transform themselves, too. They need to have a better framework for thinking about and understanding organizational change. Additionally, continuous learning is the key competency required by any organization that wants to survive and thrive in the newknowledge economy. Market champions keep asking learning questions, keep learning how to do things better, and keep spreading that knowledge throughout their organization. Knowledge organizations obtain competitive advantage from continuous learning, both individual and collective, concluded Dr.Radović Marković. The author also stresses that it is necessary to determine general personal knowledge and education, then to examine knowledge or various specializations in certain areas and lastly to identify their skills. Recent researches in the USA show that business owners who were not educated enough for the business in which they were engaged, were not successful (80 % of their businesses failed during the first year of their existence). On the opposite, those entrepreneurs who were educated and who showed constant interest in improving their activities have increased their business success by 60 % after the completion of the basic training programs for entrepreneurship and management. Therefore the author pointed out that more highly skilled workforce should be beneficial to organizations. Additionally, the human capital approach reflects the view that the market value of the firm increasingly depends on intangible rather than tangible resources. The three main components of human capital are described as a) early ability, b) qualifications and knowledge acquired through education and c) skills, competencies and expertise through on‐and off‐the‐job training. This would suggest that individual capability is enhanced by greater qualifications and higher skill levels. If this can be assessed and used in good effect in the firm then better human capital should, ceteris paribus, enhance organizational performance. Better organizational performance should, in turn, translate into better national performance. Finally, the author concluded that we should further recognize that we are living in the globalization era, or the Global Age. From the viewpoint of a product life cycle, we are in the introductory phase of globalization because we are in the early stages of the digital revolution that is creating the technologies that are enabling real time relationships among dispersed individuals and organizations. To meet constantly changing conditions and demands, business has to transcend boundaries to get what it needs regardless of where it exists—geographically, organizationally and functionally. Journal: Journal of Business Economics and Management Pages: 3-11 Issue: 1 Volume: 9 Year: 2008 Month: 1 X-DOI: 10.3846/1611-1699.2008.9.3-11 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.3-11 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:1:p:3-11 Template-Type: ReDIF-Article 1.0 Author-Name: Ruth Sepper Author-X-Name-First: Ruth Author-X-Name-Last: Sepper Author-Name: Ruth Alas Author-X-Name-First: Ruth Author-X-Name-Last: Alas Title: Role of politics in public sector organizational change Abstract: Abstract In this paper we will address issues of organizational changes in public sector where the relevance of management has not diminished during the last two decades of the neo‐liberal market philosophy. Public sector organizations are susceptible to greater and more open accountability with politicians, pressure groups, taxpayers and voters all having an interest in the performance of it. In late 1990s Estonian government initiated reforms of health care system in the country. Estonian Hospital Master Plan (EHMP) 2015 was launched in 2000 which, within the others, was initiating the merge of seven Tallinn hospitals into North Estonian Regional Hospital (NERH). To evaluate efficacy of organizational changes during implementation of EHMP‐model into health care system in Estonia we utilized personal interviews of top and middle managers and annual reports of merged hospitals to benchmark these measures to earlier merged Univerity Hopsital and other EU hospitals. We conclude that even NERH was established and the reform‐initiated changes were mostly introduced by the deviation from first‐line governmental plans and introduction of new political directions in 2003 lead to new organizational changes and managerial efforts to gain the goals with, unfortunately, prolonged change process. Journal: Journal of Business Economics and Management Pages: 13-23 Issue: 1 Volume: 9 Year: 2007 Month: 11 X-DOI: 10.3846/1611-1699.2008.9.13-23 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.13-23 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2007:i:1:p:13-23 Template-Type: ReDIF-Article 1.0 Author-Name: Vilmante Kumpikaite Author-X-Name-First: Vilmante Author-X-Name-Last: Kumpikaite Title: Human resource development in learning organization Abstract: Abstract This paper draws on prior exploration on human resource development in a learning organization, including theories about a learning organization, its features, human resource development and learning styles in organizations. The main aim of this paper is to explore human resource development and learning styles in organizations. The author introduces results of the survey covering 37 Lithuanian organizations selected from various industries ranging from a newspaper and transportation, insurance and radio station, to those in trade and manure production. The research shows that mostly explored organizations have a formalized approach to learning and has only a few features of a learning organization. Journal: Journal of Business Economics and Management Pages: 25-31 Issue: 1 Volume: 9 Year: 2008 Month: 1 X-DOI: 10.3846/1611-1699.2008.9.25-31 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.25-31 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:1:p:25-31 Template-Type: ReDIF-Article 1.0 Author-Name: Costas Zafiropoulos Author-X-Name-First: Costas Author-X-Name-Last: Zafiropoulos Author-Name: Vasiliki Vrana Author-X-Name-First: Vasiliki Author-X-Name-Last: Vrana Title: Service quality assessment in a Greek higher education institute Abstract: Abstract Education service quality, even though it has become a major issue in higher education worldwide, in Greece it has gained attention only in the last few years. The paper analyzes how students and staff shape opinion about quality of education in a HE institute in Greece. This is one of the few analyses of the perceptions about quality of educational services, viewed both by students and staff of Higher Education Institute in Greece. The study uses the SERVQUAL instrument, adjusted in the educational context. It finds the gaps within students’ and staff's attitudes and reveals possible differences between students’ and staff's views. Gaps exist among some students’ attitudes regarding perceived and expected quality. Staff presents greater gaps than students in every SERVQUAL dimension. Although staff's scores about perceived and expected quality differentiate significantly from students’ scores, no statistically significant difference exists regarding the final SERVQUAL scores. The SERVQUAL instrument presents high reliability indices, however its validity is questioned. The issue has important strategic and managerial implications because it relates to the ability of the institution to bridge staff's and student's attitudes. Although SERVQUAL presents some limitations regarding applicability it still may be used as a complementary research instrument for assessing service quality. In the educational context SERVQUAL can be used to reveal differentiation among views of the key stakeholders, such as students and staff. Managers should take steps to ensure that both parts form a realistic view of the educational process. Journal: Journal of Business Economics and Management Pages: 33-45 Issue: 1 Volume: 9 Year: 2007 Month: 10 X-DOI: 10.3846/1611-1699.2008.9.33-45 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.33-45 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2007:i:1:p:33-45 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Schieg Author-X-Name-First: Martin Author-X-Name-Last: Schieg Title: Strategies for avoiding asymmetric information in construction project management Abstract: Abstract A construction project is characterized by a high number of project participants and a multitude of contract relations. The Principal Agent Theory deals with the design of contracts, especially with respect to asymmetric information. Asymmetric distribution of information in co‐operations can have effects before as well as after closing a contract. In construction project management therefore attention has to be paid to where information imbalances occur. Several methods are known with which one can cope with the resulting problems but which in turn cause costs. Journal: Journal of Business Economics and Management Pages: 47-51 Issue: 1 Volume: 9 Year: 2007 Month: 11 X-DOI: 10.3846/1611-1699.2008.9.47-51 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.47-51 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2007:i:1:p:47-51 Template-Type: ReDIF-Article 1.0 Author-Name: Sachin Kumar Srivastava Author-X-Name-First: Sachin Kumar Author-X-Name-Last: Srivastava Author-Name: Dhruve Narain Kakkar Author-X-Name-First: Dhruve Narain Author-X-Name-Last: Kakkar Title: Estimation of motivation using entropy Abstract: Abstract Motivation has been in practices since the life of mankind. It is such an effort, which requires to be quantified for better management technique. The present paper deals with estimation of motivation efforts using entropy and ability of manpower involved in certain organization. Journal: Journal of Business Economics and Management Pages: 53-56 Issue: 1 Volume: 9 Year: 2007 Month: 12 X-DOI: 10.3846/1611-1699.2008.9.53-56 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.53-56 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2007:i:1:p:53-56 Template-Type: ReDIF-Article 1.0 Author-Name: Vytautas Tvaronavičius Author-X-Name-First: Vytautas Author-X-Name-Last: Tvaronavičius Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Title: Role of fixed investments in economic growth of country: Lithuania in European context Abstract: Abstract The paper aims to detect character of relationship between fixed investments and economic growth in Lithuania and predict plausible tendencies of further change of considered variables. In order to achieve the indicated task, authors concentrate themselves on two major questions. Firstly, quantitative relationships between investments into major areas of economic activities and Lithuanian economic growth are being estimated. Secondly, comparative analysis of Lithuanian pattern of investment and randomly taken developed European country is being performed. Authors seek to trace how the latter invested during its process of development. Concrete period of observation is being chosen taking into account the current level of Lithuanian economic development. Authors seek to trace plausible consistent patterns of development in terms of relationship between fixed investments and economic growth as countries develop. Obtained results might allow identifying the role of fixed investments, and, if to go further, facilitating forecasts of possible trends of fixed investment and corresponding economic growth. Journal: Journal of Business Economics and Management Pages: 57-64 Issue: 1 Volume: 9 Year: 2007 Month: 12 X-DOI: 10.3846/1611-1699.2008.9.57-64 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.57-64 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2007:i:1:p:57-64 Template-Type: ReDIF-Article 1.0 Author-Name: Borisas Melnikas Author-X-Name-First: Borisas Author-X-Name-Last: Melnikas Title: Integral spaces in the European Union: Possible trends of the social, economic and technological integration in the Baltic region Abstract: Abstract Regional integration oriented transformations in the Baltic region, as well as the unified social, economic and technological space formation processes are described and analysed. These processes are comprehended as an important factor of further social, economic and technological modernization in the Baltic countries, as a precondition for more intensive and active integration of Baltic economic systems into the European and global economic and technological structures, as well as a knowledge‐based society and knowledge economy creation factor. The arguments determining the idea of the Baltic region community and unity, as well as opposing arguments are evaluated. The main principles of integration in the Baltic region, as well as the possible integration strategies are analysed. The unified social, economic and technological space in the Baltic region as a research area is described. Journal: Journal of Business Economics and Management Pages: 65-77 Issue: 1 Volume: 9 Year: 2008 Month: 1 X-DOI: 10.3846/1611-1699.2008.9.65-77 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.65-77 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:1:p:65-77 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Title: Normalization of quantities of various dimensions Abstract: Abstract Currently used methods of multiple criteria evaluation (MEM) based on the values obtained allow us to establish the priority order of the considered object's alternatives. However, they do not allow us to determine the values of multicriteria evaluation of a particular alternative taken out of their context. This restricts the range of MEM applications. To expand the application area of the methods, we should know how the criteria of a particular alternative describing the object considered which are expressed in different dimensions, can be normalized. This can be achieved by dividing any different value by the respective quantity of the same dimension. The task is complicated by the fact that these quantities should be comparable for all the criteria. Journal: Journal of Business Economics and Management Pages: 79-86 Issue: 1 Volume: 9 Year: 2008 Month: 1 X-DOI: 10.3846/1611-1699.2008.9.79-86 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.79-86 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:1:p:79-86 Template-Type: ReDIF-Article 1.0 Author-Name: Galina V. Shirokova Author-X-Name-First: Galina V. Author-X-Name-Last: Shirokova Author-Name: Dmitri Knatko Author-X-Name-First: Dmitri Author-X-Name-Last: Knatko Title: Founder influences on the development of organizations: A comparison between founder and non‐founder managed Russian firms Abstract: Abstract The paper deals with the problem of founders’ impact on the process of organizational development and performance. The goal of the research is to provide a comparative analysis of activity in founder‐run and non‐founder‐run Russian firms. In order to run this analysis 224 companies created from scratch by Russian entrepreneurs in the period of years from 1992 to 1998 were studied. Statistical analyses were performed on two independent samples of companies, namely 162 companies managed by the founders and 62 companies that were run by hired professional managers. As a result of the analysis, statistical differences were found in relation to the criteria of number of employees and hierarchical levels; firms managed by founders usually have less staff and fewer hierarchical levels than the non‐founder companies. Nevertheless the dynamics in sales of the two samples of founder and non‐founder companies during the last 3 years were quite similar. Journal: Journal of Business Economics and Management Pages: 91-95 Issue: 2 Volume: 9 Year: 2008 Month: 3 X-DOI: 10.3846/1611-1699.2008.9.91-95 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.91-95 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:2:p:91-95 Template-Type: ReDIF-Article 1.0 Author-Name: Aušra Jurkštiene Author-X-Name-First: Aušra Author-X-Name-Last: Jurkštiene Author-Name: Valdone Darškuviene Author-X-Name-First: Valdone Author-X-Name-Last: Darškuviene Author-Name: Arūnas Dūda Author-X-Name-First: Arūnas Author-X-Name-Last: Dūda Title: Management control systemsand stakeholders’ interests in Lithuanian multinational companies: Cases from the telecommunications industry Abstract: Abstract The paper addresses the issue of introduction and effectiveness of modern management control systems (MCS) in Lithuanian enterprises controlled by foreign owners. Modern management control systems are supposed to provide local management with useful information, reflecting firm's performance from different stakeholders’ perspectives. However, the tools of management control sometimes fail in providing with this main function. Thus, the question is raised as to the extent to which performance management systems (PMS) are effective within Lithuanian telecommunication companies, when they are implemented by foreign parent companies in the rapidly changing environment of the industry. The paper reports the findings of a survey of 78 top and middle level managers of two telecommunication companies. Results of the research indicate that differences in the effectiveness of MCS do exist due to the specifics of governance structures within the telecommunication companies. Nevertheless, it is concluded that, when used interactively, a PMS is potentially effective even if a company operates in a rapidly changing environment. Journal: Journal of Business Economics and Management Pages: 97-106 Issue: 2 Volume: 9 Year: 2008 Month: 3 X-DOI: 10.3846/1611-1699.2008.9.97-106 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.97-106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:2:p:97-106 Template-Type: ReDIF-Article 1.0 Author-Name: Faizal Mohamed Yusof Author-X-Name-First: Faizal Mohamed Author-X-Name-Last: Yusof Author-Name: Rozainun Abdul Aziz Author-X-Name-First: Rozainun Abdul Author-X-Name-Last: Aziz Title: Strategic adaptation and the value of forecasts: The development of a conceptual framework Abstract: Abstract This paper examines the lack of emphasis on the value of forecasts in strategic adaptation frameworks. The objective of this paper is to offer a conceptual framework of strategic adaptation that incorporates and emphasizes the value of forecasts. In developing the framework, we incorporate three different studies. Eunni's model (2003) purports to rank companies with high strategic adaptation ability in an industry. Further, in developing our framework, we specifically link the contributions of Lawrence et al. (2006) and Mentzer et al. (1996, 1999). Our study highlights that companies with high strategic adaptation ability need to be examined further in order to understand and take on board how they withstand the volatile market. It is intended that the conceptual framework, driven by previous studies and the current scenario, will offer a better direction for companies to adapt towards an objective indicator of the value of forecasts for strategic purposes. Journal: Journal of Business Economics and Management Pages: 107-114 Issue: 2 Volume: 9 Year: 2008 Month: 3 X-DOI: 10.3846/1611-1699.2008.9.107-114 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.107-114 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:2:p:107-114 Template-Type: ReDIF-Article 1.0 Author-Name: Jari Jumpponen Author-X-Name-First: Jari Author-X-Name-Last: Jumpponen Author-Name: Markku Ikävalko Author-X-Name-First: Markku Author-X-Name-Last: Ikävalko Author-Name: Timo Pihkala Author-X-Name-First: Timo Author-X-Name-Last: Pihkala Title: Management and change in turbulent times: How do Russian small business managers perceive the development of their business environment? Abstract: Abstract This paper focuses on the management of small businesses in Russia. Despite the growing importance of the Russian small business sector, there are surprisingly few empirical studies focusing on this topic. As the business environment in Russia is repeatedly noted to be in constant change, the purpose of the paper is to explore Russian owner‐managers perceptions of the development of their business environment from 2000 to 2004. The paper reports the results of a survey conducted among 164 business managers in North‐West Russia. The results indicate that Russian owner‐managers tend to monitor changes in the business environment and adapt their management accordingly, if not beforehand. However, the results are not unambiguous, as the study found wide variations in the extent to which gap the managers monitored and adapted to perceived changes in the business environment. Journal: Journal of Business Economics and Management Pages: 115-122 Issue: 2 Volume: 9 Year: 2008 Month: 3 X-DOI: 10.3846/1611-1699.2008.9.115-122 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.115-122 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:2:p:115-122 Template-Type: ReDIF-Article 1.0 Author-Name: Christopher J. Rees Author-X-Name-First: Christopher J. Author-X-Name-Last: Rees Author-Name: Rashid Althakhri Author-X-Name-First: Rashid Author-X-Name-Last: Althakhri Title: Organizational change strategies in the Arab region: A review of critical factors Abstract: Abstract This conceptual paper explores the subject of organizational change in the Arab region with particular reference to cultural influences on organizational change initiatives in this region. The paper offers a review of a set of studies which focus on organizational change in Arab countries and proceeds to discuss change initiatives with reference to factors such as Islam and tribalism. A key issue that emerges from the paper is the paradox between Western approaches to change which emphasize collaborative and participative approaches to change management, and the more directive and hierarchical approaches to management associated with national cultures in the Arab region. Areas for future research are identified in the conclusion section. Journal: Journal of Business Economics and Management Pages: 123-132 Issue: 2 Volume: 9 Year: 2008 Month: 3 X-DOI: 10.3846/1611-1699.2008.9.123-132 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.123-132 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:2:p:123-132 Template-Type: ReDIF-Article 1.0 Author-Name: Konstantin Timoshenko Author-X-Name-First: Konstantin Author-X-Name-Last: Timoshenko Title: Russian public sector reform: The impact on university accounting Abstract: Abstract The last few decades have witnessed substantial efforts to reinvent the state worldwide. The Russian state is no exception to this global trend. At the outset of a new millennium, the need for renewal of the post‐Soviet model of the state has been acknowledged, and an up‐to‐date reform package has been promoted by the central government. This has encompassed the reconstruction of public sector accounting. Given the paucity of consistent research efforts on the topic, this article seeks to describe and analyze, and by so doing, contribute to knowledge about Russian public sector accounting in times of change. To tackle the general purpose, two levels are incorporated in this study to link reform initiatives for the government as a whole with those endeavours to implement them in one state‐sponsored university of Russian tertiary education. The major questions to be addressed are of whether, why, and how changes at the central government level have penetrated down to the university and extended to its accounting system. The evidence gathered in this paper reveals that a new Russian public sector ideology has markedly been affected by overseas developments in the shape of large international organizations. However, no compelling evidence has been documented in this research as unveiling that changes at the macro‐level have penetrated down to the university to any significant extent. This study concludes that launching a new version of accounting by the Russian state can be regarded as more of a symbol of legitimacy for the university rather than of an actual financial management tool. Journal: Journal of Business Economics and Management Pages: 133-144 Issue: 2 Volume: 9 Year: 2008 Month: 3 X-DOI: 10.3846/1611-1699.2008.9.133-144 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.133-144 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:2:p:133-144 Template-Type: ReDIF-Article 1.0 Author-Name: Mariana Bogdanova Author-X-Name-First: Mariana Author-X-Name-Last: Bogdanova Title: Cross‐national mentoring ngos in transition societies: Field research and developments in Bulgaria Abstract: Abstract Non‐governmental organizations (NGOs) in societies undergoing socio‐economic transition are widely regarded as central to building a civil society that encourages democracy. At the moment, the Bulgarian civil society depends greatly on foreign funding whilst NGOs are unable to empower their beneficiaries in decision‐making. Given this reality, are cross‐national NGO partnerships able to strengthen organisations? What kinds of support are on offer, what kinds of (inter) dependency relations occur and to what extent do NGOs model their management practices on their mentor and with what results? This paper sets out to situate these questions in the context of a proposed theoretical construct, organizational mentoring, which occurs where national or local organisations have access to and support of well‐established NGOs abroad. The model is constructed on the findings of a qualitative case study conducted in Bulgaria on the development of a Bulgarian NGO and its relationship with a UK NGO. This is preceded by a discussion on selected literature reflecting the meaning of transition, change in societal values and organizational practices in Eastern Europe, and the development of voluntary sector organizations in transforming countries. The theoretical model proposed here is relevant in providing a systematic discussion on organizational change towards a more enlightened engagement between civil society organizations in cross‐national partnerships. Such discussion has implications for the development of hybrid forms of coexistence between Eastern and Western European partners reflected in their interdependent organizational practices. Journal: Journal of Business Economics and Management Pages: 145-154 Issue: 2 Volume: 9 Year: 2008 Month: 3 X-DOI: 10.3846/1611-1699.2008.9.145-154 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.145-154 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:2:p:145-154 Template-Type: ReDIF-Article 1.0 Author-Name: Vilmante Kumpikaite Author-X-Name-First: Vilmante Author-X-Name-Last: Kumpikaite Author-Name: Ramune Čiarniene Author-X-Name-First: Ramune Author-X-Name-Last: Čiarniene Title: New training technologies and their use in training and development activities: Survey evidence from Lithuania Abstract: Abstract There is emerging evidence that new technologies are related to improvements in productivity. Nevertheless, in considering the relationship between new technology and productivity, it is vital to consider human resource management and development issues due to their mediating effects on the relationship between new technology and productivity. This paper focuses on training technologies, especially e‐learning. The increasing use of new technologies to deliver training and to store and communicate knowledge means that trainers must be technologically literate. That is, they must understand the strengths and weaknesses of new technologies and implementation issues such as overcoming users’ resistance to change. The paper reports the findings of a study of 724 Lithuanian employees, which revealed relatively weak usage of new technologies and e‐learning in human resource development processes. Journal: Journal of Business Economics and Management Pages: 155-159 Issue: 2 Volume: 9 Year: 2008 Month: 2 X-DOI: 10.3846/1611-1699.2008.9.155-159 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.155-159 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:2:p:155-159 Template-Type: ReDIF-Article 1.0 Author-Name: Claudia Ogrean Author-X-Name-First: Claudia Author-X-Name-Last: Ogrean Author-Name: Mihaela Herciu Author-X-Name-First: Mihaela Author-X-Name-Last: Herciu Author-Name: Lucian Belaşcu Author-X-Name-First: Lucian Author-X-Name-Last: Belaşcu Title: Searching for new paradigms in a globalized world: Business ethics as a management strategy Abstract: Abstract The process of globalization is an undeniable reality of today's world. Yet, paradoxically, the cornerstone of this phenomenon, economic performance, varies widely across the world whatever indicator (for example, GDP/habitant, competitiveness) we choose to use to compare countries. Increasingly, studies tend to explain this apparently paradoxical situation with reference to the issue of corruption and ethics. In essence, corruption is perceived to be an important impediment to the economic development of a country (or area). Many studies of corruption are focused at the national level. The aim of this conceptual paper is to explore the role of the firm (as opposed to national states or international institutions) as an influence on national corruption. We call for firms to reconsider their behavior regarding corruption, particularly in relation to their relationships with their stakeholders. We argue that by focusing on issues such as cooperation and stakeholder theory, a firm will change the way it does businesses by reducing private‐to‐public as well as private‐to‐private corruption and incorporating business ethics into its management strategies. Journal: Journal of Business Economics and Management Pages: 161-165 Issue: 2 Volume: 9 Year: 2008 Month: 2 X-DOI: 10.3846/1611-1699.2008.9.161-165 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.161-165 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:2:p:161-165 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Valentinas Podvezko Author-X-Name-First: Valentinas Author-X-Name-Last: Podvezko Author-Name: Šarūnas Bruzge Author-X-Name-First: Šarūnas Author-X-Name-Last: Bruzge Title: Evaluating the effect of state aid to business by multicriteria methods Abstract: Abstract One of the forms of state intervention in market development is state aid (subsidies) to private sector enterprises. Over the period of 2004--2006, a great part of the EU aid was granted to business in Lithuania through the EU structural funds. State aid is a complicated phenomenon. It may have several aims, with none of them being dominant. The effects of this aid may also be varied and hardly described by a single criterion or indicator. Therefore, multiple criteria evaluation methods can be used to compare the aid to various businesses and to determine its effect on their development objectively. The analysis of state subsidies to enterprises based on these methods allowed us to state that the aid had the greatest effect on the development of projects in the areas of production, research, experiments and education. The most influencing factor is aid intensity (the more intensive the aid, the greater the effect), while the best ratios of investments to the effect obtained was found in the area of educational projects, followed by research, experimental and production projects. The aid to enterprises providing services was the least effective. The results obtained in multicriteria evaluation of state aid to business show that these methods are well suited to the analysis of this phenomenon, providing an objective view of the picture. Journal: Journal of Business Economics and Management Pages: 167-180 Issue: 3 Volume: 9 Year: 2008 Month: 8 X-DOI: 10.3846/1611-1699.2008.9.167-180 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.167-180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:3:p:167-180 Template-Type: ReDIF-Article 1.0 Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Zenonas Turskis Author-X-Name-First: Zenonas Author-X-Name-Last: Turskis Author-Name: Jolanta Tamošaitiene Author-X-Name-First: Jolanta Author-X-Name-Last: Tamošaitiene Title: Contractor selection of construction in a competitive environment Abstract: Abstract Contractor selection is a vital part of the project management cycle and deals with risk and risk management. This paper presents contractors’ assessment and selection based on the multi‐attribute methods in a competitive and risky environment. The model is based on a multi‐attribute evaluation of contractors, the determination of their optimality criterion values according to Hodges‐Lehmann rule. The proposed model could be applied to assessment of construction operations. The attributes of contractor evaluation are selected taking into consideration the interests and goals of the stakeholders as well as factors that influence the process of construction efficiency. The model is based on metric scores. A background and a description of the proposed model are provided and a few key findings from the data analyses are presented. Journal: Journal of Business Economics and Management Pages: 181-187 Issue: 3 Volume: 9 Year: 2008 Month: 8 X-DOI: 10.3846/1611-1699.2008.9.181-187 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.181-187 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:3:p:181-187 Template-Type: ReDIF-Article 1.0 Author-Name: Jeffrey E. Jarrett Author-X-Name-First: Jeffrey E. Author-X-Name-Last: Jarrett Author-Name: Janne Schilling Author-X-Name-First: Janne Author-X-Name-Last: Schilling Title: Daily variation and predicting stock market returns for the frankfurter börse (stock market) Abstract: Abstract In this article we test the random walk hypothesis in the German daily stock prices by means of a unit root test and the development of an ARIMA model for prediction. The results show that the time series of daily stock returns for a stratified random sample of German firms listed on the stock exchange of Frankfurt exhibit unit roots. Also, we find that one may predict changes in the returns to these listed stocks. These time series exhibit properties which are forecast able and provide the intelligent data analysts’ methods to better predict the directive of individual stock returns for listed German firms. The results of this study, though different from most other studies of other stock markets, indicate the Frankfurt stock market behaves in similar ways to North American, other European and Asian markets previously studied in the same manner. Journal: Journal of Business Economics and Management Pages: 189-198 Issue: 3 Volume: 9 Year: 2008 Month: 3 X-DOI: 10.3846/1611-1699.2008.9.189-198 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.189-198 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:3:p:189-198 Template-Type: ReDIF-Article 1.0 Author-Name: Abderrazak Dhaoui Author-X-Name-First: Abderrazak Author-X-Name-Last: Dhaoui Title: R&D diversification in MNCs: Between earnings management and shareholders increasing wealth Abstract: Abstract This paper examines the impact of the R&D geographic diversification on the shareholders’ wealth (as measured appreciatively by the firm's market value) and on the earnings management as a mechanism of manager's entrainment. Using a sample of 460 firm‐year observations for multinational firms over the 2002--2006 period, we find that the R&D decentralization may enhance the shareholders’ wealth and increase the managers’ one. The results show that the R&D geographic diversification increases the informational asymmetry and support the emergence of the favourable conditions for the earnings management and the managers’ entrainment. It may increase the managers’ autonomy which likely allows them to manage the result in order to increase their own wealth and destruct the shareholder's one. Journal: Journal of Business Economics and Management Pages: 199-205 Issue: 3 Volume: 9 Year: 2008 Month: 6 X-DOI: 10.3846/1611-1699.2008.9.199-205 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.199-205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:3:p:199-205 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Algirdas Krivka Author-X-Name-First: Algirdas Author-X-Name-Last: Krivka Title: Application of game theory for duopoly market analysis Abstract: Abstract The paper provides the analysis of game theory models application to identify duopoly market equilibrium (quantities sold and market prices), to evaluate and compare the results of enterprises in a market. The purpose of the analysis is to determine to what extent theoretical models correspond to real life, that is how reliable they are in supporting and estimating decisions of duopoly companies, fortifying market prices and quantities sold, evaluating company's competing positions and possibilities for decision co‐ordination. To describe discrete strategies equilibrium the “Prisoner's Dilemma” model is applied to a hypothetic market entrance game with possible side payments. Further analysis of the market entrance game incorporates mixed strategies based “Matching Pennies” model in case discrete strategies equilibrium does not exist. Continuous strategies are described analyzing hypothetic duopoly by applying Cournot, Stackelberg and Bertrand models. The first and the second mover advantage issues are raised comparing outcomes of dynamic Stackelberg and Bertrand games for a leader and a follower. Stability and utility of cartel agreement for its participants is mathematically supported with the help of a multi‐step repeated Cournot game. Having described, compared and applied the main game theory models to artificial duopoly market situations, the author passes over to the comparative analysis of the models’ weaknesses and problems related to their practical application. Journal: Journal of Business Economics and Management Pages: 207-217 Issue: 3 Volume: 9 Year: 2008 Month: 5 X-DOI: 10.3846/1611-1699.2008.9.207-217 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.207-217 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:3:p:207-217 Template-Type: ReDIF-Article 1.0 Author-Name: Sławomir Biruk Author-X-Name-First: Sławomir Author-X-Name-Last: Biruk Author-Name: Piotr Jaśkowski Author-X-Name-First: Piotr Author-X-Name-Last: Jaśkowski Title: Simulation modelling construction project with repetitive tasks using Petri nets theory Abstract: Abstract Resources selection and allocation at the project planning stage is an important issue for reducing project cost, duration and risk. Existing planning and scheduling methods overlook aspects of limited production capacity of construction companies (contractors) due to the fact that they are simultaneously engaged in realization of some projects. This paper presents a new methodology for project scheduling with repetitive processes using Petri nets based approach. The paper starts with an overview of current developments in the Petri nets theory. We then propose an efficient computational method based on simulation of Petri net model for construction project planning and subcontractor agreement analysis. An example of construction project simulation research is presented to illustrate the method of project planning and resources allocation. Journal: Journal of Business Economics and Management Pages: 219-226 Issue: 3 Volume: 9 Year: 2008 Month: 3 X-DOI: 10.3846/1611-1699.2008.9.219-226 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.219-226 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:3:p:219-226 Template-Type: ReDIF-Article 1.0 Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Author-Name: Virginija Grybaite Author-X-Name-First: Virginija Author-X-Name-Last: Grybaite Author-Name: Renata Korsakiene Author-X-Name-First: Renata Author-X-Name-Last: Korsakiene Title: Foreign capital destinations: Baltic States versus India Abstract: Abstract The presented paper aims to elaborate which factors have the biggest influence on investment decisions while choosing between India and the new EU members ‐ Lithuania, Latvia and Estonia. For analysis purpose the Baltic States have been juxtaposed to India, as the latter represents emerging market, and, according to almost unanimous prognosis, is one of the main FDI destinations for the nearest future. The Baltic States are considered as attractive recent entrants of the EU demonstrating high growth and representing new unsaturated market. FDI inflows into those rather different countries started in approximately 1991, thus driving forces behind international capital movement serve as object of scientific interest. The data retrieved and used for considerations embraces period from 1999 to 2008. Authors ground premises about significance of certain sets of driving factors and use multi‐criteria evaluation methods to indicate driving forces determining propensity to invest into the Baltic States’ region and India. Results of speculative analysis are supposed to add to better understanding of contemporary investment behaviour of well‐developed economies. Journal: Journal of Business Economics and Management Pages: 227-234 Issue: 3 Volume: 9 Year: 2008 Month: 4 X-DOI: 10.3846/1611-1699.2008.9.227-234 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.227-234 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:3:p:227-234 Template-Type: ReDIF-Article 1.0 Author-Name: Edmundas K. Zavadskas Author-X-Name-First: Edmundas K. Author-X-Name-Last: Zavadskas Author-Name: Valentinas Podvezko Author-X-Name-First: Valentinas Author-X-Name-Last: Podvezko Title: Book reviews Abstract: DESIGN AND APPLICATION OF INTELLIGENT INFORMATION SYSTEMS Reviewed book: Dalé Dzemydiené. Intelektualizuotų informacinių sistemų projektavimas ir taikymas: monografija. Vilnius: Mykolo Romerio universiteto leidybos centras, 2006. 352 p. [Design and Application of Intelligent Information Systems, ISBN: 9955-19-051-5 in Lithuanian]. GAME THEORY IN BUILDING TECHNOLOGY AND MANAGEMENT Reviewed book: E. K. Zavadskas, F. Peldschus, L. Ustinovičius, Z. Turskis. Lošimų teorija statybos technologijoje ir vadyboje. Vilnius: Technika, 2004 [Game Theory in Building Technology and Management, ISBN: 9986-05-700-0 in Lithuanian]. METHODS AND MODELS OF RESEARCH IN CONSTRUCTION PROJECT ENGINEERING Reviewed book: Oleg Kapliński (Eds.). Methody i modele badań w inžynierii przedsięwzięć budowlanych. Polska akademia nauk, komitet inžynierii lądowej i wodnej, Warszawa, 2007 [Methods and Models of Research in Construction Project Engineering, ISBN: 978-83-89687-22-7, ISSN: 0137-5393 in Polish]. Journal: Journal of Business Economics and Management Pages: 235-243 Issue: 3 Volume: 9 Year: 2008 Month: 1 X-DOI: 10.3846/1611-1699.2008.9.235-236 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.235-236 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:3:p:235-243 Template-Type: ReDIF-Article 1.0 Author-Name: Willem Karel M. Brauers Author-X-Name-First: Willem Karel M. Author-X-Name-Last: Brauers Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Zenonas Turskis Author-X-Name-First: Zenonas Author-X-Name-Last: Turskis Author-Name: Tatjana Vilutiene Author-X-Name-First: Tatjana Author-X-Name-Last: Vilutiene Title: Multi‐objective contractor's ranking by applying the Moora method Abstract: Abstract Construction, taking off, maintenance and facilities management of a building is a typical example of consumer sovereignty: the new owner likes to have a reasonable price to pay, to have confidence in the contractor, to know about the duration of the works, the service after completion and the quality of the work. On the other side the contractor has his objectives too, like the satisfaction of the client, diminishing of external costs and annoyances and the management cost per employee as low as possible. In other words it concerns a problem of multi‐objectives. Therefore a final ranking will show the best performing contractor from the point of view of the clients but also from the point of view of the contractors themselves. The MOORA method based on ratio analysis and dimensionless measurement will accomplish the job of ranking the contractors in a non‐subjective way. As an application the largest maintenance contractors of dwellings in Vilnius, capital of Lithuania, were approached. Journal: Journal of Business Economics and Management Pages: 245-255 Issue: 4 Volume: 9 Year: 2008 Month: 7 X-DOI: 10.3846/1611-1699.2008.9.245-255 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.245-255 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:4:p:245-255 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Valentinas Podvezko Author-X-Name-First: Valentinas Author-X-Name-Last: Podvezko Title: Multicriteria evaluation of Lithuanian banks from the perspective of their reliability for clients Abstract: Abstract In recent years, efforts have been made to rank banks according to their reliability. However, the methods used for this purpose are not accurate. The analysis shows that reliability of banks is a complex phenomenon which can only be described by a set of criteria. The task is complicated by the fact that the criteria used have various dimensions as well as being oppositely directed. To solve the above problems, multicriteria evaluation methods, allowing the values of all the criteria of different dimensions and changeability to be integrated into a single generalized quantity, may be used. Journal: Journal of Business Economics and Management Pages: 257-267 Issue: 4 Volume: 9 Year: 2008 Month: 7 X-DOI: 10.3846/1611-1699.2008.9.257-267 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.257-267 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:4:p:257-267 Template-Type: ReDIF-Article 1.0 Author-Name: Irena Mačerinskiene Author-X-Name-First: Irena Author-X-Name-Last: Mačerinskiene Author-Name: Laura Ivaškevičiūte Author-X-Name-First: Laura Author-X-Name-Last: Ivaškevičiūte Title: The evaluation model of a commercial bank loan portfolio Abstract: Abstract As in other countries where the traditional banking is dominating, the major part of banks’ assets and loan interest income makes a significant share of banks’ income. Inappropriate loan portfolio evaluation might have negative impact on a commercial bank's performance, the overall banking system, and the economic growth of the country. It is not enough for a bank to have a precise strategy, high lending culture, and observance of general principles to ensure the further growth of profitable loans. It is necessary to apply various evaluation methods of historical and present data, of ratios and factors enabling to implement coherent and comprehensive loan portfolio evaluation, and to encompass different factors as far as possible. Due to a complex business environment and intense competition between banks, it is not enough to evaluate a commercial bank loan portfolio only through the aspect of credit risk, i.e. loss probability level aspect, as is suggested by the scientists. As to every business subject striving for a successful performance and further development, it is essential for a bank to earn profit by financing the other subjects, and to establish the level of assets liquidity. Journal: Journal of Business Economics and Management Pages: 269-277 Issue: 4 Volume: 9 Year: 2008 Month: 9 X-DOI: 10.3846/1611-1699.2008.9.269-277 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.269-277 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:4:p:269-277 Template-Type: ReDIF-Article 1.0 Author-Name: Jeanette Thomsen Author-X-Name-First: Jeanette Author-X-Name-Last: Thomsen Title: Processes of localization and institutionalization of local managers in economic functions in Danish owned subsidiaries in Estonia, Latvia and Lithuania around the 21-super-st century Abstract: Abstract This study identifies interplay between the localization processes and formal as well as informal institutions in a specific context. Particularly the changes over time in institutions and localization processes are in focus. A longitudinal study of institutional changes in local management has been conducted from 1997 to 2002 among local CEOs, chief accountants and production managers in a Danish SME, using mainly qualitative methods. Data have been compared to primary data from similar companies in Estonia, Latvia and Lithuania. The study has resulted in establishing a model for comparing interplay between localization processes in SMEs and the formal and informal institutions in different transition and post‐transition economies. Journal: Journal of Business Economics and Management Pages: 279-287 Issue: 4 Volume: 9 Year: 2008 Month: 8 X-DOI: 10.3846/1611-1699.2008.9.279-287 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.279-287 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:4:p:279-287 Template-Type: ReDIF-Article 1.0 Author-Name: Ruth Alas Author-X-Name-First: Ruth Author-X-Name-Last: Alas Title: Implementation of organizational changes in Estonian companies Abstract: Abstract Both the popular press and academic literature tend to consider organizational change as a step‐by‐step process leading to success. This paper examines the suitability of the theory that guides the implementation of change at company level for organizations in countries in transition. The author's surveys, conducted in 137 Estonian companies in 2001 and 121 in 2005, show that the main focus of Estonian managers has been on initiating change and much less attention paid to assessing the process of change and making modifications and consolidating improvements. A process model of change for countries in transition has been proposed. Journal: Journal of Business Economics and Management Pages: 289-297 Issue: 4 Volume: 9 Year: 2008 Month: 10 X-DOI: 10.3846/1611-1699.2008.9.289-297 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.289-297 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:4:p:289-297 Template-Type: ReDIF-Article 1.0 Author-Name: Vida Davidavičiene Author-X-Name-First: Vida Author-X-Name-Last: Davidavičiene Title: Change management decisions in the information age Abstract: Abstract The work under new conditions of ICT development has not only advantages, but also causes certain challenges and new conflicts within an organization. There is a direct link between the development of ICT and business management theories. Inadequacy of models applied in change management and current market requirements can determine the decrease of competitive ability for the business organizations in the ICT caused business environment, what can cause loss of potential markets. The relations between ICT and business in the development processes and trends must be determined in order to avoid the gaps in business management methods in the future. While the schemes for evaluation and selection of alternative decisions are given much attention in the strategic management literature, the attention given to the specific implementation and the practical application of change management decisions methods is not sufficient. These circumstances frame the topicality of this subject. Journal: Journal of Business Economics and Management Pages: 299-307 Issue: 4 Volume: 9 Year: 2008 Month: 9 X-DOI: 10.3846/1611-1699.2008.9.299-307 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.299-307 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:4:p:299-307 Template-Type: ReDIF-Article 1.0 Author-Name: John Saee Author-X-Name-First: John Author-X-Name-Last: Saee Title: Best practice in global negotiation strategies for leaders and managers in the 21-super-st century Abstract: Abstract This research article examines various types of negotiations and negotiation styles and best practice in global negotiations, which may be adopted by leaders and entrepreneurs under different conditions and cultural milieus to reach an agreement while conducting business across the globe. Journal: Journal of Business Economics and Management Pages: 309-318 Issue: 4 Volume: 9 Year: 2008 Month: 9 X-DOI: 10.3846/1611-1699.2008.9.309-318 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.309-318 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:4:p:309-318 Template-Type: ReDIF-Article 1.0 Author-Name: Irina Voronova Author-X-Name-First: Irina Author-X-Name-Last: Voronova Title: Methods of analysis and estimation of risks at the enterprises of non‐financial sphere of Latvia Abstract: Abstract The author considers the problems of analysis and assessment of risks at the enterprises of non‐financial sphere basing on tactical standards of risk management. The author studies the development and impact of the theory of economic cycles on the system of risks in entrepreneurship of Chizhevsky's and Kondratjev's temporary cycles that are at the same time space cycles. The author expresses their attitude to the opportunity of using autogenetic and risks identification. As‐trolinguistics studies the nature of changes in macroeconomic environment on the basis of information about the mutual position of the solar system's planets in the process of their motion. This paper discusses how variety of scope methods may be applied for assessment of the profile of risks at the enterprise. Journal: Journal of Business Economics and Management Pages: 319-326 Issue: 4 Volume: 9 Year: 2008 Month: 10 X-DOI: 10.3846/1611-1699.2008.9.319-326 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.319-326 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:4:p:319-326 Template-Type: ReDIF-Article 1.0 Author-Name: Virginija Grybaite Author-X-Name-First: Virginija Author-X-Name-Last: Grybaite Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Title: Estimation of sustainable development: Germination on institutional level Abstract: Abstract The aim of the paper is to investigate approaches to measurement of sustainable development adopted by international organizations, or institutions. Organizations for sustainable development were founded to review progress at the international, regional and national levels in the implementation of sustainable development policy, to take part in legislative process, to control balance between economic development, social development, and environmental development. Valid systems and classifications of sustainable development are being juxtaposed, specific features, advantages and disadvantages revealed. The question, if the systems of indicators provided by considered institutions are applicable for practical analytical purposes, is being raised. Journal: Journal of Business Economics and Management Pages: 327-334 Issue: 4 Volume: 9 Year: 2008 Month: 5 X-DOI: 10.3846/1611-1699.2008.9.327-334 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.327-334 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:4:p:327-334 Template-Type: ReDIF-Article 1.0 Author-Name: Edmundas K. Zavadskas Author-X-Name-First: Edmundas K. Author-X-Name-Last: Zavadskas Title: Book reviews Abstract: OPTIMIZATION METHODS FOR A STAKEHOLDER SOCIETY Reviewed book: Willem K. Brauers. Optimization Methods for a Stakeholder Society: A Revolution in Economic Thinking by Multi‐objective Optimization. Boston / Dordrecht / London: Kluwer Academic Publishers, 2004. Journal: Journal of Business Economics and Management Pages: 335-337 Issue: 4 Volume: 9 Year: 2008 Month: 5 X-DOI: 10.3846/1611-1699.2008.9.335-337 File-URL: http://hdl.handle.net/10.3846/1611-1699.2008.9.335-337 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:9:y:2008:i:4:p:335-337 Template-Type: ReDIF-Article 1.0 Author-Name: Edvins Karnitis Author-X-Name-First: Edvins Author-X-Name-Last: Karnitis Author-Name: Maris Kucinskis Author-X-Name-First: Maris Author-X-Name-Last: Kucinskis Title: Strategic planning and management of national development processes in Latvia Abstract: Abstract Thanks to achieved productive collaboration of the highest level government institutions with the academic community experts, a national strategic planning system is shaping that is very significant for further development of Latvia. General principles of the system have been approved by the Law on Development Planning System. The conceptual document A Growth Model for Latvia: People First defines a knowledge‐based human‐centred development scenario. The National Development Plan has been approved as a mid‐term programme for implementation of the Model. To monitor progress towards the goal an integrated quantified quality of life index was developed; the index includes priorities essential for Latvia's population and it is based on objective statistical data. Polycentric development and strong cooperation in the Baltic Sea Region are priorities among strategic tasks that have been outlined to realize the growth. But the current two‐faced EU model cannot be evaluated as the most optimum and beneficial for development of Latvia as well as other EU Member States. Journal: Journal of Business Economics and Management Pages: 3-13 Issue: 1 Volume: 10 Year: 2008 Month: 11 X-DOI: 10.3846/1611-1699.2009.10.3-13 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.3-13 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2008:i:1:p:3-13 Template-Type: ReDIF-Article 1.0 Author-Name: Devrim Dumludag Author-X-Name-First: Devrim Author-X-Name-Last: Dumludag Title: An analysis of the determinants of foreign direct investment in turkey: The role of the institutional context-super-1 Abstract: Abstract This paper tries to empirically verify the argument that institutional factors such as enforcement mechanisms, political and economic stability, stable and reliable, transparent legal and regulatory framework and corruption are critical in explaining the behaviour of the foreign direct investment inflows in Turkey. The main objective of the study is to ascertain the nature of the obstacles and impediments to the greater flow of foreign direct investments into Turkish economy for the recent period by focusing on the results of a questionnaire applied to the executives of 52 multinational corporations operating in Turkey in 2006. Journal: Journal of Business Economics and Management Pages: 15-30 Issue: 1 Volume: 10 Year: 2008 Month: 12 X-DOI: 10.3846/1611-1699.2009.10.15-30 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.15-30 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2008:i:1:p:15-30 Template-Type: ReDIF-Article 1.0 Author-Name: Ben Soltane Bassem Author-X-Name-First: Ben Soltane Author-X-Name-Last: Bassem Title: Governance and performance of microfinance institutions in Mediterranean countries Abstract: Abstract This paper examines empirically the relation between governance mechanisms and the performance of Euro‐Mediterranean microfinance institutions (MFIs) in terms of outreach and sustainability. Specifically, we found that performance‐based compensation of managers is not associated with better performance of MFIs. The results identify trade‐offs between MFIs outreach and sustainability depending on larger board size, and on higher proportion of unaffiliated directors. Moreover, the study shows that the more women there are on the board the better the performance, and reveals that external governance mechanisms help MFIs to achieve better financial performance. This study also allows us to distinguish other factors leading to better sustainability such as Regulation, and the use of individual lending methodology. However, the MFIs, active as NGOs, seem to be more consistent with their social mission than with their financial performance. Journal: Journal of Business Economics and Management Pages: 31-43 Issue: 1 Volume: 10 Year: 2008 Month: 9 X-DOI: 10.3846/1611-1699.2009.10.31-43 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.31-43 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2008:i:1:p:31-43 Template-Type: ReDIF-Article 1.0 Author-Name: Stasys Girdzijauskas Author-X-Name-First: Stasys Author-X-Name-Last: Girdzijauskas Author-Name: Dalia Štreimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Štreimikiene Title: Application of logistic models for stock market bubbles analysis Abstract: Abstract The article deals with economic bubbles and analyses their possible causes and tools for the prediction of such bubbles development. An economic bubble is the commonly used term for an economic cycle that is characterized by a rapid expansion followed by a dramatic crash. While some bubbles happen naturally as a part of the economic cycle, some also occur as a result of investor exuberance and serve as correctives. These typically happen in securities, stock markets, real estate and various other business sectors because of certain changes in the way key players conduct business. The well‐known and widely discussed bubbles in asset markets were analysed and compared trying to define the main features, causes and signals of such bubbles creation: Dotcom, Telecom, Health South Corporation, NASDAQ, etc. These bubbles were analysed in the article by applying the logistic growth model allowing to predict the bubbles creation as a result of growth satiation in the conditions of limited resources. Journal: Journal of Business Economics and Management Pages: 45-51 Issue: 1 Volume: 10 Year: 2008 Month: 11 X-DOI: 10.3846/1611-1699.2009.10.45-51 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.45-51 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2008:i:1:p:45-51 Template-Type: ReDIF-Article 1.0 Author-Name: Renata Korsakiene Author-X-Name-First: Renata Author-X-Name-Last: Korsakiene Title: The innovative approach to relationships with customers Abstract: Abstract Customer relationship management is a relatively new discipline, which became popular in the last decade. It has to be noted that customer relationship management is oriented toward current customers and allows to attract new customers. Therefore, customer relationship management is related to long‐term success in the market. The paper analyses infrastructure, institutional and internal issues which restrict customer relationship management in Lithuanian real estate companies. Presented investigation is based on questioning of real estate companies which encounter the problems of economy slowdown. Journal: Journal of Business Economics and Management Pages: 53-60 Issue: 1 Volume: 10 Year: 2008 Month: 10 X-DOI: 10.3846/1611-1699.2009.10.53-60 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.53-60 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2008:i:1:p:53-60 Template-Type: ReDIF-Article 1.0 Author-Name: S. X. Zeng Author-X-Name-First: S. X. Author-X-Name-Last: Zeng Author-Name: X. M. Xie Author-X-Name-First: X. M. Author-X-Name-Last: Xie Author-Name: C. M. Tam Author-X-Name-First: C. M. Author-X-Name-Last: Tam Author-Name: P. M. Sun Author-X-Name-First: P. M. Author-X-Name-Last: Sun Title: Identifying cultural difference in R&D project for performance improvement: A field study Abstract: Abstract In recent years, some large multinational companies have begun moving their R&D centers to China. As a result, cross‐cultural management for R&D projects becomes challenging due to the cultural diversity. Based on the technique of relative importance index (RII), this study examines the gaps between the Chinese and Western cultures in R&D projects for multinational firms. The findings show there is a significant difference between Chinese and Western cultures. The top five factors transformed into self‐reflection statements include: 1) You could accept your manager criticizing your mistake in public; 2) You avoid any conflict with your manager; 3) Objective of the project is the target for the whole project group; 4) You do not mind the methods for your performance evaluation; and 5) You pay greater attention to improve “relationship” among colleagues. Overall, these findings reveal managerial implications for R&D managers that the need to recognize and manage cultural difference is an important component in cross‐cultural project management. Journal: Journal of Business Economics and Management Pages: 61-70 Issue: 1 Volume: 10 Year: 2008 Month: 11 X-DOI: 10.3846/1611-1699.2009.10.61-70 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.61-70 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2008:i:1:p:61-70 Template-Type: ReDIF-Article 1.0 Author-Name: Artūras Kaklauskas Author-X-Name-First: Artūras Author-X-Name-Last: Kaklauskas Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Rita Budzevičiene Author-X-Name-First: Rita Author-X-Name-Last: Budzevičiene Title: Web‐based model of multiple criteria ethical decision‐making for ethical behaviour of students Abstract: Abstract Lately, distance studies, which are attempting at the best possible education for students and satisfaction of as many of their study needs as possible, are gaining wider popularity. Online questionnaires are increasingly used to get detailed opinions of distance learning students on various issues of studies. During the project EURASIA, it was identified that VEBER online questionnaire can be a useful tool for VGTU beyond the scope of the project EURASIA. An online questionnaire has been developed to facilitate the process of surveying related to implementation of the project EURASIA. The assessments helped to recognise that this tool helps VGTU to enhance its institutional system related to e‐learning. Having identified the potential of this tool outside the scope of the EURASIA to project, further experiments have been carried out to assess how this tool can be further developed to accommodate the requirements of the project EURASIA other institutional systems. The research showed that distance learning students not only want to express their opinion about the study process, but also to be active participants in shaping strategic alternatives of the study process by electronic means. In order to implement this idea, the authors proposed the Web‐based Model of Multiple Criteria Ethical Decision‐Making for Ethical Behaviour of Students and used as a basis to develop the Ethical Web‐Based Decision Support System (E‐DS). Using the features of the VEBER online questionnaire, the developed Model and the E‐DS System, the process of distance learning can be additionally humanized and adjusted to ethical norms, which would have a positive effect on the whole distance learning process. Thus, the institutions participating in the project EURASIA or offering distance learning studies could use the features of VEBER online questionnaire, the developed Model and the E‐DS System in their activities. It would stimulate more efficient application of moral norms in the distance learning process. Journal: Journal of Business Economics and Management Pages: 71-84 Issue: 1 Volume: 10 Year: 2008 Month: 11 X-DOI: 10.3846/1611-1699.2009.10.71-84 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.71-84 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2008:i:1:p:71-84 Template-Type: ReDIF-Article 1.0 Author-Name: Paulo Lopes Henriques Author-X-Name-First: Paulo Lopes Author-X-Name-Last: Henriques Author-Name: Carla Curado Author-X-Name-First: Carla Author-X-Name-Last: Curado Title: Pushing the boundaries on mentoring: Can mentoring be a knowledge tool? Abstract: Abstract Easy access to organizational knowledge is fundamental in dynamic environments that demand continuous firm adaptation. In that scenario we believe that mentors have a key role as access facilitators to knowledge in the change periods. We have developed this study aiming to explore the role and importance of mentors as knowledge access facilitators. We have approached that role in two different ways. We set apart the knowledge base in two categories: Information centers and organizational memory, accepting that mentors act differently accordingly. Based on the literature reviewed we were able to stage a three‐dimensional theoretical setting (mentoring, knowledge, and change) and produce three research questions. We have addressed these research questions using an exploratory qualitative approach to five different firms from three industries apart. This study contributes to the literature at least in two ways. Firstly, it connects the mentor figure to the knowledge base's access, exposing the importance of the mentor as a knowledge access facilitator during change periods. Secondly, by categorizing the knowledge base in two different ways, we are able to explicitly differentiate mentor roles accordingly. Journal: Journal of Business Economics and Management Pages: 85-97 Issue: 1 Volume: 10 Year: 2008 Month: 11 X-DOI: 10.3846/1611-1699.2009.10.85-97 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.85-97 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2008:i:1:p:85-97 Template-Type: ReDIF-Article 1.0 Author-Name: Pasquale Pazienza Author-X-Name-First: Pasquale Author-X-Name-Last: Pazienza Author-Name: Vincenzo Vecchione Author-X-Name-First: Vincenzo Author-X-Name-Last: Vecchione Title: Preliminary investigation of the determinants of FDI distribution in Italy Abstract: Abstract The debate on the structural competitiveness of national and local productive systems has lately paid relevant attention to the territorial distribution of Foreign Direct Investment (FDI), since it can be perceived as an indicator of economic openness and integration in the world market. With regard to this, it can be observed that Italy has a strong potential for attracting investment, but the inward flow of FDI is very small with respect to what happens in other countries. This study analyses the factors determining this kind of mismatch with the aim of identifying appropriate policy suggestions to improve the strategies to attract foreign investors to Italy and, particularly, to its southern regions. Journal: Journal of Business Economics and Management Pages: 99-107 Issue: 2 Volume: 10 Year: 2009 Month: 1 X-DOI: 10.3846/1611-1699.2009.10.99-107 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.99-107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:2:p:99-107 Template-Type: ReDIF-Article 1.0 Author-Name: Nina Ponikvar Author-X-Name-First: Nina Author-X-Name-Last: Ponikvar Author-Name: Maks Tajnikar Author-X-Name-First: Maks Author-X-Name-Last: Tajnikar Author-Name: Ksenja Pušnik Author-X-Name-First: Ksenja Author-X-Name-Last: Pušnik Title: Performance ratios for managerial decision‐making in a growing firm Abstract: Abstract This paper investigates the impact of firms’ growth rate on various financial and non‐financial performance ratios. The study tests the hypothesis that variations in growth rates across firms relate to differences in the values of ratios of profitability, liquidity, current assets, and solvency, as well as the break‐even point, revenue per employee, average costs, labour costs, capital costs, capacity utilization, productivity and efficiency. In order to estimate the impact of growth on financial and non‐financial indicators while also accounting for unobservable individual effects of each firm, the study assesses several two‐way fixed effect panel models with regression analysis. Authors show that knowing the impact of growth rates on financial and non‐financial ratios gives managers of growing firms additional relevant information for making business decisions. Journal: Journal of Business Economics and Management Pages: 109-120 Issue: 2 Volume: 10 Year: 2009 Month: 2 X-DOI: 10.3846/1611-1699.2009.10.109-120 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.109-120 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:2:p:109-120 Template-Type: ReDIF-Article 1.0 Author-Name: Willem Karel M. Brauers Author-X-Name-First: Willem Karel M. Author-X-Name-Last: Brauers Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Title: Robustness in regional development studies. The case of Lithuania Abstract: Abstract The definition of robustness in econometrics, the error term in a linear equation, was not only broadened, but, in addition, moved to the meaning of common language: from a cardinal to a qualitative one: the most robust one, more robust than…, as robust as……, robust, weak robust, less robust than…, not robust, etc. Both interpretations are tested by an application on the Robustness in Regional Development, namely of the Lithuanian Regions. The computation of Regional Income, being an exponent of the welfare economy, is not sufficient for the measurement of the well‐being of the regional population. The well‐being economy goes farther. In the well‐being economy, each individual would have to feel good concerning material wealth, health, education, all kind of security and concerning the environment. In other words, multiple objectives have to be fulfilled. Moreover, these different multiple objectives are expressed in different units. Weights are most of the time used to equalize these different units. However, introduction of weights means also introduction of subjectivity. In order to avoid this dilemma, the internal mechanical solution of a ratio system, producing dimensionless numbers, is preferred. In addition, this outcome creates the opportunity to use also a non‐subjective reference point theory. The choice of the objectives is also non‐subjective if all stakeholders are involved, or if all possible objectives are represented. This theory, which is called MOORA (Multi‐Objective Optimization by Ratio Analysis), is applied to the different regions of Lithuania. A redistribution of income has to take place from the well‐being Lithuanian regions to the poorer regions, but under limiting conditions and for well defined and eventually controlled projects. Journal: Journal of Business Economics and Management Pages: 121-140 Issue: 2 Volume: 10 Year: 2009 Month: 2 X-DOI: 10.3846/1611-1699.2009.10.121-140 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.121-140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:2:p:121-140 Template-Type: ReDIF-Article 1.0 Author-Name: Eugenijus Chlivickas Author-X-Name-First: Eugenijus Author-X-Name-Last: Chlivickas Author-Name: Rasa Smaliukiene Author-X-Name-First: Rasa Author-X-Name-Last: Smaliukiene Title: International region as a brand origin: Conceptualization and review Abstract: Abstract The purpose of the paper is to examine the international region‐relation as a brand origin. The results of the theoretical analysis of this study provide a foundation for making suggestions about theoretical relationships between components of the brand origin. According to proposed theoretical model, communication with the consumers spreading from the strong business clusters in the international region creates emotional attitudes towards a brand origin; in addition, the quality of the products of the same clusters creates cognitive attitudes towards a brand origin. Our interest centred on a specific international area ‐ the Baltic Sea region. This region embodies the principles of shared values and common purpose, hence portrays a promising situation for regional branding. Performed empirical research allowed the analysis of both emotional and cognitive components of the brand origin. Therefore, the direct effects of the attributes of local brands on the brand origin were tested on the basis of telecoms and food industries in the Baltic Sea region. Journal: Journal of Business Economics and Management Pages: 141-148 Issue: 2 Volume: 10 Year: 2009 Month: 3 X-DOI: 10.3846/1611-1699.2009.10.141-148 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.141-148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:2:p:141-148 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Schieg Author-X-Name-First: Martin Author-X-Name-Last: Schieg Title: Model for integrated project management Abstract: Abstract Although there has been important research on construction management's life cycle, stakeholders, micro and macroenvironment, there has not been a model defined that can link the above. This while the need to integrate construction management's life cycle, stakeholders, micro and macroenvironment into both theory and practice is essential. The Model for integrated project management, described in this paper, consists of six stages. The purpose of this study is also to examine micro and macroenvironment impact on efficiency of project managers and project performance, based on the proposed Model. We conclude that the proposed Model offers a promising research toward improving construction management efficiency through giving construction managers method for enhancing a project's efficient micro and macroenvironment. Journal: Journal of Business Economics and Management Pages: 149-160 Issue: 2 Volume: 10 Year: 2008 Month: 3 X-DOI: 10.3846/1611-1699.2009.10.149-160 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.149-160 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2008:i:2:p:149-160 Template-Type: ReDIF-Article 1.0 Author-Name: Sadullah Çelik Author-X-Name-First: Sadullah Author-X-Name-Last: Çelik Author-Name: Yasemin Özerkek Author-X-Name-First: Yasemin Author-X-Name-Last: Özerkek Title: Panel cointegration analysis of consumer confidence and personal consumption in the European Union Abstract: Abstract This study examines the relationship between consumer confidence, personal consumption, and other relevant economic and financial variables for 9 European Union countries. It is argued that consumer confidence is an early indicator of future rates of growth in an economy through the consumption channel. Therefore, an increase in consumer confidence should translate into higher rates of consumption in the future, leading to a possible rise in economic growth. Our panel data analysis, conducting panel unit root tests and panel cointegration tests, tries to measure the effects of changes in consumer sentiment on personal consumption expenditures while accounting for other significant economic and financial variables such as stock exchange index, real exchange rates and interest rates. The empirical findings show the existence of a long‐run relationship. Thus, consumers are able to detect early signals about future rates of economic growth as they contribute through the consumption channel. Journal: Journal of Business Economics and Management Pages: 161-168 Issue: 2 Volume: 10 Year: 2008 Month: 2 X-DOI: 10.3846/1611-1699.2009.10.161-168 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.161-168 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2008:i:2:p:161-168 Template-Type: ReDIF-Article 1.0 Author-Name: Marina Järvis Author-X-Name-First: Marina Author-X-Name-Last: Järvis Author-Name: Piia Tint Author-X-Name-First: Piia Author-X-Name-Last: Tint Title: The formation of a good safety culture at enterprise Abstract: Abstract The aim of the study is to show innovative possibilities for improvement of safety culture at enterprises through complex approach to occupational health and safety (OH&S). The knowledge of the leadership and workers in OH&S is not sufficient at present in Estonia, particularly in small and medium‐sized enterprises (the number is 60 000). The small (up to 50 workers) or medium‐sized enterprises (up to 150 workers) have no possibility to hire the working environment specialist who would deal only with OH&S problems. Usually obligations in the field of OH&S in small and medium‐sized enterprises are delegated to one employee in addition to other responsibilities related to personnel, security, fire protection and environmental problems. Therefore, the complex approach to management of OH&S issues is needed in order to create a good safety culture and to achieve positive results in company safety performance. The complex method consists of risk assessment and determination of safety level. The authors offer possible tools ‐ simple computer applications which are available for managers, interviews with employers, employees and occupational health specialists for development and dissemination of safety culture. The opinion of workers and occupational health specialists has been taken into consideration in the planning of improvements of working conditions by the employers. The economic issues of safety and health improvement measures are presented. Journal: Journal of Business Economics and Management Pages: 169-180 Issue: 2 Volume: 10 Year: 2009 Month: 1 X-DOI: 10.3846/1611-1699.2009.10.169-180 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.169-180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:2:p:169-180 Template-Type: ReDIF-Article 1.0 Author-Name: Valentinas Podvezko Author-X-Name-First: Valentinas Author-X-Name-Last: Podvezko Title: Application of AHP technique Abstract: Abstract Recently, the use of multicriteria quantitative evaluation methods for solving social and economic problems has grown considerably. One of two major components of quantitative multicriteria evaluation methods strongly influencing the evaluation results is associated with the criteria weights. In practice, the criteria weights are determined in assessing the economic development of the state and its regions, the commercial activity and strategic potential of enterprises, the effectiveness of particular investment projects, etc. Several theoretical and practical methods of determining the significance (weight) of criteria by experts are known. Pairwise comparison of criteria is widely applied, and the most well‐known, widely applied and mathematically grounded technique is the so‐called Analytic Hierarchy Process (AHP). However, the application of this method is limited because of a great number of evaluation criteria, contradicting expert estimates and incompatible matrices obtained. In the present paper, the application of AHP technique to more complicated cases is considered and some algorithms are offered. Journal: Journal of Business Economics and Management Pages: 181-189 Issue: 2 Volume: 10 Year: 2009 Month: 3 X-DOI: 10.3846/1611-1699.2009.10.181-189 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.181-189 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:2:p:181-189 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Stasys Čirba Author-X-Name-First: Stasys Author-X-Name-Last: Čirba Title: Additive measurement of market concentration Abstract: Abstract The main effect of globalization of the world markets is the increase of market concentration. The analysis and control of these processes largely depend on precise determination of the level of market concentration. Additive measures, evaluating the whole concentration curve, assess market concentration most effectively. The analysis shows that all currently used measures, including the most widely used Herfindahl index, have some limitations and, therefore, cannot adequately describe the market state. This index is still widely used because it is easy to calculate. However, now, when calculation is computer‐aided, this argument has hardly any sense. A possibility to assess the state of the market much more accurately, searching for new, more precise measures, has sense now. The accuracy of some particular measures may be defined by the total difference between the relative value of market criterion bearers in the market and their value calculated by the formula of a particular concentration measure. Journal: Journal of Business Economics and Management Pages: 191-198 Issue: 3 Volume: 10 Year: 2009 Month: 5 X-DOI: 10.3846/1611-1699.2009.10.191-198 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.191-198 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:3:p:191-198 Template-Type: ReDIF-Article 1.0 Author-Name: Yu Hsing Author-X-Name-First: Yu Author-X-Name-Last: Hsing Author-Name: Bruno S. Sergi Author-X-Name-First: Bruno S. Author-X-Name-Last: Sergi Title: The dollar/euro exchange rate and a comparison of major models Abstract: Abstract This article analyzes the behaviour of the USD/EUR exchange rate based on four major models. Using the mean absolute percent error (MAPE) as a criterion, the extended Mundell‐Fleming model performs best, followed by the PPP model using the relative PPI, the monetary model, the PPP model using the relative CPI, and the UIP model. The widely used log‐log form in the PPP model based on the relative PPI or CPI can be rejected at the 5% level. The insignificant coefficients or unexpected signs of some variables in the monetary and other models may pose some challenges in applications. Journal: Journal of Business Economics and Management Pages: 199-205 Issue: 3 Volume: 10 Year: 2009 Month: 4 X-DOI: 10.3846/1611-1699.2009.10.199-205 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.199-205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:3:p:199-205 Template-Type: ReDIF-Article 1.0 Author-Name: Fadzlan Sufian Author-X-Name-First: Fadzlan Author-X-Name-Last: Sufian Author-Name: Muzafar Shah Habibullah Author-X-Name-First: Muzafar Shah Author-X-Name-Last: Habibullah Title: Determinants of bank profitability in a developing economy: Empirical evidence from Bangladesh Abstract: Abstract This study seeks to examine the performance of 37 Bangladeshi commercial banks between 1997 and 2004. The empirical findings of this study suggest that bank specific characteristics, in particular loans intensity, credit risk, and cost have positive and significant impacts on bank performance, while non‐interest income exhibits negative relationship with bank profitability. During the period under study the results suggest that the impact of size is not uniform across the various measures employed. The empirical findings suggest that size has a negative impact on return on average equity (ROAE), while the opposite is true for return on average assets (ROAA) and net interest margins (NIM). As for the impact of macroeconomic indicators, we conclude that the variables have no significant impact on bank profitability, except for inflation which has a negative relationship with Bangladeshi banks profitability. Journal: Journal of Business Economics and Management Pages: 207-217 Issue: 3 Volume: 10 Year: 2009 Month: 4 X-DOI: 10.3846/1611-1699.2009.10.207-217 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.207-217 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:3:p:207-217 Template-Type: ReDIF-Article 1.0 Author-Name: Mejra Festić Author-X-Name-First: Mejra Author-X-Name-Last: Festić Author-Name: Sebastijan Repina Author-X-Name-First: Sebastijan Author-X-Name-Last: Repina Author-Name: Alenka Kavkler Author-X-Name-First: Alenka Author-X-Name-Last: Kavkler Title: The overheating of five EU new member states and cyclicality of systemic risk in the banking sector Abstract: Abstract Rapid credit growth has been one of the most pervasive developments in recent years in Central and Eastern Europe. We tested for the significance of macroeconomic and banking sector variables that condition non‐performing loan ratios and the hypothesis of procyclicality between economic activity and improving banking‐sector results in the Baltic States, Bulgaria and Romania. The theory of procyclicality between economic activity and the non‐performing loan ratio was proven. The increased economic activity improved the loan portfolio quality of the banking sector, as indicated by a lower NPL ratio. Due to a high share of loans denominated in a foreign currency and the fact of productivity gains in the tradable sector, the appreciation of the real exchange rate contributed to an improvement in loan portfolio quality. The procyclicality of banking sector performance and high economic activities growth could be a signal of an economy overheating and therefore a slowdown in economic activity is likely to accelerate the growth of the non‐performing loan ratio in the Baltic States, Bulgaria and Romania. Journal: Journal of Business Economics and Management Pages: 219-232 Issue: 3 Volume: 10 Year: 2009 Month: 5 X-DOI: 10.3846/1611-1699.2009.10.219-232 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.219-232 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:3:p:219-232 Template-Type: ReDIF-Article 1.0 Author-Name: Huseyin Ince Author-X-Name-First: Huseyin Author-X-Name-Last: Ince Author-Name: Bora Aktan Author-X-Name-First: Bora Author-X-Name-Last: Aktan Title: A comparison of data mining techniques for credit scoring in banking: A managerial perspective Abstract: Abstract Credit scoring is a very important task for lenders to evaluate the loan applications they receive from consumers as well as for insurance companies, which use scoring systems today to evaluate new policyholders and the risks these prospective customers might present to the insurer. Credit scoring systems are used to model the potential risk of loan applications, which have the advantage of being able to handle a large volume of credit applications quickly with minimal labour, thus reducing operating costs, and they may be an effective substitute for the use of judgment among inexperienced loan officers, thus helping to control bad debt losses. This study explores the performance of credit scoring models using traditional and artificial intelligence approaches: discriminant analysis, logistic regression, neural networks and classification and regression trees. Experimental studies using real world data sets have demonstrated that the classification and regression trees and neural networks outperform the traditional credit scoring models in terms of predictive accuracy and type II errors. Journal: Journal of Business Economics and Management Pages: 233-240 Issue: 3 Volume: 10 Year: 2009 Month: 3 X-DOI: 10.3846/1611-1699.2009.10.233-240 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.233-240 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:3:p:233-240 Template-Type: ReDIF-Article 1.0 Author-Name: Ali Asghar Anvary Rostamy Author-X-Name-First: Ali Asghar Anvary Author-X-Name-Last: Rostamy Title: Toward understanding conflicts between customers and employees’ perceptions and expectations: Evidence of Iranian bank Abstract: Abstract This paper aims to determine influence factors affecting bank service quality, calculate the relative importance of factors from viewpoints of bank customers and employees, and examine the gaps in customers and employees’ perceptions and expectations of the quality of bank services. Accordingly, an empirical investigation was conducted in one of Iranian leading banks (Bank‐e‐Refah). For data collection, an adjusted SERVQUAL questionnaire was developed and distributed among 385 customers and 305 employees. The results show significant difference between customers and employees viewpoints. Understanding the gaps helped bank managers to develop more effective customer‐oriented service plans and employees’ training and development programs. Journal: Journal of Business Economics and Management Pages: 241-254 Issue: 3 Volume: 10 Year: 2009 Month: 3 X-DOI: 10.3846/1611-1699.2009.10.241-254 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.241-254 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:3:p:241-254 Template-Type: ReDIF-Article 1.0 Author-Name: Valentinas Navickas Author-X-Name-First: Valentinas Author-X-Name-Last: Navickas Author-Name: Asta Malakauskaite Author-X-Name-First: Asta Author-X-Name-Last: Malakauskaite Title: The impact of clusterization on the development of small and medium‐sized enterprise (SME) sector Abstract: Abstract The impact of clusterization on the development of SME sector has been analysed in this study. The cooperation of companies at national level and on a global scale is becoming more and more important as a tool of economic development. Companies tend to work together in order to share their competencies, reduce various costs, consolidate limited resources, and hereby increase their productivity, innovativeness, and profitability. It must be emphasized that the role of clusterization is crucial in the development of SME sector, as small and medium‐sized enterprises may benefit from economies of scale and extend the operation limits (size‐related limitations of operation are characteristic of most small businesses). Clusters (and similar forms of interorganizational structures) create the environment for innovation and technological advancement. Therefore, small and medium‐sized enterprises may gain additional benefits that include know‐how, cost‐saving options, innovative solutions, etc. The authors of this scientific study have concluded that the competitiveness of SME sector is closely related to the spread and extent of clusterization processes. Journal: Journal of Business Economics and Management Pages: 255-259 Issue: 3 Volume: 10 Year: 2009 Month: 5 X-DOI: 10.3846/1611-1699.2009.10.255-259 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.255-259 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:3:p:255-259 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Viktoras Zubrecovas Author-X-Name-First: Viktoras Author-X-Name-Last: Zubrecovas Title: Selection of the optimal real estate investment project basing on multiple criteria evaluation using stochastic dimensions Abstract: Abstract As investment in real estate has great influence on regional economics development it is important to evaluate real estate investment processes as a whole. For this purpose the model of real estate projects’ efficiency evaluation was developed and presented in this article. The proposed model is designed for alternative projects, variants selection, investment resources allocation as well as real estate value maintenance and enhancement problems solution. The model of real estate projects’ efficiency evaluation covers all the investment decision‐making cycle, the hierarchically‐structured projects’ evaluation criteria system, risk evaluation basing on stochastic dimensions as well as the mathematical methods adaptation for multiple criteria evaluation problems solution, risk assessment and adjusted mathematical methods is presented in this issue. Journal: Journal of Business Economics and Management Pages: 261-270 Issue: 3 Volume: 10 Year: 2009 Month: 8 X-DOI: 10.3846/1611-1699.2009.10.261-270 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.261-270 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:3:p:261-270 Template-Type: ReDIF-Article 1.0 Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Author-Name: Virginija Grybaite Author-X-Name-First: Virginija Author-X-Name-Last: Grybaite Author-Name: Agne Tvaronavičiene Author-X-Name-First: Agne Author-X-Name-Last: Tvaronavičiene Title: If institutional performance matters: Development comparisons of Lithuania, Latvia and Estonia Abstract: Abstract Presented paper aims to estimate and compare sustainable development processes in Lithuania, Latvia and Estonia after the European Union accession. Data embracing the 2004--2008 period is being analysed. Authors take into account that different approaches to countries’ development assessment might affect their comparison results. In order to obtain a multi‐faceted view, several variants of sustainable development estimations of Lithuania, Latvia and Estonia are being performed. Each variant represents a different approach to development perception. The difference lies in emphasis, which is being put on economic and institutional aspects of development. Juxtaposition of development estimation variants is expected to reveal range, within which the resulting index fluctuates and impacts ranging of countries. Integrated complex countries’ development index is computed by using multi‐criteria method. Authors of the paper compose a system of indicators, which is being employed for research purposes. Corollaries of investigation let us judge how much Lithuanian, Latvian and Estonian ranking according to estimated development level differs due to variations of approaches applied, and how sensitive calculations are to institutional performance and current economic downturn. Journal: Journal of Business Economics and Management Pages: 271-278 Issue: 3 Volume: 10 Year: 2009 Month: 6 X-DOI: 10.3846/1611-1699.2009.10.271-278 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.271-278 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:3:p:271-278 Template-Type: ReDIF-Article 1.0 Author-Name: Ruth Alas Author-X-Name-First: Ruth Author-X-Name-Last: Alas Author-Name: Ants Kraus Author-X-Name-First: Ants Author-X-Name-Last: Kraus Author-Name: Katrin Niglas Author-X-Name-First: Katrin Author-X-Name-Last: Niglas Title: Manufacturing strategies and choices in cultural contexts-super-1 Abstract: Abstract Although any firm operates in a local environment, which includes specific economic, social and cultural contexts, there is still a lack of studies connecting culture and values with operations strategies and practices. This paper attempts to explore a look at how cultural dimensions are connected with manufacturing strategies and choices. The current article is based on data from the International Manufacturing Strategy Survey (IMSS) project and the GLOBE study. Advanced mass production is more common to countries with high assertiveness, power distance and uncertainty avoidance. The model of manufacturing strategies and choices in cultural context is developed based on empirical results of the study. Journal: Journal of Business Economics and Management Pages: 279-289 Issue: 4 Volume: 10 Year: 2009 Month: 7 X-DOI: 10.3846/1611-1699.2009.10.279-289 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.279-289 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:4:p:279-289 Template-Type: ReDIF-Article 1.0 Author-Name: Chen Lin Author-X-Name-First: Chen Author-X-Name-Last: Lin Author-Name: Dongwei Su Author-X-Name-First: Dongwei Author-X-Name-Last: Su Title: Does state control affect managerial incentives? Evidence from china's publicly listed firms* Abstract: Abstract Using data for 1203 publicly listed firms in China during 1999--2002, this paper empirically investigates whether and to what extent state control affects managerial incentives, including managerial compensation and CEO turnover. The paper finds that CEO turnover is negatively related to both current and lagged firm performance as measured by ROA and RPE (Relative Performance Evaluation) for non‐state‐controlled firms, while insensitive to performance measures for state‐controlled firms. In addition, CEO compensation is positively related to firm performance, but state ownership and control weaken this positive relation. Moreover, state control reduces the effectiveness of internal governance mechanisms such as the board of directors and supervisory committee. Overall, empirical results in the paper indicate that state ownership and control weaken managerial incentives and internal monitoring among publicly listed firms in China. Journal: Journal of Business Economics and Management Pages: 291-311 Issue: 4 Volume: 10 Year: 2009 Month: 9 X-DOI: 10.3846/1611-1699.2009.10.291-311 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.291-311 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:4:p:291-311 Template-Type: ReDIF-Article 1.0 Author-Name: Mirjana Radović Marković Author-X-Name-First: Mirjana Radović Author-X-Name-Last: Marković Title: Education through e‐learning: Case of Serbia Abstract: Abstract The objective of this paper is to analyze education through e‐learning. The author presents an overview of some recent projects with focus on Serbia and uses their results to discuss advantages of using e‐learning as an alternative opportunity and support to “face‐to‐face” education. From the author's viewpoint, it is believed that online learning will not replace face‐to‐face learning but still should be offered as a style of learning that suits students needs. Through the research done on this subject, it has been identified that online learning can assist in complementing studies when coupled with face‐to‐face learning. In addition, the author's findings suggest that without good policy and financial support there is no good interaction between e‐learning (classroom learning )or face‐to‐face learning and e‐learning . Journal: Journal of Business Economics and Management Pages: 313-319 Issue: 4 Volume: 10 Year: 2009 Month: 9 X-DOI: 10.3846/1611-1699.2009.10.313-319 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.313-319 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:4:p:313-319 Template-Type: ReDIF-Article 1.0 Author-Name: Eugenijus Chlivickas Author-X-Name-First: Eugenijus Author-X-Name-Last: Chlivickas Author-Name: Neringa Petrauskaite Author-X-Name-First: Neringa Author-X-Name-Last: Petrauskaite Author-Name: Nikolaj Ambrusevič Author-X-Name-First: Nikolaj Author-X-Name-Last: Ambrusevič Title: Leading priorities for development of the high technologies market Abstract: Abstract High technologies development has strategic importance to improving regional EU and national economies effectiveness and assuring a country's competitiveness. This is especially a key priority for small countries that do not have many natural and material resources, as well as labour force. Therefore, in the article the specifics of high technologies development that derives from exceptional high technologies features is analysed. These specific features of high technologies influence the rise of specific characteristics of high technologies market. Thus, the article aims to set leading priorities for a successful development of high technologies business in Lithuania. Development of the high technologies business depends first of all on development of the high technologies market. The success of developing high technologies depends on implementation of the ‘ triple helix’ model covering integration of the public and private sector as well as science. The most successful’ triple helix’ model for high technologies development is the one where the highest degree of cooperation between authorities, industry and academic public is indicated. Therefore the article establishes the implementation of the ‘ triple helix’ as a leading priority for high technologies development in Lithuania. Journal: Journal of Business Economics and Management Pages: 321-328 Issue: 4 Volume: 10 Year: 2009 Month: 9 X-DOI: 10.3846/1611-1699.2009.10.321-328 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.321-328 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:4:p:321-328 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandras Vytautas Rutkauskas Author-X-Name-First: Aleksandras Vytautas Author-X-Name-Last: Rutkauskas Author-Name: Tomas Ramanauskas Author-X-Name-First: Tomas Author-X-Name-Last: Ramanauskas Title: Building an artificial stock market populated by reinforcement‐learning agents Abstract: Abstract In this paper we propose an artificial stock market model based on interaction of heterogeneous agents whose forward‐looking behaviour is driven by the reinforcement‐learning algorithm combined with some evolutionary selection mechanism. We use the model for the analysis of market self‐regulation abilities, market efficiency and determinants of emergent properties of the financial market. Distinctive and novel features of the model include strong emphasis on the economic content of individual decision‐making, application of the Q‐learning algorithm for driving individual behaviour, and rich market setup. Along with that a parallel version of the model is presented, which is mainly based on research of current changes in the market, as well as on search of newly emerged consistent patterns, and which has been repeatedly used for optimal decisions’ search experiments in various capital markets. Journal: Journal of Business Economics and Management Pages: 329-341 Issue: 4 Volume: 10 Year: 2009 Month: 9 X-DOI: 10.3846/1611-1699.2009.10.329-341 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.329-341 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:4:p:329-341 Template-Type: ReDIF-Article 1.0 Author-Name: Regina Jasilioniene Author-X-Name-First: Regina Author-X-Name-Last: Jasilioniene Author-Name: Rima Tamošiūniene Author-X-Name-First: Rima Author-X-Name-Last: Tamošiūniene Title: Evaluation of customer relationship system efficiency: Applying of total cost of ownership approach Abstract: Abstract Calculating total cost of ownership (TCO) and benefits, building a business case and applying financial measurement methodologies help a company make right customer relationship system for investments solution and build compelling justification for its customer relationship system project. In addition, ongoing measurement of customer relationship system (CRS ) benefits ensures that an enterprise receives expected advantages and achieves strategic objectives. In this paper peculiarities of TCO economic efficiency are analysed. Evaluation method application when developing, using and expanding CRS is being considered, strengths and weaknesses of cost‐oriented approach are discussed. Authors present and interpret their empirical research results. Journal: Journal of Business Economics and Management Pages: 343-347 Issue: 4 Volume: 10 Year: 2009 Month: 9 X-DOI: 10.3846/1611-1699.2009.10.343-347 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.343-347 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:4:p:343-347 Template-Type: ReDIF-Article 1.0 Author-Name: Deimante Teresiene Author-X-Name-First: Deimante Author-X-Name-Last: Teresiene Title: Lithuanian stock market analysis using a set of Garch models Abstract: Abstract This article analyses the main factors that influence stock price volatility. The author offers a three‐stage system for explaning a set of stock price volatility factors. The main point is to pay attention to investor's psychology as the main factor of price volatility. For practical analysis the returns of the OMXV index and stock prices of the Lithuanian stock market are taken and applied to a set of GARCH models. The main idea is to choose the best of the general autoregressive conditional heteroskedasticity models (GARCH) for OMXV index and all sectors. All models are ranged according to their ability to model stock price return. The main tendencies of the Lithuanian stock market are also analysed in this article by highlighting the leverage effect. Journal: Journal of Business Economics and Management Pages: 349-360 Issue: 4 Volume: 10 Year: 2009 Month: 8 X-DOI: 10.3846/1611-1699.2009.10.349-360 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.349-360 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:4:p:349-360 Template-Type: ReDIF-Article 1.0 Author-Name: Özgür Arslan Author-X-Name-First: Özgür Author-X-Name-Last: Arslan Author-Name: Mehmet Baha Karan Author-X-Name-First: Mehmet Baha Author-X-Name-Last: Karan Title: Credit risks and internationalization of SMEs Abstract: Abstract The purpose of the paper is to identify common attributable factors causing credit risks to domestic and international SMEs of an emerging market in Turkey. We call domestic firms as the ones only making local sales and international firms as the ones also making sales abroad. Therefore in this study, cross‐border sales are assumed to lead the firms to internationalization. We study totally 1,166 SMEs for the year 2007, which coincide with an economic expansion in Turkey. We find that different factors affect credit risks for the two types of firms. For domestic firms, our results present a direct relationship between the likelihood of corporate default and trade credits, corporate tax, financial expenses and net profit margin yet the relationship turns negative for gross profit margin. For international firms, likelihood of corporate default increases with the ratio of inventories to total assets but decreases with net profits and net sales. Journal: Journal of Business Economics and Management Pages: 361-368 Issue: 4 Volume: 10 Year: 2009 Month: 9 X-DOI: 10.3846/1611-1699.2009.10.361-368 File-URL: http://hdl.handle.net/10.3846/1611-1699.2009.10.361-368 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:10:y:2009:i:4:p:361-368 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandras Vytautas Rutkauskas Author-X-Name-First: Aleksandras Vytautas Author-X-Name-Last: Rutkauskas Author-Name: Adomas Ginevičus Author-X-Name-First: Adomas Author-X-Name-Last: Ginevičus Title: Integrated Management of Marketing Risk and Efficiency Abstract: Abstract There are two principal problems arising for marketing management: first—the increase of marketing ability to use effectively its resources, and second—to inventory the risks influencing marketing activity in order to develop their management strategy. Considering exceptional riskiness of marketing, the solution of marketing efficiency problems is not separable from identification of risks, influencing marketing, and their management strategies development. Integrated analysis of marketing efficiency and risk management problems is performed in two ways. First, a marketing risks portfolio management situation is analysed in such a way that resources, intended for risk management, are distributed among the means of decreasing value at risk in such a manner that the overall value of risk, i.e. the resultant of all risk values, would be minimal. Second, based on the expert efficiency estimates for a unit of costs in every element of marketing structure, a distribution of costs is pursued which would uphold the best increase of marketinggenerated marginal utility. To find the solution, imitative modeling and stochastic optimization methods are used. Journal: Journal of Business Economics and Management Pages: 1-23 Issue: 1 Volume: 12 Year: 2010 Month: 12 X-DOI: 10.3846/16111699.2011.555357 File-URL: http://hdl.handle.net/10.3846/16111699.2011.555357 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:1:p:1-23 Template-Type: ReDIF-Article 1.0 Author-Name: Sepehr Ghazinoory Author-X-Name-First: Sepehr Author-X-Name-Last: Ghazinoory Author-Name: Mansoureh Abdi Author-X-Name-First: Mansoureh Author-X-Name-Last: Abdi Author-Name: Mandana Azadegan-Mehr Author-X-Name-First: Mandana Author-X-Name-Last: Azadegan-Mehr Title: Swot Methodology: A State-of-the-Art Review for the Past, A Framework for the Future Abstract: Abstract The SWOT analysis is the process of exploring the internal and external environments of an organization and extracting convenient strategies based on its strengths, weaknesses, opportunities and threats. This paper presents a literature review of SWOT analysis, based on a reference bank of about 557 papers established through searching various databases. This paper reviews papers that have been published up to the end of 2009. The origination and historical development of SWOT are explained first, followed by a survey on trends & classifications in SWOT papers including journals, countries, years, people & contents. Then a categorical analysis is conducted about application area and scope of SWOT. Also a methodological development of SWOT is discussed. Finally, concluding remarks and a few suggestions and challenges are presented for future studies. It is hoped that the paper can serve the needs of researchers and practitioners for easy references of SWOT studies and applications, and hence promote SWOT future development. Journal: Journal of Business Economics and Management Pages: 24-48 Issue: 1 Volume: 12 Year: 2010 Month: 11 X-DOI: 10.3846/16111699.2011.555358 File-URL: http://hdl.handle.net/10.3846/16111699.2011.555358 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:1:p:24-48 Template-Type: ReDIF-Article 1.0 Author-Name: Irina Travkina Author-X-Name-First: Irina Author-X-Name-Last: Travkina Author-Name: Manuela Tvaronavièiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavièiene Title: Export Competitiveness and Domestic Productivity Facets: Case of Lithuania Abstract: Abstract The relationships between export competitiveness and separate productivity factors are complex. Since the late 1990s debates on these relationships have been strongly influenced by the Krugman hypothesis, which states that the competitiveness could be measured directly by productivity. In the paper it is assumed, that export competitiveness is derivative of main factors’ productivities, therefore properly presented and juxtaposed data on labour, capital and energy productivity/intensity would provide with new insights about character of relations between export competitiveness and main production factors productivities. Practical approach for predicting the Lithuanian export competitiveness future change direction by using listed indicators is being suggested. As a result, possible implications of main productivity factors impact on further export competitiveness have been foreseen. Journal: Journal of Business Economics and Management Pages: 49-68 Issue: 1 Volume: 12 Year: 2010 Month: 12 X-DOI: 10.3846/16111699.2011.555360 File-URL: http://hdl.handle.net/10.3846/16111699.2011.555360 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:1:p:49-68 Template-Type: ReDIF-Article 1.0 Author-Name: Maciej Nowak Author-X-Name-First: Maciej Author-X-Name-Last: Nowak Title: Interactive Multicriteria Decision Aiding Under Risk—Methods and Applications Abstract: Abstract In the paper a discrete multicriteria decision making problem under risk is considered. It is assumed that the set of alternatives consists of a finite number of elements that are explicitly described. The evaluations of alternatives with respect to criteria are represented by distribution functions. The decision maker tries to find a solution preferred to all other solutions. To solve the problem one has to analyze the decision maker's preferences. In the study interactive approach is used. Three interactive methods and its applications in operations management are presented. Journal: Journal of Business Economics and Management Pages: 69-91 Issue: 1 Volume: 12 Year: 2010 Month: 10 X-DOI: 10.3846/16111699.2011.555366 File-URL: http://hdl.handle.net/10.3846/16111699.2011.555366 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:1:p:69-91 Template-Type: ReDIF-Article 1.0 Author-Name: Gregorio Sanchez-Marin Author-X-Name-First: Gregorio Author-X-Name-Last: Sanchez-Marin Author-Name: J. Samuel Baixauli-Soler Author-X-Name-First: J. Samuel Author-X-Name-Last: Baixauli-Soler Author-Name: M. Encarnacion Lucas-Perez Author-X-Name-First: M. Encarnacion Author-X-Name-Last: Lucas-Perez Title: Ownership Structure and Board Effectiveness as Determinants of TMT Compensation in Spanish Listed Firms Abstract: Abstract This study analyzes the influence of ownership structure and the board of directors on top management team (TMT) pay levels in a sample of Spanish listed firms. When panel data methodology is applied, the results show that TMT pay level is affected by the supervisory effectiveness of the board. This, in turn, is influenced by ownership concentration and the type of major shareholders. When ownership is dispersed, the board is more effective in their supervision and TMT pay level is lower. However, when ownership is concentrated, the quality of supervision and, consequently, TMT pay levels depend upon the type of shareholder that is predominant. Journal: Journal of Business Economics and Management Pages: 92-109 Issue: 1 Volume: 12 Year: 2010 Month: 11 X-DOI: 10.3846/16111699.2011.555371 File-URL: http://hdl.handle.net/10.3846/16111699.2011.555371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:1:p:92-109 Template-Type: ReDIF-Article 1.0 Author-Name: Silvia Mãrginean Author-X-Name-First: Silvia Author-X-Name-Last: Mãrginean Author-Name: Ramona Toma (Orãştean) Author-X-Name-First: Ramona Author-X-Name-Last: Toma (Orãştean) Title: Some Issues Concerning Sector Concentration. Evidence from Romania Abstract: Abstract This paper examines the dynamics of sector concentration in Romania starting from two basic questions: how concentrated the economic activities are and what factors determine the economic concentration. The lack of availability of concentration ratio series for Romanian economy has limited the research in this field. The paper reports the concentration ratios dynamics in Romania during the period 1996--2004, looking at the differences between industries and offers some possible explanations. We use the simple concentration ratio (CR) for the largest 5 and 20 companies to measure concentration in 25 industries according to the sales figure and the number of employees. Our study has been limited to the processing industry, because the mining industry continues to have a very high level of concentration, without any significant changes in the analysed period; commerce, services and constructions are sectors with low entrance barriers and a strong geographic concentration character, thus their analysis can become irrelevant for the national level. Based on the average values of the concentration coefficients that it was determined for the period 1996--2004 we proposed the map of Romanian industry concentration, as a graphical tool for a synthetic view of the general concentration level in a national economy. Journal: Journal of Business Economics and Management Pages: 110-130 Issue: 1 Volume: 12 Year: 2010 Month: 11 X-DOI: 10.3846/16111699.2011.555378 File-URL: http://hdl.handle.net/10.3846/16111699.2011.555378 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:1:p:110-130 Template-Type: ReDIF-Article 1.0 Author-Name: Süleyman Tuluð Ok Author-X-Name-First: Süleyman Tuluð Author-X-Name-Last: Ok Title: International Outsourcing: Empirical Evidence from the Netherlands Abstract: Abstract This study examines the results of a field survey on international outsourcing conducted in 2009 in the Netherlands. The research sample is composed of 156 Dutch enterprises from various industries. Empirical evidence shows that reduction of labor costs, improved competitiveness, strategic decisions taken by the group head and reduction in other costs are the main motivations for Dutch firms to engage in international outsourcing. Tax and regulatory advantages seem to play a lesser role. The motivations can be grouped into three distinct factors: access to cheaper resources and increasing competition, access to scarce and distinctive resources and reduction of other production costs. The most important impediments turn out to be problems with distance to producers, the need for proximity to existing clients, concerns about the outsourcing operation exceeding expected benefits and linguistic/cultural barriers. Violation of patents/intellectual property rights and uncertainty of international standards are not viewed as important issues. The impediments are captured by three different dimensions as indicated by the data: legal and governmental obstacles, human concerns and logistical difficulties. Journal: Journal of Business Economics and Management Pages: 131-143 Issue: 1 Volume: 12 Year: 2010 Month: 11 X-DOI: 10.3846/16111699.2011.555383 File-URL: http://hdl.handle.net/10.3846/16111699.2011.555383 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:1:p:131-143 Template-Type: ReDIF-Article 1.0 Author-Name: Theodoros Koutroumanidis Author-X-Name-First: Theodoros Author-X-Name-Last: Koutroumanidis Author-Name: Konstantinos Ioannou Author-X-Name-First: Konstantinos Author-X-Name-Last: Ioannou Author-Name: Eleni Zafeiriou Author-X-Name-First: Eleni Author-X-Name-Last: Zafeiriou Title: Forecasting Bank Stock Market Prices with a Hybrid Method: The Case of Alpha Bank Abstract: Abstract The present study aims at constructing Confidence Intervals (C.I) for the predicted values of a Time Series with the application of a Hybrid method. The presented methodology is complicated and thus is completed in different stages. Initially the Artificial Neural Networks (ANNs) is applied on the raw time series in order to estimate C.I of the forecasts. Then, the Bootstrap method is employed on the residuals generated by the preceded process. On the upper and lower limit of the estimated C.I., two new ANNs are employed in order to make point estimations (of the upper and lower limits) using of Object Oriented Programming. For the empirical analysis daily observations of the closing prices of Alpha Bank stocks have been used. The sample period is extended from 28/01/2004 until 30/11/2005. The nonstationarity of the time series employed in our study is not a forbidding condition for the estimation of the confidence intervals, in our case, since the level of bootstrap still provides a satisfactory approximation for the roots arbitrarily close to unity (Berkowitz, Kilian 1996). The accuracy of the forecasts was surveyed with the use of different criteria and the results were satisfactory. Journal: Journal of Business Economics and Management Pages: 144-163 Issue: 1 Volume: 12 Year: 2010 Month: 12 X-DOI: 10.3846/16111699.2011.555388 File-URL: http://hdl.handle.net/10.3846/16111699.2011.555388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:1:p:144-163 Template-Type: ReDIF-Article 1.0 Author-Name: Justo de Jorge Moreno Author-X-Name-First: Justo de Jorge Author-X-Name-Last: Moreno Author-Name: Leopoldo Laborda Castillo Author-X-Name-First: Leopoldo Laborda Author-X-Name-Last: Castillo Title: Corporate Growth, Age and Ownership Structure: Empirical Evidence in Spanish Firms Abstract: Abstract The objective of this work is to analyse firm mobility among the different sectors of the Spanish economy according to a statistical classification of economic activities at the 1-digit level. Some of the stylised facts that we find are: an inverse relation between firm growth and age; an increase in new entrants’ average relative size in terms of sales compared to established firms among the different industries and cohorts; the importance of the firm's initial size in entrepreneurial activity; the favourable impact of the economy on firm growth; and a positive relation between non-concentration in the ownership structure and greater mobility. In this context, an efficient corporate governance system may prove as a significant policy tool for the investment and growth prospective of the Spanish economy. The regulatory framework of the Spaniard capital market has been coordinate with the EU standards. The challenge is now mostly for the firms to adopt the appropriate corporate governance structures, in order to achieve real convergence, in terms of productivity and competitiveness, with other developed economies. Journal: Journal of Business Economics and Management Pages: 164-196 Issue: 1 Volume: 12 Year: 2010 Month: 11 X-DOI: 10.3846/16111699.2011.555449 File-URL: http://hdl.handle.net/10.3846/16111699.2011.555449 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:1:p:164-196 Template-Type: ReDIF-Article 1.0 Author-Name: Cengiz Demir Author-X-Name-First: Cengiz Author-X-Name-Last: Demir Author-Name: Nazli A. Ayyildiz Unnu Author-X-Name-First: Nazli A. Author-X-Name-Last: Ayyildiz Unnu Author-Name: Emel Erturk Author-X-Name-First: Emel Author-X-Name-Last: Erturk Title: Diagnosing the Organizational Culture of a Turkish Pharmaceutical Company Based on the Competing Values Framework Abstract: Abstract Organizational culture plays a significant role in understanding organizational dynamics and it distinguishes the members of one organization from other people. In this regard; it is found out that an organization, which is able to maintain a strong and “preferred” culture, is likely to enjoy many benefits such as higher levels of performance, person-organization fit, commitment, job satisfaction and competitive advantage. Thus, the purpose of this study is to diagnose the culture of a pharmaceutical company, which is located in Turkey, and find out the “perceived” and “preferred” cultural profiles both in the headquarters and branches of the company. The perceived culture has been found as hierarchy whereas the preferred one has been found as clan leading to incongruence between the perceived and preferred cultural profiles. In this regard; the reasons lying behind this mismatch are discussed, as it is important for the success of the organization and person-organization fit. Hence, the influential effects of national culture on shaping the organizational culture profiles have been discussed. Furthermore, the effects of educational level and union membership on culture profiles are also explored to understand the dynamics leading to such results thoroughly. Journal: Journal of Business Economics and Management Pages: 197-217 Issue: 1 Volume: 12 Year: 2010 Month: 12 X-DOI: 10.3846/16111699.2011.555451 File-URL: http://hdl.handle.net/10.3846/16111699.2011.555451 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:1:p:197-217 Template-Type: ReDIF-Article 1.0 Author-Name: Peide Liu Author-X-Name-First: Peide Author-X-Name-Last: Liu Title: The Study on Venture Investment Evaluation Based on Linguistic Variables for Chinese Case Abstract: Abstract The venture investment evaluation plays a very important role in the venture investment operation process. The goal of the paper is development of evaluation index systems and evaluation methods for venture investment. Firstly, the evaluation index systems of venture investment project are constructed in accordance with China's practical situation. Then evaluation models have been presented. In the models, operational laws of linguistic variables and distance of two linguistic variables are defined; and a single objective optimization model is constructed by maximizing deviation method to get the objective weights of indexes, and alternatives are ranked by TOPSIS and grey relation methods respectively. Finally, a numerical example is given to illustrate the evaluation procedures of two approaches. The case shows that two different approaches get the same result, but TOPSIS is simpler apparently. Journal: Journal of Business Economics and Management Pages: 219-233 Issue: 2 Volume: 12 Year: 2011 Month: 1 X-DOI: 10.3846/16111699.2011.573284 File-URL: http://hdl.handle.net/10.3846/16111699.2011.573284 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:2:p:219-233 Template-Type: ReDIF-Article 1.0 Author-Name: Min-Ren Yan Author-X-Name-First: Min-Ren Author-X-Name-Last: Yan Title: A Fuzzy Logic Enhanced Bargaining Model for Business Pricing Decision Support in Joint Venture Projects Abstract: Abstract Project businesses are increasingly emerging and many companies cooperatively participate in various projects by the manner of joint venture (JV) for creating synergistic competitiveness. In a project-based short-term JV, the project tasks of JV parties can be properly allocated based on complementary specialties but the rewards sharing is always a challenge in the bargaining process. For improving the manager's reasoning process of pricing decisions, this paper incorporates game theory and fuzzy set theory for the development of a bargaining model, which can be used to estimate acceptable prices for JV parties in accordance with each party's costs and each party's need for the project's revenue. The proposed decision support model can assist JV companies to understand their bargaining positions and select a bargaining strategy in a systematic and rational manner. Irrational offers and alternatives can also be detected and eliminated during the dynamic bargaining process, so as to maintain right businesses. Journal: Journal of Business Economics and Management Pages: 234-247 Issue: 2 Volume: 12 Year: 2011 Month: 2 X-DOI: 10.3846/16111699.2011.573281 File-URL: http://hdl.handle.net/10.3846/16111699.2011.573281 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:2:p:234-247 Template-Type: ReDIF-Article 1.0 Author-Name: Chien-Chiang Lee Author-X-Name-First: Chien-Chiang Author-X-Name-Last: Lee Author-Name: Mei-Ping Chen Author-X-Name-First: Mei-Ping Author-X-Name-Last: Chen Author-Name: Chun-An Li Author-X-Name-First: Chun-An Author-X-Name-Last: Li Author-Name: Chi-Hung Chang Author-X-Name-First: Chi-Hung Author-X-Name-Last: Chang Title: Determinants of ADR Returns before and after Domestic Stock Seasoned Equity Offerings: Evidence from Asian and Latin American Emerging Markets Abstract: Abstract This paper examines the critical determinants of American depository receipt (ADR) returns before and after domestic stock seasoned equity offerings (SEOs) for Asian and Latin American emerging economies during 1990--2007, which has never been probed in related issues. We employ the Time Series Cross Section Regressions and General Method of Moments methods to document that domestic stock returns play a vital role in explaining Latin American ADR returns, while US investor sentiment is crucial in explaining Asian ADR returns. Local investor sentiment is found to be considerably important than domestic stock returns in Asian ADR returns, while Latin American local investor sentiment (US investor sentiment) is more important before (after) domestic stock SEOs. The results do not support the view that ADR-reconciled earnings per share (EPS) and stock EPS provide significant information to explain ADR returns in Latin American and Asian emerging markets both before and after SEOs. Furthermore, international market differences in a specific geography should be considered when diversifying investments and efficiency accounting communication with accounting convergence does not need to be emphasized. Journal: Journal of Business Economics and Management Pages: 248-277 Issue: 2 Volume: 12 Year: 2011 Month: 2 X-DOI: 10.3846/16111699.2011.573264 File-URL: http://hdl.handle.net/10.3846/16111699.2011.573264 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:2:p:248-277 Template-Type: ReDIF-Article 1.0 Author-Name: Osman M. Karatepe Author-X-Name-First: Osman M. Author-X-Name-Last: Karatepe Title: Service Quality, Customer Satisfaction and Loyalty: The Moderating Role of Gender Abstract: Abstract The purpose of this study is to investigate customer satisfaction as a mediator of the effects of service environment, interaction quality, empathy, and reliability on loyalty. The present study also aims to examine gender as a moderator in the relationship between the aforementioned service quality dimensions and customer satisfaction. Data were gathered from the customers of retail banks in Northern Cyprus. The results based on hierarchical multiple regression analysis reveal that customer satisfaction mediates the impacts of service environment, interaction quality, empathy, and reliability on loyalty. The results also indicate that gender moderates the effects of empathy and reliability on customer satisfaction. Implications of the results are discussed, and avenues for future research are offered. Journal: Journal of Business Economics and Management Pages: 278-300 Issue: 2 Volume: 12 Year: 2011 Month: 1 X-DOI: 10.3846/16111699.2011.573308 File-URL: http://hdl.handle.net/10.3846/16111699.2011.573308 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:2:p:278-300 Template-Type: ReDIF-Article 1.0 Author-Name: Juan M. Berbel-Pineda Author-X-Name-First: Juan M. Author-X-Name-Last: Berbel-Pineda Author-Name: José M. Ramírez-Hurtado Author-X-Name-First: José M. Author-X-Name-Last: Ramírez-Hurtado Title: Does the Foreign Market Entry Mode Choice Affect Export Performance? The Case of the Spanish Hotel Industry Abstract: Abstract Knowing the factors that affect the export performance has become one of the most recent research lines in the literature relative to business internationalisation. In this sense, several works based on the meta-analysis technique have come up in the two last decades in order to recapitulate the set of studies which have analysed such a topic. Taking these reviews as a starting point, we may establish that there is not a clear relationship between the entry mode and export performance variables. With a study on a sample of 122 Spanish hotels all over the world, we have the intention of analysing the existence and sense of the relationship between both variables. As a conclusion, we may state that the market entry mode has a positive and significant influence on export performance. Journal: Journal of Business Economics and Management Pages: 301-316 Issue: 2 Volume: 12 Year: 2010 Month: 12 X-DOI: 10.3846/16111699.2011.573270 File-URL: http://hdl.handle.net/10.3846/16111699.2011.573270 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:2:p:301-316 Template-Type: ReDIF-Article 1.0 Author-Name: Asta Valackienė Author-X-Name-First: Asta Author-X-Name-Last: Valackienė Author-Name: Rūta Virbickaitė Author-X-Name-First: Rūta Author-X-Name-Last: Virbickaitė Title: Conceptualization of Crisis Situation in a Company Abstract: Abstract The paper highlights theoretical construct of crisis situation in a company emphasizing the methodological positions of a social phenomenon. Applying systemic analysis of crisis situation in a company the paper discusses hardly spread social phenomenon, i.e. occurrence and expression of crisis situation in a company. On the basis of retrospective analysis of crisis situation, both crisis environment and bankruptcy features are presented and principal keywords defined with reference to crisis in a company as a social phenomenon and related to its environment: human, company-based, national and global. It shows the complexity of the scientific research object, that brings meaningful input into the analysis of crisis features in company life cycle. The paper aims at discussing and presenting critical reviews of crisis situation interpretations with emphasis on methodological positions of social phenomenon in different disciplines. The differences and links between crisis and crisis situation are also explained. Through explanation of logical construct of the paper, the authors specify crisis concept in a company: distinguishing negative changes in a company, that make the company staff apply crisis communication process and instrumentalities. In the above mentioned context the problem of crisis situation in a company remains significant from psychological, social and economic and managerial perspectives. Journal: Journal of Business Economics and Management Pages: 317-331 Issue: 2 Volume: 12 Year: 2011 Month: 2 X-DOI: 10.3846/16111699.2011.575192 File-URL: http://hdl.handle.net/10.3846/16111699.2011.575192 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:2:p:317-331 Template-Type: ReDIF-Article 1.0 Author-Name: Nor Asiah Omar Author-X-Name-First: Nor Asiah Author-X-Name-Last: Omar Author-Name: Syed Shah Alam Author-X-Name-First: Syed Shah Author-X-Name-Last: Alam Author-Name: Norzalita Abdul Aziz Author-X-Name-First: Norzalita Abdul Author-X-Name-Last: Aziz Author-Name: Muhamad Azrin Nazri Author-X-Name-First: Muhamad Azrin Author-X-Name-Last: Nazri Title: Retail Loyalty Programs in Malaysia: The Relationship of Equity, Value, Satisfaction, Trust, and Loyalty among Cardholders Abstract: Abstract This study examines loyalty programs in Malaysia in terms of perceived equity, value, program satisfaction, program trust, and store loyalty. A total of 400 questionnaires were collected from cardholders in Klang Valley, Malaysia. The hypotheses were based on social exchange and equity theories. The structural equation model that assessed the relationship between the proposed variables was tested using AMOS 6.0. The findings revealed that perceived equity and perceived value of the loyalty program significantly influence program satisfaction and trust. Program trust was the most important predictor of store loyalty. Limitations of the study and recommendations for future research are discussed. Journal: Journal of Business Economics and Management Pages: 332-352 Issue: 2 Volume: 12 Year: 2011 Month: 2 X-DOI: 10.3846/16111699.2011.573297 File-URL: http://hdl.handle.net/10.3846/16111699.2011.573297 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:2:p:332-352 Template-Type: ReDIF-Article 1.0 Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Author-Name: Drago Papler Author-X-Name-First: Drago Author-X-Name-Last: Papler Title: Economic Efficiency, Energy Consumption and Sustainable Development Abstract: Abstract This paper analyzes structural indicators of economic efficiency and energy intensity consumption as determinants of sustainable economic development for the selected 33 European countries. The correlation, regression and multivariate factor analyses are applied to test the associations between the selected structural variables of energy intensity consumption, economic efficiency, and the main driving forces behind these developments. Economic efficiency is positively associated with expenditures on research and development (R&D) and a greater technological intensity of exports, while at the same time the economic efficiency of R&D expenditures and technological intensity of exports reduce the energy intensity consumption of the economy. The results suggest that management strategies and policies directed towards R&D expenditures, human capital investments, and technologically intensive export oriented products are improving economic efficiency performance and contributing to energy saving sustainable economic development. The technological intensity of products reduces energy consumption, which is related to restructuring of energy intensive industries into more advanced and energy saving ones with higher value added per unit of product, but with lower energy consumption per unit of product. Journal: Journal of Business Economics and Management Pages: 353-374 Issue: 2 Volume: 12 Year: 2010 Month: 12 X-DOI: 10.3846/16111699.2011.573278 File-URL: http://hdl.handle.net/10.3846/16111699.2011.573278 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2010:i:2:p:353-374 Template-Type: ReDIF-Article 1.0 Author-Name: Syed Shah Alam Author-X-Name-First: Syed Author-X-Name-Last: Shah Alam Author-Name: Md. Yunus Ali Author-X-Name-First: Md. Yunus Author-X-Name-Last: Ali Author-Name: Mohd. Fauzi Mohd. Jani Author-X-Name-First: Mohd. Fauzi Author-X-Name-Last: Mohd. Jani Title: An Empirical Study of Factors Affecting Electronic Commerce Adoption among SMEs in Malaysia Abstract: Abstract This study empirically examines determinants of E-commerce adoption by Malaysian Small and Medium-sized Enterprises. Research model for this study was drawn on the literature on information and communication technology, Information system, and electronic data interchange. This study tested seven hypotheses on factors that influence e-commerce adoption with empirical data from a sample of 200 SMEs in Malaysia. The findings show that relative advantage, compatibility, organizational readiness, manager's characteristics, and security have significant impact on e-commerce adoption. The study provides a clear understanding of manager's perception about e-commerce adoption in their businesses. This study is important in a global context, as SMEs in Malaysia are going for exporting their product in the global marketplace. Journal: Journal of Business Economics and Management Pages: 375-399 Issue: 2 Volume: 12 Year: 2011 Month: 1 X-DOI: 10.3846/16111699.2011.576749 File-URL: http://hdl.handle.net/10.3846/16111699.2011.576749 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:2:p:375-399 Template-Type: ReDIF-Article 1.0 Author-Name: Pranas Žukauskas Author-X-Name-First: Pranas Author-X-Name-Last: Žukauskas Author-Name: Jolita Vveinhardt Author-X-Name-First: Jolita Author-X-Name-Last: Vveinhardt Title: Mobbing Diagnosis Instrument: Stages of Construction, Structure and Connectedness of Criteria Abstract: Abstract The article deals with mobbing diagnosis criteria in instruments designed by foreign scientists; it presents the process of development of the instrument for diagnosis of mobbing as discrimination in employee relations, designed by the authors, which involves five main stages. The results of expert assessment and their impact on further development of the instrument are discussed in more detail. The detailed structure of the instrument is presented, distinguishing characteristics and criteria and revealing some fragments of indicators in the article. The analysis of intercorrelations has confirmed especially high reliability of interconnectedness of criteria, i.e. 0.001. Journal: Journal of Business Economics and Management Pages: 400-416 Issue: 2 Volume: 12 Year: 2011 Month: 2 X-DOI: 10.3846/16111699.2011.575193 File-URL: http://hdl.handle.net/10.3846/16111699.2011.575193 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:2:p:400-416 Template-Type: ReDIF-Article 1.0 Author-Name: Simona Kildienė Author-X-Name-First: Simona Author-X-Name-Last: Kildienė Author-Name: Arturas Kaklauskas Author-X-Name-First: Arturas Author-X-Name-Last: Kaklauskas Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Title: COPRAS based Comparative Analysis of the European Country Management Capabilities within the Construction Sector in the Time of Crisis Abstract: Abstract Construction industry and its impact on the national economy in different countries had been investigated. In general, it can be noted that development trends of the construction industry is almost the same as the development trends of the whole country economy itself. Efficiency level of the construction and real estate industries depends on the specific quantities of the variables within micro, meso and macro context. Although factors of the macro level influence the efficiency level of the whole economy this investigation analyses its influence on the efficiency of the construction industry. Efficiency of the construction industry operation depends on the complex impact of the macro level variable factors such as economic, political and cultural level of development, construction industry are effected by the regulating documents, market, taxation system, drawing possibilities and conditions, inflation, local resources etc. (Kaklauskas et al. 2011). Construction industry development possibilities vary according to the effect of macro level factors. Crisis, spin up in 2008--2009, had differently affected the construction industry markets of the European Union countries. The general part of countries had faced the decrease of outputs, real estate transactions, and predictable reduction in employment of population and quantity of construction companies. Adverse conditions and huge deviations that had arisen due to the crisis encourage analysing the situation of the construction sector not only in the particular country but in other ones, it happens because of possibility to analyse the international experience and get the broader view of the construction sector issues and solve them correctly. Procedure, presented in the issue, provide the possibility to detect the one of 23 European countries which possesses the most effective construction sector market development according to the criteria set. Countries undergo the multi-criteria evaluation applying COPRAS methods (Zavadskas and Kaklauskas 1996), evaluation criteria relevance is determined via entropy method. The first time using the entropy concept (Shannon and Weaver 1947; Shannon 1948) for maximizing the quantity of information contained in the dataset. The entropy is described as the casual value of the uncertainty which makes it more valuable in comparison with other factors. Thus, the main goal of the work is to group investigated European countries applying the COPRAS method and evaluating six criteria, describing the construction sector. In order to implement this goal, economy of the European Union countries, construction sectors, statistical economic data, valuables set according to the entropy method and priority of the European country construction sectors set by COPRAS method will be evaluated. Journal: Journal of Business Economics and Management Pages: 417-434 Issue: 2 Volume: 12 Year: 2011 Month: 2 X-DOI: 10.3846/16111699.2011.575190 File-URL: http://hdl.handle.net/10.3846/16111699.2011.575190 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:2:p:417-434 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Agnė Šimelytė Author-X-Name-First: Agnė Author-X-Name-Last: Šimelytė Title: Government incentives directed towards foreign direct investment: a case of central and eastern europe Abstract: Abstract This article examines the government incentives towards foreign direct investments (further -- FDI) of Central and Eastern Europe countries by evaluating the external influencing factors of foreign investment. It is argued that the major incentive affecting FDI inflows involves more fiscal than financial incentives. Tax deduction is considered to be the most significant influencing factor on attracting FDI. Hence, the empirical analysis is based on exogenous variables. The empirical model was used to determine causal relationship between macroeconomic variables and FDI intensity in Central and Eastern European countries. The article introduces some policy recommendation for the increase of FDI intensity in Central and Eastern Europe. Journal: Journal of Business Economics and Management Pages: 435-450 Issue: 3 Volume: 12 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.599415 File-URL: http://hdl.handle.net/10.3846/16111699.2011.599415 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:3:p:435-450 Template-Type: ReDIF-Article 1.0 Author-Name: Manuel Carlos Vallejo-Martos Author-X-Name-First: Manuel Carlos Author-X-Name-Last: Vallejo-Martos Title: The organizational culture of family firms as a key factor of competitiveness Abstract: Abstract In the current research work we build and test a model for the analysis and management of the organizational culture of family firms based on the main arguments of neo-institutional theory and transformational leadership theory. The model we have built allows us to test for the existence of positive relations between the values defining the second level of organizational culture (commitment, harmony, long term orientation and customer service and performance, measured through variables, such as profitability, survival and group cohesion. The model will prove to be useful tool to exploit the competitive potential that the organizational culture represents for this type of firms. Journal: Journal of Business Economics and Management Pages: 451-481 Issue: 3 Volume: 12 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.599407 File-URL: http://hdl.handle.net/10.3846/16111699.2011.599407 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:3:p:451-481 Template-Type: ReDIF-Article 1.0 Author-Name: Aušrinė Lakštutienė Author-X-Name-First: Aušrinė Author-X-Name-Last: Lakštutienė Author-Name: Rytis Krušinskas Author-X-Name-First: Rytis Author-X-Name-Last: Krušinskas Author-Name: Dalia Rumšaitė Author-X-Name-First: Dalia Author-X-Name-Last: Rumšaitė Title: The influence of deposits insurance on the stability of the baltic states banking system Abstract: Abstract The processes in the financial markets in the last years revealed the new research directions in the risk for market actors valuation area. Globalization processes and their impact on a country's financial system stability affects banking system not only with the clear macroeconomic indicators, but also with the panic and uncertainty of resources providers -- depositors. Deposit coverage insurance limit increase as risk management tool for Baltic States banking system stability in the period of 2005--2009 was implemented. These actions helped commercial banks, participating in deposit insurance system, to keep their credit ratings and financial stability. However, the main concern is about whether this tool is more theoretical or practical for maintaining stability of the banking system, and what influence to macroeconomic factors make deposits sum in country's banks. Journal: Journal of Business Economics and Management Pages: 482-502 Issue: 3 Volume: 12 Year: 2011 Month: 6 X-DOI: 10.3846/16111699.2011.599413 File-URL: http://hdl.handle.net/10.3846/16111699.2011.599413 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:3:p:482-502 Template-Type: ReDIF-Article 1.0 Author-Name: Jesús Cambra-Fierro Author-X-Name-First: Jesús Author-X-Name-Last: Cambra-Fierro Author-Name: Juan M. Berbel-Pineda Author-X-Name-First: Juan M. Author-X-Name-Last: Berbel-Pineda Author-Name: Rocío Ruiz-Benítez Author-X-Name-First: Rocío Author-X-Name-Last: Ruiz-Benítez Author-Name: Rosario Vazquez-Carrasco Author-X-Name-First: Rosario Author-X-Name-Last: Vazquez-Carrasco Title: Managing service recovery processes: the role of customers' age Abstract: Abstract Research and practice show that effective management of service recovery processes boosts customer satisfaction. Under this assumption, the purpose of this paper is to analyze a set of factors which may determine satisfaction with recovery processes and loyalty. We also analyze the role of age as potential moderating. Segmenting customers' samples by age may potentially contribute to more effective service recovery process management. Older customers seem to be more loyal when dealing with service providers than younger customers, while younger customers are more demanding in terms of companies' efforts. Implications for both literature and practice are included at the front-end of the paper. Journal: Journal of Business Economics and Management Pages: 503-528 Issue: 3 Volume: 12 Year: 2011 Month: 4 X-DOI: 10.3846/16111699.2011.599405 File-URL: http://hdl.handle.net/10.3846/16111699.2011.599405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:3:p:503-528 Template-Type: ReDIF-Article 1.0 Author-Name: Agustín Álvarez-Herranz Author-X-Name-First: Agustín Author-X-Name-Last: Álvarez-Herranz Author-Name: Pilar Valencia-De-Lara Author-X-Name-First: Pilar Author-X-Name-Last: Valencia-De-Lara Author-Name: María Pilar Martínez-Ruiz Author-X-Name-First: María Pilar Author-X-Name-Last: Martínez-Ruiz Title: How entrepreneurial characteristics influence company creation: a cross-national study of 22 countriestested with panel data methodology Abstract: Abstract This study analyzes, from a multicountry perspective, the influence of the sociodemographic profiles of nascent and new entrepreneurs on their behavior. The panel data-based research approach combines temporal series and cross-sectional data to assess entrepreneurial activities across 22 countries with varying income levels. The results show that entrepreneurs' characteristics influence entrepreneurial behavior significantly and positively, in the following order: previous experience of the founder, age, and education. These findings suggest valid recommendations for stimulating entrepreneurship, both for enterprising business founders and for the institutions responsible for designing economic and regional development policies. Journal: Journal of Business Economics and Management Pages: 529-545 Issue: 3 Volume: 12 Year: 2011 Month: 4 X-DOI: 10.3846/16111699.2011.599409 File-URL: http://hdl.handle.net/10.3846/16111699.2011.599409 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:3:p:529-545 Template-Type: ReDIF-Article 1.0 Author-Name: Toma Lankauskienė Author-X-Name-First: Toma Author-X-Name-Last: Lankauskienė Author-Name: Manuela Tvaronavičienė Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičienė Title: Interrelation of countries' developmental level and foreign direct investments performance Abstract: Abstract The aim of this article is to formulate hypothesis about interrelation of countries' developmental level and foreign direct investments performance with reference to relevant scientific literature. Reviewed ample relevant scientific literature made a presumption to arise that the impact of FDI differs in developed, developing and underdeveloped countries, i.e. depends on level of development: developed countries benefit most, developing less and underdeveloped least. Countries to respective groups have been attributed according to their level of development and indicators chosen for the formulation of following hypotheses. The following indicators capable of reflecting FDI impact on enhancing wellbeing in unevenly developed countries (GDP, exports, inflation, population, life expectancy at birth, primary school pupils, infant mortality, total health expenditure per capita, total tax rate, Internet users, residential consumption of electricity) and differences between developed and underdeveloped countries in the fields of: economic, social and business environment. In the paper a series of hypotheses has been formulated. Journal: Journal of Business Economics and Management Pages: 546-565 Issue: 3 Volume: 12 Year: 2011 Month: 3 X-DOI: 10.3846/16111699.2011.599412 File-URL: http://hdl.handle.net/10.3846/16111699.2011.599412 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:3:p:546-565 Template-Type: ReDIF-Article 1.0 Author-Name: José M. Ramírez-Hurtado Author-X-Name-First: José M. Author-X-Name-Last: Ramírez-Hurtado Author-Name: Francisco J. Rondán-Cataluña Author-X-Name-First: Francisco J. Author-X-Name-Last: Rondán-Cataluña Author-Name: Flor M. Guerrero-Casas Author-X-Name-First: Flor M. Author-X-Name-Last: Guerrero-Casas Author-Name: Juan M. Berbel-Pineda Author-X-Name-First: Juan M. Author-X-Name-Last: Berbel-Pineda Title: Identifying the franchisee profiles franchisors prefer Abstract: Abstract This study identifies the franchisee profiles that franchisors prefer. Specifically, the goals of this study are: (1) to identify the characteristics that form the franchisee profile preferred by the franchisors operating in the Spanish market and (2) to contrast diverse hypotheses related to this profile. These hypotheses are related to the ideal franchisee, sector, financial level, number of franchisee units and age of franchisors. Criteria that franchisors look for in potential franchisees are ranked by importance. The value of the paper is significant as it provides a practical framework for franchisors for the selection process of franchisees when choosing from a group of potential franchisees. The franchisee profile was obtained using conjoint analysis, which is a decomposition methodology that is rarely used in this field. Journal: Journal of Business Economics and Management Pages: 567-588 Issue: 4 Volume: 12 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.599408 File-URL: http://hdl.handle.net/10.3846/16111699.2011.599408 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:4:p:567-588 Template-Type: ReDIF-Article 1.0 Author-Name: Aslı Yüksel Mermod Author-X-Name-First: Aslı Yüksel Author-X-Name-Last: Mermod Author-Name: Gitana Dudzevičiūtė Author-X-Name-First: Gitana Author-X-Name-Last: Dudzevičiūtė Title: Frequency domain analysis of consumer confidence, industrial production and retail sales for selected european countries Abstract: Abstract This paper examines the relationship between consumer confidence, economic growth and retail sales for selected countries employing frequency domain analysis. Our methodology includes the causality test developed by Breitung and Candelon (2006) which improves the methodology of Geweke (1982) and Hosoya (1991). We focus on the causality tests across frequency bands as well as the usual Granger causality tests. Especially for the emerging countries the causality goes from the economic growth to consumer confidence but not vice versa. This argument basically supports the findings of Güneş and Uzun (2010) as well as Balkytė and Tvaronavičienė (2010), which claim that in emerging countries consumers are not able to trigger the economic growth with their confidence due to their subsistence level of income. Besides, causality from consumer confidence to retail sales, which is a proxy for the consumer expenditures, is detected. As in Basdas and Çelik (2010), we also obtain significant differences whenever the frequency domain causality tests are employed instead of usual Granger causality tests in time domain. Journal: Journal of Business Economics and Management Pages: 589-602 Issue: 4 Volume: 12 Year: 2011 Month: 3 X-DOI: 10.3846/16111699.2011.599406 File-URL: http://hdl.handle.net/10.3846/16111699.2011.599406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:4:p:589-602 Template-Type: ReDIF-Article 1.0 Author-Name: Barbara Čater Author-X-Name-First: Barbara Author-X-Name-Last: Čater Author-Name: Vesna Žabkar Author-X-Name-First: Vesna Author-X-Name-Last: Žabkar Author-Name: Tomaž Čater Author-X-Name-First: Tomaž Author-X-Name-Last: Čater Title: Commitment in marketing research services: two alternative models Abstract: Abstract The paper aims to contribute to the body of knowledge on client commitment in business-to-business professional services by developing and testing two alternative models: one based on the Relationship Marketing (RM) approach and the second on the Industrial Marketing and Purchasing Group (IMP) approach. Both models include the same mediators (components of commitment) and consequences (attitudinal and behavioral loyalty), yet they differ in the antecedents of commitment. By using SEM, both models are tested and compared on a sample of 150 firms. The results show that affective commitment is the only component of commitment that influences both attitudinal and behavioral loyalty. In the RM model affective commitment is positively influenced by trust, social bonds and satisfaction, while in the IMP model it is positively influenced by trust and knowledge transfers. Although differences in the sizes of effects can be found, the two models perform comparably well in terms of the model fit and their explanatory power of loyalty. Journal: Journal of Business Economics and Management Pages: 603-628 Issue: 4 Volume: 12 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.599410 File-URL: http://hdl.handle.net/10.3846/16111699.2011.599410 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:4:p:603-628 Template-Type: ReDIF-Article 1.0 Author-Name: Ahmet Faruk Aysan Author-X-Name-First: Ahmet Faruk Author-X-Name-Last: Aysan Author-Name: Mustafa Mete Karakaya Author-X-Name-First: Mustafa Mete Author-X-Name-Last: Karakaya Author-Name: Metin Uyanik Author-X-Name-First: Metin Author-X-Name-Last: Uyanik Title: Panel stochastic frontier analysis of profitability and efficiency of turkish banking sector in the post crisis era Abstract: Abstract This paper examines the efficiency and its relation to profitability in Turkish banking sector by employing Panel Stochastic Frontier Approach. In the post crises period, extensive structural changes have taken place and a great number of new developments have occurred, affecting the efficiency of banking sector. This is the first study that employs panel stochastic frontier approach for banking efficiency in Turkey. In this research, both cost and profit efficiency measures are estimated for the panel data consisting of 32 banks between 2002--2007. Results suggest that there is cost efficiency gain and convergence in the efficiency levels of banks. As another interesting result, foreign banks are less efficient and state banks are more efficient. This paper also analyzes the relation between efficiency and profitability and finds no robust relation between them. However, the bank size matters more for profitability. Journal: Journal of Business Economics and Management Pages: 629-654 Issue: 4 Volume: 12 Year: 2011 Month: 3 X-DOI: 10.3846/16111699.2011.599411 File-URL: http://hdl.handle.net/10.3846/16111699.2011.599411 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:4:p:629-654 Template-Type: ReDIF-Article 1.0 Author-Name: Julia Bistrova Author-X-Name-First: Julia Author-X-Name-Last: Bistrova Author-Name: Natalja Lace Author-X-Name-First: Natalja Author-X-Name-Last: Lace Author-Name: Valentina Peleckienė Author-X-Name-First: Valentina Author-X-Name-Last: Peleckienė Title: The influence of capital structure on baltic corporate performance Abstract: Abstract Seeking for the optimal capital structure lasts for more than 50 years and still is very topical, especially during the market turmoil as it happened in 2008. No perfect answer is yet provided to the question of how large debt amount should be kept on the accounts. The main objective of the present paper is to analyze the impact of capital structure decisions on the equity performance and on the profitability of the companies located in Baltics. The study covered the time period of 4 years (from 2007 till 2010) and the sample data of 36 “blue-chip” companies listed on the Baltic Stock exchanges. The results of the study discover positive relationship between stock performance and sufficiency of equity capital. Besides, there was found an inverse relationship between the level of debt and capital profitability confirming the pecking order theory that in the best case the company should use self-generated funds. Journal: Journal of Business Economics and Management Pages: 655-669 Issue: 4 Volume: 12 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.599414 File-URL: http://hdl.handle.net/10.3846/16111699.2011.599414 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:4:p:655-669 Template-Type: ReDIF-Article 1.0 Author-Name: Reza Azimi Author-X-Name-First: Reza Author-X-Name-Last: Azimi Author-Name: Abdolreza Yazdani-Chamzini Author-X-Name-First: Abdolreza Author-X-Name-Last: Yazdani-Chamzini Author-Name: Mohammad Majid Fouladgar Author-X-Name-First: Mohammad Majid Author-X-Name-Last: Fouladgar Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Mohammad Hossein Basiri Author-X-Name-First: Mohammad Hossein Author-X-Name-Last: Basiri Title: Ranking the strategies of mining sector through anp and topsis in a swot framework Abstract: Abstract Mining plays one significant role in most countries and it acts as a foundation for growth and development. It produces raw material for other sectors such as industry, agriculture, etc. So, determining and prioritizing the strategies of mining are so important. Miscellaneous types of tools are offered for determining and evaluating of operational strategies. Analyzing the internal and external environments using strengths, weaknesses, opportunities, and threats (SWOT) helps to determine the current situation and to identify major prospects and challenges that could significantly impact strategy implementation in mining sector. Multi criteria decision making (MCDM) methods are appropriate tools to prioritize under sophisticated environment. Analytical network process (ANP) and TOPSIS are two hands of MCDM methods that are used in different researches. In this paper, we proposed an integrated model for prioritizing the strategies of Iranian mining sector. We employed the SWOT analysis to assign feasible strategies; then, ANP was applied in order to obtain the weight of SWOT factors, finally the strategies were ranked through TOPSIS technique. The results show that improving the ability of exploitation and production outperforms other strategies. Journal: Journal of Business Economics and Management Pages: 670-689 Issue: 4 Volume: 12 Year: 2011 Month: 9 X-DOI: 10.3846/16111699.2011.626552 File-URL: http://hdl.handle.net/10.3846/16111699.2011.626552 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:12:y:2011:i:4:p:670-689 Template-Type: ReDIF-Article 1.0 Author-Name: Yun-Huei Lee Author-X-Name-First: Yun-Huei Author-X-Name-Last: Lee Title: A FUZZY ANALYTIC NETWORK PROCESS APPROACH TO DETERMINING PROSPECTIVE COMPETITIVE STRATEGY IN CHINA: A CASE STUDY FOR MULTINATIONAL BIOTECH PHARMACEUTICAL ENTERPRISES Abstract: Abstract This study explores efforts to identify the most appropriate competitive strategy relative to multinational biotech pharmaceutical enterprises’ strategy selection. The research uses the analytic network process (ANP) technique combining both qualitative and quantitative information to construct a hierarchical model involving interactions among various criteria for competitive strategy selection, and also introduces fuzzy logic to eliminate vagueness, subjectivity, and imprecision stemming from human judgment. The most important finding shows that the most suitable competitive strategy for multinational enterprises (MNEs) is innovative-focus strategy. Also, the weighted calculations present the three most important criteria affecting the competitive strategy of foreign direct investment (FDI): collaboration with local partners, governmental rules and regulations and high-quality research personnel with R & D capability. Journal: Journal of Business Economics and Management Pages: 5-28 Issue: 1 Volume: 13 Year: 2011 Month: 6 X-DOI: 10.3846/16111699.2011.620165 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620165 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:1:p:5-28 Template-Type: ReDIF-Article 1.0 Author-Name: Sun-A Kang Author-X-Name-First: Sun-A Author-X-Name-Last: Kang Author-Name: Yong-Shik Kim Author-X-Name-First: Yong-Shik Author-X-Name-Last: Kim Title: Effect of corporate governance on real activity-based earnings management: evidence from korea Abstract: Abstract This paper aims to determine whether corporate governance affects manager's real operating or investment decision to control reported earnings. Through data analysis of firms listed on the Korean stock exchange, it was found that the aggregated measure of real activity-based earnings management decreases as the size of board is larger or as a greater proportion of external directors sit on the board. Those findings are almost the same, whether a corporate governance index composed by each BOD characteristics is employed, or problem caused by endogenous relationships among variables is controlled. The results provide the first empirical evidence that real activity-based earnings management is influenced by corporate governance structure. This focus on real activity-based earnings management suggests new avenues for research on corporate governance. The results offer some insights for policy makers interested in promoting legislation to ensure strong corporate governance in their nation. Journal: Journal of Business Economics and Management Pages: 29-52 Issue: 1 Volume: 13 Year: 2011 Month: 7 X-DOI: 10.3846/16111699.2011.620164 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620164 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:1:p:29-52 Template-Type: ReDIF-Article 1.0 Author-Name: Selim Aren Author-X-Name-First: Selim Author-X-Name-Last: Aren Author-Name: Lutfihak Alpkan Author-X-Name-First: Lutfihak Author-X-Name-Last: Alpkan Author-Name: Bulent Sezen Author-X-Name-First: Bulent Author-X-Name-Last: Sezen Author-Name: Ziya Alper Guncu Author-X-Name-First: Ziya Alper Author-X-Name-Last: Guncu Title: Drivers of firms’ debt ratios: evidence from Taiwanese and Turkish firms Abstract: Abstract This study investigates the drivers of debt ratios of the firms listed on the stock markets of two different countries, namely Turkey, a developing country and Taiwan, a newly developed country. The factors impacting short-term, long-term, and total debts are selected as EBIT (Earnings before Interest and Tax), ROE (Return on Equity), sales, total assets, fixed assets-total assets ratio, and depreciation-total assets ratio. The findings indicate that there are differences between Turkish and Taiwanese firms in terms of the drivers’ impacts on the debt structures of the firms. The proposed regression models work better on the data collected from Taiwan as compared to the data from Turkey. Possible reasons are discussed in the final section. Journal: Journal of Business Economics and Management Pages: 53-70 Issue: 1 Volume: 13 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.620142 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620142 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:1:p:53-70 Template-Type: ReDIF-Article 1.0 Author-Name: Tomas Kačerauskas Author-X-Name-First: Tomas Author-X-Name-Last: Kačerauskas Title: Creative economy and technologies: social, legal and communicative issues Abstract: Abstract The article deals with the philosophical questions of creative economy. Appealing to J. Howkins, R. Florida and other theorists of creative economy, the author analyses such aspects of creative economy as the need for enterprise, obsession by consuming, fusion of labour and leisure, integrality of the activities, striving for individual autonomy and privacy. The response to economical changes and social challenges could be creativeness that emerges in certain social and economical environment. The author pays attention to legal aspects of creative economy and analyses the role of technologies in the creative society. The author also focuses on the contradictory aspect of the copyright and patent right in creative economy. By expressing the creators’ right to just reward copyright restricts creative communication while patent right expresses aspirations to privatize social property, including nature. The relations between technologies and creative economy refer to social changes, too. Firstly, economic relations could be treated as social technologies. Secondly, technologies (especially e-technologies) are the base of creative industries that ensure economical growth. Thirdly, technologies are indispensable to the consuming that both demands new products and generates the very economy. Journal: Journal of Business Economics and Management Pages: 71-80 Issue: 1 Volume: 13 Year: 2011 Month: 6 X-DOI: 10.3846/16111699.2011.620151 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:1:p:71-80 Template-Type: ReDIF-Article 1.0 Author-Name: Juozas Bivainis Author-X-Name-First: Juozas Author-X-Name-Last: Bivainis Author-Name: Renatas Morkvėnas Author-X-Name-First: Renatas Author-X-Name-Last: Morkvėnas Title: INTEGRATED ASSESSMENT OF ORGANIZATION'S KNOWLEDGE POTENTIAL Abstract: Abstract Knowledge became a vital resource to all economy subjects after humans had become capable to catalyze the creation and spreading of knowledge in the 20th century. It became urgent to be capable of measuring and assessing knowledge to enhance this resource purposefully and well-grounded. Although quite a lot of scientific articles, as well as more popular publications, analyze various aspects of knowledge management, but the problem of knowledge assessment is yet to be solved. Although plenty of scientists have researched the theoretical and practical problems of assessing organization's knowledge potential for a few decades, a unified and single methodology of assessment has not been accepted. The outcome of our research is the original concept for determining knowledge potential, essentially based on new principles. An assessment of the factors making a real impact helped in building a model including such components as employee's knowledge potential, knowledge potential synergy, and organization's environment. The quantitative specifications of the above introduced components have been prepared. Practical application of the model has been researched by an experiment and theoretical modelling. Journal: Journal of Business Economics and Management Pages: 81-94 Issue: 1 Volume: 13 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.620152 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:1:p:81-94 Template-Type: ReDIF-Article 1.0 Author-Name: Imran Aslan Author-X-Name-First: Imran Author-X-Name-Last: Aslan Author-Name: Orhan Çınar Author-X-Name-First: Orhan Author-X-Name-Last: Çınar Author-Name: Vilmantė Kumpikaitė Author-X-Name-First: Vilmantė Author-X-Name-Last: Kumpikaitė Title: Creating strategies from tows matrix for strategic sustainable development of Kipaş Group Abstract: Abstract The aim of this study is to develop new strategies for sustainable development of a group and to establish a holding from several companies by considering the regulations in the World Trade, recent developments in textile sector and raising conflicts among stakeholders. In this study, internal analysis of the group was carried out with interviews, observations and surveys. To prepare external analysis, the economical situation of Turkey and the World was researched and categorized under standard PEST (Political -- Economic -- Sociocultural -- Technological) categories. Later, SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of the group was prepared and most significant factors were chosen. Important problems were identified and the purposes and objectives of the firm were determined by focusing on opportunities. In the light of these factors, TOWS (Threats, Opportunities, Weaknesses, and Strengths) matrix was prepared to combine external and internal factors of the enterprise in order to deploy strategies. A new organization structure of the group was determined and presented based on these strategies. Journal: Journal of Business Economics and Management Pages: 95-110 Issue: 1 Volume: 13 Year: 2011 Month: 4 X-DOI: 10.3846/16111699.2011.620134 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620134 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:1:p:95-110 Template-Type: ReDIF-Article 1.0 Author-Name: Gianni Romaní Author-X-Name-First: Gianni Author-X-Name-Last: Romaní Author-Name: Miguel Atienza Author-X-Name-First: Miguel Author-X-Name-Last: Atienza Author-Name: José Ernesto Amorós Author-X-Name-First: José Author-X-Name-Last: Ernesto Amorós Title: Informal investors in Chile: an exploratory study from a gender perspective Abstract: Abstract Informal investment represents one of the main sources to finance early-stage new ventures. Despite the progressive participation of women in informal investment, little is known about the characteristics of female informal investors, especially in developing countries. This study examines the gender differences of a sample of 613 informal investors in Chile. To this end we used the database from the Global Entrepreneurship Monitor Chile 2007--2008 and applied tests of differences in proportions and means for independent samples. The results show that there are significant gender differences in some socio-demographic variables, like education and work status, and also in the perception of good opportunities and the fear to failure. Additionally, women invest smaller amounts and expect lower returns than men do. Finally, women invest more than men in close family. Policy implications of these results are discussed. Journal: Journal of Business Economics and Management Pages: 111-131 Issue: 1 Volume: 13 Year: 2011 Month: 7 X-DOI: 10.3846/16111699.2011.620141 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620141 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:1:p:111-131 Template-Type: ReDIF-Article 1.0 Author-Name: Jeffrey E. Jarrett Author-X-Name-First: Jeffrey E. Author-X-Name-Last: Jarrett Author-Name: Tina Sun Author-X-Name-First: Tina Author-X-Name-Last: Sun Title: Association between new york and shanghai markets: evidence from the stock price indices Abstract: Abstract This paper examines the time series characteristics of stock price indices for New York and Shanghai during the period of 1991 to 2009. Specifically, we calculate the rate of return and the volatility of return for two markets and estimate the serial correlation and co-movement of the two markets. We find that the average rate of return in Shanghai is much higher than that in New York while Shanghai stock prices are more volatile than New York stock prices. Further, we find that Shanghai stock prices are positively serially correlated while New York stock prices are negatively serially correlated in terms of auto regression of the rate of return. In the multivariate regressions, we find that there is little evidence to show that either the rate of return in Shanghai would affect the rate of return in New York or the rate of return in New York would affect the rate of return in Shanghai. It suggests that the two markets are not integrated. Last, we studied and made conclusion concerning the volatility of the New York and Shanghai indices relate to each other. Journal: Journal of Business Economics and Management Pages: 132-147 Issue: 1 Volume: 13 Year: 2011 Month: 7 X-DOI: 10.3846/16111699.2011.620166 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620166 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:1:p:132-147 Template-Type: ReDIF-Article 1.0 Author-Name: Jurgita Raudeliūnienė Author-X-Name-First: Jurgita Author-X-Name-Last: Raudeliūnienė Author-Name: Ieva Meidutė Author-X-Name-First: Ieva Author-X-Name-Last: Meidutė Author-Name: Giedrius Martinaitis Author-X-Name-First: Giedrius Author-X-Name-Last: Martinaitis Title: Evaluation system for factors affecting creativity in the lithuanian armed forces Abstract: Abstract In a constantly changing environment, factors influencing creativity and approaches to evaluating them, considered controversial in the scientific literature and in practice, are also experiencing changes. Different authors evaluate and interpret factors affecting creativity differently. Consequently, the problem how to identify and evaluate which of the approaches fully reflects the situation arises. The present article deals with these problems by combining the approaches of different authors from the aspects of identification and evaluation of factors affecting creativity. The aim of the article is to develop an evaluation system for factors affecting creativity in the Lithuanian Armed Forces. In an attempt to identify and evaluate factors affecting creativity, expert and multicriteria methods for evaluation were applied. A multi-level system for the evaluation of factors affecting creativity, that creates preconditions favourable for the identification of factors affecting creativity (by means of the method of determination of the significance of criteria), more objective evaluation of factors affecting creativity and development of suggestions for the stimulation of creativity, was suggested. Journal: Journal of Business Economics and Management Pages: 148-166 Issue: 1 Volume: 13 Year: 2011 Month: 11 X-DOI: 10.3846/16111699.2011.639797 File-URL: http://hdl.handle.net/10.3846/16111699.2011.639797 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:1:p:148-166 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Nurunnabi Author-X-Name-First: Mohammad Author-X-Name-Last: Nurunnabi Title: Testing weak-form efficiency of emerging economies: a critical review of literature Abstract: Abstract Due to the globalisation and mobilisation of capital markets, the concept of EMH is gaining a lot of importance in both developed and emerging economies. Most of the researches on the weak-form efficiency to date were based on the developed countries. The present study will seek to provide a comprehensive understanding of the weak-form efficiency in emerging economies. In terms of practical implications, the paper has direct implications for future research in EMH in particular emerging economies. The paper contributes in manly three ways: First, the paper collates and examines the broader and most effervescent literature and their findings. Second, it also presents a comprehensive, encompassing research work and a holistic view of various aspects of weak-form EMH. Finally, no studies have been conducted to date on a literature review of EMH weak-form efficiency in emerging economies. Nevertheless, the limitation of the study is that the findings are presented that may not be generalized to developed nations, which may be quite different in socio-cultural and political settings including the behavioral aspects of investors and the strength of the capital market. Journal: Journal of Business Economics and Management Pages: 167-188 Issue: 1 Volume: 13 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.620140 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:1:p:167-188 Template-Type: ReDIF-Article 1.0 Author-Name: Mejra Festić Author-X-Name-First: Mejra Author-X-Name-Last: Festić Title: The role of the foreign banks in the 5 EU member states Abstract: Abstract The article tests if foreign banks have lowered their market share in the Baltic States, Romania and Bulgaria during the recent financial crisis after 2007, due to the perception of risk exposure in local markets. It has been proved that, the credit supply by foreign banks in the Baltic States, Romania and Bulgaria has remained relatively stable during the latest crisis by TSLS method. Foreign ownership generally utilizes derivative products more than domestic banks in the NMSs because they have more expertise in hedging and can diversify risks effectively with their larger parent banks in their home country. The reaction of foreign banks abroad depends on the capital adequacy of the parent bank and the business opportunities in the host economies. Journal: Journal of Business Economics and Management Pages: 189-206 Issue: 1 Volume: 13 Year: 2011 Month: 6 X-DOI: 10.3846/16111699.2011.620156 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620156 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:1:p:189-206 Template-Type: ReDIF-Article 1.0 Author-Name: Wei Song Author-X-Name-First: Wei Author-X-Name-Last: Song Title: Possible causes inhibiting the purchase of Chinese grocery own brands: a preliminary study Abstract: Abstract The aim of this preliminary study is to identify the possible causes inhibiting consumers from purchasing Chinese own brands. In view of the absence of literature on this aspect of commerce in Asia, a review of Western literature was conducted. The data for this study is from semi-structured in-depth interviews with Chinese retail consultants and grocery shoppers in Shanghai, China. The results of the study show that negative low price image, low perceived own brand quality, and the importance of “face” in Chinese culture are the key factors resulting in negative sentiment toward Chinese grocery own brands. The results of this investigation are expected to provide a basis for making recommendations for the use of both international and Chinese retailers when building Chinese grocery own brands. The findings of this study have been generated from a small group of interviewees in a single city and thus cannot be considered conclusive. Therefore further research in other cities of China and other Asian countries should be conducted. The study offers novel views from the consumer perspective on the unwillingness to buy own brands in emerging markets. Journal: Journal of Business Economics and Management Pages: 207-222 Issue: 2 Volume: 13 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.620160 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620160 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:2:p:207-222 Template-Type: ReDIF-Article 1.0 Author-Name: Carmen Păunescu Author-X-Name-First: Carmen Author-X-Name-Last: Păunescu Author-Name: Carmen Acatrinei (Pantea) Author-X-Name-First: Carmen Author-X-Name-Last: Acatrinei (Pantea) Title: Managing maturity in process-based improvement organizations: a perspective of the Romanian companies Abstract: Abstract Building upon various models from the literature which assess the maturity level achieved by an organization at one moment in time, the paper introduces a model which helps organizations, interested in remaining competitive and achieving sustainability, to monitor and evaluate their process performance. Such as, the paper analyzes the relationships that exist among the critical components of an organization's management system at the strategic and operational level so that key drivers will become the heart of sustainable development. In particular, the paper focuses on how the organizational system influences process maturity profile of the Romanian companies. Data were collected in face-to-face structured-questionnaire interviews from 1302 public and private organizations from Romania. The dearth of empirical research examining organization process maturity in emerging countries constitutes a critical gap in the business process management literature that needs much more attention from scholars. For the purpose of this paper, a factor analysis was employed to explain the pattern of correlations within a set of observed variables that determine the process maturity profile of the Romanian companies. The research results show that there are strong positive correlations between the variables examined that account for a higher level of maturity and performance of organization's processes. Journal: Journal of Business Economics and Management Pages: 223-241 Issue: 2 Volume: 13 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.620149 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620149 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:2:p:223-241 Template-Type: ReDIF-Article 1.0 Author-Name: Ljudevit Pranic Author-X-Name-First: Ljudevit Author-X-Name-Last: Pranic Author-Name: Wesley S. Roehl Author-X-Name-First: Wesley S. Author-X-Name-Last: Roehl Title: Rethinking service recovery: a customer empowerment (CE) perspective Abstract: Abstract Generally, complainants have been given little power to effect how their service recovery encounter unfolds. Meanwhile, the satisfactory resolution of customer complaints has been a challenging task for many service organizations. Empowering customers in service recovery provides a solution for this challenge. However, the studies on customer empowerment (CE) have taken very narrow perspectives of CE and therefore, none of them individually can explain the nature of CE in service recovery situations among various services that represent the services industry. Based upon the review of the previous research, this article proposes a more integrative theoretical framework in an attempt to better describe and explain the customers’ view of CE in the management of service recovery encounters. According to the proposed model, the degree of complainant-perceived empowerment during service recovery determines both the level of complainant's affective/cognitive responses and the level of subsequent complaint satisfaction. Implications are provided and discussed from both practical and theoretical perspectives. Journal: Journal of Business Economics and Management Pages: 242-260 Issue: 2 Volume: 13 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.620137 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620137 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:2:p:242-260 Template-Type: ReDIF-Article 1.0 Author-Name: K. Azim Özdemir Author-X-Name-First: K. Azim Author-X-Name-Last: Özdemir Author-Name: Özgür Özel Author-X-Name-First: Özgür Author-X-Name-Last: Özel Title: Regime changes in monetary policy and the Expectation Hypothesis of the term structure in Turkey Abstract: Abstract In this study we test the long-run validity of the Expectation Hypothesis of the Term Structure (EHTS) in Turkey by using monthly interest rate series from 2003m1 to 2010m1. The data set is obtained from the bonds and bills market for the government securities in the Istanbul Stock Exchange (ISE). Several results arise from our empirical analysis. First, we find strong evidence that there are stationary combinations of the long and short rates during the sample period. Secondly, when we restrict the cointegrating vectors to be the spread vectors between short and long rates we are not able to reject the restriction if the dynamic specifications of the systems include 2 lags of the interest rates. This result, however, is not robust to the lag length of 4 and 6 if the systems include interest rates with maturities longer than 6 months. Finally, the formal stability test results suggest that the regime change from the implicit to the full-fledged inflation targeting (IT) has no significant effect on the relationship among the interest rates on the short end of the term structure while the structural instability found in the relationship between the short rates and the long rates with maturity longer than 6 months might indicate the effect of the regime shift on this relationship. These results are in line with the conclusions of the literature that argues the EHTS to hold for the short end of the term structure when the focus of the monetary policy is to stabilize the short-term interest rates. Journal: Journal of Business Economics and Management Pages: 261-274 Issue: 2 Volume: 13 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.620146 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620146 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:2:p:261-274 Template-Type: ReDIF-Article 1.0 Author-Name: A. Nazif Çatik Author-X-Name-First: A. Author-X-Name-Last: Nazif Çatik Author-Name: Mehmet Karaçuka Author-X-Name-First: Mehmet Author-X-Name-Last: Karaçuka Title: A comparative analysis of alternative univariate time series models in forecasting Turkish inflation Abstract: Abstract This paper analyses inflation forecasting power of artificial neural networks with alternative univariate time series models for Turkey. The forecasting accuracy of the models is compared in terms of both static and dynamic forecasts for the period between 1982:1 and 2009:12. We find that at earlier forecast horizons conventional models, especially ARFIMA and ARIMA, provide better one-step ahead forecasting performance. However, unobserved components model turns out to be the best performer in terms of dynamic forecasts. The superiority of the unobserved components model suggests that inflation in Turkey has time varying pattern and conventional models are not able to track underlying trend of inflation in the long run. Journal: Journal of Business Economics and Management Pages: 275-293 Issue: 2 Volume: 13 Year: 2011 Month: 4 X-DOI: 10.3846/16111699.2011.620135 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620135 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:2:p:275-293 Template-Type: ReDIF-Article 1.0 Author-Name: Renata Korsakienė Author-X-Name-First: Renata Author-X-Name-Last: Korsakienė Author-Name: Manuela Tvaronavičienė Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičienė Title: The internationalization of SMEs: an integrative approach Abstract: Abstract Presented paper aims to compare internationalization of Lithuanian and Norwegian SMEs by exploring the main motives and barriers restricting internationalization process. The authors strive to reveal the patterns of internationalization taking into account the aspects of main theoretical models. The research is based on the main ideas of stage, network and international entrepreneurship approaches. The main motives and barriers restricting internationalization process are based on the previous studies. In order to compare internationalization patterns of Lithuanian and Norwegian SMEs, quantitative research has been performed. The quantitative research is based on responses to a questionnaire embracing various aspects of internationalization. The sample of 300 SMEs was selected taking into consideration previous research. The survey allows concluding that Lithuanian SMEs emphasise geographic proximity as the most important criteria for international market selection. On the other hand, Norwegian SMEs perceive variables of international entrepreneurship theory as the important contributory factors in internationalization process. The authors conclude that Lithuanian SMEs rely on exporting; meanwhile Norwegian SMEs choose subcontracting/licensing or own representative abroad. Hence, Norwegian SMEs are seen at the more advanced stage of internationalization. Authors of the research have elaborated proposals, which are useful for further development of Lithuanian SMEs and take into consideration experience of Norwegian SMEs. The presented paper will contribute to the International Entrepreneurship Forum by providing new insights into further development of SMEs of Lithuania and Norway taking into consideration opportunities and threats. Journal: Journal of Business Economics and Management Pages: 294-307 Issue: 2 Volume: 13 Year: 2011 Month: 3 X-DOI: 10.3846/16111699.2011.620138 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:2:p:294-307 Template-Type: ReDIF-Article 1.0 Author-Name: Kazuyuki Motohashi Author-X-Name-First: Kazuyuki Author-X-Name-Last: Motohashi Author-Name: Deog-Ro Lee Author-X-Name-First: Deog-Ro Author-X-Name-Last: Lee Author-Name: Yeong-Wha Sawng Author-X-Name-First: Yeong-Wha Author-X-Name-Last: Sawng Author-Name: Seung-Ho Kim Author-X-Name-First: Seung-Ho Author-X-Name-Last: Kim Title: Innovative converged service and its adoption, use and diffusion: a holistic approach to diffusion of innovations, combining adoption-diffusion and use-diffusion paradigms Abstract: Abstract This study takes a holistic approach to understanding the diffusion of IPTV services by combining the adoption-diffusion model and the use-diffusion model of innovation. IPTV service, a leading converged application that couples media content with telecom services, was recently launched commercially in Korea. We created a structural model of adoption-diffusion, using the perceived ease-of-use and usefulness of TAM (Technology Acceptance Model) as mediating variables, and a structural model of usediffusion, with the rate of use and the variety of use as mediating variables. To empirically analyze these models, non-users of IPTV were surveyed using the adoptiondiffusion model to identify factors influencing their intention to subscribe to the service. Meanwhile, users of IPTV were surveyed using the use-diffusion model to determine the factors that influence their satisfaction with the service and their intention to re-use it. Under the adoption-diffusion model, we found that trialability, household innovativeness and perceived risk were the determinants of user satisfaction with IPTV, and perceived ease-of-use, the mediating factor. Under the use-diffusion model, complementarity and communication were shown to be the determinants of users’ satisfaction with IPTV, and variety of use, the mediating factor. We also found that consumers’ intentions to re-use IPTV was strongly influenced by its relative advantages and perceived risks. Journal: Journal of Business Economics and Management Pages: 308-333 Issue: 2 Volume: 13 Year: 2011 Month: 4 X-DOI: 10.3846/16111699.2011.620147 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620147 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:2:p:308-333 Template-Type: ReDIF-Article 1.0 Author-Name: Yu Hsing Author-X-Name-First: Yu Author-X-Name-Last: Hsing Author-Name: Wen-jen Hsieh Author-X-Name-First: Wen-jen Author-X-Name-Last: Hsieh Title: Impacts of macroeconomic variables on the stock market index in Poland: new evidence Abstract: Abstract Applying the GARCH or ARCH model, this paper finds that Poland's stock market index is positively associated with industrial production or real GDP and the German stock market index, negatively affected by the government borrowing/GDP ratio, the real interest rate, the nominal effective exchange rate, the expected inflation rate, and the government bond yield in the euro area, and exhibits a quadratic relationship with the M2/GDP ratio. It suggests that the stock market index and the M2/GDP ratio show a positive (negative) relationship if the M2/GDP ratio is less (greater) than the critical value of 43.68%. Hence, to maintain a healthy stock market, the Polish authorities are expected to pursue economic growth, reduce government borrowing, avoid currency appreciation, and keep a relatively low interest rate or a relatively low expected inflation rate. Although currency appreciation has a negative impact on the stock market index, it is possible that the negative relationship might change if a certain threshold value is reached in the future. Journal: Journal of Business Economics and Management Pages: 334-343 Issue: 2 Volume: 13 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.620133 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620133 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:2:p:334-343 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Stejskal Author-X-Name-First: Jan Author-X-Name-Last: Stejskal Author-Name: Petr Hajek Author-X-Name-First: Petr Author-X-Name-Last: Hajek Title: Competitive advantage analysis: a novel method for industrial clusters identification Abstract: Abstract Many regions and their representatives decide on the amount of support they will provide to industrial clusters, their births, and their existing phase based on the public budget. Nowadays the efficiency of public spending must be provided. There are many examples showing situations where industrial clusters were cancelled when public support was limited or no longer available. Through the use of a special diagnostic method, one can find out if the industrial cluster is able to rise and also be viable without massive public budget support. The suggestion of a new method for industrial cluster identification is the aim of this paper. The Porter's diamond model of the cluster's competitiveness environment is the substance of the novel method. Journal: Journal of Business Economics and Management Pages: 344-365 Issue: 2 Volume: 13 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.620154 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620154 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:2:p:344-365 Template-Type: ReDIF-Article 1.0 Author-Name: Keng-Boon Ooi Author-X-Name-First: Keng-Boon Author-X-Name-Last: Ooi Author-Name: Binshan Lin Author-X-Name-First: Binshan Author-X-Name-Last: Lin Author-Name: Pei-Lee Teh Author-X-Name-First: Pei-Lee Author-X-Name-Last: Teh Author-Name: Alain Yee-Loong Chong Author-X-Name-First: Alain Yee-Loong Author-X-Name-Last: Chong Title: Does TQM support innovation performance in Malaysia's manufacturing industry? Abstract: Abstract This empirical study examines the association of TQM practices (i.e. leadership, customer focus, strategic planning, people management, information analysis and process management) with the innovation performance as perceived by the managers in Malaysia. The research model is constructed on the basis of established theory and on well-known criteria such as Malcolm Baldrige National Quality Award. Six hypotheses are formulated and tested by multiple regression based on a sample of 206 managers working in the ISO 9001:2000 certified manufacturing firms in Malaysia. The results of this study show that TQM has a significant positive relationship with innovation performance. In particular, the findings of this study show that process management, strategic planning, people management and customer focus have positive relationships with innovation performance of firms surveyed in Malaysia. Therefore, both researchers and practitioners are advised to consider these relevant TQM practices when assessing the innovation performance of an organization. Implications for managers and researchers, as well as study limitations are also discussed. Journal: Journal of Business Economics and Management Pages: 366-393 Issue: 2 Volume: 13 Year: 2011 Month: 6 X-DOI: 10.3846/16111699.2011.620155 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620155 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:2:p:366-393 Template-Type: ReDIF-Article 1.0 Author-Name: J. Augusto Felício Author-X-Name-First: J. Augusto Author-X-Name-Last: Felício Author-Name: Eduardo Couto Author-X-Name-First: Eduardo Author-X-Name-Last: Couto Author-Name: Jorge Caiado Author-X-Name-First: Jorge Author-X-Name-Last: Caiado Title: Human capital and social capital in entrepreneurs and managers of small and medium enterprises Abstract: Abstract This paper uses factor analysis methods to identify structures associated with human and social capital in a small country with an open-economy, based on a survey of small- and medium-sized companies across different sectors. The purpose of this research is to investigate the influences of entrepreneurial and managerial behaviours on the relationship between human capital and social capital. The results indicate that the principal factor is highly correlated to the variables of experience, professional proficiency and cognitive ability, which are predominant characteristics of the entrepreneur, as well as status variables such as interlinking, family support, personal relations and social relations. The study also suggests that links between human capital and social capital are more salient in manufacturing and construction companies than in the wholesale trade, retail trade and services sectors. Journal: Journal of Business Economics and Management Pages: 395-420 Issue: 3 Volume: 13 Year: 2011 Month: 6 X-DOI: 10.3846/16111699.2011.620139 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620139 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:3:p:395-420 Template-Type: ReDIF-Article 1.0 Author-Name: Banu Durukan Author-X-Name-First: Banu Author-X-Name-Last: Durukan Author-Name: Serdar Ozkan Author-X-Name-First: Serdar Author-X-Name-Last: Ozkan Author-Name: Fatih Dalkilic Author-X-Name-First: Fatih Author-X-Name-Last: Dalkilic Title: CEO turnover and corporate performance relationship in pre- and post- IFRS period: evidence from Turkey Abstract: Abstract This study investigates CEO turnover and corporate performance relationship as a measure of the effectiveness of a corporate governance system. The impact of different financial accounting regimes on the turnover/performance relationship is also analyzed. If systems replace poorly performing managers, they are considered as not ineffective. The results provide evidence that corporate governance systems with poor governance characteristics may not be ineffective, due to the existence of alternative governance mechanisms. The disciplinary CEO turnover is found to be more strongly associated with corporate performance compared to voluntary CEO turnover, whereas in the IFRS subsample the relationship is stronger with contemporaneous performance measures. Journal: Journal of Business Economics and Management Pages: 421-442 Issue: 3 Volume: 13 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.620145 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620145 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:3:p:421-442 Template-Type: ReDIF-Article 1.0 Author-Name: Paulo Maçãs Nunes Author-X-Name-First: Paulo Maçãs Author-X-Name-Last: Nunes Author-Name: Ana Viveiros Author-X-Name-First: Ana Author-X-Name-Last: Viveiros Author-Name: Zélia Serrasqueiro Author-X-Name-First: Zélia Author-X-Name-Last: Serrasqueiro Title: Are the determinants of young SME profitability different? Empirical evidence using dynamic estimators Abstract: Abstract Using two step method, namely probit regressions and dynamic estimators, and on the basis of two sub-samples of Portuguese SMEs: 1) 495 young SMEs; and 2) 1350 old SMEs, this study seeks to verify if age is a important factor of the relationships between determinants and profitability. Age, size, liquidity and long-term debt are of greater relative importance for the increased profitability, while risk is of greater relative importance for diminished profitability of young SMEs, compared to the case of old SMEs. R&D expenditure is of greater relative importance for increased profitability in old SMEs. Additionally, old SMEs have more persistent profitability than do young SMEs. Journal: Journal of Business Economics and Management Pages: 443-470 Issue: 3 Volume: 13 Year: 2011 Month: 5 X-DOI: 10.3846/16111699.2011.620148 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:3:p:443-470 Template-Type: ReDIF-Article 1.0 Author-Name: Chee-Heong Quah Author-X-Name-First: Chee-Heong Author-X-Name-Last: Quah Title: Is East Asia as prepared as eurozone for monetary union? Abstract: Abstract Based on optimum currency areas (OCA) theory and recent developments in the exchange rate regime literature, this paper evaluates the level of preparedness of East Asia for monetary integration by using the EMU as benchmark. Ten macroeconomic dimensions are explored in which the first five facets are measured relative to a reference country, namely the US, Japan, or China whilst the remaining five facets are measured in absolute terms, over the most recent years. In some ways, the exercise does signify the relative economic dominance of the three largest economies to the region. Results suggest that East Asia might be fairly prepared for a monetary integration especially when the reference country is the US. Another interesting observation is that amongst the eurozone founding members, Ireland has shown the lowest degree of conformity in a number of the criteria. Journal: Journal of Business Economics and Management Pages: 471-488 Issue: 3 Volume: 13 Year: 2011 Month: 4 X-DOI: 10.3846/16111699.2011.620136 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620136 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:3:p:471-488 Template-Type: ReDIF-Article 1.0 Author-Name: Mehmet Huseyin Bilgin Author-X-Name-First: Mehmet Huseyin Author-X-Name-Last: Bilgin Author-Name: Chi Keung Marco Lau Author-X-Name-First: Chi Keung Author-X-Name-Last: Marco Lau Author-Name: Gokhan Karabulut Author-X-Name-First: Gokhan Author-X-Name-Last: Karabulut Title: Technology transfer and enterprise performance: a firm-level analysis in China Abstract: Abstract This paper attempts to explore the relationship between openness and a Chinese firm's productivity using 1999--2002 panel data on 26 industries covering 2400 enterprises. The current literature has focused mainly on the relationship between productivity and exports, using country-level data, leaving a gap in the relationship between imports and productivity unfilled, in particular at the firm specific level. However, our study complements the existing literature by using the latest set of data, and more importantly, by examining the effects of exports and importing machinery on the firm's performance. Using the dynamic panel data econometrics technique, we find evidence that firms can improve productivity by importing more capital good and utilizing foreign technologies from technologically advanced economies. Finally the effects of importing capital goods on productivities and that of exporting activities are compared. Journal: Journal of Business Economics and Management Pages: 489-498 Issue: 3 Volume: 13 Year: 2011 Month: 4 X-DOI: 10.3846/16111699.2011.620144 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620144 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:3:p:489-498 Template-Type: ReDIF-Article 1.0 Author-Name: Manuel Salas Velasco Author-X-Name-First: Manuel Salas Author-X-Name-Last: Velasco Title: More than just good grades: candidates’ perceptions about the skills and attributes employers seek in new graduates Abstract: Abstract There is a common belief among university students that they have to study hard attempting to earn high grades because employers are targeting graduates with outstanding academic records. However, this idea does not seem to capture what is actually happening in organizations, as firms value more aspects related with personality and other personal qualities of young graduates. We present a case study of the hiring process of recent university graduates to test these hypotheses. The methodology used follows a two stage approach. Principal component analysis allows us to identify first key categories of skills and attributes that influence the selection process. Then, using econometric analysis, a matrix classifies them according to employer size and type, degree, position and industry. The results show that soft skills (personality and other qualities) are the most required attributes in the selection process. Good academic records only matter in the public sector. Journal: Journal of Business Economics and Management Pages: 499-517 Issue: 3 Volume: 13 Year: 2011 Month: 6 X-DOI: 10.3846/16111699.2011.620150 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620150 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:3:p:499-517 Template-Type: ReDIF-Article 1.0 Author-Name: Boris Urban Author-X-Name-First: Boris Author-X-Name-Last: Urban Title: The effect of pro-entrepreneurship architecture on organisational outcomes Abstract: Abstract Recent years have seen considerable work at the interface between business, management, entrepreneurship and strategy and as a result, new research domains have appeared including corporate entrepreneurship and entrepreneurial strategy. The purpose of this article is to understand the effect that corporate entrepreneurship strategy has on firms to revitalize, reconfigure resources and transform into firms that are ready to compete in the global economy. Empirical tests are conducted to determine to what extent elements of pro-entrepreneurship architecture are able to predict development capability, strategic repositioning, and growth based outcomes. A first-phase survey is conducted to verify the presence and strength of entrepreneurial orientation while the second phase of the study identifies elements of organizational architecture able to predict firm outcomes. The main contribution of this article is that firms resourcing and rewarding policies, as well as cultural and structural orientations, derived from a corporate entrepreneurship strategy, play a significant role in realizing desired outcomes. The study has important implications for emerging economies where growth is often the primary goal of organizations, and where corporate entrepreneurship can be critical for firm profitability and survival. Journal: Journal of Business Economics and Management Pages: 518-545 Issue: 3 Volume: 13 Year: 2011 Month: 6 X-DOI: 10.3846/16111699.2011.620153 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620153 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:3:p:518-545 Template-Type: ReDIF-Article 1.0 Author-Name: Abu Naser Chowdhury Author-X-Name-First: Abu Naser Author-X-Name-Last: Chowdhury Author-Name: Po-Han Chen Author-X-Name-First: Po-Han Author-X-Name-Last: Chen Author-Name: Robert Lee Kong Tiong Author-X-Name-First: Robert Lee Kong Author-X-Name-Last: Tiong Title: Establishing SPV for power projects in Asia: an analysis of critical financial and legal factors Abstract: Abstract One of the main reasons for the success of Public Private Partnership (PPP) projects is the creation of separate commercial venture named ‘Special Purpose Vehicle’ (SPV). SPV provides a good framework for raising funds, linking participants legally and assuring supply, production and marketing of products. SPV brings together various parties like lenders, financial institutions, public sector and export credit agencies, guarantors, suppliers and off-takers. There is often a lack of precedents to identify factors of SPV and the process is further hampered by undeveloped financial and legal structures of a country. A number of factors need to be considered before setting up of SPV for PPP projects. A questionnaire survey was thus conducted to explore the most important factors in setting up SPV for PPP power projects from a wide range of personnel involved in the PPP processes in Asia. The objective of this paper is to investigate the current practice of setting up SPV and associated legal and financial impacts onto it. Analysis of the response data reflects experts’ opinion in identifying the influential factors and the choices in setting up SPV for PPP power projects in Asia. The findings of the paper would help the public sector in implementing PPP power policy development and private sector sponsors in managing the projects. Journal: Journal of Business Economics and Management Pages: 546-566 Issue: 3 Volume: 13 Year: 2011 Month: 11 X-DOI: 10.3846/16111699.2011.643446 File-URL: http://hdl.handle.net/10.3846/16111699.2011.643446 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:3:p:546-566 Template-Type: ReDIF-Article 1.0 Author-Name: Claudio Giachetti Author-X-Name-First: Claudio Author-X-Name-Last: Giachetti Title: A resource-based perspective on the relationship between service diversification and firm performance: evidence from Italian facility management firms Abstract: Abstract In this article, a theoretical framework to study the effect of service diversification on firm financial performance is demonstrated. Data on 48 Italian facility management firms from between 2000 and 2009 show a consistent inverse U-shaped relationship between service diversification and firm performance, with the slope positive at low and moderate levels of service diversification but negative at high levels of service diversification. Further, the results show that firm experience in the service industry and firm affiliation to a consortium positively moderate the relationship between service diversification and performance. The results of this study provide evidence of the importance of service diversification strategies for gaining a competitive advantage. Journal: Journal of Business Economics and Management Pages: 567-585 Issue: 3 Volume: 13 Year: 2011 Month: 9 X-DOI: 10.3846/16111699.2011.624630 File-URL: http://hdl.handle.net/10.3846/16111699.2011.624630 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:3:p:567-585 Template-Type: ReDIF-Article 1.0 Author-Name: Jer-Shiou Chiou Author-X-Name-First: Jer-Shiou Author-X-Name-Last: Chiou Author-Name: Bor-Yi Huang Author-X-Name-First: Bor-Yi Author-X-Name-Last: Huang Author-Name: Pei-Shan Wu Author-X-Name-First: Pei-Shan Author-X-Name-Last: Wu Author-Name: Chun-Ni Tsai Author-X-Name-First: Chun-Ni Author-X-Name-Last: Tsai Title: The impacts of diversified operations on lending of financial institution Abstract: Abstract This study explores the impacts of bank's diversified operations on their loans, the threshold effect of bank's derivatives trading and the impacts on their financial behaviors are investigated. The results show that there are two separate regime effects for banks in large-sized and medium-sized, and three regime effects for banks in small to medium-sized. Derivatives trading not only make banks easier to diversify their credit risk exposure, but also alter their lending behaviors. As an example of large banks, when banks derivatives’ trading is more than US$61 billion, an increase in banks assets will associate with a corresponding increase in loans to SMEs. If trading in derivatives by the banks is less than the threshold value, the banks will make loans less available to SMEs when there is an increase in banks assets. In addition, when banks are less aggressive in derivatives trading, debt ratio, pre-tax earnings and the SME credit guarantee balance all have significantly positive associations with loans to SMEs. Journal: Journal of Business Economics and Management Pages: 587-599 Issue: 4 Volume: 13 Year: 2011 Month: 6 X-DOI: 10.3846/16111699.2011.620158 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620158 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:4:p:587-599 Template-Type: ReDIF-Article 1.0 Author-Name: Riona Arjoon Author-X-Name-First: Riona Author-X-Name-Last: Arjoon Author-Name: Mariëtte Botes Author-X-Name-First: Mariëtte Author-X-Name-Last: Botes Author-Name: Laban K. Chesang Author-X-Name-First: Laban K. Author-X-Name-Last: Chesang Author-Name: Rangan Gupta Author-X-Name-First: Rangan Author-X-Name-Last: Gupta Title: The long-run relationship between inflation and real stock prices: empirical evidence from South Africa Abstract: Abstract The existing literature on the theoretical relationship between the rate of inflation and real stock prices in an economy has shown varied predictions about the long run effects of inflation on real stock prices. In this paper, we present some time series evidence on this issue using South African data, by applying the structural bivariate vector autoregressive (VAR) methodology proposed by King and Watson (1997). Our empirical results provide considerable support of the view that, in the long run real stock prices are invariant to permanent changes in the rate of inflation. The impulse responses reveal a positive real stock price response to a permanent inflation shock in the long run, indicating that any deviations in short run real stock prices will be corrected towards the long run value. It is therefore concluded that inflation does not lower the real value of stocks in South Africa, at least in the long run. Journal: Journal of Business Economics and Management Pages: 600-613 Issue: 4 Volume: 13 Year: 2011 Month: 7 X-DOI: 10.3846/16111699.2011.620162 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620162 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:4:p:600-613 Template-Type: ReDIF-Article 1.0 Author-Name: Osman M. Karatepe Author-X-Name-First: Osman M. Author-X-Name-Last: Karatepe Author-Name: Georgiana Karadas Author-X-Name-First: Georgiana Author-X-Name-Last: Karadas Title: The effect of management commitment to service quality on job embeddedness and performance outcomes Abstract: Abstract The purpose of this study is to develop and test a conceptual model that examines job embeddedness as a partial mediator of the impact of management commitment to service quality on service recovery performance and extra-role customer service. Training, empowerment, and rewards are regarded as the three important indicators of management commitment to service quality. Data were obtained from a sample of fulltime frontline hotel employees with a time lag of one week in Romania. The results reveal that training, empowerment, and rewards are positively related to job embeddedness. As hypothesized, empowerment, rewards, and job embeddedness enhance service recovery performance, while training and empowerment increase extra-role customer service. The results further demonstrate that job embeddedness acts as a partial mediator of the effects of empowerment and rewards on service recovery performance. Implications of the results are discussed and future research directions are offered. Journal: Journal of Business Economics and Management Pages: 614-636 Issue: 4 Volume: 13 Year: 2011 Month: 7 X-DOI: 10.3846/16111699.2011.620159 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620159 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:4:p:614-636 Template-Type: ReDIF-Article 1.0 Author-Name: Javier Sánchez-Vidal Author-X-Name-First: Javier Author-X-Name-Last: Sánchez-Vidal Author-Name: Juan Francisco Martín-Ugedo Author-X-Name-First: Juan Francisco Author-X-Name-Last: Martín-Ugedo Title: Are the implications of the financial growth cycle confirmed for Spanish SMEs? Abstract: Abstract The aim of this paper is to analyze whether some of the empirical implications of the financial growth cycle hold in a sample of Spanish SMEs. We use a sample of 5,944 observations for the year 2007 and test several hypotheses using MANOVA analysis. The results show that companies tend to have different financing structures depending on their age and size. Hypotheses about trade credit, short term debt and risk are confirmed with respect to age, as the younger companies tend to use proportionally more trade credit and short term debt, and are riskier. Size is also associated in the expected way with trade credit, relative trade credit and relative short-term financial debt. On the other hand hypotheses about equity and the financing deficit are not confirmed. The effect of a pecking order behaviour over a long period of time may provide an explanation of why these two hypotheses are not confirmed. Journal: Journal of Business Economics and Management Pages: 637-665 Issue: 4 Volume: 13 Year: 2011 Month: 7 X-DOI: 10.3846/16111699.2011.620161 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620161 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:4:p:637-665 Template-Type: ReDIF-Article 1.0 Author-Name: Mateja Bodlaj Author-X-Name-First: Mateja Author-X-Name-Last: Bodlaj Author-Name: Germa Coenders Author-X-Name-First: Germa Author-X-Name-Last: Coenders Author-Name: Vesna Zabkar Author-X-Name-First: Vesna Author-X-Name-Last: Zabkar Title: Responsive and proactive market orientation and innovation success under market and technological turbulence Abstract: Abstract The study investigates how market and technological changes in an organization's business environment moderate the relationships between responsive and proactive market orientation, innovation success, and market success of the organization. The respondents in the study were senior managers of companies operating in a Central European country. The Internet survey resulted in 441 usable questionnaires. Data were analyzed using a non-linear structural equation models with MPLUS5. The results provide support for distinguishing between the two complementary forms of market orientation, proactive and responsive. While proactive market orientation is a determinant of both innovation and market success of the organization, the impact of responsive market orientation on the innovation and market success is positive and significant only in a rapidly changing market environment. Companies can improve their innovation success and in turn market success by improving their proactive market orientation, i.e. by investing resources in exploring customer needs, customer problems with existing products and latent customer needs. The study contributes to the literature by examining the entire chain of relationships between market orientation, innovation success and market success by adopting both a responsive and proactive market orientation. It is the first study that examines these relationships in the context of companies from a European country and with consideration of market turbulence/changes. Journal: Journal of Business Economics and Management Pages: 666-687 Issue: 4 Volume: 13 Year: 2011 Month: 8 X-DOI: 10.3846/16111699.2011.620143 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620143 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:4:p:666-687 Template-Type: ReDIF-Article 1.0 Author-Name: Sai On Cheung Author-X-Name-First: Sai On Author-X-Name-Last: Cheung Author-Name: Peter S. P. Wong Author-X-Name-First: Peter S. P. Author-X-Name-Last: Wong Author-Name: Anna L. Lam Author-X-Name-First: Anna L. Author-X-Name-Last: Lam Title: An investigation of the relationship between organizational culture and the performance of construction organizations Abstract: Abstract The operation of organizations is very much influenced by their culture. Organizational culture (OC) has been defined as a pattern of basic assumptions that are manifested by the behavior of an organization. Positive OC is considered to be catalytic to performance enhancement. As construction aspires to be an efficient industry, this study aims to contribute in this regard by examining the relationship between organizational culture and the performance of construction organizations. Artifacts corresponding to OC identifiers and Performance indicators are short-listed from a literature review. These artifacts are arranged into constructs. The eight OC constructs are: Goal Clarity, Coordination and Integration, Conflict Resolution, Employee Participation, Innovation Orientation, Performance Emphasis, Reward Orientation and Team orientation. The performance indicator constructs are; Financial, Internal Business Process, Custom and Innovation & Learning. The artifacts were elaborated and operationalized for data collection. The constructs, as well as the OC-Performance relationship framework, were then analyzed and tested using Structural Equation Modeling. Innovation was found to be the most critical OC as far as performance of construction organizations is concerned. In today's knowledge based society, innovative organizations have proved to be the performers. This timely finding highlights the need for a culture that fosters creativity and supports innovation. Journal: Journal of Business Economics and Management Pages: 688-704 Issue: 4 Volume: 13 Year: 2011 Month: 7 X-DOI: 10.3846/16111699.2011.620157 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620157 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:4:p:688-704 Template-Type: ReDIF-Article 1.0 Author-Name: Damjana Jerman Author-X-Name-First: Damjana Author-X-Name-Last: Jerman Author-Name: Bruno Završnik Author-X-Name-First: Bruno Author-X-Name-Last: Završnik Title: The model of marketing communications effectiveness: empirical evidence from Slovenian business-to-business practice Abstract: Abstract The paper's purpose is to add to the body of knowledge on marketing communication effectiveness by developing and testing the model of marketing communication effectiveness in the business-to-business markets. Based on past research from the marketing communications and business-to-business marketing literature, the model is tested to examine the impact of antecedent variables on marketing communications effectiveness and organizational performance. Our analysis indicates that a central concept of marketing communication effectiveness is influenced by different variables. We also confirmed a positive impact of marketing communication effectiveness on organizational performance in case of Slovenian companies. Journal: Journal of Business Economics and Management Pages: 705-723 Issue: 4 Volume: 13 Year: 2011 Month: 8 X-DOI: 10.3846/16111699.2011.620163 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620163 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:4:p:705-723 Template-Type: ReDIF-Article 1.0 Author-Name: Miao-Ling Chen Author-X-Name-First: Miao-Ling Author-X-Name-Last: Chen Author-Name: Chi-Lu Peng Author-X-Name-First: Chi-Lu Author-X-Name-Last: Peng Author-Name: An-Pin Wei Author-X-Name-First: An-Pin Author-X-Name-Last: Wei Title: Advertising, research and development, and capital market risk: higher risk firms versus lower risk firms Abstract: Abstract This study examines how a firm's advertising and R&D affects the firm's β-risk and idiosyncratic risk, which are metrics of interest to both finance executives and senior management. Due to the existence of a non-normal and heteroscedasticity dataset, we use quantile regression to analyze the sample to understand the full behavior of our non-normally distributed datapoints. The evidence of this study shows that: (1) Advertising is significantly associated with lower β-risk for firms with lower, median and higher β-risk. (2) R&D significantly increases β-risk for firms with median and higher β-risk firms. (3) Advertising is significantly associated with lower idiosyncratic risk for firms with higher idiosyncratic risk. (4) R&D is significantly associated with higher idiosyncratic risk for firms with median and higher idiosyncratic risk. In summary, our evidence shows that both advertising and R&D have a stronger effect on firms with higher β- and idiosyncratic risk than on those with lower β- and idiosyncratic risk, respectively. Our findings are useful to help both management executives and investors. Firm managers can allocate limited resources more efficiently to reduce their firm risk; investors could exert their influence on firm's senior executives to make decisions that are beneficial to stock returns. Journal: Journal of Business Economics and Management Pages: 724-744 Issue: 4 Volume: 13 Year: 2012 Month: 2 X-DOI: 10.3846/16111699.2012.666998 File-URL: http://hdl.handle.net/10.3846/16111699.2012.666998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2012:i:4:p:724-744 Template-Type: ReDIF-Article 1.0 Author-Name: Izabella Steinerowska-Streb Author-X-Name-First: Izabella Author-X-Name-Last: Steinerowska-Streb Title: The determinants of enterprise profi tability during reduced economic activity Abstract: Abstract The aim of this study was to identify the characteristic features of small and medium enterprises (SMEs) which contribute to the decrease of profits of those SMEs during a period of reduced economic activity. The investigation was based on a sample of 1107 SMEs functioning in the Polish market. The empirical evidence found the type of manager, market range and legal form as determining factors of SME profits during a period of reduced economic activity. The received results led to the development of a model of firm-specific variables that resul in the decrease of SMEs profits through an economic slowdown. Journal: Journal of Business Economics and Management Pages: 745-762 Issue: 4 Volume: 13 Year: 2011 Month: 11 X-DOI: 10.3846/16111699.2011.645864 File-URL: http://hdl.handle.net/10.3846/16111699.2011.645864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:4:p:745-762 Template-Type: ReDIF-Article 1.0 Author-Name: Rudolf Hela Author-X-Name-First: Rudolf Author-X-Name-Last: Hela Author-Name: Lenka Bodnárová Author-X-Name-First: Lenka Author-X-Name-Last: Bodnárová Author-Name: Miloslav Novotný Author-X-Name-First: Miloslav Author-X-Name-Last: Novotný Author-Name: Libor Sitek Author-X-Name-First: Libor Author-X-Name-Last: Sitek Author-Name: Jiří Klich Author-X-Name-First: Jiří Author-X-Name-Last: Klich Author-Name: Ivan Wolf Author-X-Name-First: Ivan Author-X-Name-Last: Wolf Author-Name: Josef Foldyna Author-X-Name-First: Josef Author-X-Name-Last: Foldyna Title: Comparison of the actual costs during removal of concrete layer by high-speed water jets Abstract: Abstract This paper describes the process of possible evaluation of costs of using high speed water jet technology for concrete removal methods. High speed water jet technology is a progressive technology of removing damaged concrete used in civil engineering since the 80's of 20-super-th century. It has been changing and developing since that time. But there is little information in literature devoted to the economic evaluation of this technology. Detailed economic analysis is still missing. This paper aims to compare comprehensively in economic terms the costs of removing concrete using the technology of both continuous oscillating and pulsating oscillating water jets. The research was realized in cooperation with research institutions and industrial companies and was supported by state budget of the Czech Republic and from the European Union. The scheme of cooperation of the University, research institutions, industrial companies and government follows the Triple helix model. Journal: Journal of Business Economics and Management Pages: 763-775 Issue: 4 Volume: 13 Year: 2011 Month: 11 X-DOI: 10.3846/16111699.2011.645866 File-URL: http://hdl.handle.net/10.3846/16111699.2011.645866 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:4:p:763-775 Template-Type: ReDIF-Article 1.0 Author-Name: Siew-Phaik Loke Author-X-Name-First: Siew-Phaik Author-X-Name-Last: Loke Author-Name: Alan G. Downe Author-X-Name-First: Alan G. Author-X-Name-Last: Downe Author-Name: Murali Sambasivan Author-X-Name-First: Murali Author-X-Name-Last: Sambasivan Author-Name: Khalizani Khalid Author-X-Name-First: Khalizani Author-X-Name-Last: Khalid Title: A structural approach to integrating total quality management and knowledge management with supply chain learning Abstract: Abstract The aim of this study is to integrate total quality management (TQM) and knowledge management (KM) into a unified framework to study supply chain learning among partnering firms. The impacts of TQM practices (e.g. leadership, strategic planning, customer focus, information analysis, people management and process management) and KM practices including KM process, leadership in KM, KM culture, KM technology and KM measurement on supply chain learning were examined. In this study, mail questionnaire have been sent to the managers consists of the Malaysian manufacturing and service firms. A total of 202 firms participated in this study. While greater level of TQM practices tends to enhance KM practices, we found that both TQM and KM are significantly positively related to supply chain learning. The findings of this study empirically tested and confirmed the proposed integrated model. It is hoped that findings from this paper can provide greater understanding in the areas of quality and knowledge management, and illustrate how these practices can enrich the supply chain learning among partnering firms. Journal: Journal of Business Economics and Management Pages: 776-800 Issue: 4 Volume: 13 Year: 2011 Month: 8 X-DOI: 10.3846/16111699.2011.620170 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620170 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:4:p:776-800 Template-Type: ReDIF-Article 1.0 Author-Name: Yun-Huei Lee Author-X-Name-First: Yun-Huei Author-X-Name-Last: Lee Author-Name: Yun-Huan Lee Author-X-Name-First: Yun-Huan Author-X-Name-Last: Lee Title: Integrated assessment of competitive-strategy selection with an analytical network process Abstract: Abstract The present study explores efforts to identify the most appropriate competitive strategy relative to multinational biotech pharmaceutical enterprises’ strategy selection. The research uses the analytic network process (ANP) technique combining both qualitative and quantitative information to construct a hierarchical model involving interactions among various criteria for competitive-strategy selection. The most important finding shows that the most suitable competitive strategy for multinational enterprises (MNEs) is differentiation strategy. The weighted calculations reveal important criteria: an external environment analysis reveals that the three most important criteria affecting FDI competitive strategy are population size, per capita income, and healthcare and medical insurance systems; a core competency analysis reveals that the three most important criteria affecting competitive-strategy selection of FDI to China are capability in collaborating with local partners, possession of high-quality research personnel with R&D capability, and possession of a strong brand. Journal: Journal of Business Economics and Management Pages: 801-831 Issue: 5 Volume: 13 Year: 2011 Month: 8 X-DOI: 10.3846/16111699.2011.620171 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620171 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:5:p:801-831 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksander Aristovnik Author-X-Name-First: Aleksander Author-X-Name-Last: Aristovnik Title: The relative efficiency of education and R&D expenditures in the new EU member states Abstract: Abstract The paper attempts to measure relative efficiency in utilizing public education and R&D expenditures in the new EU member states in comparison to the selected EU (plus Croatia) and OECD countries. As resources allocated to education and R&D sector are significantly limited, a special emphasis should be given to their efficient use regarding the institutional and legal constraints. By applying non-parametric methodology, i.e. Data Envelopment Analysis (DEA), a relative efficiency is defined as the deviation from the efficiency frontier which represents the maximum output/outcome attainable from each input level. An analysis of (output-oriented) efficiency measures shows that among the new EU member states Hungary, Estonia and Slovenia seem to be good benchmark countries in the field of primary, secondary and tertiary education, respectively. On the other hand, Cyprus and again Hungary dominate in the field of R&D sector, even if for different reasons. The empirical results also suggest that, in general, new EU member states show relatively high efficiency in tertiary education, while lag well behind in the R&D efficiency measures. Journal: Journal of Business Economics and Management Pages: 832-848 Issue: 5 Volume: 13 Year: 2011 Month: 8 X-DOI: 10.3846/16111699.2011.620167 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620167 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:5:p:832-848 Template-Type: ReDIF-Article 1.0 Author-Name: Oscar Afonso Author-X-Name-First: Oscar Author-X-Name-Last: Afonso Author-Name: Sara Monteiro Author-X-Name-First: Sara Author-X-Name-Last: Monteiro Author-Name: Maria Thompson Author-X-Name-First: Maria Author-X-Name-Last: Thompson Title: A growth model for the quadruple helix Abstract: Abstract We develop a R&D-based growth model with productive public expenditure in order to frame the Quadruple Helix (QH) innovation concept, based on four helices: Academia & Technological Infrastructures, Firms, Government and Civil Society. Our motivation stems from acknowledgment that the relationship between these four helices and their joint impact on growth is in need of a theoretical framework. We aim to emphasise the importance to economic growth of innovation systems structured on these four helices. The introduced model confirms theoretically the notion that increases in: (i) complementarities between distinct productive units, or (ii) in productive government expenditure, lead to higher growth. Journal: Journal of Business Economics and Management Pages: 849-865 Issue: 5 Volume: 13 Year: 2011 Month: 9 X-DOI: 10.3846/16111699.2011.626438 File-URL: http://hdl.handle.net/10.3846/16111699.2011.626438 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:5:p:849-865 Template-Type: ReDIF-Article 1.0 Author-Name: Paulo Maçãs Nunes Author-X-Name-First: Paulo Maçãs Author-X-Name-Last: Nunes Author-Name: Sílvia Mendes Author-X-Name-First: Sílvia Author-X-Name-Last: Mendes Author-Name: Zélia Serrasqueiro Author-X-Name-First: Zélia Author-X-Name-Last: Serrasqueiro Title: SMEs’ investment determinants: empirical evidence using quantile approach Abstract: Abstract This paper makes an important contribution to the literature on SMEs, namely investigating whether the relationships between determinants and investment are dependent on the level of investment. Based on a sample of Portuguese SMEs, using two-step estimation method, firstly using probit regression and secondly using quantile regressions, we find significant non-linearities in relationships formed between determinants and investment over the distribution of investment. In particular, we find that: 1) sales, age and growth opportunities are restrictive determinants of investment for low levels of investment, but positive determinants of investment for high levels of investment; 2) debt and the interest rate are restrictive determinants of investment but only for low and intermediate levels of investment; 3) cash flow is a positive determinant of investment, but is more important for investment regarding low levels of investment; 4) GNP is a positive determinant of investment, but only for high levels of investment; and 5) investment in the previous period is a positive determinant of investment in the present period, but only for intermediate and high levels of investment. The relevance of the various theories explaining firm investment depends on SMEs’ level of investment. Journal: Journal of Business Economics and Management Pages: 866-894 Issue: 5 Volume: 13 Year: 2011 Month: 8 X-DOI: 10.3846/16111699.2011.620172 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620172 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:5:p:866-894 Template-Type: ReDIF-Article 1.0 Author-Name: Her-Jiun Sheu Author-X-Name-First: Her-Jiun Author-X-Name-Last: Sheu Author-Name: Chien-Ling Cheng Author-X-Name-First: Chien-Ling Author-X-Name-Last: Cheng Title: Systemic risk in Taiwan stock market Abstract: Abstract Recent financial crises resulted from systemic risk caused by idiosyncratic distress. In this research, taking Taiwan stock market as an example and collecting data from 2000 to 2010 which contained the 2001 dot-com bubble and the 2007--2009 financial crisis, we adopt the CoVaR model to empirically explore the impact of sector-specific idiosyncratic risk on the systemic risk of the system and attempt to investigate the links between financial crises, systemic risk and the idiosyncratic risk of a sector-specific anomaly. The result showed sector-specific marginal CoVaR, i.e., ΔCoVaR, perfectly explained Taiwan stock market disturbance during the 2001 dot-com bubble and 2007--2008 financial crisis. Thus, by identifying the larger ΔCoVaR sectors, i.e. the systemic importance sectors, and by exploring the risk indicators, independent variables, of these systemic importance sectors, investors could practically employ the sector-specific ΔCoVaR measure to deepen the systemic risk scrutiny from a macro into a micro prudential perspective. Journal: Journal of Business Economics and Management Pages: 895-914 Issue: 5 Volume: 13 Year: 2011 Month: 8 X-DOI: 10.3846/16111699.2011.620168 File-URL: http://hdl.handle.net/10.3846/16111699.2011.620168 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:5:p:895-914 Template-Type: ReDIF-Article 1.0 Author-Name: Saulius Masteika Author-X-Name-First: Saulius Author-X-Name-Last: Masteika Author-Name: Aleksandras Vytautas Rutkauskas Author-X-Name-First: Aleksandras Vytautas Author-X-Name-Last: Rutkauskas Title: Research on futures trend trading strategy based on short term chart pattern Abstract: Abstract The main task of this paper is to examine a short term trend trading strategy in futures market based on chart pattern recognition, time series and computational analysis. Specifications of historical data for technical analysis and equations for futures profitability calculations together with position size measurement are also discussed in the paper. A contribution of this paper lies in a novel chart pattern related to fractal formation and chaos theory and its application to short term up-trend trading. Trading strategy was tested with historical data of the most active futures contracts. The results have given significantly better and stable returns compared to the change of market benchmark (CRB index). The results of experimental research related to the size of trading portfolio and trade execution slippage are also discussed in the paper. The proposed strategy can be attractive for futures market participants and be applied as a decision support tool in technical analysis. Journal: Journal of Business Economics and Management Pages: 915-930 Issue: 5 Volume: 13 Year: 2012 Month: 6 X-DOI: 10.3846/16111699.2012.705252 File-URL: http://hdl.handle.net/10.3846/16111699.2012.705252 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2012:i:5:p:915-930 Template-Type: ReDIF-Article 1.0 Author-Name: Carlos González-Pedraz Author-X-Name-First: Carlos Author-X-Name-Last: González-Pedraz Author-Name: Sergio Mayordomo Author-X-Name-First: Sergio Author-X-Name-Last: Mayordomo Title: Trademark activity and the market performance of U.S. commercial banks Abstract: Abstract This empirical paper analyzes the effect of trademark activity on the market value and performance of US commercial banks from two perspectives. First, a longterm perspective considers the effect of such activity on banks’ Tobin's q. Second, with a short-term perspective, the authors analyze the effect of trademark activity on banks’ abnormal returns. An older portfolio of trademarks diminishes the ratio of market value to firm assets, but this ratio can be improved in the long term by abandoning old trade-marks. Portfolios of trademarks with wide diversification do not help increase Tobin's q. Furthermore, according to an event study, the creation of a trademark has a positive effect on cumulative abnormal returns compared with no event, whereas a cancellation event has a negative impact. Journal: Journal of Business Economics and Management Pages: 931-950 Issue: 5 Volume: 13 Year: 2011 Month: 11 X-DOI: 10.3846/16111699.2011.643447 File-URL: http://hdl.handle.net/10.3846/16111699.2011.643447 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:5:p:931-950 Template-Type: ReDIF-Article 1.0 Author-Name: Abdorrahman Haeri Author-X-Name-First: Abdorrahman Author-X-Name-Last: Haeri Author-Name: Reza Tavakkoli-Moghaddam Author-X-Name-First: Reza Author-X-Name-Last: Tavakkoli-Moghaddam Title: Developing a hybrid data mining approach based on multi-objective particle swarm optimization for solving a traveling salesman problem Abstract: Abstract A traveling salesman problem (TSP) is an NP-hard optimization problem. So it is necessary to use intelligent and heuristic methods to solve such a hard problem in a less computational time. This paper proposes a novel hybrid approach, which is a data mining (DM) based on multi-objective particle swarm optimization (MOPSO), called intelligent MOPSO (IMOPSO). The first step of the proposed IMOPSO is to find efficient solutions by applying the MOPSO approach. Then, the GRI (Generalized Rule Induction) algorithm, which is a powerful association rule mining, is used for extracting rules from efficient solutions of the MOPSO approach. Afterwards, the extracted rules are applied to improve solutions of the MOPSO for large-sized problems. Our proposed approach (IMOPSP) conforms to a standard data mining framework is called CRISP-DM and is performed on five standard problems with bi-objectives. The associated results of this approach are compared with the results obtained by the MOPSO approach. The results show the superiority of the proposed IMOPSO to obtain more and better solutions in comparison to the MOPSO approach. Journal: Journal of Business Economics and Management Pages: 951-967 Issue: 5 Volume: 13 Year: 2011 Month: 11 X-DOI: 10.3846/16111699.2011.643445 File-URL: http://hdl.handle.net/10.3846/16111699.2011.643445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2011:i:5:p:951-967 Template-Type: ReDIF-Article 1.0 Author-Name: Siti Nurazira Mohd Daud Author-X-Name-First: Siti Nurazira Author-X-Name-Last: Mohd Daud Author-Name: Jan M. Podivinsky Author-X-Name-First: Jan M. Author-X-Name-Last: Podivinsky Title: Revisiting the role of external debt in economic growth of developing countries Abstract: Abstract This paper proposes a study on the contribution of external debt to the expansion of economic growth for 31 developing countries. Over a period of 36 years, by using dynamic panel data econometrics estimation GMM-system, the results reveal that the accumulation of external debt is associated with a slowdown in the economies of the developing countries. In addition, this paper finds evidence that debt service ratio does not crowd out the investment rate in developing countries. In other words, even though external debt is negatively associated with economic growth, countries are found to be safe from being in the debt overhang hypothesis. Furthermore, there is evidence to support the existence of spatial dependence in the growth model, suggesting the existence of a positive spillover effect of growth among the neighbouring countries. Journal: Journal of Business Economics and Management Pages: 968-993 Issue: 5 Volume: 13 Year: 2012 Month: 6 X-DOI: 10.3846/16111699.2012.701224 File-URL: http://hdl.handle.net/10.3846/16111699.2012.701224 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2012:i:5:p:968-993 Template-Type: ReDIF-Article 1.0 Author-Name: Abdolreza Yazdani-Chamzini Author-X-Name-First: Abdolreza Author-X-Name-Last: Yazdani-Chamzini Author-Name: Siamak Haji Yakhchali Author-X-Name-First: Siamak Haji Author-X-Name-Last: Yakhchali Author-Name: Diana Volungevičienė Author-X-Name-First: Diana Author-X-Name-Last: Volungevičienė Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Title: Forecasting gold price changes by using adaptive network fuzzy inference system Abstract: Abstract Developing a precise and accurate model of gold price is critical to assets management because of its unique features. In this paper, adaptive neuro-fuzzy inference system (ANFIS) and artificial neural network (ANN) model have been used for modeling the gold price, and compared with the traditional statistical model of ARIMA (autoregressive integrated moving average). The three performance measures, the coefficient of determination (R -super-2), root mean squared error (RMSE), mean absolute error (MAE), are utilized to evaluate the performances of different models developed. The results show that the ANFIS model outperforms other models (i.e. ANN and ARIMA model), in terms of different performance criteria during the training and validation phases. Sensitivity analysis showed that the gold price changes are highly dependent upon the values of silver price and oil price. Journal: Journal of Business Economics and Management Pages: 994-1010 Issue: 5 Volume: 13 Year: 2012 Month: 4 X-DOI: 10.3846/16111699.2012.683808 File-URL: http://hdl.handle.net/10.3846/16111699.2012.683808 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:13:y:2012:i:5:p:994-1010 Template-Type: ReDIF-Article 1.0 Author-Name: Ülle Übius Author-X-Name-First: Ülle Author-X-Name-Last: Übius Author-Name: Ruth Alas Author-X-Name-First: Ruth Author-X-Name-Last: Alas Author-Name: Tiit Elenurm Author-X-Name-First: Tiit Author-X-Name-Last: Elenurm Title: Impact of innovation climate on individual and organisational level factors in Asia and Europe Abstract: Abstract Organisation climate plays an important role for the innovation of an organisation. The purpose of this paper is to investigate connections between the innovation climate and individual and organisational level factors. Surveys were conducted among Japanese, Chinese, Estonian, Czech and Slovakian enterprises. Linear regression analysis was conducted. The results of an empirical study show that the innovation climate predicts differently some individual and organisational level factors in studied countries. Two innovation climate facets -- commitment and freedom predict individual level factors-- attitude toward the firm in all 5 countries. In two studied Asian countries, Japan and China, commitment predicts meaning of work and job satisfaction whereas in all three new European Union member states some links between facets of the innovation climate and individual meaning of work and job satisfaction were missing. Although individual job satisfaction and meaning of work in is still shaped by to some extent different mechanisms in studied countries, implications of the innovative climate for organisation are more similar, at least in industries that are influenced by rapid technological development and globalization. Journal: Journal of Business Economics and Management Pages: 1-21 Issue: 1 Volume: 14 Year: 2013 Month: 2 X-DOI: 10.3846/16111699.2011.642081 File-URL: http://hdl.handle.net/10.3846/16111699.2011.642081 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:1:p:1-21 Template-Type: ReDIF-Article 1.0 Author-Name: Halil Nadiri Author-X-Name-First: Halil Author-X-Name-Last: Nadiri Author-Name: G. Nazan Gunay Author-X-Name-First: G. Nazan Author-X-Name-Last: Gunay Title: An empirical study to diagnose the outcomes of customers’ experiences in trendy coffee shops Abstract: Abstract The purpose of this study is to analyse the influence of experiential marketing on young customers’ experiential values and respectively on their satisfaction and word of mouth and revisit intentions. An instrument was developed to measure how the strategic experiential module (Schmitt 1999) and service quality perceptions of customers influence their experiential values. Data were gathered through questionnaires conducted with 450 respondents to diagnose young customers’ experiences in Gloria Jean's Coffees shops in North Cyprus. The structural equation modelling through partial least square (PLS) method results were acceptable in terms of reliability and validity. The empirical results revealed that, some of the strategic experiential modules and service quality perceptions have positive influences on customer experiences (functional and emotional). Results also show that customers’ satisfaction can induce positive post purchase behaviour. The results, managerial implications, and suggestions for future research are discussed in detail. Journal: Journal of Business Economics and Management Pages: 22-53 Issue: 1 Volume: 14 Year: 2013 Month: 2 X-DOI: 10.3846/16111699.2011.631742 File-URL: http://hdl.handle.net/10.3846/16111699.2011.631742 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:1:p:22-53 Template-Type: ReDIF-Article 1.0 Author-Name: Silvo Dajčman Author-X-Name-First: Silvo Author-X-Name-Last: Dajčman Author-Name: Mejra Festić Author-X-Name-First: Mejra Author-X-Name-Last: Festić Author-Name: Alenka Kavkler Author-X-Name-First: Alenka Author-X-Name-Last: Kavkler Title: Multiscale test of CAPM for three Central and Eastern European stock markets Abstract: Abstract This paper examines the systematic risk and validity of the basic capital asset pricing model of Sharpe (1964), Lintner (1965) and Mossin (1966) in three Central and Eastern European stock markets (i.e. Slovenia, Hungary and Czech Republic). The CAPM is tested on a multiscale basis, building on the Fama and MacBeth (1973) methodology and applying two modern econometric techniques -- wavelet analysis and generalized method of moments estimation. Empirical results indicate that the systematic risk and validity of CAPM implications are multiscale phenomena. Empirical evidence in support of CAPM implications in the investigated Central and Eastern European stock markets is found to be weak. The most commonly violated CAPM hypotheses are the zero Jensen's alpha condition, positive market premium, and the non-systematic influence of non-observable variables on the excess returns of stocks in these stock markets. Journal: Journal of Business Economics and Management Pages: 54-76 Issue: 1 Volume: 14 Year: 2013 Month: 2 X-DOI: 10.3846/16111699.2011.633097 File-URL: http://hdl.handle.net/10.3846/16111699.2011.633097 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:1:p:54-76 Template-Type: ReDIF-Article 1.0 Author-Name: Tiago Neves Sequeira Author-X-Name-First: Tiago Neves Author-X-Name-Last: Sequeira Author-Name: Alexandra Ferreira-Lopes Author-X-Name-First: Alexandra Author-X-Name-Last: Ferreira-Lopes Title: Social capital and investment in R&D: new externalities Abstract: Abstract We introduce social capital in an endogenous growth model with physical capital, human capital, and research and development (R&D), and we compare the market with the efficient solutions. As social capital is not tradable in the market and since it favours research networks, it introduces new externalities in this framework. These externalities induce the market to invest less in social capital than would a social planner and decrease the tendency to underinvestment in R&D. We quantify the distortions in the model. In some conditions, the new distortions are strong enough to overcome the usual result of underinvestment in R&D. Journal: Journal of Business Economics and Management Pages: 77-97 Issue: 1 Volume: 14 Year: 2013 Month: 2 X-DOI: 10.3846/16111699.2011.638667 File-URL: http://hdl.handle.net/10.3846/16111699.2011.638667 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:1:p:77-97 Template-Type: ReDIF-Article 1.0 Author-Name: Ebru Yüksel Author-X-Name-First: Ebru Author-X-Name-Last: Yüksel Author-Name: Kıvılcım Metin Özcan Author-X-Name-First: Kıvılcım Metin Author-X-Name-Last: Özcan Title: Interest rate pass-through in Turkey and impact of global financial crisis: asymmetric threshold cointegration analysis Abstract: Abstract This paper aims to investigate the interest rate pass-through of monetary policy rate to banking retail rates in Turkey by employing the asymmetric threshold autoregressive (TAR) and momentum threshold autoegressive (MTAR) procedures introduced by Enders and Siklos (2001). Over the period December 2001 to April 2011, the empirical results of asymmetric threshold cointegration analysis suggest that there exist significant and complete pass-through between policy rate and loan rates. Positive and negative departures from the equilibrium converge to long run path almost at the same speed. Pace of convergence is about two to three months for all loan rates. Policy rate has significant short run impact on loan rates. Our analysis revealed that there is no significant relationship between policy rate and bank deposit rates due to sluggish adjustment of deposit rates. Lastly, the speed and behavior of interest rate pass-through between policy rate and loan rates did not change when we encounter the effect of 2008 financial crisis. Having a banking sector dominated financial system in Turkey, the results suggest that banks adjust loan rates faster than deposit rates. This indicates that Central Bank can affect the consumption behavior of people, in other words aggregate demand through loan rates. Journal: Journal of Business Economics and Management Pages: 98-113 Issue: 1 Volume: 14 Year: 2013 Month: 2 X-DOI: 10.3846/16111699.2012.671189 File-URL: http://hdl.handle.net/10.3846/16111699.2012.671189 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:1:p:98-113 Template-Type: ReDIF-Article 1.0 Author-Name: Agata Stachowicz-Stanusch Author-X-Name-First: Agata Author-X-Name-Last: Stachowicz-Stanusch Title: The relationship between National Intellectual Capital and corruption: a cross-national study Abstract: Abstract The main objective of this paper is to examine the relationship between the National Intellectual Capital and the Corruption Perception Index. The analysis of the relationship between the NIC and the CPI was conducted for 16 countries: Austria, Belgium, the Czech Republic, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Poland, Portugal, Spain, Sweden and the United Kingdom and was based on NIC data extracted from two sources (Carol Yeh-Yun Lin and Leif Edvinsson (2010), and the generational approach to the National Intellectual Capital measurement presented in the Report on the Intellectual Capital of Poland). Determination of the strength of the correlation between NIC and CPI represents the first step in evaluating intellectual capital as the factor which may reduce the scale of corruption. Evidence of a strong relationship between NIC and CPI confirms the author's hypothesis that a strong relationship exists, at the same time proving that further studies must be carried out to determine the direction of this relationship. Based on the results of such research (providing that NIC is confirmed to have an effect on CPI), it will then be possible to recommend new methods of preventing corruption through the development of NIC. Journal: Journal of Business Economics and Management Pages: 114-136 Issue: 1 Volume: 14 Year: 2013 Month: 2 X-DOI: 10.3846/16111699.2012.667831 File-URL: http://hdl.handle.net/10.3846/16111699.2012.667831 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:1:p:114-136 Template-Type: ReDIF-Article 1.0 Author-Name: Chih-Hai Yang Author-X-Name-First: Chih-Hai Author-X-Name-Last: Yang Author-Name: Chia-Hui Huang Author-X-Name-First: Chia-Hui Author-X-Name-Last: Huang Title: Is Taiwan's R&D productivity in decline? A microeconometric analysis Abstract: Abstract Innovation is widely recognized as the main stimulus of economic growth. Considering that Taiwan has devoted increasingly more efforts to R&D since the late 1980s, a crucial question is posed: did the R&D productivity of firms begin to decline in Taiwan during the post-Asian Financial Crisis period when Taiwan's economic growth began to decelerate? This study investigates changes in R&D productivity for Taiwan's manufacturing firms from 1990 to 2003. By employing various approaches to obtain robust results, findings from firm-level microeconometric analysis suggests that overall R&D productivity in Taiwan appears to have been ascendant, particularly during the post-crisis period. This result is also evidenced by segmenting the sample into industry groups, whereby electronics firms have a significantly high R&D productivity growth relative to firms outside the electronics industry. Therefore, the slowdown of Taiwan's economic growth in the past decade is attributed to other influences rather than a slowdown in R&D productivity. Journal: Journal of Business Economics and Management Pages: 137-155 Issue: 1 Volume: 14 Year: 2013 Month: 2 X-DOI: 10.3846/16111699.2012.711356 File-URL: http://hdl.handle.net/10.3846/16111699.2012.711356 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:1:p:137-155 Template-Type: ReDIF-Article 1.0 Author-Name: Hung-bin Ding Author-X-Name-First: Hung-bin Author-X-Name-Last: Ding Author-Name: Kuntara Pukthuanthong Author-X-Name-First: Kuntara Author-X-Name-Last: Pukthuanthong Title: Legitimacy signals and family IPO performances Abstract: Abstract The objective of this research is to examine the relationship between signals including governance and management practices and the performance of family firms IPOs. Using IPO data of 129 family firms and 129 comparable non-family firms from the Taiwan Stock Exchange, our findings highlighted the role of non-family insiders, or non-family affiliated directors in the IPOs of family firms. Our comparison between family and non-family IPOs shows hiring prestigious underwriters significantly improves the performance of family firm IPOs. Finally, we found the industries of IPO firms moderate the relationship between corporate governance characteristics and IPO performances, as non-family firms in technology industries are perceived to be more legitimate than their family counterparts. This paper makes three contributions to existing research. Firstly, we contribute to the legitimacy theory by suggesting an interaction effect between internal (organizational) and external (environmental) factors. Secondly, our analysis highlighted the roles of affiliated directors and industry in the performances of public family firms. Thirdly, this study contributes to the family business research by underscoring the differences between family and non-family firms in the IPO context. Journal: Journal of Business Economics and Management Pages: 156-181 Issue: 1 Volume: 14 Year: 2013 Month: 2 X-DOI: 10.3846/16111699.2012.711359 File-URL: http://hdl.handle.net/10.3846/16111699.2012.711359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:1:p:156-181 Template-Type: ReDIF-Article 1.0 Author-Name: Noemí Martínez-Caraballo Author-X-Name-First: Noemí Author-X-Name-Last: Martínez-Caraballo Author-Name: Manuel Salvador Author-X-Name-First: Manuel Author-X-Name-Last: Salvador Author-Name: Carmen Berné Author-X-Name-First: Carmen Author-X-Name-Last: Berné Author-Name: Pilar Gargallo Author-X-Name-First: Pilar Author-X-Name-Last: Gargallo Title: Towards a dynamic analysis of multiple-store shopping: evidence from Spanish panel data Abstract: Abstract This paper aims to determine why consumer purchasing of fast moving consumer goods varies over time in Spain. More specifically, our objective is to explain multiple-store shopping in the households belonging to the Spanish Nielsen Homescan consumer panel that provides information about household shopping decisions between April 2003 and April 2004. In order to achieve this purpose, a Bayesian Dynamic Tobit model is used. The results allow us to confirm the influence of several demographical and geographical variables on household multiple-store shopping during the sample period. Journal: Journal of Business Economics and Management Pages: 182-199 Issue: 1 Volume: 14 Year: 2013 Month: 2 X-DOI: 10.3846/16111699.2012.707151 File-URL: http://hdl.handle.net/10.3846/16111699.2012.707151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:1:p:182-199 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Valentinas Podvezko Author-X-Name-First: Valentinas Author-X-Name-Last: Podvezko Author-Name: Adomas Ginevičius Author-X-Name-First: Adomas Author-X-Name-Last: Ginevičius Title: Quantitative evaluation of enterprise marketing activities Abstract: Abstract The growing competition on the international markets means that the importance of enterprise marketing activities is increasing. However, the attention paid to theoretical and practical marketing problems by enterprises is insufficient. This particularly refers to the analysis of marketing strategy effectiveness. It is not clear how marketing affects enterprise performance. To perform this analysis, the quantitative evaluation of enterprise marketing activities is required. Enterprise marketing is a complex multi-faceted phenomenon. Its various aspects are described by multidimensional and often oppositely directed criteria. Therefore, in this case, multicriteria evaluation methods can be successfully used for analysis. The state of the enterprise marketing system is described by sets of criteria. Therefore, the problem of adequate evaluation of their weights arises. Sometimes, it is possible to reduce the number of evaluation criteria by developing their hierarchical system. However, the question arises how the transformation of a single-level system of criteria into the respective multi-level system affects the calculation results. Journal: Journal of Business Economics and Management Pages: 200-212 Issue: 1 Volume: 14 Year: 2013 Month: 2 X-DOI: 10.3846/16111699.2012.731143 File-URL: http://hdl.handle.net/10.3846/16111699.2012.731143 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:1:p:200-212 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Hasan Aghdaie Author-X-Name-First: Mohammad Hasan Author-X-Name-Last: Aghdaie Author-Name: Sarfaraz Hashemkhani Zolfani Author-X-Name-First: Sarfaraz Hashemkhani Author-X-Name-Last: Zolfani Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Title: Market segment evaluation and selection based on application of fuzzy AHP and COPRAS-G methods Abstract: Abstract Market segment evaluation and selection is one of the critical marketing problems of all companies. This paper presents a novel approach which integrates fuzzy analytic hierarchy process (FAHP) and COPRAS-G method for market segment evaluation and selection. Fuzzy AHP is used to calculate the weight of each criterion, and COPRAS-G method is proposed to prioritize market segments from the best to the worst ones. The application of fuzzy set theory allows incorporating the vague and imprecise linguistic terms into the decision process. This study can be used as a pattern for market segment selection and future researches. A case study on a chair manufacturing company is put forward to illustrate the performance of the proposed methodology. Journal: Journal of Business Economics and Management Pages: 213-233 Issue: 1 Volume: 14 Year: 2013 Month: 2 X-DOI: 10.3846/16111699.2012.721392 File-URL: http://hdl.handle.net/10.3846/16111699.2012.721392 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:1:p:213-233 Template-Type: ReDIF-Article 1.0 Author-Name: Annelies Roggeman Author-X-Name-First: Annelies Author-X-Name-Last: Roggeman Author-Name: Isabelle Verleyen Author-X-Name-First: Isabelle Author-X-Name-Last: Verleyen Author-Name: Philippe Van Cauwenberge Author-X-Name-First: Philippe Author-X-Name-Last: Van Cauwenberge Author-Name: Carine Coppens Author-X-Name-First: Carine Author-X-Name-Last: Coppens Title: The EU apportionment formula: insights from a business case Abstract: AbstractIn this paper we use firm level data from a listed multinational to investigate how several designs for the Common Consolidated Corporate Tax Base (CCCTB) formula could affect the allocation of the consolidated tax base. The design is relevant in the light of member states’ concern for protecting their tax revenues, as well as for the multinational companies’ tax minimizing possibilities. Moreover, it plays an important role in achieving an efficient and simple tax system. Simulating different apportionment formulas, the results show that including more factors and using more equal weights distributes the common tax base more equally, which could reduce the incentive to shift factors from high to low tax countries. The results also indicate that simplifying the factor definitions, leads to rather minor changes in the allocation. Using unpublished data, this study allows to investigate the consequences of different formulas in detail, which contributes to the current discussion on corporate tax harmonization in the EU. Journal: Journal of Business Economics and Management Pages: 235-251 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2011.638668 File-URL: http://hdl.handle.net/10.3846/16111699.2011.638668 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:235-251 Template-Type: ReDIF-Article 1.0 Author-Name: Mari Avarmaa Author-X-Name-First: Mari Author-X-Name-Last: Avarmaa Author-Name: Aaro Hazak Author-X-Name-First: Aaro Author-X-Name-Last: Hazak Author-Name: Kadri Männasoo Author-X-Name-First: Kadri Author-X-Name-Last: Männasoo Title: Does leverage affect labour productivity? A comparative study of local and multinational companies of the Baltic countries Abstract: AbstractThis paper investigates the impact of leverage on labour productivity of companies operating in the Baltic countries, with a focus on differences between local and multinational companies. We employ a fixed effects regression model on company level data, covering the period from 2001 to 2008. Our results demonstrate that the impact of leverage on labour productivity is non-linear and it differs dramatically between local and multinational companies. In the case of local companies, at low levels of leverage, an increase in external financing tends to bring along an improvement in labour productivity, while at higher levels of leverage an increase in debt financing appears to result in a loss of labour productivity. For multinational companies, the impact of leverage on labour productivity tends to be more linear and leverage appears to have a negative impact on labour productivity. Although debt overhang is believed to be an issue in the Baltic countries in general, local companies with low leverage might be able to increase labour productivity by additional borrowing. Journal: Journal of Business Economics and Management Pages: 252-275 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2011.651624 File-URL: http://hdl.handle.net/10.3846/16111699.2011.651624 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:252-275 Template-Type: ReDIF-Article 1.0 Author-Name: Koi Nyen Wong Author-X-Name-First: Koi Author-X-Name-Last: Nyen Wong Author-Name: Soo Khoon Goh Author-X-Name-First: Soo Author-X-Name-Last: Khoon Goh Title: Outward FDI, merchandise and services trade: evidence from Singapore Abstract: AbstractThis paper aims to explore the causality pattern between outward foreign direct investment (OFDI) and major external trade components (i.e. exports and imports of merchandise as well as services) using Singapore as a case study, since it is one of the largest outward investors in the Asian region and it is overtly trade-dependent. The findings reveal that there is evidence of an OFDI-led trade hypothesis, particularly with regard to merchandise exports and imports, which is an indication OFDI opens important channels for intra-firm trade activities, home country sourcing and backward integration. However, there is no evidence of causality relationships between Singapore's OFDI and services trade because the purpose of such services is mainly to provide a market presence in the consuming country. As such, Singaporean multinationals are likely to outsource their services either from the host country services sector or from their own services-supporting subsidiaries that have been relocated abroad. The present study provides implications for policy formulation to strengthen OFDI-services trade linkages. Journal: Journal of Business Economics and Management Pages: 276-291 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2012.703964 File-URL: http://hdl.handle.net/10.3846/16111699.2012.703964 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:276-291 Template-Type: ReDIF-Article 1.0 Author-Name: Tai-Ning Yang Author-X-Name-First: Tai-Ning Author-X-Name-Last: Yang Title: The impact of resumption of former top executives on stock prices: an event study approach Abstract: AbstractThis study explored the impact of resumption of former top executives on stock prices based on market model for the listed corporations in Taiwan stock market. Top executives nowadays confront great challenges in acquiring new corporate accounts to meet agreed targets and drive rapid, profitable growth. Accordingly, corporations commonly decide to reinstate former top executives since their managerial experience is expected to improve corporate performance. The aim of this study is to provide practical guidelines for companies that are considering such decisions and favorable information that can help investors to adjust their portfolios in response to such potential decisions. Journal: Journal of Business Economics and Management Pages: 292-302 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2011.634922 File-URL: http://hdl.handle.net/10.3846/16111699.2011.634922 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:292-302 Template-Type: ReDIF-Article 1.0 Author-Name: Chin-Hong Puah Author-X-Name-First: Chin-Hong Author-X-Name-Last: Puah Author-Name: Shirly Siew-Ling Wong Author-X-Name-First: Shirly Siew-Ling Author-X-Name-Last: Wong Author-Name: Venus Khim-Sen Liew Author-X-Name-First: Venus Khim-Sen Author-X-Name-Last: Liew Title: Testing rational expectations hypothesis in the manufacturing sector in Malaysia Abstract: AbstractThe application of rational expectations hypothesis (REH) in macroeconomic research has marked a revolution in economic thinking, and the magnitude of its impact on the world of economics is undeniably significant. However, the extent to which REH applies in real-world settings is ambiguous even though the concept of REH is well established in economics literature because empirical evidence from previous studies is clearly mixed. This study used survey data on gross revenue and capital expenditures to examine the validity of REH in Malaysian manufacturing business expectations. Empirical results indicated that the manufacturers’ expectations are being irrationally constructed in terms of gross revenue predictions but comply with REH properties in Muth's sense in the case of capital expenditures forecasts. Therefore, manufacturing firms in Malaysia are encouraged to incorporate more relevant information into their gross revenue predictions to provide more accurate and realistic forecasting. Journal: Journal of Business Economics and Management Pages: 303-316 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2011.631743 File-URL: http://hdl.handle.net/10.3846/16111699.2011.631743 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:303-316 Template-Type: ReDIF-Article 1.0 Author-Name: Tanja Kosi Author-X-Name-First: Tanja Author-X-Name-Last: Kosi Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Institutional barriers to business entry in advanced economies Abstract: AbstractThe paper empirically examines the impact of freedom from regulation in different institutional areas on business entry rate in 10 Organisation for Economic Co-operation and Development countries over the period 1995--2007. Employing the feasible generalized least squares econometric approach, it discloses a positive association between business entry and the overall institutional freedom. Economic freedom in different institutional areas, however, does not appear to have the same importance for business entry. Institutional freedoms that are the most beneficial for business creation are product market freedom, property rights freedom, and freedom from corruption. This implies that simple and inexpensive administration procedures, competitive product markets, and transparent and effective legal/judicial system help promote business creation. Business entry is also positively associated with macroeconomic prosperity in terms of employment growth and the development of information and communication technology industry. Journal: Journal of Business Economics and Management Pages: 317-329 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2011.633348 File-URL: http://hdl.handle.net/10.3846/16111699.2011.633348 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:317-329 Template-Type: ReDIF-Article 1.0 Author-Name: Manoj Kumar Mohanty Author-X-Name-First: Manoj Kumar Author-X-Name-Last: Mohanty Author-Name: Padmabati Gahan Author-X-Name-First: Padmabati Author-X-Name-Last: Gahan Title: Supplier performance measurement in discrete manufacturing industry-empirical study on Indian manufacturing sector Abstract: AbstractSuppliers are the value creators for the organizations and have emerged as value-adding partners in industrial relationships since last two decades. These values can be derived effectively given the buying organizations keep a long-term strategic relationship with high performing suppliers. To measure the performance organizations have to decide the performance parameters depending on the nature of business and their specific needs from the supply base. The current discrete manufacturing industries of India judging the performance of the suppliers based on technical capability, cost, delivery, quality & regulatory adherence for safety and environment. But from the larger interest of the manufacturing industry more relevant attributes are needs to be considered, which are explored from our research are responsiveness of the supplier, effectiveness of the aftersales service, delivery flexibility, documentation ability, trust & commitments. All these performance measurement attributes will drive effectiveness and efficiency of the supply chain. Journal: Journal of Business Economics and Management Pages: 330-347 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2011.631745 File-URL: http://hdl.handle.net/10.3846/16111699.2011.631745 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:330-347 Template-Type: ReDIF-Article 1.0 Author-Name: Sinnappan Santhidran Author-X-Name-First: Sinnappan Author-X-Name-Last: Santhidran Author-Name: V. G. R. Chandran Author-X-Name-First: V. G. R. Author-X-Name-Last: Chandran Author-Name: Junbo Borromeo Author-X-Name-First: Junbo Author-X-Name-Last: Borromeo Title: Enabling organizational change -- leadership, commitment to change and the mediating role of change readiness Abstract: AbstractThere has been little empirical analysis on the complex relationship between leadership, change readiness and commitment to change in the context of Asian countries. In this paper, we propose a research model to analyze the interrelationship between leadership, change readiness and commitment to change using the partial least square technique. Results of the study suggest that leadership positively and significantly affect change readiness but not commitment to change. Consequently, change readiness is found to significantly affect commitment to change. In other words, change readiness is found to mediate the relationship between transformational leadership and commitment to change. This may suggest that the influence of leadership is a sequential process affecting change readiness, and in turn, the commitment to change as opposed to the conventional belief that it affects both change readiness and commitment to change simultaneously. The implication of the study is further discussed. Journal: Journal of Business Economics and Management Pages: 348-363 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2011.642083 File-URL: http://hdl.handle.net/10.3846/16111699.2011.642083 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:348-363 Template-Type: ReDIF-Article 1.0 Author-Name: Debby Van Geyt Author-X-Name-First: Debby Author-X-Name-Last: Van Geyt Author-Name: Philippe Van Cauwenberge Author-X-Name-First: Philippe Author-X-Name-Last: Van Cauwenberge Author-Name: Heidi Vander Bauwhede Author-X-Name-First: Heidi Vander Author-X-Name-Last: Bauwhede Title: The impact of the financial crisis on insider trading profitability in Belgium Abstract: AbstractThe 2007 global financial crisis led to a chaotic financial environment characterized by highly uncertain and volatile stock markets. This created additional uncertainty about the fundamental value of shares and potentially increased the benefit of inside information. In this paper, we use event study methodology to examine whether Belgian corporate insiders were able to benefit from these turbulent market conditions. Given the large weight of financial institutions, the Belgian stock market was especially vulnerable to the financial crisis and provides an interesting environment to test this hypothesis. Our results show that, while insiders are generally able to earn abnormal returns, these returns are significantly higher during the years of the financial crisis. Journal: Journal of Business Economics and Management Pages: 364-385 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2011.652980 File-URL: http://hdl.handle.net/10.3846/16111699.2011.652980 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:364-385 Template-Type: ReDIF-Article 1.0 Author-Name: Matthias F. Brauer Author-X-Name-First: Matthias F. Author-X-Name-Last: Brauer Title: The effects of short-term and long-term oriented managerial behavior on medium-term financial performance: longitudinal evidence from Europe Abstract: AbstractShort-term orientation aimed at maximizing quarterly results at the expense of long-term corporate performance and survival has become severely criticized. In the face of continuously decreasing chief executive officer (CEO) tenure, CEOs, however, seem to have few incentives to embrace long-term oriented behaviour. Instead, the question of foremost importance to self-interested CEOs is whether short-term orientation already harms financial performance in the three to four years of their own tenure, and whether CEOs stand a chance of benefiting from long-term orientation while still in office. CEOs thus face an intriguing ethical dilemma between optimizing their financial pay-off within their own tenure and securing the longer-term well-being of the corporation, its employees, and other major stakeholders. Consequently, our longitudinal study focuses on the medium-term performance implications of short-term and long-term orientation in Europe's largest publicly listed companies. Results indicate that short-term orientation negatively impacts on medium term performance while long-term oriented behavior is positively associated with corporate performance in the medium term. Our findings advance managerial myopia theory, and provide insights into one of the most central ethical dilemmas faced by corporate executives today. Journal: Journal of Business Economics and Management Pages: 386-402 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2012.703965 File-URL: http://hdl.handle.net/10.3846/16111699.2012.703965 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:386-402 Template-Type: ReDIF-Article 1.0 Author-Name: Nijolė Maknickienė Author-X-Name-First: Nijolė Author-X-Name-Last: Maknickienė Author-Name: Algirdas Maknickas Author-X-Name-First: Algirdas Author-X-Name-Last: Maknickas Title: Financial market prediction system with Evolino neural network and Delphi method Abstract: AbstractUse of artificial intelligence systems in forecasting financial markets requires a reliable and simple model that would ensure profitable growth. The model presented in the paper combines Evolino recurrent neural networks with orthogonal data inputs and the Delphi expert evaluation method for its investment portfolio decision making process. A statistical study demonstrates the reliability of the model and describes its accuracy. Capabilities of the model are demonstrated using a trading simulation. Journal: Journal of Business Economics and Management Pages: 403-413 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2012.729532 File-URL: http://hdl.handle.net/10.3846/16111699.2012.729532 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:403-413 Template-Type: ReDIF-Article 1.0 Author-Name: Dimitrios I. Maditinos Author-X-Name-First: Dimitrios I. Author-X-Name-Last: Maditinos Author-Name: Željko Šević Author-X-Name-First: Željko Author-X-Name-Last: Šević Author-Name: Jelena Stankevičienė Author-X-Name-First: Jelena Author-X-Name-Last: Stankevičienė Author-Name: Nikolaos Karakoltsidis Author-X-Name-First: Nikolaos Author-X-Name-Last: Karakoltsidis Title: Earnings response coefficients in the Greek market Abstract: AbstractThe paper explores the relationship between accounting information and stock returns of the companies listed on the Athens Stock Exchange (ASE) in the period 1998--2008. Publicly available financial data on the companies included in the ASE during 1998--2008 have been collected and processed. The data sample consists of 245 companies and varies from 2,166 to 1,441 firm-year observations. The research methodology has been based on the extension of the model introduced by Kothari and Sloan (1992) and investigates whether the level of earnings divided by price at the beginning of the stock return period is associated with returns in the context of ‘prices lead earnings’ using annual and quarterly data. Cross-sectional regression analysis points to a significant relationship between earnings and returns on measurement windows of one year and longer. Similar results have been found in the case of a cumulative model where earnings are aggregated up to four years; however, relationship in the short measurement window up to three quarters has resulted in low earnings response coefficients. Journal: Journal of Business Economics and Management Pages: 414-431 Issue: 2 Volume: 14 Year: 2013 Month: 4 X-DOI: 10.3846/16111699.2012.758168 File-URL: http://hdl.handle.net/10.3846/16111699.2012.758168 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:2:p:414-431 Template-Type: ReDIF-Article 1.0 Author-Name: Fernando A. F. Ferreira Author-X-Name-First: Fernando A. F. Author-X-Name-Last: Ferreira Title: Measuring trade-offs among criteria in a balanced scorecard framework: possible contributions from the multiple criteria decision analysis research field Abstract: AbstractClaimed by the Harvard Business Review as one of the main innovations of recent decades in management systems, the Balanced Scorecard (BSC) has been widely studied and applied in different management contexts. However, despite recent progress and its undeniable merit, the BSC has its own shortcomings. As reported in the literature, it seems generally agreed that the way compensations between criteria within a BSC framework are calculated remains an open issue. Thus, one of the contributions of this study is to augment the theoretical discussion on the potentialities of the multiple criteria decision analysis (MCDA) approach to bring simplicity and transparency to the calculation of compensations (i.e. trade-offs) among evaluation criteria within a BSC framework. It seems important to underline that this paper builds on previous work and is not empirical research. However, it aims to extend the discussion to other (new) measurement contexts. We believe that the development and promotion of the integrated use of MCDA tools in BSC applications to measure trade-offs among evaluation criteria in the BSC framework can be a key factor in ensuring more successful implementations and uses of the BSC within firms. Journal: Journal of Business Economics and Management Pages: 433-447 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2011.631744 File-URL: http://hdl.handle.net/10.3846/16111699.2011.631744 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:433-447 Template-Type: ReDIF-Article 1.0 Author-Name: Li-Chang Hsu Author-X-Name-First: Li-Chang Author-X-Name-Last: Hsu Title: Investment decision making using a combined factor analysis and entropy-based topsis model Abstract: AbstractTraditionally, the return on assets and the return on equity are used as the criteria in the evaluation of financial performance, while risk considerations are ignored. Therefore, this study combined financial ratio variables and the RAROC (risk-adjusted rate of return on capital) as the evaluation criteria and developed a financial performance evaluation model. The proposed evaluation model combines factor analysis with entropy weight and the TOPSIS (technique for order performance by similarity to ideal solution) to evaluate the financial performance of Taiwan's 50 listed opto-electronic companies. Finally, Spearman's and Kendall's rank correlations are used to verify that there is no significant difference between the 2007 and 2008 rankings of the companies. The empirical results show the financial performance rankings of the companies before and after the global financial turmoil. These findings not only help investors making investment decisions, but also can help managers make decisions to improve their company's financial performance. Journal: Journal of Business Economics and Management Pages: 448-466 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2011.633098 File-URL: http://hdl.handle.net/10.3846/16111699.2011.633098 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:448-466 Template-Type: ReDIF-Article 1.0 Author-Name: Asad K. Ghalib Author-X-Name-First: Asad K. Author-X-Name-Last: Ghalib Title: How effective is microfinance in reaching the poorest? Empirical evidence on programme outreach in rural Pakistan Abstract: AbstractMicrofinance has emerged on the global scale as a key strategy to reduce poverty and promote development. Most literature however, tends to concentrate on breadth as opposed to depth of programme outreach. This paper is based on a primary household survey of 1,132 respondents in the Punjab Province of Pakistan to assess which category of the poor is being served by microfinance institutions: are they the very poor, middle poor or less poor ones? In order to make comparisons, borrower (treatment) and non-borrower (control) households are ranked by poverty scores generated by employing Principal Component Analysis. The study reveals that the depth of poverty outreach is significantly lower than what has been claimed by lenders. The paper reflects on policy implications to enhance depth (as opposed to breadth) of outreach to address the needs of the ‘poorest of the poor’ in order to contribute meaningfully and effectively towards combating poverty. Journal: Journal of Business Economics and Management Pages: 467-480 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2011.639796 File-URL: http://hdl.handle.net/10.3846/16111699.2011.639796 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:467-480 Template-Type: ReDIF-Article 1.0 Author-Name: Iñaki Heras-Saizarbitoria Author-X-Name-First: Iñaki Author-X-Name-Last: Heras-Saizarbitoria Author-Name: Germán Arana Author-X-Name-First: Germán Author-X-Name-Last: Arana Author-Name: Ernesto Cilleruelo Author-X-Name-First: Ernesto Author-X-Name-Last: Cilleruelo Title: Adoption of ISO 9000 management standard in EU's transition economies: the case of the Baltic states Abstract: AbstractThis article analyzes the dissemination of the main global management standards, the ISO 9000, within the transition economies of the European Union (EU). In the article, the specific case of the Baltic States is analyzed in depth. The work refers to the diffusion of the ISO 9000 standard in the Baltic States in terms of its certification intensity and sectorial distribution. Likewise, the work refers to the huge increase of certifications achieved by the countries and the other transition economies in the previous years of their adhesion to the European Union in years 2004 and 2007. The conclusions drawn in the article may be of interest both for academic and professional spheres of activity but, overall, for public-decisors. Journal: Journal of Business Economics and Management Pages: 481-499 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2011.634923 File-URL: http://hdl.handle.net/10.3846/16111699.2011.634923 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:481-499 Template-Type: ReDIF-Article 1.0 Author-Name: Maria do Céu Alves Author-X-Name-First: Maria do Author-X-Name-Last: Céu Alves Author-Name: Sergio Ivo Amaral Matos Author-X-Name-First: Sergio Ivo Amaral Author-X-Name-Last: Matos Title: ERP adoption by public and private organizations -- a comparative analysis of successful implementations Abstract: Abstract The business environment has changed dramatically in the last years. The organizations are now more complex in terms of their structure and geographical dispersion. Daily, great amounts of information are produced and, to surpass these problems, organizations have invested in Enterprise Resource Planning systems (ERP). The same trends can be detected within the public sector. The interest generated by the ERP phenomenon is growing and the particularities of the public sector make specific studies necessary. Accordingly, the aim of this paper is to examine the adoption process of ERP systems by public and private organizations. Which ERP modules are mostly adopted? Which reasons legitimate ERP adoption? Using a survey research methodology, this study reveals that the need to increase the demand for real-time information, to obtain information for decision-making and the integration of applications appear as main reasons to implement an ERP system. Although the reasons given are the same for public and private organizations, the results of this study also show that the modules implemented are slightly different; the importance or dominance of each module may differ; and the deployment time is shorter in the public sector. Since comparative studies are relatively scarce, our work helps to reduce this knowledge gap. Journal: Journal of Business Economics and Management Pages: 500-519 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2011.652979 File-URL: http://hdl.handle.net/10.3846/16111699.2011.652979 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:500-519 Template-Type: ReDIF-Article 1.0 Author-Name: Omo Aregbeyen Author-X-Name-First: Omo Author-X-Name-Last: Aregbeyen Title: The effects of working capital management on the profitability of Nigerian manufacturing firms Abstract: Abstract The efficiency of working capital management (WCM) has implications for firms’profitability. This paper empirically investigates the effects of WCM on the profitability of a sample of 48 large manufacturing firms quoted on the Nigerian Stock Exchange (NSE) for the period 1993 to 2005. It is aimed at filling the gaps in a previous study and contribute to expanding and enriching the literature particularly on Nigeria and at large. The analysis examined the responses of the firms’ profitability to WCM and a number of augmenting factors. Profitability was alternatively measured by gross operating profit (GOI), net operating income (NOI) and return on assets (ROA). Likewise, WCM was measured by the average collection period (ACP), average pay period (APP), inventory turnover days (ITID) and comprehensively by the cash conversion cycle (CCC). The results indicate that the firms’ have been inefficient with WCM and caused significant reductions in profitability. The paper concludes that improving the efficiency of WCM is essential and recommends that manufacturing firms in Nigeria should shorten the ACP, APP, ITID and reduce their CCCs. Journal: Journal of Business Economics and Management Pages: 520-534 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2011.651626 File-URL: http://hdl.handle.net/10.3846/16111699.2011.651626 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:520-534 Template-Type: ReDIF-Article 1.0 Author-Name: Qingyan Shang Author-X-Name-First: Qingyan Author-X-Name-Last: Shang Author-Name: Jessie P. H. Poon Author-X-Name-First: Jessie P. H. Author-X-Name-Last: Poon Title: International spillovers, knowledge acquisition and transfer among Japanese fi rms in the United States Abstract: Abstract In this paper, we investigate (i) the relationship between international spillovers and knowledge acquisition, and, (ii) intra-firm subsidiary-to-parent transfer of technology among Japanese firms in the United States. Using a survey of 185 firms, probit regressions reveal that R&D personnel and market power significantly influence the acquisition of knowledge associated with basic and applied science and product development. Tacit knowledge that resides in customers, and skilled personnel are effective sources for exploitation of international knowledge spillovers. Participation in seminars and conferences also enhances the acquisition of applied science. Firms that rely on codified sources are unlikely to acquire any knowledge. This research also confirms other authors’ findings that subsidiary autonomy facilitates knowledge acquisition. In addition, knowledge in product development is most likely to lead to vertical intra-firm transfers while applied scientific research only results in the transfer of R&D capability. Scientific team visits from the US to Japan support subsidiaries’ transfer of R&D capability but teams sent from Japan to the US adversely affect transfers. Overall, our results suggest international spillovers are predominantly associated with the acquisition of tacit knowledge, and intra-firm transfers are most effective in the context of knowledge acquired in applied research and product development. Journal: Journal of Business Economics and Management Pages: 535-557 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.658853 File-URL: http://hdl.handle.net/10.3846/16111699.2012.658853 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:535-557 Template-Type: ReDIF-Article 1.0 Author-Name: Qazi Muhammad Adnan Hye Author-X-Name-First: Qazi Muhammad Author-X-Name-Last: Adnan Hye Author-Name: Faridul Islam Author-X-Name-First: Faridul Author-X-Name-Last: Islam Title: Does financial development hamper economic growth: empirical evidence from Bangladesh Abstract: AbstractThe objective of this study is twofold. (a) Construct the first ever financial development index (FDI) for Bangladesh using the principal component method (PCM). (b) Use the FDI to explore the existence of a long run relationship between FDI and economic growth. The Augmented Dickey Fuller and the Ng-Perron unit root tests have been applied to examine the stationarity properties of the series. To explore a long run relation, the Autoregressive Distributed Lag (ARDL) approach to cointegration; and to assess the stability of the parameters, the rolling window regression approach have been used. The results show that the impact of real interest rate (RIR) and FDI on economic growth is negative. Estimates from rolling window method show that FDI and RIR are negatively related to economic growth for the years 1987--1988, 1992--1999, 2002--2006, 2008 and 2009; and 1986--1998, 2006 and 2007, respectively. The results may help policymakers formulate effective financial sector policies as a tool to promote economic growth in Bangladesh. Journal: Journal of Business Economics and Management Pages: 558-582 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.654813 File-URL: http://hdl.handle.net/10.3846/16111699.2012.654813 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:558-582 Template-Type: ReDIF-Article 1.0 Author-Name: Luísa Carvalho Author-X-Name-First: Luísa Author-X-Name-Last: Carvalho Author-Name: Teresa Costa Author-X-Name-First: Teresa Author-X-Name-Last: Costa Author-Name: Jorge Caiado Author-X-Name-First: Jorge Author-X-Name-Last: Caiado Title: Determinants of innovation in a small open economy: a multidimensional perspective Abstract: AbstractThis paper uses logistic regression analysis to examine how intramural and extramural R&D, acquisition of machinery, equipment and software, acquisition of external knowledge, training, market introduction and other procedures and technical preparations determine the innovation behaviour of manufacturing and service firms. We adopt a multidimensional view of innovation by considering product, process, organizational and marketing innovations as dependent variables separately. The study reports on the Community Innovation Survey (CIS4) of a small open-economy country. The empirical results indicate that intramural R&D has a positive impact on innovation. In contrast, the influence of extramural R&D on innovation is unclear. All innovation activities contribute towards organizational innovation. The study also suggests that there are no significant differences between services and manufacturing firms concerning the propensity to innovation. Journal: Journal of Business Economics and Management Pages: 583-600 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.701225 File-URL: http://hdl.handle.net/10.3846/16111699.2012.701225 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:583-600 Template-Type: ReDIF-Article 1.0 Author-Name: Imran Anwar Mir Author-X-Name-First: Imran Author-X-Name-Last: Anwar Mir Title: Examination of attitudinal and intentional drivers of non-deceptive counterfeiting in a South Asian context Abstract: AbstractCounterfeiting trade is emerging as a parallel industry across the nations. Governments and legal bodies across the nations introduced counter-strategies to setback the rapid growth of this parallel industry. Yet these strategies failed to gain the desired results. Previous studies found political corruption and improper implementation of anti-counterfeiting strategies and laws main reasons for this failure. This study intends to examine the influence of word of mouth, ethical and legal sensitivities on consumers’ attitudes toward the non-deceptive counterfeit mobile handsets in a South Asian context. In addition, this study aims to assess the direct impact of affordability, legal sensitivity, and easy availability on consumers’ intentions to purchase the non-deceptive counterfeit mobile handsets. The results show that positive word of mouth about non-deceptive counterfeits and less sensitivity to ethics positively influence consumers’ attitudes toward the non-deceptive counterfeit mobile handsets. Legal sensitivity does not affect consumers’ attitudes toward the non-deceptive counterfeits. Affordability of the non-deceptive counterfeit mobile handsets has a profound impact on consumers’ purchase intentions. Findings of this study are useful for legal authorities and multinational companies in developing result oriented anti-counterfeiting strategies in South Asian markets. Journal: Journal of Business Economics and Management Pages: 601-615 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.707150 File-URL: http://hdl.handle.net/10.3846/16111699.2012.707150 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:601-615 Template-Type: ReDIF-Article 1.0 Author-Name: Peng Jia Author-X-Name-First: Peng Author-X-Name-Last: Jia Author-Name: Hannan Amoozad Mahdiraji Author-X-Name-First: Hannan Amoozad Author-X-Name-Last: Mahdiraji Author-Name: Kannan Govindan Author-X-Name-First: Kannan Author-X-Name-Last: Govindan Author-Name: Ieva Meidutė Author-X-Name-First: Ieva Author-X-Name-Last: Meidutė Title: Leadership selection in an unlimited three-echelon supply chain Abstract: AbstractSupply chain (SC) management aims to increase the overall profit through improvement of various activities and components. Many contradictions between parts and different levels of a SC have been identified in order to achieve overall objectives. Such shortfalls may result in decreased strength and competitiveness of the SC. This paper considers the main conflicts related to inventory, pricing and marketing costs in an unlimited three-echelon supply chain. Aimed at avoiding a profit decrease, the research focuses on finding an equilibrium between inventory, pricing and marketing cost of an unlimited three-echelon SC. On each level, the best leadership option with the greatest payoff is sought for between K retailer, M manufacturer and S supplier. According to Stackelberg non-cooperative game theory, each SC level can become a decision-making leader depending on the available negotiating power. Consequently, three leadership types are modelled on each level and the total SC profit is calculated and compared to ascertain the best option. The authors of the article found that transfer of leadership from a retailer to supplier results in reduction of the total profit. In addition, the research focused on the main effects of parameters used in leadership models. Finally, validation of the proposed model was examined by simulation and Arena software, which indicated that models based on a game theory were performed accurately. Journal: Journal of Business Economics and Management Pages: 616-637 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.761648 File-URL: http://hdl.handle.net/10.3846/16111699.2012.761648 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:616-637 Template-Type: ReDIF-Article 1.0 Author-Name: Seyed Hossein Razavi Hajiagha Author-X-Name-First: Seyed Hossein Razavi Author-X-Name-Last: Hajiagha Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Shide Sadat Hashemi Author-X-Name-First: Shide Sadat Author-X-Name-Last: Hashemi Title: Application of stepwise data envelopment analysis and grey incidence analysis to evaluate the effectiveness of export promotion programs Abstract: AbstractExport promotion programs are incentives to increase the participation of companies in international markets. On the other hand, governments try to help exporting companies with developing their goal markets. Therefore, for this purpose, many different programs have been created. To show the effectiveness of these programs, the paper refers to stepwise DEA and grey incidence analysis. Finally, the article determines a unified ranking of the applied programs that can be used by decision makers for resource allocation considering different types of programs based on their effectiveness. Journal: Journal of Business Economics and Management Pages: 638-650 Issue: 3 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.745819 File-URL: http://hdl.handle.net/10.3846/16111699.2012.745819 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:3:p:638-650 Template-Type: ReDIF-Article 1.0 Author-Name: Roman Šperka Author-X-Name-First: Roman Author-X-Name-Last: Šperka Author-Name: Marek Spišák Author-X-Name-First: Marek Author-X-Name-Last: Spišák Title: Transaction costs influence on the stability of financial market: agent-based simulation Abstract: AbstractWe implement an agent-based simulation of financial market model. Agent-based simulations are used nowadays as an alternative to the traditional models, based on predetermined equilibrium state theory. Agent technology brings some kind of local intelligence and rational expectations to the decision support system of financial market participants. Agents follow technical and fundamental trading rules to determine their speculative investment positions. We consider direct interactions between speculators and they may decide to change their trading behaviour. If a technical trader meets a fundamental trader and they realize that fundamental trading has been more profitable than technical trading in recent past, the probability that the technical trader switches to the fundamental trading rules is relatively high. In particular the influence of transaction costs is studied in this paper. Transaction costs can be increased by the off-market regulation (for example in the form of taxes) on financial market stability, by overall volume of trade and other market characteristics. The paper shows a positive impact of suitable transaction costs on the financial market stability in the long run. Journal: Journal of Business Economics and Management Pages: S1-S12 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.701227 File-URL: http://hdl.handle.net/10.3846/16111699.2012.701227 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S1-S12 Template-Type: ReDIF-Article 1.0 Author-Name: Adnan Kasman Author-X-Name-First: Adnan Author-X-Name-Last: Kasman Author-Name: Saadet Kasman Author-X-Name-First: Saadet Author-X-Name-Last: Kasman Author-Name: Duygu Ayhan Author-X-Name-First: Duygu Author-X-Name-Last: Ayhan Author-Name: Erdost Torun Author-X-Name-First: Erdost Author-X-Name-Last: Torun Title: Total factor productivity and convergence: evidence from old and new EU member countries' banking sectors Abstract: AbstractThis paper examines whether there has been convergence of total factor productivity levels across twenty-two EU member and three candidate countries following the process of legislative harmonization. The results indicate evidence of β-convergence and σ-convergence in productivity across sampled countries. The results further indicate that all sampled banking sectors seem to have experienced a significant productivity growth over the sample period. The productivity growth levels range from 3.1% to 15.6% and 6.8% to 19.5% in the old member and new member states, respectively. The geometric means considering all banking firms in the new member and candidate countries together reveal that banking sectors in these countries were more productive than those of in the old EU member countries. Overall, the evidence indicates that promoting merger and acquisition activities in the banking system (and hence supporting market driven consolidation of smaller banks) and enhancing the presence of foreign banks could increase competition and productivity in these banking systems. Journal: Journal of Business Economics and Management Pages: S13-S35 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.701228 File-URL: http://hdl.handle.net/10.3846/16111699.2012.701228 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S13-S35 Template-Type: ReDIF-Article 1.0 Author-Name: Vít Pošta Author-X-Name-First: Vít Author-X-Name-Last: Pošta Author-Name: Zdeněk Pikhart Author-X-Name-First: Zdeněk Author-X-Name-Last: Pikhart Title: Systematic risk during 2008-2009 recession in emerging markets: some evidence from V3 and Baltic economies Abstract: AbstractAbrupt and profound swings in economic activity can result in changes in systematic component of risk premia of capital market assets. This can translate into adjustments in risk perception by the market agents, which may lead to significant changes in real investment development. We examine the issue of time-varying systematic risk on a micro level using the capital asset pricing model in an intertemporal setting. We formulate the hypothesis within a bivariate GARCH-in-mean model, which enables us to estimate the time-varying variances and covariances of the respective assets and market returns and thus the time-varying sensitivity to systematic risk. The results of the paper show that the reaction of assets' sensitivity to systematic risk varies across the sample and the changes were rather temporary. Based on the results, the downturn in economic activity witnessed in 2008 - 2009 should not be a drag on real investment. Journal: Journal of Business Economics and Management Pages: S36-S55 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.711363 File-URL: http://hdl.handle.net/10.3846/16111699.2012.711363 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S36-S55 Template-Type: ReDIF-Article 1.0 Author-Name: Wafa N. Almobaireek Author-X-Name-First: Wafa N. Author-X-Name-Last: Almobaireek Author-Name: Tatiana S. Manolova Author-X-Name-First: Tatiana S. Author-X-Name-Last: Manolova Title: Entrepreneurial motivations among female university youth in Saudi Arabia Abstract: AbstractTo successfully target potential women entrepreneurs in Saudi Arabia, a better understanding of their entrepreneurial motivations is needed. In this study, we used economic, human development, and social learning perspectives to explore the entrepreneurial motivations among female university youth in Saudi Arabia and formulated three hypotheses on the gender differences in these motivations. We conducted a survey among undergraduate students at King Saud University in Spring'2010 (n = 856) and tested our hypotheses using analysis of variance (chi-square tests and t-tests). Consistent with research on female entrepreneurs around the world, our results indicate that female university youth in Saudi Arabia are more likely than men to start an entrepreneurial venture out of necessity, whereas men are more likely to have a financial success motivation. At the same time, and in contrast to findings from studies on entrepreneurial motivations in the context of Western Europe and the USA, young Saudi university women report a narrower range of entrepreneurial motivations, compared to men. The implications of this exploratory study point to the need for initiatives specifically focused at young women in order to increase their confidence that entrepreneurship is a viable route to accomplish a broad range of career reasons. Journal: Journal of Business Economics and Management Pages: S56-S75 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.711364 File-URL: http://hdl.handle.net/10.3846/16111699.2012.711364 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S56-S75 Template-Type: ReDIF-Article 1.0 Author-Name: Lixin Shen Author-X-Name-First: Lixin Author-X-Name-Last: Shen Author-Name: Kannan Govindan Author-X-Name-First: Kannan Author-X-Name-Last: Govindan Author-Name: Atul B. Borade Author-X-Name-First: Atul B. Author-X-Name-Last: Borade Author-Name: Ali Diabat Author-X-Name-First: Ali Author-X-Name-Last: Diabat Author-Name: Devika Kannan Author-X-Name-First: Devika Author-X-Name-Last: Kannan Title: An evaluation of vendor managed inventory practices from small and medium indian enterprises Abstract: AbstractVendor managed inventory has proven to be an effective tool for improving the supply chain performance by decreasing inventory-related costs and increasing customer service. It is quite evident from the literature that vendor managed inventory (VMI) has been successfully implemented in small and medium enterprises (SMEs). However, studies related to the implementation of VMI in Indian SMEs are very limited. Therefore, this study presents an empirical investigation of VMI practices in Indian SMEs using survey methodology. The paper evaluates the benefits, barriers, and effects of adopting VMI in Indian SMEs, and also investigates the IT tools and software used for VMI adoption. Furthermore, this study explores the dissimilarities among various sectors of SMEs adopting VMI. Based on the proposed methodology, it is found that organizational issues and unwillingness to share information are the major barriers. In terms of benefits, the major influencing variables are improved efficiency and improved channel relations. Journal: Journal of Business Economics and Management Pages: S76-S95 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.749805 File-URL: http://hdl.handle.net/10.3846/16111699.2012.749805 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S76-S95 Template-Type: ReDIF-Article 1.0 Author-Name: Kaisheng Zeng Author-X-Name-First: Kaisheng Author-X-Name-Last: Zeng Author-Name: Xiaohui Luo Author-X-Name-First: Xiaohui Author-X-Name-Last: Luo Title: Impact of ownership type and firm size on organizational culture and on the organizational culture-effectiveness linkage Abstract: AbstractThis paper aims to extend the extant (primarily Western) organizational culture literature to emerging economies by explicitly incorporating two key contextual variables-ownership type and firm size into organizational culture model. Based on the theoretical model developed by Denison and his colleagues, we examined the impact of ownership type and firm size on organizational culture, as well as the moderating effect of the two contextual variables on the linkage between organizational culture and firm effectiveness. Using survey data from foreign-invested and state-owned firms in China, we find that ownership type and firm size have significant influence on organizational culture. We also find that different ownership type and firm size result in different organizational cultural effect on performance. Journal: Journal of Business Economics and Management Pages: S96-S111 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.754373 File-URL: http://hdl.handle.net/10.3846/16111699.2012.754373 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S96-S111 Template-Type: ReDIF-Article 1.0 Author-Name: Yi-Hsien Wang Author-X-Name-First: Yi-Hsien Author-X-Name-Last: Wang Author-Name: Fu-Ju Yang Author-X-Name-First: Fu-Ju Author-X-Name-Last: Yang Author-Name: Li-Je Chen Author-X-Name-First: Li-Je Author-X-Name-Last: Chen Title: An investor's perspective on infectious diseases and their influence on market behavior Abstract: AbstractRecently, increasing number of infectious diseases has swept the world. The outbreak of a contagious disease not only affects the health and lives of people but also causes economic growth to stagnate. Business in the biotechnology industry is closely related to infectious diseases but what exactly is the information value of the outbreak of infectious disease on biotechnology? This study investigates how such outbreaks can affect the performance of biotechnology stocks. In the past 10 years, major statutory infectious diseases in Taiwan have included ENTEROVIRUS 71, DENGUE FEVER, SARS and H1N1. The empirical results indicate that there is a significant abnormal return on company shares in Taiwan's biotechnology industry because of statutory infectious epidemics. The relationship between the financial ratios of biotechnology companies and abnormal returns was analyzed as part of this research. The results show that the influence on R&D ratios, current ratios and assets are significant. Empirical findings reveal that the investors rationally measure operating conditions of the biotechnology companies during outbreaks of major infectious disease and adjust portfolio allocation accordingly. Journal: Journal of Business Economics and Management Pages: S112-S127 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.711360 File-URL: http://hdl.handle.net/10.3846/16111699.2012.711360 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S112-S127 Template-Type: ReDIF-Article 1.0 Author-Name: Justo de Jorge Moreno Author-X-Name-First: Justo Author-X-Name-Last: de Jorge Moreno Author-Name: Leopoldo Laborda Castillo Author-X-Name-First: Leopoldo Author-X-Name-Last: Laborda Castillo Title: Comparative analysis on the efficiency of the firm and theirs determinants of European transition economics Abstract: AbstractIn this study we evaluate the efficiency of the firms with DEA technique and bootstrapping procedure in eleven transition economics among sixth industrial and service sectors in a cross-section 2005. At the second stage, we study the relationship between corrected efficiency scores and possible explanatory variables. On one hand, our result shows statistically significant differences in efficiency levels across countries and sectors. Likewise, significant levels of inefficiency are identified especially in service sectors (Hotels and Restaurants, Retail and Wholesale and Transport). On the others hand, the results of the analysis in second stage confirmed the existence of a significant relationship between the country that firms operate (country-effect) and firm′s age (learning by doing). The latter relationship between age and efficiency has different behaviors according to the sector concerned, in the form of U shape in the Hotels and Restaurants, inverted U shape in Metal and Machinery and Wood and Furniture and linear in the Retail and Wholesale sector. Contrary perhaps to expectations, the results also allow us to conclude that there is no important statistically significant relationship between the efficiency and variables related to the strategies implemented by firms and the control of the property. Journal: Journal of Business Economics and Management Pages: S128-S144 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.707985 File-URL: http://hdl.handle.net/10.3846/16111699.2012.707985 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S128-S144 Template-Type: ReDIF-Article 1.0 Author-Name: Hong Long Chen Author-X-Name-First: Hong Author-X-Name-Last: Long Chen Title: Logit models for early warning of distressed capital projects Abstract: AbstractThe focus of this study is to demonstrate how probabilistic models may be employed to provide early warnings for distressed capital projects. While identifying the key determinants of project performance is important, few studies test discriminatory power of variables for predicting distressed capital projects. Thus, this longitudinal study of 121 capital projects identifies key variables in the initiation and planning phases of projects that differentiate between healthy and distressed projects at completion. Subsequent univariate logistic analysis shows that the Quality variable provides the highest univariate classification accuracy. Hierarchical logistic-regression analysis reveals high classification accuracy and relatively small differences in overall classification rates. Out-of-sample forecasting validation demonstrates that the optimal model provides a reasonably good overall classification rate of 85.37%. Ultimately, our findings suggest that it is feasible to discriminate simultaneously between healthy and distressed projects prior to the project execution phase in the capital facility delivery process, providing an early warning of projects in distress. Journal: Journal of Business Economics and Management Pages: S145-S167 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.711358 File-URL: http://hdl.handle.net/10.3846/16111699.2012.711358 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S145-S167 Template-Type: ReDIF-Article 1.0 Author-Name: Kong Author-X-Name-First: Author-X-Name-Last: Kong Title: Does corporate social responsibility affect the participation of minority shareholders in corporate governance? Abstract: AbstractUsing a unique minority shareholders voting dataset, we aim to shed light on several important issues on corporate governance and investor protection. Specifically, we first examine the effects of social responsibility (CSR) on minority shareholder participation (MSP). Then, we investigate whether the mounting attention to CSR due to certain events has marginal effects on MSP, and whether CSR and MSP affect firms' market performances. Collectively, we find that: 1) firms' CSR levels significantly affect MSP and can substitute the governance role of minority shareholders to some extent; 2) exogenous shocks related to CSR can significantly affect MSP; and 3) firms with higher CSR level and lower MSP enjoy higher market value improvements. In addition, we find limited evidence that institutional investors may face conflict-of-interest pressures and vote against individual investors. Our results are robust to alternative specifications and offer significant policy implications. Journal: Journal of Business Economics and Management Pages: S168-S187 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.711365 File-URL: http://hdl.handle.net/10.3846/16111699.2012.711365 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S168-S187 Template-Type: ReDIF-Article 1.0 Author-Name: Dragisa Stanujkic Author-X-Name-First: Dragisa Author-X-Name-Last: Stanujkic Author-Name: Sanja Stojanovic Author-X-Name-First: Sanja Author-X-Name-Last: Stojanovic Author-Name: Rodoljub Jovanovic Author-X-Name-First: Rodoljub Author-X-Name-Last: Jovanovic Author-Name: Nedeljko Magdalinovic Author-X-Name-First: Nedeljko Author-X-Name-Last: Magdalinovic Title: A framework for Comminution Circuits Design evaluation using grey compromise programming Abstract: AbstractComminution process, particularly grinding, is very important in the mineral processing industry. Some characteristics of ore particles, which occur as a product of grinding process, have a significant impact on the effects of further ore processing. At the same time, this process requires a significant amount of energy and also significantly affects the overall processing costs. Therefore, in this paper, we propose new multiple criteria decision making model based on grey compromise programming for adequate comminution circuit design selection.Although it is based on a simple procedure, we consider that the proposed model is efficient and flexible, and that it also represents the basis for forming more sophisticated models for comminution circuit design selection, as in addition, many other decision making problems in business environment, which is characterized by predictions and uncertainty. Journal: Journal of Business Economics and Management Pages: S188-S212 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.720599 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720599 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S188-S212 Template-Type: ReDIF-Article 1.0 Author-Name: Doowoo Nam Author-X-Name-First: Doowoo Author-X-Name-Last: Nam Title: The estimation and decomposition of value-at-risk for non-normal portfolio returns Abstract: AbstractValue-at-risk (VaR) is a widely used measure for evaluating the market risk of a trading portfolio. This article presents the g-and-h method for estimating the VaR of a portfolio with non-normal returns, and adds to the usefulness of VaR as a risk management tool by decomposing the portfolio into individual VaRs to estimate the contribution of the individual components toward the overall VaR. While the VaR decomposition is algebraically simple under the assumption of normality, that is not the case under non-normality which is the property exhibited by most financial returns. We show that, by using the g-and-h VaR method, the decomposition analysis under non-normality can be performed with the same degree of intuitiveness and ease as for the analytical methods based on the assumption of normality. Journal: Journal of Business Economics and Management Pages: S213-S226 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.703147 File-URL: http://hdl.handle.net/10.3846/16111699.2012.703147 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S213-S226 Template-Type: ReDIF-Article 1.0 Author-Name: Chong Wu Author-X-Name-First: Chong Author-X-Name-Last: Wu Author-Name: Xin Wang Author-X-Name-First: Xin Author-X-Name-Last: Wang Author-Name: Xinying Zhang Author-X-Name-First: Xinying Author-X-Name-Last: Zhang Author-Name: Yongli Li Author-X-Name-First: Yongli Author-X-Name-Last: Li Author-Name: Brad O'Brien Author-X-Name-First: Brad Author-X-Name-Last: O'Brien Title: Chinese airline competitiveness evaluation based on extended binary relative evaluation(BRE) model Abstract: AbstractIn order to eliminate the impact of the sample's objective merits on the evaluation results, this research built a two-stage model of Chinese airline competitiveness evaluation to reflect the subjective management and performance. In the first stage, Analytic Hierarchy Process (AHP) and Factor Analysis (FA) models were used to analyze the data from 2008 to 2009. In the second stage, two kinds of comprehensive evaluation indexes in 2008 were taken as the reference index set, and two kinds of comprehensive evaluation indexes in 2009 as the current index set. The four sets of data were calculated with the Group Decision-making Model Based on Data Envelopment Analysis (DEA) with Restraint Cone. This paper has (1) enriched the theory of airline competitiveness,(2) built a more scientific and comprehensive evaluation index system of airlines' competitiveness, (3) constructed a competitiveness evaluation model based on BRE, and (4) conducted an empirical study of the improved model based on the 2008 and 2009 data from 15 Chinese airlines. The ranking results of the proposed method, theory and model coincide with the real conditions of the airline market demonstrating that our evaluation of airline competitiveness based on BRE is accurate, reliable and objective. Journal: Journal of Business Economics and Management Pages: S227-S256 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.721391 File-URL: http://hdl.handle.net/10.3846/16111699.2012.721391 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S227-S256 Template-Type: ReDIF-Article 1.0 Author-Name: Norzalita A. Aziz Author-X-Name-First: Norzalita A. Author-X-Name-Last: Aziz Author-Name: Nor Asiah Omar Author-X-Name-First: Nor Asiah Author-X-Name-Last: Omar Title: Exploring the effect of Internet marketing orientation, Learning Orientation and Market Orientation on innovativeness and performance: SME (exporters) perspectives Abstract: AbstractThis study explores the relationship between Internet Marketing Orientation, Market Orientation, Learning Orientation, Innovation Capabilities and Performance. The study also investigates the role of Internet Marketing Orientation integration in the linkage between Market Orientation-Innovativeness and Learning Orientation-Innovativeness. From an analysis of usable survey data from 101 Bumiputera SMEs-Exporters, three dimensions of Market Orientation (Customer Focus, Inter-Functional Coordination, Information Dissemination), two dimensions of Learning Orientation (Shared Knowledge, and Vision and Commitment to Learning), one dimension of Internet Marketing Orientation and one dimension of Innovation Capabilities and Performance are extracted from the factor analysis results. The results of regression analysis show that Customer Focus, Shared Knowledge and Vision, and Internet Marketing Orientation directly influenced SMEs' Innovation Capabilities. However, Internet Marketing Orientation is more influential in developing innovation capabilities among SMEs compared to others. While, Shared Knowledge and Vision is the crucial factor in enhancing the business performance among SME (exporters). The relationship among a firm's Internet Marketing Orientation, Learning Orientation, Market Orientation and Innovation Capabilities and Performance are considered a crucial research area in developing countries. The implications for Malaysian SMEs are discussed. Journal: Journal of Business Economics and Management Pages: S257-S278 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2011.645865 File-URL: http://hdl.handle.net/10.3846/16111699.2011.645865 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S257-S278 Template-Type: ReDIF-Article 1.0 Author-Name: Kelli Bodey Author-X-Name-First: Kelli Author-X-Name-Last: Bodey Author-Name: Scott Weaven Author-X-Name-First: Scott Author-X-Name-Last: Weaven Author-Name: Debra Grace Author-X-Name-First: Debra Author-X-Name-Last: Grace Title: Multiple-unit franchising and performance outcomes Abstract: AbstractThe economic and social contribution of franchising is widely reported. Although, most studies have examined franchising from the single-unit typology, multiple-unit franchising is found to be a popular and pervasive retailing strategy throughout the world. Despite this, there is a paucity of prior research examining the factors influencing the achievement of the four franchising imperatives. This represents an important gap in the organizational choice literature. Therefore, this study empirically examines the impact of the four franchising imperatives (i.e. unit growth, system uniformity, local responsiveness and system wide adaptation) (Bradach 1995) upon franchise system operational performance across the four key governance structures (i.e. master franchising, area development franchising, area representative franchising and incremental franchising). Based on a sample of 347 Australian franchisors, the findings indicate that there are significant differences in the way in which three of the four imperatives (i.e. unit growth, system uniformity and system-wide adaptation) impact on performance across different governance structures. Practical and managerial implications and future research direction are discussed. Journal: Journal of Business Economics and Management Pages: S279-S312 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.711366 File-URL: http://hdl.handle.net/10.3846/16111699.2012.711366 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S279-S312 Template-Type: ReDIF-Article 1.0 Author-Name: Maurizio La Rocca Author-X-Name-First: Maurizio Author-X-Name-Last: La Rocca Author-Name: Fabiola Montalto Author-X-Name-First: Fabiola Author-X-Name-Last: Montalto Title: The value of blockholders shaped by moderators Abstract: AbstractThis paper investigates the role of moderators in affecting the relationship between ownership and value. The results generally reveal a positive influence of blockholders on performance, that is significantly affected by moderating factors. The link becomes negative in listed firms, as well as in family ones, and vanishes in financial constrained ones. Moreover, in case of managerial opportunism, the role of blockholders increases the positive effect of ownership on performance. Conversely, new governance reforms, improving the investors' protection, have resized the centrality of the majority shareholder. Overall, results can be used to make recommendations on how to improve corporate and country-specific governance mechanisms. Journal: Journal of Business Economics and Management Pages: S313-S327 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2013.794750 File-URL: http://hdl.handle.net/10.3846/16111699.2013.794750 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S313-S327 Template-Type: ReDIF-Article 1.0 Author-Name: Claudine Kearney Author-X-Name-First: Claudine Author-X-Name-Last: Kearney Author-Name: Robert D. Hisrich Author-X-Name-First: Robert D. Author-X-Name-Last: Hisrich Author-Name: Bostjan Antoncic Author-X-Name-First: Bostjan Author-X-Name-Last: Antoncic Title: The mediating role of corporate entrepreneurship for external environment effects on performance Abstract: AbstractA model is proposed that tests the antecedents and the mediating effect of corporate entrepreneurship on the external environment-performance relationship within private and public sector organizations. Hypotheses were tested using data from a sample of chief executive officers in 51 private sector organizations in the United States, 141 private sector organizations in Slovenia and 134 public sector state and semi-state enterprises in Ireland. Data was analyzed using hierarchical regression analysis. The results show that dynamism and munificence effects on performance are mediated by an organization's corporate entrepreneurship in the private sector and munificence effects on performance are mediated by an organization's renewal in the public sector and that renewal must be in place to maximize the effect of munificence on performance. The results support a model that incorporates an extensive and diverse literature into a single model and helps illuminate similarities and differences of corporate entrepreneurship between the private sector and the public sector. The study shows that an integrative model and the interplay among the constructs yields new insights unavailable to single and focused approaches. It offers new insights about corporate entrepreneurship, not only as a discrete pursuit, but also as a construct that shapes and extends organizational performance. Journal: Journal of Business Economics and Management Pages: S328-S357 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.720592 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720592 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S328-S357 Template-Type: ReDIF-Article 1.0 Author-Name: Ana Beatriz Lopes de Sousa Jabbour Author-X-Name-First: Ana Beatriz Lopes de Sousa Author-X-Name-Last: Jabbour Author-Name: Charbel José Chiappetta Jabbour Author-X-Name-First: Charbel José Chiappetta Author-X-Name-Last: Jabbour Title: Contributions of operations management to the competitiveness of the Brazilian electronics sector Abstract: AbstractThe objective of this paper is to identify and analyze various aspects of the internal and external operations management of Brazil's electronics sector and to consider the opportunities for and the threats to increasing the competitiveness of its participation in the global supply chain. To address this shortage in the literature, a survey of Brazilian Electric and Electronic Industry Association (ABINEE) companies was conducted. The collected data were complemented with secondary data to establish an overall view of the electronics sector in Brazil. The results suggest that electronics product assembly companies have the opportunity to invest more in information technology to expand process integration, plan and develop products, integrate customers, and maintain rather than expand their supply chain practices. The alignment between internal and external operations management becomes important in this context. The originality of this paper lies in its clarification of operations management in an economically important sector and the insight it provides to academics, practitioners and policy makers involved in the domestic and international electronics sector. Journal: Journal of Business Economics and Management Pages: S358-S376 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.720588 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720588 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S358-S376 Template-Type: ReDIF-Article 1.0 Author-Name: Evan Lau Author-X-Name-First: Evan Author-X-Name-Last: Lau Author-Name: Ahmad Zubaidi Baharumshah Author-X-Name-First: Ahmad Zubaidi Author-X-Name-Last: Baharumshah Author-Name: Soon Author-X-Name-First: Author-X-Name-Last: Soon Title: The behavior of external debt in Asian countries: evidence based on panel unit root tests Abstract: AbstractThis article investigates the mean-reverting behavior of the external debt ratio based on a clustered of 19 Asian countries from 1981 to 2010. For this purpose, we use a government's intertemporal budget constraint (GIBC) model popularized by Hamilton and Flavin (1986). Our conclusions were drawn from panel data based tests, including the newly developed test that accounts for both cross-sectional dependency and structural breaks. Two major findings are noteworthy; first majority debt ratios in the Asian countries are affected by structural breaks. Second, we find unit root tests that do not accommodate breaks are less likely to detect mean reversion in the debt ratios. In all, our results indicate debt sustainability is a general characteristic of all the Asian countries. Journal: Journal of Business Economics and Management Pages: S377-S394 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.720589 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720589 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S377-S394 Template-Type: ReDIF-Article 1.0 Author-Name: Monika Golonka Author-X-Name-First: Monika Author-X-Name-Last: Golonka Author-Name: Robert Rzadca Author-X-Name-First: Robert Author-X-Name-Last: Rzadca Title: Does a connection exist among national culture, alliance strategy, and leading ICT firms' performance? Abstract: AbstractIn this paper we explore links among firms' performance, firms' alliance strategies, and national culture in the context of the global information and communication technologies (ICT) industry. Currently, partnering is the one of the most effective ways to access a broad set of resources. In the ICT industry, we can observe a significant number of alliances, networks, and mergers and acquisitions. The contribution of this paper is to investigate how a contextual factor - namely, national culture - influences the alliance portfolio formation and a firm's performance. We also aim to contribute to the issue of alliance portfolio formation. First, the concepts of alliance portfolio and culture as an explanatory factor are elaborated upon and their relevance to the study discussed. Second, using a sample of 30 ICT leaders and 10,247 of their alliances, we explore the effect of alliance strategy on firms' performance as well as the connections among culture, firms' performance, and alliance strategy. The study confirms that, in a global ICT industry (i.e., the most dynamically changing and riskiest environment), weak alliances may increase a firm's performance more than strong, traditional strategic alliances. Culture may be used as one of the explanatory factors affecting firms' performance as well as firms' alliance strategies. Journal: Journal of Business Economics and Management Pages: S395-S412 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.732107 File-URL: http://hdl.handle.net/10.3846/16111699.2012.732107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S395-S412 Template-Type: ReDIF-Article 1.0 Author-Name: Gungor Hacioglu Author-X-Name-First: Gungor Author-X-Name-Last: Hacioglu Author-Name: Osman Gök Author-X-Name-First: Osman Author-X-Name-Last: Gök Title: Marketing performance measurement: marketing metrics in Turkish firms Abstract: AbstractThis study explores which metrics are considered important in measuring marketing performance in Turkish firms. In addition, the study examines the effects of sectoral differences and market dynamism, and the relationship between the importance attached to metrics and firm performance. The data collected from a sample of 145 Turkish firms via a structured questionnaire derived from the literature reveals that the most importance is attached to consumers' attitudes metrics. Economic value added and customer lifetime value are the least important metrics in performance evaluation. No significant relationship occurs between the importance that executives attach to metrics and firm performance. Managerial implications and future research opportunities will be presented at the end. The study is, as far as is known, the first attempt at aiming to explore marketing metrics in Turkey, and one of a limited number of studies in emerging economies. Journal: Journal of Business Economics and Management Pages: S413-S432 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.729156 File-URL: http://hdl.handle.net/10.3846/16111699.2012.729156 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S413-S432 Template-Type: ReDIF-Article 1.0 Author-Name: Agata Stachowicz-Stanusch Author-X-Name-First: Agata Author-X-Name-Last: Stachowicz-Stanusch Author-Name: Aditya Simha Author-X-Name-First: Aditya Author-X-Name-Last: Simha Title: An empirical investigation of the effects of ethical climates on organizational corruption Abstract: AbstractThis study investigates the effects of ethical climates on organizational corruption. Data from 200 employees from seven hospitals in Poland was used to test the specific relationships between the five empirically occurring ethical climate types (i.e. caring, instrumental, independence, law and code, and rules) and organizational corruption. Law and code climates were negatively associated with organizational corruption, while instrumental and caring climates were positively associated with organizational corruption. Journal: Journal of Business Economics and Management Pages: S433-S446 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.744345 File-URL: http://hdl.handle.net/10.3846/16111699.2012.744345 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S433-S446 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Reza Tavakoli Baghdadabad Author-X-Name-First: Mohammad Reza Author-X-Name-Last: Tavakoli Baghdadabad Author-Name: Fauzias Mat Nor Author-X-Name-First: Fauzias Author-X-Name-Last: Mat Nor Author-Name: Izani Ibrahim Author-X-Name-First: Izani Author-X-Name-Last: Ibrahim Title: Mean-drawdown risk behavior: drawdown risk and capital asset pricing Abstract: AbstractWe develop an alternative approach based on mean-drawdown risk behavior versus the mean-variance behavior. We develop two risk measures as the maximum draw down risk and average drawdown risk to estimate two new betas and then propose two CAPM-like models. The data includes a comprehensive universe of more than 11,000 US equity-based mutual funds from first month of 2000 to third month of 2011.The evidence clearly shows superiority of the maximum and average drawdown betas and their pricing models, the maximum drawdown CAPM and the average drawdown CAPM, over the traditional beta and CAPM, respectively. Journal: Journal of Business Economics and Management Pages: S447-S469 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.720593 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720593 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S447-S469 Template-Type: ReDIF-Article 1.0 Author-Name: Fernando Merino Author-X-Name-First: Fernando Author-X-Name-Last: Merino Title: Capital structure of foreign affiliates and the investment decision: two questions to consider Abstract: AbstractThis paper analyses the ownership structure of foreign affiliates of Spanish firms. In contrast to previous studies on the participation degree, the paper highlights the importance of the previous decision to invest abroad. To do so, an econometric model with a limited dependent variable helps to show that to ignore the previous decision modifies the conclusions of the empirical analyses that raise an empirical model over a sample of firms with foreign affiliates. Additionally, the paper analyses in detail the importance of the cultural and political-legal differences between home and host countries that justify a different type of participation in equity of foreign affiliates. A clear implication for future research in this field is the need to reconsider the econometric approach to include the investment decision. As the paper has shown, a double-hurdle model provides notably different results than the usual approaches, which in this case are closer to the theoretical literature insights. Journal: Journal of Business Economics and Management Pages: S470-S492 Issue: sup1 Volume: 14 Year: 2013 Month: 6 X-DOI: 10.3846/16111699.2012.692704 File-URL: http://hdl.handle.net/10.3846/16111699.2012.692704 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:sup1:p:S470-S492 Template-Type: ReDIF-Article 1.0 Author-Name: Halil Tunca Author-X-Name-First: Halil Author-X-Name-Last: Tunca Author-Name: Mehmet Karaçuka Author-X-Name-First: Mehmet Author-X-Name-Last: Karaçuka Author-Name: A. Nazif Çatik Author-X-Name-First: A. Nazif Author-X-Name-Last: Çatik Title: A meta-frontier approach to measure productivity differences of domestic and foreign affiliated firms Abstract: AbstractThis paper aims to evaluate the performance of foreign affiliated and domestic firms in Turkish manufacturing subsectors covering the period 1992 and 2001. Due to the heterogeneity between domestic and foreign affiliated firms in terms of technology level, we construct a meta-frontier model to measure relative efficiency and technology gap ratios (TGR's) of domestic and foreign affiliated firms. We find that technical efficiencies of foreign affiliated firms are higher than domestic firms, and display a stable pattern during the investigation period. However; technology gap ratios indicate the existence of a negative relationship between the TGR's and technical efficiency of the firms in domestic subsectors. This means that technically efficient firms are in fact using the low level of technology. However the results do not indicate any significant relationship between the technical efficiency and TGR's of foreign affiliated firms. Journal: Journal of Business Economics and Management Pages: 651-663 Issue: 4 Volume: 14 Year: 2013 Month: 9 X-DOI: 10.3846/16111699.2011.653580 File-URL: http://hdl.handle.net/10.3846/16111699.2011.653580 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:4:p:651-663 Template-Type: ReDIF-Article 1.0 Author-Name: Elaine Ee Author-X-Name-First: Elaine Author-X-Name-Last: Ee Author-Name: Hasliza Abdul Halim Author-X-Name-First: Hasliza Abdul Author-X-Name-Last: Halim Author-Name: Thurasamy Ramayah Author-X-Name-First: Thurasamy Author-X-Name-Last: Ramayah Title: HR outsourcing success: does partnership quality variables matter? Abstract: AbstractRecently, increased attention has been paid to partnership quality in outsourcing strategy. However, research of partnership quality on the outsourcing of human resources (HR) is very limited. Therefore, this research aims at examining the relationship between partnership quality variables (business understanding, trust, commitment, communication and top management) and the success of HR outsourcing. The sample is obtained from a cross sectional survey and the sample studied are 96 manufacturing organizations in Penang, Malaysia. Results indicate that most of the organizations that outsourced HR functions were from electronic and electrical industry. The analyses also show that partnership quality variables such as trust, business understanding and communication have significant positive impact on HR outsourcing success. The study concluded that HR outsourcing as a competitive strategy in Malaysia is still relatively new and probably many of its potential benefits are not fully understood. Therefore, by understanding the relationship with the service providers, the organizations are able to achieve outsourcing success by identifying areas of expected benefits and improvements. Journal: Journal of Business Economics and Management Pages: 664-676 Issue: 4 Volume: 14 Year: 2013 Month: 9 X-DOI: 10.3846/16111699.2011.649012 File-URL: http://hdl.handle.net/10.3846/16111699.2011.649012 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:4:p:664-676 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Reza Tavakoli Baghdadabad Author-X-Name-First: Mohammad Reza Author-X-Name-Last: Tavakoli Baghdadabad Author-Name: Farid Habibi Tanha Author-X-Name-First: Farid Author-X-Name-Last: Habibi Tanha Author-Name: Noreha Halid Author-X-Name-First: Noreha Author-X-Name-Last: Halid Title: The efficiency evaluation of mutual fund managers based on DARA, CARA, IARA Abstract: AbstractWe evaluate the efficiency of mutual fund managers of 20 different classes of management styles to identify the most efficient strategies and to propose an optimal pattern in selecting the funds by investors. We collect monthly data of 17,686 US mutual funds for a five-year period 2005-2010 to minimize the impact of survivorship bias and use Data Envelopment Analysis (DEA) model to evaluate the mutual fund performance. The set of considered inputs comprised "variance", representing the mutual fund risk, and "turnover, expense ratio and loads indicators", reflecting the mutual fund costs and fees. Two kinds of outputs are taken into account by our DEA model, "portfolio return" and "stochastic dominance indicators". As a unique contribution, we state the benefits of the DEA approach in the DARA, CARA, and IARA framework, and evaluate the efficiency of mutual funds based on fund strategies as well as the performance of best mutual funds among their group.The evidence shows that the efficiency scores of technical, management, and scale are respectively 0.81, 0.921, and 0.874 for the DARA model, while the efficiency scores of two models of CARA and IARA are negligible. Also, we rank each management strategy in any model based on two methods - the number of referencing and the weighted value so that the managers of inefficient strategies must pattern the managers' ability of reference (efficient) strategies to improve their efficiency on the fund market in future. Journal: Journal of Business Economics and Management Pages: 677-695 Issue: 4 Volume: 14 Year: 2013 Month: 9 X-DOI: 10.3846/16111699.2011.651625 File-URL: http://hdl.handle.net/10.3846/16111699.2011.651625 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:4:p:677-695 Template-Type: ReDIF-Article 1.0 Author-Name: Sarfaraz Hashemkhani Zolfani Author-X-Name-First: Sarfaraz Hashemkhani Author-X-Name-Last: Zolfani Author-Name: Abdolhamid Safaei Ghadikolaei Author-X-Name-First: Abdolhamid Safaei Author-X-Name-Last: Ghadikolaei Title: Performance evaluation of private universities based on balanced scorecard: empirical study based on Iran Abstract: AbstractPrivate universities are new generation of universities in Iran that their existences are less than 20 years. The research in this area was never completed about evaluating of these universities all these years. The aim of this research is to make a framework for evaluating these universities with Balanced Scorecard (BSC) and MCDM methods. Three MCDM methods are applied in this research. DEMATEL is applied for research on cause and effect relations of perspectives of BSC, ANP is applied to calculate weights of indices in perspectives and finally VIKOR for ranking universities that is selected as a case study. This research totally used 38 experts in two groups for evaluating of universities. Results of this research are: (1) Internal Process is the most effective perspective of BSC. (2) Brand, Academic Excellence, Product Quality, Student Satisfaction and Budget Control are five more important indices that calculated with ANP. (3) Shomal University of Amol is the best university among five universities that were selected for this research and they have been established more than ten years. Journal: Journal of Business Economics and Management Pages: 696-714 Issue: 4 Volume: 14 Year: 2013 Month: 9 X-DOI: 10.3846/16111699.2012.665383 File-URL: http://hdl.handle.net/10.3846/16111699.2012.665383 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:4:p:696-714 Template-Type: ReDIF-Article 1.0 Author-Name: Fernando A. F. Ferreira Author-X-Name-First: Fernando A. F. Author-X-Name-Last: Ferreira Author-Name: Ronald W. Spahr Author-X-Name-First: Ronald W. Author-X-Name-Last: Spahr Author-Name: Irina F. M. D. Gavancha Author-X-Name-First: Irina F. M. D. Author-X-Name-Last: Gavancha Author-Name: Amali Çipi Author-X-Name-First: Amali Author-X-Name-Last: Çipi Title: Readjusting trade-offs among criteria in internal ratings of credit-scoring: an empirical essay of risk analysis in mortgage loans Abstract: AbstractCredit-scoring becomes increasingly important in poor economies and recessions. Decreasing liquidity due to reduced access to both money and debt markets has induced banks to impose restrictions on offering credit, including credit for mortgage loans. In this paper we analyze the internal rating system used by one of the top-five banks in Portugal, and propose a methodological framework which, based on an application of the Delphi technique, allows adjusting trade-offs among evaluation criteria and provides decision makers with a fairer, more accurate and transparent mortgage risk evaluation system. Journal: Journal of Business Economics and Management Pages: 715-740 Issue: 4 Volume: 14 Year: 2013 Month: 9 X-DOI: 10.3846/16111699.2012.666999 File-URL: http://hdl.handle.net/10.3846/16111699.2012.666999 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:4:p:715-740 Template-Type: ReDIF-Article 1.0 Author-Name: V. G. R. Chandran Author-X-Name-First: V. G. R. Author-X-Name-Last: Chandran Author-Name: Rajah Rasiah Author-X-Name-First: Rajah Author-X-Name-Last: Rasiah Title: Firm size, technological capability, exports and economic performance: the case of electronics industry in Malaysia Abstract: AbstractThis paper examines the joint effects of technology and exports on the economic performances of electronics firms in Malaysia. The empirical results based on the Partial Least Square (PLS) estimate procedure show that technological capability plays a multiple role in that it influences both the exports and performance of a firm simultaneously. More importantly, we find evidence that exports act as a mediating variable between technological capability and firm performance. Size is found to influence all three: product capabilities, exports and firm performance but not process capabilities. This paper concludes that researchers, in future studies, need to examine the dynamism between size, technology, exports and performance. Journal: Journal of Business Economics and Management Pages: 741-757 Issue: 4 Volume: 14 Year: 2013 Month: 9 X-DOI: 10.3846/16111699.2012.668860 File-URL: http://hdl.handle.net/10.3846/16111699.2012.668860 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:4:p:741-757 Template-Type: ReDIF-Article 1.0 Author-Name: Fernando García Author-X-Name-First: Fernando Author-X-Name-Last: García Author-Name: Francisco Guijarro Author-X-Name-First: Francisco Author-X-Name-Last: Guijarro Author-Name: Ismael Moya Author-X-Name-First: Ismael Author-X-Name-Last: Moya Title: A multiobjective model for passive portfolio management: an application on the S&P 100 index Abstract: AbstractIndex tracking seeks to minimize the unsystematic risk component by imitating the movements of a reference index. Partial index tracking only considers a subset of the stocks in the index, enabling a substantial cost reduction in comparison with full tracking. Nevertheless, when heterogeneous investment profiles are to be satisfied, traditional index tracking techniques may need different stocks to build the different portfolios. The aim of this paper is to propose a methodology that enables a fund's manager to satisfy different clients' investment profiles but using in all cases the same subset of stocks, and considering not only one particular criterion but a compromise between several criteria. For this purpose we use a mathematical programming model that considers the tracking error variance, the excess return and the variance of the portfolio plus the curvature of the tracking frontier. The curvature is not defined for a particular portfolio, but for all the portfolios in the tracking frontier. This way funds' managers can offer their clients a wide range of risk-return combinations just picking the appropriate portfolio in the frontier, all of these portfolios sharing the same shares but with different weights. An example of our proposal is applied on the S&P 100. Journal: Journal of Business Economics and Management Pages: 758-775 Issue: 4 Volume: 14 Year: 2013 Month: 9 X-DOI: 10.3846/16111699.2012.668859 File-URL: http://hdl.handle.net/10.3846/16111699.2012.668859 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:4:p:758-775 Template-Type: ReDIF-Article 1.0 Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Author-Name: Tea Golja Author-X-Name-First: Tea Author-X-Name-Last: Golja Title: How important are CSR companies for nations' growth? Abstract: AbstractThe paper provides new empirical evidence on the positive link between corporate social responsibility and income growth. Using available data for 26 countries over 2000-2008 we investigate cross-country growth differences by adding new variable (corporate social responsibility) to the standard growth regression model. We show that corporate social responsibility impact on growth is statistically significant but limited in size. Moreover, the inclusion of corporate social responsibility variable improves the fit of the regression. Countries with higher corporate social responsibility penetration as India achieve higher income growth rates. Evidence of the positive link between corporate social responsibility presented in this study encourage but further research on mechanism how socially responsible behavior affects growth is necessary. Journal: Journal of Business Economics and Management Pages: 776-790 Issue: 4 Volume: 14 Year: 2013 Month: 9 X-DOI: 10.3846/16111699.2013.820664 File-URL: http://hdl.handle.net/10.3846/16111699.2013.820664 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:4:p:776-790 Template-Type: ReDIF-Article 1.0 Author-Name: Rolandas Drejeris Author-X-Name-First: Rolandas Author-X-Name-Last: Drejeris Author-Name: Juozas Bivainis Author-X-Name-First: Juozas Author-X-Name-Last: Bivainis Author-Name: Živilė Tunčikienė Author-X-Name-First: Živilė Author-X-Name-Last: Tunčikienė Author-Name: Eglė Drejerienė Author-X-Name-First: Eglė Author-X-Name-Last: Drejerienė Title: Determining the purposefulness of new services on the grounds of the results of quantitative analysis Abstract: AbstractThe goal of the present article is to propose a methodology for substantiating the purposefulness of new service development reasoned by the results of a quantitative analysis of the current situation. The core of determining the purposefulness of new service development is assessing and comparing two trends of service business development: new service implementation and the main alternative of this process - the expansion of the scope of the current services. The paper demonstrates how the authors consolidate, annotate and critique available research on some logical aspects of new service development in order to find more objective quantitative decisions. The study provides the methodology (process model) of determining the purposefulness of new service development. A new attitude is evidenced by discovering quantitative assessment according to different sets of criteria. The paper also improves the comprehension of the complex process of new service implementation - proves the necessity of the first step, i.e. the determination of the purposefulness of a new service, which is often missed by authors. Appropriate solutions, according to the results of the suggested quantitative analysis, would increase the objectivity of assessment and the probability of successful new services. Journal: Journal of Business Economics and Management Pages: 791-805 Issue: 4 Volume: 14 Year: 2013 Month: 9 X-DOI: 10.3846/16111699.2013.772917 File-URL: http://hdl.handle.net/10.3846/16111699.2013.772917 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:4:p:791-805 Template-Type: ReDIF-Article 1.0 Author-Name: Ilona Skačkauskienė Author-X-Name-First: Ilona Author-X-Name-Last: Skačkauskienė Title: Research on the dynamics of Lithuanian state revenue and preferences for expenditure allocation Abstract: AbstractThe article analyses revenue and expenditure on the national budget of Lithuania and looks at their dynamics and structure. First, the paper is aimed at naming the main sources of revenue as well as the preferential areas of financing. Second, it is also sought to disclose the objective principles of allocating budget appropriation. To achieve the goal, the correlation between preferences in government activity and expenditure allocation was investigated. The conducted research employs ranging and correlational analysis. Since the formation of a bigger budget leads to an increased appropriation of all functional areas, structural data were analysed thus enabling to more soundly determine whether the distinction of a functional area, as the preferential one, has an influence on its greater significance in the overall system of the national budget. After making the study, no possibility of asserting that a distinction of the preferential functional area is related to its preferential financing exists. In order to summarize the obtained results, it could be claimed that the allocation of resources accumulated by the state would be more substantiated if we related it more with activity priorities of the Government. This would lead to higher objectivity when taking decisions on public administration. Journal: Journal of Business Economics and Management Pages: 806-817 Issue: 4 Volume: 14 Year: 2013 Month: 9 X-DOI: 10.3846/16111699.2013.789451 File-URL: http://hdl.handle.net/10.3846/16111699.2013.789451 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:4:p:806-817 Template-Type: ReDIF-Article 1.0 Author-Name: Hassan Heidari Author-X-Name-First: Hassan Author-X-Name-Last: Heidari Author-Name: Salih Turan Katircioglu Author-X-Name-First: Salih Turan Author-X-Name-Last: Katircioglu Author-Name: Sahar Bashiri Author-X-Name-First: Sahar Author-X-Name-Last: Bashiri Title: Inflation, inflation uncertainty and growth in the Iranian economy: an application of BGARCH-M model with BEKK approach Abstract: AbstractThis paper investigates the relationship between inflation, economic growth and their respective uncertainties in Iran for the period of 1988-2008 by using quarterly data. We employ a Bivariate Generalized Autoregressive Conditional Heteroskedasticity-in-Mean (BGARCH-M) model to examine in a unified empirical framework all the possible interactions between inflation uncertainty and growth in Iran. The model is simultaneously estimated by using the maximum log-likelihood method with the BEKK approach. The main findings of the present study are: (1) Inflation causes inflation uncertainty, supporting the Friedman-Ball hypothesis. (2) Inflation uncertainty affects the level of economic growth, supporting the Friedman (1977) hypothesis. (3) Growth uncertainty does not affect the level of economic growth, supporting the Friedman (1968) hypothesis. (4) And finally our empirical evidence shows that growth uncertainty affects the level of inflation, supporting the Deveraux (1989) hypothesis. Journal: Journal of Business Economics and Management Pages: 819-832 Issue: 5 Volume: 14 Year: 2013 Month: 11 X-DOI: 10.3846/16111699.2012.670134 File-URL: http://hdl.handle.net/10.3846/16111699.2012.670134 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:5:p:819-832 Template-Type: ReDIF-Article 1.0 Author-Name: Kuan-Min Wang Author-X-Name-First: Kuan-Min Author-X-Name-Last: Wang Title: Can gold effectively hedge risks of exchange rate? Abstract: AbstractThis study tests whether gold can effectively hedge exchange rate risks. We take into account the asymmetric characteristic of exchange rate fluctuations and use the dynamic panel threshold model in order to select gold prices in major gold-related currencies in the world: the Australian dollar, the Canadian dollar, the euro, the Indian rupee, the Japanese yen, the South African rand, and the British pound. Using monthly data from January 1999 to January 2010, with lagged one-period exchange rate returns (US dollar depreciation rate) as the threshold variable, the estimation results suggest that there are two thresholds at -7.5% and -3.7%. These can be divided into regime 1 (exchange rate returns ≤ -7.5%), regime 2 (-7.5% > exchange rate returns ≤ -3.7%), and regime 3 (exchange rate returns > -3.7%). Regarding the effectiveness of gold hedging, regime 2 is higher than is regime 3. The risk hedging effect of regime 1 is not significant because it might be caused by the excessive devaluation of the US dollar in the short-term and the overshooting of the exchange rate adjustment, making gold unable to hedge the devaluation risks of the US dollar. Journal: Journal of Business Economics and Management Pages: 833-851 Issue: 5 Volume: 14 Year: 2013 Month: 11 X-DOI: 10.3846/16111699.2012.670133 File-URL: http://hdl.handle.net/10.3846/16111699.2012.670133 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:5:p:833-851 Template-Type: ReDIF-Article 1.0 Author-Name: Nirosha Hewa Wellalage Author-X-Name-First: Nirosha Hewa Author-X-Name-Last: Wellalage Author-Name: Stuart Locke Author-X-Name-First: Stuart Author-X-Name-Last: Locke Title: Capital structure and its determinants in New Zealand firms Abstract: AbstractThe current study aims to empirically explore the relationship between firm characteristics, corporate governance and capital structure in New Zealand's large listed companies. Eight years of data for 40 firms listed on the NZX50 Stock Exchange, are collected and observations are analysed using a conditional quantile regression. This study finds firm-specific characteristics rather than corporate governance variables play a significant role in determining firm leverage levels. The results indicate that finance policies need to vary across firm type and firm characteristics, and should match with the different borrowing requirements of listed firms. Journal: Journal of Business Economics and Management Pages: 852-866 Issue: 5 Volume: 14 Year: 2013 Month: 11 X-DOI: 10.3846/16111699.2012.680605 File-URL: http://hdl.handle.net/10.3846/16111699.2012.680605 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:5:p:852-866 Template-Type: ReDIF-Article 1.0 Author-Name: Alfredo M. Bobillo Author-X-Name-First: Alfredo M. Author-X-Name-Last: Bobillo Author-Name: Juan A. Rodríguez-Sanz Author-X-Name-First: Juan A. Author-X-Name-Last: Rodríguez-Sanz Author-Name: Fernando Tejerina-Gaite Author-X-Name-First: Fernando Author-X-Name-Last: Tejerina-Gaite Title: Shareholder activism and internationalization in the family firm Abstract: AbstractWe present the internationalization of the family firm (FF) as a corporate growth strategy that is sometimes necessary to ensure survival. The different generations running the family firm (GFF) are likely to be constrained, not only by the demands of the business itself, but also by activism from non-management family shareholders. In this paper, we perform an analysis of a sample of Spanish family firms, both domestic and multinational, for the period 2000-2009. The results of this analysis show evidence of a positive relationship between the scope of internationalization and two other variables: family activism (FAI) and life cycle duration of the family firm (DLFF). When it comes to seeking alternative ways to create economic value and obtain debt finance, each generation is less risk averse than the preceding one. However, increasing family conflict over successive generations instigates economic value-destroying behavior. Overall, our findings suggest that economic value creation, leverage and international diversification in FFs will be conditioned not only by the ownership structure and size of the company, but also by the firm's current point in the business life cycle, the generation that is in charge, and activism from other family members, all of which play a decisive role in the FF internationalization and economic value creation process. Journal: Journal of Business Economics and Management Pages: 867-885 Issue: 5 Volume: 14 Year: 2013 Month: 11 X-DOI: 10.3846/16111699.2012.707621 File-URL: http://hdl.handle.net/10.3846/16111699.2012.707621 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:5:p:867-885 Template-Type: ReDIF-Article 1.0 Author-Name: Leopoldo Laborda Castillo Author-X-Name-First: Leopoldo Laborda Author-X-Name-Last: Castillo Author-Name: Daniel Sotelsek Salem Author-X-Name-First: Daniel Sotelsek Author-X-Name-Last: Salem Title: Overdraft facility policy and firm's performance: an empirical analysis in Eastern European Union Industrial firms Abstract: AbstractThis article evaluates the effect of the overdraft facility (or line of credit) policy by comparing a large sample of overdraft facilitated firms and matched non-overdraft facilitated firms from Eastern Europe at sector level. The sample firms are compared with respect to rates of different performance indicators including: technical efficiency (a Data Envelopment Analysis - DEA - approach is applied to estimate technical efficiency level for individual sectors), production workers trained, expenditures of R&D, and export activity. In order to avoid the selectivity problem, propensity score matching methodologies are adopted. Results suggest that a certain level of overdraft facility given to a firm would be needed to stimulate investment in R&D, which will eventually result in growth in productivity. Journal: Journal of Business Economics and Management Pages: 886-902 Issue: 5 Volume: 14 Year: 2013 Month: 11 X-DOI: 10.3846/16111699.2012.701223 File-URL: http://hdl.handle.net/10.3846/16111699.2012.701223 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:5:p:886-902 Template-Type: ReDIF-Article 1.0 Author-Name: Nilufar Ahsan Author-X-Name-First: Nilufar Author-X-Name-Last: Ahsan Author-Name: David Yong Gun Fie Author-X-Name-First: David Yong Gun Author-X-Name-Last: Fie Author-Name: Yeap Peik Foong Author-X-Name-First: Yeap Peik Author-X-Name-Last: Foong Author-Name: Syed Shah Alam Author-X-Name-First: Syed Shah Author-X-Name-Last: Alam Title: Relationship between retention factors and affective organisational commitment among knowledge workers in Malaysia Abstract: AbstractThis research explores the issues that influence affective commitment among knowledge workers in Malaysia. The determinants of affective commitment among knowledge workers that have been examined from the Malaysian knowledge workers' perspective under this study including compensation, career opportunity, training and development, supervisor support, job autonomy, work life policies and skill varieties. A conceptual framework is constructed based on the retention factors and research hypothesis are then developed in order to focus attention on sets of factors that influences affective commitment among knowledge workers in Malaysia. Results of regression analyses revealed that all but supervisor support and skill variety were significant predictors of affective commitment among knowledge workers in Malaysia. Recommendations for future research are presented for industry bodies involved in supporting retention of knowledge workers in Malaysia. Journal: Journal of Business Economics and Management Pages: 903-922 Issue: 5 Volume: 14 Year: 2013 Month: 11 X-DOI: 10.3846/16111699.2012.701226 File-URL: http://hdl.handle.net/10.3846/16111699.2012.701226 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:5:p:903-922 Template-Type: ReDIF-Article 1.0 Author-Name: Ion Smeureanu Author-X-Name-First: Ion Author-X-Name-Last: Smeureanu Author-Name: Gheorghe Ruxanda Author-X-Name-First: Gheorghe Author-X-Name-Last: Ruxanda Author-Name: Laura Maria Badea Author-X-Name-First: Laura Maria Author-X-Name-Last: Badea Title: Customer segmentation in private banking sector using machine learning techniques Abstract: AbstractMachine learning techniques have proven good performance in classification matters of all kinds: medical diagnosis, character recognition, credit default and fraud prediction, and also foreign exchange market prognosis. Customer segmentation in private banking sector is an important step for profitable business development, enabling financial institutions to address their products and services to homogeneous classes of customers. This paper approaches two of the most popular machine learning techniques, Neural Networks and Support Vector Machines, and describes how each of these perform in a segmentation process. Journal: Journal of Business Economics and Management Pages: 923-939 Issue: 5 Volume: 14 Year: 2013 Month: 11 X-DOI: 10.3846/16111699.2012.749807 File-URL: http://hdl.handle.net/10.3846/16111699.2012.749807 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:5:p:923-939 Template-Type: ReDIF-Article 1.0 Author-Name: Willem K. M. Brauers Author-X-Name-First: Willem K. M. Author-X-Name-Last: Brauers Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Title: How to invest in Belgian shares by MULTIMOORA optimization Abstract: AbstractDifferent multiple objectives expressed in different units make optimization difficult. Therefore, the internal mechanical solution of a Ratio System, producing dimensionless numbers, is preferred to weights, which are most of the time used to compare the different units. In addition, the ratio system creates the opportunity to use a second approach: a non-subjective Reference Point Theory. Therefore, the Reference Point Theory uses the ratios found in the ratio system as co-ordinates for the alternative solutions, which are then compared to a Maximal Objective Reference Point. The two approaches form a control on each other. This overall theory is called MOORA (Multi-Objective Optimization by Ratio Analysis). The results are still more convincing if a Full Multiplicative Form is added, three methods assembled under the name of MULTIMOORA. At that moment, the control by three different approaches forms a guaranty for a solution being as non-subjective as possible. As to calculate the sum of three obtained ranks is not allowed, a theory of Ordinal Dominance is developed in order to remain in the ordinal sphere.MULTIMOORA is used to decide upon an investment in Belgian shares on basis of a ranking in the BEL20 Index. Journal: Journal of Business Economics and Management Pages: 940-956 Issue: 5 Volume: 14 Year: 2013 Month: 11 X-DOI: 10.3846/16111699.2013.837244 File-URL: http://hdl.handle.net/10.3846/16111699.2013.837244 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:5:p:940-956 Template-Type: ReDIF-Article 1.0 Author-Name: Abdolreza Yazdani-Chamzini Author-X-Name-First: Abdolreza Author-X-Name-Last: Yazdani-Chamzini Author-Name: Mohammad Majid Fouladgar Author-X-Name-First: Mohammad Majid Author-X-Name-Last: Fouladgar Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: S. Hamzeh Haji Moini Author-X-Name-First: S. Hamzeh Haji Author-X-Name-Last: Moini Title: Selecting the optimal renewable energy using multi criteria decision making Abstract: AbstractRenewable energies are well-known as one of the most important energy resources not only due to limited other energy resources, but also due to environmental problems associated with air pollutants and greenhouse gas emissions. Renewable energy project selection is a multi actors and sophisticated problem because it is a need to incorporate social, economic, technological, and environmental considerations. Multi criteria decision making (MCDM) methods are powerful tools to evaluate and rank the alternatives among a pool of alternatives and select the best one. COPRAS (COmplex PRoportional ASsessment) is an MCDM technique which determines the best alternative by calculating the ratio to the ideal solution and the negative ideal solution. On the other hand, analytical hierarchy process (AHP) is widely used in order to calculate the importance weights of evaluation criteria. In this paper an integrated COPRAS-AHP methodology is proposed to select the best renewable energy project. In order to validate the output of the proposed model, the model is compared with five MCDM tools. The results of this paper demonstrate the capability and effectiveness of the proposed model in selecting the most appropriate renewable energy option among the existing alternatives. Journal: Journal of Business Economics and Management Pages: 957-978 Issue: 5 Volume: 14 Year: 2013 Month: 11 X-DOI: 10.3846/16111699.2013.766257 File-URL: http://hdl.handle.net/10.3846/16111699.2013.766257 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:5:p:957-978 Template-Type: ReDIF-Article 1.0 Author-Name: Rafael Hernandez Barros Author-X-Name-First: Rafael Hernandez Author-X-Name-Last: Barros Author-Name: Ignacio López Domínguez Author-X-Name-First: Ignacio López Author-X-Name-Last: Domínguez Title: Integration strategies for the success of mergers and acquisitions in financial services companies Abstract: AbstractThe research shows how managers can plan a successful integration process following a merger and acquisition. Presents a series of frameworks which discuss understanding value creation in mergers and acquisitions, selecting the right strategy and managing the integration process; drawn largely from research studies and interviews made to managers with experience in leading integration processes of financial services companies in Europe, Latin America and USA. Concludes that, by following the key drivers framework described, managers can turn the integration process into a successful project, and academics can focus their post-merger research having into account the opinion of managers. Journal: Journal of Business Economics and Management Pages: 979-992 Issue: 5 Volume: 14 Year: 2013 Month: 11 X-DOI: 10.3846/16111699.2013.804875 File-URL: http://hdl.handle.net/10.3846/16111699.2013.804875 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:14:y:2013:i:5:p:979-992 Template-Type: ReDIF-Article 1.0 Author-Name: Fernando A. F. Ferreira Author-X-Name-First: Fernando A. F. Author-X-Name-Last: Ferreira Author-Name: Sérgio P. Santos Author-X-Name-First: Sérgio P. Author-X-Name-Last: Santos Author-Name: Paulo M. M. Rodrigues Author-X-Name-First: Paulo M. M. Author-X-Name-Last: Rodrigues Author-Name: Ronald W. Spahr Author-X-Name-First: Ronald W. Author-X-Name-Last: Spahr Title: Evaluating retail banking service quality and convenience with MCDA techniques: a case study at the bank branch level Abstract: AbstractThe intangibility of banking services makes the evaluation of service quality and customer convenience difficult to measure. This paper aims to construct an integrated evaluation system for retail banking service quality and convenience at the bank branch level by combining cognitive mapping with measuring attractiveness by a categorical based evaluation technique. We strive to introduce transparency in the decision making process and add to the performance literature in retail banking. Strengths, weaknesses and practical applications of our multiple criteria evaluation system are also discussed. Journal: Journal of Business Economics and Management Pages: 1-21 Issue: 1 Volume: 15 Year: 2014 Month: 2 X-DOI: 10.3846/16111699.2012.673504 File-URL: http://hdl.handle.net/10.3846/16111699.2012.673504 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:1:p:1-21 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandras Vytautas Rutkauskas Author-X-Name-First: Aleksandras Vytautas Author-X-Name-Last: Rutkauskas Author-Name: Viktorija Stasytytė Author-X-Name-First: Viktorija Author-X-Name-Last: Stasytytė Author-Name: Nijolė Maknickienė Author-X-Name-First: Nijolė Author-X-Name-Last: Maknickienė Title: Government debt as the integral portfolio of assets and liabilities generated by debt Abstract: AbstractThe paper analyses the possibilities of optimal government (national) debt management, trying to maximize the made-up net value for the debtor with the help of funds borrowed by the government. The integral portfolio of debtor assets and debt service liabilities, based on the borrowed funds, is chosen as a solution for the above-described problem. In the paper, an asset is understood as a position of government expenditures, where funds borrowed by the government are used and create a quantifiable profit (value) or the measurable damage or loss is avoided if funds are borrowed. Actually, liabilities are the main debt service positions. Naturally, the value generated by assets, as well as funds spent to settle the liabilities, could be analytically adequately evaluated only in stochastic dimension. Consequently, multidimensional multicriteria stochastic optimization technique is used as a technical solution to the formulated problem. In analytical decisions, the budget funds borrowed by the government are treated as marginal funds. Taking into account a completely new decision technique that has been invoked for government debt management, the methods of decisions are described quite particularly. Journal: Journal of Business Economics and Management Pages: 22-40 Issue: 1 Volume: 15 Year: 2014 Month: 2 X-DOI: 10.3846/16111699.2013.815129 File-URL: http://hdl.handle.net/10.3846/16111699.2013.815129 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:1:p:22-40 Template-Type: ReDIF-Article 1.0 Author-Name: Kosta Josifidis Author-X-Name-First: Kosta Author-X-Name-Last: Josifidis Author-Name: Novica Supic Author-X-Name-First: Novica Author-X-Name-Last: Supic Author-Name: Emilija Beker Pucar Author-X-Name-First: Emilija Beker Author-X-Name-Last: Pucar Author-Name: Sladjana Srdic Author-X-Name-First: Sladjana Author-X-Name-Last: Srdic Title: Labour migration flows: EU8+2 vs EU-15 Abstract: AbstractThe aim of this paper is to determine whether, and to what extent, the migrations from the EU-8+2 to the EU-15 were motivated by differences in earnings and productivity and to what extent by differences in welfare state generosity during the period of the transitional arrangements. On these grounds, a distinction emerges between "favourable" and "unfavourable" migrations on one hand and immigration net winners and losers on the other hand. The obtained results represent an empirical ground for the discussion on the thesis according to which more generous welfare state regimes will be more susceptible to the influx of unfavourable immigrants during the upcoming period of the free movement of labour, while the less generous welfare state regimes will be a magnet for the favourable immigration influx within the EU-27. Journal: Journal of Business Economics and Management Pages: 41-55 Issue: 1 Volume: 15 Year: 2014 Month: 2 X-DOI: 10.3846/16111699.2013.841283 File-URL: http://hdl.handle.net/10.3846/16111699.2013.841283 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:1:p:41-55 Template-Type: ReDIF-Article 1.0 Author-Name: Rui Fernandes Author-X-Name-First: Rui Author-X-Name-Last: Fernandes Author-Name: Borges Gouveia Author-X-Name-First: Borges Author-X-Name-Last: Gouveia Author-Name: Carlos Pinho Author-X-Name-First: Carlos Author-X-Name-Last: Pinho Title: Exploring modes of entry into international markets: direct investment or contractual relations Abstract: AbstractWe consider the multinational company's decision on whether to enter a new foreign market using direct investment by establishing a subsidiary, direct exporting or contracting a local distributor, with the option to invest later. We develop two models, based on the real options theory, to support such decisions. The option on direct exporting or on a local distributor allows the firm to minimize risks by finding out if the market is large enough to support future direct investment. We find the direct investment to be the desirable mode of entry in large markets subject to low demand uncertainty. Overall, the investigation increases the knowledge related with exploring new markets subject to demand uncertainty, valuing the flexibility of present and future options. Journal: Journal of Business Economics and Management Pages: 56-73 Issue: 1 Volume: 15 Year: 2014 Month: 2 X-DOI: 10.3846/16111699.2013.809786 File-URL: http://hdl.handle.net/10.3846/16111699.2013.809786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:1:p:56-73 Template-Type: ReDIF-Article 1.0 Author-Name: Hui Li Author-X-Name-First: Hui Author-X-Name-Last: Li Author-Name: Wei Song Author-X-Name-First: Wei Author-X-Name-Last: Song Author-Name: Roger Collins Author-X-Name-First: Roger Author-X-Name-Last: Collins Title: Post-event visits as the sources of marketing strategy sustainability: a conceptual model approach Abstract: AbstractWhile extant literature has mainly concentrated on contemporaneous event tourism marketing (i.e., on visiting the city during or around the event) and on intentions to revisit after the event's completion, this research investigates the impact of the event on the decisions of potential tourists/visitors who have never visited the host city and want to visit it after the event's completion. Research in this area, especially in those emerging markets where event marketing is developing rapidly, is limited. In order to address the issues raised, a conceptual model is proposed. This model is based on a multivariate research approach, examining the interrelationships between event image, destination image, participants' perceived satisfaction with the event and intentions to visit, under the context of non-repeat event marketing. Five hypotheses postulating these interrelationships were tested using structural equation modeling. A "non-repeat" event, the National Games, the biggest traditional sports event in China, was chosen to test this model. Selfadministered questionnaires were used to collect data relating to a period of two months after the event's completion. The findings show that the sustainability of event marketing strategy can be achieved through the post-event visit to the host city. Journal: Journal of Business Economics and Management Pages: 74-95 Issue: 1 Volume: 15 Year: 2014 Month: 2 X-DOI: 10.3846/16111699.2012.701229 File-URL: http://hdl.handle.net/10.3846/16111699.2012.701229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:1:p:74-95 Template-Type: ReDIF-Article 1.0 Author-Name: A. Banu Goktan Author-X-Name-First: A. Banu Author-X-Name-Last: Goktan Title: Impact of green management on CEO compensation: interplay of the agency theory and institutional theory perspectives Abstract: AbstractThere has been growing interest in green management practices among practitioners, researchers and regulators in recent years. However, there is limited research that examines the connection between natural environments and human resource management practices. The current study examined the relationship between Chief Executive Officer (CEO) compensation and green management practices within the agency theory and institutional theory frameworks. Results revealed a significant negative relationship between green management practices and CEO base pay, however, there was not a significant relationship between green management practices and CEO bonuses. In line with previous agency theory research, findings suggest a negative relationship between state regulation and CEO compensation in green states. An important implication for practice is that the negative relationship may strengthen negative perceptions about green management practices among CEOs and reduce willingness to implement green management practices. Journal: Journal of Business Economics and Management Pages: 96-110 Issue: 1 Volume: 15 Year: 2014 Month: 2 X-DOI: 10.3846/16111699.2012.711357 File-URL: http://hdl.handle.net/10.3846/16111699.2012.711357 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:1:p:96-110 Template-Type: ReDIF-Article 1.0 Author-Name: Esmeralda Linares-Navarro Author-X-Name-First: Esmeralda Author-X-Name-Last: Linares-Navarro Author-Name: Torben Pedersen Author-X-Name-First: Torben Author-X-Name-Last: Pedersen Author-Name: José Pla-Barber Author-X-Name-First: José Author-X-Name-Last: Pla-Barber Title: Fine slicing of the value chain and offshoring of essential activities: empirical evidence from European multinationals Abstract: AbstractThe offshoring of more advanced activities is increasing and a debate about the limits of offshoring has emerged. Companies are fine-slicing their value chains, and moving beyond the offshoring of peripheral and non-core activities to the offshoring of advanced and essential activities that are closer to their core (e.g. research, design and product development). The challenge is to understand the limits of offshoring and the most appropriate modes of offshoring. The purpose of this paper is to analyze what activities are offshorable and how best to govern offshored activities. We argue that companies are redefining their core activities and in this process, some essential activities previously viewed as core activities are being detached from the core, and they become more offshorable.The study uses a sample of 565 offshoring operations conducted by 263 multinational companies from 15 European countries. A logistic regression was used to analyze the relationship between the activities offshored (non-core versus essential activities) and the offshoring mode implemented (captive offshoring versus offshore outsourcing). We find that essential activities are typically offshored using the captive mode, while offshore outsourcing is commonly used to offshore non-core activities; and this trend is even more pronounced in knowledge-intensive companies where interfaces between the various activities are less standardized.This paper offers managers and CEOs an integrative tool that can make easier decisions regarding offshoring modes (captive versus offshore outsourcing) and serves as a reference point for further analyses of the implementation of offshoring strategies in multinational enterprises. Journal: Journal of Business Economics and Management Pages: 111-134 Issue: 1 Volume: 15 Year: 2014 Month: 2 X-DOI: 10.3846/16111699.2012.745817 File-URL: http://hdl.handle.net/10.3846/16111699.2012.745817 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:1:p:111-134 Template-Type: ReDIF-Article 1.0 Author-Name: Andrius Tamošiūnas Author-X-Name-First: Andrius Author-X-Name-Last: Tamošiūnas Title: The model for evaluation of corporate strategic changes in the context of climate change: plywood manufacture Abstract: AbstractThe paper presents the model for evaluation of corporate management measures aimed at solving tasks related to climate change challenges (UN 1998; EP 2009; EC 2013) faced by enterprises and inevitably leading to corporate strategic changes. In a detailed yet concise manner, the paper analyses the model for evaluation of corporate strategic changes and specifies techniques for its application focusing on the following proposed criteria: the market share; financial capacity; business development potential; product competitiveness; and productivity.The paper reveals the benefit of the use of the proposed model for corporate strategic changes. Greater possibilities are created to rationalise the process of corporate strategic changes and the use as well as development of human, material and financial potentials, which lead to greater competitiveness of an enterprise. The model guides to directions and actions to be taken in order to continue increasing effectiveness of an enterprise in the context of climate change objectives.The evaluation model suggested by the author is also analysed according to flexibility of proposed techniques, the characteristics of which can be modified and adjusted depending on specifics of the changing business environment. This allows ensuring and promoting competitiveness of an enterprise while pursuing the climate change challenges (UN 1998; EP 2009; EC 2013) set for businesses. Journal: Journal of Business Economics and Management Pages: 135-152 Issue: 1 Volume: 15 Year: 2014 Month: 2 X-DOI: 10.3846/16111699.2013.801880 File-URL: http://hdl.handle.net/10.3846/16111699.2013.801880 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:1:p:135-152 Template-Type: ReDIF-Article 1.0 Author-Name: Francisco J. Blancas-Peral Author-X-Name-First: Francisco J. Author-X-Name-Last: Blancas-Peral Author-Name: Ignacio Contreras Author-X-Name-First: Ignacio Author-X-Name-Last: Contreras Author-Name: José M. Ramírez-Hurtado Author-X-Name-First: José M. Author-X-Name-Last: Ramírez-Hurtado Title: Choosing a travel agency franchise by mean of a global composite indicator: an application in Spain Abstract: AbstractThis paper highlights the complexity of the franchise partner selection process from a franchisee's perspective. The purpose of this article is, firstly, to propose the definition of a system of indicators which include all the relevant information which the potential franchisee should take into consideration when choosing a chain secondly, to obtain a global composite indicator for the construction of a ranking of franchisors. In order to illustrate the procedure, a sample of travel agency franchisors in Spain and a suitable database to quantify the indicators are considered. The paper concludes constructing a complete order of the franchisors in the travel agency industry. In addition, the results show the most important characteristics of franchisors that potential franchisees must take into account. The value of the paper is significant as it provides a practical frame - work for potential franchisees in the selection of franchisors. Journal: Journal of Business Economics and Management Pages: 153-173 Issue: 1 Volume: 15 Year: 2014 Month: 2 X-DOI: 10.3846/16111699.2012.689259 File-URL: http://hdl.handle.net/10.3846/16111699.2012.689259 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:1:p:153-173 Template-Type: ReDIF-Article 1.0 Author-Name: Nazli Ayse Ayyildiz Unnu Author-X-Name-First: Nazli Ayse Ayyildiz Author-X-Name-Last: Unnu Author-Name: Julide Kesken Author-X-Name-First: Julide Author-X-Name-Last: Kesken Title: Diagnosing the effects of leader-member exchange quality on performance in the context of organizational culture: a case from Turkish family-owned businesses Abstract: AbstractThe main purpose of this study was to diagnose the effects of leader-member exchange (LMX) quality on performance in the context of organizational and Turkish culture. The study was conducted in two family-owned businesses (FOBs), as they are very important structures in which in-group and out-group formations can be seen. Firm A (33 employees representing 41 dyads) and Firm B (61 employees representing 60 dyads) were especially chosen as they enabled us to apply the coding system leading to effective evaluation of surveys as the unit of analysis is "dyads". In this framework, this study offers an important contribution to the international management literature as positive effects of LMX quality on firm performance, subordinate performance, intention to leave and job satisfaction were found within the context of organizational and Turkish culture. As the proportion of FOBs is almost 95% in Turkey, they represent Turkish economy and business culture well, leading to more generalizable results. Thus, firms can lead to increase in both subordinate and firm performance by creating an organizational culture in which high quality leader-member relationships are emphasized, finally leading to positive organizational outcomes. Journal: Journal of Business Economics and Management Pages: 174-195 Issue: 1 Volume: 15 Year: 2014 Month: 2 X-DOI: 10.3846/16111699.2011.653983 File-URL: http://hdl.handle.net/10.3846/16111699.2011.653983 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:1:p:174-195 Template-Type: ReDIF-Article 1.0 Author-Name: Guglielmo Maria Caporale Author-X-Name-First: Guglielmo Maria Author-X-Name-Last: Caporale Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Title: The nexus between prices, employment and output growth: a global and national evidence Abstract: AbstractThis paper investigates how output growth, employment growth and inflation influence each other in the short/long run. It builds on Phillips (1962) and Blanchard Fischer (1989) assessment that empirical links between output, employment and prices are central issue in modern macroeconomics. This paper brings a global perspective on short and long term links between employment growth, inflation and output growth using panel cointegration framework with non-stationary heterogeneous panel (119 countries over 1970-2010). The empirical results (on global and national level) strongly support the existence of a long-run equilibrium relationship between output growth, employment growth and inflation. A central finding is that possible trade-off effects between growth, employment and prices varies significantly among economies. Therefore, universal answers to questions Is inflation good for growth or Is there a trade-off between employment and growth are not straightforward for general macroeconomic theory. Each country must design own economic policy (targeting) taking into account the quantitative relationships between growth, employment and prices. This has important policy implications also for price setting policies, cost management, market strategy and risk management through productivity-demand disturbances effects on the business environment. Journal: Journal of Business Economics and Management Pages: 197-211 Issue: 2 Volume: 15 Year: 2014 Month: 4 X-DOI: 10.3846/16111699.2014.900820 File-URL: http://hdl.handle.net/10.3846/16111699.2014.900820 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:2:p:197-211 Template-Type: ReDIF-Article 1.0 Author-Name: Hong Long Chen Author-X-Name-First: Hong Long Author-X-Name-Last: Chen Title: Innovation stimulants, innovation capacity, and the performance of capital projects Abstract: AbstractAbstract. Identifying the critical determinants of innovation performance is crucial. However, few studies explore and quantify systematically the relationships between innovation factors and the performance of capital projects. This study of 121 capital projects shows that the relationships among project innovation stimulants, innovation capacity, and project performance are indeed significant. Hierarchical robust regression analyses using a maximum R-square improvement procedure show that technology management has the highest effect on the variation in our project performance data. Validating out-of-sample data demonstrates that our optimal model explains 34.42% of the variation in the performance of capital projects. Ultimately, our findings suggest that project human factors are essential stimulants in innovation performance, which in turn affect the performance of capital projects. Our findings also reveal that the stimulant factors do not have a direct impact on capital project performance, but rather have an indirect impact via project innovation capacity. Journal: Journal of Business Economics and Management Pages: 212-231 Issue: 2 Volume: 15 Year: 2014 Month: 4 X-DOI: 10.3846/16111699.2012.711361 File-URL: http://hdl.handle.net/10.3846/16111699.2012.711361 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:2:p:212-231 Template-Type: ReDIF-Article 1.0 Author-Name: Violeta Keršulienė Author-X-Name-First: Violeta Author-X-Name-Last: Keršulienė Author-Name: Zenonas Turskis Author-X-Name-First: Zenonas Author-X-Name-Last: Turskis Title: A hybrid linguistic fuzzy multiple criteria group selection of a chief accounting officer Abstract: AbstractIn the preceding decade, economic and social costs brought by financial statement fraud have shaken markets, devastated investment portfolios and reduced confidence in financial reporting. A financial department is special in the way it needs to conform to standards. Many individual attributes considered for the selection of a chief accounting officer, such as organisational skills, personality, leadership etc. This paper focuses on a fuzzy multi-criteria decision making (MCDM) algorithm, which integrates the principles of fusion of fuzzy information, additive ratio assessment method with fuzzy numbers (ARAS-F), fuzzy weighted-product model and analytic hierarchy process (AHP). The proposed method is apt to manage information assessed using both linguistic and numerical scales in a decision making problem with a group of information sources. The computational procedure is illustrated through the problem related to the selection of a chief accounting officer. Journal: Journal of Business Economics and Management Pages: 232-252 Issue: 2 Volume: 15 Year: 2014 Month: 4 X-DOI: 10.3846/16111699.2014.903201 File-URL: http://hdl.handle.net/10.3846/16111699.2014.903201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:2:p:232-252 Template-Type: ReDIF-Article 1.0 Author-Name: Antonio Trujillo-Ponce Author-X-Name-First: Antonio Author-X-Name-Last: Trujillo-Ponce Author-Name: Reyes Samaniego-Medina Author-X-Name-First: Reyes Author-X-Name-Last: Samaniego-Medina Author-Name: Clara Cardone-Riportella Author-X-Name-First: Clara Author-X-Name-Last: Cardone-Riportella Title: Examining what best explains corporate credit risk: accounting-based versus market-based models Abstract: AbstractThis paper uses a sample of 2,186 credit default swap spreads quoted in the European market during the period 2002-2009 to empirically analyze which model - accounting- or market-based - better explains corporate credit risk. We find little difference in the explanatory power of these two approaches. Our results indicate that a comprehensive model that combines accounting- and market-based variables is the best option to explain the credit risk, suggesting that both types of data are complementary. We also demonstrate that the explanatory power of credit risk models is particularly strong during periods of high uncertainty, such as those experienced in the recent financial crisis. Finally, the comprehensive model continues to produce the best results if the credit rating is used as the proxy for credit risk; however, accounting variables currently appear to have a more important role than market variables in determining corporate credit ratings. Journal: Journal of Business Economics and Management Pages: 253-276 Issue: 2 Volume: 15 Year: 2014 Month: 4 X-DOI: 10.3846/16111699.2012.720598 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720598 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:2:p:253-276 Template-Type: ReDIF-Article 1.0 Author-Name: Guiwu Wei Author-X-Name-First: Guiwu Author-X-Name-Last: Wei Author-Name: Rui Lin Author-X-Name-First: Rui Author-X-Name-Last: Lin Author-Name: Xiaofei Zhao Author-X-Name-First: Xiaofei Author-X-Name-Last: Zhao Author-Name: Hongjun Wang Author-X-Name-First: Hongjun Author-X-Name-Last: Wang Title: An approach to multiple attribute decision making based on the induced Choquet integral with fuzzy number intuitionistic fuzzy information Abstract: AbstractIn this paper, we investigate the multiple attribute decision making problems with fuzzy number intuitionistic fuzzy information. Firstly, some operational laws of fuzzy number intuitionistic fuzzy values, score function and accuracy function of fuzzy number intuitionistic fuzzy values are introduced. Then, we have developed two fuzzy number intuitionistic fuzzy Choquet integral aggregation operators: induced fuzzy number intuitionistic fuzzy choquet ordered averaging (IFNIFCOA) operator and induced fuzzy number intuitionistic fuzzy choquet ordered geometric (IFNIFCOG) operator. The prominent characteristic of the operators is that they can not only consider the importance of the elements or their ordered positions, but also reflect the correlation among the elements or their ordered positions. We have studied some desirable properties of the IFNIFCOA and IFNIFCOG operators, such as commutativity, idempotency and monotonicity, and applied the IFNIFCOA and IFNIFCOGM operators to multiple attribute decision making with fuzzy number intuitionistic fuzzy information. Finally an illustrative example has been given to show the developed method. Journal: Journal of Business Economics and Management Pages: 277-298 Issue: 2 Volume: 15 Year: 2014 Month: 4 X-DOI: 10.3846/16111699.2012.707984 File-URL: http://hdl.handle.net/10.3846/16111699.2012.707984 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:2:p:277-298 Template-Type: ReDIF-Article 1.0 Author-Name: Algirdas Krivka Author-X-Name-First: Algirdas Author-X-Name-Last: Krivka Title: Complex evaluation of the economic crisis impact on Lithuanian industries Abstract: AbstractThe paper analyses the impact of the economic crisis of 2008 on Lithuanian industries. The research involves 68 industries identified according to the 2nd-digit level classification of economic activities by Statistics Lithuania. Considering industry to be a complex phenomenon, the crisis effect is evaluated complexly on the basis of the system of 10 financial state and performance indicators belonging to four main groups of enterprise financial ratios: profitability, liquidity, solvency and asset turnover. SAW, TOPSIS and VIKOR multi-criteria decision making methods, widely applied in construction, economics and management, are selected as mathematical tools for quantitative assessment of the economic crisis effect on Lithuanian industries. By applying multi-criteria decision making methods relative positions (ranks) of industries are determined for every year of the period of 2006-2011. The ranks and their changes are further analysed distinguishing pre-crisis, crisis, and post-crisis periods, determining the industries most and least affected by the economic crisis; also, the industries characterised by the fastest and the slowest after-crisis recovery. Journal: Journal of Business Economics and Management Pages: 299-315 Issue: 2 Volume: 15 Year: 2014 Month: 4 X-DOI: 10.3846/16111699.2013.867277 File-URL: http://hdl.handle.net/10.3846/16111699.2013.867277 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:2:p:299-315 Template-Type: ReDIF-Article 1.0 Author-Name: Scott K. Weaven Author-X-Name-First: Scott K. Author-X-Name-Last: Weaven Author-Name: Debra A. Grace Author-X-Name-First: Debra A. Author-X-Name-Last: Grace Author-Name: Lorelle Frazer Author-X-Name-First: Lorelle Author-X-Name-Last: Frazer Author-Name: Jeffery Giddings Author-X-Name-First: Jeffery Author-X-Name-Last: Giddings Title: Processual antecedents of perceived channel conflict in franchising Abstract: AbstractIn this study, we develop and examine the network of relationships explaining perceived conflict in franchise relationships from a franchisee perspective. Our research contributes to the current knowledge of asymmetric exchange relationships through demonstrating the importance of a franchisee's expectations confirmation, relational trust and relationship satisfaction in franchisee assessments of network conflict. The goal of this paper is to empirically examine (1) the relationship between franchisee perceptions of information quality (information dissemination and information search) and the confirmation of franchisee performance expectations, (2) franchisee characterizations of their relationships with their franchisors in terms of relational sentiments such as trust and relational satisfaction, communication and conflict management, (3) the relationship between franchisee satisfaction and perceived conflict, and (4) the moderating effect of franchisee experience on the relationship between franchisee satisfaction and franchisee perceptions of conflict. Empirical results, utilizing a sample of 345 franchisees in Australia, present strong evidence for the support of nine of the ten hypotheses drawn from the conceptual model. Specifically, data reveal that in an effort to cultivate a network of cooperative and satisfied franchisees, franchisors should adopt strategies that promote the timely dissemination of relevant and meaningful pre- and post-entry information, open communication exchange, transparent conflict management systems and personalized support in accommodating individual franchisee needs. Journal: Journal of Business Economics and Management Pages: 316-334 Issue: 2 Volume: 15 Year: 2014 Month: 4 X-DOI: 10.3846/16111699.2012.711362 File-URL: http://hdl.handle.net/10.3846/16111699.2012.711362 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:2:p:316-334 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Maria Ferragina Author-X-Name-First: Anna Maria Author-X-Name-Last: Ferragina Author-Name: Rosanna Pittiglio Author-X-Name-First: Rosanna Author-X-Name-Last: Pittiglio Author-Name: Filippo Reganati Author-X-Name-First: Filippo Author-X-Name-Last: Reganati Title: Does multinational ownership affect firm survival in Italy? Abstract: AbstractThe aim of this paper is to investigate whether and how multinational status and foreign ownership affect the survival of Italian manufacturing and service firms. To this end, we analyze firm survival by distinguishing Italian firms as foreign multinationals (FMNEs) domestic multinationals (DMNEs) or domestic non-multinational firms (NMNEs). The empirical analysis is based on the Kaplan-Meier survival estimator and on the Cox proportional hazard model, in which we look for the impact of ownership dummies on firm survival, controlling for several firm and industry specific covariates. Our findings reveal that manufacturing and service firms owned by foreign multinationals are more likely to exit the market than either DMNEs or NMNEs. Moreover, DMNEs show a higher chance of survival in services. By decomposing firm activities into different technological classes, we also find that foreign ownership still exerts a negative influence on firm survival in both static and dynamic industries, while domestic multinationals in less-knowledge-intensive services appear more persistent. Journal: Journal of Business Economics and Management Pages: 335-355 Issue: 2 Volume: 15 Year: 2014 Month: 4 X-DOI: 10.3846/16111699.2012.707622 File-URL: http://hdl.handle.net/10.3846/16111699.2012.707622 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:2:p:335-355 Template-Type: ReDIF-Article 1.0 Author-Name: Dikcius Author-X-Name-First: Author-X-Name-Last: Dikcius Author-Name: Kristina Katkuviene Author-X-Name-First: Kristina Author-X-Name-Last: Katkuviene Title: Perception of odd prices in a Post-Soviet country: an impact of the ideology of planned economy Abstract: AbstractThis empirical paper analyzes the perception of odd prices in a Post-Soviet country. Two different streams of perception of odd prices are developed - a level effect and an image effect. The paper focuses on the latter effect. The authors analyze the perception of odd prices in different categories of products - convenience goods, clothes and domestic appliances. In addition, four different levels of a price were used in order to measure the perception of a price having various price levels. The results showed that Lithuanians have a different attitude about odd prices compared with the research in developed countries. At the same time the survey showed that the respondents' experience related to odd prices fits the results of the research from developed countries. Moreover, the participants of the survey intuitively perceived odd prices as something negative and associated odd prices with cheating in the case of convenience products, or with discounted products in the case of shopping goods. This research demonstrates that companies should not practice nine-ending pricing widely since the respondents associated odd prices were preferred more in the case of cheap products (up to 10 LTL) than expensive products, and odd prices were related with discounted products in the case of shopping goods. Journal: Journal of Business Economics and Management Pages: 356-368 Issue: 2 Volume: 15 Year: 2014 Month: 4 X-DOI: 10.3846/16111699.2013.833545 File-URL: http://hdl.handle.net/10.3846/16111699.2013.833545 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:2:p:356-368 Template-Type: ReDIF-Article 1.0 Author-Name: Fariss-Terry Mousa Author-X-Name-First: Fariss-Terry Author-X-Name-Last: Mousa Author-Name: Jaideep Chowdhury Author-X-Name-First: Jaideep Author-X-Name-Last: Chowdhury Title: Organizational slack effects on innovation: the moderating roles of CEO tenure and compensation Abstract: AbstractThis study draws on upper echelons theory, the resource based view, and Penrose's theory of firm growth to show that slack resources, specifically financial and human slack, are essential to the research and development (R&D) strategies of organizations. We also suggest that both Chief Executive Officer (CEO) tenure and CEO compensation positively moderate the slack-innovation relationship.The empirical design compromised of panel regression analysis. We tested our hypotheses using all US publicly traded firms between 1993 and 2011.The research results show that firms with excess financial resources are more likely to have higher R&D investments, and to completely understand this relationship we must study CEO tenure and compensation.This study sheds light on central antecedents of firm innovation, it further extends our understanding by investigating the impact of CEO tenure and compensation on the slackinnovation relationship, and it applies a longitudinal design which answers previous calls to investigate this topic in more depth by offering enhanced stability to the results while allowing for different economic scenarios. Journal: Journal of Business Economics and Management Pages: 369-383 Issue: 2 Volume: 15 Year: 2014 Month: 4 X-DOI: 10.3846/16111699.2013.839476 File-URL: http://hdl.handle.net/10.3846/16111699.2013.839476 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:2:p:369-383 Template-Type: ReDIF-Article 1.0 Author-Name: Ijaz Hussain Author-X-Name-First: Ijaz Author-X-Name-Last: Hussain Title: Banking industry concentration and net interest margins (NIMs) in Pakistan Abstract: AbstractThis paper uses bank level data of 26 commercial banks for the period 2001-2010 to explore determinants of net interest margins of commercial banks of Pakistan. Based on results of this study, past net interest margins, bank soundness, operating cost, industry concentration, relative market share, inflation, real depreciation and industrial growth have statistically significant and positive impact while diversification, change in bank size, lagged liquidity, stock market development have dampening effects on net interest margins. However, impact of ownership, GDP and credit market development is statistically insignificant.Our regression results suggest that stock market development as means of alternative source of finance contributes to reduction in net interest margins while the impact of banking sector development on breaking banking cartels and bringing net interest margins down had been insignificant. Exchange rate adjustments, rate of inflation and growth of the industry also cannot be ignored in management of net interest margins. Incentives for bank executives and managers to ensure efficiency in operating costs, reduction in the premium charged for bank soundness, diversification of bank activities and passing on the scale efficiencies to both depositors and borrowers can also play role to bring interest margins down to accelerate investment and growth in the country. Journal: Journal of Business Economics and Management Pages: 384-402 Issue: 2 Volume: 15 Year: 2014 Month: 4 X-DOI: 10.3846/16111699.2012.732105 File-URL: http://hdl.handle.net/10.3846/16111699.2012.732105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:2:p:384-402 Template-Type: ReDIF-Article 1.0 Author-Name: Mahmoud Zamani Author-X-Name-First: Mahmoud Author-X-Name-Last: Zamani Author-Name: Arefeh Rabbani Author-X-Name-First: Arefeh Author-X-Name-Last: Rabbani Author-Name: Abdolreza Yazdani-Chamzini Author-X-Name-First: Abdolreza Author-X-Name-Last: Yazdani-Chamzini Author-Name: Zenonas Turskis Author-X-Name-First: Zenonas Author-X-Name-Last: Turskis Title: An integrated model for extending brand based on fuzzy ARAS and ANP methods Abstract: Brand extension is one of the most popular strategies in marketing. This is due to the fact that consumers usually take into account the brand first because it indirectly reflects the design, quality, and functions. According to the significant role of brand in creating benefit and diminishing risk for a new product, this study intended to develop a novel model for selecting the most appropriate strategy in brand extension. However, there are a number of criteria influencing the possible strategies, and they often are interdependent. Therefore, a multi-criteria decision making model based on Analytic Network Process and Additive Ratio Assessment methods has been developed to systematically clarify the interdependent relationships among the evaluation criteria of brand extension and then, scientifically evaluate the feasible strategies and rank the priorities of brand extension strategies. The results of the proposed model show that "Production cost" is the most important factor, followed by "Quality of parent brand" and "Perceived risk" while "Ice cream" is the highest satisfaction of brand extension. Journal: Journal of Business Economics and Management Pages: 403-423 Issue: 3 Volume: 15 Year: 2014 Month: 6 X-DOI: 10.3846/16111699.2014.923929 File-URL: http://hdl.handle.net/10.3846/16111699.2014.923929 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:3:p:403-423 Template-Type: ReDIF-Article 1.0 Author-Name: Anita Ceric Author-X-Name-First: Anita Author-X-Name-Last: Ceric Title: Strategies for minimizing information asymmetries in construction projects: project managers' perceptions Abstract: Communication risk is of crucial importance in construction projects. The situation in which one of the project parties is better informed than another is known as information asymmetry. This problem is addressed by the principal-agent theory. According to this theory, information asymmetries cause three problems: adverse selection, moral hazard, and hold up. The focus here is on strategies for minimizing information asymmetries in the construction phase. A survey of project managers was conducted to establish an understanding of the relative importance of risk-minimization strategies established in the literature: bureaucratic control (contracts), information systems, incentives (bonuses), corporate culture, reputation, and trust. The multi-attribute utility theory was used to analyze the responses. According to the project managers who participated in the survey, trust is the most important strategy in the construction phase, followed by bureaucratic control (contracts) and information systems. Journal: Journal of Business Economics and Management Pages: 424-440 Issue: 3 Volume: 15 Year: 2014 Month: 6 X-DOI: 10.3846/16111699.2012.720601 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720601 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:3:p:424-440 Template-Type: ReDIF-Article 1.0 Author-Name: Dar-Hsin Chen Author-X-Name-First: Dar-Hsin Author-X-Name-Last: Chen Author-Name: Chun-Da Chen Author-X-Name-First: Chun-Da Author-X-Name-Last: Chen Author-Name: Su-Chen Wu Author-X-Name-First: Su-Chen Author-X-Name-Last: Wu Title: VaR and the cross-section of expected stock returns: an emerging market evidence Abstract: In this paper we investigate the explanatory power of the market beta, firm size, and the book-to-market ratio, as well as Value-at-Risk regarding the cross-sectional expected stock returns in a less developed stock market - Taiwan's stock market. The main purpose is to examine whether the Value-at-Risk factor has marginal explanatory power related to the Fama-French three-factor model. The empirical results show that Value-at-Risk can account for the average stock returns at both 1% and 5% significance levels based on cross-sectional regression analysis. Moreover, from the perspective of the time series regression, the Value-at-Risk factor can also demonstrate the variation of the stock market, especially for the larger companies in the Taiwan stock market. Journal: Journal of Business Economics and Management Pages: 441-459 Issue: 3 Volume: 15 Year: 2014 Month: 6 X-DOI: 10.3846/16111699.2012.744343 File-URL: http://hdl.handle.net/10.3846/16111699.2012.744343 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:3:p:441-459 Template-Type: ReDIF-Article 1.0 Author-Name: Hannan Amoozad Mahdiraji Author-X-Name-First: Hannan Amoozad Author-X-Name-Last: Mahdiraji Author-Name: Kannan Govindan Author-X-Name-First: Kannan Author-X-Name-Last: Govindan Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Seyed Hossein Razavi Hajiagha Author-X-Name-First: Seyed Hossein Author-X-Name-Last: Razavi Hajiagha Title: Coalition or decentralization: a game-theoretic analysis of a three-echelon supply chain network Abstract: Supply chains have become the major and dominant paradigm of business and competition. The main challenge is how to act in multi-echelon supply chains considering the levels involved. Making a choice independently or integrating with some or all levels will be a critical decision, and therefore affects the overall profit of the chain. This article proposes a non-cooperative game theory approach to helping in making a better decision in the supply chain and gaining the most accessible benefit. Our research considers unlimited three-echelon supply chains with S suppliers, M manufacturers and K retailers. The Nash equilibrium and definition are used bearing in mind inventory and pricing and marketing cost as decision variables for this matter. This paper studies a three-echelon supply chain network and focuses on the value of integrating a pair of partners in the chain. In the decentralized case, the supplier sets its own price, the manufacturer points out order quantity, wholesale price and backorder quantity, and the retailer charges the final retail price of the product and marketing product. Though there are multiple players at a single echelon level, each manufacturer supplies only a specific product to a given retailer. In addition to the decentralized case, two integration scenarios have been taken into account: manufacturer-retailer and supplier-manufacturer. As for manufacturer-retailer integration, inventory/holding cost issues diminish to a single warehouse and the retailer does not have to enforce marketing effort any more. Supplier-manufacturer integration brings similar benefits. Under each scenario, all parties involved simultaneously set their strategies. Through a numerical experiment, 17 design cases (through designing experiments) have been developed and the total profit of the supply chain under each scenario has been evaluated. Statistical tests on the above introduced 17 experiments have found that the decentralized system performs significantly worse than the integration of the supplier with the manufacturer, whereas no significant difference can be observed regarding other combinations. Journal: Journal of Business Economics and Management Pages: 460-485 Issue: 3 Volume: 15 Year: 2014 Month: 6 X-DOI: 10.3846/16111699.2014.926289 File-URL: http://hdl.handle.net/10.3846/16111699.2014.926289 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:3:p:460-485 Template-Type: ReDIF-Article 1.0 Author-Name: Jurriën J. Bakker Author-X-Name-First: Jurriën J. Author-X-Name-Last: Bakker Author-Name: Oscar Afonso Author-X-Name-First: Oscar Author-X-Name-Last: Afonso Author-Name: Sandra T. Silva Author-X-Name-First: Sandra T. Author-X-Name-Last: Silva Title: The effects of autocatalytic trade cycles on economic growth Abstract: This paper shows that autocatalytic trade cycles can be a positive feedback system for innovation and thus for economic growth. Using United Nations data, a trade network is proposed and a set of variables that represent the participation of countries in autocatalytic trade cycles is constructed. A clear relationship between these variables and economic growth is found since more innovation is produced in countries that are part of trade cycles. However, the relationship changes with autocatalytic trade cycle sizes, categories of goods and time scales. Moreover, autocatalytic trade cycles also have a positive effect for the trade flows involved, although this effect differs significantly depending on the size of the cycles. This new approach based on autocatalytic trade cycles emphasizes the benefits that countries can extract from trade cycles and points out the need of policies that foster these benefits. These conclusions strengthen existing literature, and also add new insights to innovation policy and the pursuit of economic prosperity. Journal: Journal of Business Economics and Management Pages: 486-508 Issue: 3 Volume: 15 Year: 2014 Month: 6 X-DOI: 10.3846/16111699.2012.720596 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720596 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:3:p:486-508 Template-Type: ReDIF-Article 1.0 Author-Name: Li-Chang Hsu Author-X-Name-First: Li-Chang Author-X-Name-Last: Hsu Title: A hybrid multiple criteria decision-making model for investment decision making Abstract: Investments are accompanied by risks. How investors choose the right investment tools to assist in the selection of investment targets is a topic worth exploring. Therefore, this study aimed to develop an investment decision-making process to deal with this issue. Firstly, we proposed a globalized modified grey relational analysis to select the representative indicators including the financial indicators and risk measurement indicators. Then we combined financial and risk evaluation indicators, and divided companies into low, moderate and high-risk groups through the grey clustering analysis. Finally, Vlse Kriterijumska Optimizacija Kompromisno Resenje (VIKOR) combined with the grey entropy weighting method was applied to business performance evaluation and sorting of each grouping. In order to verify this study, a combination of 21 financial ratios and four risk indicators was utilized in order to verify the evaluation and decision-making process in the operating performance of 62 listed opto-electronics companies in Taiwan. The results of ranking the operating performance for each group can be made available to company managers as a reference in order to enhance competitiveness and business performance. The results can also be used as the basis for decision-making to aid investors who are facing many investment portfolios. Journal: Journal of Business Economics and Management Pages: 509-529 Issue: 3 Volume: 15 Year: 2014 Month: 6 X-DOI: 10.3846/16111699.2012.722563 File-URL: http://hdl.handle.net/10.3846/16111699.2012.722563 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:3:p:509-529 Template-Type: ReDIF-Article 1.0 Author-Name: Annelies Roggeman Author-X-Name-First: Annelies Author-X-Name-Last: Roggeman Author-Name: Isabelle Verleyen Author-X-Name-First: Isabelle Author-X-Name-Last: Verleyen Author-Name: Philippe Van Cauwenberge Author-X-Name-First: Philippe Author-X-Name-Last: Van Cauwenberge Author-Name: Carine Coppens Author-X-Name-First: Carine Author-X-Name-Last: Coppens Title: Impact of a Common Corporate Tax Base on the effective tax burden in Belgium Abstract: In March 2011, the European Commission launched a proposal for a Common Consolidated Corporate Tax Base (CCCTB). However, a Common Corporate Tax Base (CCTB), leaving consolidation and apportionment out of consideration, appears to be a more realistic proposition for corporate tax harmonization in Europe. Using the European Tax Analyzer (ETA), we simulate the impact of the CCTB on the effective tax burden in Belgium. The results show that the adoption of the CCTB increases the Belgian effective tax burden by 16%. This remarkable increase is mainly driven by the fact that national tax deductions are not allowed under CCTB. This study allows policymakers to gain insight into the size effects of certain corporate tax measures and contributes to the current discussion on corporate tax harmonization in Europe. Journal: Journal of Business Economics and Management Pages: 530-543 Issue: 3 Volume: 15 Year: 2014 Month: 6 X-DOI: 10.3846/16111699.2013.807869 File-URL: http://hdl.handle.net/10.3846/16111699.2013.807869 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:3:p:530-543 Template-Type: ReDIF-Article 1.0 Author-Name: Li Cai Author-X-Name-First: Li Author-X-Name-Last: Cai Author-Name: Qing Liu Author-X-Name-First: Qing Author-X-Name-Last: Liu Author-Name: Shengliang Deng Author-X-Name-First: Shengliang Author-X-Name-Last: Deng Author-Name: Dan Cao Author-X-Name-First: Dan Author-X-Name-Last: Cao Title: Entrepreneurial orientation and external technology acquisition: an empirical test on performance of technology-based new ventures Abstract: This research investigates the effects of entrepreneurial orientation and external technology acquisition on the performance of technology-based new ventures in the context of a transitional economy. An analysis of the cross-sectional data from 123 Chinese technology-based new ventures was conducted. The results of the analysis support the contention that both the acquisition of external technology and entrepreneurial orientation improve new ventures' performance. Additionally, the interaction of entrepreneurial orientation and external technology acquisition positively moderates the relationship between entrepreneurial orientation and performance of technology-based new ventures. Overall, this study contributes to our enhanced understanding of the complex relationship among entrepreneurial orientation, external technology acquisition and firm performance under transitional economic conditions. Firms from emerging economies, especially technologybased new ventures, may find the study findings useful in guiding their decision on external technology acquisition. Journal: Journal of Business Economics and Management Pages: 544-561 Issue: 3 Volume: 15 Year: 2014 Month: 6 X-DOI: 10.3846/16111699.2013.770786 File-URL: http://hdl.handle.net/10.3846/16111699.2013.770786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:3:p:544-561 Template-Type: ReDIF-Article 1.0 Author-Name: Ana María García-Pérez Author-X-Name-First: Ana María Author-X-Name-Last: García-Pérez Author-Name: Vanessa Yanes-Estévez Author-X-Name-First: Vanessa Author-X-Name-Last: Yanes-Estévez Author-Name: Juan Ramón Oreja-Rodríguez Author-X-Name-First: Juan Ramón Author-X-Name-Last: Oreja-Rodríguez Title: Strategic reference points, risk and strategic choices in small and medium-sized enterprises Abstract: This article presents a realistic view of the strategic process in small and medium-sized enterprises (SMEs). The study integrates prospect theory and strategic reference point theory: strategic choices depend on how the decision maker perceives the situation in relation to the reference and the risk being taken. Applying Rasch models to a sample of firms in the Canary Islands (Spain), the results show that SMEs that are more influenced by external references take higher risks. These enterprises differ in their strategic choices from those that do not focus on external references in the greater importance they attach to market diversification. This study is pioneer in considering the internal and external dimension of references that SME managers have in mind and linking them, via prospect theory (Kahneman, Tversky 1979), to the risk they take in their strategic choices. It also has the added value of applying Rasch Measurement Theory.For managers, the study of the SRPs shows a large number of enterprises with a more internal than external view. Thus, the need for rethinking their SRPs and for designing a greater market orientation of firms in the service sector is worth highlighting.There are also important implications for the public administration and institutions. They should emphasize the promotion of cooperation among enterprises to increase their external orientation and then, the importance of external SRPs. Training, financial and organizational support could be some of the strategies that ought to be implemented. Journal: Journal of Business Economics and Management Pages: 562-576 Issue: 3 Volume: 15 Year: 2014 Month: 6 X-DOI: 10.3846/16111699.2012.720594 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720594 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:3:p:562-576 Template-Type: ReDIF-Article 1.0 Author-Name: Abul Quasem Al-Amin Author-X-Name-First: Abul Quasem Author-X-Name-Last: Al-Amin Author-Name: Abdul Hamid Jaafar Author-X-Name-First: Abdul Hamid Author-X-Name-Last: Jaafar Title: An alternative approach to identify key industries: issues to selection criteria Abstract: Within a process of modeling exercise, this study aimed to understand appropriate selection criteria to identify key industries. There are many key sector identification linkage measures in the subject matter and sensitivity issue among them can be tricky because many of these measures differ only slightly but can result in outcomes that are quite dissimilar. With this background, we proposed an alternate approach that helps to resolve this issue. The proposed approach utilizes in this study by five sub-methods and high degree of the frequency of their occurrences in sub-methods to determine the key sectors. The study approach is applied to Malaysia as the public sector investment remains a large share in the national economy, like other developing countries, and the correct identification is still a challenge for sectoral planning. The experiences from this study can be used to guide appropriate public investment in Malaysia and elsewhere with similar economic forms. Journal: Journal of Business Economics and Management Pages: 577-598 Issue: 3 Volume: 15 Year: 2014 Month: 6 X-DOI: 10.3846/16111699.2012.734327 File-URL: http://hdl.handle.net/10.3846/16111699.2012.734327 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:3:p:577-598 Template-Type: ReDIF-Article 1.0 Author-Name: Marija Radosavljevic Author-X-Name-First: Marija Author-X-Name-Last: Radosavljevic Title: Assessment of process management maturity in developing countries based on SAW method Abstract: Business process management is a comprehensive, holistic management approach, aligned with the context that proceeds from globalized economy. The extent to which this approach is present in an organization represents its process management maturity. Process management maturity has drawn attention of authors and, consequently, a lot of maturity models have appeared. These models incorporate elements, which determine the level of organizations' maturity. Earlier research results indicate that those elements are mutually related and responsible for organizations' performances. Since those results mostly refer to developed countries, the question is whether conclusions that proceed from them are valid for developing countries too. In order to answer this question, research has been conducted in Serbia. The aim of the research is to discover which maturity model elements represent the weak points of business process management in Serbian organizations, but also to evaluate the dependence of organizations' performances on process management maturity level. The analysis is based on statistics tools and Simple Additive Weight (SAW) method. Research results indicate that the maturity level of the Serbian economy is not enviable. In addition, results suggest that business performances might be connected to process management maturity, in the sense that higher maturity level means higher performances. Journal: Journal of Business Economics and Management Pages: 599-614 Issue: 4 Volume: 15 Year: 2014 Month: 9 X-DOI: 10.3846/16111699.2013.815131 File-URL: http://hdl.handle.net/10.3846/16111699.2013.815131 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:4:p:599-614 Template-Type: ReDIF-Article 1.0 Author-Name: Mauro Andriotto Author-X-Name-First: Mauro Author-X-Name-Last: Andriotto Author-Name: Emanuele Teti Author-X-Name-First: Emanuele Author-X-Name-Last: Teti Title: Beyond CAPM: an innovative factor model to optimize the risk and return trade-off Abstract: Different models have tried to improve the Capital Asset Pricing Model findings, on the basis that different factors can affect asset return. This paper examines a series of explanatory factors, broader than those explained by traditional theory, to see whether they are able to more accurately explain the returns. Should the previous point be confirmed, we must consider that the risk of an asset depends on multiple factors, rather than the few that are usually identified in the literature. Even though more than 300,000 factors are examined in this paper, the results show that in recent years just 87 factors are able to fully explain the returns of 4,500 companies in the 15 European countries examined. Our analysis also shows that business and macroeconomic, rather than financial factors, are those that heavily bear on asset returns; and that factors that affect asset return, either only positively or only negatively, do not exist. However, the same factor can affect some companies positively and others negatively. Thus, since not all firms are always sensitive to the same factors, there is the possibility to further decrease risk in proportion to return, through a factor-based risk optimisation process. Journal: Journal of Business Economics and Management Pages: 615-630 Issue: 4 Volume: 15 Year: 2014 Month: 9 X-DOI: 10.3846/16111699.2013.770789 File-URL: http://hdl.handle.net/10.3846/16111699.2013.770789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:4:p:615-630 Template-Type: ReDIF-Article 1.0 Author-Name: Kwo-Liang Chen Author-X-Name-First: Kwo-Liang Author-X-Name-Last: Chen Author-Name: Ching-Chiang Yeh Author-X-Name-First: Ching-Chiang Author-X-Name-Last: Yeh Author-Name: Jo-Chen Huang Author-X-Name-First: Jo-Chen Author-X-Name-Last: Huang Title: Supplier selection using a hybrid model for 3C industry Abstract: Supplier selection is a good strategy for firms that can reduce operating costs and improve competitiveness for computer, communication and consumer electronics (3C) industry. The major aim of this research is to build a systematic approach for establishing a supplier selection model, and then prioritize improvement criteria in order to best supply chain management. The study proposed a hybrid approach by using the interpretive structural modeling (ISM) method to deal with the interrelationship among criteria, and the analytic network process (ANP) method is employed to recognize the criteria of supplier selection and evaluate with respect to environmental competency for the case of Taiwan's 3C industry. The study shows that the proposed model could be an effective and efficient decision-making tool that can be easily extended to other contexts. Especially, it has provided decision-makers and researchers with better understanding of the differences in supplier selection activity needs and specific management interventions by examining these criteria. Journal: Journal of Business Economics and Management Pages: 631-645 Issue: 4 Volume: 15 Year: 2014 Month: 9 X-DOI: 10.3846/16111699.2013.807870 File-URL: http://hdl.handle.net/10.3846/16111699.2013.807870 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:4:p:631-645 Template-Type: ReDIF-Article 1.0 Author-Name: Jelena Stankevičienė Author-X-Name-First: Jelena Author-X-Name-Last: Stankevičienė Author-Name: Tatjana Sviderskė Author-X-Name-First: Tatjana Author-X-Name-Last: Sviderskė Author-Name: Algita Miečinskienė Author-X-Name-First: Algita Author-X-Name-Last: Miečinskienė Title: Dependence of sustainability on country risk indicators in EU Baltic Sea region countries Abstract: Country risk and economic sustainability become more and more important in the contemporary economic world. This paper proposes the analysis on relationship between country risk and economic sustainability in EU Baltic Sea region countries, based on statistical data of the year 2012. Investigations and calculations of rankings for country risk and sustainability were made and the results were optimized by implementing MOORA (Multi-Objective Optimization by Ratio analysis) and MULTIMOORA (MOORA plus Full Multiplicative Form) methods. Furthermore, correlation analysis was prepared and the informative results were obtained. Starting with a system of 8 alternative responses on 21 objectives (indicators), from several approaches the unambiguous results were obtained, which could be engaged in the process of creating new model for country risk assessment and its dependent sustainability indicators for EU Baltic Sea region countries. Journal: Journal of Business Economics and Management Pages: 646-663 Issue: 4 Volume: 15 Year: 2014 Month: 9 X-DOI: 10.3846/16111699.2014.965555 File-URL: http://hdl.handle.net/10.3846/16111699.2014.965555 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:4:p:646-663 Template-Type: ReDIF-Article 1.0 Author-Name: Kenichi Tamegawa Author-X-Name-First: Kenichi Author-X-Name-Last: Tamegawa Title: Demand uncertainty, inventory and business cycles Abstract: This paper introduces demand uncertainty and inventory into a dynamic stochastic general equilibrium model. We assume that firms must predict demand before production. The purpose of this study is to investigate the effects of several exogenous shocks on the model economy in our settings. A numerical simulation using our model shows the following results. When shocks that raise expected demand are given, inventory stocks increase because output exceeds demand. In the next period, firms release the inventory stock, reducing excess stock and decreasing output. Thus, inventory adjustment causes recession. This result implies that cyclical movement (economic boom and bust) continues until variables return to the steady state. Furthermore, we confirm that our model can reproduce stylized facts for inventory movements and enhance empirical fit relative to the model without inventory. Journal: Journal of Business Economics and Management Pages: 664-683 Issue: 4 Volume: 15 Year: 2014 Month: 9 X-DOI: 10.3846/16111699.2014.953569 File-URL: http://hdl.handle.net/10.3846/16111699.2014.953569 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:4:p:664-683 Template-Type: ReDIF-Article 1.0 Author-Name: Daiva Jurevičienė Author-X-Name-First: Daiva Author-X-Name-Last: Jurevičienė Author-Name: Marina Volkova Author-X-Name-First: Marina Author-X-Name-Last: Volkova Title: Evaluation of the 3-super-rd pillar pension funds in Lithuania Abstract: The article emphasizes the increasing importance of the 3-super-rd pillar pension funds and necessity of their assessment in Lithuania. Identified private pension funds evaluation criteria and the expert survey carried out in this paper allowed to ascertain main parameters of evaluation and weigh them according to their importance. Moreover, there is used Delphi method together with Kendall's coefficient of concordance to assure that the attitude of experts and the results of survey are reconcilable and statistically significant. Finally, created model is tested using funds data analysis to assess its reliability. It is expected that scientific recommendations made based on the analysis of the theoretical studies and empiric research data will assist assessing the 3-super-rd pillar pension funds. In addition, it is supposed that these results will help investors to make a right decision choosing a particular 3-super-rd pillar pension fund and will be a useful tool to encourage investments into private pension funds in the future. Journal: Journal of Business Economics and Management Pages: 684-707 Issue: 4 Volume: 15 Year: 2014 Month: 9 X-DOI: 10.3846/16111699.2014.951956 File-URL: http://hdl.handle.net/10.3846/16111699.2014.951956 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:4:p:684-707 Template-Type: ReDIF-Article 1.0 Author-Name: Fernando A. F. Ferreira Author-X-Name-First: Fernando A. F. Author-X-Name-Last: Ferreira Author-Name: Sérgio P. Santos Author-X-Name-First: Sérgio P. Author-X-Name-Last: Santos Author-Name: Paulo M. M. Rodrigues Author-X-Name-First: Paulo M. M. Author-X-Name-Last: Rodrigues Author-Name: Ronald W. Spahr Author-X-Name-First: Ronald W. Author-X-Name-Last: Spahr Title: How to create indices for bank branch financial performance measurement using MCDA techniques: an illustrative example Abstract: Most banks have been negatively affected by the recent economic recession, which has forced them to evaluate their operating performance including the financial performance of bank branches. Approaches that have been applied to address the financial performance evaluation of bank branches include: optimization techniques, simulations, stochastic tools, fuzzy logics and decision support systems. Although recent improvements have been made in assessing financial performance, the potential for significant further improvement remains since the recent world economic crisis is adding pressure on business margins. The purpose of this paper is to construct an exemplificative evaluation index for bank branch financial performance by integrating cognitive maps with measuring attractiveness by a categorical based evaluation technique. We aim to apply this methodology constructively to serve as a learning mechanism and introduce transparency in the decision making process. Practical applications, strengths and weaknesses of the proposed evaluation index are also discussed. Journal: Journal of Business Economics and Management Pages: 708-728 Issue: 4 Volume: 15 Year: 2014 Month: 9 X-DOI: 10.3846/16111699.2012.701230 File-URL: http://hdl.handle.net/10.3846/16111699.2012.701230 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:4:p:708-728 Template-Type: ReDIF-Article 1.0 Author-Name: Shima Lashgari Author-X-Name-First: Shima Author-X-Name-Last: Lashgari Author-Name: Jurgita Antuchevičienė Author-X-Name-First: Jurgita Author-X-Name-Last: Antuchevičienė Author-Name: Alireza Delavari Author-X-Name-First: Alireza Author-X-Name-Last: Delavari Author-Name: Omid Kheirkhah Author-X-Name-First: Omid Author-X-Name-Last: Kheirkhah Title: Using QSPM and WASPAS methods for determining outsourcing strategies Abstract: The aim of the current study is to select the best strategies for outsourcing development, applying decision-making tools that enable to make reasoned decision. To evaluate outsourcing strategies, a new model of Comprehensive Framework for Strategy Formulation and Selection is presented. Development of outsourcing of healthcare services in Tehran is analysed in the paper. Strengths, Weaknesses, Opportunities, and Threats analysis is used to evaluate the internal and external factors affecting the outsourcing of healthcare services in health deputy of the Tehran University of Medical Sciences in different aspects and to develop several possible outsourcing strategies. Quantitative Strategic Planning Matrix is applied for quantitative evaluation of strategies. It is proposed to validate the approach by applying Multiple Criteria Decision Making methods. Robust and accurate Weighted Aggregated Sum Product Assessment method is selected and applied for quantitative evaluation of strategies. Based on the consistency of the results of the both approaches, the five best strategies to develop healthcare services outsourcing are offered. Journal: Journal of Business Economics and Management Pages: 729-743 Issue: 4 Volume: 15 Year: 2014 Month: 9 X-DOI: 10.3846/16111699.2014.908789 File-URL: http://hdl.handle.net/10.3846/16111699.2014.908789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:4:p:729-743 Template-Type: ReDIF-Article 1.0 Author-Name: Esti Van Wyk de Vries Author-X-Name-First: Esti Author-X-Name-Last: Van Wyk de Vries Author-Name: Rangan Gupta Author-X-Name-First: Rangan Author-X-Name-Last: Gupta Author-Name: Reneé Van Eyden Author-X-Name-First: Reneé Author-X-Name-Last: Van Eyden Title: Intertemporal portfolio allocation and hedging demand: an application to South Africa Abstract: This paper analyses the intertemporal hedging demand for stocks and bonds in South Africa, the United Kingdom and the United States. The analysis is done using an approximate solution method for the optimal consumption and wealth portfolio problem of an infinitely long-lived investor. Investors are assumed to have Epstein-Zin-Weil-type preferences and face asset returns described by a first-order vector autoregression in returns and state variables. The results show that the mean intertemporal hedging demands for stocks are considerably smaller in SA than in the UK or the US, whilst the mean intertemporal hedging demand for bonds are not significantly different from zero in any of the countries considered. Furthermore, it is found that stocks in the US and the UK do not present a useful hedging opportunity for an investor in SA, nor do SA stocks present a useful hedging opportunity for investors from the UK or the US. Journal: Journal of Business Economics and Management Pages: 744-775 Issue: 4 Volume: 15 Year: 2014 Month: 9 X-DOI: 10.3846/16111699.2012.688855 File-URL: http://hdl.handle.net/10.3846/16111699.2012.688855 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:4:p:744-775 Template-Type: ReDIF-Article 1.0 Author-Name: Pradeepta Sethi Author-X-Name-First: Pradeepta Author-X-Name-Last: Sethi Author-Name: Brajesh Kumar Author-X-Name-First: Brajesh Author-X-Name-Last: Kumar Title: Financial structure gap and economic development in India Abstract: This study is built on the concept of optimal financial structure and examines its dynamics with the economic development process of India. Specifically, the present study intends to examine the evolving importance of banks and markets during different stages of economic development. Using annual data from 1988-2009 for India and selected benchmark OECD countries, we have conducted quantile and robust regression to assess the impact of deviation from the optimal financial structure on the output growth. To our knowledge the present study is one of the pioneer works in calculating the optimal financial structure in Indian context. The empirical evidence suggests that as the economy develops the services provided by banks are comparatively more important than those provided by the stock markets. The financial structure matters for the growth process. The deviation from the optimal structure has harmful effects on the economy and the financial structure gap retards the growth process. Journal: Journal of Business Economics and Management Pages: 776-794 Issue: 4 Volume: 15 Year: 2014 Month: 9 X-DOI: 10.3846/16111699.2012.729157 File-URL: http://hdl.handle.net/10.3846/16111699.2012.729157 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:4:p:776-794 Template-Type: ReDIF-Article 1.0 Author-Name: Rui Lin Author-X-Name-First: Rui Author-X-Name-Last: Lin Author-Name: Guiwu Wei Author-X-Name-First: Guiwu Author-X-Name-Last: Wei Author-Name: Hongjun Wang Author-X-Name-First: Hongjun Author-X-Name-Last: Wang Author-Name: Xiaofei Zhao Author-X-Name-First: Xiaofei Author-X-Name-Last: Zhao Title: Choquet integrals of weighted triangular fuzzy linguistic information and their applications to multiple attribute decision making Abstract: We investigate the multiple attribute decision making problems in which attribute values take the form of triangular fuzzy linguistic information. Firstly, the definition and some operational laws of triangular fuzzy linguistic are introduced. Then, we have developed three fuzzy linguistic Choquet integral aggregation operators: fuzzy linguistic choquet ordered averaging operator, fuzzy linguistic choquet ordered geometric operator and fuzzy linguistic choquet ordered harmonic mean operator. The prominent characteristic of the operators is that they cannot only consider the importance of the elements or their ordered positions, but also reflect the correlation among the elements or their ordered positions. We have studied some desirable properties of these operators, such as commutativity, idempotency and monotonicity, and applied these operators to multiple attribute decision making with triangular fuzzy linguistic information. Finally an illustrative example has been given to show the developed method. Journal: Journal of Business Economics and Management Pages: 795-809 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2013.773940 File-URL: http://hdl.handle.net/10.3846/16111699.2013.773940 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:795-809 Template-Type: ReDIF-Article 1.0 Author-Name: Erkki K. Laitinen Author-X-Name-First: Erkki K. Author-X-Name-Last: Laitinen Author-Name: Oliver Lukason Author-X-Name-First: Oliver Author-X-Name-Last: Lukason Title: Do firm failure processes differ across countries: evidence from Finland and Estonia Abstract: This study considers the novel topic of comparing firm failure processes between different countries. For seventy bankrupt Finnish firms corresponding pairs are found among Estonian bankrupt firms based on industry, size and time of bankruptcy. Despite the similarity of firms from two countries, the analysis shows remarkable differences in both pre-failure financial data and reasons for failure. Based only on financial data, five failure processes are detected for Finnish and six for Estonian firms. Established failure processes associate with different failure reasons. The study contributes to literature by showing that for similar companies failure processes can differ across countries. In practice, the established information about different failure processes can be applied when building or using bankruptcy prediction models. Journal: Journal of Business Economics and Management Pages: 810-832 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2013.791635 File-URL: http://hdl.handle.net/10.3846/16111699.2013.791635 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:810-832 Template-Type: ReDIF-Article 1.0 Author-Name: Agnė Šimelytė Author-X-Name-First: Agnė Author-X-Name-Last: Šimelytė Author-Name: Kęstutis Peleckis Author-X-Name-First: Kęstutis Author-X-Name-Last: Peleckis Author-Name: Renata Korsakienė Author-X-Name-First: Renata Author-X-Name-Last: Korsakienė Title: Analytical network process based on BOCR analysis as an approach for designing a foreign direct investment policy Abstract: Foreign direct investment is significantly important for the emerging market countries or countries in transition. Scientific literature provides plenty of evidence that FDI may have both negative and positive influence on economic growth. However, research proves that just specific type of FDI may bring benefit to the host country. Thus, a targeted FDI policy is essential for directing foreign capital into problematic business areas or regions. The goal of the article is to propose a complex targeted FDI policy, the employment of which would give benefits to the host country and achieve its strategic goals. Benefit-opportunities-costs-risks analysis and analytic network process method are used for the empirical research. Final results reveal that Lithuania, attracting FDI into research and development area, gains great benefits and exploits opportunities. At the same time, the highest costs might be generated while implementing a FDI policy in this area. A FDI policy towards service sectors would cause the least amount of risks. These results are significant for academics as the basis for further research, and decisions-makers as guidance for the development of the national FDI policy. Journal: Journal of Business Economics and Management Pages: 833-852 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2014.976836 File-URL: http://hdl.handle.net/10.3846/16111699.2014.976836 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:833-852 Template-Type: ReDIF-Article 1.0 Author-Name: Shu-Shian Lin Author-X-Name-First: Shu-Shian Author-X-Name-Last: Lin Title: Investigation of forecasted risk interrelationship: base on GARCH model, causality in China markets Abstract: This paper used data from the Shenzhen and Shanghai stock markets to simulate the adjusted volatility, and applied time series methods to realize the relationships of the volatilities between the two markets. The unit root test, and co-integration analysis to show whether it exists equilibrium relationship. The result showed that it presented the co-integrated vectors between the volatilities of Shanghai and Shenzhen Stock Exchanges during the research period, and it made the regression more meaningful. Finally, it also showed that the volatility exerted one way influence between these two markets. It significantly rejected for a null hypothesis of Shanghai stock market does not granger caused Shenzhen stock market, and the results of simulated volatilities were consistent with the results in reality. Journal: Journal of Business Economics and Management Pages: 853-861 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2013.839474 File-URL: http://hdl.handle.net/10.3846/16111699.2013.839474 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:853-861 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Suárez Author-X-Name-First: Eva Author-X-Name-Last: Suárez Author-Name: José L. Roldán Author-X-Name-First: José L. Author-X-Name-Last: Roldán Author-Name: Arturo Calvo-Mora Author-X-Name-First: Arturo Author-X-Name-Last: Calvo-Mora Title: A structural analysis of the EFQM model: an assessment of the mediating role of process management Abstract: The purpose of this paper is to research how the critical total quality management (TQM) factors present in the European Foundation for Quality Management (EFQM) model make up a management system. This article presents a significant contribution to the current body of TQM by establishing the model's internal working structure as a management system and also by showing how the way in which the organization designs and starts up this system has a bearing on its results. The methodology used is structural equation modeling (Partial Least Squares technique). The sample consisted of 116 firms. Our findings show that: (1) the EFQM model is a reliable and valid framework to measure the results achieved by the firm; (2) The synergies between the critical factors make up a management system, especially, the importance of leadership, strategy and processes for the system's effectiveness and soundness; (3) The obtaining of a measure of the overall results. This allows us to have an overall indicator of the level of excellence attained by the firm; (4) The process management fully mediates the influence of strategy, and alliances and resources management respectively on overall results. Journal: Journal of Business Economics and Management Pages: 862-885 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2013.776627 File-URL: http://hdl.handle.net/10.3846/16111699.2013.776627 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:862-885 Template-Type: ReDIF-Article 1.0 Author-Name: Björn Johansson Author-X-Name-First: Björn Author-X-Name-Last: Johansson Author-Name: František Sudzina Author-X-Name-First: František Author-X-Name-Last: Sudzina Author-Name: Andreja Pucihar Author-X-Name-First: Andreja Author-X-Name-Last: Pucihar Title: Alignment of business and information strategies and its impact on business performance Abstract: Alignment between business strategy and information strategy has been focused on for several years with research suggesting different explanations to how this alignment influences a firm's performance. This article presents results from an investigation of firms in Slovenia about how business people perceived their business strategy and information strategy to be aligned. Respondents' statements from the questionnaire survey on their perceived alignment between business strategy and information strategy were checked against the firms' revenue growth. The analysis of perceived alignment between business strategy, information strategy, and revenue growth shows that there is a significant relationship between alignment and revenue growth in Slovenia, and this link is positive. Managers should aim to align business and information strategies in order to achieve better business performance. Journal: Journal of Business Economics and Management Pages: 886-898 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2012.749806 File-URL: http://hdl.handle.net/10.3846/16111699.2012.749806 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:886-898 Template-Type: ReDIF-Article 1.0 Author-Name: Dalia Rimkuniene Author-X-Name-First: Dalia Author-X-Name-Last: Rimkuniene Author-Name: Virgilija Zinkeviciute Author-X-Name-First: Virgilija Author-X-Name-Last: Zinkeviciute Title: Social media in communication of temporary organisations: role, needs, strategic perspective Abstract: Expansion of "projectisation" culture worldwide, "internalization" of projects and the inevitable growth of social media use globally calls for systematic and deeper insights from the strategic management viewpoint. Projects are defined as temporary organisations within various organisational bodies. In terms of the strategic management, temporary organisations are viewed as unique structural networking bodies that are anticipated to have their own strategy and management approach to meet project-based needs. Effective "project communication" plays a strategic role and can be an important enabler of social capital gains for organisations. Social media, as a new age phenomenon, are claimed to be the powerful mechanism that opens vast opportunities for collaborative communication. Their application in terms of temporary organisation is still underinvestigated area that lacks a researchers' attention. The aim of this research is to explore the potential of social media use in temporary organisations. The research study indicates that social media have a large potential for enhancing collaborative initiatives and collecting evidence for the strategic planning. Journal: Journal of Business Economics and Management Pages: 899-914 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2014.938360 File-URL: http://hdl.handle.net/10.3846/16111699.2014.938360 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:899-914 Template-Type: ReDIF-Article 1.0 Author-Name: Puja Padhi Author-X-Name-First: Puja Author-X-Name-Last: Padhi Author-Name: Imlak Shaikh Author-X-Name-First: Imlak Author-X-Name-Last: Shaikh Title: On the relationship of implied, realized and historical volatility: evidence from NSE equity index options Abstract: This study examines the information content of implied volatility, using the options of the underlying S&P CNX Nifty index. In this study, implied, historical and realized volatilities are calculated using non-overlapping monthly at-the-money samples. The study covers the period from introduction of options on the derivative segment of NSE, June 2001 to May 2011. The results reveal that call and put implied volatility of S&P CNX Nifty index option does contain information about future realized return volatility. This study accounts for the problem of error-in-variable and controls for it by using the instrumental variable technique. In the 2SLS estimation, the Hausman H-statistic shows that call implied volatility is measured with error. Hence, 2SLS coefficients are more consistent than the OLS estimates. Results of this study might prove to be helpful to the volatility traders in volatility forecasting and option pricing. Journal: Journal of Business Economics and Management Pages: 915-934 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2013.793605 File-URL: http://hdl.handle.net/10.3846/16111699.2013.793605 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:915-934 Template-Type: ReDIF-Article 1.0 Author-Name: Óscar González-Benito Author-X-Name-First: Óscar Author-X-Name-Last: González-Benito Author-Name: Mercedes Martos-Partal Author-X-Name-First: Mercedes Author-X-Name-Last: Martos-Partal Title: Price sensitivity versus perceived quality: moderating effects of retailer positioning on private label consumption Abstract: Private labels are growing fast in Europe and USA, especially in the context of nondurable consumer goods. Moreover, the traditional association of private labels solely with a price focus, to the detriment of quality, appears to be diminishing. This research aims to clarify the effect of price sensitivity toward and quality perceptions of private labels on private label consumption. It analyzes the role of a retailer's price positioning as a moderator of the importance of these effects as determinants of private label purchases. With household panel data and survey information, this study investigates private labels' share of wallet as the dependent variable; thus the logit-type model is adapted to a resource allocation context. Five sequential models specify and test the four hypotheses. In support of the hypotheses, price sensitivity and quality perceptions relate positively to private label consumption. For the moderating effect of retailer's price positioning, a negative moderating effect arises for price sensitivity, whereas a positive moderating effect appears for quality perceptions of private labels. The findings indicate that retailers' efforts to convert private labels into tools to support positioning strategies are effective. Journal: Journal of Business Economics and Management Pages: 935-950 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2012.744346 File-URL: http://hdl.handle.net/10.3846/16111699.2012.744346 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:935-950 Template-Type: ReDIF-Article 1.0 Author-Name: Asad K. Ghalib Author-X-Name-First: Asad K. Author-X-Name-Last: Ghalib Author-Name: Patricia Agupusi Author-X-Name-First: Patricia Author-X-Name-Last: Agupusi Title: Business strategy and corporate responsibility: perception and practice in the oil industry and the role of non-governmental organisations Abstract: This paper examines the strategies for the implementation of corporate social responsibility of various multinationals, with a particular focus on the oil industry. The role of non-governmental organisations towards inducing a more responsible behaviour is explored. By drawing on literature and reflecting on documented actions of various multinational corporations, particularly from the extractive sector, we find a commonalty that cuts across the board: a considerable disparity exists between policies, strategies and actions that these organisations display in the interest of their inherent, short-term economic gains. Such gains jeopardize interests of both internal and external stakeholders as well as the environment especially in the developing world. We argue that the disparity in implementation can be linked to weak structural institutions and lack of ethical standards in most developing countries. Journal: Journal of Business Economics and Management Pages: 951-963 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2012.720591 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720591 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:951-963 Template-Type: ReDIF-Article 1.0 Author-Name: Mei-Tai Chu Author-X-Name-First: Mei-Tai Author-X-Name-Last: Chu Author-Name: Sedigheh Rezaeian Fardoei Author-X-Name-First: Sedigheh Rezaeian Author-X-Name-Last: Fardoei Author-Name: Hasan Fallah Author-X-Name-First: Hasan Author-X-Name-Last: Fallah Author-Name: Sepehr Ghazinoory Author-X-Name-First: Sepehr Author-X-Name-Last: Ghazinoory Author-Name: Alireza Aliahmadi Author-X-Name-First: Alireza Author-X-Name-Last: Aliahmadi Title: Modeling national innovation system enabled by knowledge management Abstract: The main objective of this paper is to explore the model of how knowledge management functions enables national innovation system. To achieve the objectives of the study, a conceptual framework is proposed and described, then the systemic analysis is undertaken. Path coefficient and t-value are also used to measure the relationships among chosen variables. A great number of sources are used to collect data, including questionnaires, interviews, observations, and literature review. The achievements of the study demonstrate 10 distinctive national innovation system performance dimensions and the relationship with knowledge management functions. The first layer includes explicit knowledge, while the second layer deals with tacit knowledge. Both of two layers link to a complete knowledge management functions and processes: explicit knowledge building, explicit knowledge gathering, explicit knowledge distributing, explicit knowledge reusing, tacit knowledge capturing, tacit knowledge sharing tacit knowledge disseminating, tacit knowledge innovating; whereas the third layer includes NIS enablers items or performance dimension of national innovation system: quality, effectiveness, quantity, codification, structure, efficiency, internalization, expertise, effectiveness. Journal: Journal of Business Economics and Management Pages: 964-977 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2013.764923 File-URL: http://hdl.handle.net/10.3846/16111699.2013.764923 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:964-977 Template-Type: ReDIF-Article 1.0 Author-Name: Sergeja Slapničar Author-X-Name-First: Sergeja Author-X-Name-Last: Slapničar Author-Name: Adriana Rejc Buhovac Author-X-Name-First: Adriana Rejc Author-X-Name-Last: Buhovac Title: Identifying temporal relationships within multidimensional performance measurement Abstract: The paper investigates temporal relationships between leading drivers of success, non-financial outputs, and financial outcomes as suggested by the Balanced Scorecard. Based on a sample of 42 companies with a four-year survey data, we find partial confirmation of temporal causality between selected actions and performance. The effects of the leading variables on the non-financial outputs are the strongest in the same year. Also, the influence of innovation and HR policies via the number of patented innovations and new products (services) on profit growth is the strongest within one year. These findings have important implications for the design of cause-and-effect relationships schemes (strategy maps) and the development of contemporary performance measurement systems. Journal: Journal of Business Economics and Management Pages: 978-993 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2013.789450 File-URL: http://hdl.handle.net/10.3846/16111699.2013.789450 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:978-993 Template-Type: ReDIF-Article 1.0 Author-Name: Mehmet Erçek Author-X-Name-First: Mehmet Author-X-Name-Last: Erçek Title: Explaining adoption of management innovations in less advanced settings: evidence from Turkey Abstract: This study aims to explain how globally circulating management innovations are adopted by the firms operating in less advanced settings based on an integrative framework. The framework incorporates certain characteristics of national business systems, particular inter-organizational ties developed with transnational or local carriers, and the potential absorptive capacity of the local organizations. By this way, it includes the effects of temporal interactions between different adoption decisions. The components of the framework are operationalized and tested within the Turkish setting by using the adoption data of three different management innovations: TQM, six sigma and lean production. The data is collected from a sample of 375 large-sized firms using a telephone-based interview protocol. While the findings provide satisfactory support for the framework as a whole, they also call attention to the relative differences in the explanatory power of each factor in accounting for the adoption of particular innovations. Variations among the explanatory factors can be attributed to the differences between the life-cycles of TQM, six sigma and lean production as well as to the relative divergence of their conceptual framing. Journal: Journal of Business Economics and Management Pages: 994-1016 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2012.745815 File-URL: http://hdl.handle.net/10.3846/16111699.2012.745815 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:994-1016 Template-Type: ReDIF-Article 1.0 Author-Name: Alena Kocmanová Author-X-Name-First: Alena Author-X-Name-Last: Kocmanová Author-Name: Iveta Šimberová Author-X-Name-First: Iveta Author-X-Name-Last: Šimberová Title: Determination of environmental, social and corporate governance indicators: framework in the measurement of sustainable performance Abstract: The article is concerned with determination of environmental, social and corporate governance (ESG) indicators of performance. The objective of carried-out empirical research is to determine ESG indicators as a key framework of the measurement of sustainable performance of a company in its Sustainable Reporting. On the basis of conducted empirical research, applying factor analysis, the environmental, social and corporate governance indicators for companies active in the processing industries CZ-NACE have been specified. The indicators were selected in a series of successive phases by a multi-factor analysis. The results of factor analysis indicated that the factors fall into three measurement categories: environmental (Investments, Emissions, Source Consumption, Waste), social (Society, Human Rights, Labour Practices and Decent Work, Product Responsibility), and corporate governance (Monitoring and Reporting, Corporate Governance Effectiveness, Corporate Governance Structure, Compliance). This article contributes to the effort to solve measurement of performance of the corporate sustainability and proposal to conceptual framework of ESG indicators of performance for the Sustainability Reporting of Czech companies operating in the processing industry. Journal: Journal of Business Economics and Management Pages: 1017-1033 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2013.791637 File-URL: http://hdl.handle.net/10.3846/16111699.2013.791637 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:1017-1033 Template-Type: ReDIF-Article 1.0 Author-Name: Maria Vargas Author-X-Name-First: Maria Author-X-Name-Last: Vargas Author-Name: Ruth Vicente Author-X-Name-First: Ruth Author-X-Name-Last: Vicente Author-Name: Fernando Muñoz Author-X-Name-First: Fernando Author-X-Name-Last: Muñoz Title: Searching for the most profitable and sustainable investment strategy: evidence from sovereign bond funds Abstract: The aim of this study is to provide the sovereign bond fund investor with a guide to finding the most profitable and sustainable investment strategy. For this purpose, a Global Sustainable Competitiveness Index is applied to a sample of 48 funds.We have conducted a best-in-class analysis, and our evidence supports the idea that the best strategy consists of investing in funds representing high GDP-per-capita countries, and registering the best-in-class sustainable performance scores.Additionally, other useful findings are that the screening of the funds is beneficial with respect to sustainable performance, and that there is no strong relationship between sustainability and GDP per capita. Journal: Journal of Business Economics and Management Pages: 1034-1053 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2012.745818 File-URL: http://hdl.handle.net/10.3846/16111699.2012.745818 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:1034-1053 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Doucek Author-X-Name-First: Petr Author-X-Name-Last: Doucek Author-Name: Milos Maryska Author-X-Name-First: Milos Author-X-Name-Last: Maryska Author-Name: Ota Novotny Author-X-Name-First: Ota Author-X-Name-Last: Novotny Title: Requirements on the competence of ICT managers and their coverage by the educational system - experience in the Czech Republic Abstract: Global developments in the information society are placing ever greater emphasis on professionals in the area of Information and Communications Technologies (ICT) and especially on managers of ICT companies. This article provides a comparison of the trends in the requirements of business practice on ICT managers in 2006 and 2010 and simultaneously draws attention to the coverage of these requirements by fields of study with ICT specialization, on the example of the Czech Republic. The presented results of the obtained data indicate quite good coverage of the requirements on knowledge and skills for the role of ICT manager in the Czech education market. In addition, the article encompasses methodology that can be employed to compare qualitative quantities of the potential of the educational process with the requirements imposed on it. Journal: Journal of Business Economics and Management Pages: 1054-1077 Issue: 5 Volume: 15 Year: 2014 Month: 11 X-DOI: 10.3846/16111699.2012.658436 File-URL: http://hdl.handle.net/10.3846/16111699.2012.658436 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:15:y:2014:i:5:p:1054-1077 Template-Type: ReDIF-Article 1.0 Author-Name: Renata Korsakienė Author-X-Name-First: Renata Author-X-Name-Last: Korsakienė Author-Name: Asta Stankevičienė Author-X-Name-First: Asta Author-X-Name-Last: Stankevičienė Author-Name: Agnė Šimelytė Author-X-Name-First: Agnė Author-X-Name-Last: Šimelytė Author-Name: Milda Talačkienė Author-X-Name-First: Milda Author-X-Name-Last: Talačkienė Title: Factors driving turnover and retention of information technology professionals Abstract: Taking into consideration turnover phenomenon and retention issues, the purpose of the paper is to reveal the employee perceptions on organisational and job-related factors impacting decisions to leave and to stay with the current employer. Based on theoretical discussion related to voluntary turnover and retention of employees, the research instrument was developed. A total of 143 responses were collected from employees working in private IT companies of Lithuania. The results revealed that base pay and challenging work content were perceived as the most important employment characteristics. Turnover prediction models disclose turnover intentions of project managers, which can be explained by participation in strategy development, support of top managers and negative perception of the base pay. Meanwhile, turnover intensions of heads of departments/ high level managers can be explained by negative associations with performance incentives/ bonuses, career opportunities and working conditions. The findings of the paper let us to develop theoretical insights and provide manager recommendations leading to the retention of information technology professionals. Journal: Journal of Business Economics and Management Pages: 1-17 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2015.984492 File-URL: http://hdl.handle.net/10.3846/16111699.2015.984492 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:1-17 Template-Type: ReDIF-Article 1.0 Author-Name: Fernando A. F. Ferreira Author-X-Name-First: Fernando A. F. Author-X-Name-Last: Ferreira Author-Name: Carla S. E. Marques Author-X-Name-First: Carla S. E. Author-X-Name-Last: Marques Author-Name: Melanie M. Reis Author-X-Name-First: Melanie M. Author-X-Name-Last: Reis Author-Name: Neuza C. M. Q. F. Ferreira Author-X-Name-First: Neuza C. M. Q. F. Author-X-Name-Last: Ferreira Author-Name: Amali Çipi Author-X-Name-First: Amali Author-X-Name-Last: Çipi Title: Evolutionary patterns and development prospects for e-government: a Delphi-based approach to perceptions of the administrative agent Abstract: Information technology is an open door for governments to service citizens in a more timely, cost-efficient and effective manner. Even considering citizen resistance, cultural adversity or changes in the economic agents' relationship, few would contest that concern over the state of electronic government (e-government) has increased over the years. This concern has been responsible for the emergence of a wide range of new initiatives devoted to development of the information and knowledge society, which occupies a central place in government policies and planning strategies worldwide. In this paper, we aim to analyze the evolutionary patterns of e-government in Portugal and, based on an application of the Delphi technique, provide development prospects considering the perceptions of a panel of administrative agents. Despite the low use of e-government services, our study demonstrates that the administrative agent expresses overall satisfaction with its use. Additionally, the high level of modernization allows us to forecast the increased use of information and communication technologies in terms of e-government services. Journal: Journal of Business Economics and Management Pages: 18-36 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2013.770790 File-URL: http://hdl.handle.net/10.3846/16111699.2013.770790 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:18-36 Template-Type: ReDIF-Article 1.0 Author-Name: Mindaugas Laužikas Author-X-Name-First: Mindaugas Author-X-Name-Last: Laužikas Author-Name: Simona Dailydaitė Author-X-Name-First: Simona Author-X-Name-Last: Dailydaitė Title: Impacts of social capital on transformation from efficiency to innovation-driven business Abstract: The present article is focused on impacts of social capital on transformation from efficiency to innovation-driven business. Such aspects of social capital as social relations, usage of human capital in innovation processes, expertise in market analysis are often ignored by entrepreneurs. The research purpose is to analyse the relation between social capital and transformation from efficiency to innovation-driven business. Main aspects of this relation are revealed by interpreting findings of Global Entrepreneurship Monitor (GEM), which is to examine how different factors encourage economic development globally via entrepreneurship. Relying on a solid GEM methodology, which combines quantitative adult survey and qualitative expert interviews, various transformation problems of catching-up countries are analysed while paying a special attention to effects of social capital and illustrating them by the case of Lithuania. The role of human capital is measured by such factors as anticipated growth of headcount within respondents' firms; social relations refer to social image of entrepreneurs (as it is impossible to have a strong social image without good social relations with stakeholders), while information/ knowledge diffusion is analysed via such effects as a number of companies that deliver innovative products and/or services, a number of customers who appreciate and want to try innovative products and/or services as well as a number of expected competitors in the market (it is impossible to be innovative and competitive in the market without information/ feedback collection system established). Journal: Journal of Business Economics and Management Pages: 37-51 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2012.754374 File-URL: http://hdl.handle.net/10.3846/16111699.2012.754374 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:37-51 Template-Type: ReDIF-Article 1.0 Author-Name: Mitja Ruzzier Author-X-Name-First: Mitja Author-X-Name-Last: Ruzzier Author-Name: Maja Konecnik Ruzzier Author-X-Name-First: Maja Konecnik Author-X-Name-Last: Ruzzier Title: On the relationship between firm size, resources, age at entry and internationalization: the case of Slovenian SMEs Abstract: Export marketing and international business literature support the view that firm size-a reflection of number of employees, and sales-is positively related to export intensity and is a distinguishing factor between internationalized and non-internationalized firms. According to the resource-based view heterogeneous resource profiles that enable firms to achieve competitive advantage in international markets may be also such differentiating factors. On the other hand, as a result of the process of globalization and the increasing number of born global firms, firm age at entry into foreign markets is becoming negatively related to internationalization. Our findings just partly confirm the trends above. Using a regression model on the selected sample of 247 Slovenian small and medium enterprises, we have confirmed the hypotheses that internationalized companies are significantly larger (in terms of sales) and have more specialized resources (human, organizational, and financial resources) than non-internationalized companies. Organizational and human resources and the number of employees were positively and significantly related, while the age of companies at the start of their international activities was negatively related, to the extent of companies' internationalization. Different implications and conclusions for researchers and entrepreneurs are derived. Journal: Journal of Business Economics and Management Pages: 52-73 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2012.745812 File-URL: http://hdl.handle.net/10.3846/16111699.2012.745812 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:52-73 Template-Type: ReDIF-Article 1.0 Author-Name: Li-Chang Hsu Author-X-Name-First: Li-Chang Author-X-Name-Last: Hsu Author-Name: Shang-Ling Ou Author-X-Name-First: Shang-Ling Author-X-Name-Last: Ou Author-Name: Yih-Chang Ou Author-X-Name-First: Yih-Chang Author-X-Name-Last: Ou Title: A Comprehensive performance evaluation and ranking methodology under a sustainable development perspective Abstract: Under industry globalization and the intensely competitive environment, a company's competitiveness must constantly be upgraded in order to achieve the goal of sustainability. Therefore, the correct and valid evaluation of companies' sustainable performance has become an important issue. The main purpose of this study is to discuss and establish a sustainable performance evaluation criteria and model for companies. First, the measurements of companies' financial, credit risk, environmental and social responsibility are integrated to create sustainable business performance evaluation criteria. Then, we integrate grey relational analysis and an improved TOPSIS method to construct a sustainable performance evaluation model for companies. In order to verify the findings of this study, we adopt Taiwan's high-tech listed companies as the research object to explore sustainable operating performance and ranking in 2011. The empirical results will help companies to build future business strategies and can also be used as an important reference for investor and bank credit auditing. Journal: Journal of Business Economics and Management Pages: 74-92 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2013.848228 File-URL: http://hdl.handle.net/10.3846/16111699.2013.848228 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:74-92 Template-Type: ReDIF-Article 1.0 Author-Name: José M. Merigó Author-X-Name-First: José M. Author-X-Name-Last: Merigó Title: Decision-making under risk and uncertainty and its application in strategic management Abstract: We introduce a new decision-making model that unifies risk and uncertain environments in the same formulation. For doing so, we present the induced probabilistic ordered weighted averaging (IPOWA) operator. It is an aggregation operator that unifies the probability with the OWA operator in the same formulation and considering the degree of importance of each concept in the aggregation. Moreover, it also uses induced aggregation operators that provide a more general representation of the attitudinal character of the decision-maker. We study its applicability and we see that it is very broad because all the previous studies that use the probability or the OWA operator can be revised and extended with this new approach. We briefly analyze some basic applications in statistics such as the implementation of this approach with the variance, the covariance, the Pearson coefficient and in a simple linear regression model. We focus on a multi-person decision-making problem in strategic management. Thus, we are able to construct a new aggregation operator that we call the multi-person IPOWA operator. Its main advantage is that it can deal with the opinion of several persons in the analysis so we can represent the information in a more complete way. Journal: Journal of Business Economics and Management Pages: 93-116 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2012.661758 File-URL: http://hdl.handle.net/10.3846/16111699.2012.661758 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:93-116 Template-Type: ReDIF-Article 1.0 Author-Name: Atilla Çifter Author-X-Name-First: Atilla Author-X-Name-Last: Çifter Title: Bank concentration and non-performing loans in Central and Eastern European countries Abstract: This paper examines the effect of bank concentration on the non-performing loans (NPLs) for ten Central and Eastern European (CEE) countries. The short-run effect of bank concentration is tested with the generalised method of moments system and the instrumental variable approaches, and the long-run effect is tested with the fully modified ordinary least square (FMOLS) approach. The empirical analysis shows that the bank concentration is an insignificant factor on the NPLs, either in the short or in the long-run of the panel data set. On the other hand, individual FMOLS results reveal that the bank concentration reduces the NPLs in Estonia, Latvia, and Slovakia, and increases the NPLs in Bulgaria, Croatia, Lithuania, Poland, and Slovenia in the long-run. According to this evidence, the bank concentration does not reduce the credit risk for all of the CEE countries. Therefore, bank concentration may not affect systemic stability in the CEE countries. These findings are also robust in controlling several factors, including additional control variables. As a result, the relationship between the bank concentration and the NPLs, in regards to the CEE countries, is ambiguous. Journal: Journal of Business Economics and Management Pages: 117-137 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2012.720590 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720590 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:117-137 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Kovářík Author-X-Name-First: Martin Author-X-Name-Last: Kovářík Author-Name: Libor Sarga Author-X-Name-First: Libor Author-X-Name-Last: Sarga Author-Name: Petr Klímek Author-X-Name-First: Petr Author-X-Name-Last: Klímek Title: Usage of control charts for time series analysis in financial management Abstract: We will deal with corporate financial proceeding using statistical process control, specifically time series control charts. The article outlines intersection of two disciplines, namely econometrics and statistical process control. Theoretical part discusses methodology of time series control charts, and in research part, the methodology is demonstrated on two case studies. The first focuses on analysis of Slovak currency from the perspective of its usefulness for generating profits through time series control charts. The second involves regulation of financial flows for a heteroskedastic financial process by EWMA and ARIMA control charts. We use Box-Jenkins methodology to find models of time series of annual Argentinian Gross Domestic Product available as a basic index from 1951-1998. We demonstrate the versatility of control charts not only in manufacturing but also in managing financial stability of cash flows. Specifically, we show their sensitivity in detecting even small shifts in mean which may indicate financial instability. This analytical approach is widely applicable and therefore of theoretical and practical interest. Journal: Journal of Business Economics and Management Pages: 138-158 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2012.732106 File-URL: http://hdl.handle.net/10.3846/16111699.2012.732106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:138-158 Template-Type: ReDIF-Article 1.0 Author-Name: Rolf Färe Author-X-Name-First: Rolf Author-X-Name-Last: Färe Author-Name: Shawna Grosskopf Author-X-Name-First: Shawna Author-X-Name-Last: Grosskopf Author-Name: Joaquín Maudos Author-X-Name-First: Joaquín Author-X-Name-Last: Maudos Author-Name: Emili Tortosa-ausina Author-X-Name-First: Emili Author-X-Name-Last: Tortosa-ausina Title: Revisiting the quiet life hypothesis in banking using nonparametric techniques Abstract: Early studies testing the quiet life hypothesis in banking found strong evidence that banks in more concentrated markets exhibit lower cost efficiency levels. More recent studies have reexamined the issue in different contexts with mixed results. These approaches are based on stipulating a linear relationship between market power and efficiency in banking, which might be problematic, as suggested by the literature on efficiency analysis. We explore how bank cost efficiency measures are related to market power using flexible techniques, which are more consistent with those employed to measure efficiency in the first stage of the analysis. Our study focuses on the Spanish banking industry, which has been experiencing substantial change in the last few years, combining institutions with different ownership structures and business models. Results show that the relationship varies according to the level of market power, the component of efficiency evaluated (cost, technical or allocative) and the type of banking firm (commercial bank or savings bank), suggesting that the quiet life might be a reality only for some financial institutions. Journal: Journal of Business Economics and Management Pages: 159-187 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2012.726929 File-URL: http://hdl.handle.net/10.3846/16111699.2012.726929 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:159-187 Template-Type: ReDIF-Article 1.0 Author-Name: Qazi Muhammad Adnan Hye Author-X-Name-First: Qazi Muhammad Adnan Author-X-Name-Last: Hye Author-Name: Wee-Yeap Lau Author-X-Name-First: Wee-Yeap Author-X-Name-Last: Lau Title: Trade openness and economic growth: empirical evidence from India Abstract: The main objective of this study is to develop first time trade openness index and use this index to examine the link between trade openness and economic growth in case of India. This study employs a new endogenous growth model for theoretical support, auto-regressive distributive lag model and rolling window regression method in order to determine long run and short run association between trade openness and economic growth. Further granger causality test is used to determine the long run and short run causal direction. The results reveal that human capital and physical capital are positively related to economic growth in the long run. On the other hand, trade openness index negatively impacts on economic growth in the long run. The new evidence is provided by the rolling window regression results i.e. the impact of trade openness index on economic growth is not stable throughout the sample. In the short run trade openness index is positively related to economic growth. The result of granger causality test confirms the validity of trade openness-led growth and human capital-led growth hypothesis in the short run and long run. Journal: Journal of Business Economics and Management Pages: 188-205 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2012.720587 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720587 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:188-205 Template-Type: ReDIF-Article 1.0 Author-Name: Vichet Sum Author-X-Name-First: Vichet Author-X-Name-Last: Sum Title: Can firms with the best training program withstand the storm of economic policy uncertainty? Abstract: This study examines if firms whose training programs ranked as the best ones in the United States can withstand the changes in economic policy uncertainty. The regression analysis of monthly changes in economic policy uncertainty index, monthly returns on the CRSP value-weighted index, and monthly returns on an equal-weighted portfolio of public firms in the United States ranked consecutively from 2006 to 2011 in the top 50 of the Training Top 125 shows that the increased changes in economic policy uncertainty negatively affect the portfolio returns; however, this effect is not statistically significant at the 1% level. The result from regressing monthly returns on CRSP value-weighted index on the monthly changes of economic policy index yields a statistically significant negative coefficient at the 1% level, and this coefficient is more negative than the coefficient obtained from regressing the monthly portfolio returns on the monthly changes in economic policy uncertainty. This study provides empirical evidence of the ability of firms in the US with the best training program to withstand the storm of economic policy uncertainty better than the whole market. In other words, the findings suggest that firms with the best training program are more prepared than the whole market in responding to the changes in economic policy uncertainty. Journal: Journal of Business Economics and Management Pages: 206-213 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2012.761647 File-URL: http://hdl.handle.net/10.3846/16111699.2012.761647 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:206-213 Template-Type: ReDIF-Article 1.0 Author-Name: Klement Podnar Author-X-Name-First: Klement Author-X-Name-Last: Podnar Author-Name: Urša Golob Author-X-Name-First: Urša Author-X-Name-Last: Golob Title: The twin foci of organisational identification and their relevance for commitment: a study of marketing communications industry Abstract: The purpose of this paper is to distinguish the two foci of organisational identification and to explore relations among employees' groups and corporate identification, perceived external prestige, and organisational commitment. Structural equation modelling was applied to data collected by questionnaire from a sample of 145 respondents employed in advertising agencies, to test the relationships between the researched concepts. Organisational identification comprises identification with the organisation both as a collective of individuals and as a social entity. Perceived external prestige augments corporate identification and helps to explain organisational commitment. A strong positive link between corporate identification and organisational commitment was also found. The findings suggest a means for marketing strategists and general managers to predict the consequences of managing reputation for employees and to undertake appropriate initiatives to enhance corporate identification inside the company and thus influence organisational commitment and corporate performance. Journal: Journal of Business Economics and Management Pages: 214-227 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2013.791636 File-URL: http://hdl.handle.net/10.3846/16111699.2013.791636 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:214-227 Template-Type: ReDIF-Article 1.0 Author-Name: Ping Yung Author-X-Name-First: Ping Author-X-Name-Last: Yung Title: A new institutional economic theory of project management Abstract: The theories of project management are not well developed despite the existence of extensive literature on the topic. This paper derives a New Institutional Economic theory of project management. It is suggested that project management encompasses both the discipline of operational management and that of economics. The operational management part deals with optimization of project processes. The basic postulation of the economic part is that human beings will maximize their benefits under constraints. Constraints are converted to either price or cost to facilitate the application of the law of demand. Three examples are used to demonstrate how refutable hypotheses can be derived when changes in constraints lead to changes in behaviours. The functions of project management are discussed in the contexts of this theoretical framework. A synthesis with existing theories is also given. Journal: Journal of Business Economics and Management Pages: 228-243 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2012.748689 File-URL: http://hdl.handle.net/10.3846/16111699.2012.748689 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:228-243 Template-Type: ReDIF-Article 1.0 Author-Name: Justo De Jorge Moreno Author-X-Name-First: Justo De Jorge Author-X-Name-Last: Moreno Author-Name: Oscar Rojas Carrasco Author-X-Name-First: Oscar Rojas Author-X-Name-Last: Carrasco Title: Evolution of efficiency and its determinants in the retail sector in Spain: new evidence Abstract: The purpose of this work is twofold: on the one hand, recent methodologies will be used to estimate technical efficiency and its determinants factors in Spain's retail sector. In particular, the order-m approach, which is based on the concept of expected minimum input function and quantile regression, for the analysis of the factors determinants of efficiency is used. On the other hand, the results obtained applying the methods mentioned in the Spanish retail sector can contribute to opening up a new field of analysis since the results may be compared by means of the methodologies proposed as well as those which already exist in the literature.The paper used data envelopment analysis stochastic (order-m) to measure efficiency and quantile regression analysis for the second stage in Spanish retail.For the second stage of analysis relative of the factors determinants of efficiency, we use quantile regression. We take account of heterogeneity between the different characteristics of firms, using quantile regression techniques. We find that firm size, age and market concentration are positively related to the efficiency along the quantiles considered in the analysis. The relationship between intensity of capital and better trained employees in the efficiency shows a curvilinear behavior. Also, there are significant differences by region to which the firm belongs.The main contribution of this paper is to provide an efficiency analysis for Spanish retail sector using a non parametric approach with a robust estimator and quantile regression analysis for second stage. This methodology allows for a more careful analysis of what happens at firm level. Journal: Journal of Business Economics and Management Pages: 244-260 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2012.732958 File-URL: http://hdl.handle.net/10.3846/16111699.2012.732958 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:244-260 Template-Type: ReDIF-Article 1.0 Author-Name: Joanna Ejdys Author-X-Name-First: Joanna Author-X-Name-Last: Ejdys Author-Name: Leonas Ustinovičius Author-X-Name-First: Leonas Author-X-Name-Last: Ustinovičius Author-Name: Jelena Stankevičienė Author-X-Name-First: Jelena Author-X-Name-Last: Stankevičienė Title: Innovative application of contemporary management methods in a knowledge-based economy - interdisciplinarity in science Abstract: Interdisciplinarity, which is a part of the research paradigm in all fields of science, constitutes a real challenge in research. It manifests itself particularly in the diversity of the undertaken research topics, in the variety of the adopted research approaches (theoretical, methodological, normative, empirical-descriptive), and in the flexibility and the ability to see both the scientific problems as well as the economic and social needs. The ability to cross the boundaries between the fields of technical and social sciences, to identify problems and to seek solutions at the frontiers of scientific disciplines, the eagerness to work in research teams diverse in terms of competence, age and skills, creating conditions for both the personal development and that of individual team members, breaking the stereotypical ways of thinking in the process of solving problems and anticipating future events are all features of an academic culture nurtured by Professor Joanicjusz Nazarko. The paper highlights the research of Professor Joanicjusz Nazarko, presents a review of his extensive scientific work and lists some of his publications. Journal: Journal of Business Economics and Management Pages: 261-274 Issue: 1 Volume: 16 Year: 2015 Month: 2 X-DOI: 10.3846/16111699.2014.986192 File-URL: http://hdl.handle.net/10.3846/16111699.2014.986192 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:1:p:261-274 Template-Type: ReDIF-Article 1.0 Author-Name: Marina Dabić Author-X-Name-First: Marina Author-X-Name-Last: Dabić Author-Name: Darko Tipurić Author-X-Name-First: Darko Author-X-Name-Last: Tipurić Author-Name: Najla Podrug Author-X-Name-First: Najla Author-X-Name-Last: Podrug Title: Cultural differences affecting decision-making style: a comparative study between four countries Abstract: The aim of this paper was to identify the impact of national culture on decision-making styles in selected countries: Croatia, Slovenia, Bosnia and Herzegovina and Hungary. The estimation of Hofstede's dimensions of national cultures and comparative analyses was carried out by using a narrow-sample strategy. The estimated positions on each dimension confirmed the Hofstede's original research ranking. The result with significant value was the confirmation of the global trend of decreasing power distance and significant movement towards the individualism. Besides the standardization procedure of comparative cross-cultural analyses, variance analyses were used to identify cultural differences in decision-making styles related to complex decisions. The proposition is that complex decisions are, above and beyond all others, the consequence of social and cultural values installed in every individual. Statistically significant dependency was identified for hyper-vigilant and vigilant decision-making style and national culture's dimensions. A beneficial goal was to identify the differences and the similarities in value orientation and those in the decision-making style which should not be mistreated as they may influence future business cooperation and political and economic integrations within the CEE context. Journal: Journal of Business Economics and Management Pages: 275-289 Issue: 2 Volume: 16 Year: 2015 Month: 4 X-DOI: 10.3846/16111699.2013.859172 File-URL: http://hdl.handle.net/10.3846/16111699.2013.859172 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:2:p:275-289 Template-Type: ReDIF-Article 1.0 Author-Name: Sarfaraz Hashemkhani Zolfani Author-X-Name-First: Sarfaraz Author-X-Name-Last: Hashemkhani Zolfani Author-Name: Reza Maknoon Author-X-Name-First: Reza Author-X-Name-Last: Maknoon Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Title: Multiple nash equilibriums and evaluation of strategies. New application of MCDM methods Abstract: There are two different approaches in this study with different implications. The first approach and the main aim of this study is a methodological framework. There are different frameworks in solving game theory topics involving at least two Nash Equilibriums. This study presents a new framework for developing this part of game theory with MCDM framework. The authors believe that at least there is a perspective or paradigm behind each game theory topic, leading to the development of strategies accordingly. For this purpose a hybrid MCDM method based on SWARA-WASPAS is applied in the process of research for evaluating the strategies. The general topic of this research is in supply chain management field. This research also focuses on this issue and implies extend of the complication involved. An additional focus in the present paper is on defining a game. This research addresses developing strategies from only stable strategies to both normal and dynamic strategies. The topic is established to find the best mixed strategy considering current international and economical position of Iran against complicated international relations' issues and specially sanction. Journal: Journal of Business Economics and Management Pages: 290-306 Issue: 2 Volume: 16 Year: 2015 Month: 4 X-DOI: 10.3846/16111699.2014.967715 File-URL: http://hdl.handle.net/10.3846/16111699.2014.967715 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:2:p:290-306 Template-Type: ReDIF-Article 1.0 Author-Name: Antonio Majocchi Author-X-Name-First: Antonio Author-X-Name-Last: Majocchi Author-Name: Luciana Dalla Valle Author-X-Name-First: Luciana Author-X-Name-Last: Dalla Valle Author-Name: Alfredo D'Angelo Author-X-Name-First: Alfredo Author-X-Name-Last: D'Angelo Title: Internationalisation, cultural distance and country characteristics: a Bayesian analysis of SMEs financial performance Abstract: Relying on the accounting data of a panel of 403 Italian manufacturing SMEs collected over a period of 5 years, we find results suggesting that multinationality per se does not impact on the economic performance of international small and medium sized firms. It is the characteristics of the country selected, i.e. the political hazard, the financial stability and the economic performance, that significantly influence SMEs financial performance. The management implication for small and medium sized firms selecting and entering new geographic markets is significant, since our results show that for SMEs it is the market selection process that really matters and not the degree of multinationality. Journal: Journal of Business Economics and Management Pages: 307-324 Issue: 2 Volume: 16 Year: 2015 Month: 4 X-DOI: 10.3846/16111699.2012.720600 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720600 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:2:p:307-324 Template-Type: ReDIF-Article 1.0 Author-Name: Rasa Smaliukiene Author-X-Name-First: Rasa Author-X-Name-Last: Smaliukiene Author-Name: Lai Chi-Shiun Author-X-Name-First: Lai Author-X-Name-Last: Chi-Shiun Author-Name: Indre Sizovaite Author-X-Name-First: Indre Author-X-Name-Last: Sizovaite Title: Consumer value co-creation in online business: the case of global travel services Abstract: This paper aims to examine the application of value co-creation approach in online travel service based on service-dominant logic. Drawing on recent works, the research indicates travellers as co-creators of value and emphasizes the development of customer-supplier interaction. The paper presents three case studies to analyse global travel service suppliers' (service providers) behaviour: CouchSurfing International, Inc.; TripAdvisor LLC, AirBnbINc. Case studies analysis is followed by netnographic research of 22 different discussions (1243 records) in online forums related to selected service suppliers. The research findings suggest that value co-creation approach can be effectively used to analyse processes in global online travel service section. The originality of the paper lies in exploring the contribution of co-creation approach which allowed to identify the patterns of actions and behaviour of the online travel service providers and their consumers. As an additional value of the research, it was found that the online travel service providers integrate customer-to-customer interactions as a value co-creation in their platforms using consumers' resources such as time, knowledge and experience. Journal: Journal of Business Economics and Management Pages: 325-339 Issue: 2 Volume: 16 Year: 2015 Month: 4 X-DOI: 10.3846/16111699.2014.985251 File-URL: http://hdl.handle.net/10.3846/16111699.2014.985251 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:2:p:325-339 Template-Type: ReDIF-Article 1.0 Author-Name: José Luis Gallizo Author-X-Name-First: José Luis Author-X-Name-Last: Gallizo Author-Name: Jordi Moreno Author-X-Name-First: Jordi Author-X-Name-Last: Moreno Author-Name: Manuel Salvador Author-X-Name-First: Manuel Author-X-Name-Last: Salvador Title: European banking integration: is foreign ownership affecting banking efficiency? Abstract: The aim of this study is to analyze how European integration and, especially, changes in ownership, has affected banking efficiency in Central and Eastern European countries which have recently experimented this process more intensely. Using a stochastic frontier approach, applied to panel data, we have estimated bank efficiency levels in a sample of 189 banks from 12 countries during the period 2000 to 2008 and we have analyzed the influence of some bank characteristics on these efficiency levels. The results show that European integration has significantly improved the cost efficiency of banks in these countries, but profit efficiency has significantly decreased. We have found very small differences between different ownership types and only a very small impact of foreign ownership on cost efficiency, showing that the entry of foreign ownership is not enough to explain the significant variations in banking efficiency after the accession. Journal: Journal of Business Economics and Management Pages: 340-368 Issue: 2 Volume: 16 Year: 2015 Month: 4 X-DOI: 10.3846/16111699.2013.769023 File-URL: http://hdl.handle.net/10.3846/16111699.2013.769023 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:2:p:340-368 Template-Type: ReDIF-Article 1.0 Author-Name: Mahmut Demir Author-X-Name-First: Mahmut Author-X-Name-Last: Demir Author-Name: Sirvan Sen Demir Author-X-Name-First: Sirvan Sen Author-X-Name-Last: Demir Author-Name: Kevin Nield Author-X-Name-First: Kevin Author-X-Name-Last: Nield Title: The relationship between person-organization fit, organizational identification and work outcomes Abstract: The purpose of this research is to analyse the relationship of person-organization fit in hotels through organizational identification, job performance, production deviance behavior, and the intention to remain. To achieve this, first the literature was consulted to provide a conceptual model. Through conducting a face-to-face interview, a total of 582 questionnaires were collected from employees who were full-time employees of the five-star hotels operating within the Mugla region of Turkey. The data obtained from the survey was analysed via the statistics program; within this explanatory and confirmatory factor analyses were performed within the framework of Structural Equation Modelling. The study concluded and identified, that external factors, namely "person-organization fit", have an effect on internal factors such as "organizational identification", "job performance", "production deviance" and the "intention to remain". The empirical results indicate that person-organization fit has a significant and positive influence on organizational identification, job performance and intention to remain, while has a significant and negative influence on production deviance behavior. The results also indicate that the organizational identification has an important effect on job performance, intention to remain and production deviance behavior. Journal: Journal of Business Economics and Management Pages: 369-386 Issue: 2 Volume: 16 Year: 2015 Month: 4 X-DOI: 10.3846/16111699.2013.785975 File-URL: http://hdl.handle.net/10.3846/16111699.2013.785975 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:2:p:369-386 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Hanclova Author-X-Name-First: Jana Author-X-Name-Last: Hanclova Author-Name: Petr Doucek Author-X-Name-First: Petr Author-X-Name-Last: Doucek Author-Name: Jakub Fischer Author-X-Name-First: Jakub Author-X-Name-Last: Fischer Author-Name: Kristyna Vltavska Author-X-Name-First: Kristyna Author-X-Name-Last: Vltavska Title: Does ICT capital affect economic growth in the EU-15 and EU-12 countries? Abstract: The paper examines economic growth in old and new member countries of the European Union (EU-15 and EU-12) during the years of 1994-2000 and 2001-2008 mainly due to changes in information and communication technology (ICT) capital development. The first group EU-15 is presented by old EU countries and the second group EU-12 is presented by new member countries that joined the EU in 2004-2007. The threefactor Cobb-Douglas production function is estimated through the panel general least squares method. The input factors that might influence the economic growth are labour, ICT capital services and non-ICT capital services. Since ICT capital growth data are not available for all selected economies, the groups of countries were reduced to EU-14 and EU-7. The estimated panel production functions confirmed that the average growth of GDP in the EU-7 countries was supported by the stable growth of labour quantity and ICT-capital and increasing total factor productivity. A short-term drop in non-ICT capital growth with follow-up stagnation was caused rather by lower labour productivity. The research discovered that the drop in GDP growth in the EU-14 countries was a result of the slower growth of non-ICT capital and total factor productivity and the stagnated growth of ICT capital with low elasticity, and showed that even the compensation of growth in labour quality did not prevent a decrease in total factor productivity and economic growth. Journal: Journal of Business Economics and Management Pages: 387-406 Issue: 2 Volume: 16 Year: 2015 Month: 4 X-DOI: 10.3846/16111699.2012.754375 File-URL: http://hdl.handle.net/10.3846/16111699.2012.754375 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:2:p:387-406 Template-Type: ReDIF-Article 1.0 Author-Name: Bolaji Tunde Matemilola Author-X-Name-First: Bolaji Tunde Author-X-Name-Last: Matemilola Author-Name: Rubi Ahmad Author-X-Name-First: Rubi Author-X-Name-Last: Ahmad Title: Debt financing and importance of fixed assets and goodwill assets as collateral: dynamic panel evidence Abstract: This article analyses the effect of fixed assets and goodwill assets on South African firms' debt ratios. The difference and system generalized method of moment estimation results reveal that fixed assets and goodwill assets have significant and positive relationship with firms' debt ratios. To secure long-term debt, fixed assets and goodwill assets are required as collateral by creditors. Our results show firms' adjust to long-run optimal debt level, but at a slow adjustment rate. Our results suggest there are costs preventing South African firms from adjusting faster to their long-run optimal debt level. The practical implication of the paper is that policy makers should promote policies that encourage further development of the capital market. Moreover, firms need both fixed assets and goodwill assets as collateral to raise the desired optimal debt that maximizes firm value. Journal: Journal of Business Economics and Management Pages: 407-421 Issue: 2 Volume: 16 Year: 2015 Month: 4 X-DOI: 10.3846/16111699.2013.772916 File-URL: http://hdl.handle.net/10.3846/16111699.2013.772916 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:2:p:407-421 Template-Type: ReDIF-Article 1.0 Author-Name: Doris Omerzel Gomezelj Author-X-Name-First: Doris Omerzel Author-X-Name-Last: Gomezelj Author-Name: Boštjan Antončič Author-X-Name-First: Boštjan Author-X-Name-Last: Antončič Title: Employees' knowledge determinants in SMEs: the case of Slovenia Abstract: This paper presents various definitions of knowledge as human capital, and analyses some fundamental challenges regarding the measurement of employees' knowledge of a firm, especially in small and medium enterprises (SMEs). The paper reviews the literature pertaining to the assessment of knowledge assets, proceeds to develop a model of SME employees' knowledge, and presents the results of an empirical test conducted among 173 Slovenian SMEs. Scales were tested for reliability and validity. A structural equation modelling technique was used to verify the theoretically proposed model of the employees' knowledge. The multidimensionality of the developed SME knowledge construct was confirmed. The proposed model of the employees' knowledge consists of five main dimensions: innovation capabilities and willingness to learn, attitude, job qualification, formal education, and work experience. To verify and confirm the proposed model, an exploratory and confirmatory factor analysis was performed. The new construct and concept developed in this study offers a near complete picture that can be used as a research framework in future examinations of the importance of knowledge for SME performance. Journal: Journal of Business Economics and Management Pages: 422-444 Issue: 2 Volume: 16 Year: 2015 Month: 4 X-DOI: 10.3846/16111699.2012.734326 File-URL: http://hdl.handle.net/10.3846/16111699.2012.734326 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:2:p:422-444 Template-Type: ReDIF-Article 1.0 Author-Name: Zélia Serrasqueiro Author-X-Name-First: Zélia Author-X-Name-Last: Serrasqueiro Author-Name: Ana Caetano Author-X-Name-First: Ana Author-X-Name-Last: Caetano Title: Trade-Off Theory versus Pecking Order Theory: capital structure decisions in a peripheral region of Portugal Abstract: This paper seeks to analyse whether the capital structure decisions of Small and Medium-Sized Enterprises (SMEs) are closer to the assumptions of Trade-Off Theory or to those of Pecking Order Theory. We use a sample of SMEs located in the interior region of Portugal, using the LSDVC dynamic estimator as method of estimation, the empirical evidence obtained allows us to conclude that the most profitable and oldest SMEs resort less to debt, which corroborates the forecasts of Pecking Order Theory. SMEs, with greater size, resort more to debt, corroborating the forecasts of Trade-Off Theory and Pecking Order Theory. In addition, SMEs adjust noticeably their current level of debt towards the optimal debt ratio, which corroborates what is forecast by Trade-Off Theory. Therefore, this paper enhances that Trade-Off and Pecking Order Theories are not mutually exclusive in explaining the capital structure decisions of SMEs. The results suggest that younger and smaller SMEs should be object of public financing support, when the internal financing is clearly insufficient to fund those firms' activities. Journal: Journal of Business Economics and Management Pages: 445-466 Issue: 2 Volume: 16 Year: 2015 Month: 4 X-DOI: 10.3846/16111699.2012.744344 File-URL: http://hdl.handle.net/10.3846/16111699.2012.744344 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:2:p:445-466 Template-Type: ReDIF-Article 1.0 Author-Name: Silvia Martelo-Landroguez Author-X-Name-First: Silvia Author-X-Name-Last: Martelo-Landroguez Author-Name: Carmen Barroso-Castro Author-X-Name-First: Carmen Author-X-Name-Last: Barroso-Castro Author-Name: Gabriel Cepeda Author-X-Name-First: Gabriel Author-X-Name-Last: Cepeda Title: The cycle of customer value: a model integrating customer and firm perspectives Abstract: The aim of this paper is to contribute to the strategic management literature by identifying a relationship between customer value seen from the customer perspective and customer value seen from the firm perspective, and how this relationship might affect the value created for the customer. We propose that such a relationship exists, and attempt to create an integrated view of customer value. We have not found any papers that focus on the relationship between these two perspectives of customer value, and our aim is to bridge this gap in the literature. Thus, the authors test, in a quantitative study utilizing structural equation models (SEM), how a firm should create value in order to be perceived by the customers, and how this value could be appropriated in the international banking industry. The results show to the managers that value creation impacts on perceived value but not on value appropriation. Journal: Journal of Business Economics and Management Pages: 467-481 Issue: 2 Volume: 16 Year: 2015 Month: 4 X-DOI: 10.3846/16111699.2013.770788 File-URL: http://hdl.handle.net/10.3846/16111699.2013.770788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:2:p:467-481 Template-Type: ReDIF-Article 1.0 Author-Name: Sonia Benito-Hernández Author-X-Name-First: Sonia Author-X-Name-Last: Benito-Hernández Author-Name: Cristina López-Cózar-Navarro Author-X-Name-First: Cristina Author-X-Name-Last: López-Cózar-Navarro Author-Name: Tiziana Priede-Bergamini Author-X-Name-First: Tiziana Author-X-Name-Last: Priede-Bergamini Title: Examining the relationship between firm size and external advice on legal matters and human resources by family businesses Abstract: In this paper the authors study the relationship between the use of external advice and the size of a Spanish family business, focusing especially on the advice on legal matters and human resources, due to the importance of these particular issues for family firms. To fulfill this objective, an in-depth review of the literature has been performed, as well as an empirical study. The results show that a family nature of business has a positive impact in the use of human resources management external advice. Nevertheless, for legal advice no relationship can be found. Finally, in line with the literature and the results of the analysis, no positive relationship has been found between family business size and the use of external advice, in comparison to the results for companies in general. The scarcity of published work about the issue and the results obtained, especially those related to the use of legal advice for family business managers, make this paper useful for researchers and businesses managers. Journal: Journal of Business Economics and Management Pages: 483-509 Issue: 3 Volume: 16 Year: 2015 Month: 6 X-DOI: 10.3846/16111699.2013.773939 File-URL: http://hdl.handle.net/10.3846/16111699.2013.773939 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:3:p:483-509 Template-Type: ReDIF-Article 1.0 Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Author-Name: Lorena Mošnja-Škare Author-X-Name-First: Lorena Author-X-Name-Last: Mošnja-Škare Title: Gibson paradox revisited - liquidity chain effect Abstract: Gibson paradox remains a puzzle in the discipline of economics. Previous studies attempted to resolve the paradox looking separately at the gold standard, changing monetary regimes, inflation expectations, risk and uncertainty. Our study shows Gibson paradox holds for the Netherlands 1800-2012 with real long interest rates and prices diverging after 2008. This paper offers empirical evidence (nonlinear cointegration) on the integrity of the Gibson paradox. Single factor cannot explain the paradox itself (because of its nonlinear nature) as previous studies attempted. Empirical link between long interest rates and prices is caused by complex interaction between purchasing power, liquidity, gold prices, market turnover, stocks accumulation, productivity, short-term interest rates. This approach analysis the purchasing power and price relation, resulting in firms' turnover and liquidity shifts, leading to short-term borrowings changes and pressures on interest rates in the short as well as in long-term. Actually, the model enables us to track the series of price change effects finally resulting in interest rates shifts, via a set of microeconomic and financial laws, which taken at the aggregate level could offer the Gibson paradox explanation. Further studies must explore nonlinear nature of the paradox in order to explain it. Study results have important implications for policy makers and firm governance policy. Journal: Journal of Business Economics and Management Pages: 510-528 Issue: 3 Volume: 16 Year: 2015 Month: 6 X-DOI: 10.3846/16111699.2014.984753 File-URL: http://hdl.handle.net/10.3846/16111699.2014.984753 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:3:p:510-528 Template-Type: ReDIF-Article 1.0 Author-Name: Rytis Krušinskas Author-X-Name-First: Rytis Author-X-Name-Last: Krušinskas Author-Name: Jurgita Bruneckienė Author-X-Name-First: Jurgita Author-X-Name-Last: Bruneckienė Title: Measurement of intellectual capital of Lithuanian cities by a composite index Abstract: The article comprises analysis of theoretical and practical aspects of measurement of the city's intellectual capital. This article includes analysis of the intellectual capital concept and possibilities of its application at the city level, generalization of the organization intellectual capital models and principles, which, considering the macro-level context and overview of tendencies of economic growth, are applied for measurement of intellectual capital of the city. The newly created city's intellectual capital balance index is presented. The empirical application of the method proved that it is an appropriate tool for the measurement of the city's intellectual capital within a country, which corresponds to the second level NUTS of the European Union. This article is one of the ambitions to promote the methodological background for urban governance and improvement of intellectual capital as well as competitiveness of Lithuanian cities. The city's intellectual capital balance index can be used as the tool for assessment of efficiency and timeliness of the urban and national development strategies, also as the tool for publicity for innovation, creativity and "smartness" of the city or the whole country. Journal: Journal of Business Economics and Management Pages: 529-541 Issue: 3 Volume: 16 Year: 2015 Month: 6 X-DOI: 10.3846/16111699.2012.729155 File-URL: http://hdl.handle.net/10.3846/16111699.2012.729155 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:3:p:529-541 Template-Type: ReDIF-Article 1.0 Author-Name: Mário S. Santos Author-X-Name-First: Mário S. Author-X-Name-Last: Santos Author-Name: António C. Moreira Author-X-Name-First: António C. Author-X-Name-Last: Moreira Author-Name: Elisabete S. Vieira Author-X-Name-First: Elisabete S. Author-X-Name-Last: Vieira Title: Governance with complex structures: evidence from Western European countries Abstract: This paper investigates if the existence of complex structures plays an important role in corporate governance. It uses GMM estimation on a panel of Western European firms. We find that the presence of a second and third large shareholder has a significant positive effect on firm value. This study underlines the importance of the number of blockholders as a determinant of firm value, when taken as a moderator of the contestability effect. It shows that the legal context and company-specific characteristics play a crucial moderating role for contestability. In contrast to previous research, we find that contestability plays a less relevant role in family firms. We also find that this last result does not vary significantly with the identity of the remaining elements of the coalition. Also, our study suggests that contestability is less important in companies led by majority shareholders. Journal: Journal of Business Economics and Management Pages: 542-557 Issue: 3 Volume: 16 Year: 2015 Month: 6 X-DOI: 10.3846/16111699.2013.772915 File-URL: http://hdl.handle.net/10.3846/16111699.2013.772915 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:3:p:542-557 Template-Type: ReDIF-Article 1.0 Author-Name: Asta Valackienė Author-X-Name-First: Asta Author-X-Name-Last: Valackienė Author-Name: Diana Micevičienė Author-X-Name-First: Diana Author-X-Name-Last: Micevičienė Title: Promoting socially responsible business at enterprise level: theoretical approach Abstract: The paper highlights theoretical construct of the new methodological approach presenting the interaction between the corporate social responsibility and the performance of the sustainable enterprise, through the introduction of the methodological framework of the diagnosis of corporate social responsibility motivations at the level of a firm seeking to sustain. Acting without knowing all (or at least enough) the answers may mean that we purposely shift our focus to those areas where possible solutions do not emerge. However, entrepreneurship as a phenomenon entailing risk and high levels in daily activities is an engine by profit-seeking motives. It shows the complexity of the scientific research object that brings meaningful input into the analysis of the promotion of socially responsible business. This paper aims at discussing and presenting critical reviews of enterprise's commitment to corporate social responsibility with emphasis on methodological positions in its promotion. This implicates a shift from the pure stakeholder perspective of maximizing profits thought introduction of enterprise - level interventions in promoting socially responsible business. Journal: Journal of Business Economics and Management Pages: 558-570 Issue: 3 Volume: 16 Year: 2015 Month: 6 X-DOI: 10.3846/16111699.2012.745814 File-URL: http://hdl.handle.net/10.3846/16111699.2012.745814 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:3:p:558-570 Template-Type: ReDIF-Article 1.0 Author-Name: Carlo Bagnoli Author-X-Name-First: Carlo Author-X-Name-Last: Bagnoli Author-Name: Claudio Giachetti Author-X-Name-First: Claudio Author-X-Name-Last: Giachetti Title: Aligning knowledge strategy and competitive strategy in small firms Abstract: Despite the claim of more and more scholars that there is a need to align knowledge strategies with competitive strategies, little research allows for more precise conceptualizations concerning this problem of inter-level strategic fit, and few have attempted an empirical investigation. This is especially true in the specific context of small firms (SFs), despite the fact, that their knowledge-based resources are more important than their property-based resources. This study aims to investigate, through a quali-quantitative analysis carried out on a sample of SFs in northeast Italy, the alignment between knowledge strategies and competitive strategies. We have identified two types of competitive strategies pursued by SFs, i.e. human resource-based (HR-based) and product and customer service quality-based (PCSQ-based). We have also identified two types of internal knowledge strategy, i.e. exploitation strategy of internal knowledge, and exploration strategy of internal knowledge, as well as two types of external knowledge strategy, i.e. exploitation strategy of external knowledge, and exploration strategy of external knowledge. Our findings reveal that SFs pursuing HR-based competitive strategies tend to adopt exploitation strategies of both internal and external knowledge, while firms pursuing PCSQ-based competitive strategies tend to adopt exploration strategies of both internal and external knowledge. Journal: Journal of Business Economics and Management Pages: 571-598 Issue: 3 Volume: 16 Year: 2015 Month: 6 X-DOI: 10.3846/16111699.2012.707623 File-URL: http://hdl.handle.net/10.3846/16111699.2012.707623 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:3:p:571-598 Template-Type: ReDIF-Article 1.0 Author-Name: Hui-Lin Lin Author-X-Name-First: Hui-Lin Author-X-Name-Last: Lin Author-Name: Yi-Chi Hsiao Author-X-Name-First: Yi-Chi Author-X-Name-Last: Hsiao Author-Name: Eric S. Lin Author-X-Name-First: Eric S. Author-X-Name-Last: Lin Title: Do different types of FDI strategies spur productivity and innovation capability growth? Evidence from Taiwanese manufacturing firms Abstract: Based on different motivations for engaging in outward FDI, this study divides firms' outward FDI into five types: non-FDI, FDI, defensive only outward FDI, expansive only outward FDI, and both defensive & expansive outward FDI simultaneously, and proposes four hypotheses to evaluate their relative strength in terms of firm productivity and innovation capability. The propensity score matching estimator based on a uniquely compiled Taiwanese manufacturing data set shows that, as firms engage in outward FDI, they have higher productivity growth rates compared to non-FDI firms. As for the further disengagement of the impacts of outward FDI, our empirical results indicate that expansive outward FDI tends to strengthen firms' productivity growth, while such a growth-boosting effect is not statistically significant for defensive outward FDI. Moreover, as far as firms undertaking defensive & expansive outward FDI simultaneously are concerned, we also find a positive and significant impact of outward FDI on productivity growth, but the effect is not as large as that for firms engaging solely in expansive outward FDI. This may imply that defensive outward FDI has some adverse effects on firms' productivity growth. As firm performance is measured by innovation growth, the average treatment effects are all significantly positive regardless of the type of outward FDI strategies. Nevertheless, engaging in defensive outward FDI is less advantageous to innovation growth than the expansionary outward FDI, as well as to defensive & expansive outward FDI simultaneously. Journal: Journal of Business Economics and Management Pages: 599-620 Issue: 3 Volume: 16 Year: 2015 Month: 6 X-DOI: 10.3846/16111699.2012.732957 File-URL: http://hdl.handle.net/10.3846/16111699.2012.732957 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:3:p:599-620 Template-Type: ReDIF-Article 1.0 Author-Name: Milos Maryska Author-X-Name-First: Milos Author-X-Name-Last: Maryska Author-Name: Jaroslav Wagner Author-X-Name-First: Jaroslav Author-X-Name-Last: Wagner Title: Reference model of business informatics economics management Abstract: This paper is devoted to issues connected with processes that can be used for the management of economic efficiency of business informatics with the support in the area of Business Intelligence. We analyze the processes of the management of business informatics economics. We propose new model that takes into account requirements on the management of economic efficiency necessitated by accounting, managers of companies, differences in the method of accounting of business informatics cost and profits etc. Our model provides information that helps to define prices and costs for services provided by business informatics to other in-house units, provides information for cost analysis of each employee, total cost of each IS/ICT section, identifying the total costs of business informatics etc. Journal: Journal of Business Economics and Management Pages: 621-637 Issue: 3 Volume: 16 Year: 2015 Month: 6 X-DOI: 10.3846/16111699.2013.789449 File-URL: http://hdl.handle.net/10.3846/16111699.2013.789449 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:3:p:621-637 Template-Type: ReDIF-Article 1.0 Author-Name: José María Agudo Author-X-Name-First: José María Author-X-Name-Last: Agudo Author-Name: Pilar Gargallo Author-X-Name-First: Pilar Author-X-Name-Last: Gargallo Author-Name: Manuel Salvador Author-X-Name-First: Manuel Author-X-Name-Last: Salvador Title: Measuring corporative social performance in firms: a Bayesian factor analysis approach Abstract: This paper proposes a new empirical procedure for measuring Corporate Social Performance in firms, taking the Carroll model and the Stakeholder theory as theoretical supports. To that aim we use a second order factor model and we adopt a Bayesian approach that allows us to carry out a more effective statistical treatment of the missing data, using all the available information and without appealing to asymptotic results. Furthermore, we identify significant patterns of firm's behavior by means of novel statistical classification techniques and we analyze which aspects of Corporate Social Responsibility are less developed. The methodology is applied to a sample of Spanish firms. Our results show that there is a positive relationship between the firms Corporate Social Performance and their size, degree of Corporate Social Responsibility awareness and stakeholder pressure. However, Corporate Social Responsibility is not well-known in micro and small Spanish firms, which leads to a low level of implementation. Journal: Journal of Business Economics and Management Pages: 638-659 Issue: 3 Volume: 16 Year: 2015 Month: 6 X-DOI: 10.3846/16111699.2012.745816 File-URL: http://hdl.handle.net/10.3846/16111699.2012.745816 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:3:p:638-659 Template-Type: ReDIF-Article 1.0 Author-Name: Soo-Wah Low Author-X-Name-First: Soo-Wah Author-X-Name-Last: Low Author-Name: Lain-Tze Tee Author-X-Name-First: Lain-Tze Author-X-Name-Last: Tee Author-Name: Si-Roei Kew Author-X-Name-First: Si-Roei Author-X-Name-Last: Kew Title: Does the quality of governance matter for equity market risk? Evidence from emerging and developed equity markets Abstract: This paper examines the relation between country-level governance and cross-country differences in equity market risk by employing panel data regressions. For emerging markets, we find consistent evidence that governance quality of various dimensions is negatively related to equity market risk. On the contrary, for developed markets, the results show that there is generally little or no relation between governance quality and equity market risk. The results provide practical implication to policy makers of emerging markets by highlighting the relevant governance dimensions that constitute important drivers of stock market risk. The findings have academic implication in the context of equilibrium pricing of stock market in emerging market. Journal: Journal of Business Economics and Management Pages: 660-674 Issue: 3 Volume: 16 Year: 2015 Month: 6 X-DOI: 10.3846/16111699.2012.720595 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720595 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:3:p:660-674 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Buus Author-X-Name-First: Tomáš Author-X-Name-Last: Buus Title: A general free cash flow theory of capital structure Abstract: This paper provides general framework for handling time-varying cost of capital, leverage, tax rates, and capital values in a dynamic free cash flow theory of capital structure. That enables efficient analysis of the recent competing theories of capital structure. After including the costs of financial distress and risk premium of debt in the cash flow model, this paper provides a new look at cost of tax shield from the point of view of risk-return relationship. Cost of tax shield is not constant, but depends on leverage and is mostly between cost of assets and cost of debt. Moreover the simulation of firm value and capital structure in presence of taxes, risk, and growth shows that unique optimal leverages exist for each combination of the above factors. The risk-enhanced cash flow theory can explain both the observations, which support pecking order theory, free cash flow theory and tradeoff theory of capital structure. Moreover it fits some evidence, which resists these theories: highly leveraged low growth companies and moderately leveraged large profitable companies. Journal: Journal of Business Economics and Management Pages: 675-695 Issue: 3 Volume: 16 Year: 2015 Month: 6 X-DOI: 10.3846/16111699.2013.770787 File-URL: http://hdl.handle.net/10.3846/16111699.2013.770787 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:3:p:675-695 Template-Type: ReDIF-Article 1.0 Author-Name: Doojin Ryu Author-X-Name-First: Doojin Author-X-Name-Last: Ryu Title: Information content of inter-transaction time: A structural approach Abstract: This study examines the information role of inter-transaction time by employing a structural market microstructure model. By analyzing the intraday data of the KOSPI200 futures market, we find that the inter-transaction time (i.e., time between two consecu- tive trades) reveals significant information, and that fast trading is indicative of informed trading. This result remains robust when the effect of trade size is incorporated into the model. Our regression analysis indicates that the information role of inter-transaction time becomes more important when informed trading is less concentrated, liquidity is lower, and the market is more volatile. Journal: Journal of Business Economics and Management Pages: 697-711 Issue: 4 Volume: 16 Year: 2015 Month: 8 X-DOI: 10.3846/16111699.2013.804873 File-URL: http://hdl.handle.net/10.3846/16111699.2013.804873 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:4:p:697-711 Template-Type: ReDIF-Article 1.0 Author-Name: Pierre Chaigneau Author-X-Name-First: Pierre Author-X-Name-Last: Chaigneau Title: Aversion to the variability of pay and the structure of executive compensation contracts Abstract: This paper presents a new implication of an aversion toward the variance of pay ("risk aversion") for the structure of managerial incentive schemes. In a principal-agent model in which the effort of a manager with mean-variance preferences affects the mean of a performance measure, we find that managerial compensation must be such that the variance of payments is decreasing in effort. From an ex-ante perspective, which is relevant for effort inducement, this maximizes the rewards associated to high effort, and the punishments associated to low effort. An important practical implication is that convex incentive contracts do not satisfy this necessary condition for optimality, which calls into question the practice of granting executive stock options. The paper therefore contributes to the debate on the efficiency of executive compensation. Journal: Journal of Business Economics and Management Pages: 712-732 Issue: 4 Volume: 16 Year: 2015 Month: 8 X-DOI: 10.3846/16111699.2014.959994 File-URL: http://hdl.handle.net/10.3846/16111699.2014.959994 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:4:p:712-732 Template-Type: ReDIF-Article 1.0 Author-Name: Pranas Zukauskas Author-X-Name-First: Pranas Author-X-Name-Last: Zukauskas Author-Name: Jolita Vveinhardt Author-X-Name-First: Jolita Author-X-Name-Last: Vveinhardt Author-Name: Borisas Melnikas Author-X-Name-First: Borisas Author-X-Name-Last: Melnikas Author-Name: Martin Grančay Author-X-Name-First: Martin Author-X-Name-Last: Grančay Title: Dynamics of Attack Actions in the Mobbing Strategy: The Case of Lithuania Abstract: The purpose of this research is to determine the occurrence and prevalence of different mobbing actions used against a victim in the context of Lithuanian organisations, taking into account the type of professional activity.A questionnaire was created for the purpose of the research. The reliability of the ques- tionnaire is demonstrated using indicators of the methodological quality of characteristics. The research revealed that in mobbing strategies, most bullying behaviour is interrelated and constructs a particular system, which is driven by insulting communication, defama- tion and isolation.The results draw the attention of managers of organisations to the nature of unethical communication and the need to protect dignity and reputation of employees and prevent mobbing and bullying.An original instrument was developed and used to interview mobbing and bullying vic- tims. Journal: Journal of Business Economics and Management Pages: 733-752 Issue: 4 Volume: 16 Year: 2015 Month: 8 X-DOI: 10.3846/16111699.2015.1068840 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1068840 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:4:p:733-752 Template-Type: ReDIF-Article 1.0 Author-Name: Maja Zaman Groff Author-X-Name-First: Maja Author-X-Name-Last: Zaman Groff Author-Name: Sergeja Slapničar Author-X-Name-First: Sergeja Author-X-Name-Last: Slapničar Author-Name: Neža Štumberger Author-X-Name-First: Neža Author-X-Name-Last: Štumberger Title: The influence of professional qualification on customer perceptions of accounting services quality and retention decisions Abstract: The purpose of this paper is to examine whether professional qualification in- creases the quality of accounting services as perceived by the customers. We advance the measurement of service quality by industry-specific indicators and establish four dimen- sions of accounting service quality. We analyse the impact of professional qualification on these dimensions of quality and the impact of these dimensions on customers' retention decisions. The analysis is based on survey data of 237 Slovenian small and micro firms that outsource accounting. We find that professional qualification is positively associated with only one of the perceived service quality dimensions - accounting competences - and only assurance, responsiveness and reliability and empathy are positively associated with customers' retention decisions. Limitations of the study are attributed to the measure- ment of service quality as perceived by the customers. However, this is the only factor of choice that ultimately counts in the competitive market for accounting services. Journal: Journal of Business Economics and Management Pages: 753-768 Issue: 4 Volume: 16 Year: 2015 Month: 8 X-DOI: 10.3846/16111699.2013.858076 File-URL: http://hdl.handle.net/10.3846/16111699.2013.858076 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:4:p:753-768 Template-Type: ReDIF-Article 1.0 Author-Name: Nawar Hashem Author-X-Name-First: Nawar Author-X-Name-Last: Hashem Author-Name: Larry Su Author-X-Name-First: Larry Author-X-Name-Last: Su Title: Industry Concentration and the Cross-Section of Stock Returns: Evidence from the UK Abstract: In this paper, we examine the relationship between market structure and ex- pected stock returns in the London Stock Exchange during 1985 and 2010. Using Fama- MacBeth regressions, we find that industry concentration is negatively related to average stock returns, even after controlling for beta, size, book-to-market equity, momentum, and leverage. In addition, there is a strong evidence of a growth effect. Firms or industry portfolios with smaller book-to-market ratios have significantly higher returns. In contrast, beta is never statistically significant. The above results are robust to firm- and industry- level regressions, and the formation of firms into 100 size-beta portfolios. Our findings indicate that competitive industries earn, on average, higher risk-adjusted returns than concentrated industries. An explanation is that investors in more competitive industries require larger premiums for greater distress risks associated with these industries. Our paper is one of the first to link market competition with the average stock returns in the UK, and contributes to the asset pricing literature by extending the evidence from the US to another important financial market. Journal: Journal of Business Economics and Management Pages: 769-785 Issue: 4 Volume: 16 Year: 2015 Month: 8 X-DOI: 10.3846/16111699.2013.833547 File-URL: http://hdl.handle.net/10.3846/16111699.2013.833547 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:4:p:769-785 Template-Type: ReDIF-Article 1.0 Author-Name: Bohumil Stádník Author-X-Name-First: Bohumil Author-X-Name-Last: Stádník Author-Name: Algita Miečinskienė Author-X-Name-First: Algita Author-X-Name-Last: Miečinskienė Title: Complex Model of Market Price Development and its Simulation Abstract: The purpose of this study is to suggest a complex model of market price development for liquid assets, which is able to simulate all of the main features particular to the real price development and has a realistic financial explanation. First, the paper defines assumptions for the model construction from empirically observed processes. Then, the model is implemented in the real simulation environment. Finally, the ability of the model is checked to simulate empirically observed features, e.g. leptokurtic characteristics or skewness of the price distribution. Also, this paper newly defines and implements the resonance effect. FFT analysis is used to support oscillation processes. Finally, selected markets are provided with parameter optimisation of the model based on empirical observations. It was found that the model built under the previously mentioned assumptions was able to explain empirically observed effects that reversely support the correctness of those assumptions. The practical value of the constructed model can be found in many areas, including risk management and asset valuation. Journal: Journal of Business Economics and Management Pages: 786-807 Issue: 4 Volume: 16 Year: 2015 Month: 8 X-DOI: 10.3846/16111699.2015.1076028 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1076028 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:4:p:786-807 Template-Type: ReDIF-Article 1.0 Author-Name: Pui Ting Chow Author-X-Name-First: Pui Ting Author-X-Name-Last: Chow Author-Name: Sai On Cheung Author-X-Name-First: Sai On Author-X-Name-Last: Cheung Author-Name: Chiu Yan Young Author-X-Name-First: Chiu Yan Author-X-Name-Last: Young Author-Name: Chi Kit Wah Author-X-Name-First: Chi Kit Author-X-Name-Last: Wah Title: The roles of withdrawal in the negotiator personality-tactic relationship Abstract: The personality of a negotiator shall affect his choice of tactics. Moreover, mixed predictions of the personality-tactic relationship have been derived from prior studies. One possible explanation is the influence of other intervening factors. In this regard, this study examines the role of withdrawal, as an intervening variable, in the negotiator personality-tactic relationship. State of withdrawal refers to the level of interest to continue with a negotiation. In a state of complete withdrawal, the interest to continue no longer exists and breakdown of the negotiation is inevitable. With the participation of practicing professionals, an experiment was used to collect data for the study. It was found that competitors are prone to withdraw and use more distributive tactics. However, this pattern changes with the composition of the dyad. If the negotiating counterpart is a cooperator, a competitor will adopt a more integrative approach. This finding reminds the importance of the personality factor in selecting members of a negotiating team. Journal: Journal of Business Economics and Management Pages: 808-821 Issue: 4 Volume: 16 Year: 2015 Month: 8 X-DOI: 10.3846/16111699.2012.761646 File-URL: http://hdl.handle.net/10.3846/16111699.2012.761646 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:4:p:808-821 Template-Type: ReDIF-Article 1.0 Author-Name: Laura Andreu Author-X-Name-First: Laura Author-X-Name-Last: Andreu Author-Name: Cristina Ortiz Author-X-Name-First: Cristina Author-X-Name-Last: Ortiz Author-Name: José Luis Sarto Author-X-Name-First: José Luis Author-X-Name-Last: Sarto Title: Herding in Style Allocations Abstract: The study examines herding behavior in the strategic allocations of UK pension plans. The results show that UK pension managers are involved in cross-sectional herd behavior. The study also examines herding from a quantitative perspective considering the number of managers changing their style allocations and from an intertemporal perspec- tive to examine the tendency of UK pension plans to imitate others over time. Finally, a robustness analysis considering passive style portfolios is applied to eliminate artificial herding. Hence, the paper contributes to the literature by analyzing herding at strategic allocations instead of at the individual stock level as well as by improving the methodol- ogy used to capture the herding phenomenon. The results have practical implications to design managers' compensation schemes due to their influence on manager behavior. Journal: Journal of Business Economics and Management Pages: 822-844 Issue: 4 Volume: 16 Year: 2015 Month: 8 X-DOI: 10.3846/16111699.2012.754372 File-URL: http://hdl.handle.net/10.3846/16111699.2012.754372 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:4:p:822-844 Template-Type: ReDIF-Article 1.0 Author-Name: Dalia Susnienė Author-X-Name-First: Dalia Author-X-Name-Last: Susnienė Author-Name: Ojaras Purvinis Author-X-Name-First: Ojaras Author-X-Name-Last: Purvinis Title: Empirical Insights on Understanding Stakeholder Influence Abstract: The paper deals with the stakeholder management especially giving focus on the organization's and stakeholder relationships issues. The purpose of the paper is to construct a new methodological approach by developing fuzzy logic model based on experts' knowledge for conceptual insights on possible solutions for measuring stakeholders' influence. The objective of the research includes identification of possible organization stakeholder interactions considering stakeholders' influence according to such attributes/ factors as interest, power, benevolence, and reliability. The results reveal that fuzzy logic technique is a reliable and valid tool for modelling and visualizing knowledge about stakeholders' influence on the organization. Finally, the results were tested on the real business data concerning stakeholders' influence. A contribution of this paper is the application of fuzzy logic model to evaluate and/or predict stakeholders' influence to the issues the organization seeks to solve and to provide relevant information for the stakeholder relationships management. Journal: Journal of Business Economics and Management Pages: 845-860 Issue: 4 Volume: 16 Year: 2015 Month: 8 X-DOI: 10.3846/16111699.2013.785974 File-URL: http://hdl.handle.net/10.3846/16111699.2013.785974 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:4:p:845-860 Template-Type: ReDIF-Article 1.0 Author-Name: Gerardo Luís Angulo Cuentas Author-X-Name-First: Gerardo Luís Author-X-Name-Last: Angulo Cuentas Author-Name: Jaime Alberto Camacho Pico Author-X-Name-First: Jaime Alberto Author-X-Name-Last: Camacho Pico Author-Name: Astrid Jaime Arias Author-X-Name-First: Astrid Author-X-Name-Last: Jaime Arias Title: Frameworks to Identify Best Practices at the Organization Level: An Analysis Abstract: This paper identifies and analyzes the existing frameworks for supporting the identification and classification of best practices at an organization level.The major contribution of this paper is the proposition and application of three criteria for analyzing, comparing and classifying the four identified frameworks. The first criterion is based on structural complexity, facilitates defining the scope of initiatives to identify best practices. The second one, based on the framework orientation, permits choosing a framework depending of the type of studied processes. While the third criterion based on organizational levels, permits comparing and classifying the frameworks in terms of the strategic, tactic or operational issues.In conclusion are outlined important aspects in the selection of a framework according to two proposed scenarios: the best practices searching on Organizations of Excellence and the best practices searching on organizations with a similar business model. Journal: Journal of Business Economics and Management Pages: 861-875 Issue: 4 Volume: 16 Year: 2015 Month: 8 X-DOI: 10.3846/16111699.2012.745813 File-URL: http://hdl.handle.net/10.3846/16111699.2012.745813 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:4:p:861-875 Template-Type: ReDIF-Article 1.0 Author-Name: Wenqing Zhang Author-X-Name-First: Wenqing Author-X-Name-Last: Zhang Author-Name: Prasad Padmanabhan Author-X-Name-First: Prasad Author-X-Name-Last: Padmanabhan Author-Name: Chia-Hsing Huang Author-X-Name-First: Chia-Hsing Author-X-Name-Last: Huang Title: Sequential capital investment decision making under extreme cash fl ow situations: evidence using Monte Carlo simulation Abstract: Uncertainty influences a decision maker's choices when making sequential capital investment decisions. With the possibility of extremely negative cash inflows, firms may need to curtail operations significantly. Traditional Net Present Value analysis does not allow for efficient management of these problems. In addition, firm managers may behave irrationally by accepting negative Net Present Value projects in the short term. This paper presents a Monte Carlo simulation based model to provide policy insights on how to incorporate extreme cash flows and manager irrationality scenarios into the capital budgeting process. This paper presents evidence that firms with irrational managers and experiencing extremely negative cash flows may, under certain conditions, reap long term rewards associated with the acceptance of negative Net Present Value projects in the short term. These benefits are largest if cost ratios (discount rates) are small, or investment horizons are high. We argue that acceptance of short term negative Net Present Value projects implies the purchase of a long term real option which can generate positive long term cash flows under certain conditions. Journal: Journal of Business Economics and Management Pages: 877-900 Issue: 5 Volume: 16 Year: 2015 Month: 10 X-DOI: 10.3846/16111699.2015.1039056 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1039056 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:5:p:877-900 Template-Type: ReDIF-Article 1.0 Author-Name: Mu-Shun Wang Author-X-Name-First: Mu-Shun Author-X-Name-Last: Wang Author-Name: Shih-Tong Lu Author-X-Name-First: Shih-Tong Author-X-Name-Last: Lu Title: Information technology and risk factors for evaluating the banking industry in the Taiwan: an application of a Value Chain DEA Abstract: The main purpose of the paper is utilizing a new tool to measure the marginal benefits of information technology on productivity based upon identifying the two-stage best practice frontier. This study utilizes value-chain data envelopment analysis to investigate the effects of Information Technology and the trading activities of financial derivatives on the technical efficiency of a bank's production process through a two-stage analytical study with a firm-level data set. We find the impact of indicators related to capital adequacy ratios, exchange rate volatility, interest rate volatility, and long-term loans in relation to capital and ownership structure. Technical efficient precedes a reduction in problem loans, concentration of the operating units and developing information technology and utilization of financial derivatives. This paper provides a theoretical rationale and conceptualizing risk factors with environmental uncertainty. The innovation variables are determinants of the bank efficiency on Basel III Accord. Journal: Journal of Business Economics and Management Pages: 901-915 Issue: 5 Volume: 16 Year: 2015 Month: 10 X-DOI: 10.3846/16111699.2014.976255 File-URL: http://hdl.handle.net/10.3846/16111699.2014.976255 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:5:p:901-915 Template-Type: ReDIF-Article 1.0 Author-Name: Arvydas Kregzde Author-X-Name-First: Arvydas Author-X-Name-Last: Kregzde Author-Name: Gediminas Murauskas Author-X-Name-First: Gediminas Author-X-Name-Last: Murauskas Title: Analysis of Lithuanian credit default swaps Abstract: This paper studies international sovereign Credit Default Swaps (CDS) market focusing attention to the CDS of Central and East Europe. The main purpose of the study was to perform detail analysis of Lithuanian CDS in the global capital market. We compared the CDS markets of other countries and found some commonalities between them. We study the credit curve produced by CDS and volatility of CDS. A great attention is paid to investigate the relationship of CDS and the government bond market. Analysis of finding a leading role of CDS and the bond markets in the price discovering process is made. A leading market for different periods is found by using the Vector Error Correction model. Our main finding is that during the volatile period price discovery takes place in the bond market and in the calm period price discovery is observed in the CDS market. Disclosed relationship between CDS spreads and Eurobonds yield risk premium gives an additional decision making tool for sovereign debt managers. Journal: Journal of Business Economics and Management Pages: 916-930 Issue: 5 Volume: 16 Year: 2015 Month: 10 X-DOI: 10.3846/16111699.2014.890130 File-URL: http://hdl.handle.net/10.3846/16111699.2014.890130 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:5:p:916-930 Template-Type: ReDIF-Article 1.0 Author-Name: Young Hwan Lee Author-X-Name-First: Young Hwan Author-X-Name-Last: Lee Author-Name: Sun A Kang Author-X-Name-First: Sun A Author-X-Name-Last: Kang Author-Name: Sang Min Cho Author-X-Name-First: Sang Min Author-X-Name-Last: Cho Title: The effect of voluntary IFRS adoption by unlisted fi rms on earnings quality and the cost of debt: empirical evidence from Korea Abstract: The present study empirically examines how voluntary International Financial Reporting Standards (IFRS) adoption influences the earnings quality and the cost of debt of unlisted firms in Korea. Since 2011, when the adoption of IFRS by listed firms became mandatory, more unlisted firms have adopted IFRS voluntarily, improving the transparency and reliability of their accounting information. Using the sample of unlisted firms with 3year study period of preand post-IFRS adoption, we examine whether IFRS voluntary adopters show both lower discretionary accruals and the cost of debt than those of non adopters, and whether both discretionary accruals and the cost of debt of voluntary adopters decrease after IFRS adoption. We employ the Heckman's two stage approach in order to avoid sample selection bias and cross sectional pooled OLS regression with or without clustering test. We complimentary report the results from firm-fixed effect panel model to generalise the results. The results show that firms which adopt IFRS have a higher earnings quality and a lower cost of debt that those which do not. These findings suggest that when unlisted firms issue bonds and borrow money, IFRS adoption contributes to decreasing the cost of debt. Journal: Journal of Business Economics and Management Pages: 931-948 Issue: 5 Volume: 16 Year: 2015 Month: 10 X-DOI: 10.3846/16111699.2014.953991 File-URL: http://hdl.handle.net/10.3846/16111699.2014.953991 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:5:p:931-948 Template-Type: ReDIF-Article 1.0 Author-Name: Slavica P. Petrovic Author-X-Name-First: Slavica P. Author-X-Name-Last: Petrovic Title: Systemic intervention in creative managing problems in enterprises Abstract: The main purpose of this paper is to critically reassess the theoretical foundations and the methodological development of Systemic Intervention (SI) - as a new paradigm, based on theoretical and methodological pluralism - in order to determine the conditions, the ways and the results of its application in managing complex problems in enterprises. The employed instrumentarium is critical systems thinking, with its commitments to the critical awareness of the strengths and weaknesses of each research instrument for tackling problems in enterprises, the improvement of managing complex problems, and pluralism - respecting different interpretations of problem situations and enabling the combined use of research instruments. The main finding is that SI can underpin the process of structuring complex management problems in enterprises in a scientifically based and practically useful manner. In a scientific sense, the important implication of the conducted research is that it contributes to holistic understanding, conceptualizing and managing problem situations in enterprises. The relevant practical implication for managers is that - through a critical use of the SI methodology - they can creatively enhance the strategic management process in enterprises. Journal: Journal of Business Economics and Management Pages: 949-961 Issue: 5 Volume: 16 Year: 2015 Month: 10 X-DOI: 10.3846/16111699.2013.833546 File-URL: http://hdl.handle.net/10.3846/16111699.2013.833546 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:5:p:949-961 Template-Type: ReDIF-Article 1.0 Author-Name: Neuza C. M. Q. F. Ferreira Author-X-Name-First: Neuza C. M. Q. F. Author-X-Name-Last: Ferreira Author-Name: Fernando A. F. Ferreira Author-X-Name-First: Fernando A. F. Author-X-Name-Last: Ferreira Author-Name: Carla S. E. Marques Author-X-Name-First: Carla S. E. Author-X-Name-Last: Marques Author-Name: Guillermo O. Pérez-Bustamante Ilander Author-X-Name-First: Guillermo O. Author-X-Name-Last: Pérez-Bustamante Ilander Author-Name: Amali Çipi Author-X-Name-First: Amali Author-X-Name-Last: Çipi Title: Challenges in the implementation of public electronic services: lessons from a regional-based study Abstract: Building the information and knowledge society has involved the development of numerous projects and initiatives all over the world. Portugal is no exception. This work is based on the analysis of the ALO Digital Project, which involves a series of strategies developed at the local e-government level in four Portuguese counties near Lisbon (i.e. Amadora, Loures, Odivelas and Vila Franca de Xira). Having the residents of the four counties involved as the target, this paper aims to identify the level of electronic service use resulting from the implementation of the ALO Digital Project. A questionnaire was administered and the results of a regression analysis demonstrate that the project is still at low level of online service sophistication. Additionally, despite users' overall satisfaction, implementation difficulties were noticed. In practical terms, this reveals a type of service more related to information consultation, downloading and printing documentation, and supports the premise that a change of focus and direction of local e-government is needed to substantially improve the life of the individual citizen. Journal: Journal of Business Economics and Management Pages: 962-979 Issue: 5 Volume: 16 Year: 2015 Month: 10 X-DOI: 10.3846/16111699.2014.920718 File-URL: http://hdl.handle.net/10.3846/16111699.2014.920718 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:5:p:962-979 Template-Type: ReDIF-Article 1.0 Author-Name: Boris Urban Author-X-Name-First: Boris Author-X-Name-Last: Urban Author-Name: Eric Wood Author-X-Name-First: Eric Author-X-Name-Last: Wood Title: The importance of opportunity recognition behaviour and motivators of employees when engaged in corporate entrepreneurship Abstract: Organisational innovation depends on individuals and managers fostering and maintaining the innovative capacities of the firm, where opportunity recognition is important for promoting corporate entrepreneurship. The study is unique in its focus on understanding opportunity recognition behaviours and motivators of employees and how these perceptions may influence corporate entrepreneurial activity. The study is conducted in an under-researched emerging market context, where 187 respondents were surveyed in the financial sector industry. The empirical findings indicate that employees perceive themselves as having high levels of opportunity recognition behaviours and motivators which are positively associated with willingness to engage in corporate entrepreneurial initiatives. The results further show that there is a significant positive relationship between opportunity recognition behaviours and the frequency of opportunities recognised. Implications highlight the importance of fostering opportunity recognition behaviours within an organisation and motivating employees to act innovatively. Journal: Journal of Business Economics and Management Pages: 980-994 Issue: 5 Volume: 16 Year: 2015 Month: 10 X-DOI: 10.3846/16111699.2013.799087 File-URL: http://hdl.handle.net/10.3846/16111699.2013.799087 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:5:p:980-994 Template-Type: ReDIF-Article 1.0 Author-Name: Jolanta Kowal Author-X-Name-First: Jolanta Author-X-Name-Last: Kowal Author-Name: Narcyz Roztocki Author-X-Name-First: Narcyz Author-X-Name-Last: Roztocki Title: Job satisfaction of IT professionals in Poland: does business competence matter? Abstract: This paper examines the effects of business competence on the job satisfaction of Information Technology (IT) professionals in Poland. The necessary data is collected from a survey conducted among 391 IT professionals working in various companies in Poland. The results of the analysis indicate that business competence, in general, positively affects the job satisfaction of IT professionals in transition economies. However, business competence seems to have mixed effects on various aspects of job satisfaction. Although business competence affects satisfaction with co-workers, supervision and work itself, the surveyed IT professionals feel that business competence does not have any substantial effect on their salary level and professional promotions. The theoretical implication of this study is that systematic development of human capital by building business competence will have positive effects on the job satisfaction of IT professionals in transition economies. This paper also has a practical implication for managers in transition economies seeking improvements in productivity as it may help them to devise a compensation and promotion system that would better account for competency in their employees. Journal: Journal of Business Economics and Management Pages: 995-1012 Issue: 5 Volume: 16 Year: 2015 Month: 10 X-DOI: 10.3846/16111699.2014.924988 File-URL: http://hdl.handle.net/10.3846/16111699.2014.924988 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:5:p:995-1012 Template-Type: ReDIF-Article 1.0 Author-Name: Marta Fernández-Olmos Author-X-Name-First: Marta Author-X-Name-Last: Fernández-Olmos Author-Name: Isabel Díez-Vial Author-X-Name-First: Isabel Author-X-Name-Last: Díez-Vial Title: Intangible resources, export channel and performance: is there any fit? Abstract: As the resource-based view suggests, firms choose their export channel on the basis of their internal pool of resources. Following this approach, we firstly hypothesize that firms with intangible resources will establish direct export channels to better exploit, protect and develop their firm-specific resources. Secondly, we propose that firms that establish their export channel on the basis of their internal resources outperform those firms that do not. To obtain empirical evidence we used a Heckman two-step model for the DOC Rioja wine industry. The results confirm that firms improve their export performance when jointly considering internal resources and the export channel. Also, human resources are the most relevant intangible resources in our model. This paper contributes by offering empirical evidence on the exporting channel strategies chosen by Spanish wineries. This paper makes a theoretical contribution by examining the performance consequences of following the RBV approach. Likewise, it has important practical implications for managers, who can improve their firm's export performance by assessing their internal resources before considering which export channel to choose. Journal: Journal of Business Economics and Management Pages: 1013-1033 Issue: 5 Volume: 16 Year: 2015 Month: 10 X-DOI: 10.3846/16111699.2012.726928 File-URL: http://hdl.handle.net/10.3846/16111699.2012.726928 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:5:p:1013-1033 Template-Type: ReDIF-Article 1.0 Author-Name: Abbas Mardani Author-X-Name-First: Abbas Author-X-Name-Last: Mardani Author-Name: Ahmad Jusoh Author-X-Name-First: Ahmad Author-X-Name-Last: Jusoh Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Zainab Khalifah Author-X-Name-First: Zainab Author-X-Name-Last: Khalifah Author-Name: Khalil MD Nor Author-X-Name-First: Khalil MD Author-X-Name-Last: Nor Title: Application of multiple-criteria decision-making techniques and approaches to evaluating of service quality: a systematic review of the literature Abstract: The main purpose of this paper is to present a systematic review of multiple- criteria decision-making (MCDM) techniques used in the assessment of service qual- ity. This study reviewed a total of 79 articles from 51 journals, published from 2001 to 2015. Articles were classified into 10 application areas and scopes. Furthermore, articles were categorised based on an author, year, application area, the nationality of the author, ‏technique, a number of criteria, research purpose, gap and research problem, results and outcome. The best criteria were determined in each article. The results of this study re- vealed that more papers on MCDM were published in 2011 than in any other year. Inte- grated techniques, analytic hierarchy process (AHP) and fuzzy AHP methods, were ranked as first and second methods in use, respectively. Finally, the airline industry was ranked as the first application area, in which previous studies applied MCDM techniques for the evaluation of the service quality. This research contributes to the existing literature on the service quality and MCDM. The research outputs are valuable to academics scholars and leaders of organisations and industries in the field of service quality evaluation. Journal: Journal of Business Economics and Management Pages: 1034-1068 Issue: 5 Volume: 16 Year: 2015 Month: 10 X-DOI: 10.3846/16111699.2015.1095233 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1095233 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:5:p:1034-1068 Template-Type: ReDIF-Article 1.0 Author-Name: J. Augusto Felício Author-X-Name-First: J. Augusto Author-X-Name-Last: Felício Author-Name: Maria Purificación Galindo Villardón Author-X-Name-First: Maria Purificación Author-X-Name-Last: Galindo Villardón Title: Family characteristics and governance of small and medium-sized family firms Abstract: The purpose of this paper is to study the influence of family characteristics on the governance of small and medium-sized family firms. The study presents and tests a theoretical model resorting to data on 151 Portuguese SMEs. The study uses nonlinear principal component analysis by alternating least squares, bivariate analysis and cluster analysis. Family characteristics influence governance mechanisms and family firms form clusters based on family characteristics and governance mechanisms. The results reveal that family characteristics are a source of heterogeneity among family firms which corroborates the criticism on family firms' homogeneity assumption. The identification of clusters of firms constitutes a reference for family firms' definition of governance models. The originality of the paper relies on the analysis of specific family characteristics and its importance as a source of family firms' heterogeneity is proven. This study opens new insights on family firms' governance research and may be extended to other family characteristics and overall implications on performance. Journal: Journal of Business Economics and Management Pages: 1069-1084 Issue: 6 Volume: 16 Year: 2015 Month: 12 X-DOI: 10.3846/16111699.2012.747446 File-URL: http://hdl.handle.net/10.3846/16111699.2012.747446 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:6:p:1069-1084 Template-Type: ReDIF-Article 1.0 Author-Name: Chen-Yin Kuo Author-X-Name-First: Chen-Yin Author-X-Name-Last: Kuo Title: Is an intertemporal model of the current account valid for East Asian countries? Evidence from structural VAR Abstract: This paper aims to examine the validity of present-value model of current account (PVMCA) by analyzing dynamic responses of variables in PVMCA to structural shocks. In place of the cross-equation restriction tests used in existing research, we adopted a structural vector autoregression framework and obtain three findings. First, evidences from 4 East Asian countries supported the intertemporal theoretical expectation that country-specific transitory shocks significantly affect current accounts, whereas the effects of global and country-specific permanent shocks are negligible. Second, country-specific transitory shocks that primarily affected current account variance dominate net output variation. Third, global permanent and transitory shocks mainly affecting variances in world interest rates and exchange rates secondarily explain current account variance. Therefore, three explanatory variables of PVMCA sufficiently explain current account variations. In practice, investors can use the PVMCA to forecast changes in current accounts; they further judge business risks stemming from the changes, and adjust their security portfolio. Journal: Journal of Business Economics and Management Pages: 1085-1108 Issue: 6 Volume: 16 Year: 2015 Month: 12 X-DOI: 10.3846/16111699.2014.964304 File-URL: http://hdl.handle.net/10.3846/16111699.2014.964304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:6:p:1085-1108 Template-Type: ReDIF-Article 1.0 Author-Name: Giedrė Lapinskienė Author-X-Name-First: Giedrė Author-X-Name-Last: Lapinskienė Author-Name: Kęstutis Peleckis Author-X-Name-First: Kęstutis Author-X-Name-Last: Peleckis Author-Name: Marijus Radavičius Author-X-Name-First: Marijus Author-X-Name-Last: Radavičius Title: Economic development and greenhouse gas emissions in the European Union countries Abstract: The paper analyses the environmental Kuznets curve (EKC) relationship between greenhouse gases and main aspects of economic development based on the panel data of 20 countries of the EU, including the data of three Baltic States, in the period 1995--2011. The fixed effect panel model was used as a framework for the analysis. The commonly used models confirmed the presence of the inverse U-shaped relationship. The novel contribution of this paper is that the factor referring to the global financial crisis was tested in expanded EKC model. Higher energy taxes, primary production of nuclear heat and R&D decrease the level of greenhouse gas emissions (GHG). The size of agriculture, industry and construction, as well as the primary production of solid fuels have a positive sign, which means that a higher value of these indicators is associated with a higher level of GHG. This implies that the analysed set of factors can be applied to adjust the EKC trend in the region and might be useful for the climate change policy adjustment. Journal: Journal of Business Economics and Management Pages: 1109-1123 Issue: 6 Volume: 16 Year: 2015 Month: 12 X-DOI: 10.3846/16111699.2015.1112830 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1112830 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:6:p:1109-1123 Template-Type: ReDIF-Article 1.0 Author-Name: You-Hua Chen Author-X-Name-First: You-Hua Author-X-Name-Last: Chen Author-Name: Pu-Yan Nie Author-X-Name-First: Pu-Yan Author-X-Name-Last: Nie Author-Name: X. Henry Wang Author-X-Name-First: X. Henry Author-X-Name-Last: Wang Title: Asymmetric doupoly competition with innovation spillover and input constraints Abstract: AbstractsThis paper subjects to examine how technology spillover affects input competition and how input constraints impact firm innovation by a two-stage game model and theoretic analysis. The results show that with low spillover, the high cost firm can capture more input than the low cost firm through cost-reducing innovation. Adding input increases firms’ innovation, but it cannot improve the disadvantaged firm's state under input constraint. Compared with non-cooperative innovation, cooperative innovation reduces innovation difference and firm size difference. The research implications are that disadvantage firms could take innovation spillover and capacity constraints as a competition strategy to obtain competition advantage and regulators should stimulate cooperative innovation to higher social welfare. The major value of this paper is that it combines capacity constraints and innovation investment originality. Journal: Journal of Business Economics and Management Pages: 1124-1139 Issue: 6 Volume: 16 Year: 2015 Month: 12 X-DOI: 10.3846/16111699.2013.823104 File-URL: http://hdl.handle.net/10.3846/16111699.2013.823104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:6:p:1124-1139 Template-Type: ReDIF-Article 1.0 Author-Name: Radoslav Delina Author-X-Name-First: Radoslav Author-X-Name-Last: Delina Author-Name: Michal Tkáč Author-X-Name-First: Michal Author-X-Name-Last: Tkáč Title: Role of e-business in the perception of ICT impact on revenue growth Abstract: Perceived gain from the use of e-business information and communication technologies (ICT) represents the main driver that motivates companies to implement them. The study focuses on the perception of e-business ICT applications within companies. On the sample of 11,072 companies from 27 EU states, we have determined which of e-business ICT application the companies use and how they perceive the impact of ICT on their revenue growth. An ordinal regression and decision tree analysis have been used to identify a portfolio of e-business ICT applications. We have also proposed three hypotheses to test whether the perceived impact of ICT is influenced by the number of implemented e-business ICT applications, or by the number of procurement-orientated e- business ICT applications, or even by the number of sales-orientated ones. The research not only helps practitioners to recognize which tools are behind the positive perception regarding the impact of ICT on revenue growth, but it tries to answer the question of whether the quantity of implemented applications really improves the acknowledged influence of ICT on revenue growth. Journal: Journal of Business Economics and Management Pages: 1140-1153 Issue: 6 Volume: 16 Year: 2015 Month: 12 X-DOI: 10.3846/16111699.2013.797012 File-URL: http://hdl.handle.net/10.3846/16111699.2013.797012 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:6:p:1140-1153 Template-Type: ReDIF-Article 1.0 Author-Name: Cristina Silvia Nistor Author-X-Name-First: Cristina Silvia Author-X-Name-Last: Nistor Author-Name: Adela Deaconu Author-X-Name-First: Adela Author-X-Name-Last: Deaconu Author-Name: Codruta Mare Author-X-Name-First: Codruta Author-X-Name-Last: Mare Title: Influence of environmental factors on the evolution of Romanian public accounting Abstract: Using a historiography approach on public accounting, this research add value to this knowledge providing a customization of the environmental influential factors for an emergent context, the Romanian one, in specific historical phases between 1831 and 2011. The critical-interpretative picture of an extended period of 180 years is complemented by an empirical approach, an original issue in accounting history. Empirical findings based on cluster analysis confirm the existence of six influential factor groups and the intergroup interdependency and provides a fundamental explanation for the effect of factors’ combination. The political system has an influence over the economic system, which impacts accounting development, the reporting and disclosure system required by users. The connection between legal and economic factors decided the type of accounting legal system. Socio-cultural factors affected the accounting policies and decided accountancy's progress, closely linked to the educational factor whose strong influence impacted the accounting theory and practice. All this results are a benchmark for other emergent countries. Journal: Journal of Business Economics and Management Pages: 1154-1169 Issue: 6 Volume: 16 Year: 2015 Month: 12 X-DOI: 10.3846/16111699.2013.804872 File-URL: http://hdl.handle.net/10.3846/16111699.2013.804872 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:6:p:1154-1169 Template-Type: ReDIF-Article 1.0 Author-Name: Salvador Climent-Serrano Author-X-Name-First: Salvador Author-X-Name-Last: Climent-Serrano Author-Name: Jose M. Pavía Author-X-Name-First: Jose M. Author-X-Name-Last: Pavía Title: Determinants of profitability in Spanish financial institutions. Comparing aided and non-aided entities Abstract: The last financial crisis has led to the greatest contribution of public funds ever made to Spanish banks. This paper studies why the need for support has been asymmetric, with not all of the institutions requiring aid. Based on profitability of assets (ROA), we determine using panel data econometric and logit response models the components of profit and loss accounts that generated profitability as well as the factors leading to some entities to ask for aid. The analyses show that before the beginning of the crisis there were significant differences between entities that needed aid and those that did not. The most profitable banks grounded their success in the traditional revenue components of financial institutions (such as margin on interest rates and commissions), as well as in revenues obtained from participated companies and extraordinary results. The model offers a tool to detect entities in difficulties in advance, reducing the financial and social costs of public interventions. The factors more impacting on profitability of Spanish institutions are also identified. Journal: Journal of Business Economics and Management Pages: 1170-1184 Issue: 6 Volume: 16 Year: 2015 Month: 12 X-DOI: 10.3846/16111699.2013.801881 File-URL: http://hdl.handle.net/10.3846/16111699.2013.801881 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:6:p:1170-1184 Template-Type: ReDIF-Article 1.0 Author-Name: Ilona Skačkauskienė Author-X-Name-First: Ilona Author-X-Name-Last: Skačkauskienė Author-Name: Neringa Vilkaitė-Vaitonė Author-X-Name-First: Neringa Author-X-Name-Last: Vilkaitė-Vaitonė Author-Name: Sergej Vojtovic Author-X-Name-First: Sergej Author-X-Name-Last: Vojtovic Title: Model for measuring customer loyalty towards a service provider Abstract: The paper aims to create a valid model for measuring customer loyalty towards a service provider. Principal solutions for designing a model of loyalty measurement have emerged from the clarified role of customer loyalty and evaluation problems. The worked out solutions include selecting a proper concept (1), loyalty specification (2), determining a period necessary for loyalty measurement (3), differentiation of loyalty measurement depending on accessible data (4) and measuring a stage of loyalty (5). The conducted research referred to an example of a catering company, thus adopting an original mathematical model for the empirical measurement of customer loyalty. The obtained results have revealed that the loyalty of the customers of the investigated service provider is of an intermediate level. The findings have also showed the superiority of the proposed model for measuring the state of customer loyalty and for obtaining better solutions to the development of customer loyalty in the service industry. Journal: Journal of Business Economics and Management Pages: 1185-1200 Issue: 6 Volume: 16 Year: 2015 Month: 12 X-DOI: 10.3846/16111699.2015.1112829 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1112829 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:6:p:1185-1200 Template-Type: ReDIF-Article 1.0 Author-Name: Victoria Bellou Author-X-Name-First: Victoria Author-X-Name-Last: Bellou Author-Name: Ioannis Chaniotakis Author-X-Name-First: Ioannis Author-X-Name-Last: Chaniotakis Author-Name: Ioannis Kehagias Author-X-Name-First: Ioannis Author-X-Name-Last: Kehagias Author-Name: Irini Rigopoulou Author-X-Name-First: Irini Author-X-Name-Last: Rigopoulou Title: Employer Brand of Choice: an employee perspective Abstract: This study seeks to contribute in the field of the ideal employer, by determining the Employer Brand of Choice and its core components. In doing so, a pilot study was initially conducted to delineate these components. Evidence from 896 working adults that participated in a field study support the multi-dimensionality of the construct Employer Brand of choice, highlighting the role of “Remuneration”, “Relationships”, “Opportunities for Self Development”, “Recognition”, and “Corporate Image”. These findings not only offer a concrete and holistic theoretical base of Employer Brand of Choice, but they can also serve as a managerial guide towards enhancing companies’ ability to attract, retain and motivate talented individuals. Journal: Journal of Business Economics and Management Pages: 1201-1215 Issue: 6 Volume: 16 Year: 2015 Month: 12 X-DOI: 10.3846/16111699.2013.848227 File-URL: http://hdl.handle.net/10.3846/16111699.2013.848227 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:6:p:1201-1215 Template-Type: ReDIF-Article 1.0 Author-Name: Syed Ali Raza Author-X-Name-First: Syed Ali Author-X-Name-Last: Raza Title: Foreign direct investment, workers’ remittances and private saving in Pakistan: an ARDL bound testing approach Abstract: The objective of this study is to investigate the impact of foreign direct investment (FDI) and workers’ remittances on private savings of Pakistan. This study employs ARDL bound testing co-integration approach, rolling window analysis, Granger causality test, Toda and Yamamoto Modified Wald causality test and variance decomposition test. Results indicate the significant positive impact of FDI and workers’ remittances on private savings in the long and short run. Causality analyses confirm the bidirectional causal relationship of FDI and workers’ remittances with private savings. It is recommended that policy makers should form friendly policies to attract more FDI and workers’ remittances in the country which leads to increase private savings in Pakistan. This leads to increase more fund for financial intermediaries to increase domestic investment opportunities in the country. This paper makes a unique contribution to the literature with reference to Pakistan, being a pioneering attempt to investigate the impact of FDI and workers’ remittances on private savings of Pakistan by using the long annual time series data and applying more rigorous econometric techniques. Journal: Journal of Business Economics and Management Pages: 1216-1234 Issue: 6 Volume: 16 Year: 2015 Month: 12 X-DOI: 10.3846/16111699.2013.792867 File-URL: http://hdl.handle.net/10.3846/16111699.2013.792867 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:6:p:1216-1234 Template-Type: ReDIF-Article 1.0 Author-Name: Hui Li Author-X-Name-First: Hui Author-X-Name-Last: Li Author-Name: Wei Song Author-X-Name-First: Wei Author-X-Name-Last: Song Author-Name: Roger Collins Author-X-Name-First: Roger Author-X-Name-Last: Collins Title: Erratum Journal: Journal of Business Economics and Management Pages: 1239-1239 Issue: 6 Volume: 16 Year: 2015 Month: 12 X-DOI: 10.3846/16111699.2015.1131407 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1131407 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:16:y:2015:i:6:p:1239-1239 Template-Type: ReDIF-Article 1.0 Author-Name: Abbas Mardani Author-X-Name-First: Abbas Author-X-Name-Last: Mardani Author-Name: Ahmad Jusoh Author-X-Name-First: Ahmad Author-X-Name-Last: Jusoh Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Norhayati Zakuan Author-X-Name-First: Norhayati Author-X-Name-Last: Zakuan Author-Name: Alireza Valipour Author-X-Name-First: Alireza Author-X-Name-Last: Valipour Author-Name: Mansooreh Kazemilari Author-X-Name-First: Mansooreh Author-X-Name-Last: Kazemilari Title: Proposing a new hierarchical framework for the evaluation of quality management practices: a new combined fuzzy hybrid MCDM approach Abstract: This study aims to evaluate the quality management (QM) practices in Iranian hotels that are small and medium enterprises (SMEs) through the integration of the fuzzy set theory with both qualitative and quantitative methods. The criteria were collected through the literature survey and the fuzzy Delphi method (FDM). This study applied fuzzy multiple criteria decision making (FMCDM), including the fuzzy analytic hierarchy process (FAHP), the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) and Vise Kriterijumska Optimizacija I Kompromisno Resenje (VIKOR). In the FDM phase, 21 practice was selected and categorized into four main factors. Results of the study indicated that the quality assurance was ranked as the highest important fac- tor. From the practical viewpoint, this paper proposed new integrated model that applied FDM, FAHP, TOPSIS and VIKOR for the evaluation of QM practices in the hotel industry and introduced the environmental perspective as a new viewpoint of QM systems, espe- cially in hotels as SMEs. In addition, the proposed model highlights a new insight into MCDM and contributes to the present body of knowledge in the area of QM systems. Journal: Journal of Business Economics and Management Pages: 1-16 Issue: 1 Volume: 17 Year: 2016 Month: 2 X-DOI: 10.3846/16111699.2015.1061589 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1061589 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 Author-Name: Z. H. Che Author-X-Name-First: Z. H. Author-X-Name-Last: Che Author-Name: Y. F. Chang Author-X-Name-First: Y. F. Author-X-Name-Last: Chang Title: Integrated methodology for supplier selection: the case of a sphygmomanometer manufacturer in Taiwan Abstract: Supplier selection is a critical multi-criterion decision-making activity for suc- cessful supply chain management. This study involved developing an integrated supplier selection methodology, which is constructed using analytic network process, data envelop- ment analysis, and multiple objective particle swarm optimization. The proposed integrated methodology can account for multiple supplier selection criteria and set boundaries on weight value for multiple objective data envelopment analysis inputs and outputs. To solve the data envelopment analysis model, a new algorithm based on multiple objective particle swarm optimization is introduced, which embeds with tabu list and group mechanisms, and then, it is found to be superior to the compared algorithms in solving performance on three test functions and the illustrative case. In addition, the proposed integrated method- ology was applied to a supplier selection problem of sphygmomanometer manufacturer in Taiwan to verify its applicability of decision-making process. The results show that the methodology can be implemented as an effective decision aid for supplier selection under multiple criteria with weight restrictions. Journal: Journal of Business Economics and Management Pages: 17-34 Issue: 1 Volume: 17 Year: 2016 Month: 2 X-DOI: 10.3846/16111699.2015.1031823 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1031823 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:1:p:17-34 Template-Type: ReDIF-Article 1.0 Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Author-Name: Tea Hasić Author-X-Name-First: Tea Author-X-Name-Last: Hasić Title: Corporate governance, firm performance, and economic growth -- theoretical analysis Abstract: Corporate governance in today's modern economies is growing in importance within the growth accounting equation. Although we look at corporate governance as final product of 20/21-super-st century economies, old economic growth theories were aware of its importance for growth and development. Roots of corporate governance go back to the ancient economies of India and Greece also. This paper offers a consistent literature review assessing the nexus between corporate performance and economic growth. Individual and cross-country studies show corporate governance in majority of the cases positively affects firms performance and in turn nations' economic growth. Empirical and theoretical research show corporate governance is an important growth determinant to be reviewed in the field of growth models. This article summarizes main findings providing future research directions on the corporate governance -- economic growth nexus. Journal: Journal of Business Economics and Management Pages: 35-51 Issue: 1 Volume: 17 Year: 2016 Month: 2 X-DOI: 10.3846/16111699.2015.1071278 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1071278 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:1:p:35-51 Template-Type: ReDIF-Article 1.0 Author-Name: Joanna Ejdys Author-X-Name-First: Joanna Author-X-Name-Last: Ejdys Author-Name: Alina Matuszak-Flejszman Author-X-Name-First: Alina Author-X-Name-Last: Matuszak-Flejszman Author-Name: Michał szymanski Author-X-Name-First: Michał Author-X-Name-Last: szymanski Author-Name: Leonas Ustinovichius Author-X-Name-First: Leonas Author-X-Name-Last: Ustinovichius Author-Name: Galina Shevchenko Author-X-Name-First: Galina Author-X-Name-Last: Shevchenko Author-Name: Agata Lulewicz-Sas Author-X-Name-First: Agata Author-X-Name-Last: Lulewicz-Sas Title: Crucial factors for improving the ISO 14001 environmental management system Abstract: The practice of using environmental management systems (EMS) ISO 14001 at the organisational level indicates that the efficacy of such solutions depends on many factors, both endogenous and exogenous in nature. This article aims to identify the fac- tors that determine the opportunities for the improvement of EMS in organisations, the analysis of the relationship between the factors and the classification of the factors due to their role in the system improvement. The structural analysis was used to classify and identify the key factors and then to categorize these factors into five groups. Finally, the role of these key factors in improving environmental management systems was exam- ined. Based on the findings, guidelines can be offered to both scholars and practitioners regarding the factors crucial for the improvement of the EMS. Aiming to add value to the existing literature, the structural analysis was adapted to classification and identification of the key factors. From the point of view of practitioners, it seems to be very profitable to concentrate on the crucial factors during the process of EMS improvement. Journal: Journal of Business Economics and Management Pages: 52-73 Issue: 1 Volume: 17 Year: 2016 Month: 2 X-DOI: 10.3846/16111699.2015.1065905 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1065905 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:1:p:52-73 Template-Type: ReDIF-Article 1.0 Author-Name: Pedro Picaluga Nevado Author-X-Name-First: Pedro Picaluga Author-X-Name-Last: Nevado Author-Name: José Monteiro Barata Author-X-Name-First: José Monteiro Author-X-Name-Last: Barata Author-Name: Rita Assoreira Almendra Author-X-Name-First: Rita Assoreira Author-X-Name-Last: Almendra Title: Boosting innovation and growth through the use of design Abstract: The question underpinning this study is: would the incorporation of design throughout every dimension of a company's business pursuing innovation result in higher levels of growth and competitiveness? The paper begins with a brief theoretical approach to the concepts of creativity, design and innovation and identifies some of the traditional company growth strategies. This paper provides, in the context of design management, a first empirical analysis on the relationship between company growth and the investments in design along the value chain, stressing the importance of the phase in which design gets applied for the first time (“momentum”). The empirical analysis was based on data captured from an online questionnaire on the Portuguese manufacturing industry. The multivariate data analysis focused on the analysis of variance and factor analysis. The pa- per has the merit to conclude that the companies growing more sharply apply design from generating ideas to processes and production and extending into the marketing phase. Journal: Journal of Business Economics and Management Pages: 74-91 Issue: 1 Volume: 17 Year: 2016 Month: 2 X-DOI: 10.3846/16111699.2014.969768 File-URL: http://hdl.handle.net/10.3846/16111699.2014.969768 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:1:p:74-91 Template-Type: ReDIF-Article 1.0 Author-Name: Ana Iglesias-Casal Author-X-Name-First: Ana Author-X-Name-Last: Iglesias-Casal Author-Name: Maria Celia López-Penabad Author-X-Name-First: Maria Celia Author-X-Name-Last: López-Penabad Author-Name: Carmen López-Andión Author-X-Name-First: Carmen Author-X-Name-Last: López-Andión Author-Name: Jose Manuel Maside-Sanfiz Author-X-Name-First: Jose Manuel Author-X-Name-Last: Maside-Sanfiz Title: Market perception of bank risk and securitization in Spain Abstract: This paper examines the systematic risk in those banks that participated as issuers of securitization transactions in the Spanish market. Using event study methodol- ogy and allowing systematic risk to change gradually within the event window, this paper provides empirical evidence that securitization has a positive impact on Spanish bank's systematic risk (beta) from the beginning to the end of the event window. Additionally, we assess how much of the beta effect is due to volatility and how much to market cor- relation. The increase in beta is solely due to an increase in banks’ correlations, improving portfolio diversification. The empirical results presented in this paper show important informative implications for the different agents related to banks. This creates a challenge for financial regulation, which has typically focused on individual institutions. Journal: Journal of Business Economics and Management Pages: 92-108 Issue: 1 Volume: 17 Year: 2016 Month: 2 X-DOI: 10.3846/16111699.2013.807867 File-URL: http://hdl.handle.net/10.3846/16111699.2013.807867 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:1:p:92-108 Template-Type: ReDIF-Article 1.0 Author-Name: Laith Ali Al-Hakim Author-X-Name-First: Laith Ali Author-X-Name-Last: Al-Hakim Author-Name: Shahizan Hassan Author-X-Name-First: Shahizan Author-X-Name-Last: Hassan Title: Core requirements of knowledge management implementation, innovation and organizational performance Abstract: The present study aims to examine the relationship among core requirements of knowledge management implementation, innovation, and organizational performance in the Iraqi mobile telecommunications sector. A questionnaire was conducted on mobile companies based on a proportionate stratified random sampling technique. The results indicated that core requirements of knowledge management implementation had a statistically significant and direct positive effect on innovation. The critical success factors of knowledge management and knowledge management strategies had a statistically significant and direct positive effect on organizational performance. Then the direct relationship of knowledge management processes with organizational performance was positively affected, but it was not statistically significant. The results also indicated that the innovation had a positive and statistically significant effect on organizational performance. More importantly, the results indicate that core requirements of knowledge management implementation had a positive and statistically significant effect on organizational performance through the partial mediating effect of innovation. Journal: Journal of Business Economics and Management Pages: 109-124 Issue: 1 Volume: 17 Year: 2016 Month: 2 X-DOI: 10.3846/16111699.2012.720597 File-URL: http://hdl.handle.net/10.3846/16111699.2012.720597 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:1:p:109-124 Template-Type: ReDIF-Article 1.0 Author-Name: Najia Saqib Author-X-Name-First: Najia Author-X-Name-Last: Saqib Title: Banking sector liberalization and economic growth: case study of Pakistan Abstract: Economic theory suggests that sound and efficient financial systems channel capitals to its most productive uses are beneficial for economic growth. Sound and efficient financial systems are especially important for sustaining growth in developing countries. This paper examines the impact of banking sector liberalization on long-term economic growth in Pakistan by using a time series data for the period 1971--2011. The results show that there exist a significant positive long run relationship between banking sector development and economic growth in the country. The sensitivity analysis also shows that the relationship remain positive and significant no matter what combination of the omitted variables are used in the basic model. Thus, our findings support the core idea that banking sector development stimulates long term economic growth in a country. Journal: Journal of Business Economics and Management Pages: 125-139 Issue: 1 Volume: 17 Year: 2016 Month: 2 X-DOI: 10.3846/16111699.2013.804874 File-URL: http://hdl.handle.net/10.3846/16111699.2013.804874 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:1:p:125-139 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Ali Kashefi Author-X-Name-First: Mohammad Ali Author-X-Name-Last: Kashefi Title: Effect of salvage market on strategic technology choice and capacity investment decision of firm under demand uncertainty Abstract: This paper examines the effect of salvage market on technology choice and capacity investment decision of two firms that compete on quantity under demand uncertainty. A game theoretic model applies such that firms choose their production technology between two alternatives: flexible versus inflexible production process. Then they decide on the amount of capacity investment: flexible firm makes decision about general and specific components and inflexible firm just about unified component. One stage forward both enter the primary market in which demand is uncertain and play a la Cournot and finally, flexible firm will be able to sell its unsold general components in the secondary market with a deterministic price. Numerical study was employed to observe equilibrium behavior of firms. Findings demonstrate that with symmetric parameterization there is a unique Nash equilibrium in which both firms choose inflexible technology while applying asymmetric parameters has the potential to form two types of equilibrium when both firms choose inflexible technology or only one firm chooses flexible technology. Moreover, it is shown that there is a cost threshold that could shift the equilibria. Journal: Journal of Business Economics and Management Pages: 140-155 Issue: 1 Volume: 17 Year: 2016 Month: 2 X-DOI: 10.3846/16111699.2012.734325 File-URL: http://hdl.handle.net/10.3846/16111699.2012.734325 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:1:p:140-155 Template-Type: ReDIF-Article 1.0 Author-Name: Mukesh Kumar Author-X-Name-First: Mukesh Author-X-Name-Last: Kumar Author-Name: Vincent Charles Author-X-Name-First: Vincent Author-X-Name-Last: Charles Author-Name: Chandra Sekhar Mishra Author-X-Name-First: Chandra Sekhar Author-X-Name-Last: Mishra Title: Evaluating the performance of indian banking sector using DEA during post-reform and global financial crisis Abstract: The purpose of the study is to examine the performance of Indian banking sector in terms of efficiency, returns to scale, and total factor productivity change. The technique of data envelopment analysis is applied due to its flexibility to incorporate multiple inputs and multiple outputs without any underlying assumption on the functional form. There is growing tendency of public sector banks operating under increasing returns to scale, implying that substantial gains could be obtained from altering scale via either internal growth or consolidation in the sector. In terms of productivity, the results show a positive change in both the sectors due to technological change, possibly as a result of adoption of latest technology and new business practices in post reform period. However, there is an evidence of shrink in the market and negative growth in productivity in both the sectors during the period of global financial crisis. The main contribution of the paper is to empirically provide the evidences to resolve the debate if the global financial crisis had any impact on the performance of banking sector in India. Journal: Journal of Business Economics and Management Pages: 156-172 Issue: 1 Volume: 17 Year: 2016 Month: 2 X-DOI: 10.3846/16111699.2013.809785 File-URL: http://hdl.handle.net/10.3846/16111699.2013.809785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:1:p:156-172 Template-Type: ReDIF-Article 1.0 Author-Name: Joseph Lo Iacono Author-X-Name-First: Joseph Author-X-Name-Last: Lo Iacono Author-Name: Scott K. Weaven Author-X-Name-First: Scott K. Author-X-Name-Last: Weaven Author-Name: Deborah Griffin Author-X-Name-First: Deborah Author-X-Name-Last: Griffin Title: Examination into the effects of job satisfaction on salesperson deviance: The moderating role of customer orientation Abstract: Salesperson deviance represents a significant cost to organizations throughout the world. This paper addresses a gap in the literature by examining all three dimensions of salesperson deviance (i.e., organizational deviance, interpersonal deviance and customer-directed deviance) and the moderating role of customer orientation. More specifically and using a sales personnel sample, this research extends current understanding of deviant behavior in two key areas. Our findings show (1) a negative relationship between job satisfaction and each dimension of salesperson deviance, and (2) customer orientation moderates the relationship between job satisfaction and salesperson deviance. Thus, we present a more holistic view of salesperson deviance and, in practical terms, confirm that organizational stakeholders should proactively manage the job satisfaction together with the customer orientation of their sales staff in order to avoid and/or minimize deviant behaviors. Journal: Journal of Business Economics and Management Pages: 173-186 Issue: 2 Volume: 17 Year: 2016 Month: 4 X-DOI: 10.3846/16111699.2015.1046399 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1046399 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:2:p:173-186 Template-Type: ReDIF-Article 1.0 Author-Name: Qi Huang Author-X-Name-First: Qi Author-X-Name-Last: Huang Author-Name: Marshall S. Jiang Author-X-Name-First: Marshall S. Author-X-Name-Last: Jiang Author-Name: Jianjun Miao Author-X-Name-First: Jianjun Author-X-Name-Last: Miao Title: Effect of government subsidization on Chinese industrial firms’ technological innovation efficiency: A stochastic frontier analysis Abstract: This study aims to gain a better understanding of how effective government subsidization is in helping foster firms’ innovation. Drawing on the exploration/exploita- tion perspective and based on data collected from Statistical Yearbook on Science and Technology Activities of Industrial Enterprises, we look into the relationship between gov- ernment subsidization and Chinese firms’ innovation efficiency by applying a stochastic frontier analysis. The results show that when government subsidies are provided in small scale, firms’ innovation efficiency decreases; only when government subsidies increase to a certain scale, does firms’ innovation efficiency start to increase. We suggest that govern- ment subsidization would generate better innovation performance should it concentrate on a smaller number of firms at one time. As existing research is still inconclusive regarding the relationship between government subsidization and firms’ technological innovation output, we shed light on the issue by revealing a “U-shaped” relationship between the two. Journal: Journal of Business Economics and Management Pages: 187-200 Issue: 2 Volume: 17 Year: 2016 Month: 4 X-DOI: 10.3846/16111699.2015.1061590 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1061590 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:2:p:187-200 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandras Vytautas Rutkauskas Author-X-Name-First: Aleksandras Vytautas Author-X-Name-Last: Rutkauskas Author-Name: Aleksandr Ostapenko Author-X-Name-First: Aleksandr Author-X-Name-Last: Ostapenko Title: Return, reliability and risk as a proactive set of concepts in developing an efficient integration strategy of companies Abstract: For companies that cannot boast about the abundance of resources available for development, it is particularly important to focus their efforts on the optimum use of such resources and to ensure the reliability of change in the development process to counterbalance the potential losses caused by uncertainty and risk. The article explores the theoretical substantiation for the integral management system of processes covered by the concepts of efficiency, reliability and risk of development. Also, it looks at the practical application of the system through the examination of a specific situation by employing analytical possibilities of a stochastic network. It should also be noted that the concepts of efficiency, reliability and risk are used not only in the assessment of the key development processes of a company but also in the deliberation of the real formation of input as well as its transformation into output results. To formulate and solve the management problems of the complex system, a number of methods were used, namely, the stochastic recording of the aims, the existing restrictions and the stochastic optimisation. Journal: Journal of Business Economics and Management Pages: 201-214 Issue: 2 Volume: 17 Year: 2016 Month: 4 X-DOI: 10.3846/16111699.2016.1150876 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1150876 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:2:p:201-214 Template-Type: ReDIF-Article 1.0 Author-Name: Ignacio Castro Author-X-Name-First: Ignacio Author-X-Name-Last: Castro Author-Name: José L. Galán Author-X-Name-First: José L. Author-X-Name-Last: Galán Author-Name: Cristóbal Casanueva Author-X-Name-First: Cristóbal Author-X-Name-Last: Casanueva Title: Management of alliance portfolios and the role of the board of directors Abstract: The objective of the present work consists in testing whether the strategic involvement of boards of directors has a positive influence on the development of alliance portfolio management capability and on the value that the alliance portfolio generates. A variance-based structural equation modelling (Partial Least Squares) has been applied to a sample constituted by 139 top Spanish companies. Our analysis shows that the strategic involvement of the board of directors has a positive and influence on the management of alliance portfolios, thereby influencing the value of that portfolio in an indirect way. Unlike previous literature, this study links the functions of the board of directors to organizational capabilities, connecting the literature on corporate governance and on management of alliance portfolios. Journal: Journal of Business Economics and Management Pages: 215-233 Issue: 2 Volume: 17 Year: 2016 Month: 4 X-DOI: 10.3846/16111699.2014.958093 File-URL: http://hdl.handle.net/10.3846/16111699.2014.958093 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:2:p:215-233 Template-Type: ReDIF-Article 1.0 Author-Name: Guillermo O. Pérez-Bustamante Ilander Author-X-Name-First: Guillermo O. Author-X-Name-Last: Pérez-Bustamante Ilander Author-Name: Carla S. E. Marques Author-X-Name-First: Carla S. E. Author-X-Name-Last: Marques Author-Name: Marjan S. Jalali Author-X-Name-First: Marjan S. Author-X-Name-Last: Jalali Author-Name: Fernando A. F. Ferreira Author-X-Name-First: Fernando A. F. Author-X-Name-Last: Ferreira Title: The impact of continuous training in small and medium enterprises: Lessons from an industrial case analysis Abstract: In the current competitive environment, great emphasis is placed on the knowl- edge and skills of the workforce as important elements in achieving organizational goals. As this focus on employee skills has increased, so have organizational programs and initiatives to ensure that the training in place to develop those skills is not sporadic, but rather part of a continuous effort toward keeping employee skills up to date. It becomes fundamental, in this context, to understand such programs and evaluate their impact, both within companies and externally, in terms of their decision making and business results. This paper aims to do that, through a study of the work-related training practices of in- dustrial firms in the Northern-Spanish region of Asturias. In addition, it develops a new variable -- training intensity -- and examines its impact on the planning, execution and evaluation of training programs in these firms. Among other findings, our study confirms that training-intensive firms have a more defined strategic approach to the market and are generally more conscious of business competition than their non-training-intensive competitors. Implications for management are also presented. Journal: Journal of Business Economics and Management Pages: 234-250 Issue: 2 Volume: 17 Year: 2016 Month: 4 X-DOI: 10.3846/16111699.2014.938359 File-URL: http://hdl.handle.net/10.3846/16111699.2014.938359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:2:p:234-250 Template-Type: ReDIF-Article 1.0 Author-Name: Adam Zaremba Author-X-Name-First: Adam Author-X-Name-Last: Zaremba Author-Name: Michał Płotnicki Author-X-Name-First: Michał Author-X-Name-Last: Płotnicki Title: Mergers and acquisitions: Evidence on post-announcement performance from CEE stock markets Abstract: The paper re-examines the short-term and long-term performance following announcements of mergers and acquisitions. This is the first study that comprehensively explores this phenomenon in Central and Eastern European countries. We find strong evidence that announcement of a takeover creates value for both bidders and acquirers in the short run. Simultaneously, contrary to the stylized fact reported by a majority of U.S. based studies, after controlling for local value, size, and momentum factors the mergers and acquisitions do not destroy the value of the acquirers in the long term. The observations are important for corporate governance and portfolio management. The research is based on 109 deals in years 2001--2014. For the short-horizon event studies, we calculate average cumulative abnormal returns and we employ of the zero, index, and market models. For the long-run studies, we build equally and capitalization-weighted calendar-time portfolios and test their performances with CAPM, three-factor and four-factor models. Journal: Journal of Business Economics and Management Pages: 251-266 Issue: 2 Volume: 17 Year: 2016 Month: 4 X-DOI: 10.3846/16111699.2015.1104384 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1104384 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:2:p:251-266 Template-Type: ReDIF-Article 1.0 Author-Name: Nataša Urbančíková Author-X-Name-First: Nataša Author-X-Name-Last: Urbančíková Author-Name: Peter Burger Author-X-Name-First: Peter Author-X-Name-Last: Burger Title: Centralised or decentralised public financing of clusters Abstract: The public funds have become a major source of finance for clusters in the last decade, also in European countries. The source of financing clusters and innovation performance of the countries is directly connected to subjects of the national/regional cluster policy, i.e. to its centralisation. The paper examines the relationship between European country attitude towards financial support provided for cluster and country innovative performance in a sample of 125 clusters from 25 European countries. The own empirical investigation is based on primary research using the Kruskal-Wallis test and Mann-Whitney tests with Bonferroni. The investigation is focused on facts whether statistically significant differences in the amount of subsidies from national, regional, local and “European” levels between clusters in European countries influence their level of innovation performance. The finding shows that there are no statistically significant differences in the exploitation of resources from the Structural Funds and community programmes of the EU in the examined clusters in the countries with different levels of innovation performance. However, the clusters in the countries with higher levels of innovation performance receive funds in the form of central government and regional self-government subsidies more frequently than the clusters in the countries with lower levels of innovation performance. Journal: Journal of Business Economics and Management Pages: 267-282 Issue: 2 Volume: 17 Year: 2016 Month: 4 X-DOI: 10.3846/16111699.2013.839477 File-URL: http://hdl.handle.net/10.3846/16111699.2013.839477 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:2:p:267-282 Template-Type: ReDIF-Article 1.0 Author-Name: Tomas Baležentis Author-X-Name-First: Tomas Author-X-Name-Last: Baležentis Title: Stochastic production frontier for the Lithuanian family farms Abstract: The research follows neo-classical methodology to analyse the trends of the agricultural efficiency. The paper fits the stochastic production frontier to the micro data describing the performance of the Lithuanian family farms during 2004--2009 in order to define the current trends of efficiency and productivity in the sector. Indeed, this is the first application of stochastic frontiers to gauge the performance of Lithuanian family farms. The technical efficiency of the Lithuanian family farms fluctuated around 80%. The analysis confirmed that the livestock farms were peculiar with higher mean technical efficiency if compared to that of mixed or crop farms. The estimated partial output elasticities imply that the intermediate consumption was the most productive factor, whereas assets were four to six times less productive depending on the farming type. The land factor was peculiar with the lowest partial output elasticities. The research contributes to the wider discussion on the patterns of efficiency and productivity in a transition European Union Member States following the accession. Journal: Journal of Business Economics and Management Pages: 283-298 Issue: 2 Volume: 17 Year: 2016 Month: 4 X-DOI: 10.3846/16111699.2013.770791 File-URL: http://hdl.handle.net/10.3846/16111699.2013.770791 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:2:p:283-298 Template-Type: ReDIF-Article 1.0 Author-Name: Ciarán Mac An Bhaird Author-X-Name-First: Ciarán Author-X-Name-Last: Mac An Bhaird Author-Name: Declan Curran Author-X-Name-First: Declan Author-X-Name-Last: Curran Title: Sectoral differences in determinants of export intensity Abstract: This study investigates firm characteristic determinants of export intensity in small firms. The originality of our approach is a comparative analysis of export intensity between firms in the computer software and manufacturing sectors, using a quasi-maximum likelihood estimation to test for the correct specification of the conditional mean model. Results indicate that larger, younger firms have greater export intensity in the computer software sector than in manufacturing. Research and development expenditure is equally important for export intensity in both sectors, but patent income is not significant. Sourcing managerial advice and expertise from the national development agency is important for firms in the manufacturing industry, but not for computer software firms. It is therefore important for export promotion organisations to publicise supports, as few small firms are aware of their availability. Our findings are especially valuable for policy makers concerned with low levels of export intensity among small firms. Journal: Journal of Business Economics and Management Pages: 299-313 Issue: 2 Volume: 17 Year: 2016 Month: 4 X-DOI: 10.3846/16111699.2015.1070196 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1070196 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:2:p:299-313 Template-Type: ReDIF-Article 1.0 Author-Name: Pankaj Madan Author-X-Name-First: Pankaj Author-X-Name-Last: Madan Author-Name: Vinay Sharma Author-X-Name-First: Vinay Author-X-Name-Last: Sharma Author-Name: Piyush Seth Author-X-Name-First: Piyush Author-X-Name-Last: Seth Title: Capability’ development through ICT enabled business opportunity development model of e-Choupal Abstract: The purpose of this study is to check how ICT led business opportunity devel- opment model of ITC e-Choupal affected “Capability” development of the people in rural India. The survey of three different regions of India, included 319 e-Choupal beneficiaries and 10 ITC officials and elected representatives of villages. Statistical analysis revealed that Capability Enhancement of farmers depended on the extent to which farmers trusted and participated in ICT activities that varied based on their education level but specifically e-Choupal could generate only limited business opportunities for rural masses. However, the business opportunities definitely affected the capability enhancement parameters. The ICT enabled business models can be well used by corporates and governments of devel- oping economies in Asia and Africa for capability development of rural masses as these models provide new business opportunities for them. The field survey based framework showed how ICT based business opportunity development model of e-Choupal can affect the income, time and saving of farmers in developing economy. Journal: Journal of Business Economics and Management Pages: 314-330 Issue: 2 Volume: 17 Year: 2016 Month: 4 X-DOI: 10.3846/16111699.2012.747445 File-URL: http://hdl.handle.net/10.3846/16111699.2012.747445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:2:p:314-330 Template-Type: ReDIF-Article 1.0 Author-Name: Yih-Chang Ou Author-X-Name-First: Yih-Chang Author-X-Name-Last: Ou Title: Using a Hybrid Decision-Making Model to Evaluate the Sustainable Development Performance of High-Tech Listed Companies Abstract: In this study, we use a triple bottom-line concept including economic, social and environmental performance as the sustainable development performance evaluation categories for companies. Moreover, an integrated model based on grey relational analysis, decision-making trial and evaluation laboratory, analytic network process and the technique for order preference by similarity to ideal solution is proposed for solving a corporate sustainability performance evaluation and ranking problem. In order to verify the proposed model, we adopt 34 high-tech listed companies in Taiwan as the research object to measure companies’ sustainable development performance and ranking in 2013. The results can be used as an important basis for management decision-making, and can also serve as reference for banks and investors when developing investment strategy. Journal: Journal of Business Economics and Management Pages: 331-346 Issue: 3 Volume: 17 Year: 2016 Month: 6 X-DOI: 10.3846/16111699.2015.1110713 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1110713 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:3:p:331-346 Template-Type: ReDIF-Article 1.0 Author-Name: Serkan Altuntas Author-X-Name-First: Serkan Author-X-Name-Last: Altuntas Author-Name: Mustafa Kemal Yilmaz Author-X-Name-First: Mustafa Kemal Author-X-Name-Last: Yilmaz Title: Fuzzy Dematel Method to Evaluate the Dimensions of Marketing Resources: An Application in SMEs Abstract: Identifying the cause and effect factors of marketing resources and prioritizing them with respect to their level of importance can build superior market performance for companies. Although there have been some studies in the literature which have used marketing resource dimensions to conduct their research, these studies have not considered the relationships between marketing resource dimensions. Therefore, the aim of this study is to identify the cause and effect factors of marketing resources and to prioritize them in terms of their importance using the fuzzy Decision-Making Trial and Evaluation Laboratory method. The findings of this study suggest that the dimension managerial capabilities, composed of financial management, effective human resource management and good operations management expertise, exerts a greater influence on marketing strategy than other criteria. In addition, the criterion credibility with customers through being well established in the market is the most important aspect of marketing resources. Journal: Journal of Business Economics and Management Pages: 347-364 Issue: 3 Volume: 17 Year: 2016 Month: 6 X-DOI: 10.3846/16111699.2015.1068220 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1068220 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:3:p:347-364 Template-Type: ReDIF-Article 1.0 Author-Name: Bohumil Stádník Author-X-Name-First: Bohumil Author-X-Name-Last: Stádník Author-Name: Jurgita Raudeliūnienė Author-X-Name-First: Jurgita Author-X-Name-Last: Raudeliūnienė Author-Name: Vida Davidavičienė Author-X-Name-First: Vida Author-X-Name-Last: Davidavičienė Title: Fourier Analysis for Stock Price Forecasting: Assumption and Evidence Abstract: The research addressed the relevant question whether the Fourier analysis really provides practical value for investors forecasting stock market price. To answer this question, the significant cycles were discovered using the Fourier analysis inside the price series of US stocks; then, the simulation of an agent buying and selling on minima and maxima of these cycles was made. The results were then compared to those of an agent operating chaotically. Moreover, the existing significant cycles were found using more precise methods, suggested in the research, and based on the results of an agent buying and selling on all possible periods and phases. It has been analysed whether these really existing cycles were in accordance with the significant cycles resulting from the Fourier analysis. It has been concluded that the Fourier analysis basically failed. Suchlike failures are expected on similar data series. In addition, momentum and level trading backtests have been used in a similar way. It has been found that the level trading does provide a certain practical value in comparison to the momentum trading method. The research also simplifies the complicated theoretical background for practitioners. Journal: Journal of Business Economics and Management Pages: 365-380 Issue: 3 Volume: 17 Year: 2016 Month: 6 X-DOI: 10.3846/16111699.2016.1184180 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1184180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:3:p:365-380 Template-Type: ReDIF-Article 1.0 Author-Name: Ahmad Zubaidi Baharumshah Author-X-Name-First: Ahmad Zubaidi Author-X-Name-Last: Baharumshah Author-Name: Siew-Voon Soon Author-X-Name-First: Siew-Voon Author-X-Name-Last: Soon Author-Name: Stilianos Fountas Author-X-Name-First: Stilianos Author-X-Name-Last: Fountas Author-Name: Nurul Sima Mohamad Shariff Author-X-Name-First: Nurul Sima Author-X-Name-Last: Mohamad Shariff Title: Persistence of Real Exchange Rates in the Central and Eastern European Countries Abstract: We investigate the mean reversion in real exchange rates for Central and Eastern European countries. We use point and confidence interval estimates from the Phillips et al.’s (2001) local-persistent model as our preferred measures of the persistence of real exchange rates. We find that the adjustment to purchasing power parity is more rapid after accounting for structural breaks, with half-life deviation from parity below 18 months, which is consistent with the explanation based on nominal rigidities. The estimated narrow confidence intervals for the half-lives invalidate the purchasing power parity puzzle for transition and some core European Union countries. The novelty of our results lies in the finding of strong evidence for purchasing power parity as the local-persistent model produces shorter half-lives and much narrower corresponding confidence intervals than those obtained by standard Dickey-Fuller and local-to-unity models. Our evidence for PPP suggests that the transition countries have maintained their long-run competitiveness against their trading partners. Journal: Journal of Business Economics and Management Pages: 381-396 Issue: 3 Volume: 17 Year: 2016 Month: 6 X-DOI: 10.3846/16111699.2015.1101396 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1101396 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:3:p:381-396 Template-Type: ReDIF-Article 1.0 Author-Name: José M. Merigó Author-X-Name-First: José M. Author-X-Name-Last: Merigó Author-Name: Alba Rocafort Author-X-Name-First: Alba Author-X-Name-Last: Rocafort Author-Name: Juan Pedro Aznar-Alarcón Author-X-Name-First: Juan Pedro Author-X-Name-Last: Aznar-Alarcón Title: Bibliometric Overview of Business & Economics Research Abstract: Bibliometrics is the quantitative study of bibliographic information. It classifies the information according to different criteria including authors, journals, institutions and countries. This paper presents a general bibliometric overview of the most influential research in business & economics according to the information found in the Web of Science. It includes research from different subcategories including business, business finance, economics and management. For doing so, four general lists are presented: the 50 most cited papers in business & economics of all time, the 40 most influential journals, the 40 most relevant institutions and the most influential countries. The results permit to obtain a general picture of the most significant research in business & economics. This information is very useful in order to identify the leading trends in this area. Journal: Journal of Business Economics and Management Pages: 397-413 Issue: 3 Volume: 17 Year: 2016 Month: 6 X-DOI: 10.3846/16111699.2013.807868 File-URL: http://hdl.handle.net/10.3846/16111699.2013.807868 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:3:p:397-413 Template-Type: ReDIF-Article 1.0 Author-Name: Abdul Suleman Author-X-Name-First: Abdul Author-X-Name-Last: Suleman Author-Name: Fátima Suleman Author-X-Name-First: Fátima Author-X-Name-Last: Suleman Author-Name: Elizabeth Reis Author-X-Name-First: Elizabeth Author-X-Name-Last: Reis Title: Fuzzy approach to discrete data reduction: an application in economics for assessing the skill premium Abstract: Measures of stock of skills alternative to human capital have raised fresh difficulties, especially in data managing. We propose to empirically compare the efficiency of a hierarchical cluster analysis and a fuzzy clustering in reducing discrete skill data. The outcomes of both methods are subsequently used to measure the impact of skills on earnings in addition to human capital. The proposed methodological comparison was made using an original dataset of retail bankers’ skills assessed by supervisors. Empirical evidence shows that the fuzzy approach is more efficient than the hierarchical clustering: the resulting clusters are fewer and easier to interpret. Furthermore, the earnings equation enriched with skill variables allowed us to correct the education premium, and provides information on monetary incentives related to individual skills. Our paper attempts to raise researchers’ and practitioners’ awareness of data reducing methods, and their implications for wage determinants. Journal: Journal of Business Economics and Management Pages: 414-429 Issue: 3 Volume: 17 Year: 2016 Month: 6 X-DOI: 10.3846/16111699.2014.978361 File-URL: http://hdl.handle.net/10.3846/16111699.2014.978361 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:3:p:414-429 Template-Type: ReDIF-Article 1.0 Author-Name: Toma Lankauskienė Author-X-Name-First: Toma Author-X-Name-Last: Lankauskienė Title: Application of the growth accounting method for the construction industry Abstract: As the growth accounting method can suggest research benefits, this paper is dedicated to the application of the method in the construction industry. The lack of methodologies for the application of the method in the less developed countries has necessitated the design of the methodology presented in the paper. Once the methodology is composed, comparable results can be obtained on the fulfilment of international academic standards. The paper presents the main methodological problems faced by the author while working on the problem. In addition, it enables the identification of the proximate sources of growth as well as the performance of economic analysis from a comparative perspective of countries at different stages of development. The scientific merit of the paper -- the entire group of intangible capital rather than only software will correspond to knowledge based capital. The results suggest that Lithuania is in a rather strong position in terms of productivity growth, but the same could not be said when considering the structure of its main determinants compared with the more developed countries. Journal: Journal of Business Economics and Management Pages: 430-443 Issue: 3 Volume: 17 Year: 2016 Month: 6 X-DOI: 10.3846/16111699.2016.1173580 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1173580 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:3:p:430-443 Template-Type: ReDIF-Article 1.0 Author-Name: Alejandro Cotes-Torres Author-X-Name-First: Alejandro Author-X-Name-Last: Cotes-Torres Author-Name: Pablo Antonio Muñoz-Gallego Author-X-Name-First: Pablo Antonio Author-X-Name-Last: Muñoz-Gallego Author-Name: José Miguel Cotes-Torres Author-X-Name-First: José Miguel Author-X-Name-Last: Cotes-Torres Title: Technological complexity: a tool for understanding the behaviour of consumers of high value-added foodstuffs Abstract: This article proposes and develops the concept of technological complexity (TC) as a useful and simple tool for grouping key attributes that give added value to a product. In addition, it reports an empirical application of this concept to two different food products (cured ham and cured sausage). The authors used a mixed-effects multi-nomial logistic regression model and show that in the cured pork product agribusiness, a low frequency of consumption favours the acceptance of high TC products. The results also confirm that marketing high TC products in stores with a large assortment decreases the chances of success for agribusiness companies that produce cured pork food products. These finding can be used by the managers for designing complementary attributes that improve their product portfolio. Besides, advertising expenditures associated with introducing new products could be reduced if companies strengthened their presence in specialty stores. Journal: Journal of Business Economics and Management Pages: 444-457 Issue: 3 Volume: 17 Year: 2016 Month: 6 X-DOI: 10.3846/16111699.2014.987159 File-URL: http://hdl.handle.net/10.3846/16111699.2014.987159 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:3:p:444-457 Template-Type: ReDIF-Article 1.0 Author-Name: Monica-Violeta Achim Author-X-Name-First: Monica-Violeta Author-X-Name-Last: Achim Author-Name: Sorin-Nicolae Borlea Author-X-Name-First: Sorin-Nicolae Author-X-Name-Last: Borlea Author-Name: Codruţa Mare Author-X-Name-First: Codruţa Author-X-Name-Last: Mare Title: Corporate Governance and Business Performance: Evidence for the Romanian Economy Abstract: Our finding contributes towards the understanding of movements regarding the adoption of corporate governance practice in emerging countries such as Romania and its impact on business performances of a company.We have developed two econometric models to assess the business performances of the companies listed on Bucharest Stock Exchange, in order to point out the impact of corporate governance on business performances. Our results are inconsistent for the period 2001--2011, but if we consider only 2011, the results document a positive correlation between corporate governance quality and market value of companies, such it is reflected by Tobin’s Q. Therefore, our results contribute to the studies relating corporate governance and business performances, as it confirms a positive relationship between the two variables which appears once the Romanian emerging economy has began to adopt the best corporate governance practices.Firstly, our research has important implications for managers in order to know that the adoption of the best corporate governance practices could contribute to the financial success of the firm. Secondly, the results are useful for any investor who needs to consider the quality of corporate governance as a good predictor for the best rate of return of theirs investments. Moreover, our findings have also implications on policy-makers and regulatory authorities in European developing countries and offer them a barometer of adopting the best corporate governance practices in European space. Journal: Journal of Business Economics and Management Pages: 458-474 Issue: 3 Volume: 17 Year: 2016 Month: 6 X-DOI: 10.3846/16111699.2013.834841 File-URL: http://hdl.handle.net/10.3846/16111699.2013.834841 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:3:p:458-474 Template-Type: ReDIF-Article 1.0 Author-Name: Milena Tvrdíková Author-X-Name-First: Milena Author-X-Name-Last: Tvrdíková Title: Increasing the business potential of companies by ensuring continuity of the development of their information systems by current information technologies Abstract: This paper deals with applications of information and communication technologies in the management of companies and institutions. It also focuses on Competitive Intelligence and Business Intelligence and the description of their position in business management. The paper presents current trends in information and communication technologies with emphasis on the use of virtualization and Cloud Computing technologies. The author discusses the importance of Cloud Computing to maintain the continuity of information system of enterprises with low financial impact, thereby increasing its stability. Theoretical framework and literature support the assumption that information and communication technologies are essential for the competitiveness of small and mediumsized enterprises. Discussed are factors that affect management and use of information and communication technologies in small and medium-sized enterprises, in particular the use of cloud computing. Based on the results obtained from a questionnaire survey carried out in the Czech Republic, the author proposed methodological recommendations to facilitate the transition to cloud computing. Journal: Journal of Business Economics and Management Pages: 475-489 Issue: 3 Volume: 17 Year: 2016 Month: 6 X-DOI: 10.3846/16111699.2013.839475 File-URL: http://hdl.handle.net/10.3846/16111699.2013.839475 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:3:p:475-489 Template-Type: ReDIF-Article 1.0 Author-Name: Neringa Slavinskaitė Author-X-Name-First: Neringa Author-X-Name-Last: Slavinskaitė Title: Fiscal decentralization and economic growth in selected European countries Abstract: The paper analyses the fiscal decentralization effects on economic growth in unitary countries of European Union for the period 2005–2014. The empirical analysis was based on the multiple regression method. The fixed effect panel model was used as framework for the analysis. In order to examine the different impact of fiscal decentralization, the same analysis was applied to subsets of countries categorized into two groups according to countries’ level of economic development. This further analysis found that there is positive relationship between fiscal decentralization and economic growth in low level of economically developing countries and no relationship in high level of economically developed countries. These results suggested that fiscal decentralization is not always instrument for promotion of economic growth, which means that country’s economic development level is an important factor when introducing reform of fiscal decentralization. The originality of this article – new fiscal decentralization index and evaluated fiscal decentralization level influence for countries economic growth. Journal: Journal of Business Economics and Management Pages: 745-757 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1292312 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1292312 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:745-757 Template-Type: ReDIF-Article 1.0 Author-Name: Hsin-Hui Lin Author-X-Name-First: Hsin-Hui Author-X-Name-Last: Lin Author-Name: Hsien-Ta Li Author-X-Name-First: Hsien-Ta Author-X-Name-Last: Li Author-Name: Yi-Shun Wang Author-X-Name-First: Yi-Shun Author-X-Name-Last: Wang Author-Name: Timmy H. Tseng Author-X-Name-First: Timmy H. Author-X-Name-Last: Tseng Author-Name: Ya-Ling Kao Author-X-Name-First: Ya-Ling Author-X-Name-Last: Kao Author-Name: Min-Yi Wu Author-X-Name-First: Min-Yi Author-X-Name-Last: Wu Title: Predicting customer lifetime value for hypermarket private label products Abstract: This study develops a model to predict customer lifetime value for hypermarket private label products. It examines the relationships among store awareness, store image variables (i.e., service quality, price/value, convenience, and product quality), private label image, repurchase intention, and customer lifetime value and investigates the moderating role of image fit. The originality of this study lies in filling the gap of previous research on antecedents of private label customers’ behavior by considering store awareness, image fit, and customer lifetime value. Partial least squares structural equation modeling was used to analyze data. The results indicate the following. Store image variables (except product quality) and store awareness affect repurchase intention directly or indirectly through private label image. Image fit moderates the relationships between store image variables (except product quality) and private label image. Private label image facilitates customer lifetime value. This study provides several theoretical and practical implications for hypermarket private label product developments. Journal: Journal of Business Economics and Management Pages: 619-635 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1308879 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1308879 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:619-635 Template-Type: ReDIF-Article 1.0 Author-Name: Rasa Smaliukienė Author-X-Name-First: Rasa Author-X-Name-Last: Smaliukienė Author-Name: Svajonė Bekešienė Author-X-Name-First: Svajonė Author-X-Name-Last: Bekešienė Author-Name: Eugenijus Chlivickas Author-X-Name-First: Eugenijus Author-X-Name-Last: Chlivickas Author-Name: Marius Magyla Author-X-Name-First: Marius Author-X-Name-Last: Magyla Title: Explicating the role of trust in knowledge sharing: a structural equation model test Abstract: Although the large body of literature suggests that trust is a prerequisite for knowledge sharing, the understanding of mediational pathways remains limited. The paper fills the gap by combining two separate streams in knowledge sharing, where the first reflects the paradigm of the organizational behaviour theory and highlights the impact of organizational culture and employees’ trust; where the second one discloses the impact of technology deployment in knowledge sharing. Building on the premises that interdependence between variables that affect knowledge sharing raises form organizational culture of trust and available technologies, we examine the structural origins of knowledge sharing. As a method structural equation modelling test was used to analyse the data. Hypothesised five-factor model was tested through two stages using AMOS software. The findings carry theoretical implications for the knowledge management body of knowledge since they extended the research on knowledge sharing by integrating organisational culture and technological solutions into one complex system. Form practical perspective, the relationship among four predictors – trust in leadership, trust in co-workers, trust in technologies for knowledge management, and fear of losing one’s value – provide a proof on how organizations knowledge sharing is composed and how it could be developed. Journal: Journal of Business Economics and Management Pages: 758-778 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1317019 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1317019 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:758-778 Template-Type: ReDIF-Article 1.0 Author-Name: Dragisa Stanujkic Author-X-Name-First: Dragisa Author-X-Name-Last: Stanujkic Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Darjan Karabasevic Author-X-Name-First: Darjan Author-X-Name-Last: Karabasevic Author-Name: Zenonas Turskis Author-X-Name-First: Zenonas Author-X-Name-Last: Turskis Author-Name: Violeta Keršulienė Author-X-Name-First: Violeta Author-X-Name-Last: Keršulienė Title: New group decision-making ARCAS approach based on the integration of the SWARA and the ARAS methods adapted for negotiations Abstract: Groups are generally considered to be more effective as compared to single individuals. The practical implementation of Operation Research methods in group negotiations needs simple contexts and clear cause-and-effect relationships easily discernible by everyone. This paper proposes a multi-criteria group decision-making approach allowing decision makers/experts involved in a negotiation process to better express and defend their preferences in the selection of the best alternative. In the proposed approach, the most appropriate alternative is the alternative with the largest number of appearances in the first position or in ranking lists, or the one determined based on negotiations of decision makers/experts. The proposed ARCAS approach is based on the use of the ARAS method, a new normalization procedure, and the SWARA method. In the proposed approach, each decision maker/expert involved in evaluation has an opportunity to set the preferred level of rating for each criterion used in such evaluation. Finally, a case study is presented in order to highlight the proposed approach. The obtained results confirm the usability and efficiency of the proposed approach. Journal: Journal of Business Economics and Management Pages: 599-618 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1327455 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1327455 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:599-618 Template-Type: ReDIF-Article 1.0 Author-Name: Dragos Sebastian Cristea Author-X-Name-First: Dragos Sebastian Author-X-Name-Last: Cristea Author-Name: Liliana Mihaela Moga Author-X-Name-First: Liliana Mihaela Author-X-Name-Last: Moga Author-Name: Mihaela Neculita Author-X-Name-First: Mihaela Author-X-Name-Last: Neculita Author-Name: Olegas Prentkovskis Author-X-Name-First: Olegas Author-X-Name-Last: Prentkovskis Author-Name: Khalil Md Nor Author-X-Name-First: Khalil Author-X-Name-Last: Md Nor Author-Name: Abbas Mardani Author-X-Name-First: Abbas Author-X-Name-Last: Mardani Title: Operational shipping intelligence through distributed cloud computing Abstract: This paper provides a conceptual architecture for a cloud based platform design, that implements continuously data storage and analysis services for large maritime ships, with the purpose to provide valuable insights for maritime transportation business. We do this by first identifying the need on the shipping market for such kind of systems and also the significance and impact of different factors related to shipping business processes. The architecture presented throughout this paper will be defined around some of the most currently used ICT technologies, like Amazon Cloud Services, Sql Server Databases, .NET Platform, Matlab 2016 or JavaScript visualization libraries. The proposed system makes possible for a maritime company to gain more knowledge for optimizing the efficiency of its operations, to increase its financial benefits and its competitive advantage. The platform architecture was designed to make possible the storage and manipulation of very large datasets, also allowing the possibility of using different data mining techniques for inferring knowledge or to validate already existent models. Ultimately, the developed methodology and the presented outcomes demonstrate a vast potential of creating better technological management systems for the shipping industry, starting from the challenges but also from the huge opportunities this sector can offer. Journal: Journal of Business Economics and Management Pages: 695-725 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1329162 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1329162 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:695-725 Template-Type: ReDIF-Article 1.0 Author-Name: Jon Reiersen Author-X-Name-First: Jon Author-X-Name-Last: Reiersen Title: Trust as a booster Abstract: In his book Trust. The Evolutionary Game of Mind and Society, social psychologist Toshio Yamagishi (2011) states that trust can be viewed as a “booster rocket” that provides the necessary push for the take-off from the secure ground of committed relations. This article formalizes this idea with the help of a simple game theoretic model. The article looks at a situation where networks of personalized exchange relationships provide assurance against untrustworthy behaviour but reduce the opportunity to profit from trade in larger markets. Assuming that the anonymous market contains both trust-worthy and untrustworthy types, it is demonstrated that mutual trust relations can emerge, even when there is a clear danger of opportunism and the possibility of repeated interaction is ruled out. From a more practical perspective, the model provides an insight into the role trust plays for the decision to transact in networks or markets. It is also demonstrated that networks appear as mixed blessings. Networks reduce the problems arising from incomplete contracts and behavioural risk, but they also restrict individuals’ possibility to reap potential gains produced in larger markets. Journal: Journal of Business Economics and Management Pages: 585-598 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1334228 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1334228 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:585-598 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Hashem-Nazari Author-X-Name-First: Mohammad Author-X-Name-Last: Hashem-Nazari Author-Name: Akbar Esfahanipour Author-X-Name-First: Akbar Author-X-Name-Last: Esfahanipour Author-Name: S.M.T. Fatemi Ghomi Author-X-Name-First: S.M.T. Author-X-Name-Last: Fatemi Ghomi Title: Non-equidistant “Basic Form”-focused Grey Verhulst Models (NBFGVMs) for ill-structured socio-economic forecasting problems Abstract: Multiple uncertainties complicate socio-economic forecasting problems, especially when relying on ill-conditioned limited data. Such problems are best addressed by grey prediction models such as Grey Verhulst Model (GVM). This paper resolves the incompatibility between GVM’s estimation and prediction by taking its basic form equation as the basis of both. The resultant “Basic Form”-focused GVM (BFGVM) is also further developed to create Direct Non-equidistant BFGVM (DNBFGVM) and, in turn, DNBFGVM with Recursive simulation (DNBFGVMR). Experimental analyses comprise 19 socio-economic time series with an emphasis on Iranian population, a low-frequency non-equidistant time series with remarkable strategic importance. Promisingly, the proposed DNBFGVM and DNBFGVMR provide accurate in-sample and out-of-sample socio-economic forecasts, show highly significant improvements over the best traditional GVM, and offer cost-effective intelligent support of decision-making. Final results suggest future trends of studied socio-economic time series. Specifically, they reveal Iranian population to grow even slower than anticipated, demanding an urgent consideration of policy-makers. Journal: Journal of Business Economics and Management Pages: 676-694 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1337045 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1337045 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:676-694 Template-Type: ReDIF-Article 1.0 Author-Name: Xiaodi Liu Author-X-Name-First: Xiaodi Author-X-Name-Last: Liu Author-Name: Zengwen Wang Author-X-Name-First: Zengwen Author-X-Name-Last: Wang Author-Name: Antoinette Hetzler Author-X-Name-First: Antoinette Author-X-Name-Last: Hetzler Title: HFMADM method based on nondimensionalization and its application in the evaluation of inclusive growth Abstract: Inclusive growth, which encompasses different aspects of life, is a growth pattern that allows all people to participate in and contribute to growth process. In this paper, a novel hesitant fuzzy multiple attribute decision making (HFMADM) approach based on the nondimensionalization of decision making attributes is presented and then applied to the evaluation of inclusive growth in China. Firstly, a novel generalized hesitant fuzzy distance measure is proposed to calculate the difference and deviation between two hesitant fuzzy elements (HFEs) without adding any values into the shorter hesitant fuzzy element. Secondly, the coefficient of variation and efficacy coefficient method are extended to accommodate hesitant fuzzy environment and then used to cope with HFMADM. In the analysis process, non-dimensional treatment for hesitant fuzzy decision data is produced. Lastly, the method proposed in this paper is applied to an example of inclusive growth evaluation problem under hesitant fuzzy environment and the case study illustrates the practicality of the proposed method. Beyond that, a comparative analysis with some other approaches is also conducted to demonstrate the superiority and feasibility of the proposed method. Journal: Journal of Business Economics and Management Pages: 726-744 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1341848 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1341848 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:726-744 Template-Type: ReDIF-Article 1.0 Author-Name: Kedong Yin Author-X-Name-First: Kedong Author-X-Name-Last: Yin Author-Name: Zhe Liu Author-X-Name-First: Zhe Author-X-Name-Last: Liu Author-Name: Peide Liu Author-X-Name-First: Peide Author-X-Name-Last: Liu Title: Trend analysis of global stock market linkage based on a dynamic conditional correlation network Abstract: The paper analyses the trend of global stock market linkages via daily data of 51 stock indices spanning the period 22 July 2005 to 30 June 2016 which covers four regions: America, Europe, Asia Pacific and Africa. A dynamic conditional multivariate generalized autoregressive conditional heteroskedasticity (DCC-MVGARCH) approach was used to calculate dynamic correlation coefficient in order to construct the volatility networks. The methods of minimum spanning tree (MST) and low pass filter were for the first time applied to analyze the variable periodicity of the comovement. The original contribution of this paper is that contrary to previous works, financial events such as Quantitative Easing (QE) and Bailouts are accounted for rather than only crisis factors such as the 2008 financial crisis and the European Debt crisis. The main findings of the paper are as follows: (1) Financial crisis promotes and strengthens global stock markets linkage in the short run; (2) Linkage cycles post crisis are significantly short, due to the effect of monetary policy spillover effects caused by QE from developed to developing countries; and (3) European stock markets are the information transmission hub for global stock market. The research conclusions would be significant for both government to regulate markets as well as for investors to diversify risks. Journal: Journal of Business Economics and Management Pages: 779-800 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1341849 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1341849 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:779-800 Template-Type: ReDIF-Article 1.0 Author-Name: Ebenezer Fiifi Emire Atta Mills Author-X-Name-First: Ebenezer Fiifi Emire Author-X-Name-Last: Atta Mills Author-Name: Bo Yu Author-X-Name-First: Bo Author-X-Name-Last: Yu Author-Name: Jie Yu Author-X-Name-First: Jie Author-X-Name-Last: Yu Title: Scaled and stable mean-variance-EVaR portfolio selection strategy with proportional transaction costs Abstract: This paper studies a portfolio optimization problem with variance and Entropic Value-at-Risk (EVaR) as risk measures. As the variance measures the deviation around the expected return, the introduction of EVaR in the mean-variance framework helps to control the downside risk of portfolio returns. This study utilized the squared l2-norm to alleviate estimation risk problems arising from the mean estimate of random returns. To adequately represent the variance-EVaR risk measure of the resulting portfolio, this study pursues rescaling by the capital accessible after payment of transaction costs. The results of this paper extend the classical Markowitz model to the case of proportional transaction costs and enhance the efficiency of portfolio selection by alleviating estimation risk and controlling the downside risk of portfolio returns. The model seeks to meet the requirements of regulators and fund managers as it represents a balance between short tails and variance. The practical implications of the findings of this study are that the model when applied, will increase the amount of capital for investment, lower transaction cost and minimize risk associated with the deviation around the expected return at the expense of a small additional risk in short tails. Journal: Journal of Business Economics and Management Pages: 561-584 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1342272 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1342272 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:561-584 Template-Type: ReDIF-Article 1.0 Author-Name: Viktorija Skvarciany Author-X-Name-First: Viktorija Author-X-Name-Last: Skvarciany Author-Name: Daiva Jurevičienė Author-X-Name-First: Daiva Author-X-Name-Last: Jurevičienė Title: Factors affecting personal customers’ trust in traditional banking: case of the Baltics Abstract: Nobody disputes that trust is an important issue in choosing a financial service provider, especially in the area of new forms of banking. The goal of this paper is to assess the most important determinants of trust in traditional banking. The study was conducted in the Baltics and personal customers had to rank the distinguished factors. Using correlation analysis and binary logistic regression model it was found that the most significant factor influencing trust in all countries is provided information by the bank. In addition, in Lithuania – bank’s characteristics, in Latvia – customers’ risk perception and bank’s characteristics, in Estonia – respondents’ experience of cooperation with a bank were highlighted as significant. The following measures of fit are used in order to describe the created logistic models: contingency table test, Nagelkerke pseudo-R2, Pearson chisquare test, Wald test. However, there is a limitation – the survey was conducted online. Nevertheless, as Internet penetration rate is high enough in investigated countries (from 76 percent in Latvia to 91 percent in Estonia), survey results can be adapted for at least seventy-five percent of each country’s population. The findings have implications on the development of the strategy and the policy of commercial banks. Journal: Journal of Business Economics and Management Pages: 636-649 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1345784 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1345784 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:636-649 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Corrigendum Journal: Journal of Business Economics and Management Pages: 801-801 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1356445 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1356445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:801-801 Template-Type: ReDIF-Article 1.0 Author-Name: Ashiqur Rahman Author-X-Name-First: Ashiqur Author-X-Name-Last: Rahman Author-Name: Jaroslav Belas Author-X-Name-First: Jaroslav Author-X-Name-Last: Belas Author-Name: Tomas Kliestik Author-X-Name-First: Tomas Author-X-Name-Last: Kliestik Author-Name: Ladislav Tyll Author-X-Name-First: Ladislav Author-X-Name-Last: Tyll Title: Collateral requirements for SME loans: empirical evidence from the Visegrad countries Abstract: The purpose of this paper is to examine the determinants of collateral for small and medium enterprises (SMEs) in the context of Visegrad countries: Czech Republic, Slovak Republic, Hungary and Poland. The data set for this paper was obtained from the Business Environment and Enterprise Performance Survey (BEEPS), which was conducted by the World Bank and the European Bank for Reconstruction and Development (EBRD) from 2012–2014. A binary logistic regression model with different specifications was employed to examine the effect of independent variables on the incidence of collateral. The results show that risky borrowers need to pledge collateral and the reduction of asymmetric information can lower the incidence of collateral for SMEs. Moreover, we find that female borrowers are more likely to pledge collateral than male borrowers are. The results also suggest that loans with a longer maturity are more likely to be collateralized than short-term loans. We find evidence that bank-borrower proximity can alleviate the incidence of collateral whereas bank concentration may increase collateral requirements. Policy makers may consider these results to implement policies that can promote bank competition and can lower collateral requirements for female borrowers. The paper contributes to the ongoing debate on the determinants of collateral. Journal: Journal of Business Economics and Management Pages: 650-675 Issue: 4 Volume: 18 Year: 2017 Month: 7 X-DOI: 10.3846/16111699.2017.1357050 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1357050 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:4:p:650-675 Template-Type: ReDIF-Article 1.0 Author-Name: Cláudia P. Ribau Author-X-Name-First: Cláudia P. Author-X-Name-Last: Ribau Author-Name: António C. Moreira Author-X-Name-First: António C. Author-X-Name-Last: Moreira Author-Name: Mário Raposo Author-X-Name-First: Mário Author-X-Name-Last: Raposo Title: SMEs innovation capabilities and export performance: an entrepreneurial orientation view Abstract: Although there are several studies analysing how innovation capabilities influence export performance, this study aims to present the impact of a set of internal innovation capabilities on export performance of small and medium-sized firms (SMEs), with the mediating role of entrepreneurial orientation contingent upon the proactive or reactive behaviour of the firms to external stimuli. The study involves the analysis of 147 questionnaire-based survey of managers from plastic manufacturing SMEs operating in Portugal that were subjected to a Partial Least Squares-Structural Equation Modelling (PLS-SEM) technique. The results show that proactive firms to external stimuli are not only better at innovating but also their entrepreneurial orientation capabilities underpin a better performance in international markets when compared with firms that react to external stimuli. This study has implications for SMEs aiming at increasing their export performance and innovativeness. For practitioners the findings of this study should enable SMEs owner/managers to better understand the possible impacts of innovation capabilities and entrepreneurial orientation on export performance, and thus lead to more effective SMEs management. Journal: Journal of Business Economics and Management Pages: 920-934 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1352534 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1352534 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:920-934 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Andersson Author-X-Name-First: Martin Author-X-Name-Last: Andersson Author-Name: Trudy-Ann Stone Author-X-Name-First: Trudy-Ann Author-X-Name-Last: Stone Title: Global sourcing and technical efficiency – a firm-level study on the ICT industry in Sweden Abstract: We analyse the relationship between international sourcing, measured as imports of intermediate inputs, and the technical efficiency of firms in the information and communications technologies (ICT) manufacturing industry in Sweden. Using stochastic frontier analysis, we provide evidence that global sourcing improves firms’ capabilities to combine and re-combine inputs in productive ways, thereby increasing technical efficiency. We find a robust relationship between technical efficiency and international outsourcing. First, we find that firms that are deeply integrated into global sourcing networks are closer to their own production frontier. Second, firms that are engaged in international sourcing are also closer to the industry efficiency frontier. These findings are consistent with the argument that international sourcing stimulates firms’ capabilities by enabling them to identify and adopt higher quality inputs or more efficient production and management practices. These findings also suggest that the variety and extent of firms’ global sourcing networks constitute an important source of differences in efficiency levels among firms the ICT manufacturing industry. Journal: Journal of Business Economics and Management Pages: 877-896 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1356367 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1356367 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:877-896 Template-Type: ReDIF-Article 1.0 Author-Name: Nikola Radivojević Author-X-Name-First: Nikola Author-X-Name-Last: Radivojević Author-Name: Nikola V. Ćurčić Author-X-Name-First: Nikola V. Author-X-Name-Last: Ćurčić Author-Name: Djurdjica Dj. Vukajlović Author-X-Name-First: Djurdjica Dj. Author-X-Name-Last: Vukajlović Title: Hull-White’s value at risk model: case study of Baltic equities market Abstract: Analysis of the applicability of the Hull and White (FHS) model on the Baltic equities market has not been the subject of significant research, especially not in the context of meeting the Basel Committee backtesting rules. The paper discusses the applicability of different variants of this model, in order to answer the question whether any variants (and which of them) of the model can be used in these markets in the context of the Basel II and III standards. The survey results show that 1) there isn't an optimal variant of this model, but that risk managers have to keep in mind stylized facts of financial returns when they specify the FHS model; 2) according to different criteria of the validity of the model (Basel II and III standards) different variants of models are differently ranked, which suggests that selection of a suitable model implies the use of a large number of different criteria, the model validity and loss function, especially those who take care of the size of tail loss and ES. Journal: Journal of Business Economics and Management Pages: 1023-1041 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1357049 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1357049 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:1023-1041 Template-Type: ReDIF-Article 1.0 Author-Name: Rubén Elvira Herranz Author-X-Name-First: Rubén Elvira Author-X-Name-Last: Herranz Author-Name: Pablo García Estévez Author-X-Name-First: Pablo García Author-X-Name-Last: Estévez Author-Name: María Auxiliadora de Vicente y Oliva Author-X-Name-First: María Auxiliadora de Vicente y Author-X-Name-Last: Oliva Author-Name: Rahul Dé Author-X-Name-First: Rahul Author-X-Name-Last: Dé Title: Leveraging financial management performance of the Spanish aerospace manufacturing value chain Abstract: We study financial management performance during 2008–2013 for the Spanish aerospace manufacturing value chain and the links with managerial decisions. Data from company financial statements is analysed with Principal Component Analysis, Data Envelopment Analysis and an Artificial Neural Network. Top financial performers focus on liquidity management rather than on returns: both in the short term, by increasing levels of current assets and funding them with short-term liabilities, as well as increasing asset turnover; and in the long term, by aligning equity to non-current assets, while reducing asset and debt intensity levels. Only the manufacturing value chain is analysed, showing the potential for future research in related fields (e.g. value chain, country). Benchmarking and forecasting financial performance yields information and enables agility and accuracy in the strategy setting process. This study makes a unique contribution because it applies the scientific method where no previous related studies have done. It offers the novelty of using a single metric while Ratio Analysis requires multiple unweighted measures. We contribute by: (a) providing a method based on publicly information to benchmark and predict financial performance, thus offering benefits for aerospace stakeholders and academia; and (b) employing a big data sample that closely represents the population. Journal: Journal of Business Economics and Management Pages: 1005-1022 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1357655 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1357655 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:1005-1022 Template-Type: ReDIF-Article 1.0 Author-Name: Chih-Ching Yang Author-X-Name-First: Chih-Ching Author-X-Name-Last: Yang Title: Reduction of non-performing loans in the banking industry: an application of data envelopment analysis Abstract: The increase in non-performing loans around the world has had quite a negative impact on many nations’ banking systems. To address these problems, many creative regulatory solutions and well-designed risk techniques have been utilized in the hope of reducing non-performing loans to an acceptable level. The purpose of this study is to apply a newly developed data envelopment analysis model to suggest the most efficient plan (called Plan 4) to reduce non-performing loans that can maximize the efficiency of the entire banking industry’s control over the bad debts. For comparison purpose, three other reduction plans are also represented. The four plans are presented using data from Taiwan’s banking industry. The empirical results show that among the plans presented, Plan 4 shows the most effective allocation of the industry-wide reduction target. The plan focuses on a finite number of banks, helping identify the key units to improve industry-wide efficiency. The findings implicitly suggest that the regulator should devise more incentive measures to encourage target banks to perform the non-performing loan reduction task. Our results also suggest that for the regulator, forcing banks to cut their non-performing loans by the same ratio will not help improve the relative efficiency of the industry. Journal: Journal of Business Economics and Management Pages: 833-851 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1358209 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1358209 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:833-851 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Munk Author-X-Name-First: Michal Author-X-Name-Last: Munk Author-Name: Anna Pilkova Author-X-Name-First: Anna Author-X-Name-Last: Pilkova Author-Name: Lubomir Benko Author-X-Name-First: Lubomir Author-X-Name-Last: Benko Author-Name: Petra Blažeková Author-X-Name-First: Petra Author-X-Name-Last: Blažeková Title: Pillar 3: market discipline of the key stakeholders in CEE commercial bank and turbulent times Abstract: The study presented in the paper contributes to covering the gap in the area of sufficient information disclosure that also increases the interests of relevant stakeholders in contributing to depository market discipline and in being relevant to their interest within Pillar 3 framework. This paper is focused on an analysis of website data dedicated to Pillar 3 disclosures of commercial banks and on studying the behaviour of stakeholders in relation to the timing of serious market turbulence. The examined data consists of log files that were pre-processed using web mining techniques and from which were extracted frequent itemsets by quarters and evaluated in terms of quantity. The authors have proposed a methodology to evaluate frequent itemsets of web parts over a dedicated time period. The results show that stakeholders’ interest in disclosures is lower after turbulent times in 2009, higher in the first quarter, also higher together with annual reports (lower for Pillar 3 solo information). The paper's results suggest that further changes in commercial banks´ information disclosure are inevitable in order to achieve an effective market discipline mechanism and meaningful disclosures according to the regulator´s expectations. Journal: Journal of Business Economics and Management Pages: 954-973 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1360388 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1360388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:954-973 Template-Type: ReDIF-Article 1.0 Author-Name: Serkan Aras Author-X-Name-First: Serkan Author-X-Name-Last: Aras Author-Name: İpek Deveci Kocakoç Author-X-Name-First: İpek Author-X-Name-Last: Deveci Kocakoç Author-Name: Cigdem Polat Author-X-Name-First: Cigdem Author-X-Name-Last: Polat Title: Comparative study on retail sales forecasting between single and combination methods Abstract: In today's competitive global economy, businesses must adjust themselves constantly to ever-changing markets. Therefore, predicting future events in the market-place is crucial to the maintenance of successful business activities. In this study, sales forecasts for a global furniture retailer operating in Turkey were made using state space models, ARIMA and ARFIMA models, neural networks, and Adaptive Network-based Fuzzy Inference System (ANFIS). Also, the forecasting performances of some widely used combining methods were evaluated by comparison with the weekly sales data for ten products. According to the best of our knowledge, this study is the first time that the recently developed state space models, also called ETS (Error-Trend-Seasonal) models, and the ANFIS model have been tested within combining methods for forecasting retail sales. Analysis of the results of the single models in isolation indicated that none of them outperformed all the others across all the time series investigated. However, the empirical results suggested that most of the combined forecasts examined could achieve statistically significant increases in forecasting accuracy compared with individual models and with the forecasts generated by the company's current system. Journal: Journal of Business Economics and Management Pages: 803-832 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1367324 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1367324 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:803-832 Template-Type: ReDIF-Article 1.0 Author-Name: Rizwan Raheem Ahmed Author-X-Name-First: Rizwan Raheem Author-X-Name-Last: Ahmed Author-Name: Jolita Vveinhardt Author-X-Name-First: Jolita Author-X-Name-Last: Vveinhardt Author-Name: Dalia Štreimikienė Author-X-Name-First: Dalia Author-X-Name-Last: Štreimikienė Author-Name: Muhammad Ashraf Author-X-Name-First: Muhammad Author-X-Name-Last: Ashraf Author-Name: Zahid Ali Channar Author-X-Name-First: Zahid Ali Author-X-Name-Last: Channar Title: Modified SERVQUAL model and effects of customer attitude and technology on customer satisfaction in banking industry: mediation, moderation and conditional process analysis Abstract: Banks are very important financial services sector, and in banking sector there is an intense competition amongst the local and foreign banks throughout the world. The objective of this research is to analyse the effects of perceived value and customer trust, and role of technology in banking service qualities and customers’ satisfaction in Pakistani context. For this purpose we employed modified SERVQUAL model with four dimensions such as empathy, competence, reliability, and online service. An adapted questionnaire was used to carry out this survey research, and collected 830 responses from the customers of Pakistani banking industry. We used factor analysis, confirmatory factor analysis, and bootstrapping methods to carry out this research. The results of the study demonstrated that our four-dimensional model of modified SERVQUAL has a significant impact on overall customer satisfaction. It is further concluded from the bootstrapping method that modified SERVQUAL dimensions and customer satisfaction are positively mediated by the perceived value and trust. Finally, it is also concluded that the implementation of technology serves as moderating variable in the banking sector. The outcomes of this research are beneficial to the senior management of banking sector in order to implement the effective and customised online banking structure to gain competitive advantages, and provide vibrant online banking services that enhance the standard and ease of services to the customers and earn their confidence. The originality and novelty of this research provide a significant contribution in the application of SERVQUAL model specifically for the banking service quality dimensions and customer satisfaction in marketing research. Journal: Journal of Business Economics and Management Pages: 974-1004 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1368034 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1368034 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:974-1004 Template-Type: ReDIF-Article 1.0 Author-Name: Beata Gavurova Author-X-Name-First: Beata Author-X-Name-Last: Gavurova Author-Name: Jaroslav Belas Author-X-Name-First: Jaroslav Author-X-Name-Last: Belas Author-Name: Kristina Kocisova Author-X-Name-First: Kristina Author-X-Name-Last: Kocisova Author-Name: Tomas Kliestik Author-X-Name-First: Tomas Author-X-Name-Last: Kliestik Title: Comparison of selected methods for performance evaluation of Czech and Slovak commercial banks Abstract: The successful development of economy is based on the efficient and stable performance of commercial banks. A broad range of methods is used to evaluate them. Each method has its own specific features and logic, which results in the existence of discrepancies in the results of their evaluation. For this reason, as well as due to the elimination of model risk, numerous methods are recommended in practice to detect multidimensional disproportions in bank performance and to create a comparator base. This led to the realization of the research aimed at assessing the performance of selected Czech and Slovak banks by applying several methods and evaluating the process and outcome differences of these methods. The data were obtained from the non-consolidated financial statements published in the annual reports of the evaluated banks. The analysis showed that all methods have roughly the same results. Almost perfect correlation had been found not only among the methods of multi-criteria evaluation, but also among the other investigators. Journal: Journal of Business Economics and Management Pages: 852-876 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1371637 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1371637 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:852-876 Template-Type: ReDIF-Article 1.0 Author-Name: Yaiza Armas-Cruz Author-X-Name-First: Yaiza Author-X-Name-Last: Armas-Cruz Author-Name: Esperanza Gil-Soto Author-X-Name-First: Esperanza Author-X-Name-Last: Gil-Soto Author-Name: Juan Ramón Oreja-Rodríguez Author-X-Name-First: Juan Ramón Author-X-Name-Last: Oreja-Rodríguez Title: Environmental management in SMEs: organizational and sectoral determinants in the context of an Outermost European Region Abstract: This paper evaluates the environmental behavior of SMEs in the Canary Islands (Spain), one of the Outermost European Regions. The islands’ fragile socioeconomic systems and scarce resources noticeably condition the competitiveness of their firms. An empirical analysis ranks environmental protection practices in SMEs and identifies differences on the basis of size and business sector. In addition, groups of firms with different environmental behavior are identified to facilitate the design of environmental policies, improve effectiveness in decision making and the more efficient use of resources. From a theoretical perspective, this paper contributes to the gap identified by the precursors of the Natural Resource-Based View of the firm by analyzing specific resource combinations that each firm can use to improve its environmental performance and achieve competitive advantages. The firms best positioned to develop the dynamic capabilities needed are identified not only considering the physical environment, but also the socio-economic one and key intangible resources are measured that shape firms’ environmental strategy. Journal: Journal of Business Economics and Management Pages: 935-953 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1373375 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1373375 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:935-953 Template-Type: ReDIF-Article 1.0 Author-Name: Fatemeh Ghasemzadeh Author-X-Name-First: Fatemeh Author-X-Name-Last: Ghasemzadeh Author-Name: Mahsa Pishdar Author-X-Name-First: Mahsa Author-X-Name-Last: Pishdar Author-Name: Jurgita Antuchevičienė Author-X-Name-First: Jurgita Author-X-Name-Last: Antuchevičienė Title: Prioritization of petroleum supply chains’ disruption management strategies using combined framework of BSC approach, fuzzy AHP and fuzzy Choquet integral operator Abstract: Industries in every sector have observed tangible losses from a broad range of disruptions during recent years. Factors such as globalization and outsourcing have made supply chains more sophisticated and this makes disruption management more necessary. Any disruption in each part of supply chain makes the whole supply chain face derangement and at last, ultimate customers realize the shaped disadvantages. Since avoidance of disruption occurrence is not always possible, application of different strategies with the aid of minimization of negative effects seems necessary. That is why in this paper, different strategies for disruption management in petroleum products supply chain and suitable criteria for prioritizing them are recognized via Balanced Score Card approach measures. After that, by application of fuzzy Analytical Hierarchy Process and intuitionistic fuzzy Choquet integral operator, their priorities are specified in order to make a guideline for managers to set proper plans and manage such disruptions more accurately. Journal: Journal of Business Economics and Management Pages: 897-919 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1380075 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1380075 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:897-919 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Hroncová Vicianová Author-X-Name-First: Jana Author-X-Name-Last: Hroncová Vicianová Author-Name: Jana Jaďuďová Author-X-Name-First: Jana Author-X-Name-Last: Jaďuďová Author-Name: Martin Hronec Author-X-Name-First: Martin Author-X-Name-Last: Hronec Author-Name: Silvia Rolíková Author-X-Name-First: Silvia Author-X-Name-Last: Rolíková Title: Developing eco-innovation in business practice in Slovakia Abstract: The paper presents the analyses and evaluates the current state of implementation of eco-innovation in the most energy-intensive sectors in Slovakia and also compares the eco-innovation performance of EU countries. Furthermore, it identifies the economic and environmental benefits from which businesses can profit following the introduction of this type of eco-innovation; it confirms the relationship between investments in environmental technologies and increasing sales of ecological products and services and identifies opportunities for development of eco-innovations in Slovakia. The industrial sectors in Slovakia have the potential to utilise eco-innovation throughout the structure of their economic activities, to develop new technologies and knowledge as well as in creating and developing partnerships, networks and mutual cooperation for the development of eco-innovation on the proviso that appropriate supporting eco-innovation policies and stimulus measures are in place. An analysis of the current state of eco-innovations in the selected enterprises was carried out on the basis of original empirical research which is based on a questionnaire survey on enterprises in the Slovak Republic. Journal: Journal of Business Economics and Management Pages: 1042-1061 Issue: 5 Volume: 18 Year: 2017 Month: 9 X-DOI: 10.3846/16111699.2017.1381146 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1381146 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:5:p:1042-1061 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 1 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636146 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636146 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:1:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Stasys Čirba Author-X-Name-First: Stasys Author-X-Name-Last: Čirba Title: Determining market concentration Abstract: One of the major problems associated with market concentration is its quantitative evaluation. In fact, a concept of the concentration curve is used in almost every case. The suggested measures may be classified as discrete or accumulative values. All of them are of limited accuracy because the first ones take into account only a part of the concentration curve, while the second values cannot adequately describe the situation in the market. The accuracy of the above measures can be determined based on the total difference in the relationship between the carriers of particular attributes in the market and the value calculated for them by the market concentration formula based on the suggested measure. The above measure yields the best result in determining the total difference. Journal: Journal of Business Economics and Management Pages: 3-10 Issue: 1 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636147 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636147 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:1:p:3-10 Template-Type: ReDIF-Article 1.0 Author-Name: Ona Rakauskiene Author-X-Name-First: Ona Author-X-Name-Last: Rakauskiene Author-Name: Eugenijus Chlivickas Author-X-Name-First: Eugenijus Author-X-Name-Last: Chlivickas Title: Public finance of Lithuania: Gender perspective Abstract: The paper presents the analysis of Lithuania's economic growth, tax policy, state budget and municipality budgets, using of the EU structural funds support from a gender perspective. Gender asymmetry is examined not only at the microeconomic level, but also at the level of macroeconomics, therefore solutions of gender problems have to be relevant and adopted in view of macroeconomic criteria. Journal: Journal of Business Economics and Management Pages: 11-27 Issue: 1 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636148 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:1:p:11-27 Template-Type: ReDIF-Article 1.0 Author-Name: Kavita Singh Author-X-Name-First: Kavita Author-X-Name-Last: Singh Title: Predicting organizational commitment through organization culture: A study of automobile industry in India Abstract: The extent to which the employees of an organization feel committed to their organization can be easily gathered from the strength of its culture. This points out that even though the culture is holistic, it can be strengthened by commitment. Culture can be managed by managing the employees of the organization and also by leader's actions and interventions and these are also understood as the targets of management of commitment. Management of commitment is also the management of culture, as it is commitment that binds people to organization's ideas and agents. With these notions in mind, the present study makes an attempt, firstly, to integrate different conceptual constructs of commitment and culture and secondly, to identify the relationship between organizational commitment and organization culture. The study is based on a sample of 382 executives from five automobile companies. The findings indicate that most of the dimensions of organizational culture are positively and significantly related to the dimensions of organizational commitment. Some of the dimensions of culture also made significant contribution to predict organizational commitment. The main issue that emerges from this study is that the importance of organizational culture in understanding organizational commitment can neither be underestimated nor overlooked. Journal: Journal of Business Economics and Management Pages: 29-37 Issue: 1 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636149 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636149 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:1:p:29-37 Template-Type: ReDIF-Article 1.0 Author-Name: Ruth Alas Author-X-Name-First: Ruth Author-X-Name-Last: Alas Author-Name: Krista Tuulik Author-X-Name-First: Krista Author-X-Name-Last: Tuulik Title: Cultural practices and values at the societal level in Estonia in comparison with neighbouring countries Abstract: The research question in this paper involves comparing the differences between the actual regional societal culture (cultural practices) and the desired regional societal culture (cultural values) in Estonia with cultural practices in neighbouring countries Russia and Finland. Practices at the organization level are compared with practices and values at the societal level in Estonia. An analysis of results from the GLOBE research project have indicated that Russia and Finland have both had an impact on Estonian culture and practices. Similarities with Finland stem from the shared genetic background and appear in Estonian values. The Soviet heritage can be seen in Estonian societal and organizational practices, which are closer to Russian than Finnish indicators. Change in practices takes time and starts from within and among organizations, but over time this may also spread to the society. Journal: Journal of Business Economics and Management Pages: 39-44 Issue: 1 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636150 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636150 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:1:p:39-44 Template-Type: ReDIF-Article 1.0 Author-Name: Gerhard Mudrack Author-X-Name-First: Gerhard Author-X-Name-Last: Mudrack Title: The current tax situation of occupational pensions and pan‐European pension funds Abstract: The main tax obstacle to the functioning of pan‐European pension funds is the exclusion from tax relief of cross‐border contributions. Many Member States have eliminated this obstacle or have announced that they will do this soon. The few Member States which may wish to continue the discrimination against foreign funds may find it very difficult to explain to the ECJ why they cannot do what so many other Member States already have. The conclusion of this article is, therefore, that for most situations, the main tax obstacle for pan‐European pension funds will be eliminated after the implementation date of the Pension Fund Directive, that was by 23 September 2005. The Pension Fund Directive includes the assumptions for a cross‐border activity of company pension funds. Among the existing national regulations of the setting of the systems of old age pensions the member states have to allow domestic companies in line with the Pension Fund Directive to be institution of foreign pension funds, which are licensed in other member states. Journal: Journal of Business Economics and Management Pages: 45-49 Issue: 1 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636151 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:1:p:45-49 Template-Type: ReDIF-Article 1.0 Author-Name: Borisas Melnikas Author-X-Name-First: Borisas Author-X-Name-Last: Melnikas Author-Name: Rasa Smaliukiene Author-X-Name-First: Rasa Author-X-Name-Last: Smaliukiene Title: Consumer vulnerability in pharmaceutical market: Case of Baltic countries Abstract: Consumer vulnerability receives attention in search for effective solutions of complex problems in the social welfare system on the international as well as local or regional scale. Pharmaceutical consumer vulnerability takes various forms and therefore it may be analyzed in social, economic, legal, ecological or purely medical terms. The article presents an integrated methodology that was applied to develop an indicator of pharmaceutical consumption and pharmaceutical consumer vulnerability; it also presents findings of the research, which employed this methodology to estimate vulnerability of different consumer groups as well as general consumer vulnerability in Lithuania, Latvia and Estonia. Journal: Journal of Business Economics and Management Pages: 51-62 Issue: 1 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636152 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:1:p:51-62 Template-Type: ReDIF-Article 1.0 Author-Name: Antanas Makštutis Author-X-Name-First: Antanas Author-X-Name-Last: Makštutis Title: The problems of development of national state Abstract: The paper analyzes the global economic factors of the development of the national state in the European Union (EU). The place of the national state is shown under globalization in the common EU space where under the conditions of a free market complicated tasks are being formed: development of progress, promotion of democracy in the territory of the state, and activation of the public activity. Problems of the national state and public development as well as ways of their solution are described. Analysis is given of the opportunities for modernization of the organization in the national market and the common EU space, factors related to optimization of human labour are determined and presented, and methods are foreseen for solving the future political, economic and social problems in the EU under the conditions of globalization. Journal: Journal of Business Economics and Management Pages: 63-68 Issue: 1 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636153 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636153 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:1:p:63-68 Template-Type: ReDIF-Article 1.0 Author-Name: Rima Tamošiūniene Author-X-Name-First: Rima Author-X-Name-Last: Tamošiūniene Author-Name: Regina Jasilioniene Author-X-Name-First: Regina Author-X-Name-Last: Jasilioniene Title: Customer relationship management as business strategy appliance: Theoretical and practical dimensions Abstract: The main purpose of this article is to provide an integral and managerially useful view of customer relationship management (CRM) as business strategy. The key objectives are: to analyze CRM origins, development and changes that have occurred over time and to provide its future directions, to rank the variety of CRM definitions and determine CRM definition, which reflects CRM essence most accurately, to analyze components of CRM, to provide a framework, which ensures that CRM is approached on a strategic, balanced and integrated basis, to determine CRM strategy definition, and to identify CRM strategy position in the whole of companies strategies. The article provides best practices of CRM strategy appliance. The methods used: analysis and generalization of scientific and practical works and statistical data. Journal: Journal of Business Economics and Management Pages: 69-78 Issue: 1 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636154 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636154 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:1:p:69-78 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 4 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636137 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636137 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Herbert Grüner Author-X-Name-First: Herbert Author-X-Name-Last: Grüner Author-Name: Lars Neuberger Author-X-Name-First: Lars Author-X-Name-Last: Neuberger Title: Entrepreneurs' education: Critical areas for the pedagogic‐didactic agenda and beyond Abstract: In the following article we aim to give the reader an insight into the problems we have encountered since we began developing a curriculum for entrepreneur education at university level. We have been able to find solutions to some of the problems faced. More interesting though seem to be the quandaries which crop up almost automatically when pedagogues attempt to formulate a programme of “Entrepreneur Education”. They give us occasion to critically reflect on some accepted standpoints, and should also open up interesting perspectives for the reader for his or her own consideration. As such we intend to spend more time on the quandaries whilst providing rather brief sketches of our solutions. We hope to be able to offer a small contribution to the field in order to fuel critical debate in the discipline of Entrepreneurship Research and Education; debate whose aim is to effect critically constructive reflection on practice and existing knowledge, and forge innovative new paths towards the object of research. Journal: Journal of Business Economics and Management Pages: 163-170 Issue: 4 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636138 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:4:p:163-170 Template-Type: ReDIF-Article 1.0 Author-Name: Jonas Mackevičius Author-X-Name-First: Jonas Author-X-Name-Last: Mackevičius Author-Name: Kastytis Senkus Author-X-Name-First: Kastytis Author-X-Name-Last: Senkus Title: The system of formation and evaluation of the information of cash flows Abstract: A very urgent problem of formation of cash flows in conditions of the competitive market is considered in the present article. Cash flows are defined as the inflows and outflows of cash and cash equivalents, created within a certain period of time out of the operating, financial, investment and extraordinary activities of the company. Examples of cash flows out of the operating, financial and investment activities of the company are adduced. The system of formation and evaluation of the information about cash flows is created. Its principal elements are as follows: cash flow accounting, classification of cash flows, issuing of the cash flow statement, control and analysis of cash flows, cash flow forecasting. The methods of analysis of cash flows are created, i.e. the horizontal analysis of the cash flow statement; the vertical analysis of the cash flow statement; the analysis of financial ratios of the cash flow statement; preparation of the cash flow forecast. Practical application of the system of formation and evaluation of the information about cash flows would help the company managers to take various management decisions on evaluation of the company's financial condition and its activity results better, quicker and more precisely. Journal: Journal of Business Economics and Management Pages: 171-182 Issue: 4 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636139 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636139 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:4:p:171-182 Template-Type: ReDIF-Article 1.0 Author-Name: Levent Kosekahyaoglu Author-X-Name-First: Levent Author-X-Name-Last: Kosekahyaoglu Title: A comparative analysis of FDI in Turkey and the CEECs: Is there any link between FDI and trade? Abstract: This paper examines the structure of foreign direct investment (FDI) flows into Turkey and the Central and Eastern European Countries (CEECs) as well as the other new members of the European Union (EU). Our study has two main parts. Firstly, we investigate the key economic and political factors that have an impact on foreign investment, for example, the macroeconomic performance, the production cost and the size of domestic market. Secondly, we explore the relationship between FDI and trade flows for Turkey, the Czech Republic, Hungary and Poland using the Granger causality methodology. Journal: Journal of Business Economics and Management Pages: 183-200 Issue: 4 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636140 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:4:p:183-200 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Vida Vaitkūnaite Author-X-Name-First: Vida Author-X-Name-Last: Vaitkūnaite Title: Analysis of organizational culture dimensions impacting performance Abstract: The paper reveals multidimensional nature of organizational culture. When investigating its influence on success only performance influencing dimensions must be under consideration. The authors suggest the ways for reducing their number: content analysis and hierarchical structuring method. The system (list) of dimensions was formed by using the mentioned methods. Questionnaire was made. Relationship between dimensions and their influence on performance was tested. Journal: Journal of Business Economics and Management Pages: 201-211 Issue: 4 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636141 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636141 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:4:p:201-211 Template-Type: ReDIF-Article 1.0 Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Author-Name: Julija Michailova Author-X-Name-First: Julija Author-X-Name-Last: Michailova Title: Factors affecting securities prices: Theoretical versus practical approach Abstract: Securities market has been influenced by entirety of factors, which roughly could be divided into various groups. In order to show complexity of phenomenon authors strive to overview theories of stock price behaviour. Taking into account, that various authors present rather controversial empirical evidences of certain factors impact on stock’ prices, authors of this paper try to test some relationships practically. Statistical analysis aiming to evaluate quantitatively the dependence of stock index on some chosen statistically measurable factors is being performed. For the latter purpose stock prices of Lithuanian companies and such macroeconomic variables as foreign direct investment, state budget revenue and expenditure, gross domestic product, price index of consumer goods and services, money in a broad sense, average profitability of governmental bonds and inflation have been employed. Journal: Journal of Business Economics and Management Pages: 213-222 Issue: 4 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636142 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636142 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:4:p:213-222 Template-Type: ReDIF-Article 1.0 Author-Name: Algis Šileika Author-X-Name-First: Algis Author-X-Name-Last: Šileika Author-Name: Daiva Andriušaitiene Author-X-Name-First: Daiva Author-X-Name-Last: Andriušaitiene Title: Problems of identifying and regulating the structure of the labour market in depressive Lithuanian regions Abstract: In order to identify labour market problems in the depressive regions of Lithuania and to provide guiding lines in the search for their solution, it is necessary to conduct a systematic analysis of the structure of employable population encompassing the characteristics of segments of employed and unemployed persons as well as individuals not registered with the official labour market. Correlation and factor analysis of eighteen macroeconomic indicators investigating into indicators of all municipalities of the country and depressive regions separately (20 municipalities where the unemployment rate exceeded the average in the country by 1,5 times in 2004) enabled evaluation of the significance of employment and unemployment indicators as well as impact thereof on other indicators chosen for the analysis to feature the trends of social and economic development on national level and in depressive regions in 1996–2004. Apart from special sociological research, characterization of the structure and peculiarities of labour force is confined to assumptions of logical analysis, but the invented technologies give grounds to maintain that dynamics of the employment indicator reflects the trends and outcomes of the development of economic activities only to a certain limited extent. Relation of the unemployment indicator, particularly that of long‐term unemployment, with other macroeconomic indicators is much tighter. However, as we can see from the analysis, relevantly big share of employable individuals not participating in the labour market has been little analysed by the structure, though most probably this share consists of the following basic groups: unemployed “volunteers”, “labour migrants”, unofficially employed individuals and persons employed in in‐kind farms. Yet, the analysis of statistical data shows that this is not an idiosyncrasy of depressive regions of the country. In the analysis of the structure of the labour market, the following problems extremely important in the depressive regions of Lithuania may be singled out: long‐term unemployment trap determines emigration of youth and better skilled labour force; consequently this results in prevalence of senior and pension‐age population, unskilled labour force and out‐of‐skill individuals in the structure of employable population, and in unofficial, ineffective “survival” employment in small, quasi‐in‐kind farms that have become a traditional way of life of rural population. Journal: Journal of Business Economics and Management Pages: 223-233 Issue: 4 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636143 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636143 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:4:p:223-233 Template-Type: ReDIF-Article 1.0 Author-Name: Aušra Aleknavičiene Author-X-Name-First: Aušra Author-X-Name-Last: Aleknavičiene Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Title: Some aspects of the Lithuanian banking sector transformation Abstract: The paper deals with changes in Lithuanian banking sector, which occurred during the 1996–2005 period. Authors highlight main driving force – foreign direct investments (FDI) into sector. Structure‐conduct‐performance (SCP) approach for sector transformation analysis has been adapted and applied. Change of a set of indicators incorporated into presented variation SCP is being commented. On that basis authors evaluate transformations of banking sector in terms of number and capital origin of market players, sector expansion, concentration and financial performance efficiency. Assumption about more efficient functioning of foreign banks in less developed countries is being discussed; considerations concerning foreign capital impact, taking into account positive and negative plausible facets presented. Journal: Journal of Business Economics and Management Pages: 235-241 Issue: 4 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636144 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636144 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:4:p:235-241 Template-Type: ReDIF-Article 1.0 Author-Name: Gregor Költzsch Author-X-Name-First: Gregor Author-X-Name-Last: Költzsch Title: Innovative methods to enhance transaction security of banking applications Abstract: The increasing number of identity theft incidents such as credit card fraud, card duplication and internet attacks threaten the banking business that is mainly based on customer trust. Information and communication technologies create new business opportunities and innovative applications but do also enable new attack scenarios. Therefore, maintaining security and integrity is essential for the future economic success of banking. Biometric technologies such as fingerprint and facial recognition provide the means to enhance banking security. They are concerned with the measurement and evaluation of human physiological or behavioral data. Although the security‐oriented use of biometric technologies has become the most important field of development, they also enable a variety of convenience‐oriented use cases and applications. The article describes the security issues raised by technology‐based banking applications and outlines the idea of biometric technologies. Eventually, potential security and convenience‐driven use cases for biometrics in banking are illustrated based on examples given by a variety of professional project reports, magazines and other sources. Journal: Journal of Business Economics and Management Pages: 243-249 Issue: 4 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636145 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636145 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:4:p:243-249 Template-Type: ReDIF-Article 1.0 Author-Name: Artūras Petraška Author-X-Name-First: Artūras Author-X-Name-Last: Petraška Author-Name: Kristina Čižiūnienė Author-X-Name-First: Kristina Author-X-Name-Last: Čižiūnienė Author-Name: Aldona Jarašūnienė Author-X-Name-First: Aldona Author-X-Name-Last: Jarašūnienė Author-Name: Pavlo Maruschak Author-X-Name-First: Pavlo Author-X-Name-Last: Maruschak Author-Name: Olegas Prentkovskis Author-X-Name-First: Olegas Author-X-Name-Last: Prentkovskis Title: Algorithm for the assessment of heavyweight and oversize cargo transportation routes Abstract: The improvement of transportation systems and technologic equipment leads to changing technical capabilities of this equipment. With the development of technologies, industrial development is also inevitable, resulting in correspondingly increasing need of transportation of HeavyWeight and OverSize (HW/OS) cargo. The application of a systematic approach in HW/OS cargo transportation processes allows reducing costs of delivery of such a cargo several times, which leads to a dramatic change of economic development and investment attraction conditions. Thus creating a system of criteria for the selection and assessment of HW/OS routes, which would allow selecting the most appropriate route of transportation in terms of cost and time, is expedient for this reason. The algorithm for the assessment of HW/OS cargo transportation routes will be drawn up in this article. This algorithm enables an objective evaluation of HW/OS transportation processes comparing different modes of transport, route segments, cargo transportation and cargo handling technology, and it can be practically applied to any territory. Journal: Journal of Business Economics and Management Pages: 1098-1114 Issue: 6 Volume: 18 Year: 2017 Month: 11 X-DOI: 10.3846/16111699.2017.1334229 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1334229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:6:p:1098-1114 Template-Type: ReDIF-Article 1.0 Author-Name: Teodoras Medaiskis Author-X-Name-First: Teodoras Author-X-Name-Last: Medaiskis Author-Name: Tadas Gudaitis Author-X-Name-First: Tadas Author-X-Name-Last: Gudaitis Title: Evaluation of second pillar pension funds’ supply and investment strategies in Baltics Abstract: Pension accumulation companies in Baltics are allowed to offer any number of second pillar pension funds with different investment strategies. Funds are traditionally categorized by maximum limit of investments in equities. It shall help participants to choose the fund according to their risk aversion and age. However, no scientific research has been conducted to assess correctness of such a breakdown and to estimate the differences (if they exist) of pension funds assigned to distinct groups. The results show that there are limitations to the supply side of second pillar pension funds and to participants’ possibilities to select appropriate investment strategies over life-cycle. The findings from statistical analysis suggest that used classification of pension funds is not necessarily meaningful. Even if two funds belong to different categories, this does not mean that their investment strategies and results will differ significantly. It raises the need for stricter rules for setting pension funds’ investment strategies and linkage to age of participants in order to increase compatibility between supply of funds and participants’ needs over life-cycle. Journal: Journal of Business Economics and Management Pages: 1174-1192 Issue: 6 Volume: 18 Year: 2017 Month: 11 X-DOI: 10.3846/16111699.2017.1381145 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1381145 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:6:p:1174-1192 Template-Type: ReDIF-Article 1.0 Author-Name: Giedrė Lapinskienė Author-X-Name-First: Giedrė Author-X-Name-Last: Lapinskienė Author-Name: Kęstutis Peleckis Author-X-Name-First: Kęstutis Author-X-Name-Last: Peleckis Author-Name: Neringa Slavinskaitė Author-X-Name-First: Neringa Author-X-Name-Last: Slavinskaitė Title: Energy consumption, economic growth and greenhouse gas emissions in the European Union countries Abstract: This paper investigates the relationship between economic growth, greenhouse gas emissions and other factors based on the panel data of 22 countries of the EU in the period 1995–2014. The fixed effect panel model was used as a framework for the analysis. The novel contribution of this paper is that the factors of economic growth, energy consumption, energy taxes as well as R&D were tested in one expanded EKC model, including the data of three Baltic States. The regression coefficients referring to GDP, Energy consumption have a positive sign, while R&D and Energy taxes have a negative sign. The empirical analysis combines two steps of evaluation of panel models of different groups of countries. The results imply that the analysed factors (energy consumption, energy taxes as well as R&D) can be applied to adjust the EKC trend in the region and might be useful for the climate change policy adjustment. Journal: Journal of Business Economics and Management Pages: 1082-1097 Issue: 6 Volume: 18 Year: 2017 Month: 11 X-DOI: 10.3846/16111699.2017.1393457 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1393457 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:6:p:1082-1097 Template-Type: ReDIF-Article 1.0 Author-Name: Rizwan Raheem Ahmed Author-X-Name-First: Rizwan Raheem Author-X-Name-Last: Ahmed Author-Name: Jolita Vveinhardt Author-X-Name-First: Jolita Author-X-Name-Last: Vveinhardt Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Title: Interactive digital media and impact of customer attitude and technology on brand awareness: evidence from the South Asian countries Abstract: The purpose of this study is to investigate the role of interactive digital media channels such as social media, email marketing, and mobile marketing in creating the brand awareness. We have assimilated three behavioral factors including perceived value, trust, and word of mouth as mediating factors, and the Internet and smartphone as moderating variable. Total 2565 responses have been taken to investigate the role of digital media channels, and impact of mediating and moderating variables on the brand awareness. This research has used SEM-based multivariate approach including exploratory factor analysis, confirmatory factor analysis, and conditional process technique for examining the direct and indirect influence of variables. The results of the study exhibited that the interactive digital media channels have a positive and significant direct impact on brand awareness. Results further revealed that the perceived value, trust, and word of mouth as mediating factors, and the Internet and smartphone as moderating variables have a significant and influential impact in a relationship of interactive digital media tools and the brand awareness. Journal: Journal of Business Economics and Management Pages: 1115-1134 Issue: 6 Volume: 18 Year: 2017 Month: 11 X-DOI: 10.3846/16111699.2017.1400460 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1400460 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:6:p:1115-1134 Template-Type: ReDIF-Article 1.0 Author-Name: Beata Gavurova Author-X-Name-First: Beata Author-X-Name-Last: Gavurova Author-Name: Miroslava Packova Author-X-Name-First: Miroslava Author-X-Name-Last: Packova Author-Name: Maria Misankova Author-X-Name-First: Maria Author-X-Name-Last: Misankova Author-Name: Lubos Smrcka Author-X-Name-First: Lubos Author-X-Name-Last: Smrcka Title: Predictive potential and risks of selected bankruptcy prediction models in the Slovak business environment Abstract: In our study, we focused on the assessment of four bankruptcy prediction models, to figure out which model is most appropriate in the conditions of the Slovak business environment. Based on the previous research within the Slovak conditions, we set a portfolio of 4 models to be assessed: Altman model (1984), Ohlson model (1980), indexes IN01 and IN05 that were validated on the sample of 700 Slovak companies. Based on previous studies we expected that IN indexes are superior to Ohlson and Altman model. The excellency of our research lies in validation and assessing the accuracy of bankruptcy prediction models at three levels: the overall accuracy, accuracy of the bankruptcy prediction, and the non-bankruptcy prediction accuracy. This analytical structure enables to look at the topic more complexly and to increase the objectification of accuracy of analysed models. Based on the results, we showed that Ohlson model is not applicable to predict bankruptcy in the Slovak conditions as reached the lowest bankruptcy prediction ability even if has high non bankruptcy prediction ability. On the other hand, we have confirmed our expectation about the bankruptcy prediction ability of index IN05, that is proven to be superior to Ohlson and Altman model and so is the most appropriate model for Slovak business environment. Journal: Journal of Business Economics and Management Pages: 1156-1173 Issue: 6 Volume: 18 Year: 2017 Month: 11 X-DOI: 10.3846/16111699.2017.1400461 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1400461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:6:p:1156-1173 Template-Type: ReDIF-Article 1.0 Author-Name: Claudiu Boțoc Author-X-Name-First: Claudiu Author-X-Name-Last: Boțoc Author-Name: Sorin Gabriel Anton Author-X-Name-First: Sorin Gabriel Author-X-Name-Last: Anton Title: Is profitability driven by working capital management? evidence for high-growth firms from emerging Europe Abstract: Despite the importance of high-growth firms (HGFs) for job creation, innovation, and economic development in transition economies, current knowledge on the role of financial decisions in explaining their profitability is limited. The aim of this paper is to examine the relationship between working capital management and firm profitability. Using a panel data set on HGFs from Central, Eastern, and South-Eastern Europe during the time span 2006–2015, we found an inverted U-shape relationship between working capital level and firm profitability. Our findings indicate that HGFs should find and maintain the optimal working capital level that maximizes their profitability. Our results proved to be robust when we employ different methodology (quantile regression), different sub-samples as well as alternative measures of profitability and working capital management. The study highlights the importance of short-term financial decisions in enhancing HGFs’ profitability, with significant implications for academics and practitioners. We contribute to the extant literature by providing empirical evidence on the existence a concave relationship between working capital level and firm profitability for a cross-country sample of firms. Journal: Journal of Business Economics and Management Pages: 1135-1155 Issue: 6 Volume: 18 Year: 2017 Month: 11 X-DOI: 10.3846/16111699.2017.1402362 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1402362 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:6:p:1135-1155 Template-Type: ReDIF-Article 1.0 Author-Name: Joanicjusz Nazarko Author-X-Name-First: Joanicjusz Author-X-Name-Last: Nazarko Author-Name: Katarzyna Czerewacz-Filipowicz Author-X-Name-First: Katarzyna Author-X-Name-Last: Czerewacz-Filipowicz Author-Name: Katarzyna Anna Kuźmicz Author-X-Name-First: Katarzyna Anna Author-X-Name-Last: Kuźmicz Title: Comparative analysis of the Eastern European countries as participants of the new silk road Abstract: The Chinese One Belt One Road (OBOR) initiative often referred to as the New Silk Road (NSR), seems to be the greatest endeavour of our times in terms of economy, politics and logistics. The study aimed to examine the potential of Poland, Belarus, Lithuania, Latvia, Estonia and Russia to participate in the NSR. The method applied was comparative analysis including both quantitative and qualitative studies. The juxtaposition of data from the intensity of global integration enabled assessment of the potential negative consequences of non-participation of the countries in the NSR. In turn, the analysis of specific indicators of trade integration, the intensity of global integration and the logistics performance of the researched part of Europe has made it possible to answer the question about the most promising variants of the NSR. Journal: Journal of Business Economics and Management Pages: 1212-1227 Issue: 6 Volume: 18 Year: 2017 Month: 11 X-DOI: 10.3846/16111699.2017.1404488 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1404488 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:6:p:1212-1227 Template-Type: ReDIF-Article 1.0 Author-Name: Alina Ianioglo Author-X-Name-First: Alina Author-X-Name-Last: Ianioglo Author-Name: Tatjana Polajeva Author-X-Name-First: Tatjana Author-X-Name-Last: Polajeva Title: Innovative component of economic security of enterprises: a case of the Republic of Moldova Abstract: In modern conditions of unpredictability, issues of ensuring the economic security of enterprise become particularly important and innovations are a significant component. The article aims to advance the knowledge of economic security and to develop the methodology of ensuring the economic security of enterprise and its innovative component. To achieve this goal, the following methods were used: systematization, data collection, analysis, comparison and the inductive method. The system of ensuring economic security was developed and the mechanism of increasing the innovative activity of enterprises in developing countries was determined, on example of the Republic of Moldova. The presented research results are important for the development of economic science as they represent a systematization of different approaches to economic security with the focus on its innovative component. The developed system, with its main phases and proposed measures, may be implemented by the management in order to strengthen the innovative activity and the economic security of enterprises, taking into account the features of a specific industry and the environment of a specific country. Journal: Journal of Business Economics and Management Pages: 1228-1242 Issue: 6 Volume: 18 Year: 2017 Month: 11 X-DOI: 10.3846/16111699.2017.1405365 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1405365 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:6:p:1228-1242 Template-Type: ReDIF-Article 1.0 Author-Name: Jelena Stankevičienė Author-X-Name-First: Jelena Author-X-Name-Last: Stankevičienė Author-Name: Lidija Kraujalienė Author-X-Name-First: Lidija Author-X-Name-Last: Kraujalienė Author-Name: Agnė Vaiciukevičiūtė Author-X-Name-First: Agnė Author-X-Name-Last: Vaiciukevičiūtė Title: Assessment of technology transfer office performance for value creation in higher education institutions Abstract: Innovative activities, knowledge exchange, patenting and commercialization of know-how are crucial to the value creation process in higher education institutions and other research organizations. The article analyses the technology transfer performance indicators of value creation. The methodology to identify and assess the technology transfer activities with the highest impact on created value are proposed in the paper. The following research methods were invoked: FARE method, allowed to calculate weights of each technology transfer performance indicator, when TOPSIS method redress all different indicators’ results and rank universities. The application of the proposed methodology was based on empirical data collected from Lithuanian universities. The results of the study reveal the importance of science business partnerships, TTO competence and scientists’ trust of TTO, applying particular technology transfer policy. The obtained results would be beneficial for universities technology transfer policy formation to maximize universities created value. Journal: Journal of Business Economics and Management Pages: 1063-1081 Issue: 6 Volume: 18 Year: 2017 Month: 11 X-DOI: 10.3846/16111699.2017.1405841 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1405841 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:6:p:1063-1081 Template-Type: ReDIF-Article 1.0 Author-Name: Gleb Donin Author-X-Name-First: Gleb Author-X-Name-Last: Donin Author-Name: Miroslav Barták Author-X-Name-First: Miroslav Author-X-Name-Last: Barták Author-Name: Peter Kneppo Author-X-Name-First: Peter Author-X-Name-Last: Kneppo Title: Estimation of medical equipment prices – a case study of tomotherapy equipment in the Czech Republic Abstract: Medical equipment (ME) is often considered to be an important factor in the growth of healthcare expenditures. In the Czech Republic (CR) validated approach does not yet exist for hospitals to use to assess commercial offers, nor is there a generally accepted methodology for regulatory bodies to allow for the evaluation of the effectiveness of prior purchases. This study intends to present a methodological approach that will allow for assessing the effectiveness of the procurement of capital ME based on international prices. The case of the purchase of tomotherapy system in the CR was used to demonstrate the developed approach. We performed a multiway search for international estimated and exact prices for tomotherapy unit using public-procurement databases, scientific papers, health technology assessment studies, professional reports, and Internet searches. All of the data that was gathered on prices was subjected to critical assessment vis-à-vis the reliability of the information. This research lays new methodology that may provide general background of international comparison studies focused on ME. The results provide support for decision making about the acquisitions of ME. Journal: Journal of Business Economics and Management Pages: 1193-1211 Issue: 6 Volume: 18 Year: 2017 Month: 11 X-DOI: 10.3846/16111699.2017.1409798 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1409798 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:6:p:1193-1211 Template-Type: ReDIF-Article 1.0 Author-Name: Christian Seitz Author-X-Name-First: Christian Author-X-Name-Last: Seitz Author-Name: Ján Pokrivčák Author-X-Name-First: Ján Author-X-Name-Last: Pokrivčák Author-Name: Marián Tóth Author-X-Name-First: Marián Author-X-Name-Last: Tóth Author-Name: Miroslav Plevný Author-X-Name-First: Miroslav Author-X-Name-Last: Plevný Title: Online grocery retailing in Germany: an explorative analysis Abstract: The paper focuses on the German food retailing industry with its market characteristics and the status quo of online food retailing in Germany by analysing data from market research institutes and consumer direct questionnaire. The paper examines the consumers’ perceptions of online as well as offline grocery shopping. As a result, an online grocery model was created using PLS-SEM modelling. It illustrates all major success factors related to the consumer’s willingness to shop for groceries online in Germany. The main factors influencing the willingness to shop for groceries online are awareness of benefits, need for more convenience, and change of the lack of trust in the new distribution channel. We identified some consumer groups that are more open to online shopping as they benefit more from online grocery shopping. Especially working mothers and young professionals are the consumer groups with a high potential interest. Journal: Journal of Business Economics and Management Pages: 1243-1263 Issue: 6 Volume: 18 Year: 2017 Month: 11 X-DOI: 10.3846/16111699.2017.1410218 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1410218 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:6:p:1243-1263 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 4 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636107 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: John Saee Author-X-Name-First: John Author-X-Name-Last: Saee Title: Societal ethics and legal system facing contemporary marketing strategies: An Australian insight Abstract: An integral function of Australian market economy is the process of matching products/services with customers’ needs, desires and preferences. This process is greatly facilitated by advertising. Advertising not only provides information for the consumers but may also be used by the advertiser to bring subconscious consumer preferences or inchoate desires to the surface and to stimulate the demand for consumption. In carrying out these tasks, the advertiser must decide the pitch of the advertisement, the appropriate media to be used, the budget, the degree of exposure of the advertisement, market segmentation and claims to be made for the product (Goldring et al, 1987). Australian firms, irrespective of their size, rely heavily on advertising to market their products and services. The degree to which firms see the crucial role of advertising in their overall marketing mix, is clearly reflected in their annual allocation of advertising expenditure. “In 1997, total Australian advertising expenditures were $ 7.5 billion on advertising” (Miller and Layton, 2000, p. 590) All creative and imaginative forms of enticements and inducements being considered in the development of advertising strategies by these firms in an attempt to evoke favourable consumers’ responses for their offerings. Over time, some firms have come under increasing criticism by some sections of the community for their inappropriate promotional strategies which are seen as out of step with general community values and standards. Further in some instances, it is alleged that these firms have not only miscarried their social responsibility, but they have also breached the law covering Trade Practices operative in Australia and New Zealand. Such misguided corporate behaviour has also sparked negative consumerism concern, which if no corrective measure is adopted, will strategically harm the firm profit and viability. This research paper attempts to explore in some detail, aspects of advertising strategies within contemporary management paradigm. The paper will also shed light on corporate ethics /social responsibility. Finally, this paper will address legal obligations and consumerism concerns surrounding firms operating within the Australian society. Journal: Journal of Business Economics and Management Pages: 189-197 Issue: 4 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636108 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636108 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:4:p:189-197 Template-Type: ReDIF-Article 1.0 Author-Name: Sigitas Urbonavičius Author-X-Name-First: Sigitas Author-X-Name-Last: Urbonavičius Author-Name: Robertas Ivanauskas Author-X-Name-First: Robertas Author-X-Name-Last: Ivanauskas Title: Evaluation of multiple retailers’ market positions on the basis of image attributes measurement Abstract: Intense competition in retailing sector requires searching for new and more effective tools of competing with rivals. One of the possible ways seems to go through applying positioning concept in retailing. Positioning in retailing refers to strategy for development of a desirable image, which would help to differentiate a retail company and move away from direct price competition. Besides that, image management provides possibilities for increasing customer perceived value and/or increasing prices. The paper presents methodology for establishing multiple retailers’ positions. This methodology is based on evaluation of image attributes’ importance for customers. Factor analysis allows revealing more general latent factors that are used to evaluate retailers’ positions in a perceptual space. This allows drawing conclusions on how much Lithuanian multiple retailers are similar or differentiated from the standpoint of their customers. Journal: Journal of Business Economics and Management Pages: 199-206 Issue: 4 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636109 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:4:p:199-206 Template-Type: ReDIF-Article 1.0 Author-Name: Ruth Alas Author-X-Name-First: Ruth Author-X-Name-Last: Alas Author-Name: Vincent Edwards Author-X-Name-First: Vincent Author-X-Name-Last: Edwards Title: Work‐related attitudes: A comparison of Estonia and Finland Abstract: Although Estonia and Finland are culturally related, according to an empirical study in the electronics industry in the two countries they display significant differences in job‐related attitudes. This paper investigates employees’ attitudes toward society, trade unions, work, employer organisations and pay determinants in the two countries from an institutionalist and cultural perspective. While Finland has experienced almost a century of capitalism and democracy, work‐related attitudes in Estonia have been particularly affected by the 50 years of Soviet rule. It is argued that the differences in work‐related attitudes are influenced inter alia by differences in levels of institutional development. Journal: Journal of Business Economics and Management Pages: 207-217 Issue: 4 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636110 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:4:p:207-217 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandras Rutkauskas Author-X-Name-First: Aleksandras Author-X-Name-Last: Rutkauskas Author-Name: Gitana Dudzevičiūte Author-X-Name-First: Gitana Author-X-Name-Last: Dudzevičiūte Title: Foreign capital and credit market development: The case of Lithuania Abstract: There have been wide‐ranging discussions on whether the investments of foreign banks into the banking sector of the Central and Eastern Europe countries (CEE) lead to greater competition and increase of the loan portfolio of the banks. Several empirical works have shown that a high proportion of foreign capital in the banking sector of CEE countries has generally positive effects on the quality and amount of loan portfolio of the banking sector, but there may also be some adverse effects. Lithuania has an open economy and the credit market is open to international banking competition. The loan portfolio of the banks in Lithuania was growing very rapidly during the last year. A drop in the loan interest rates was significant and banks offered credits under favourable conditions. At the same time, the Lithuanian banking sector is largely foreign‐owned. Foreign investors currently own approx. 87 % of the share capital of banks in Lithuania. The aim of this paper is to investigate the link between the Lithuanian credit market development and the entry of foreign banks. Journal: Journal of Business Economics and Management Pages: 219-224 Issue: 4 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636111 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636111 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:4:p:219-224 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Schieg Author-X-Name-First: Martin Author-X-Name-Last: Schieg Title: Operation and development of electronic markets as prognostic instrument for business planning Abstract: Strategic planning is crucial for the survival of a company, wide‐ranging decisions about future action must be taken. The information basis for such decisions is often gained from forecasts about the future with more or less accurate probability of the assumed event occurring. Electronic markets have been the subject matter of numerous investigations in recent years and if organized correctly show a high degree of accuracy in forecasting future events relevant to the business of a company. In major enterprises prediction markets have already been used successfully as a new kind of prognostic instrument. It is also suitable, however, for small and medium‐sized enterprises for the gathering and assessment of the information available to the employees. When developing prognostic markets it is necessary to take into consideration psychological factors, which could favour incorrect results. Journal: Journal of Business Economics and Management Pages: 225-230 Issue: 4 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636112 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636112 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:4:p:225-230 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Renata Korsakiene Author-X-Name-First: Renata Author-X-Name-Last: Korsakiene Title: The knowledge‐based economy in Lithuania: Analysis of tendencies Abstract: The purpose of this paper is to analyse the tendencies of knowledge‐based economy in Lithuania by looking at a knowledge economy's major dimensions ‐ the structure of economic activity and the infrastructure of knowledge economy. The knowledge‐based economy is the dominant post‐industrial economic development paradigm. The emergence of this paradigm in the 1980s created preconditions to emphasize the role of knowledge creation and distribution as the primary driver in the process of economic development and growth, the distribution of income, development of knowledge‐based networks among firms and the interface between government, business and citizens in the advanced economies. Journal: Journal of Business Economics and Management Pages: 231-239 Issue: 4 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636113 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636113 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:4:p:231-239 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 2 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636155 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636155 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:2:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Sergey Mishin Author-X-Name-First: Sergey Author-X-Name-Last: Mishin Title: Optimal organizational hierarchies in firms Abstract: One of the main problems in modern economy is to construct an efficient organizational hierarchy allowing to control the firm with minimal cost. This paper describes the mathematical model of optimal hierarchies in firms. Optimal hierarchies for several classes of cost functions are obtained. Particularly, sufficient conditions for tree optimality, 2hier‐archy (any manager has two immediate subordinates) optimality and two‐tier hierarchy optimality are defined. Journal: Journal of Business Economics and Management Pages: 79-99 Issue: 2 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636156 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636156 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:2:p:79-99 Template-Type: ReDIF-Article 1.0 Author-Name: Margarete Seidenspinner Author-X-Name-First: Margarete Author-X-Name-Last: Seidenspinner Author-Name: Gabriele Theuner Author-X-Name-First: Gabriele Author-X-Name-Last: Theuner Title: Intercultural aspects of online communication a comparison of mandarin‐speaking, US, Egyptian and German user preferences Abstract: This paper sums up the results of a survey conducted with four samples of website users, i.e. young urban academics from the PR of China, the United States, Egypt and Germany. The survey analyses the ways in which users from such distinctly dissimilar cultural environments view websites. The websites researched are those of global operators that either offer international services, high price utility items or technologically advanced products. The results gained in the course of this research project demonstrate how the targeted users’ cultural environments may impact on their preferred navigation tools, their perceived quality of web designs and on the perception and processing of the information provided online. A brief overview of the consequences which derive from this culture‐bound user behaviour for corporate communication policies conclude this paper. Journal: Journal of Business Economics and Management Pages: 101-109 Issue: 2 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636157 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636157 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:2:p:101-109 Template-Type: ReDIF-Article 1.0 Author-Name: Maria Tiago Author-X-Name-First: Maria Author-X-Name-Last: Tiago Author-Name: João Couto Author-X-Name-First: João Author-X-Name-Last: Couto Author-Name: Maria dos Santos Natário Author-X-Name-First: Maria Author-X-Name-Last: dos Santos Natário Author-Name: Ascensão Braga Author-X-Name-First: Ascensão Author-X-Name-Last: Braga Title: The adoption of communication and information technologies and the local development Abstract: This paper examines the imbalances in the availability and usage of communication and information technology infrastructure. These imbalances could be broadly attributed to differences in funding, management and technical expertise, exposure and awareness of available technologies, training, and other infrastructures like R&D institutions. In our sample, the imbalances could be broadly attributed not only to differences in such factors as industry, dimension, management education, but also to lack of cooperation, workers mobility and reduced markets which are common factors in disfavoured regions. Journal: Journal of Business Economics and Management Pages: 111-117 Issue: 2 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636158 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636158 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:2:p:111-117 Template-Type: ReDIF-Article 1.0 Author-Name: Gregor Költzsch Author-X-Name-First: Gregor Author-X-Name-Last: Költzsch Title: Biometrics ‐ market segments and applications Abstract: Biometric methods are concerned with the measurement and evaluation of human physiological or behavioral characteristics. During the last years, the economic relevance of the biometric industry and market has increased rapidly. Although public security projects have initiated the positive market development, future growth will be also generated by private sector demand such as secure and convenient banking, payment applications etc. The deployment of biometrics to machine readable travel documents such as passports provides citizens with first experiences in biometric applications, thereby functioning as pioneer projects and market openers for other market segments. For example, biometric passports will redefine the border control process in the future, and in the midterm, aviation security is another market segment that will contribute to the growth. To prepare for this business, the industry must carefully analyze the market and meet the demand. This article assesses the economic relevance of biometrics and discusses selected market segments. Journal: Journal of Business Economics and Management Pages: 119-122 Issue: 2 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636159 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636159 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:2:p:119-122 Template-Type: ReDIF-Article 1.0 Author-Name: John Dobson Author-X-Name-First: John Author-X-Name-Last: Dobson Author-Name: Irina Sennikova Author-X-Name-First: Irina Author-X-Name-Last: Sennikova Title: From fundamental freedom to political and economic ‘hot potato’ in 50 years: Labour mobility and migration within the eu Abstract: The free movement of labour and the creation of a European Labour Market have been the objectives of the European Union since its creation, but it is only with the 2004 enlargement that this has started to become a reality, with substantial numbers of East European workers seeking employment in the old member states. This paper uses the data from the UK Worker Registration Scheme and that compiled by the European Commission to examine the nature of this movement and its impact on the economies of both the existing and the new member states. Journal: Journal of Business Economics and Management Pages: 123-136 Issue: 2 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636160 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636160 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:2:p:123-136 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Author-Name: Renata Korsakiene Author-X-Name-First: Renata Author-X-Name-Last: Korsakiene Author-Name: Kristina Kalaūinskaite Author-X-Name-First: Kristina Author-X-Name-Last: Kalaūinskaite Title: Lithuania ‐ Belarus economic relations: How the EU accession impacted bilateral trade Abstract: Lithuania among other 10 Central and Eastern European countries joined the European Union on 1 May 2004. A lot of forecasts about transformations in international trade relationships had been discussed; overall shift towards the EU had been expected. The paper aims to verify what actual effect newly imposed trade regulations have. Presented elaboration of discussed issue would be performed in the following sequence. At first, trade structure by product groups of trade between Lithuania and Belarus in the years 2000 and 2005 would be juxtaposed. Volumes of import and export would be considered respectively. Changes in trade regime would be taken into account. Adopted approach allowed us to trace which changes in trade regime impacted trade character and which not. Journal: Journal of Business Economics and Management Pages: 137-144 Issue: 2 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636161 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636161 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:2:p:137-144 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Schieg Author-X-Name-First: Martin Author-X-Name-Last: Schieg Title: Post‐mortem analysis on the analysis and evaluation of risks in construction project management Abstract: Risk management is used more and more in building industry projects. An essential element of the risk management process is the analysis and evaluation of risks. Therefore, project assessment with the help of the post‐mortem analysis plays an important role. The post‐mortem analysis is a tool frequently used in software projects today for the reduction of risks. The clearness of the goal of improvement measures is sharpened by the examination of the project steps in connection with the success factors of the organization. The results of a post‐mortem analysis deliver detailed information on where improvement measurements are necessary in the project future. Growth in project management know‐how is created through the discussion of the participants of all hierarchy levels. Therefore, the post‐mortem analysis is also applicable for use in the construction project. The procedure is introduced in the work at hand. Journal: Journal of Business Economics and Management Pages: 145-153 Issue: 2 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636162 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636162 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:2:p:145-153 Template-Type: ReDIF-Article 1.0 Author-Name: Sunday Oke Author-X-Name-First: Sunday Author-X-Name-Last: Oke Author-Name: Oluwafemi Oyedokun Author-X-Name-First: Oluwafemi Author-X-Name-Last: Oyedokun Title: Development and application of a mathematical model for evaluating extra energy cost due to disproportional energy consumption Abstract: In this investigation, a scientific approach is presented in quantifying energy losses associated with production facilities. The corresponding analytical approach in estimating energy requirement of equipment is shown. In particular, mathematical information on how extra energy cost due to extra energy losses that occur in equipment is measured has been shown. The premise of the study is based on the fact that the value of the efficiency of the equipment determines the value of the energy that can be lost for a time frame. Similarly, the heat generated in some equipment, like lamps and air conditioner, can constitute energy lost in equipment. The paper then further shows that the energy cost paid for the energy losses that occur in equipment can be determined by using the energy cost rate used for calculating the cost paid for the useful work done. As manufacturing companies strive to meet and exceed the expected needs of the customer with cost saving manufacturing processes, a major hurdle is the losses in energy transfer as a result of inefficiencies in operations. This paper is geared towards achieving effective and efficient manufacturing processes by researching into trends in energy losses. The results obtained show the feasibility of the applied procedure. There is no previous documentation that has addressed the current problem using the approach presented. This is therefore a new way of viewing energy consumption. Journal: Journal of Business Economics and Management Pages: 155-161 Issue: 2 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636163 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636163 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:2:p:155-161 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebii Issue: 4 Volume: 11 Year: 2010 X-DOI: 10.1080/16111699.2010.9668415 File-URL: http://hdl.handle.net/10.1080/16111699.2010.9668415 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:11:y:2010:i:4:p:ebi-ebii Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 3 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636164 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636164 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:3:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Alexander Suhobokov Author-X-Name-First: Alexander Author-X-Name-Last: Suhobokov Title: Application of Monte Carlo simulation methods in risk management Abstract: The paper deals with Monte Carlo simulation method and its application in Risk Management. The author with the help of MATLAB 7.0 introduces new modification of Monte Carlo algorithm aimed at fast and effective calculation of financial organization's Value at Risk (VaR) by the example of Parex Bank's FOREX exposure. Journal: Journal of Business Economics and Management Pages: 165-168 Issue: 3 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636165 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636165 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:3:p:165-168 Template-Type: ReDIF-Article 1.0 Author-Name: Avner Ben‐Yair Author-X-Name-First: Avner Author-X-Name-Last: Ben‐Yair Author-Name: Dimitri Golenko‐Ginzburg Author-X-Name-First: Dimitri Author-X-Name-Last: Golenko‐Ginzburg Author-Name: Zohar Laslo Author-X-Name-First: Zohar Author-X-Name-Last: Laslo Title: Multi‐parametrical harmonization models in strategic management Abstract: The aim of this paper is to consider a company engaged in designing and creating a new product and, later on, delivering the latter in large quantities to the market. The product is composed of several sub‐products, each of them, in turn, being a subject of several possible versions. The product's utility comprises both the utility of designing and creating the product's pattern example as well as the competitive utility to gain the future commercial success. The problem is to determine the income versions of designing sub‐products in order to maximize the product's competitive utility subject to restrictions related to the design process. A two‐level search algorithm for the problem's solution is suggested. The internal level is faced with optimizing the product's competitive utility by means of experts’ information, while the external level centers on obtaining a routine feasible solution from the point of designing process. Journal: Journal of Business Economics and Management Pages: 169-176 Issue: 3 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636166 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636166 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:3:p:169-176 Template-Type: ReDIF-Article 1.0 Author-Name: Rima Tamošiūniene Author-X-Name-First: Rima Author-X-Name-Last: Tamošiūniene Author-Name: Skirmantas Šidlauskas Author-X-Name-First: Skirmantas Author-X-Name-Last: Šidlauskas Author-Name: Ingrida Trumpaite Author-X-Name-First: Ingrida Author-X-Name-Last: Trumpaite Title: EU structural support and its impact on Lithuania's progress Abstract: During the last years the changes of social ‐ economic situation have been fast, however, according to individual macroeconomic indexes Lithuania is still significantly below the average of EU countries. To decrease these discrepancies the EU grants the structural support, the use of which is anticipated to establish strong and competitive economy, to train qualified labour force and stimulate social and economic cohesion. The efficient and expedient use of the EU support would enable Lithuania to implement the national Lisbon strategy programme and contribute to the implementation of the very Lisbon strategy guidelines. However, the investigations showed that the use of the support is not sufficient enough to secure the efficient progress of the country. The article analyses the aspects of the EU regional policy financing and the expected results of implementing the Lisbon strategy actions; it analyses economic, social, environmental, and other indexes of the economies of Lithuania and EU countries and assesses the result of the country's progress in implementing the Lisbon strategy. The research on the expedience of using the EU structural support and its impact on the country's progress was carried out. The research made on the use of the EU support and its impact on the country's progress suggests that about two thirds of the measures correspond to the national programme for implementing the Lisbon strategy but only few indicators have a complex influence on the progress indexes. Therefore, while preparing the programmes of the EU support use for 2007–2013 and coordinating them with the EU Commission a better harmonization of this support use measures with the national programme for implementing the Lisbon strategy is necessary, and the measures have to be implemented in a complex manner, as well as the horizontal compatibility of the measures has to be maintained. Journal: Journal of Business Economics and Management Pages: 177-187 Issue: 3 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636167 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636167 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:3:p:177-187 Template-Type: ReDIF-Article 1.0 Author-Name: Külliki Tafel Author-X-Name-First: Külliki Author-X-Name-Last: Tafel Author-Name: Ruth Alas Author-X-Name-First: Ruth Author-X-Name-Last: Alas Title: Various types of Estonian top‐managers Abstract: Although there is no substantial change on this side, that leaders achieve results through the others work, there are still differences in the way, how leader achieves this. Based on empirical data from Cross Cultural CEO project this paper aims to classify leaders of Estonian organizations. The empirical study involved interviews with CEOs of 63 companies and questionnaires completed by the CEOs and their subordinates. Two types of top managers were received: directive type and team player. Self‐organizing theory has been applied for interpreting results. Implications are developed for leadership development in countries in transition. Journal: Journal of Business Economics and Management Pages: 189-194 Issue: 3 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636168 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636168 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:3:p:189-194 Template-Type: ReDIF-Article 1.0 Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Author-Name: Mantas Degutis Author-X-Name-First: Mantas Author-X-Name-Last: Degutis Title: If approach to innovations differs in locally and foreign owned firms: Case of Lithuania Abstract: Presented paper aims to reveal differences, if any, in innovative behavior of business firms containing foreign and not foreign capital. Innovative behavior in that case is being characterized by scale of investment into research and development, self‐financing pattern and business strategy undertaken by various firms. Juxtaposition of business firms operating in the same economy field but having different ownership origin ‐ local and containing foreign capital ‐ has been performed. Results let us identify differences in approach to innovative activity stipulated by presence of foreign capital. Tendencies obtained in Lithuania plausibly might have been verified in other less advanced European countries in order to check if a consistent pattern could be admitted. Journal: Journal of Business Economics and Management Pages: 195-202 Issue: 3 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636169 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636169 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:3:p:195-202 Template-Type: ReDIF-Article 1.0 Author-Name: Nina Ponikvar Author-X-Name-First: Nina Author-X-Name-Last: Ponikvar Author-Name: Melita Rant Author-X-Name-First: Melita Author-X-Name-Last: Rant Title: Firm specific determinants of markup ‐ the case of Slovenian manufacturing firms Abstract: Investigations of firms’ pricing decisions and performances have been twofold. While within the industrial organisation framework stress is placed on industry‐specific factors and the market power of firms within industries, various organisational theories emphasise the role of ‘soft’ factors in the determination of firms’ performance. The main thesis of our paper is that the size of a firm's markup can mostly be explained by the firm's productivity, capital and labour costs, as well as the firm's market power and organisational structure characteristics, when the external environment and industry membership is controlled for. Our objective is thus to explain firm‐level markups by a set of firm‐specific factors. The empirical analysis of markup determinants is based on a sample of Slovenian manufacturing firms (NACE 15–37) in the 1994–2003 period, applying panel data regression GLS model and ANOVA analyses. We find that, besides market share and cost factors, organisational structure change occurring after some threshold significantly increases markups. Journal: Journal of Business Economics and Management Pages: 203-212 Issue: 3 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636170 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636170 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:3:p:203-212 Template-Type: ReDIF-Article 1.0 Author-Name: Rasa Smaliukiene Author-X-Name-First: Rasa Author-X-Name-Last: Smaliukiene Title: Stakeholders’ impact on the environmental responsibility: Model design and testing Abstract: The study is based on comparative theoretical research into the concepts of corporate social and environmental responsibilities. Multinational enterprises (MNEs) are responsive to the stakeholders’ needs. Therefore, environmental business management was integrated into model of corporate social responsibility. This demonstrates that social processes influencing corporate social responsibility are of equal importance for the development of environmental responsibility. Simultaneously, this theoretical integration leads to an understanding that corporate environmental responsibility may be also introduced into other theoretical models of social responsibility, which assess impacts of stakeholders and other social influences. The empirical research demonstrates that environmental expectations of stakeholders are different in economically different countries. In addition, the stakeholders differently see the functions of business in environmental issues. Qualitative content analysis disclosed what form of environmental responsibility is proper in countries of developed, developing and emerging economies. In developing economies, donations are demanded most of all; in emerging economies exposed to various transformations, there is a need for social investments; in developed economies full business co‐operation is preferred on environmental issues. Most important environmental outcomes of MNEs, as reflected in their annual statements, demonstrate business adaptation to different stakeholders’ expectations built in economically different countries. Journal: Journal of Business Economics and Management Pages: 213-223 Issue: 3 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636171 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636171 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:3:p:213-223 Template-Type: ReDIF-Article 1.0 Author-Name: Bioye Aluko Author-X-Name-First: Bioye Author-X-Name-Last: Aluko Title: Accuracy of auction sale valuations in distressed bank lending decisions in Nigeria Abstract: Of all the sub‐sectors of the national economy, the banking industry and the property market have arguably been most severely affected by the current recession. Thus, the prevailing credit crunch in real estate finance and market conditions have implication for disposal and valuations of real estate for mortgage purposes. The study examined whether forced sale valuations of mortgage properties were a good proxy for their auction sale prices. Relevant data involving 67 auction sales of foreclosed residential property transactions together with their contemporaneous forced sale valuations were pooled together in Lagos Metropolis during the period 1994 to 2003 from sample of estate surveying and valuation/auctioneering firms, the lending institutions and the Nigeria Deport Insurance Corporation. The data obtained were analyzed with the aid of frequency distributions and multiple regression models. The study revealed, amongst others, that forced sale values are not good proxies for auction sale prices as against the conclusions of previous studies on accuracy of open market valuations either in Nigeria or other countries like UK, USA and Australia. The implications of the foregoing conclusions on the lending decisions and valuation profession in the country were further examined in the paper. Journal: Journal of Business Economics and Management Pages: 225-233 Issue: 3 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636172 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636172 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:3:p:225-233 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 1 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636114 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636114 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:1:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: David Elmakis Author-X-Name-First: David Author-X-Name-Last: Elmakis Author-Name: Anatoly Lisnianski Author-X-Name-First: Anatoly Author-X-Name-Last: Lisnianski Title: Life cycle cost analysis: Actual problem in industrial management Abstract: The reliability associated costs are the main part of total life cycle cost for any repairable system. The paper presents the history of life cycle cost analysis, its principles and applicable standards. It analyzes the reasons behind the contradiction between the great theoretical achievements and their relatively rare applications in practice. It was shown that incorrect management is the main reason. Measures for management improvement were suggested. Journal: Journal of Business Economics and Management Pages: 5-8 Issue: 1 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636115 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636115 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:1:p:5-8 Template-Type: ReDIF-Article 1.0 Author-Name: D. Golembiovsky Author-X-Name-First: D. Author-X-Name-Last: Golembiovsky Author-Name: I. Baryshnikov Author-X-Name-First: I. Author-X-Name-Last: Baryshnikov Title: Volatility smile at the Russian option market Abstract: The main derivative exchange in Russia is FORTS (Futures and Options in RTS) which is a division of Russian Trade System (RTS). The underlying assets of option contracts are futures on Russian companies’ shares: OJSC “EES"1, OJPC “Lukoil"2 and OJSC “Gazprom"3. A basic model for estimation of fair option price is Black‐Scholes model, developed in the beginning of 70‐s’ years of the last century. This model defines the option premium as a cost of its hedging by underlying asset. It uses a number of assumptions: prices of underlying assets follow log‐normal distribution; hedging is accomplished continuously; an underlying asset is infinitely divisible; a volatility is constant on all period of option life. However, according to practice, prices of shares and futures do not follow normal or log‐normal distribution, a volatility can change during a life of option, and hedging is a discrete process. Thus, Black‐Scholes model can yield inexact results in real markets, especially it concerns deeply “in the money” or deeply “out of the money” options. The basic purpose of the paper is to investigate opportunities to apply Black‐Scholes model for an estimation of option premiums in the Russian market. Journal: Journal of Business Economics and Management Pages: 9-15 Issue: 1 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636116 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636116 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:1:p:9-15 Template-Type: ReDIF-Article 1.0 Author-Name: Dimitri Golenko‐Ginzburg Author-X-Name-First: Dimitri Author-X-Name-Last: Golenko‐Ginzburg Author-Name: Zohar Laslo Author-X-Name-First: Zohar Author-X-Name-Last: Laslo Author-Name: Avner Ben‐Yair Author-X-Name-First: Avner Author-X-Name-Last: Ben‐Yair Author-Name: Anna Baron Author-X-Name-First: Anna Author-X-Name-Last: Baron Title: Optimizing budget allocation among project activities Abstract: The problems of optimal budget allocation among project's activities are considered. The formulated optimization models and their solution can be used in planning, as well as in control and monitoring of individual projects in modern design offices. Models of budget allocation for PERT‐COST type networks, are considered as well. The problem is to schedule a realization of all project's activities in order to accomplish the project on time, i.e., not later than the given due date, with minimal expenses, taking into account limitations on dynamics of resources consumption during the scheduled period. The solution is based on decomposition principle, i.e., decomposing a network project into network fragments, replacing them by a small number of aggregated activities, solving the problem for aggregated network project, and disaggregating the network diagram in order to schedule each project's activity. Journal: Journal of Business Economics and Management Pages: 17-20 Issue: 1 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636117 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636117 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:1:p:17-20 Template-Type: ReDIF-Article 1.0 Author-Name: Eugene Kopytov Author-X-Name-First: Eugene Author-X-Name-Last: Kopytov Author-Name: Leonid Greenglaz Author-X-Name-First: Leonid Author-X-Name-Last: Greenglaz Author-Name: Fedor Tissen Author-X-Name-First: Fedor Author-X-Name-Last: Tissen Title: Stochastic inventory control model with two stages in ordering process Abstract: The purpose of offered work is the construction of a stochastic single‐product inventory control model for the chain “producer – wholesaler – customer”. Given situation takes place in many transport and industrial companies. Criterion of optimization is minimum of average expenses for goods holding, ordering and losses from deficit per a time unit. Journal: Journal of Business Economics and Management Pages: 21-24 Issue: 1 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636118 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636118 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:1:p:21-24 Template-Type: ReDIF-Article 1.0 Author-Name: Mikhail Rogov Author-X-Name-First: Mikhail Author-X-Name-Last: Rogov Title: Global risk factors Abstract: The paper deals with a problem of solar and geomagnetic activity as global risk factors in financial risk management. The history of the idea of solar – earth relations is rather long (Hershel, 1804; Jevans, 1870 – Theory of Solar cycles, Chizhevsky, 1920 ‐ Theory of Heliotaraxy; Collins, 1965 etc.), but financial risk management does not use these facts really and this paper may help to demonstrate some new risk management tools based on new results of the author's studies (Rogov 2003). Journal: Journal of Business Economics and Management Pages: 25-28 Issue: 1 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636119 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636119 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:1:p:25-28 Template-Type: ReDIF-Article 1.0 Author-Name: Charles Tapiero Author-X-Name-First: Charles Author-X-Name-Last: Tapiero Title: Strategic quality assurance Abstract: The purpose of this paper is to provide a strategic (game) approach to Quality Assurance. Unlike previous approaches that presume non‐motivated sources of risk, we assume in this paper that risk may arise strategically due to other motivations. For example, problems associated to supply risks received by a producer‐buyer. As a result, strategic quality assurance problems are formulated in terms of random payoff game which we solve while using the traditional approach to risk specification imbedded in quantile risks (Type I and Type II errors in statistics or producers and consumers risks). Technically, the approach devised consists in solving risk constrained (random payoff) games which involve strategic partners, potentially in conflict. The approach devised is then applied to a number of problems spanning essentially mutual sampling (quality assurance) between a buyer and supplier and strategic quality control in supply chains where potential conflict and information and power asymmetry is an inherent part of the operational problem to be dealt with. In such circumstances, contracts agreements might be violated if the parties do not apply strategic control tools to assure that what was intended is actually performed. Journal: Journal of Business Economics and Management Pages: 29-35 Issue: 1 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636120 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636120 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:1:p:29-35 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 4 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636173 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636173 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandras Rutkauskas Author-X-Name-First: Aleksandras Author-X-Name-Last: Rutkauskas Author-Name: John Saee Author-X-Name-First: John Author-X-Name-Last: Saee Title: Guest editorial Journal: Pages: 235-235 Issue: 4 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636174 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636174 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:4:p:235-235 Template-Type: ReDIF-Article 1.0 Author-Name: Francisco Areal Author-X-Name-First: Francisco Author-X-Name-Last: Areal Author-Name: Michele Ceddia Author-X-Name-First: Michele Author-X-Name-Last: Ceddia Author-Name: Pasquale Pazienza Author-X-Name-First: Pasquale Author-X-Name-Last: Pazienza Title: Predicting the impact of the EU common agricultural policy reform in England: Micro and macroeconomic aspects Abstract: In this article we investigate the effects of the European CAP reform on a selection of arable crops in England, both at a regional and national level. The results show that the CAP reform will push farmers to adjust to the new market conditions, which will cause a further restructuring of the English agricultural business sector. Our results show that, under the new market conditions, economically‐small farms will increase their output by allocating more land to cereals, whereas economically‐large farms will need to decrease land allocated to cereals to reduce production costs and achieve better returns. Journal: Journal of Business Economics and Management Pages: 237-244 Issue: 4 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636175 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636175 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:4:p:237-244 Template-Type: ReDIF-Article 1.0 Author-Name: Juozas Bivainis Author-X-Name-First: Juozas Author-X-Name-Last: Bivainis Author-Name: Živile Tunčikiene Author-X-Name-First: Živile Author-X-Name-Last: Tunčikiene Title: Integrated approach to strategic planning in public institutions Abstract: Planning of actions for implementation of institution's strategic decisions is one of the most complicated, on the other hand, the weakest in methodic provision complex objectives of strategic planning. Considering the local target of this phase of the strategic planning cycle to set the best ways to take the right directions in development of the scope of activity of an institution, a well‐reasoned composition of such a complex objective is as follows: generating action plan alternatives, defining the evaluation criteria of the alternatives and forming a combination of criteria, analysis and evaluation of the action plan alternatives, adopting a plan. The structure of an action plan for implementing institution's strategic decisions arose the necessity to identify two‐level objectives for drawing up the plan as well as the specific sequence of objective fulfilment in an analysed complex. The specifics of each level was evaluated in our proposals for improvement of the planning of the implementation of institution's strategic decisions based on the analysis of the results of progressive experience. Journal: Journal of Business Economics and Management Pages: 245-252 Issue: 4 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636176 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636176 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:4:p:245-252 Template-Type: ReDIF-Article 1.0 Author-Name: Marija Burinskiene Author-X-Name-First: Marija Author-X-Name-Last: Burinskiene Author-Name: Vitalija Rudzkiene Author-X-Name-First: Vitalija Author-X-Name-Last: Rudzkiene Title: Application of logit regression models for the identification of market segments Abstract: A success of the currently implemented projects and measures is determined not only by the urgency and soundness of idea and the size of the budget, but also by the direction of resources to those users and organizations, from which the largest return could be expected, by the public opinion about the current business and a success of project presentation in various forms of mass media. For identification of target market, to which the business strategy will be directed, one should know the features, needs and opinions of the users in order to define the coherent homogenous groups. Various mathematical models are applied to define these groups. When developing the empirical topology the factor and cluster analysis methods are mostly used. Logit regression may be used to analyse and forecast relations of the dependent dichotomic variable and independent variables measured at any scale. Above‐given algorithms of the quality data analysis are illustrated by the case when the dependent variable is of dichotomic nature. Drafting general plans of Akmene region a questionnaire survey of inhabitants of the region and towns was carried out. Application of quality analysis methods is a valuable measure enabling specialists and planners to apply the proposed solutions by taking account of their specific features and peculiarities. Journal: Journal of Business Economics and Management Pages: 253-258 Issue: 4 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636177 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636177 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:4:p:253-258 Template-Type: ReDIF-Article 1.0 Author-Name: Filippo Reganati Author-X-Name-First: Filippo Author-X-Name-Last: Reganati Author-Name: Edgardo Sica Author-X-Name-First: Edgardo Author-X-Name-Last: Sica Title: Horizontaland vertical spillovers from FDI: Evidence from panel data for the Italian manufacturing sector Abstract: Foreign direct investment (FDI) from Multinational Enterprises (MNEs) can be beneficial to host countries, since it may generate positive externalities to domestic firms, contributing to the increase of their productivity. These positive effects can take place both within an industry ("horizontal” spillovers) and across industries ("vertical” spillovers) as in the case of technology transfers to domestic suppliers or customers in the production chain. Using a firm‐level panel data, in this paper we analyse productivity spillovers from FDI in the Italian manufacturing firms both within and across industries. Our results suggest the existence of “vertical” spillovers and no evidence of “horizontal” ones. Journal: Journal of Business Economics and Management Pages: 259-266 Issue: 4 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636178 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636178 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:4:p:259-266 Template-Type: ReDIF-Article 1.0 Author-Name: Virgilija Zinkevičiūte Author-X-Name-First: Virgilija Author-X-Name-Last: Zinkevičiūte Title: Evaluation of business strategic decisions under changing environment conditions Abstract: A problem of strategic decisions evaluation under changing environment conditions is analyzed in this article. In the context of these conditions the use of scenarios’ method, integrating scenarios formation into strategic decisions evaluation process, is perspective. The combination of multicriteria evaluation and scenarios’ method allows versatile evaluation of strategic decisions in aspects of usefulness and viability regarding perspective environment situations. A universal scenarios formation technology oriented towards facilitation of scenarios creation using a graphic tool ‐ ‘ Scenarios Roads’ Analysis’ is offered. Methodological guidelines of strategic decisions evaluation applying multicriteria evaluation and scenarios’ method combination is provided as well as their acceptability tested on experiment results. Journal: Journal of Business Economics and Management Pages: 267-274 Issue: 4 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636179 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:4:p:267-274 Template-Type: ReDIF-Article 1.0 Author-Name: Olga Savčuk Author-X-Name-First: Olga Author-X-Name-Last: Savčuk Title: Internal audit efficiency evaluation principles Abstract: Current business environment has experienced rapid and revolutionary change with far reaching consequences for companies worldwide. Management responses to fierce global competition include improved quality and risk management initiatives, reengineered structures and processes and greater accountability to ensure more timely, reliable and relevant information for decision‐making and to secure confidence and trust of the investors. Over the last few years the importance to the strong corporate governance of managing risk has been increasingly acknowledged. Companies are under pressure to identify all the business risks they face: social, ethical and environmental as well as financial and operational, and to explain how they manage them to an acceptable level. Therefore in order to reach its objectives each company has to develop and implement an approach to assessing and managing the uncertainties and opportunities it faces in the pursuit of its business strategy, with the intention of maximizing shareholder value and performance, i.e. meeting the determined objectives. Shareholders are extremely demanding with respect to the activities of the management and want an independent and objective assessment of the risk management and governance system the management is responsible for. In this radically changed business environment the internal auditing gained an important role within companies. Over the past sixty years internal audit developed from control function responsible for inspection of accounting and financial data to a strategic partner for the shareholders and the management of the company in improving governance processes. In current environment the management of the company more and more rely on the internal audit to evaluate whether controls are sufficient to manage risks and uncertainties. This developing role of the internal auditing is also reflected in its current definition, i.e. internal auditing is an independent, objective assurance and consulting activity designed to add value and improve a company's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Only efficient internal audit can perform its tasks properly. Internal audit efficiency depends on its subordination level, which must be appropriate for internal audit to be independent and objective, on the professional qualification and practical experience of internal audit staff, on the internal audit strategy, activities and value added to the company and on the ability to improve itself. The article analyses efficient internal audit establishment and support issues and internal audit efficiency estimation principles. Taking into account the scope of organization's direction and control, internal audit takes on important roles, integrating several other governance and control aspects into organizational governance and stands out as the most important, single mechanism for ensuring adequate and effective governance of the organization. The article provides criteria to assess efficiency of internal audit which could be applied when implementing internal audit function or improving the existing one. Journal: Journal of Business Economics and Management Pages: 275-284 Issue: 4 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636180 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:4:p:275-284 Template-Type: ReDIF-Article 1.0 Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Author-Name: Virginija Grybaite Author-X-Name-First: Virginija Author-X-Name-Last: Grybaite Title: Impact of FDI on Lithuanian economy: Insight into development of main economic activities Abstract: Aim of the paper is to estimate impact of foreign direct investment (FDI) on growth of economy in Lithuania. In order to detect specifics of development of main economic activities, differences in structure of FDI and structure of GDP of host economy are being juxtaposed, FDI intensity indicator in main economic activities elaborated. Authors test if different levels of penetration of foreign capital into certain economic activities serve as important factor affecting their economic growth. Research is being developed further by making assumption about higher concentration of FDI intensive economic activities. Higher concentration in that context would be interpreted as possible crowding out of local business firms from FDI intensive industries. Journal: Journal of Business Economics and Management Pages: 285-290 Issue: 4 Volume: 8 Year: 2007 X-DOI: 10.1080/16111699.2007.9636181 File-URL: http://hdl.handle.net/10.1080/16111699.2007.9636181 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:8:y:2007:i:4:p:285-290 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 2 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636093 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636093 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:2:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Stanislava Luptáková Author-X-Name-First: Stanislava Author-X-Name-Last: Luptáková Author-Name: Branislav Vargic Author-X-Name-First: Branislav Author-X-Name-Last: Vargic Author-Name: Ivan Kincel Author-X-Name-First: Ivan Author-X-Name-Last: Kincel Title: National culture dimension of power distance in the Baltic States Abstract: The paper presents a calculation for the values of power distance index in the countries of Latvia, Lithuania and Estonia using a mathematical model that is based on the correlations between power distance index values of the original research conducted by Geert Hofstede and macroeconomic indicators. Following, the paper presents implications of the found power distance indexes on managerial practices in the local organizations as well as on transferability of the managerial practices of multinationals presented in the region onto the local workforce. Journal: Journal of Business Economics and Management Pages: 61-69 Issue: 2 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636094 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:2:p:61-69 Template-Type: ReDIF-Article 1.0 Author-Name: Edmundas Zavadskas Author-X-Name-First: Edmundas Author-X-Name-Last: Zavadskas Author-Name: Artūras Kaklauskas Author-X-Name-First: Artūras Author-X-Name-Last: Kaklauskas Title: Working out a rational model of Lithuanian construction industry development Abstract: The research aim was to develop a model for determining rational micro and macro‐level factors for the construction industry in Lithuania by undertaking a complex analysis of environment affecting it and to give recommendations on the increase of its competitive ability. In modelling and forecasting future perspectives and the main development trends of the Lithuanian construction industry, it is possible to be prepared for effective changes in environment. The analysis of construction industry in developed countries and Lithuania can allow identify areas where the situation in Lithuania is comparable, partly comparable with or quite different from the level attained by the above foreign countries. The data of this analysis can be used in identifying construction industry development trends in developed countries as well as providing some recommendations for Lithuania. Proposed model would be designed to give insights into the factors which affect the construction and which require effective management. In order to demonstrate the application of the above research to developing rational model of Lithuanian construction industry some recommendations for improving situation in Lithuanian construction are presented. Journal: Journal of Business Economics and Management Pages: 71-80 Issue: 2 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636095 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636095 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:2:p:71-80 Template-Type: ReDIF-Article 1.0 Author-Name: Andreas Palm Author-X-Name-First: Andreas Author-X-Name-Last: Palm Title: Corporate location policy in the age of globalization Abstract: In today's economy it is very important how companies select locations for headquarters, production sites and sales offices. This paper places particular emphasis on the effects on corporate location policy resulting from a constantly proceeding globalization. Therefore the term globalization is defined first. Then, using a globally present company as an example the process of deciding on locations is illustrated. Finally, there is an outlook on future demands globalization will place on corporate location policy. Journal: Journal of Business Economics and Management Pages: 81-85 Issue: 2 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636096 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636096 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:2:p:81-85 Template-Type: ReDIF-Article 1.0 Author-Name: Borisas Melnikas Author-X-Name-First: Borisas Author-X-Name-Last: Melnikas Title: Creation of knowledge ‐ based economy in the European Union: The main typicalities and new ideas of clusterization Abstract: Possibilities for the development of new forms of economic, social and technological headway designed to create and further improve economies based on knowledge are analyzed here. The main emphasis is put on national and regional economic specialization and creation of new networks of clusters in the situation of the development of the European Union. We have found that clusterization oriented towards the increase of efficiency of various national and regional economies is a critical precondition for successful creation of modern economy based on knowledge, both in the whole space of the European Union and particular countries. Another idea ‐ a concept of creation of regional and cross‐regional clusters and their networks also known as ,,economic oazes"‐ is suggested here. It is explained in the paper that in the economies based on knowledge development of clusters and their networks will soon become one of the core forms of economic and technological advancement. Journal: Journal of Business Economics and Management Pages: 87-100 Issue: 2 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636097 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636097 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:2:p:87-100 Template-Type: ReDIF-Article 1.0 Author-Name: Vankevich Alena Author-X-Name-First: Vankevich Author-X-Name-Last: Alena Title: Personnel strategy and their realization at the Belarusian enterprises Abstract: In the article problems of the theory and practice of development of personnel strategy of the enterprises are reflected. The basic kinds of personnel strategy are opened, the forms of their realization, the international experience is investigated. The dialectics of personnel positions of the Belarus enterprises for 1991–2003 is investigated, influence of a labor market on the given processes is shown. Necessity of transition to strategy of socially responsible re‐structuring is proved. Theoretical bases and applied aspects of realization of strategy of socially responsible re‐structuring at the enterprises of Byelorussia are given. Journal: Journal of Business Economics and Management Pages: 101-112 Issue: 2 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636098 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636098 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:2:p:101-112 Template-Type: ReDIF-Article 1.0 Author-Name: Vanda Gineviciene Author-X-Name-First: Vanda Author-X-Name-Last: Gineviciene Author-Name: Manuela Tvaronaviciene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronaviciene Title: Trends and level of development: View to new eu members Abstract: The paper deals with evaluation of development level of new European Union members and 3 acceding counties. Authors elaborate existing systems of indicators and modern ranking methods used for indicated purpose. Presented analysis argues for superiority of statistical methods over qualitative ones in process of qualified evaluation of development level achieved by particular countries. New system comprising 12 indicators has been presented. The chosen set of indicators have emphasized three the most important dimensions, which provide stability of countries: economical, social and environmental. Evaluation of development tendencies during the last years of new the EU members and ascending countries has been done. Closer look at development level achieved by chosen countries comparing to that of EU‐15 has been taken. Journal: Journal of Business Economics and Management Pages: 113-121 Issue: 2 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636099 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:2:p:113-121 Template-Type: ReDIF-Article 1.0 Author-Name: Monika Kondratiuk-Nierodzińska Author-X-Name-First: Monika Author-X-Name-Last: Kondratiuk-Nierodzińska Title: Innovation capabilities in EU countries: have Central and Eastern European countries been catching up? Abstract: The paper answers two questions: which innovation capabilities most strongly differentiate CEECs and highly developed European economies and to what extent CEECs’ performance within each of the innovation capabilities has changed over a decade. The research method is based on construction of composite indicators describing national performance within five innovation capabilities in two periods: 1998–2000 and 2010–2012 as well as regression analysis in order to test the accuracy of the main findings. The study has allowed to arrive at a conclusion that CEECs have been able to catch up to highly developed European economies with respect to absorptive capacity related to the existence and use of technological infrastructure as well as participation in inward technology transfer in the form of FDI and capital goods imports. There is, however, a lingering performance gap in new knowledge and innovation creation capabilities and R&D effort. Continuation of this trend and lack of considerable improvement also in terms of absorptive capacity related to the quality of human resources might result in CEECs’ permanent inability to catch up to their highly developed European counterparts. Journal: Journal of Business Economics and Management Pages: 765-779 Issue: 5 Volume: 17 Year: 2016 Month: 9 X-DOI: 10.3846/16111699.2015.1114016 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1114016 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:5:p:765-779 Template-Type: ReDIF-Article 1.0 Author-Name: Bee Wah Tan Author-X-Name-First: Bee Wah Author-X-Name-Last: Tan Author-Name: Soo Khoon Goh Author-X-Name-First: Soo Khoon Author-X-Name-Last: Goh Author-Name: Koi Nyen Wong Author-X-Name-First: Koi Nyen Author-X-Name-Last: Wong Title: The effects of inward and outward FDI on domestic investment: evidence using panel data of ASEAN–8 countries Abstract: In view of the changing FDI landscape, in particular, a drastic increase in out-ward FDI from developing and transition economies in recent years, this paper attempts to explore the possible impacts of outward FDI other than domestic savings and inward foreign direct investment on domestic investment. The major contribution of this study is that it is the first effort to empirically analyse the short- and long-run effects of the outward FDI using panel data of ASEAN–8 countries, which could provide useful policy implications for governments at both regional and international levels to achieve inclusive growth and sustainable development. Using pool mean group analysis, this paper finds that the gross domestic saving, inward FDI and outward FDI have a positive long-run impact on the gross domestic investment even though their long-run estimates are inelastic. The empirical study reveals that both inward FDI and outward FDI, to some extent, are complementary to the gross domestic investment. Journal: Journal of Business Economics and Management Pages: 717-733 Issue: 5 Volume: 17 Year: 2016 Month: 9 X-DOI: 10.3846/16111699.2015.1114515 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1114515 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:5:p:717-733 Template-Type: ReDIF-Article 1.0 Author-Name: Wei-Lun Chang Author-X-Name-First: Wei-Lun Author-X-Name-Last: Chang Author-Name: Chia-Ling Chiu Author-X-Name-First: Chia-Ling Author-X-Name-Last: Chiu Title: Coopetition under alliance? Applying awareness-motivation-capability competitive dynamics perspective Abstract: Airline companies join airline alliances to cope with the high level of competition in the airline industry. However, pressure within an alliance is substantial. This study used competitor mapping and awareness-motivation-capability competitive dynamics to analyze airline alliances. The results revealed that alliances compete to recruit airline companies, and the power differences in the alliances are considerable; only a few of the airline companies within the alliance possess power. In addition, we interviewed 2 senior managers to confirm the results of the analysis. A detailed content analysis was performed to test each hypothesis. The findings revealed that companies with low market commonality and high resource similarity can cooperate through resource allocation. We also discovered that the main competitive action was derived from disallowing local airline companies to join an alliance. Leading companies in the alliance generally negotiated for the entire alliance indirectly. This research suggests that companies cooperate not only to control cost but also to increase service quality. Journal: Journal of Business Economics and Management Pages: 701-716 Issue: 5 Volume: 17 Year: 2016 Month: 9 X-DOI: 10.3846/16111699.2016.1181670 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1181670 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:5:p:701-716 Template-Type: ReDIF-Article 1.0 Author-Name: Biao Luo Author-X-Name-First: Biao Author-X-Name-Last: Luo Author-Name: Changyue Luo Author-X-Name-First: Changyue Author-X-Name-Last: Luo Author-Name: Jiajia Ge Author-X-Name-First: Jiajia Author-X-Name-Last: Ge Author-Name: Dongli Zhang Author-X-Name-First: Dongli Author-X-Name-Last: Zhang Title: The moderating effects of slack on the relationship between ambidextrous strategy and performance: evidence from high-tech firms in China Abstract: The purpose of this study is to examine the impacts of ambidexterity of exploration/exploitation on long-term performance and the moderating effects of slack resources. The methodology adopted is panel data analysis of a sample dataset of 125 high technology firms in China. The finding of this study shows that a moderating role of organizational slack between ambidexterity and long-term performance is strongly supported. The research and practical implications of this paper are: (1) Exploration and exploitation can be mutually enhancing instead of being fundamentally contradictory; (2) Slack resources moderate the relationship between ambidexterity and performance. The originality and value of the paper is that it is one of the earliest studies that empirically examine the moderating effects of slack resources on ambidexterity-performance relationship. Journal: Journal of Business Economics and Management Pages: 734-748 Issue: 5 Volume: 17 Year: 2016 Month: 9 X-DOI: 10.3846/16111699.2016.1193043 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1193043 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:5:p:734-748 Template-Type: ReDIF-Article 1.0 Author-Name: Grigoris Giannarakis Author-X-Name-First: Grigoris Author-X-Name-Last: Giannarakis Author-Name: Eleni Zafeiriou Author-X-Name-First: Eleni Author-X-Name-Last: Zafeiriou Author-Name: Nikolaos Sariannidis Author-X-Name-First: Nikolaos Author-X-Name-Last: Sariannidis Author-Name: Kyriaki Efthalitsidou Author-X-Name-First: Kyriaki Author-X-Name-Last: Efthalitsidou Title: Determinants of dissemination of environmental information: an empirical survey Abstract: The major objective of the present paper is to identify the factors that influence the dissemination of environmental information. In particular, analyst stock recommendation, country level risk, corporate value and environmental performance are surveyed as determinants of the environmental dissemination level. The survey was based on a sample of 92 multinational firms for the period 2009–2013, longer than that used in most past works. The methodology employed on our data is the panel data analysis with fixed effects. As proxies, for the dissemination level of environmental information, two different environmental disclosure indexes are used the Environmental Disclosure Score and Carbon Disclosure Leadership Index. According to our findings, the environmental performance in terms of Emission Reduction Initiatives and the country’s risk premium affects in a positive way the dissemination of environmental disclosures while the results regarding the stock analyst recommendation are controversial. Another important finding is that the firm’s value is validated as an insignificant factor for the dissemination level of environmental information. The aforementioned results provide the corporate managers with a tool to attract environmental friendly investors. The novelty on the present manuscript stands on the use of proxies for the environmental performance; namely the first one is based on outcome – objective while the second one refers to the corporate intention, elements that enrich the existing literature in the field of environmental behavior and dissemination of the environmental information of a firm. Journal: Journal of Business Economics and Management Pages: 749-764 Issue: 5 Volume: 17 Year: 2016 Month: 9 X-DOI: 10.3846/16111699.2016.1195771 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1195771 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:5:p:749-764 Template-Type: ReDIF-Article 1.0 Author-Name: Ebru Turanoglu Bekar Author-X-Name-First: Ebru Author-X-Name-Last: Turanoglu Bekar Author-Name: Mehmet Cakmakci Author-X-Name-First: Mehmet Author-X-Name-Last: Cakmakci Author-Name: Cengiz Kahraman Author-X-Name-First: Cengiz Author-X-Name-Last: Kahraman Title: Fuzzy COPRAS method for performance measurement in total productive maintenance: a comparative analysis Abstract: Modern manufacturing firms should be supported by effective maintenance to become successful in their operations. One of the approaches for improving the performance of maintenance activities is to implement a total productive maintenance (TPM) strategy. Overall equipment effectiveness (OEE) is the key measure of TPM. According to the results of the literature review, the performance elements measured by the OEE tool are not sufficient to describe the effectiveness of TPM implementation. Hence, we aim at developing and evaluating new performance measures oriented towards the quantification of TPM implementation effectiveness under fuzzy environment. For the evaluation of each performance measure, at first, the nominal group technique has been used. Then to determine whether these performance measures are statistically significant, conjoint analysis based experimental design has been applied. In the second step, COmplex PRo-portional ASsessment of alternatives with Grey relations (COPRAS-G) and the fuzzy COPRAS method has been developed to evaluate these performance measures in TPM. Proposed fuzzy COPRAS method gives the reassuring results of ranking newly developed performance measures in TPM. Journal: Journal of Business Economics and Management Pages: 663-684 Issue: 5 Volume: 17 Year: 2016 Month: 9 X-DOI: 10.3846/16111699.2016.1202314 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1202314 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:5:p:663-684 Template-Type: ReDIF-Article 1.0 Author-Name: Vojko Potocan Author-X-Name-First: Vojko Author-X-Name-Last: Potocan Author-Name: Zlatko Nedelko Author-X-Name-First: Zlatko Author-X-Name-Last: Nedelko Author-Name: Valentina Peleckienė Author-X-Name-First: Valentina Author-X-Name-Last: Peleckienė Author-Name: Kęstutis Peleckis Author-X-Name-First: Kęstutis Author-X-Name-Last: Peleckis Title: Values, environmental concern and economic concern as predictors of enterprise environmental responsiveness Abstract: This article reports on examination of the relationships between manager’s personal values, their attitudes toward concern for environment, concern for economic results and enterprise environmental responsiveness. Schwartz’s list of values and statements about the environmental and economic concerns is used. We analyzed 1179 managers’ answers from Slovenian enterprises with structural equation modeling. Manager’s concern results: (a) for environment positively and significantly and (b) for economics negatively and insignificantly, in influence on enterprise environmental responsiveness. Two value dimensions significantly influence enterprise environmental responsiveness and one negatively. Environmental concern mediates the effect of three, and concern for economic results mediates the effect of two value dimensions on enterprise’s environmental responsiveness. Generalization can be limited due to the focus on one Central Europe country; future examination is needed. Findings are useful for the development of enterprises’ pro-environmental behavior and development of enterprise value system. A model of enterprise’s environmental responsiveness is developed. Journal: Journal of Business Economics and Management Pages: 685-700 Issue: 5 Volume: 17 Year: 2016 Month: 9 X-DOI: 10.3846/16111699.2016.1202315 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1202315 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:5:p:685-700 Template-Type: ReDIF-Article 1.0 Author-Name: Marta Fernández-Olmos Author-X-Name-First: Marta Author-X-Name-Last: Fernández-Olmos Author-Name: Natalia Dejo-Oricain Author-X-Name-First: Natalia Author-X-Name-Last: Dejo-Oricain Author-Name: Jorge Rosell-Martínez Author-X-Name-First: Jorge Author-X-Name-Last: Rosell-Martínez Title: Product differentiation strategy and vertical integration: an application to the DOC Rioja wine industry Abstract: This study evaluates the importance of product differentiation as a determinant of vertical integration in firms. The proposed model also controls for known determinants of integration, such as transaction costs and firm-level capabilities. By identifying transaction-, firm- and strategy-level determinants, we derive testable predictions about the vertical integration decision. To test these predictions we analyze the Rioja wine industry, using a representative sample of 187 firms. Our paper concludes that reaching judicious vertical integration decisions requires a thorough analysis of some very diverse aspects, especially those related to mitigating opportunism, dealing with unforeseen contingencies and product differentiation. Journal: Journal of Business Economics and Management Pages: 796-809 Issue: 5 Volume: 17 Year: 2016 Month: 9 X-DOI: 10.3846/16111699.2013.815130 File-URL: http://hdl.handle.net/10.3846/16111699.2013.815130 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:5:p:796-809 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Šuster Erjavec Author-X-Name-First: Hana Šuster Author-X-Name-Last: Erjavec Author-Name: Tanja Dmitrović Author-X-Name-First: Tanja Author-X-Name-Last: Dmitrović Author-Name: Petra Povalej Bržan Author-X-Name-First: Petra Author-X-Name-Last: Povalej Bržan Title: Drivers of customer satisfaction and loyalty in service industries Abstract: The relationship between customer satisfaction, customer loyalty and their antecedents, service output quality, quality of staff, corporate image, and price perception, is examined in the context of three service industries: use of the highway infrastructure, mobile telephone services, and hairdressing services. The research model was empirically evaluated for a large sample of respondents from a Central European country, using structural equation modelling. The results indicate that the four antecedents affect customer loyalty, and customer satisfaction acts as a mediator in all three service industries. However, the strength of the relationship between the constructs varies markedly across the industries, implying that competitive environment importantly determines the elements of service offering that lead to satisfaction and loyalty in a particular industry. The research findings contribute to a better understanding of which behavioural mechanisms and factors are a viable basis for increasing customer retention in a specific market structure. Managerial implications are discussed, and policy recommendations are offered. Journal: Journal of Business Economics and Management Pages: 810-823 Issue: 5 Volume: 17 Year: 2016 Month: 9 X-DOI: 10.3846/16111699.2013.860614 File-URL: http://hdl.handle.net/10.3846/16111699.2013.860614 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:5:p:810-823 Template-Type: ReDIF-Article 1.0 Author-Name: Indrė Pikturnienė Author-X-Name-First: Indrė Author-X-Name-Last: Pikturnienė Author-Name: Greta Bäumle Author-X-Name-First: Greta Author-X-Name-Last: Bäumle Title: Predictors of recycling behaviour intentions among urban Lithuanian inhabitants Abstract: In countries where no incentives for recycling prevail, individual recycling is grounded on citizens’ consciousness and everyday efforts. Governmental actions can be effective only after understanding factors for recycling behaviour, and fostering them. Since the primary target group of recycling in Lithuania are urban inhabitants, it is important to determine what sub-segments of this group are the most likely to become innovators and early adopters in the field, and to identify what are the most important predictors of their recycling intentions. The aim of the study was to determine how values affect attitude elements towards recycling and what attitude elements and (or) recent recycling behaviour are the most important predictors of intentions to recycle; and to investigate what demographic groups among Lithuanian urban inhabitants are the most likely to be engaged in recycling. Survey using an instrument that allowed determining values, attitudes, subjective norm, perceived behavioural control, actual level of recycling, and link them to the intentions to recycle was performed among urban Lithuanian inhabitants. Results suggest two main strategies for social change managers: informing consumers to increase favourable attitudes towards recycling, and inducing recycling habit. The efforts should be primarily targeted towards educated people over 35, irrespective of gender. Journal: Journal of Business Economics and Management Pages: 780-795 Issue: 5 Volume: 17 Year: 2016 Month: 9 X-DOI: 10.3846/16111699.2014.951957 File-URL: http://hdl.handle.net/10.3846/16111699.2014.951957 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:5:p:780-795 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebii Issue: 3 Volume: 11 Year: 2010 X-DOI: 10.1080/16111699.2010.9668406 File-URL: http://hdl.handle.net/10.1080/16111699.2010.9668406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:11:y:2010:i:3:p:ebi-ebii Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 3 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636100 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636100 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:3:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Aluko Tajudeen Author-X-Name-First: Aluko Author-X-Name-Last: Tajudeen Author-Name: Olaleye Abel Author-X-Name-First: Olaleye Author-X-Name-Last: Abel Title: Unitization and securitization of property investment: Implications for future valuation Abstract: Property investments are now mobile, being tradable securities or listed units (vehicles) comparable to stocks/ shares in the financial market. Hence, the need for valuation to be a counterpart to investment and security analysis. But, current valuation practice in the country has not placed property in a wider economy and the analytical techniques of other markets. The paper therefore demonstrates how current valuation techniques in the property market can meet the needs of investors for listed or tradeable property assets in the country. It also examines the implications on the valuation profession as well as the attendant consequences that are likely to be associated with the quest for change. The study utilizes data from both the Nigerian property and capital markets using simple descriptive, non‐statistical, techniques. Journal: Journal of Business Economics and Management Pages: 125-134 Issue: 3 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636101 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:3:p:125-134 Template-Type: ReDIF-Article 1.0 Author-Name: Edmundas Zavadskas Author-X-Name-First: Edmundas Author-X-Name-Last: Zavadskas Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Artūras Kaklauskas Author-X-Name-First: Artūras Author-X-Name-Last: Kaklauskas Author-Name: Audrius Banaitis Author-X-Name-First: Audrius Author-X-Name-Last: Banaitis Title: Analysis and modeling of the Lithuanian real estate sector Abstract: The model for an efficient real estate sector as suggested by this research is based on the presumption that the efficiency of a real estate sector depends on many macro and micro level variables. The presence of specific macro and micro level variable factors right away imposes objective limitations for efficient activities within the real estate sector. The real estate sector, in the presence of these objective limitations, tries to perform its functions within their bounds with the utmost efficiency. The research aimed at producing a model of a rational real estate sector by undertaking a complex analysis of micro and macro environment factors that affect it and to provide recommendations that would increase its competitive ability. In order to demonstrate the application of the above research by developing a model for an efficient real estate sector, a selection of rational housing investment instruments and lenders will be considered in this paper as a sample. Journal: Journal of Business Economics and Management Pages: 135-143 Issue: 3 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636102 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:3:p:135-143 Template-Type: ReDIF-Article 1.0 Author-Name: Yossi Hadad Author-X-Name-First: Yossi Author-X-Name-Last: Hadad Author-Name: Lea Friedman Author-X-Name-First: Lea Author-X-Name-Last: Friedman Author-Name: Aviad Israeli Author-X-Name-First: Aviad Author-X-Name-Last: Israeli Title: Evaluating hotel advertisements efficiency using data envelopment analysis Abstract: This paper introduces popular methods for ranking alternatives with multiple inputs and multiple outputs in the DEA context. The ranking methods are based on different criteria. Consequently, the ranking of the alternatives are not always the same, particularly as regards the best alternative. The decision maker, however, must make an absolute decision as to the most favored alternative. This study proposes a new ranking method, which is based on the average of the highly correlated ranking method. The new method is applied on a case study of ranking hotels in Israel. Journal: Journal of Business Economics and Management Pages: 145-153 Issue: 3 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636103 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:3:p:145-153 Template-Type: ReDIF-Article 1.0 Author-Name: Borisas Melnikas Author-X-Name-First: Borisas Author-X-Name-Last: Melnikas Title: Management specialists in the knowledge based society: Life‐long learning oriented human resourse development Abstract: The publication presents an analysis of management specialist development problems arising in today's situation. Special attention is paid to management specialist development in the conditions of globalization, knowledge society development, European integration and the European Union enlargement. The publication provides an in‐depth analysis of management specialists development principles and practical experiences in the area of management specialist development. The absence of well‐founded general principles of management specialist development as well as special principles of business and public management specialist development remains an important research problem. The absence of integrated and individualized university studies and of the practical realization of the life‐long learning principle in the area of management specialist development remains an important practical problem. The aim of the publication ‐ to formulate and ground the main principles of management specialist development as well as to describe an original management specialist development model based on the implementation of the idea of life ‐long learning. The research methodology is based on the concept of triangulation, combining the descriptive analysis, surveys and expert evaluation. The scientific novelty, theoretical and practical results are defined by the following: The following groups of principles are singled out: a) general development principles, applicable to specialists of all fields, including that of management; b) special principles of management specialist development, applicable exceptionally to management specialist development; c) specific principles of business management specialist development; d) specific principles of public management specialist development, applicable exceptionally to the development of specialists working in the public sector and public management. This model provides for combination of diverse forms of learning, university studies, independent researches, self‐development and in‐service training; long‐term individual programmers are designed to help people acquire different qualifications and develop their competences through studies in universities and other educational institutions and through participating in practical works, workshops and seminars. Introduction of long‐term individualized development programmers facilitates development of unique managerial skills and prepares every specialist for a unique position, a unique professional activity and individualized functions. The management specialist development model based on the implementation of the idea of life ‐ long learning as well as integrated and individualized university and non ‐ university studies is described. An important element of management specialist development process is development of human creativity. It also depicts specific characteristics of creativity and highlights new opportunities and possibilities for the development of the creative potential. Journal: Journal of Business Economics and Management Pages: 155-170 Issue: 3 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636104 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:3:p:155-170 Template-Type: ReDIF-Article 1.0 Author-Name: Zuzana Dvoráková Author-X-Name-First: Zuzana Author-X-Name-Last: Dvoráková Title: Encouraging ethical behaviour in public administration by human resource management Abstract: The public administration reform in the Czech Republic set off with a reform of the territorial public administration at the end of the 90s. The reform established a joint public administration model in the territories, power decentralization, and de‐concentration of operative functions from ministries to regions and municipalities. The reform outcomes largely depend on the quality of human resources in public administration, their ethical values, and status in the society. The public sector always needs to solve a traditional ethics dilemma whether public officials serve citizen or politician purposes. The paper is aimed at ethical values in the Czech public administration, ethics dilemmas in the public sector, and human resource management in territorial self‐governments supporting ethical behaviour. An abnormal situation comes into being in the Czech Republic as public officials incline to serving neither citizens nor politicians. Some municipal authorities strive to improve public administration ethics by designing and implementing new HR practices, codes of ethics and anticorruption programmes. Journal: Journal of Business Economics and Management Pages: 171-178 Issue: 3 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636105 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:3:p:171-178 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Title: Inward and outward FDI in Lithuania and Estonia: Review of patterns in neighboring countries Abstract: The paper aims to trace how important state policies, cultural differences and neighborhood of developed countries are as driving forces attracting foreign capital inflows. Authors overview the inward and outward foreign direct investment (FDI) tendencies in Lithuania and Estonia, reveal similarities and differences of the neighbor countries. Authors distinguish and discuss a role of privatization policy in attracting foreign direct investments. The assumption about different inward FDI sources caused by different privatization strategies adopted by considered countries is to be elaborated. Another focus of presented paper is outward FDI structure in terms of capital origin, and differences of its in scale in two Baltic countries ‐ Lithuania and Estonia. Phenomenon of Scandinavian FDI channeling through Estonia is to be traced and interpreted. Journal: Journal of Business Economics and Management Pages: 179-188 Issue: 3 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636106 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:3:p:179-188 Template-Type: ReDIF-Article 1.0 Author-Name: Guillermo Carrasco Author-X-Name-First: Guillermo Author-X-Name-Last: Carrasco Author-Name: Adrianela Angeles Author-X-Name-First: Adrianela Author-X-Name-Last: Angeles Author-Name: Edmundo Marroquin-Tovar Author-X-Name-First: Edmundo Author-X-Name-Last: Marroquin-Tovar Title: Inflexibility in organizational decision-making Abstract: The main objective of this investigation is to validate a measurement model that identifies the dimensions of inflexibility in organizational decision-making. For this purpose a Confirmatory Factor Analysis was conducted to assess how well the measured variables represent the constructs, which according to several authors of the literature, have been identified as limitations to organizational decision-making. In this study they were classified in three dimensions: limitations on Strategic Management, limitations on Human Resource Management and limitations on Financial Management.The analysis is based on data collected from 229 Mexican companies. The results show that the proposed model is a good measure of inflexibility in decision-making of these organizations. In addition, it was identified that the variable that best predicts the limitations in strategic management is the lack of clear objectives. Furthermore, it was found that the strongest predictor of limitations on human resources management is the presence of conflicts between employees; and regarding limitations on financial management, the best predictor is the falling profits of the organization. It is expected that this model will help organizations to identify and eliminate these limitations that constraint the organizational decision-making, facilitating their capability to adapt to the changing environment. Journal: Journal of Business Economics and Management Pages: 564-579 Issue: 4 Volume: 17 Year: 2016 Month: 7 X-DOI: 10.3846/16111699.2015.1101397 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1101397 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:4:p:564-579 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Mazharul Islam Author-X-Name-First: Mohammad Mazharul Author-X-Name-Last: Islam Author-Name: Essam Habes Author-X-Name-First: Essam Author-X-Name-Last: Habes Author-Name: Azharul Karim Author-X-Name-First: Azharul Author-X-Name-Last: Karim Author-Name: Syed Omar bin Syed Agil Author-X-Name-First: Syed Omar bin Author-X-Name-Last: Syed Agil Title: Quality certification and company performance – the newly developed country experience Abstract: This study investigates the impacts of ISO 9001:2008 certification on companies in Malaysia. Data were collected from CEOs and managers through a questionnaire survey. A multivariate analysis and SPSS macro were used as statistical techniques to assess the effects of ISO 9001 certification. Results of the study indicate that ISO 9001 certified companies were having significantly greater benefits and financial performance compared to non-certified companies. However, no significant direct relationship between ISO 9001 certification and company's financial performance was found. A further investigation revealed that financial performance is actually directly related to quality and local and international business performance, which are significantly influenced by ISO 9001 certification. Therefore quality and business performances are involved in the mediational process between the financial performance of companies and ISO 9001 certification. The novelty of this research lies in the establishment of, for the first time, high level statistical relationship between ISO 9001 certification, its mediating factors and financial performance of companies. Journal: Journal of Business Economics and Management Pages: 628-644 Issue: 4 Volume: 17 Year: 2016 Month: 7 X-DOI: 10.3846/16111699.2015.1110712 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1110712 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:4:p:628-644 Template-Type: ReDIF-Article 1.0 Author-Name: Dmitri Knatko Author-X-Name-First: Dmitri Author-X-Name-Last: Knatko Author-Name: Galina Shirokova Author-X-Name-First: Galina Author-X-Name-Last: Shirokova Author-Name: Karina Bogatyreva Author-X-Name-First: Karina Author-X-Name-Last: Bogatyreva Title: Industry choice by young entrepreneurs in different country settings: the role of human and financial capital Abstract: Entrepreneurial entry happens as a consequence of a general choice of an individual to become an entrepreneur. While most entrepreneurial entry studies rarely consider an industry choice to be an aspect of entrepreneurial decision making process, we address this issue taking into account individual, industrial, and country specific attributes. Using data from the Global University Entrepreneurial Spirit Students’ Survey (2013–2014) on young nascent entrepreneurs and extending it with objective indicators derived from World Bank, Global Entrepreneurship Monitor, and International Property Rights Index datasets, we investigate how various factors impact the choice between knowledge-intensive and capital-intensive industries. Drawing on the RBV and contingency approach, we link an industry choice to the level of human capital development and access to financial capital testing for possible country-specific moderation effects. Our study contributes to entrepreneurial entry research stream extending the understanding of entrepreneurial entry decision making nuances related to individual access to resources and both industryand country-level contingencies. Journal: Journal of Business Economics and Management Pages: 613-627 Issue: 4 Volume: 17 Year: 2016 Month: 7 X-DOI: 10.3846/16111699.2015.1113199 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1113199 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:4:p:613-627 Template-Type: ReDIF-Article 1.0 Author-Name: Arash Shahryari Nia Author-X-Name-First: Arash Author-X-Name-Last: Shahryari Nia Author-Name: Laya Olfat Author-X-Name-First: Laya Author-X-Name-Last: Olfat Author-Name: Ahmad Esmaeili Author-X-Name-First: Ahmad Author-X-Name-Last: Esmaeili Author-Name: Reza Rostamzadeh Author-X-Name-First: Reza Author-X-Name-Last: Rostamzadeh Author-Name: Jurgita Antuchevičienė Author-X-Name-First: Jurgita Author-X-Name-Last: Antuchevičienė Title: Using fuzzy Choquet Integral operator for supplier selection with environmental considerations Abstract: The increasing importance of considering environmental issues as a part of the corporate social responsibility, which has environmental and social impacts as well as affects the image and competitiveness of a firm, has encouraged companies to revise their major processes of supply chain management (SCM). Since the performance of a company heavily relies on its suppliers, it is of vital importance to incorporate environmental criteria into supplier selection problem to satisfy both conventional and environmental criteria, which have only been considered by a limited number of studies. Therefore, following a brief review of green supply chain management (GSCM) and sustainable supply chain management (SSCM) concepts and investigation of supplier selection approaches, this study after focuses on a modified Delphi method that has been applied to determine supplier selection criteria. Also, the intuitionistic fuzzy value (IFV) and interval value intuitionistic fuzzy (IVIF) have been utilised for supplier evaluation regarding the subjective nature and uncertainty of judgment. By using the Choquet Integral operator and fuzzy measures, the best supplier has been selected, and the comparison between IFV and IVIF has been made. This methodology has been applied to a manufacturing company to assess the applicability of the proposed methodology. The proposed methodology can be used for real world problems that contain fuzziness or interacting decision criteria. Moreover, due to a high level of expert involvement in the decision-making process, we claimed that the knowledge of experts has been utilised constructively. Journal: Journal of Business Economics and Management Pages: 503-526 Issue: 4 Volume: 17 Year: 2016 Month: 7 X-DOI: 10.3846/16111699.2016.1194315 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1194315 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:4:p:503-526 Template-Type: ReDIF-Article 1.0 Author-Name: Guiwu Wei Author-X-Name-First: Guiwu Author-X-Name-Last: Wei Title: Picture fuzzy cross-entropy for multiple attribute decision making problems Abstract: In this paper, we investigate the multiple attribute decision making problems with picture fuzzy information. The advantage of picture fuzzy set is easily reflecting the ambiguous nature of subjective judgments because the picture fuzzy sets are suitable for capturing imprecise, uncertain, and inconsistent information in the multiple attribute decision making analysis. Thus, the cross entropy of picture fuzzy sets, called picture fuzzy cross entropy, is proposed as an extension of the cross entropy of fuzzy sets. Then, a multiple attribute decision making method based on the proposed picture fuzzy cross entropy is established in which attribute values for alternatives are picture fuzzy numbers. In decision making process, we utilize the picture fuzzy weighted cross entropy between the ideal alternative and an alternative to rank the alternatives corresponding to the cross entropy values and to select the most desirable one(s). Finally, a practical example for enterprise resource planning system selection is given to verify the developed approach and to demonstrate its practicality and effectiveness. Journal: Journal of Business Economics and Management Pages: 491-502 Issue: 4 Volume: 17 Year: 2016 Month: 7 X-DOI: 10.3846/16111699.2016.1197147 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1197147 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:4:p:491-502 Template-Type: ReDIF-Article 1.0 Author-Name: Chia-Lin Lee Author-X-Name-First: Chia-Lin Author-X-Name-Last: Lee Author-Name: Reinhold Decker Author-X-Name-First: Reinhold Author-X-Name-Last: Decker Title: Co-branding partner selection: The importance of belief revision Abstract: This paper applies the stereotype change theory to help bridge a major literature gap on co-branding partner selection: why both identical and highly different brand pairs often fail. We argue that, given that a primary goal of establishing a co-branding alliance is to positively revise consumers’ beliefs about important attributes of the allying brands, the case of no belief-revision can lead to a failure of the alliance. We show that both an identical and a highly incongruent partnership in terms of attribute-level difference can fail due to the lack of belief-revision. We report that a moderately incongruent brand pair is a promising decision on co-branding partner selection. In doing so, our research contributes to the explanation of why the two “extreme” types of co-branding alliances may fail from the perspective of consumer evaluation. For brand managers, we offer a normative guideline for co-branding partner selection. Journal: Journal of Business Economics and Management Pages: 546-563 Issue: 4 Volume: 17 Year: 2016 Month: 7 X-DOI: 10.3846/16111699.2016.1197848 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1197848 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:4:p:546-563 Template-Type: ReDIF-Article 1.0 Author-Name: Hirotsugu Sakai Author-X-Name-First: Hirotsugu Author-X-Name-Last: Sakai Title: Why have R&D-intensive industries in Japan experienced a recent decline in performance? Evidence from panel data of listed firms in Japanese R&D-intensive industries Abstract: Previous studies show that the rate of return on research and development (R&D) capital is high. However, R&D-intensive industries in Japan have recently experienced a decline in performance. This study estimates the rate of return on R&D capital and physical capital as well as total factor productivity (TFP) to solve this puzzle. The rate of return is properly estimated applying the methods, which deal with simultaneity bias issues. After Japan entered the “lost decade”, the rate of return on R&D capital dropped significantly, while the rate on physical capital did not. This trend cannot be found by the methods without considering the issues, typically used in previous studies. The slowdown of TFP growth occurs coincidentally with a declining rate of return on R&D capital, which suggests the importance of innovations that enable effective use of R&D capital. Considering the trends, the declining rate of return on R&D capital along with the slowdown of TFP growth are the main causes of the low performance of recent R&D-intensive industries. The results of this paper also offer suggestions on economic policies and growth strategies. Journal: Journal of Business Economics and Management Pages: 527-545 Issue: 4 Volume: 17 Year: 2016 Month: 7 X-DOI: 10.3846/16111699.2016.1200998 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1200998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:4:p:527-545 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Szarucki Author-X-Name-First: Marek Author-X-Name-Last: Szarucki Author-Name: Jan Brzozowski Author-X-Name-First: Jan Author-X-Name-Last: Brzozowski Author-Name: Jelena Stankevičienė Author-X-Name-First: Jelena Author-X-Name-Last: Stankevičienė Title: Determinants of self-employment among Polish and Romanian immigrants in Germany Abstract: This empirical study investigates the determinants of self-employment propensity of Polish and Romanian immigrants in Germany. The German economy is an important object of analysis, as it is the most important destination for international migrants in the European Union. In the paper, we use the recently collected M sample of the German Socio-Economic Panel to examine which personal, country of birth-specific socio-economic and cultural factors influence the self-employment propensity of immigrants. The results of binominal logit regression show that the Central European migrants exhibit different self-employment propensity than migrants from former Yugoslavia, Russian and Kazakhstan, Turkey and Italy, with the self-employment aversion especially strong among Romanians. These differences remain substantial even after controlling for social and human capital endowment of the individuals. This study offers important policy recommendations, showing the potential obstacles in encouraging entrepreneurial activity of immigrants. This topic is becoming increasingly important with the current migration crisis in the EU, caused by intensive inflow of asylum-seeking foreigners in 2015. Journal: Journal of Business Economics and Management Pages: 598-612 Issue: 4 Volume: 17 Year: 2016 Month: 7 X-DOI: 10.3846/16111699.2016.1202313 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1202313 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:4:p:598-612 Template-Type: ReDIF-Article 1.0 Author-Name: Óscar González-Benito Author-X-Name-First: Óscar Author-X-Name-Last: González-Benito Author-Name: Pablo A. Muñoz-Gallego Author-X-Name-First: Pablo A. Author-X-Name-Last: Muñoz-Gallego Author-Name: Evelyn García-Zamora Author-X-Name-First: Evelyn Author-X-Name-Last: García-Zamora Title: Role of collaboration in innovation success: differences for large and small businesses Abstract: This article analyses the role of collaboration in the contribution of innovation to business performance. Moreover, the analysis considers business size as a key control variable to understand the moderating role of collaboration in innovation success. A survey administered to Spanish firms from industrial, building, agriculture, and trade-service sectors measured two levels of innovation, incremental and radical, and two dimensions of collaboration, channel and consulting advice. The findings show that the probability of success increases when firms use collaboration to support innovation efforts. In addition, small businesses take more advantage of channel collaboration, whereas large businesses rely more on consulting advice-based collaboration. These findings suggest that the convenience of different collaboration approaches depend on business size. Also small and large firms differ on the way they might get additional advantages from alternative ways of collaboration. Therefore, the main contribution is the understanding of how innovation success depends on the interaction between the collaboration approach and business size. Journal: Journal of Business Economics and Management Pages: 645-662 Issue: 4 Volume: 17 Year: 2016 Month: 7 X-DOI: 10.3846/16111699.2013.823103 File-URL: http://hdl.handle.net/10.3846/16111699.2013.823103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:4:p:645-662 Template-Type: ReDIF-Article 1.0 Author-Name: Antonia Estrella-Ramón Author-X-Name-First: Antonia Author-X-Name-Last: Estrella-Ramón Author-Name: Manuel Sánchez-Pérez Author-X-Name-First: Manuel Author-X-Name-Last: Sánchez-Pérez Author-Name: Gilbert Swinnen Author-X-Name-First: Gilbert Author-X-Name-Last: Swinnen Author-Name: Koen Vanhoof Author-X-Name-First: Koen Author-X-Name-Last: Vanhoof Title: Estimating Customer Potential Value using panel data of a Spanish bank Abstract: The main goal of this paper is the calculation of a multi-product model of Customer Potential Value using the Probit method. The results of this first analysis are used to perform an ex-post segmentation of customers, whose output can be employed to improve Customer Relationship Management strategies of the companies. Our research contributes to the consumer behaviour literature insofar as, according to our knowledge, no previous work has examined collectively the proposed drivers of Customer Potential Value in a multi-services retailer. To achieve these objectives, we use a panel data of a Spanish bank. The results allow us to confirm the influence of a set of behavioural variables on the ownership of different banking products and identify those customers whose value is higher and lower through the calculation of Customer Potential Value. Journal: Journal of Business Economics and Management Pages: 580-597 Issue: 4 Volume: 17 Year: 2016 Month: 7 X-DOI: 10.3846/16111699.2014.970571 File-URL: http://hdl.handle.net/10.3846/16111699.2014.970571 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:4:p:580-597 Template-Type: ReDIF-Article 1.0 Author-Name: Eleuterio Vallelado Author-X-Name-First: Eleuterio Author-X-Name-Last: Vallelado Author-Name: Paolo Saona Author-X-Name-First: Paolo Author-X-Name-Last: Saona Author-Name: Pablo San Martín Author-X-Name-First: Pablo Author-X-Name-Last: San Martín Title: How regulation affects the relevance of bank-debt maturity as a control mechanism in developed countries Abstract: Improvements in transparency at the country level have modified the relevance of bank debt maturity as a control mechanism. The novelty of this research is that we provide empirical evidence that the maturity of bank borrowing is contingent on the characteristics of the regulatory and the institutional setting about corporate governance. The main implication of our paper is that corporate governance rules have greater influence in civil-law countries than in common-law countries in promoting efficiency in the use of bank debt maturity. The value of this paper is that our results confirm that the implementation of similar regulations on transparency across countries with different legal systems favors the alignment of the role played by short-term bank debt in addressing asymmetric information, agency costs, and inefficient liquidation. Journal: Journal of Business Economics and Management Pages: 116-130 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2016.1149878 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1149878 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:116-130 Template-Type: ReDIF-Article 1.0 Author-Name: Serdar Ulubeyli Author-X-Name-First: Serdar Author-X-Name-Last: Ulubeyli Title: Industry-wide competitiveness assessment through fuzzy synthetic evaluation: the case of cement industry Abstract: This study aims to develop a fuzzy force assessment model (FFAM) for quantifying industry-wide competition conditions (CCs) using five-force framework. It employed fuzzy synthetic evaluation to assess CCs of forces and industry, and real case of Turkish cement industry was demonstrated. As a result, FFAM provides a comprehensive and practical device. As empirical findings, CCs in cement industry are medium-to-high, and pressure from substitutes is the most effective force, followed by intensity of competitors’ rivalry, bargaining power of buyers, bargaining power of suppliers, and threat of entrants. Consequently, this study is first to propose a structured and fuzzy five-force quantification model and to assess CCs in cement industry. Journal: Journal of Business Economics and Management Pages: 35-53 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2016.1218927 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1218927 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:35-53 Template-Type: ReDIF-Article 1.0 Author-Name: Suzanne L. Conner Author-X-Name-First: Suzanne L. Author-X-Name-Last: Conner Author-Name: James Reardon Author-X-Name-First: James Author-X-Name-Last: Reardon Author-Name: Chip Miller Author-X-Name-First: Chip Author-X-Name-Last: Miller Author-Name: Laura Salciuviene Author-X-Name-First: Laura Author-X-Name-Last: Salciuviene Author-Name: Vilte Auruskeviciene Author-X-Name-First: Vilte Author-X-Name-Last: Auruskeviciene Title: Cultural antecedents to the normative, affective, and cognitive effects of domestic versus foreign purchase behavior Abstract: The paper aims to investigate simultaneous and independent effects of cognitive, affective, and normative (CAN) decision mechanisms and cultural elements on consumer purchase behavior of foreign and domestic products. The study uses a survey to collect data from 5 086 respondents across 19 nations. The findings suggest that CAN factors independently affect purchase decisions for domestic, but not always foreign goods. Collectivism and uncertainty avoidance directly and differentially affect the CAN mechanisms. By explaining the effects of CAN and cultural elements on foreign and domestic purchase behaviour and offering product positioning strategies to internationally operating business managers the study provides important research and practical implications. The originality and value of this research lies in the theoretically proposed and empirically tested model, which incorporates consumer ethnocentrism, quality importance, national identification, cultural antecedents (collectivism and uncertainty avoidance) and domestic/ foreign product purchase behaviour. Journal: Journal of Business Economics and Management Pages: 100-115 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2016.1220975 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1220975 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:100-115 Template-Type: ReDIF-Article 1.0 Author-Name: Giedrė Lapinskienė Author-X-Name-First: Giedrė Author-X-Name-Last: Lapinskienė Author-Name: Kęstutis Peleckis Author-X-Name-First: Kęstutis Author-X-Name-Last: Peleckis Author-Name: Zlatko Nedelko Author-X-Name-First: Zlatko Author-X-Name-Last: Nedelko Title: Testing environmental Kuznets curve hypothesis: the role of enterprise’s sustainability and other factors on GHG in European countries Abstract: The paper analyses the environmental Kuznets curve relationship between greenhouse gases and chosen indicators of economic development based on the panel data of 20 countries of the EU in the period 2006–2013. Besides the typical variables, such as the share of a particular polluting industry, environmental taxes, energy taxes, research and development, the dummy variable of the crises and enterprise’s sustainability score were also included in the model. The fixed effect panel model was used as a framework for the analysis. The original contribution of this paper is that the factor referring to the enterprises’ sustainability was empirically tested in the expanded model. Higher energy taxes, research and development and the number of sustainable enterprises decrease the level of greenhouse gases. The size of agriculture, production and construction has a positive sign, which means that a higher value of the indicator is associated with a higher level of greenhouse gases. This implies that the analysed set of factors can be applied to adjust the trend in the region and might be useful for the climate change policy adjustment. Journal: Journal of Business Economics and Management Pages: 54-67 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2016.1249401 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1249401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:54-67 Template-Type: ReDIF-Article 1.0 Author-Name: António C. Moreira Author-X-Name-First: António C. Author-X-Name-Last: Moreira Author-Name: Nuno Fortes Author-X-Name-First: Nuno Author-X-Name-Last: Fortes Author-Name: Ramiro Santiago Author-X-Name-First: Ramiro Author-X-Name-Last: Santiago Title: Influence of sensory stimuli on brand experience, brand equity and purchase intention Abstract: Sensory stimulation is used by various brands to induce desired behaviours among their customers. Although its effectiveness is recognised in business contexts, little research has been conducted on sensory marketing. In order to contribute to filling this gap, this study sought to build a model that explains how sensory stimulation influences intentions to purchase a brand. Brand experience and brand equity were expected to mediate this relationship. The empirical validation of the model was conducted by carrying out an online survey with a convenience sample of 302 customers of a brand of the catering industry. The data collected were processed using PLS-SEM methodology. The results reveal that sensory stimulation positively influences brand experience and brand equity, which, in turn, have a positive impact on intentions to purchase the brand in question. The relevant contributions that emerged from this study include not only bridging the aforementioned gap in the literature but also offering significant managerial implications. Journal: Journal of Business Economics and Management Pages: 68-83 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2016.1252793 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1252793 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:68-83 Template-Type: ReDIF-Article 1.0 Author-Name: Jun Sik Kim Author-X-Name-First: Jun Sik Author-X-Name-Last: Kim Author-Name: Da-Hea Kim Author-X-Name-First: Da-Hea Author-X-Name-Last: Kim Author-Name: Sung Won Seo Author-X-Name-First: Sung Won Author-X-Name-Last: Seo Title: Individual mean-variance relation and stock-level investor sentiment Abstract: This research studies the effect of stock-level investor sentiment on individual stock returns’ mean-variance relation. Using unique buy and sell volume data of retail investors in Korean stock market, we find that a positive mean-variance relation is undermined among high-sentiment stocks, but holds among low-sentiment stocks. We adopt buy-sell imbalances of retail investors for individual stocks as a measure of stock-level investor sentiment. Further, our findings provide empirical evidence of a strong risk-return trade-off among stocks with low retail concentration (e.g., large capitalization, high-priced, and growth stocks). Existing research only analyzes market-wide investor sentiment. However, we study the effect of stock-level investor sentiment on individual stock returns. Therefore, our findings suggest novel implications about the investment strategy that the stock-level investor sentiment is important when constructing portfolios based on variance. Journal: Journal of Business Economics and Management Pages: 20-34 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2016.1252794 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1252794 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:20-34 Template-Type: ReDIF-Article 1.0 Author-Name: Boris Urban Author-X-Name-First: Boris Author-X-Name-Last: Urban Author-Name: Gabriël Coenraad Daniël Stoltz Joubert Author-X-Name-First: Gabriël Coenraad Daniël Stoltz Author-X-Name-Last: Joubert Title: Multidimensional and comparative study on intellectual capital and organisational performance Abstract: Intellectual capital (IC) as the knowledge-based equity of organizations is increasingly recognised as an important value contributor to performance. By building on previous research, the study examines the IC components of human capital, structural capital and relational capital as they relate to organisational performance. Following past international studies, a model is developed and statistically tested. A survey is administered to firms across several industries and data is analysed employing structural equation modelling. Recognising that replications and extensions of IC studies are vital to knowledge development, comparisons with international studies are made. The results provide support for the hypotheses where relationships between the IC components and performance are evident. These findings suggest that it is crucial for an organisation to optimise the utilisation of its human capital for the sake of optimising its structural capital, which leads to higher performance. By positioning the study in terms of IC literature, the study offers the ability to compare the present study findings with similar findings across countries. Journal: Journal of Business Economics and Management Pages: 84-99 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2016.1255990 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1255990 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:84-99 Template-Type: ReDIF-Article 1.0 Author-Name: Sule Birim Author-X-Name-First: Sule Author-X-Name-Last: Birim Author-Name: Cigdem Sofyalioglu Author-X-Name-First: Cigdem Author-X-Name-Last: Sofyalioglu Title: Evaluating vendor managed inventory systems: how incentives can benefit supply chain partners Abstract: In a vendor managed inventory (VMI) system, the effects of financial incentives on the entire supply chain (SC) and on the individual firms are investigated in this study. To this end, order management, order replenishment and inventory control activities of a two-echelon SC are examined via modeling using discrete event simulation. By determining the appropriate parameters for the incentives with scenario analysis, balanced profit distribution between buyers and a supplier in VMI is established. Simulation outputs of the traditional model, VMI only and VMI with incentives models are compared based on profits with paired comparisons. In VMI with incentives, both buyers, and the supplier experience higher benefits than the traditional system. This study provides a new method which eliminates the unbalanced benefit distribution due to VMI and offers almost equal benefits to the participating firms. With financial incentives, firms are encouraged to share information with each other to work in a coordinated SC. Journal: Journal of Business Economics and Management Pages: 163-179 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2016.1266695 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1266695 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:163-179 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Corrigendum Journal: Journal of Business Economics and Management Pages: 180-180 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2017.1275283 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1275283 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:180-180 Template-Type: ReDIF-Article 1.0 Author-Name: Xiaoting Wang Author-X-Name-First: Xiaoting Author-X-Name-Last: Wang Author-Name: Aihua Chen Author-X-Name-First: Aihua Author-X-Name-Last: Chen Author-Name: Huafeng Wang Author-X-Name-First: Huafeng Author-X-Name-Last: Wang Author-Name: Shengxiao Li Author-X-Name-First: Shengxiao Author-X-Name-Last: Li Title: Effect of export promotion programs on export performance: evidence from manufacturing SMEs Abstract: The objective of this paper is to examine how a firm’s participation in government export promotion programs (EPPs) may lead to a better export performance. Based on dynamic capabilities perspective, a mediated moderation model of EPPs on export performance was proposed and tested in Chinese manufacturing SMEs. The results show marketing implementation capabilities mediate the effect of information-related programs on export performance, and the financial aid-related EPPs moderate the process. The results contribute to the studies relating EPPs and export performance, as the results confirm the instrumental role of EPPs in enhancing export performance and examine the interplay between different types of EPPs. This study provides a guideline for managers as to how they can benefit from government EPPs. The findings also imply that policy makers should develop EPPs with a specific emphasis rather than a general goal of export performance.This study develops new insights on how export ventures exploit EPPs to develop useful capabilities. Also, the study expands current thinking on exporting by recognizing that different types of EPPs affect exporting. Journal: Journal of Business Economics and Management Pages: 131-145 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2016.1278031 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1278031 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:131-145 Template-Type: ReDIF-Article 1.0 Author-Name: Mehdi Keshavarz Ghorabaee Author-X-Name-First: Mehdi Keshavarz Author-X-Name-Last: Ghorabaee Author-Name: Maghsoud Amiri Author-X-Name-First: Maghsoud Author-X-Name-Last: Amiri Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Reyhaneh Hooshmand Author-X-Name-First: Reyhaneh Author-X-Name-Last: Hooshmand Author-Name: Jurgita Antuchevičienė Author-X-Name-First: Jurgita Author-X-Name-Last: Antuchevičienė Title: Fuzzy extension of the CODAS method for multi-criteria market segment evaluation Abstract: One of the important activities of a company that can increase its competitiveness is market segment evaluation and selection (MSE/MSS). We can usually consider MSE/MSS as a multi-criteria decision-making (MCDM) problem, and so we need to use an MCDM method to handle it. Uncertainty is one of the important factors that can affect the process of decision-making. Fuzzy MCDM approached have been designed to deal with the uncertainty of decision-making problems. In this study, a fuzzy extension of the CODAS (COmbinative Distance-based ASsessment) method is proposed to solve multi-criteria group decision-making problems. We use linguistic variables and trapezoidal fuzzy numbers to extend the CODAS method. The proposed fuzzy CODAS method is applied to an example of market segment evaluation and selection problem under uncertainty. To validate the results, a comparison is performed between the fuzzy CODAS and two other MCDM methods (fuzzy EDAS and fuzzy TOPSIS). A sensitivity analysis is also carried out to demonstrate the stability of the results of the fuzz CODAS. For this aim, ten sets of criteria weights are randomly generated and the example is solved using each set separately. The results of the comparison and the sensitivity analysis show that the proposed fuzzy CODAS method gives valid and stable results. Journal: Journal of Business Economics and Management Pages: 1-19 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2016.1278559 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1278559 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:1-19 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Erratum Journal: Journal of Business Economics and Management Pages: 181-181 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2017.1278645 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1278645 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:181-181 Template-Type: ReDIF-Article 1.0 Author-Name: Krzysztof Stepaniuk Author-X-Name-First: Krzysztof Author-X-Name-Last: Stepaniuk Title: Blog content management in shaping pro recreational attitudes Abstract: The main aim of this article was to research the impact of the content of recreational blogs on the change of attitude and behaviours of their recipients, as well as creating the basis to manage the content of blogs directed to achieve particular results. The study was conducted with the use of quantitative and qualitative content analysis. The contents of 691 comments left by 4 main types of commentators were analysed. The evaluation of individual entries was performed using the assumptions of the modified AIDA model of consumer behaviour. The possibility of a positive causal link between the presented content and the appearance of the signs of its impact on the behaviour of individuals tracking the posts has been proven to a minor extent only. Merely 0.5% of commentators and individuals were not engaged in running declared changing their way of life to a pro recreational and sports-related one.Conducting analyses directly on the large, narrative story-telling content with the use of a consumer behaviour model is a novelty of this paper and rarely appears in the scientific literature. The theoretical significance of the work is connected with the development of the theory of marketing management in the context of social networks content management. Journal: Journal of Business Economics and Management Pages: 146-162 Issue: 1 Volume: 18 Year: 2017 Month: 1 X-DOI: 10.3846/16111699.2017.1280693 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1280693 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:1:p:146-162 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebii Issue: 2 Volume: 11 Year: 2010 X-DOI: 10.1080/16111699.2010.9636269 File-URL: http://hdl.handle.net/10.1080/16111699.2010.9636269 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:11:y:2010:i:2:p:ebi-ebii Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 3 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636128 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636128 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:3:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Edvins Karnitis Author-X-Name-First: Edvins Author-X-Name-Last: Karnitis Title: A knowledge‐based human‐centred growth model for Latvia Abstract: A growth model for Latvia is presented. The main resource for growth is the knowledge and wisdom of Latvia's inhabitants, and the ability of each individual to make use of this resource. Raising the quality of life in every aspect for each individual is the main goal of growth. The collective knowledge of the people must be used to achieve this. In achieving this goal we must make use of coordinated and balanced development of each aspect of life, taking into account the unity of activities and the expansion these activities beyond frameworks of individual sectors, institutions, formal state structures and across borders. The model has been approved by Saeima (Parliament) in 2005. Several activities have been started to implement the model. Journal: Journal of Business Economics and Management Pages: 95-101 Issue: 3 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636129 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636129 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:3:p:95-101 Template-Type: ReDIF-Article 1.0 Author-Name: Hea‐Jung Hyun Author-X-Name-First: Hea‐Jung Author-X-Name-Last: Hyun Title: Quality of institutions and foreign direct investment in developing countries: Causality tests for cross‐country panels Abstract: This paper analyzes the short‐run and long‐run dynamics between quality of institutions and foreign direct investment (FDI) in the sample of 62 developing countries covering the period 1984–2003. Panel cointegration test and FM OLS (Fully Modified OLS) estimators are used to test for cointegration. For short‐run dynamics, we estimate error correction model using fixed effect OLS and system GMM estimators. Institutional quality and FDI are found to have bi‐directional cointegrating relationship in the long‐run. However, there is no evidence in favor of short‐run causality between two variables. JEL Classification: C23, F23, O17 Journal: Journal of Business Economics and Management Pages: 103-110 Issue: 3 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636130 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636130 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:3:p:103-110 Template-Type: ReDIF-Article 1.0 Author-Name: Vulfs Kozlinskis Author-X-Name-First: Vulfs Author-X-Name-Last: Kozlinskis Author-Name: Kristine Guseva Author-X-Name-First: Kristine Author-X-Name-Last: Guseva Title: Evaluation of some business macro environment forecasting methods Abstract: Latest studies in the field of business macro environment (BME) assessment and forecasting have been undertaken and successfully implemented by the World Bank (2003–2004). Considerable contribution to the field has been made by Nobel Prize winners in Economics F. Kydland and E. Prescott in 2004. Nonetheless, a number of issues concerning BME evaluation and forecasting is still left unstudied. The Article highlights two major issues of BME: the fist part of the paper is focused on assessment of BME and the quality of BME development prognosis made by entrepreneurs. Based on key findings the following second part of the research examines the accuracy (validity) of businessmen prognosis and identifies key indicators businessmen rely on for formulating their future expectations. For that purpose a system of parameters and trends, as well as entrepreneurs’ survey results have been applied. The study concludes by illustrating the effect of inaccurately formulated prognosis and expectation on further development of BME events in conjunction with new assessment and forecasting proposals. Journal: Journal of Business Economics and Management Pages: 111-117 Issue: 3 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636131 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636131 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:3:p:111-117 Template-Type: ReDIF-Article 1.0 Author-Name: Jesper Strandskov Author-X-Name-First: Jesper Author-X-Name-Last: Strandskov Title: Sources of competitive advantages and business performance Abstract: Based on data from the European meat processing industry three sets of competitive sources on business performance are studied: Firm Specific Advantages (FSAs), Localizational Specific Advantages (LSAs) and Relation Specific Advantages (RSAs). The results indicate that the FSAs and the RSAs are the most important explanatory variables on business performance, however, with strong interaction effects between the two sets of variables. Given the findings, we call for further empirical validation of how the different sets of competitive advantages interact and reinforce each. A closer examination of the nature of the RSAs, ie resource accumulation and development through inter‐firm co‐operation is also needed. Journal: Journal of Business Economics and Management Pages: 119-129 Issue: 3 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636132 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636132 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:3:p:119-129 Template-Type: ReDIF-Article 1.0 Author-Name: Irina Sennikova Author-X-Name-First: Irina Author-X-Name-Last: Sennikova Author-Name: Boriss Kurovs Author-X-Name-First: Boriss Author-X-Name-Last: Kurovs Title: Phenomenon of intellectual entrepreneurship and emerging patterns of intellectual entrepreneurship in Latvia Abstract: The paper is a report on the work in progress on the broader exploratory study into intellectual entrepreneurship in the Baltics, which aims to explore the emerging patterns of intellectual entrepreneurship through experience of individuals. The findings are based on the qualitative interviews with 13 entrepreneurs, who fit Johansson et. al. (1999) and Konstantinov and Filonovich (2005) definition of intellectual entrepreneurs and whose businesses fit Schumpeter's (1934) definition of innovativeness. Based on the literature of intellectual entrepreneurship the emerging typology of intellectual entrepreneurship was developed to assist in selecting the sample. The participants of the study were divided into the following categories: entrepreneuring academics, entrepreneuring academic profesionals, entrepreneuring intellectuals and intuitive entrepreneurs. During the study three emerging patterns of IE in Latvia were identified, which can be called ‘an ideal one’, ‘professional one’ and a ‘forced one’ depending on the educational, professional and experiential background of the entrepreneurs. The identified patterns will lay the foundation for further development of training and educational programmes for potential entrepreneurs, providing specialised cross‐disciplined programmes not only for students studying entrepreneurship, economics or business, but also for the students from other disciplines, thus increasing the potential for developing intellectual entrepreneurs. It will also allow identifying the ways of utilising intellectual capacity of individuals and attracting them into entrepreneurship in non‐extreme, positive circumstances. Journal: Journal of Business Economics and Management Pages: 131-138 Issue: 3 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636133 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636133 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:3:p:131-138 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Bentzen Author-X-Name-First: Jan Author-X-Name-Last: Bentzen Author-Name: Erik Madsen Author-X-Name-First: Erik Author-X-Name-Last: Madsen Author-Name: Valdemar Smith Author-X-Name-First: Valdemar Author-X-Name-Last: Smith Title: The growth opportunities for SMC? Abstract: The extensive empirical literature on the validity of Gibrat's law does not in general verify the law as it finds that firms’ growth rates are negatively correlated with both firm size and age. However, some studies find that Gibrat's law holds for sub‐samples of firms such as large firms or firms belonging to special industries. It has been pointed out that these results are due to the fact that the likelihood of firm survival for natural reasons is positively related to firm size and age. This study uses a relatively large and representative sample of Danish firms to evaluate the validity of Gibrat's law for different kinds of firms over the period 1990 ‐ 2003. In contrast to the majority of earlier studies our analysis corrects for the bias in the estimations by using variables related to the survival of small firms. Journal: Journal of Business Economics and Management Pages: 139-145 Issue: 3 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636134 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636134 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:3:p:139-145 Template-Type: ReDIF-Article 1.0 Author-Name: Svetlana Saksonova Author-X-Name-First: Svetlana Author-X-Name-Last: Saksonova Title: The analysis of company's capital and evaluation of factors, which influence creation of the optimal capital structure Abstract: In this article, the author will outline several stages of the process of determining optimal capital structure and will concentrate in particular on the first two stages of this process – analysis of company's borrowed capital and equity as well as the evaluation of the main factors, which influence capital structure. It is important to stress these preparatory stages, because successful operation of the company is built on properly understanding the relationship between risk and potential reward that is inherent in different alternatives of capital structure. These stages stress the importance of gathering reliable financial information about the company (enabling calculation of the ratios mentioned in the article) and performing risk analysis (relying in part on the external and internal factors described in the article) in order to decide on the optimal capital structure. The author cautions that rapid economics growth in Latvia will at least slow down over time. Managers need to take that into account, when planning capital structure and therefore avoid increasing their leverage to dangerous levels. Journal: Journal of Business Economics and Management Pages: 147-153 Issue: 3 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636135 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636135 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:3:p:147-153 Template-Type: ReDIF-Article 1.0 Author-Name: Zdenek Wegscheider Author-X-Name-First: Zdenek Author-X-Name-Last: Wegscheider Author-Name: Mojmir Sabolovic Author-X-Name-First: Mojmir Author-X-Name-Last: Sabolovic Title: Biobased economy available biomass resources in the Czech Republic Abstract: During the past two decades academia, industry and government have aimed more and more their attention to the phenomenon of a biobased economy providing society with non‐food biobased products. Now developing are biomass industries that make an array of commercial products, including fuels, electricity, chemicals, adhesives, lubricants and building materials, as well as new clothing fibers and plastics. Instead of fossil resources “green” biobased economy uses renewable grown or waste biomass. The lead supplying role to the biobased economy is held by a sector of agriculture, above all the crop production. In this manner an effective limitation of food surplus may occur in the EU market and enhance a value added to all vertical industry. Industrial‐scale production of biobased materials in time with consumers’ changing attitudes towards sustainable economic and social development may affect a wide array of consequences which nowadays can be tediously estimated. Food safety along with food security is one of the hottest issues especially in the United States, knowing that human population and biobased economy compete in using and processing a broad range of agricultural crops. An energy analysis aspect of this caloric relationship among agricultural sector on the supply side and human population and biobased economy on the other – demand side is assumed to represent the principal aim of this study. Consequently, there is the need to evaluate whether a quantity of Czech Crop Output Total is possible to nourish the Czech population and whether there is an available caloric surplus suitable as a biomass resource for biobased economy which is actually taking root. Journal: Journal of Business Economics and Management Pages: 155-162 Issue: 3 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636136 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636136 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:3:p:155-162 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebii Issue: 1 Volume: 11 Year: 2010 X-DOI: 10.1080/16111699.2010.9636260 File-URL: http://hdl.handle.net/10.1080/16111699.2010.9636260 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:11:y:2010:i:1:p:ebi-ebii Template-Type: ReDIF-Article 1.0 Author-Name: Josep Martí Author-X-Name-First: Josep Author-X-Name-Last: Martí Author-Name: Maite Alguacil Author-X-Name-First: Maite Author-X-Name-Last: Alguacil Author-Name: Vicente Orts Author-X-Name-First: Vicente Author-X-Name-Last: Orts Title: Location choice of Spanish multinational firms in developing and transition economies Abstract: In this paper, we use firm-level data to investigate how different host country characteristics affect the decision of Spanish multinational firms to locate in developing and transition countries, and whether these determinants change when looking at manufacturing or services firms. As a methodological novelty, we estimate both standard conditional logit models as well as other discrete choice models that allow us to account for the possibility that firms perceive some alternative destinations as being more similar (nested and mixed logit models). A better understanding of the relevance of local factors that determine the competitiveness of these economies in providing multinational firms with location advantages can guide policymakers in their attempt to attract foreign capital flows. This, however, has not been previously addressed by the empirical literature at a firm level and across sectors. Our results suggest that Spanish investments in developing and transition economies are mainly driven by market-seeking factors. They also confirm the relevance of the business and financial climate in the location decision of multinational firms. Finally, the estimations reveal differences between manufacturing and services foreign direct investments in several local factors, such as the agglomeration effects, skilled labour and financial risk. Journal: Journal of Business Economics and Management Pages: 319-339 Issue: 2 Volume: 18 Year: 2017 Month: 3 X-DOI: 10.3846/16111699.2015.1013980 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1013980 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:2:p:319-339 Template-Type: ReDIF-Article 1.0 Author-Name: Rafael Bravo Author-X-Name-First: Rafael Author-X-Name-Last: Bravo Author-Name: Isabel Buil Author-X-Name-First: Isabel Author-X-Name-Last: Buil Author-Name: Leslie de Chernatony Author-X-Name-First: Leslie Author-X-Name-Last: de Chernatony Author-Name: Eva Martínez Author-X-Name-First: Eva Author-X-Name-Last: Martínez Title: Brand Identity Management and Corporate Social Responsibility: an analysis from employees’ perspective in the banking sector Abstract: Brand identity management and corporate social responsibility have increased importance in both managerial practice and academic research. However, only a small number of studies have examined how these strategic tools influence employees’ attitudes and behaviours. The aim of this paper is, therefore, to analyse how employees’ perceptions of brand identity management and corporate social responsibility affect their attitudes and behaviours. An empirical study was undertaken among a sample of 297 front line employees working in the UK banking sector. Hypotheses were tested using partial least square regression. The results show that employees’ perceptions of brand identity management and corporate social responsibility determine their commitment towards their organisations, both directly and indirectly through perceived external prestige. Organisational commitment explains employees’ brand performance and brand citizenship behaviour. Age differences indicate higher impact of brand identity management on older employees, and higher effects of perceived corporate social responsibility in younger employees. The results extend existing knowledge and are informative for bank managers. Journal: Journal of Business Economics and Management Pages: 241-257 Issue: 2 Volume: 18 Year: 2017 Month: 3 X-DOI: 10.3846/16111699.2016.1209785 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1209785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:2:p:241-257 Template-Type: ReDIF-Article 1.0 Author-Name: Ligita Gasparėnienė Author-X-Name-First: Ligita Author-X-Name-Last: Gasparėnienė Author-Name: Rita Remeikienė Author-X-Name-First: Rita Author-X-Name-Last: Remeikienė Author-Name: Friedrich Georg Schneider Author-X-Name-First: Friedrich Georg Author-X-Name-Last: Schneider Title: Concept, motives and channels of digital shadow economy: consumers’ attitude Abstract: The purpose of this article is to define the concept of digital shadow economy and identify its determinants and channels from consumers’ position. In order to fulfil the defined purpose, the method of snowball sampling was employed. The results of the research revealed that consumers interpret digital shadow economy as an illegal operation in the Internet space, which generates illegal money flows for commodity/service providers or purchasers, and deprives legal traders/service providers from the revenue that could be officially accounted, calculated and declared. E-shops, social networks and websites are the channels, most commonly engaged for acquisition of goods/services in digital space; the categories of goods/services acquired by these channels include clothing and footwear, trips and entertainment, cosmetics and perfume. Purification of the concept of digital shadow economy from consumers’ position allowed to define the concept of digital shadow economy, which is a significant contribution to the evolution of the theory of digital shadow economy, and can enable to develop an instrument for measuring the scopes of digital shadow economy in further research. Journal: Journal of Business Economics and Management Pages: 273-287 Issue: 2 Volume: 18 Year: 2017 Month: 3 X-DOI: 10.3846/16111699.2016.1214620 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1214620 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:2:p:273-287 Template-Type: ReDIF-Article 1.0 Author-Name: Ivana Kraftová Author-X-Name-First: Ivana Author-X-Name-Last: Kraftová Author-Name: Lenka Kašparová Author-X-Name-First: Lenka Author-X-Name-Last: Kašparová Title: Assessment of the financial health of regional emergency medical services in the Czech Republic using the BAMF model Abstract: The focus of the paper is the evaluation of the financial health of selected public service providers. As part of the research we used a specially designed model of balance-sheet analysis for BAMF municipal companies. Used on a sample of 14 regional providers of emergency medical services in the Czech Republic from 2010–2014, we assessed the level and variability of the aggregate financial health indicator BAMF and its components, five sub-indicators. It turns out that the financial health of these subjects, although displaying significant similarities are not free of extreme values that in practice require more attention, or more precisely, deeper analysis. The authors conclude that the model is relatively easy to apply in practice and can contribute to the better financial health management of public sector bodies. At the same time, the BAMF model can be considered an addition to the theory of financial analysis. Journal: Journal of Business Economics and Management Pages: 340-353 Issue: 2 Volume: 18 Year: 2017 Month: 3 X-DOI: 10.3846/16111699.2016.1272067 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1272067 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:2:p:340-353 Template-Type: ReDIF-Article 1.0 Author-Name: Hyunseok Kim Author-X-Name-First: Hyunseok Author-X-Name-Last: Kim Author-Name: Jaisang Kim Author-X-Name-First: Jaisang Author-X-Name-Last: Kim Author-Name: Kyeong-Seop Choi Author-X-Name-First: Kyeong-Seop Author-X-Name-Last: Choi Title: Ambivalent impact of customer satisfaction on firm value in emerging markets: the case of Korea Abstract: Many researchers report that American Customer Satisfaction Index relates significantly and positively to firm value. The purpose of this paper is to examine whether such relation holds in the emerging markets such as Korea. Our preliminary OLS analysis reports that Korean customer satisfaction is irrelevant to firm value. Quantile regressions, applied for further analysis, report that customer satisfaction can be detrimental to firm value if the firm is enjoying the higher kind of value. These results undermine efforts, on the theoretical level, to establish Customer Satisfaction Index as a consolidated firm-value indicator; furthermore, managerial efforts to boost up firm value by managing customer satisfaction lose ground in the emerging markets.This study also corroborates Reinartz and Kumar’s (2002) marketing insight that to satisfy customers, make them loyal, is trivial for profitability and firm value in Korea perspective.The practical implication of our finding is that the relation between customer satisfaction and firm value becomes more ambiguous, especially when it is considered in the emerging market contexts. It also provides management with a fresh new insight that they should take prudence when they increase expenses on customer satisfaction since it turned out to be not a “panacea”. Journal: Journal of Business Economics and Management Pages: 258-272 Issue: 2 Volume: 18 Year: 2017 Month: 3 X-DOI: 10.3846/16111699.2016.1272068 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1272068 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:2:p:258-272 Template-Type: ReDIF-Article 1.0 Author-Name: Ali Tizroo Author-X-Name-First: Ali Author-X-Name-Last: Tizroo Author-Name: Ahmad Esmaeili Author-X-Name-First: Ahmad Author-X-Name-Last: Esmaeili Author-Name: Ehsan Khaksar Author-X-Name-First: Ehsan Author-X-Name-Last: Khaksar Author-Name: Jonas Šaparauskas Author-X-Name-First: Jonas Author-X-Name-Last: Šaparauskas Author-Name: Mohammad Mahdi Mozaffari Author-X-Name-First: Mohammad Mahdi Author-X-Name-Last: Mozaffari Title: Proposing an agile strategy for a steel industry supply chain through the integration of balance scorecard and Interpretive Structural Modeling Abstract: The internal and external environment of all organizations challenges them adapt to the best practices and reconsider their relationship throughout the supply chain. In this paper, the authors have tried to propose an agile strategy for the supply chain of a steel company, which ranks 3rd in Iran in Gross Sale with 16,000 employees, in order to respond quickly to ever-changing needs. To do this, through the literature review the framework of balanced scorecard was utilized to structure agility factors in the supply chain of the steel industry. Then the experts were interviewed to reconcile on the factors identified. Utilizing 24 questionnaires by the use of Interpretive Structural Modeling framework, the relationship and sequence of factors were obtained from experts. The final model developed in the paper presents the agility factors for the steel industry supply chain. Also, these factors are grouped within the four perspectives of the BSC to better enhance the results and pursue action. The ISM method identifies the priority of each factor which provides a better understanding of the underlying relationship of the factors for the managers to implement the strategies more reliably. The proposed model for strategy formulation can be utilized in strategy formulation problems over various types of supply chain. Journal: Journal of Business Economics and Management Pages: 288-308 Issue: 2 Volume: 18 Year: 2017 Month: 3 X-DOI: 10.3846/16111699.2017.1279683 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1279683 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:2:p:288-308 Template-Type: ReDIF-Article 1.0 Author-Name: Chi Guotai Author-X-Name-First: Chi Author-X-Name-Last: Guotai Author-Name: Mohammad Zoynul Abedin Author-X-Name-First: Mohammad Zoynul Author-X-Name-Last: Abedin Author-Name: Fahmida–E Moula Author-X-Name-First: Fahmida–E Author-X-Name-Last: Moula Title: Modeling credit approval data with neural networks: an experimental investigation and optimization Abstract: This study proposes an investigation and optimization of Multi-Layer Perceptron (MLP) based artificial neural networks (ANN) credit prediction model, combine with the effect of different ratios of training to testing instances over five real-world credit databases. As an outcome from the alteration procedure, three different types of hidden units [K = 9 (ANN–1), K = 10 (ANN–2), K = 23 (ANN–3)] are chosen through the pilot experiments and execute, therefore, 45 (5×3×3) unique neural models. Experimental results indicate that “the neural architecture with ten hidden units” is proposed as an optimal approach to classifying the credit information. With these contributions, therefore, we complement previous evidence and modernize the methods of credit prediction modeling. This study, however, has realistic implications for bank managers and other stakeholders to delineate the risk profile of the credit customers. Journal: Journal of Business Economics and Management Pages: 224-240 Issue: 2 Volume: 18 Year: 2017 Month: 3 X-DOI: 10.3846/16111699.2017.1280844 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1280844 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:2:p:224-240 Template-Type: ReDIF-Article 1.0 Author-Name: Lai Van Vo Author-X-Name-First: Lai Van Author-X-Name-Last: Vo Author-Name: Huong Thi Thu Le Author-X-Name-First: Huong Thi Thu Author-X-Name-Last: Le Author-Name: Danh Vinh Le Author-X-Name-First: Danh Vinh Author-X-Name-Last: Le Author-Name: Minh Tuan Phung Author-X-Name-First: Minh Tuan Author-X-Name-Last: Phung Author-Name: Yi-Hsien Wang Author-X-Name-First: Yi-Hsien Author-X-Name-Last: Wang Author-Name: Fu-Ju Yang Author-X-Name-First: Fu-Ju Author-X-Name-Last: Yang Title: Customer satisfaction and corporate investment policies Abstract: This paper examines the effect of satisfaction with firms’ products and services on their capital investment policies. Using data from the American Customer Satisfaction Index from 1994 to 2013, the results of the regression models show that firms with higher customer satisfaction will invest more heavily in capital expenditures in the future. The results further show that this positive effect is more pronounced for firms with less growth opportunities or a high cost of capital. This would include those firms with low market-to-book ratios, young and small firms, or firms in more competitive industries. Overall, this study argues that customer satisfaction is an important factor affecting the firm’s investment policy. The findings provide a better understanding of the role of customer satisfaction which can generate growth opportunities, reduce cost and motivate a firm to invest more in capital. Journal: Journal of Business Economics and Management Pages: 202-223 Issue: 2 Volume: 18 Year: 2017 Month: 3 X-DOI: 10.3846/16111699.2017.1280845 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1280845 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:2:p:202-223 Template-Type: ReDIF-Article 1.0 Author-Name: Ingrida Vaiciulyte Author-X-Name-First: Ingrida Author-X-Name-Last: Vaiciulyte Author-Name: Zivile Kalsyte Author-X-Name-First: Zivile Author-X-Name-Last: Kalsyte Author-Name: Leonidas Sakalauskas Author-X-Name-First: Leonidas Author-X-Name-Last: Sakalauskas Author-Name: Darius Plikynas Author-X-Name-First: Darius Author-X-Name-Last: Plikynas Title: Assessment of market reaction on the share performance on the basis of its visualization in 2D space Abstract: This paper provides a new methodology for company assessment besides other traditional assessment measures such as share price or forecasts of the analysts. It is suggested to assess the market reaction on change in share price via using graphical approaches. Investors buy shares with the expectation that its price will rise in the future. But sometimes expectations don’t coincide with reality and then shares are sold. This work has been taken into account in the asymmetry between expectations of investors and results. In order to identify the position of a company in 2D space, the paper uses classification algorithm of random forests with data on change in share price during the period of the year in the inputs, and the forecasts of analysts, i.e., whether a price will increase or decrease, for the same year in the outputs. Thus, two clusters of companies are seeking to represent: one of the companies whose changes in share price coincide with investors’ expectations, and another one – on the contrary. This method can be useful to investors, for whom it is important to identify the market reaction about companies from the whole industry or its branches and analyze its trend. Journal: Journal of Business Economics and Management Pages: 309-318 Issue: 2 Volume: 18 Year: 2017 Month: 3 X-DOI: 10.3846/16111699.2017.1285348 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1285348 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:2:p:309-318 Template-Type: ReDIF-Article 1.0 Author-Name: Doojin Ryu Author-X-Name-First: Doojin Author-X-Name-Last: Ryu Title: Comprehensive market microstructure model: considering the inventory holding costs Abstract: The purpose of this study is to propose a structural market microstructure model and examine the intraday price and spread dynamics in a highly liquid market. We extend the model of Madhavan, Richardson, and Roomans to devise a comprehensive order indicator model that considers the order duration, order size, market liquidity, and most importantly, inventory holding costs. Our empirical analyses on the KOSPI200 futures market indicate that the inventory holding costs of liquidity suppliers explain a significant portion of model-implied spreads. Meanwhile, the duration and size of traded orders convey significant information content on the inventory holding component. Market liquidity is also an important consideration for futures traders who have to manage their inventory holding costs. Journal: Journal of Business Economics and Management Pages: 183-201 Issue: 2 Volume: 18 Year: 2017 Month: 3 X-DOI: 10.3846/16111699.2017.1286380 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1286380 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:2:p:183-201 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 1 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636087 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636087 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:1:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: John Saee Author-X-Name-First: John Author-X-Name-Last: Saee Title: Effecitve leadership for the global economy in the 21 century Abstract: Effective leadership of modern organizations within contemporary global economy in the 21st century is seen as a highly crucial function in organizations and good leadership is the most critical ingredient for successful organizations world over. In this research article, an examination is made of a broad range of theories and conceptualizations of leadership. Differences between managers and leaders are discussed. In addition, the notion of leadership in different cultures is explored which has considerable implications for management of enterprises internationally. Journal: Journal of Business Economics and Management Pages: 3-11 Issue: 1 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636088 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636088 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:1:p:3-11 Template-Type: ReDIF-Article 1.0 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Renata Korsakiene Author-X-Name-First: Renata Author-X-Name-Last: Korsakiene Title: Exploration of strategy: Objectives, competencies and competitive advantage Abstract: The notion that all companies should have a strategy is widely accepted. It has to be noted that a company's competitiveness describe objectives, competencies, competitive advantage and strategies. The linkages among objectives, competencies and competitive advantage are influenced by competitive forces in the market. The purpose of this paper is to propose a conceptual framework for analysis of a strategy and to present results of a survey carried out to explore the strategies of Lithuanian construction companies. The determinants of strategy such as objectives, competencies and competitive advantage can further be used as a guide for setting a strategic agenda for construction companies with different characteristics and operating in different markets. Journal: Journal of Business Economics and Management Pages: 13-22 Issue: 1 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636089 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636089 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:1:p:13-22 Template-Type: ReDIF-Article 1.0 Author-Name: Antanas Makštutis Author-X-Name-First: Antanas Author-X-Name-Last: Makštutis Title: Security cooperation in the Baltic Sea region: Today and future in the world context Abstract: The paper analyzes the global economic factors of security cooperation in the Baltic Sea region that have an effect on the present and future development of national markets in separate states of this region within the development of the common market of the European Union (EU). It is noted that the EU principal market factors of today: the free movement of people, goods and capital destabilizes the development of a separate state market in the Baltic Sea region, and the tasks of a national state in the future will become still more complicated. The work provides the research results of the factors of a specific geopolitical environment in the Baltic Sea region; the ways and methods are foreseen for solving the future political, economic and social problems in this region under the conditions of globalization. Journal: Journal of Business Economics and Management Pages: 33-42 Issue: 1 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636090 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636090 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:1:p:33-42 Template-Type: ReDIF-Article 1.0 Author-Name: Avner Ben‐Yair Author-X-Name-First: Avner Author-X-Name-Last: Ben‐Yair Author-Name: Dimitri Golenko‐Ginzburg Author-X-Name-First: Dimitri Author-X-Name-Last: Golenko‐Ginzburg Author-Name: Zohar Laslo Author-X-Name-First: Zohar Author-X-Name-Last: Laslo Title: Harmonized decision‐making in managing reliability and safety Abstract: A hierarchical technical system functioning under random disturbances and being subject to critical failures at the bottom level which may result in an accident or a hazardous condition including environmental safety violations at the upper level is considered. Certain primary elements at the bottom level, together with their corresponding primary failures, can be refined by undertaking technical improvement. The list of the latter is pre‐given as well. Assume that by means of simulation modeling (SM) it is possible to evaluate the increment of the system's reliability by implementing any set of technical improvements. The harmonization models center on determining an optimal sub‐set of technical improvements in order: either to maximize the system's reliability subject to a restricted budget assigned for the improvements’ implementation, or to minimize the system's budget subject to a reliability value restricted from below. Journal: Journal of Business Economics and Management Pages: 43-51 Issue: 1 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636091 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636091 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:1:p:43-51 Template-Type: ReDIF-Article 1.0 Author-Name: Manuela Tvaronavičiene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičiene Author-Name: Kristina Kalašinskaite Author-X-Name-First: Kristina Author-X-Name-Last: Kalašinskaite Title: Analysis of privatization: Different approaches Abstract: Presented paper strives to elaborate privatization as one of national economy development tools. Performance of privatized enterprises has been taken into consideration. The authors examine different opinions about privatization process and its efficiency taking a close look at the researches that have been already made. Analysis has been targeted to implications’ diversity due to foresee those in transition countries. Governance issues in case of privatization of monopolistic enterprises have been discussed. Journal: Journal of Business Economics and Management Pages: 53-59 Issue: 1 Volume: 6 Year: 2005 X-DOI: 10.1080/16111699.2005.9636092 File-URL: http://hdl.handle.net/10.1080/16111699.2005.9636092 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:6:y:2005:i:1:p:53-59 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial board Journal: Pages: ebi-ebi Issue: 2 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636121 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636121 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:2:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Marek Lisiński Author-X-Name-First: Marek Author-X-Name-Last: Lisiński Author-Name: Mark Šaruckij Author-X-Name-First: Mark Author-X-Name-Last: Šaruckij Title: Principles of the application of strategic planning methods Abstract: Strategic planning methods form an extensively developed and interrelated group of dozens of methods used for organisation strategy development. Research has confirmed that only a small amount of firms use strategic planning methods in practice due to different reasons. The publications on strategic planning are devoted mostly to theoretical issues or empirical characteristics of chosen sub‐problems related to this concept of management. The methodological aspects, if at all, are taken into account as marginal or of minor importance. The purpose of this article is to present the principles of strategic planning methods classification and application. The methodology used in this research is based on the taxonomy methods and particularly Ward's method. A total amount of 28 different strategic planning methods were chosen and classified in our study. Journal: Journal of Business Economics and Management Pages: 37-43 Issue: 2 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636122 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636122 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:2:p:37-43 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandras Rutkauskas Author-X-Name-First: Aleksandras Author-X-Name-Last: Rutkauskas Author-Name: Jelena Stankeviciene Author-X-Name-First: Jelena Author-X-Name-Last: Stankeviciene Title: Integrated asset and liability portfolio as instrument of liquidity management in the commercial bank Abstract: Liquidity, or the ability to fund increases in assets and meet obligations as they come due, is crucial to the ongoing viability of any banking organization. Therefore, managing liquidity is among the most important activities conducted by banks. Liquidity management model proposed by the authors can reduce the probability of serious problems. Indeed, the importance of liquidity transcends the individual bank, since a liquidity shortfall at a single institution can have system‐wide repercussions. For this reason, the analysis of liquidity requires bank management not only to measure the liquidity position of the bank on an ongoing basis but also to examine how funding requirements are likely to evolve under various scenarios, including adverse conditions. The authors have focused on developing a greater understanding of the way in which banks can manage their liquidity using a broad potential of integrated asset and liability portfolio. As instrument for the solution of the assessed problem the integrated total commercial bank asset and liability structure formation and management when useful occurrence of integrated structure and every outcome is followed with some guarantee to occur was chosen. An academic example is shown as an illustration for ideas analyzed. The formality and sophistication of the process used to manage liquidity depends on the size and sophistication of the bank, as well as the nature and complexity of its activities. The principles focused in the paper have broad applicability to all banks. In particular, good management information systems, analysis of net funding requirements under alternative scenarios, diversification of funding sources, and contingency planning are crucial elements of strong liquidity management at a bank of any size or scope of operations. Journal: Journal of Business Economics and Management Pages: 45-57 Issue: 2 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636123 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636123 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:2:p:45-57 Template-Type: ReDIF-Article 1.0 Author-Name: Herbert Grüner Author-X-Name-First: Herbert Author-X-Name-Last: Grüner Title: Entrepreneurship in Germany and the role of the new self‐employed Abstract: In the following article we show the meaning of entrepreneurship and self employment for the German economy after the reunification. We flashlight the German founding boom since 2003, as new labour market policy instruments have been developed and financed. On the basis of three regional investigations we compared the new self‐employed according to: social and vocational‐biographical development, motivation and nature of business founded, founding qualifications and qualification strategies. Journal: Journal of Business Economics and Management Pages: 59-67 Issue: 2 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636124 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636124 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:2:p:59-67 Template-Type: ReDIF-Article 1.0 Author-Name: Manuela Tvaronaviciene Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronaviciene Title: Investment driving forces afecting Lithuanian economic growth Abstract: Presented publication presents a complex research model embracing a series of investigations related to assessment of driving forces affecting economic growth processes in Lithuania. New approach towards impact of foreign direct investment (FDI) on economic development of transition country is emphasized. Speculations on FDI efficiency follow elaboration of factors initiating FDI. FDI and foreign trade are seen as specific factors affecting restructuring of transition country as it follows consistent patterns of development. Policy implications are formulated. Journal: Journal of Business Economics and Management Pages: 69-76 Issue: 2 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636125 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636125 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:2:p:69-76 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Schieg Author-X-Name-First: Martin Author-X-Name-Last: Schieg Title: Risk management in construction project management Abstract: By adopting risk management, savings potentials can be realized in construction projects. For this reason, for project managers as well as real estate developers, a consideration of the risk management process is worthwhile. The risk management process comprises 6 process steps, which will be discussed in greater detail below. The integration of a risk management system in construction projects must be oriented to the progress of the project and permeate all areas, functions and processes of the project. In this, particular importance is attached to the risks in the personnel area, for, particularly for enterprises providing highly qualified services, specialized employees are essential for market success. Journal: Journal of Business Economics and Management Pages: 77-83 Issue: 2 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636126 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636126 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:2:p:77-83 Template-Type: ReDIF-Article 1.0 Author-Name: Virginija Grybaite Author-X-Name-First: Virginija Author-X-Name-Last: Grybaite Title: Analysis of theoretical approaches to gender pay gap Abstract: The number of women in the world labour force is growing. Nevertheless, in spite of women's large share in the labour force, many gender inequities in the labour market, such as gender specific jobs, pay inequities are observed. Women and men do not receive equal pay for equal work. Wage discrimination is reality. Women on average have lower incomes, lower wages and less advantageous terms of employment than men. The purpose of this article is to review main theoretical approaches to the basic economic question about the gender pay gap: why do, women, on average earn less than men. Attention has been focused on basic theoretical approaches: human capital model, labour market discrimination and theory of occupational segregation. The paper is based on empirical data from Lithuania and other European Union countries. Journal: Journal of Business Economics and Management Pages: 85-91 Issue: 2 Volume: 7 Year: 2006 X-DOI: 10.1080/16111699.2006.9636127 File-URL: http://hdl.handle.net/10.1080/16111699.2006.9636127 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:7:y:2006:i:2:p:85-91 Template-Type: ReDIF-Article 1.0 Author-Name: Aras Zirgulis Author-X-Name-First: Aras Author-X-Name-Last: Zirgulis Author-Name: Tadas Šarapovas Author-X-Name-First: Tadas Author-X-Name-Last: Šarapovas Title: Impact of corporate taxation on unemployment Abstract: We study the effect of corporate taxation on unemployment utilizing a dynamic panel covering 41 countries over 11 years. The purpose of this article is to investigate how changes in the corporate income tax affect unemployment. We employ system general method of moments (GMM) due to peculiarities of the data set and the endogeneity issues present in the research problem. We find that a rise in the effective average corporate tax rate significantly increases unemployment levels, which directly contradicts past findings of some seminal authors. In addition, the present research supports findings of past studies on capital tax elasticity that obtained similar insights using differing methodologies. This research lays the groundwork for future studies, which may take the same methodology and apply it to even larger international panels. This research implies that international tax competition is affecting unemployment, presumably through its effects on international capital investment. These results provide support for policy makers who may be wary of raising corporate tax rates in countries where capital is especially mobile because of the negative effects which may accumulate to the voting public in the form of unemployment. Journal: Journal of Business Economics and Management Pages: 412-426 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2016.1278400 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1278400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:412-426 Template-Type: ReDIF-Article 1.0 Author-Name: Silvia Cachero-Martínez Author-X-Name-First: Silvia Author-X-Name-Last: Cachero-Martínez Author-Name: Rodolfo Vázquez-Casielles Author-X-Name-First: Rodolfo Author-X-Name-Last: Vázquez-Casielles Title: Living positive experiences in store: how it influences shopping experience value and satisfaction? Abstract: Retailers have tried to differentiate themselves from their competitors through shopping experience. This is the first study analysing relationships between experience dimensions, shopping experience value and satisfaction. In this article different shopping experience dimensions are identified: emotional, sensory, intellectual, social, and pragmatic. In-depth interviews were conducted with a panel of experts to adapt a set of experience dimensions identified from the literature to the offline environment. A survey was then designed to collect data from consumers who had bought in a retailer, where marketing strategies are linked with experience dimensions. Retailers may use this typology in order to re-design their marketing strategies. Retailers must invest in utilitarian attributes of product assortment offered to consumers, improving quality while maintaining prices and promotions. If a retailer can stimulate social shopping and consumer curiosity, such as imagination and creativity in the store, they will have more devoted consumers. Journal: Journal of Business Economics and Management Pages: 537-553 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2017.1292311 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1292311 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:537-553 Template-Type: ReDIF-Article 1.0 Author-Name: Sven Kunisch Author-X-Name-First: Sven Author-X-Name-Last: Kunisch Title: Does headquarter structure follow corporate strategy? an empirical study of antecedents and consequences of changes in the size of corporate headquarters Abstract: Despite the importance that scholars and practicing managers attribute to the organizational design of the corporate headquarters (CHQ), research on changes in CHQ size is lacking. In an attempt to empirically explore the antecedents and potential consequences of such changes, I draw on the contingency and organizational-adaptation perspectives to develop a set of hypotheses for the relationships between corporate-level strategic change (CSC) – defined as changes in the firm’s business portfolio –, changes in the size of the CHQ and firm performance. To test the hypotheses, I analyse data from a comprehensive survey of large public firms in Europe and the US, and data from public sources pertaining to the surveyed firms. While the empirical results lend support to the hypothesized role of CSC, they also reveal differences between related CSC and unrelated CSC. However, I find no support for the expected performance implications. The study contributes to research on the CHQ, corporate-level strategic change, and the relationship between strategy and structure in the contemporary corporation. The findings also inform corporate managers and those involved in advising firms, such as strategy consultants. Journal: Journal of Business Economics and Management Pages: 390-411 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2017.1295277 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1295277 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:390-411 Template-Type: ReDIF-Article 1.0 Author-Name: Chiung-Hui Tseng Author-X-Name-First: Chiung-Hui Author-X-Name-Last: Tseng Title: Solving the ally-versus-acquire dilemma through the dual lenses of subjective and objective views Abstract: Nowadays many firms seek hard-to-imitate assets via allying with or acquiring other firms that own desired resources. As such, how to choose between alliances and acquisitions becomes a critical decision, and one important determinant is interfirm factors. This study probes three crucial yet underexplored interfirm differences, and develops scales to capture managers’ perceptions of the differences that, based on managerial cognition literature, dictate the ally-versus-acquire choice. Further, we argue that managers adjust their judgement across varying objective conditions. Each perceived difference is thus paired with a moderator identified respectively from the resource-based view, competitive dynamics, and collaborative capability literature. Evidences on Taiwanese firms show that a larger resource-deployment difference enhances acquisition likelihood, while greater differences in marketing praxis and human resource management increase alliance formation. Moreover, the resource-deployment difference leads to alliances for relatively younger partners, and the difference in human resource management favors acquisitions when focal firms have more interfirm governance experience. Journal: Journal of Business Economics and Management Pages: 373-389 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2017.1312512 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1312512 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:373-389 Template-Type: ReDIF-Article 1.0 Author-Name: Tomas Baležentis Author-X-Name-First: Tomas Author-X-Name-Last: Baležentis Author-Name: Dalia Štreimikienė Author-X-Name-First: Dalia Author-X-Name-Last: Štreimikienė Author-Name: Rasa Melnikienė Author-X-Name-First: Rasa Author-X-Name-Last: Melnikienė Author-Name: Zhiqian Yu Author-X-Name-First: Zhiqian Author-X-Name-Last: Yu Title: Non-parametric analysis of yield risk in Lithuanian crop farming Abstract: Socioeconomic development requires meeting the goals of food security. Yield risk constitutes an important factor of farming business viability. As the Central and Eastern European countries have been affected by both economic and environmental transformations, there is a need to develop a robust methodology for assessment of yield risks in order to propose convincing guidelines for both farmers and government institutions in regards to risk management and viability of agricultural business in general. This paper attempts to devise non-parametric measures of yield risk for Lithuanian crop farming. The research covers the period of 2000–2015. County-level data from Statistics Lithuania are employed for the analysis. The non-parametric analysis of yield risk relies on information diffusion theory and linear moving average. The results indicate that there exist differences in yield trends, yield loss rates and yield risk among crops and regions. Maize, buckwheat and winter rape exhibited the highest yield risk. These results shed light on the extent of yield risks underlying crop farming in Lithuania and, to a certain extent, can be contrasted to situation in Central and Eastern European countries. Indeed, the obtained results can be applied in decision making at different levels of management. Journal: Journal of Business Economics and Management Pages: 521-536 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2017.1322633 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1322633 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:521-536 Template-Type: ReDIF-Article 1.0 Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Author-Name: Damian Škare Author-X-Name-First: Damian Author-X-Name-Last: Škare Title: Is the great decoupling real? Abstract: The great decoupling is real. Productivity and employment/wages link changed after 1980 in many countries, not just the U.S. This study investigates the productivity and employment/wages link (1950–2014) looking for empirical proof of the “great decoupling” put forward by Brynjolfsson and Mcafee (2013). The results should stimulate policymakers to openly question why real wages and productivity don’t line up with the theory. We use the Hodrick and Prescott (1997) filter to isolate trends in real wages, labor share in GDP, and labor productivity and rolling correlation to explore if the great decoupling is real. We have found that the great decoupling i.e. the divergence between real wages/employment and productivity is present in all countries (10 in the sample). The dynamics of the great decoupling are however different between the countries although year 1980 seems to be a dominant breaking point for the start of the phenomena. This paper provides multicounty empirical proof of the presence of the great decoupling phenomena and explores its dynamics over 1950–2014. Policy makers as well as firms and unions should take the existence of this phenomena seriously since it can have significant consequences on economic growth and labor markets’ functioning. Journal: Journal of Business Economics and Management Pages: 451-467 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2017.1323793 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1323793 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:451-467 Template-Type: ReDIF-Article 1.0 Author-Name: Pınar Kaya Samut Author-X-Name-First: Pınar Author-X-Name-Last: Kaya Samut Title: Integrated FANP-f-MIGP model for supplier selection in the renewable energy sector Abstract: The available integrated models for choosing efficient suppliers developed so far are mostly specific to companies with mass production capabilities. However, in some sectors involved in project-type manufacturing, the same decision-making criteria cannot be applied and, plus, there is no point in determining the quantity of orders. For instance, in wind power plant projects, a single turbine supplier needs to be selected for each project. This study proposes an integrated FANP-f-MIGP model that ensures the selection of the optimal supplier for each project by applying the model to an energy firm. The criteria specific to the selection of wind power plant turbine suppliers are established, and the criteria weights are obtained by fuzzy analytic network process (FANP). As a result of the analysis, the most important criterion of all is cost. These weights constitute the coefficients of the f-MIGP model’s objective function. Under the defined constraints, by minimizing cost and risk and maximizing quality and services of the firm, the selection of an optimal wind turbine supplier from three suppliers for each of three projects is ensured. This study contributes to the literature both by the specific criteria it establishes and its proposed integrated model which allows for the selection of the best supplier in wind turbine and similar project-based productions. Journal: Journal of Business Economics and Management Pages: 427-450 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2017.1325777 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1325777 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:427-450 Template-Type: ReDIF-Article 1.0 Author-Name: Seung Ho Yoo Author-X-Name-First: Seung Ho Author-X-Name-Last: Yoo Author-Name: Yong Won Seo Author-X-Name-First: Yong Won Author-X-Name-Last: Seo Title: Effect of supply chain structure and power dynamics on R&D and market performances Abstract: This study is the first investigating the effect of supply chain structure and players’ power dynamics on a supply chain’s R&D and market performances. We consider a three-stage supply chain, consisting of a R&D firm, a manufacturer, and a seller. We develop six supply chain models based on various structures and power dynamics, and reveal important implications by comparing the models. R&D performance is a function of supply chain structure; an integrated supply chain can expect improved performance. The selling price is a function of power dynamics, and is higher when R&D has bargaining power. Market and profit performances are higher in an integrated, manufacturer-led supply chain. The manufacturer’s role must be revisited; due to its location in the middle of the supply chain, the manufacturer can directly control the overall chain. On the other hand, a R&D firm could innately be associated with marginalization issues. Therefore, it is important for the R&D firm to have a systematic understanding of the entire system. This study contributes to the literature and practice by not only bridging the gap in the previous studies but also offering important managerial implications. Journal: Journal of Business Economics and Management Pages: 487-504 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2017.1326979 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1326979 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:487-504 Template-Type: ReDIF-Article 1.0 Author-Name: Kamilė Taujanskaitė Author-X-Name-First: Kamilė Author-X-Name-Last: Taujanskaitė Author-Name: Eugenijus Milčius Author-X-Name-First: Eugenijus Author-X-Name-Last: Milčius Author-Name: Nomeda Dobrovolskienė Author-X-Name-First: Nomeda Author-X-Name-Last: Dobrovolskienė Title: Use of quantitative criteria in the management of personal consumption expenditure: challenges and opportunities Abstract: Various non-economic factors, like social, cultural, psychologic and others strongly affect the decision-making related to the management of personal consumption expenditure (PCE) in households and often compromise its efficiency. PCE management tools and methods currently used by households are not helpful either as rational distribution of funds among the purchases is usually out of their scope. Therefore, rational use of resources still remains a challenging task for many households. The goal of this study is to analyse the PCE management process in households and the obstacles preventing its efficiency. Methods used in the article comprise: comparative and critical analysis methods; vector analysis tools. The paper identifies shortcomings of currently used PCE management methods and tools and introduces a system of quantitative criteria enabling objective evaluation of consumption alternatives. The use of quantitative criteria limits the influence of subjective, non-economic factors on consumption-related resource management in households and can positively affect its efficiency. The criteria are justified theoretically and the benefits from their use demonstrated with some practical evidence. Journal: Journal of Business Economics and Management Pages: 468-486 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2017.1327456 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1327456 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:468-486 Template-Type: ReDIF-Article 1.0 Author-Name: Yan Song Author-X-Name-First: Yan Author-X-Name-Last: Song Author-Name: Shuang Yao Author-X-Name-First: Shuang Author-X-Name-Last: Yao Author-Name: Donghua Yu Author-X-Name-First: Donghua Author-X-Name-Last: Yu Author-Name: Yan Shen Author-X-Name-First: Yan Author-X-Name-Last: Shen Title: Risky multi-criteria group decision making on green capacity investment projects based on supply chain Abstract: Green capacity investment projects have rapidly emerged involving suppliers, customers, and manufacturing organizations in supply chain systems with environmental challenges. This paper focuses on and identifies both primary strategic and operational elements that will aid managers in evaluating and making risky multi-criteria decisions on green capacity investment projects. We propose a cloud prospect value consensus process consisting of feedback and adjustment mechanisms that provide modification instructions to the corresponding decision makers for a decision matrix based on the cloud model and prospect theory, which considers psychological behavior, disagreements between decision makers, and the ambiguity of linguistic variable assessment across multi-criteria risks. The new model increases the efficiency and accuracy of decision making. To verify the feasibility and validity of the Cloud Prospect Value Consensus Degree based on the Feedback adjustment mechanism, its performance is compared with three state-of-the-art multi-criteria group decision-making methods. Journal: Journal of Business Economics and Management Pages: 355-372 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2017.1331461 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1331461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:355-372 Template-Type: ReDIF-Article 1.0 Author-Name: Živilė Tunčikienė Author-X-Name-First: Živilė Author-X-Name-Last: Tunčikienė Author-Name: Rolandas Drejeris Author-X-Name-First: Rolandas Author-X-Name-Last: Drejeris Title: Assessment of business conditions benevolence: case of occupational safety and health services Abstract: The aim of the article is to find solutions for assessing the benevolence of business conditions in existing circumstances. The business situation in the area of occupational safety and health (OSH) services was investigated in order to assess possibilities to start up this kind of commercial activity. The proposed methodology of assessment is tested only on the basis of occupational safety and health services, but the sequence and the content of the provided actions for assessment may be also used for initiating any other kinds of business. Systematic approach has been applied to searching for solutions primarily to assess general aspects which are then narrowed down to the assessment of smaller issues. Suitability of theoretical decisions has been tested in real business conditions. In order to assess the benevolence of business conditions in the current situation before starting up a certain business, the article provides certain assessment measures and their application techniques. Applying the chosen methodology may help to start a new business smoother, develop the existing one and thus achieve better results. Journal: Journal of Business Economics and Management Pages: 505-520 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2017.1333524 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1333524 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:505-520 Template-Type: ReDIF-Article 1.0 Author-Name: Tatjana Põlajeva Author-X-Name-First: Tatjana Author-X-Name-Last: Põlajeva Title: Business negotiations: communication in the bargaining process Journal: Journal of Business Economics and Management Pages: 554-559 Issue: 3 Volume: 18 Year: 2017 Month: 5 X-DOI: 10.3846/16111699.2017.1333525 File-URL: http://hdl.handle.net/10.3846/16111699.2017.1333525 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:18:y:2017:i:3:p:554-559 Template-Type: ReDIF-Article 1.0 Author-Name: Blanca L. Delgado-Márquez Author-X-Name-First: Blanca L. Author-X-Name-Last: Delgado-Márquez Author-Name: J. Alberto Aragón-Correa Author-X-Name-First: J. Alberto Author-X-Name-Last: Aragón-Correa Author-Name: Eulogio Cordón-Pozo Author-X-Name-First: Eulogio Author-X-Name-Last: Cordón-Pozo Author-Name: Luis Enrique Pedauga Author-X-Name-First: Luis Enrique Author-X-Name-Last: Pedauga Title: Trust when financial implications are not the aim: the integration of sustainability into management education Abstract: Literature has paid detailed attention to the positive financial implications of considering the stakeholders’ environmental concerns. This paper contributes by using a trust framework to delimitate how stakeholders may influence managers’ environmental decisions even if they are not focused on financial objectives. Specifically, we analyse how perceptions of academic department heads about their stakeholders’ ability and benevolence influence the head’s willingness to integrate sustainability issues into the syllabus of the courses. We also investigate the direct and moderating role of the heads’ interest in financial aims and the direct influence of the school environmental proactivity. Our analysis includes a sample of 74 deans in 46 different business and engineering schools and a sample of 95 department heads in the field of management studies of 25 Spanish universities. The hierarchical moderated regression results confirm the positive influence of the ability and benevolence of the stakeholders and the heads’ interest in the financial aims, but not the moderating effects and the influence of the school proactivity. The paper provides research implications on the stakeholders’ dimensions influencing environmental decisions and practical implications showing that managers of organisations who wish to advance their environmental approaches may use partnerships with their stakeholders based upon trust. Journal: Journal of Business Economics and Management Pages: 1172-1188 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2015.1046400 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1046400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1172-1188 Template-Type: ReDIF-Article 1.0 Author-Name: Md. Nur Alam Siddik Author-X-Name-First: Md. Nur Alam Author-X-Name-Last: Siddik Author-Name: Gang Sun Author-X-Name-First: Gang Author-X-Name-Last: Sun Author-Name: Sajal Kabiraj Author-X-Name-First: Sajal Author-X-Name-Last: Kabiraj Author-Name: Joghee Shanmugan Author-X-Name-First: Joghee Author-X-Name-Last: Shanmugan Author-Name: Cui Yanjuan Author-X-Name-First: Cui Author-X-Name-Last: Yanjuan Title: Impacts of e-banking on performance of banks in a developing economy: empirical evidence from Bangladesh Abstract: E-banking has become one of the most popular methods of banking that has experienced a considerable expansion during the last few years. However, there is relative dearth of empirical studies examining the impact of e-banking on performance of banks. Though e-banking is gaining acceptance in Bangladesh, impact of e-banking on bank’s performance is yet to be established. This paper fills this gap. Using panel data of 13 banks over the period of 2003–2013, this study empirically investigated the impact of e-banking on the performance of Bangladeshi banks measured in terms of Return on Equity, Return on Assets and Net Interest Margin. Results from pooled ordinary least square analysis show that e-banking begins to contribute positively to banks’ Return on Equity with a time lag of two years while a negative impact was found in first year of adoption. Empirical findings of this study is of greater significance for the developing countries like Bangladesh because it will invoke the attention of the bank management and policy makers to pursue such policies to expand e-banking. This study also contributes to empirical literatures by reconfirming (or otherwise) findings of previous studies. Journal: Journal of Business Economics and Management Pages: 1066-1080 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2015.1068219 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1068219 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1066-1080 Template-Type: ReDIF-Article 1.0 Author-Name: Sekyung Oh Author-X-Name-First: Sekyung Author-X-Name-Last: Oh Author-Name: Woo Sung Kim Author-X-Name-First: Woo Sung Author-X-Name-Last: Kim Title: Effect of ownership change and growth on firm value at the issuance of bonds with detachable warrants Abstract: This paper empirically explores the relationship between the issuance of bonds with detachable warrants and firm value and the relationship between growth and firm value at the issuance of such bonds. Twelve years of data for 721 issuances of 451 Korean listed firms are analyzed using a panel regression model. We find that at the issuance of bonds with detachable warrants, the change in firm value is strongly correlated with large shareholder ownership concentration and issuance form, and the effect of growth on firm value is strongly correlated with the cash flow condition of the issuing firm. The results indicate that the ownership structure and the cash flow condition of the issuing firm and the form of issuance are important determinants of the relationship between the issuance of bonds with detachable warrants and firm value; these results are applicable to an analysis of the mixed market reactions of convertible bonds or bonds with warrants issues across different countries. They also offer the policy implication that the Korean government’s decision to entirely prohibit firms from issuing bonds with detachable warrants may have been excessive. Journal: Journal of Business Economics and Management Pages: 901-915 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2015.1072109 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1072109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:901-915 Template-Type: ReDIF-Article 1.0 Author-Name: Sonia Baños-Caballero Author-X-Name-First: Sonia Author-X-Name-Last: Baños-Caballero Author-Name: Pedro J. García-Teruel Author-X-Name-First: Pedro J. Author-X-Name-Last: García-Teruel Author-Name: Pedro Martínez-Solano Author-X-Name-First: Pedro Author-X-Name-Last: Martínez-Solano Title: Financing of working capital requirement, financial flexibility and SME performance Abstract: This paper investigates the relation between the financing strategies of working capital requirement and firm performance for the period 1997 to 2012. Using the two-step generalized method of moments estimator, we find that a suitable financing strategy can help firms improve their performance. Moreover, the results indicate that the working capital requirement financing-performance relation changes during a financial crisis. Finally, we also find that this relation depends on a firm’s financial flexibility. The findings are of interest for managers and researchers and show that managers should not only be concerned about investing in working capital requirement but also consider how this investment is to be financed. To the best of our knowledge, this is the first paper to analyse how the financing strategy selected by firms to finance their working capital requirement affects their performance. Journal: Journal of Business Economics and Management Pages: 1189-1204 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2015.1081272 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1081272 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1189-1204 Template-Type: ReDIF-Article 1.0 Author-Name: Amparo Baviera-Puig Author-X-Name-First: Amparo Author-X-Name-Last: Baviera-Puig Author-Name: Juan Buitrago-Vera Author-X-Name-First: Juan Author-X-Name-Last: Buitrago-Vera Author-Name: Carmen Escriba-Perez Author-X-Name-First: Carmen Author-X-Name-Last: Escriba-Perez Title: Geomarketing models in supermarket location strategies Abstract: Choosing where to open a new outlet is a critical decision for retail firms. Building on the multiplicative competitive interaction model from retail location theory, this paper develops a geomarketing model that can be used to devise supermarket location strategies. First, attributes that explain a supermarket’s pull on consumers were determined. These attributes included objective (taken from databases and empirical observation) and subjective (based on managerial judgements) variables relating to the supermarket and its trade area. Then, geographic information system tools were used to analyse real data at a highly detailed level (road section). From a geomarketing viewpoint, the model shows that sociodemographic characteristics of the supermarket’s trade area affect firms’ location strategies. The paper also discusses improvements for calibrating and validating this model. Adding the spatial organization of supermarkets to the model yields a different consumer behaviour pattern. This geomarketing model can help managers to design supermarket location strategies according to shop features, competitors and environment, whilst estimating supermarket sales. Journal: Journal of Business Economics and Management Pages: 1205-1221 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2015.1113198 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1113198 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1205-1221 Template-Type: ReDIF-Article 1.0 Author-Name: Tomasz Brzęczek Author-X-Name-First: Tomasz Author-X-Name-Last: Brzęczek Title: Using portfolio theory to predict the impact of reduction in product width on sales Abstract: Modern portfolio theory was applied to research product portfolio diversification. Prior research studies claimed a positive relationship between the number and variety of products and sales smoothing. However, they have also argued the limitations of classical portfolio analysis, especially owing to the assumption of independence of portfolio shares and the static nature of the approach. To address this limitation we extend the model to fit the trend and seasonality of sales, and to cover their correlations. The model aims to predict the impact of product width reduction on sales and their volatility. We consider the reduction of a product category in portfolio. The model covers the impact of product category sales on portfolio sales but also on other product category sales. Finally, we verify the model using a wholesaler company’s data and compare results. Hence, we recommend the model for the prediction of changes in sales and their volatility due to product category reduction. The model covers the portfolio dynamic approach to product width under the assumption of price taking, unlike in product assortment and variety planning models. Journal: Journal of Business Economics and Management Pages: 1222-1236 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2015.1120769 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1120769 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1222-1236 Template-Type: ReDIF-Article 1.0 Author-Name: Chih-Han Kao Author-X-Name-First: Chih-Han Author-X-Name-Last: Kao Author-Name: Cheng-Han Huang Author-X-Name-First: Cheng-Han Author-X-Name-Last: Huang Author-Name: Mark Shu-Chien Hsu Author-X-Name-First: Mark Shu-Chien Author-X-Name-Last: Hsu Author-Name: I-Hung Tsai Author-X-Name-First: I-Hung Author-X-Name-Last: Tsai Title: Success factors for Taiwanese contractors collaborating with local Chinese contractors in construction projects Abstract: Regional trade cooperation has become an important component of construction industry due to the Free Trade Agreement. This segment of the market presents many challenges for construction firms. Establishing suitable international partnering relations is an effective strategy for adapting to the additional unpredictability of international markets. This research integrates the Balanced Scorecard system with Fuzzy Analytic Hierarchy Process for comprehensive and quantitative evaluation of the relevant bilateral cooperation. Commercial cooperation across the Taiwan Strait is selected as a case study for determining the evaluating methodology. After examining data from Chinese firms, 12 factors for partner selection are identified. The factors are compared with practical conditions of worldwide and local markets to establish their viability. The methodology provides a framework for evaluating potential partners when attempting to enter foreign markets. Additionally, it identifies critical factors for developing optimal market entrance strategies, contracts, and risk management; results can also be golcally (globally and locally) tailored to promote the efficiency of international cooperation. Journal: Journal of Business Economics and Management Pages: 1007-1021 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2015.1137486 File-URL: http://hdl.handle.net/10.3846/16111699.2015.1137486 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1007-1021 Template-Type: ReDIF-Article 1.0 Author-Name: Joaquim Ramos Silva Author-X-Name-First: Joaquim Ramos Author-X-Name-Last: Silva Author-Name: Mário Franco Author-X-Name-First: Mário Author-X-Name-Last: Franco Author-Name: André Magrinho Author-X-Name-First: André Author-X-Name-Last: Magrinho Title: Empirical investigation of the effects of industry type and firm size on export barriers Abstract: This study aims to explore the importance of export barriers and to achieve this by comparing different industry types and firm sizes. We performed a cross-sectional study of 529 Portuguese export firms drawn from the database held by a Portuguese Industrial Association – Business Confederation. From multivariate analysis of variance and the Tukey’s HSD (Honestly Significant Difference) test, we conclude that the more important export barriers mentioned by the firms proved more external than internal. Our results also show that the service and retail trade sectors were the sectors reporting the greatest peculiarities regarding export barriers. Thus, we identify an “industry effect” as regards export barriers even while our findings do not indicate any “size effect”. Knowing the industry-specific export barriers enables companies not only to better coordinate and perform export processes but also to better anticipate the behaviour of their competitors. Other practical and theoretical implications will also be presented. Journal: Journal of Business Economics and Management Pages: 1052-1065 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1143874 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1143874 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1052-1065 Template-Type: ReDIF-Article 1.0 Author-Name: Eloy Gil Cordero Author-X-Name-First: Eloy Author-X-Name-Last: Gil Cordero Author-Name: Francisco Javier Rondan Cataluña Author-X-Name-First: Francisco Javier Author-X-Name-Last: Rondan Cataluña Author-Name: Manuel Rey Moreno Author-X-Name-First: Manuel Author-X-Name-Last: Rey Moreno Title: Influence of macroeconomic indices on European private labels Abstract: In this study, we have analysed the impact and evolution of some of the most important macroeconomic indices on market share and value of private labels. The originality of this paper is the linkage of macroeconomic variables of European countries and the evolution of private labels in these nations. This relationship may show the development of commercial distribution with regard to macroeconomic indices. A sample of 13 European countries and a period of 14 years have been collected, including data of private brands and macroeconomic indices. Panel Data analysis has been applied using SAS software. The percentage of female unemployment negatively affects the volume and value of private label, unlike male unemployment, which affects them positively. The GDP influences positively and slightly both the volume and the value of store brands. In addition, the fact that the percentage of urban population has a positive influence on the value of private brands but not on their volume is noteworthy. Last but not least, only the estimation of value of private label in Spain shows a significant positive increase in following years. Eight countries of the sample indicate the opposite trend. Journal: Journal of Business Economics and Management Pages: 1237-1251 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1148628 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1148628 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1237-1251 Template-Type: ReDIF-Article 1.0 Author-Name: Pinar Basgoze Author-X-Name-First: Pinar Author-X-Name-Last: Basgoze Author-Name: Yilmaz Yildiz Author-X-Name-First: Yilmaz Author-X-Name-Last: Yildiz Author-Name: Selin Metin Camgoz Author-X-Name-First: Selin Author-X-Name-Last: Metin Camgoz Title: Effect of brand value announcements on stock returns: empirical evidence from Turkey Abstract: This study examines the effects of brand value announcements on stock returns of Turkish firms by using the event study methodology and long-term risk adjusted port-folio returns. We examined the stock-price impacts of 299 brand value announcements on the stock market performance of the firms within the years of 2010–2014 by using BrandFinance Turkey’s 100 ranking list as a data source. The findings indicate that the companies listed in the Turkey Top 100 Brands list earn positive abnormal returns 7 months after the announcement. Similarly, the companies which had greater brand values relative to the previous year, experienced significant positive abnormal returns in the 7-months period. Additional findings suggest that investors are able to beat the market in the long run regarding risk-adjusted returns by consistently investing in the Top Brands. Overall, the study demonstrates new evidence to the marketing-finance interface by focusing on the Turkish case as an important emerging market. Journal: Journal of Business Economics and Management Pages: 1252-1269 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1153517 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1153517 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1252-1269 Template-Type: ReDIF-Article 1.0 Author-Name: Morteza Yazdani Author-X-Name-First: Morteza Author-X-Name-Last: Yazdani Author-Name: Sarfaraz Hashemkhani Zolfani Author-X-Name-First: Sarfaraz Author-X-Name-Last: Hashemkhani Zolfani Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Title: New integration of MCDM methods and QFD in the selection of green suppliers Abstract: Currently, topics of operations management and supply chain systems have been gaining more interest of researchers. Efficiency in supply chain activities and operations management firstly benefit organisations. One of the main operations in supply chain systems is the collaboration with selected suppliers. Various models have been proposed in terms of supplier evaluation and selection studies. The invention of a new integrated frame for the building of an effective supplier evaluation system is a multi-attribute task that consists of several factors as external and internal variables. This paper delivers a creative integrated model of supplier selection problem using SWARA, QFD and a new MCDM tool called WASPAS. This work considers customer attitudes in the process of supplier evaluation. To give more weight to customer requirements, a new SWARA method has been designed; additionally, QFD and the house of quality matrix have been used to transform customer requirements into the supplier evaluation index. Finally, WASPAS has been used to rate the performance of suppliers and present supplier ranking scores. Application of initiative ways to propose a systematic supplier selection problem has always been encouraged by supply chain managers. This topic has been addressed in this paper as well. Journal: Journal of Business Economics and Management Pages: 1097-1113 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1165282 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1165282 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1097-1113 Template-Type: ReDIF-Article 1.0 Author-Name: Nonna Kushnirovich Author-X-Name-First: Nonna Author-X-Name-Last: Kushnirovich Title: Immigrant investors in financial markets: modes of financial behavior Abstract: This study investigates the modes of financial behavior of immigrants, comparing them with native-born investors. The study developed a theoretical framework for investigating the determinants of financial behavior, combining Bourdieu’s concept of economic habitus with the theories explaining behavior of investors in financial markets. Methods of clustering analysis and multinomial logit regression model were used. The study found that an investor’s behavior mode is strongly predicted by determinants derived from cultural, economic and social capital. For low-income persons, the culture of origin shapes their financial behavior, and for high-income persons, their economic capital and affiliation to social class are more important. Over time, immigrants assimilate in their financial choices. This study contributes to research of financial behavior as well as migration research by explaining the factors that affect preferences for financial assets allocation among immigrants. Understanding migrants’ modes of financial behavior will help policymakers to facilitate accumulation of wealth by immigrants, and in this way contribute to the process of their integration. Journal: Journal of Business Economics and Management Pages: 992-1006 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1171253 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1171253 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:992-1006 Template-Type: ReDIF-Article 1.0 Author-Name: Anita Ciunova-Shuleska Author-X-Name-First: Anita Author-X-Name-Last: Ciunova-Shuleska Author-Name: Christian Nedu Osakwe Author-X-Name-First: Christian Nedu Author-X-Name-Last: Osakwe Author-Name: Nikolina Palamidovska-Sterjadovska Author-X-Name-First: Nikolina Author-X-Name-Last: Palamidovska-Sterjadovska Title: Complementary impact of capabilities and brand orientation on SMBs performance Abstract: The purpose of this study is to analyse the interrelationships among capabilities and brand orientation and their effect on performance of the small and medium-sized businesses. A data set of 181 effective responses is collected and Partial Least Squares was used. The main drivers of customer performance are brand orientation and adaptive and brand promotional capabilities, while financial performance is determined by brand promotional and e-marketing capabilities and by customer performance. Brand orientation directly influences adaptive and brand promotional capabilities, while e-marketing capability is positively influenced by brand promotional capability. SMBs operating in the developing economy context need to combine multiple capabilities and brand orientation with focus on building e-marketing capability to improve financial performance. This research study is one of the first in the South-eastern European context to offer evidence-based insights on the structural relations among multiple capabilities, brand orientation and the performance of SMBs. Journal: Journal of Business Economics and Management Pages: 1270-1285 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1181101 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1181101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1270-1285 Template-Type: ReDIF-Article 1.0 Author-Name: Marija Radosavljevic Author-X-Name-First: Marija Author-X-Name-Last: Radosavljevic Author-Name: Nada Barac Author-X-Name-First: Nada Author-X-Name-Last: Barac Author-Name: Vesna Jankovic-Milic Author-X-Name-First: Vesna Author-X-Name-Last: Jankovic-Milic Author-Name: Aleksandra Andjelkovic Author-X-Name-First: Aleksandra Author-X-Name-Last: Andjelkovic Title: Supply chain management maturity assessment: challenges of the enterprises in Serbia Abstract: Nowadays competition has been spread to supply chains, instead of individual enterprises. Therefore, beside evaluation of enterprise’s capabilities to manage business processes, it is important to assess capabilities for business process management at supply chain level. The purpose of the research presented in this paper is to point out the necessity of supply chain management maturity in implementation of best practice. Research methodology is based on supply chain management maturity models. Application of the Delphi method enabled usage of maturity model, adapted to the enterprises in Serbia. The value of the research precedes from unique combination of best practice elements for the assessment of supply chain management maturity level. The research results show that best practice elements are not very popular in the enterprises in Serbia. All enterprises are at the second and third maturity level. Bearing in mind that everything has to be improved continually, maturity models, proposed by different authors can be further developed by including certain statistical tools. The original contribution of this paper and its practical implication refer to including statistical tools, hierarchical cluster analysis and correlation, into maturity analysis, thus enabling creation of framework as a road-map for the improvement of supply chain management maturity. Journal: Journal of Business Economics and Management Pages: 848-864 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1191038 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1191038 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:848-864 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimír Bureš Author-X-Name-First: Vladimír Author-X-Name-Last: Bureš Author-Name: Fridrich Racz Author-X-Name-First: Fridrich Author-X-Name-Last: Racz Title: Application of system archetypes in practice: an underutilised pathway to better managerial performance Abstract: Current dynamic business environment forces managers to apply various tools in order to improve organisational performance and effectiveness. System archetypes enable to cope with complexity and make appropriate decisions. This study is theoretically grounded in the field of economic cybernetics and system archetype analysis. It applies qualitative research on the sample of 54 managers with the high level of seniority. The aim is to reveal whether system archetypes are effectively used in practice. Two hypotheses focused on both knowledge about and application of system archetypes are tested. The results prove that there are inconsistencies tied to forms of system archetypes insight and knowledge. Moreover, there is an inadequate level of attention identified in investigated organisations. Results imply various potential research pathways that are outlined in the final section of the paper. Hence, the manuscript offers a unique insight into the current state of practical system archetypes utilisation and contributes to the explanation of the role of system archetypes in the economic cybernetics framework. Journal: Journal of Business Economics and Management Pages: 1081-1096 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1203355 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1203355 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1081-1096 Template-Type: ReDIF-Article 1.0 Author-Name: Susana Callao Author-X-Name-First: Susana Author-X-Name-Last: Callao Author-Name: Riccardo Cimini Author-X-Name-First: Riccardo Author-X-Name-Last: Cimini Author-Name: José Ignacio Jarne Author-X-Name-First: José Ignacio Author-X-Name-Last: Jarne Title: Value relevance of accounting figures in presence of earnings management. Are enforcement and ownership diffusion really enough? Abstract: The study assesses and compares the value relevance (VR) of accounting numbers in entities that experienced high discretionary accruals intensity and so possible earnings management (EM) behaviours, testing whether and in what extent the quality of enforcement and governance mechanisms act as moderating factors on the relation EM-VR. Based on a sample of 2 667 European non-financial entities, the results show that while the VR of earnings is low in entities that experienced high discretionary accruals intensity, book value increases its VR. The study also shows that the quality of enforcement mechanisms and the ownership diffusion (that proxies the quality of corporate governance) are effectively able to obstruct the loss of VR of earnings. The value added of the paper consists in showing that both the quality of enforcement and the ownership diffusion contrast only in part and in different manner the loss of VR of earnings, due to the presence of EM behaviours, acting only in part as moderating factors. Journal: Journal of Business Economics and Management Pages: 1286-1299 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1203816 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1203816 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1286-1299 Template-Type: ReDIF-Article 1.0 Author-Name: Barbara Gaudenzi Author-X-Name-First: Barbara Author-X-Name-Last: Gaudenzi Author-Name: Alessandro Bucciol Author-X-Name-First: Alessandro Author-X-Name-Last: Bucciol Title: Jet fuel price variations and market value: a focus on low-cost and regular airline companies Abstract: We analyze the relationship between dynamics to stock prices and jet fuel prices, conditional on financial and company-specific variables, in the airline sector. In particular, our contribution to the literature is in the comparison between regular and low-cost airline companies. We run a set of fixed-effect regressions where the dependent variable, the stock daily return of the airline company (observed between 2008 and 2014) is regressed over three sets of explanatory variables (financial, company-specific and time variables). While large and small companies provide similar results, we find that the company price return – among different variables – correlates only with the jet fuel return and the stock market return. Our work also suggests that there is a difference between regular and low-cost companies. We speculate that this possibly arises because low-cost companies stock-pile in a more efficient way, which depends less on current jet fuel price. Our evidence then sheds light on the efficiency of the low-cost model and may suggest to export part of its practice among regular airline companies. Journal: Journal of Business Economics and Management Pages: 977-991 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1209784 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1209784 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:977-991 Template-Type: ReDIF-Article 1.0 Author-Name: Esra Arikan Author-X-Name-First: Esra Author-X-Name-Last: Arikan Author-Name: Cengiz Yilmaz Author-X-Name-First: Cengiz Author-X-Name-Last: Yilmaz Author-Name: Muzaffer Bodur Author-X-Name-First: Muzaffer Author-X-Name-Last: Bodur Title: Expanding the boundary of brand extensions through brand relationship quality Abstract: Research on brand extensions identifies the concept of perceived fit as the prime determinant of success. Yet, it is not difficult to find examples of brands that have been extended successfully into “perceptually distant” domains. In an attempt to resolve this discrepancy between research insights and practical experiences, the study investigates the role of Brand Relationship Quality (BRQ) as a critical factor determining consumer responses to brand extensions. The proposed model is tested separately in the context of three different fit scenarios (high, moderate, and low) with data from 502 consumers. The results indicate that BRQ and perceived fit exert independent effects on consumer responses and complement each other as they jointly influence evaluations of brand extensions. The study therefore extends existing theory by providing evidence that the brand extension phenomenon cannot be explained justly without including constructs that portray personal relationships consumers develop with brands and provides insights for marketers and researchers as to how such relationships can be integrated in formulations of successful brand extension strategies. Journal: Journal of Business Economics and Management Pages: 930-944 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1220420 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1220420 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:930-944 Template-Type: ReDIF-Article 1.0 Author-Name: Kęstutis Peleckis Author-X-Name-First: Kęstutis Author-X-Name-Last: Peleckis Title: International business negotiation strategies based on bargaining power assessment: the case of attracting investments Abstract: At present business solutions are used for development and implementation of negotiating strategies for international business, which are not universally suitable for business development in all situations in context of globalization, with current challenges, which are characterized by increasing risk, uncertainty and cultural differences. The purpose of the research is to provide a theoretical model for developing and implementing international business negotiation strategies, based on bargaining power assessment, as well as to conduct an experiment and test the suitability and adaptability of the developed model in an international business negotiation situation – in case of attracting investments. Research methods – scientific literature analysis, comparative, logical analysis and synthesis, comparative and generalisation methods, mathematical and statistic data analysis methods. According to the results, the developed model can be used to reinforce international business negotiations and electronic business negotiations, as an independent systemic unit of the negotiation process (a measure that is autonomous or requires only partial intervention of the negotiator). Journal: Journal of Business Economics and Management Pages: 882-900 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1233511 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1233511 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:882-900 Template-Type: ReDIF-Article 1.0 Author-Name: Magdalena Olczyk Author-X-Name-First: Magdalena Author-X-Name-Last: Olczyk Title: Bibliometric approach to tracking the concept of international competitiveness Abstract: The main aim of paper is to identify the growth pattern in the international competitiveness literature, its core publications and key research domains on the basis of bibliometric data from the years 1945–2015. Citation data is collected from the ISI Web of Science Website, Scopus and Google Scholar, and analysed using HistCite, Pajek and VOSviewer software. Bibliometric indicators, network citation, key-route path methods and term co-occurrence methods are used. The results show that the theory of international competitiveness starts not from neoclassical theories of international trade, but from models of competition, even though competitiveness is mostly measured using trade/export performance. Krugman’s work on imperfect competitive markets and increasing returns of scale plays a most important role in knowledge diffusion on international competitiveness. The scientific development of analyzed concept is connected with six topics: trade performance, technology, liberalization, environmental regulations, location and productivity. These results give us a background for conducting practical analyses of international competitiveness, especially ones using synthetic indices. Journal: Journal of Business Economics and Management Pages: 945-959 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1236035 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1236035 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:945-959 Template-Type: ReDIF-Article 1.0 Author-Name: Vaidas Gaidelys Author-X-Name-First: Vaidas Author-X-Name-Last: Gaidelys Author-Name: Stasys Dailydka Author-X-Name-First: Stasys Author-X-Name-Last: Dailydka Title: Use of “Knowledge House”, DWS, DMS and DSS methodology by completing a competitors' analysis in the railway sector Abstract: In completing a competitors’ analysis in the railway sector by using the “Knowledge House” method, there is frequently a problem of data and information accessibility. The quality of primary information has direct influence on the quality of analytical conclusions. One more condition for the qualitative application of this method is the intellectual capital and experience of the analyst. One should note that in this regard we face another problem, that of selection of proper personnel, on the qualification of whom depends the accuracy of the evaluation and final results, on the basis of which strategic decisions are taken. The main aim of the paper is to assess the opportunities for applications of competitive intelligence methods in the railway sector. The study is using “Knowledge House”, DWS, DMS, DSS methodologies.Having analysed the scientific works the direct scientific sources of information, which are oriented to the application of the methods of competitive intelligence to the railway sector, have not been identified. The paper is absolutely original in that until now the competitive intelligence techniques have not been applied for the railway sector companies.Considering the fact that foreign companies, which compete for freighting at the international level, are regarded as the main competitors of the railway sector, the use of the methods of the competitive intelligence becomes more important while fighting for the part of the market. The competitive intelligence methods and their application to the railway sector companies are little studied. In accordance with application of the relevant methods in other sectors, it can be assumed that these innovative approaches could have a positive impact on the competitiveness of companies in the railway sector and their income. Journal: Journal of Business Economics and Management Pages: 1022-1051 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1251963 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1251963 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1022-1051 Template-Type: ReDIF-Article 1.0 Author-Name: Sara Sadat Mortazavi Ravari Author-X-Name-First: Sara Sadat Author-X-Name-Last: Mortazavi Ravari Author-Name: Ehsan Mehrabanfar Author-X-Name-First: Ehsan Author-X-Name-Last: Mehrabanfar Author-Name: Audrius Banaitis Author-X-Name-First: Audrius Author-X-Name-Last: Banaitis Author-Name: Nerija Banaitienė Author-X-Name-First: Nerija Author-X-Name-Last: Banaitienė Title: Framework for assessing technological innovation capability in research and technology organizations Abstract: This study aims to evaluate technology innovation capabilities (TICs) of research and technology organizations (RTOs) by applying Fuzzy-DEMATEL & ANP techniques, in order to provide a practical lookout for their firm’s requirement in this regard. Based on literature review, six main criteria and eighteen sub-criteria are extracted. Fuzzy-DEMATEL is applied to analyze the casual relationships among the criteria and subcriteria. After identifying the relations between the criteria a questionnaire is developed and distributed among sixteen experts to assess the validity of the questionnaire, then the relations are weighted by ANP. It is concluded that proposed model is a comprehensive model that integrates qualitative and quantitative approaches to develop a step by step model to reach to the main TICs criteria in RTOs. Although, there are many previous researches illustrating various models to evaluate TICs, there is no formidable one using these techniques combination. Based on the abilities of the techniques and the results emerged this paper has prepared a robust model available for other RTOs to adopt as a true reference to reach to their TICs. Journal: Journal of Business Economics and Management Pages: 825-847 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2016.1253607 File-URL: http://hdl.handle.net/10.3846/16111699.2016.1253607 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:825-847 Template-Type: ReDIF-Article 1.0 Author-Name: Ginés Hernández-Cánovas Author-X-Name-First: Ginés Author-X-Name-Last: Hernández-Cánovas Author-Name: Antonio Mínguez-Vera Author-X-Name-First: Antonio Author-X-Name-Last: Mínguez-Vera Author-Name: Javier Sánchez-Vidal Author-X-Name-First: Javier Author-X-Name-Last: Sánchez-Vidal Title: Ownership structure and debt as corporate governance mechanisms: an empirical analysis for Spanish SMEs Abstract: The purpose of this paper is to analyze the relationship between ownership structure and indebtedness for a sample of 2,544 Spanish small and medium enterprises. A System Generalized Method of Moments methodology is applied to control for the heterogeneity and endogeneity problems. The finding shows a negative effect of several measures of ownership on debt ratio. Therefore, the presence of an individual as main shareholder has a positive effect on debt, while the presence of a corporation as main shareholder exerts a negative influence. As research implications, this paper includes the agency problem based on principal-principal conflicts to explain the capital structure of small and medium enterprises, going beyond traditional principal-agent conflicts. The main practical implications of the paper is that owners who seek equity financing can use the results of this study for understanding better why investors are reluctant to invest in their small and medium enterprises. Policymakers can use the results of this study to develop better policies and to promote better provision of information for all stakeholders. About the contribution of this study, we are not aware of any paper that uses a panel of small and medium enterprises operating in a French-civil law country to examine the relationship between indebtedness and three different proxies of the ownership structure. Journal: Journal of Business Economics and Management Pages: 960-976 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2013.859171 File-URL: http://hdl.handle.net/10.3846/16111699.2013.859171 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:960-976 Template-Type: ReDIF-Article 1.0 Author-Name: Emilio Galdeano-Gómez Author-X-Name-First: Emilio Author-X-Name-Last: Galdeano-Gómez Author-Name: Juan C. Pérez-Mesa Author-X-Name-First: Juan C. Author-X-Name-Last: Pérez-Mesa Author-Name: José A. Aznar-Sánchez Author-X-Name-First: José A. Author-X-Name-Last: Aznar-Sánchez Title: Internationalisation of SMEs and simultaneous strategies of cooperation and competition: an exploratory analysis Abstract: The present work examines the relationships between SMEs’ marketing internationalisation and the combination of cooperation and competition strategies, i.e. co-opetition. Recent analyses have shown that the SMEs’ exports capabilities are highly dependent on co-opetition, while others suggest that the challenges of international supply chain constitute a major driver to this combination. This analysis contributes to the literature by providing empirical evidence on both of these issues. A multivariate regression analysis is developed, measuring variables of SMEs’ co-opetition and international activity, and taking as reference a set of 136 Andalusian food exporters. The results confirm the positive effect of strategies of cooperation with competitors (regarding logistics, promotion, quality and R&D) on international marketing activity. This positive effect is enhanced when large retailers are the main buyers, i.e. in hierarchical relationships. Furthermore, exporting activity is shown to promote co-opetition among suppliers. These findings highlight the importance of such strategies as regards both export capabilities of the food firms in this region and their expansion into new foreign markets. The empirical approach and certain implications drawn from the results can be extended to other analyses on SMEs in international contexts. Journal: Journal of Business Economics and Management Pages: 1114-1132 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2014.959040 File-URL: http://hdl.handle.net/10.3846/16111699.2014.959040 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1114-1132 Template-Type: ReDIF-Article 1.0 Author-Name: J. Samuel Baixauli-Soler Author-X-Name-First: J. Samuel Author-X-Name-Last: Baixauli-Soler Author-Name: M. Encarnacion Lucas-Perez Author-X-Name-First: M. Encarnacion Author-X-Name-Last: Lucas-Perez Author-Name: Juan Francisco Martin-Ugedo Author-X-Name-First: Juan Francisco Author-X-Name-Last: Martin-Ugedo Author-Name: Antonio Minguez-Vera Author-X-Name-First: Antonio Author-X-Name-Last: Minguez-Vera Author-Name: Gregorio Sanchez-Marin Author-X-Name-First: Gregorio Author-X-Name-Last: Sanchez-Marin Title: Executive directors' compensation and monitoring: the influence of gender diversity on Spanish boards Abstract: This study presents evidence of the influence of gender diversity on the pay system and the monitoring of executives in Spain. In this country/context, characterized by a few male dominant shareholders acting simultaneously as executives, there is an ongoing discussion regarding the enactment of laws to promote gender equality on the boards of directors of large listed companies. This paper presents several contributions. On the one hand, the scarce previous evidence on this topic is focused on US firms. On the other hand, this study includes the role of ownership structure as a factor that indirectly moderates the relationships between gender diversity on board and monitoring effectiveness in terms of executive directors’ compensation. Furthermore, this paper makes an important effort to control endogeneity. The sample examined includes 120 companies listed on the Spanish stock market during the period 2004–2011. The results show a positive and highly significant effect of the presence of women independent directors on the proportion of variable pay in the compensation of executive directors. Our findings also point out the negative moderating effect of ownership concentration: the more concentrated is ownership in the hands of internal majority shareholder, the less is the link between board diversity and pay-for-performance systems. Journal: Journal of Business Economics and Management Pages: 1133-1154 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2014.969767 File-URL: http://hdl.handle.net/10.3846/16111699.2014.969767 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1133-1154 Template-Type: ReDIF-Article 1.0 Author-Name: Mónica Carmona Author-X-Name-First: Mónica Author-X-Name-Last: Carmona Author-Name: Emilio Congregado Author-X-Name-First: Emilio Author-X-Name-Last: Congregado Author-Name: Antonio A. Golpe Author-X-Name-First: Antonio A. Author-X-Name-Last: Golpe Author-Name: Jesus Iglesias Author-X-Name-First: Jesus Author-X-Name-Last: Iglesias Title: Self-employment and business cycles: searching for asymmetries in a panel of 23 OECD countries Abstract: The aim of this work is to identify whether the bidirectional relationship between entrepreneurship cycles and output gaps is asymmetric depending on the phase of the business cycle. To this end, we employ a panel threshold regression model in which different relations can prevail in each regime, defined by the values of the threshold variable. The findings of this article qualify previous empirical results. In particular, our estimates provide support for the existence of different responses – both in terms of sign and magnitude – of cyclical self-employment to output growth and of output growth to cyclical self-employment, depending on the value of the threshold variable. The result is highly important for policy makers and practitioners given that whether they ignore the asymmetric impact that an entrepreneurship promotion policy action might have on the real economy, the action might lead to unexpected effects. Journal: Journal of Business Economics and Management Pages: 1155-1171 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2014.994027 File-URL: http://hdl.handle.net/10.3846/16111699.2014.994027 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:1155-1171 Template-Type: ReDIF-Article 1.0 Author-Name: Mateja Kos Koklic Author-X-Name-First: Mateja Author-X-Name-Last: Kos Koklic Author-Name: Irena Vida Author-X-Name-First: Irena Author-X-Name-Last: Vida Title: Interplay of the drivers and deterrents of leisure counterfeit purchase intentions Abstract: Drawing on complementary theoretical perspectives, in this study we empirically investigate the drivers and deterrents underlying the formation of attitudes to leisure counterfeits and purchase intentions, and examine rationalization as a moderator of the attitude-intention relationship. The research model is examined via mail survey data of adult consumers using structural equations modelling. The findings indicate that perceived benefits and moral intensity significantly influence attitudes, while the impact of performance risk is negligible. The attitude and moral intensity significantly predict the purchase intention. Our analyses confirm rationalization as a salient factor moderating the relationship between attitude and behavioral intention. Based on this pattern of results, we discuss study implications in three areas: the perception of positive consequences for oneself, the perception of consequences for others, and the use of previously rarely examined consumer justifications. The finding that performance risk is not significant in affecting consumer attitude calls into question various appeals featuring adverse effects of buying counterfeits for an individual. Journal: Journal of Business Economics and Management Pages: 916-929 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2014.994184 File-URL: http://hdl.handle.net/10.3846/16111699.2014.994184 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:916-929 Template-Type: ReDIF-Article 1.0 Author-Name: David Naranjo-Gil Author-X-Name-First: David Author-X-Name-Last: Naranjo-Gil Title: Role of management control systems in crafting realized strategies Abstract: The distinction between deliberate and emergent strategy implementation is rarely acknowledged in management control literature, which has promoted a passive view of control systems tailored explicitly to support the strategic planning. This paper analyzes how management control systems facilitate organizations to realize their intended strategies. Hypotheses are tested using survey data from CEOs of Spanish hospitals. Partial least squares is used as a statistical technique to test the integral causal path model. Results show that boundary and diagnostic control systems have primarily a positive impact on the realization of deliberate strategies, whereas belief and interactive control systems positively affect emergent strategies. This study tries to clarify the fragmented results of the literature by analyzing the effect of the design (passive role) and the use (active role) of management control systems on both deliberate and emergent strategies. A practical implication of this paper is that managers should focus on both the design and the use of management control systems to implement strategies successfully. This study is among the first to provide empirical evidence on how different levers of control complement each other in crafting realized strategies. Journal: Journal of Business Economics and Management Pages: 865-881 Issue: 6 Volume: 17 Year: 2016 Month: 11 X-DOI: 10.3846/16111699.2014.994558 File-URL: http://hdl.handle.net/10.3846/16111699.2014.994558 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jbemgt:v:17:y:2016:i:6:p:865-881