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Abstract
This paper aims to enhance the understanding of the influencing factors and consequences of feedback, with a particular focus on brand outputs and co-creation, and to identify future research areas related to feedback. First, we propose to clarify definitions by introducing actionable customer feedback and drawing clear distinctions among synonymic concepts used in the literature. Then, we conduct a systematic literature review of 73 journal articles from the past two decades and synthesize their findings in the feedback, brand, and co-creation intercept. We also introduce a structure for feedback-related antecedents, moderators, mediators, and performance outputs. As a main contribution, we offer a visual representation of the findings of the systematic literature review to support scholars of customer behavior who are discovering their own directions according to their expertise. Through the use of visual tools such as tables and figures, we provide summary statistics reflecting the methodologies used in the literature, the industries involved, the geographical spread, and adjacent theories used. We also summarize the different positions of feedback within conceptual frameworks. We contribute to the literature by proposing and visually demonstrating new grouping dimensions of the antecedents, mediators, moderators and performance outcomes of the feedback literature. Finally, we recommend directions for future research on actionable feedback. We recommend studying the mediating and moderating impacts of demographics, gender, environmental characteristics, geography (especially developing economies), and B2B businesses on actionable feedback. The roles of trust and feedback in brand outputs, for example, brand value and brand equity, requires further investigation. Finally, we recommend exploring constructs in which feedback plays multiple roles in different positions.
Abstract
There is a long-standing debate among scholars over the convergence versus divergence of the regional growth rate of per capita income in India. The present study tries to resolve this debate in light of the latest available data by using Beta-convergence analysis in a panel data framework. The results indicate the presence of unconditional divergence and conditional convergence in the case of both inter-state and inter-region analysis, which shows that the unconditional divergence may be due to the presence of omitted variable bias. The results also show that the primary sector is associated with the reduction of interstate and inter-region income inequality, while the growth of the tertiary sector is correlated with increasing interstate and inter-region income inequality. Therefore, the findings of the study imply that the phenomenon of service-led growth in the post-reform period was accompanied by the widening gap in the growth of various states and regions of India.
Abstract
Cognitive ability is increasingly recognized as a significant factor influencing household portfolio decisions. However, different cognitive abilities, such as numeracy, fluency and recall, may yield different investment results. The aim of this paper is to empirically examine the associations of three cognitive abilities (numeracy, fluency and recall) with household portfolio composition using Survey of Health, Aging and Retirement (SHARE) data across 16 European countries and the multinomial logit model. Our empirical analyses focus on the impacts of differences in country characteristics, specifically the level of economic development and the existence of a national health system (NHS).
The results indicate that numeracy and fluency have positive impacts on the decision to hold safe and relatively risky assets, as well as fully diversified portfolios in developed countries, but have no significant effects in emerging countries. Additionally, all three cognitive abilities positively influence the decision to hold fully diversified portfolios in the countries with NHS, while no significant effects are observed in the countries without NHS.
Our findings reveal a decreased impact of cognitive abilities on portfolio types in the emerging countries and the non-NHS countries. Notably, a significant and positive correlation is found between the holding of no financial assets in both non-NHS countries and advanced countries. One important implication of this study is that marketing strategies of financial advisors should take into account household cognitive abilities, as well as differences in economic development among countries and the presence or absence of NHS.
Abstract
We investigated the determinants of changes in agricultural technology in Vietnamese rice-growing households. The double-hurdle estimation developed in this study proved to be an efficient method for determining how and to what extent changes in agricultural technology had been influenced by various factors while also allowing correlation between farmers' choices. We found evidence of a persistent increase in the use of improved seeds and machinery. In contrast, the previous upward trend in the use of fertilisers and pesticides was recently reversed. Farmers' decisions to adopt and use these four agricultural technologies are highly correlated with farm size, input and output prices, and macroeconomic conditions. Our findings also confirm a simultaneous relationship between the decisions to apply agricultural practices. When promoting new agricultural technologies, follow-up policy interventions should account for these characteristics of individual smallholders' decisions.
Abstract
This paper attempts to identify the determinants of foreign direct investment (FDI), focusing especially on terrorism and keeping in mind that FDI is one of the key economic growth engines. The main goal of this paper was to determine the correlation between terrorism and investment activities. The method used is a dynamic panel data model (System 2 step-GMM estimator), based on a sample covering a total of 36 OECD economies in the period from 2005 to 2018. The findings indicate that terrorist incidents and economic, institutional, and natural variables have different impacts on FDI in the OECD Member countries. The research found a statistically significant impact of terrorist incidents and natural disasters and a strong impact of economic and institutional variables.
Abstract
Recent research has suggested that unconditional convergence no longer exists. Thus, this study examined the income convergence among 11 Central and Eastern European (CEE-11) countries that joined the European Union in/after 2004 and Europe's four largest economies (Germany, France, the United Kingdom, and Italy) by using panel data from 1994 to 2019. For this purpose, it employed the beta (β) and sigma (σ) convergence approaches to analyze the dynamics of economic growth. Based on the findings, in 1996, the four largest European economies had a higher capital–labour ratio and GDP growth than CEE-11. However, by 2019, the patterns reversed. As for the regression results, there was strong evidence of unconditional β convergence between 1999 and 2019, at an annual rate of 11%, with the σ convergence and the fixed effect models further supporting income convergence. Moreover, although brief divergence occurred during various financial crises, the overall trend was a significant convergence of CEE-11 with Europe's four largest economies through higher relative GDP growth. This study contributes to the economic growth theory of income convergence across countries and highlights the importance of regional integration in enabling sustainable catch-up growth.
Abstract
Digitalisation presents a significant challenge for small- and medium-sized enterprises (SMEs), as they generally lack the required competencies and qualifications for a digital transformation. However, crises such as the COVID-19 pandemic have highlighted how digitalisation can improve SME efficiency and unlock new markets. This paper aims to contribute to the empirical literature by analysing the factors influencing Hungarian entrepreneurs' activities and attitudes towards digitalisation during the COVID-19 pandemic. The results are based on the quantitative analyses of Hungarian datasets of the Global Entrepreneurship Monitor (GEM) spanning 2021 to 2023, complemented by figures from a representative survey of SMEs in 2022. Our findings show that while nearly all SMEs utilise digital devices, adopting more advanced solutions remains low. Although the pandemic somewhat accelerated the digitalisation efforts, most entrepreneurs do not expect to use more digital solutions in the next six months. There is no consistent correlation between digitalisation and entrepreneurial motives, as the cluster analyses did not provide homogenous groups of entrepreneurs in the years analysed, so we can conclude that digitalisation efforts may be even among them. Thus, to overcome the challenge of digitalisation, policymakers should incentivise entrepreneurs to improve their digital skills and implement digital solutions.
Abstract
The paper analyses the Loss Given Default (LGD) rates of residential mortgages, using a model based on stochastic collateral value. The implementation of the model is based on exponential Ornstein-Uhlenbeck processes fitted to the Hungarian regions' house price indices. According to the model results, in case of a mortgage with a 80% loan-to-value ratio at origination, the expected LGD is around 30–40%, depending on the region. The highest LGD rates are estimated for villages, while the lowest rates are expected in Budapest and cities in the middle of the country. The range of the regional differences can reach 7 percentage points. According to the LGD Risk index based on the aggregated model, the LGD risk profile of recently issued mortgages has improved significantly since 2009 in Hungary.
Due to the strong negative relation between the house prices and mortgage default rates, the expected return on defaulted collateral value tends to be low. The results could be relevant for credit institutions in their mortgage origination decisions and enhance analysis of lending processes and the associated risks.
Abstract
This contribution aims to address the intriguing issue of whether Industry 4.0, as a techno-economic paradigm shifter, may have a greater potential for exaptation (i.e., using it not for pursuing of quantitative but that of qualitative development) and, if so, what technologies may accelerate this process. Existing research indicates that graphene technology has the potential to lead the way in this area. The paper addresses not only why and how a graphene-aided Industry 4.0 can be conducive to this function (i.e., making exaptations easier on a larger scale), it examines the wider context for exaptations by questioning whether the current setup of the real economy, the financial universe, and the public sector offers a supportive environment for exaptations.
Abstract
This research developed an analytical framework for industry-oriented leading cyclical indicators (CII), focusing on monitoring and forecasting economic cycles within the European Union (EU). Various methodologies for constructing these indicators were examined through an exhaustive sector analysis. A salient conclusion drawn is the non-feasibility of a one-size-fits-all composite leading indicator for all EU members. It underscores the imperative to tailor these indicators in congruence with the unique industrial characteristics of each country. The study provides empirical evidence that countries like Denmark, Germany, Austria, Estonia, Lithuania, Latvia, Finland and Sweden can benefit from high-caliber composite leading indicators tailored to their economies. Our analysis suggests that GDP is a more robust metric than the Industrial Production Index for predicting economic cycles for the EU countries.
