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Abstract

Subjective entrepreneurial success has emerged as an area of academic interest. However, no research study has yet been conducted on startup founders as a specific group of entrepreneurs. Although ‘success’ has been prominently covered in existing startup literature, studies predominantly focus on the possible reasons behind startup success, measuring it solely in economic terms. Drawing upon the qualitative analysis of 22 in-depth interviews with Hungarian startup founders, this paper aims to explore the complex structure of subjective startup success from the founder's perspective along with its gendered patterns. The five dimensions of subjective startup success emerging from the data are similar to those of subjective entrepreneurial success: firm performance, team, personal fulfilment, community impact and personal financial reward. Nevertheless, results reveal that there exists considerable difference between the substance of firm performance dimension in the subjective entrepreneurial success model and in our subjective startup success model. Further, it is found that the interplay among indicators of success could range from synergies to tensions. Finally, personal fulfilment is found to be the only dimension that reflects a marked gender difference in the sample.

Open access

Abstract

In this article we analyze the Hungarian shadow banking system. We point out that the Hungarian shadow banking system is not only much less developed than that of the EU's developed countries, but also structurally different. A further specific feature of the Hungarian financial system is what we call the secondary shadow banking system, through which foreign shadow banking funds do not finance the domestic banking system directly, but through foreign interbank funds and related cross currency basis swaps. The aim of our analysis is to explore the reasons for these specificities, to analyze the risks of the Hungarian shadow banking, and secondary shadow banking systems, and to show that the interconnectedness between banking and shadow banking may not only occur through direct exposure, but also indirectly through the presence of secondary shadow banking.

Open access

Abstract

In 1994, we examined the Fed's abandonment of monetary targets in favor of “omens of impending inflation” (Papadimitriou – Wray 1994). Here we are, three decades later, and the Fed is still fumbling around with unobservable indicators of inflation in its quest to target stable prices. In what follows, we examine the evolution of the Fed's thought and practice over the past three decades, a period in which the Fed has increasingly turned to unobservable indicators that are supposed to predict inflation and unobservable tools that are supposed to fight inflation. We will show that our criticisms have also been raised by the Fed's own members and research staff. Moreover, we suggest that the Fed has far less control over inflation than is presumed, and, at worst, might have the whole inflation-fighting strategy backwards. We conclude with an assessment of the latest round of rate hikes.

Open access

Abstract

Market rules, changes in regulations for users and producers, technological innovation and economic development are important factors shaping energy transitions. Therefore, explaining energy transitions requires a multidisciplinary insight to investigate these factors. The study of energy transitions faces an analytical and methodological challenge, particularly in communicating trends shaping the energy systems in developing economies. The existing literature is not consistent in identifying these disciplines nor proposing how they can be combined. In this sense, this paper proposes a new and simple methodological path to assess variables and theories. It conceptualizes energy transitions as a co-evolution of two types of systems: system innovation with its roots in evolutionary, institutional economics, science and technology studies (STS); and energy systems with its roots in neoclassical and evolutionary economics. From how to conduct a systematic literature review, to how best integrate theories and the analytical framework in which key questions can be answered, the paper elevates the role of political science, as policies play a prominent role in shaping energy transitions. This paper responds to those who have pointed out that the political economy of energy transitions is a vastly understudied area.

Open access

Abstract

In recent years, policymakers and academics have shown interest in understanding how universities could drive regional innovation. Universities are not solely focusing on research and education as their primary missions but are also asked to participate in the development of their regions. This has compelled universities to forge what is called a third mission, encompassing all social and economic activities of universities. Several attempts have been made to evaluate this concept, aiming to highlight the evolving role of universities and their relevance to policy and society. In this vein, this paper showcases existing attempts that aim to measure the impact of the third mission in European universities. This study consists of a systematic literature review studying journal articles published between 2001 and 2021. The purpose of this paper is to enumerate the existing measurements of the third mission and identify the different tensions related to it. This study shows that the literature encompasses three approaches for assessing the third mission. First, some studies incorporated the third mission into the overall evaluation of university performance. Second, other investigations aimed to capture this concept as a whole. Finally, several studies evaluated individual dimensions of the third mission independently.

Open access

Abstract

There exists a vast empirical literature on Financial Sector Development (FSD) and the income inequality nexus; however, it lacks consensus. To study this, 24 studies with 87 regression estimates on financial institution depth and income inequality were collected. This paper used the most common method of economic meta-analysis, the Partial Correlation Coefficient (PCC), to answer the question: What is the magnitude and impact, if any, of financial institution depth on income inequality? In addition, a multivariate meta-regression model was used to find moderator variables that produced mixed results in the literature. The results show that the global average comovement of financial institution depth (domestic credit) on income inequality is very small but positive; suggesting that growth in domestic credit may widen income inequality. The positive correlation between domestic credit and income inequality highlights how financial institutions use household income and collateral as a signal when deciding on credit applications. Finally, the multivariate regression results suggest that the present heterogeneity within the literature stems from different methodologies and control variables included in the econometric models, and panel studies that mix countries with heterogeneous characteristics. These suggest that different components of FSD may impact income inequality differently.

Open access

Abstract

Tax evasion is reducing the revenues of public budgets of many European Union (EU) Member States (MS). To improve the effectiveness of tax collection, during the last decade authorities in several MS have taken measures to reduce the value added tax (VAT) gap (i.e., revenue received as a percentage of theoretical liability). In the Central and Eastern European region, VAT gap reduction measures have been implemented effectively in Hungary and Poland, whereas in Romania the effectiveness of these measures is very low: Romania has been the worst-performing EU MS in collecting VAT for more than 10 years. Our study analyses the factors influencing this VAT gap. Our analysis relied mainly on a fixed effects panel regression model, using for a balanced panel an individual and time fixed-effects with cluster-robust standard errors model, and for the unbalanced panel the fixed-effects regression with individual-specific slopes. Our results show that the size of the VAT gap is primarily influenced by five variables: the transparency index, the tax collection ratio, the law enforcement index, the VAT revenues ratio and the digitisation index.

Open access

Abstract

Real estate crowdfunding is a relatively new alternative financing and investing method. This research aims to identify factors which might increase investors' willingness to participate in real estate crowdfunding campaigns. We analyse 195 lending-based real estate crowdfunding campaigns from four Spanish platforms. Project success is measured by duration, i.e. the time required to reach the funding target. We assess the impact of the funding target, the annual return, the loan duration, several risk-related metrics and the minimum investment amount. We find that the higher the funding target and the minimum investment amount, the longer it takes to reach the target. We document that investors prefer projects where the maturity of the loan is shorter. We also find that construction-type projects reach the funding target faster than other type of fundraising goals. At the same time, we do not find any association between the annual return or risk-related metrics and project success. To assure successful fundraising, real estate crowdfunding platforms should prioritize those real estate projects which are highly popular among investors (i.e. construction-type projects with short maturity). Real estate developers, in turn, should crowdfund projects which are demanded by the crowdinvestors and use their traditional financing methods for the remaining projects.

Open access

Abstract

Significant parts of the work of the great economist and economic visionary János Kornai function as a magnifying glass in economic theory, philosophy and history. Kornai examined economic systems and system-mixes with substantial details, for then being able to focus his audiences' attention on the most relevant and critical aspects of them. One of Kornai's masterpieces, The Socialist System – a book which recently passed its 30-year publishing anniversary – is such a political economy lens on communism. I am attempting a concise conversion of this magnifying glass, to apply a Galileian metaphor, into an economic telescope. In other words, I am adding another economic lens – that of moral economics – to the Kornaian viewpoints. In a short analysis going through various dimensions of The Socialist System, I am coupling Kornai's thoughts with moral economic ideas, both from the classical and the contemporary moral economy streams. The goal with this exercise of respectfully refreshing a toolkit and style of economic analysis is to then gaze into, and partially describe a potential multitude, or spectra of economic systems, which may manifest in econodiversity.

Open access

Abstract

Kornai challenged not only the dominant economic views of the socialist system, but also those of market economies. The former brought him fame, and the latter remained, so to speak, his scientific testament. He studied the systemic properties of different economic systems through the analytical grid of the sign of aggregate excess supply, which defined three categories: shortage economies, equilibrium economies and surplus economies. In this paper, we show that business plans postulated with the aim of realizing strictly positive net retained profits in nominal terms exclude equilibrium economies; these business plans imply a surplus economy. This definition of the business plan makes it possible to combine seemingly disparate results from different parts of the economic literature. An economy in which business plans are the rule and no economic agent can run a permanent negative budget is a surplus economy, which manifests itself in the phenomena of both growth imperative and realization problem. In short, all these phenomena are the manifestations of the same essence: the working of the business plans.

Open access