Browse Our Business and Economics Journals
Economics and business journals focus on publishing papers coming from the fields of applied economics, corporate finance, financial investments, markets, institutions, industrial organization, international trade, marketing and similar.
Business and Economics
Abstract
In a higher education institution, perceptions and values are split due to the emergence of subcultures, and market orientation is split into competitive, customer (student) and interfunctional orientation. This study seeks to shed light on the concept of market orientation in this context through a comparison of perceptions and values of market orientation in subcultures in a higher education institution in Hungary and consider avenues for potential best practice. Through a mixed method approach, subcultures are identified and are found to exhibit a combination of overlapping and disparate market-oriented values and perceptions. Market orientation is found to be a continuum and affected by an array of latent variables, such as level of support (institutional and collegial), attitudes to performance appraisal and extent of external focus. Management must tailor the initial message of a market orientation strategy to the shared values at the organizational level, and then adjust the message and incentives to each subculture. In this way, management can create an atmosphere of cohesion, whilst addressing diversity in subcultures.
Abstract
We explore to what extent official interest rate changes can potentially in a procyclical manner impact different financial cycle indicators (credit/GDP, debt service ratio, house prices and stock market indices). We test this on data covering 1995−2016 in 21 countries and the euro area using the Concordance index and Monetary policy procyclicality ratio. Results show that this was not a widespread phenomenon, but there was significant heterogenenity across countries. The procyclicality of interest rate changes was usually higher when financial cycle gaps were increasing and lower when they were decreasing. On average, central banks in several larger economies were running potentially less procyclical monetary policy than those in the smaller ones. The resulting propensity of conflicts between achieving price and financial stability by central banks was low, as only in 10% of the cases the objectives were conflicting (usually when inflation was below the target and the credit cycle was in an expansion phase).
Abstract
The article discusses the ability of potential growth measures calculated basing on market share prices to predict the future growth of the companies listed on the primary and alternative exchange markets in Poland. Analysing the Polish exchange market and dividing the sample of companies due to the markets they are listed – the Warsaw Stock Exchange Main Market or the NewConnect Alternative Market – brought conclusive results. Company growth measured as the growth of total assets, equity, sales and, what is the most important, earnings per share, is related to the growth opportunity measures and other factors taken into account in the tested models. The differences between the results for the two separate markets are evident and the relationship between growth opportunity measures and the future growth seems to be stronger for larger companies listed on the main market, while the NewConnect smaller companies’ growth is less predictable. We add to the theory of the growth prediction a modified approach by sampling companies according to the exchange they are listed that helps to solve the companies’ “growth puzzle” and supplement the growth theory in the field of factors affecting this process in different growth stages. The originality of the paper is reflected in the modified approach to the problem and distinguishing the stages of development of the company taking into account the Polish stock market.
Abstract
The paper focuses on the effects of the reformed growth strategy on the competitiveness of the Serbian manufacturing industry during the period of 2007–2016. The paper applies the analytical tools devised by the International Trade Centre, as well as Balassa's RCA Index and some other methodologies. All indicators point to similar conclusion: the reformed growth model would significantly contribute to the improvement of Serbian competitiveness. The starting point of Serbia is also clear: small gross investment volume and a low average growth rate.
Abstract
Many researchers have analysed the factors that cause discrepancies in the mirror trade statistics. However, the conflicting findings of the relatively limited number of studies on the relation between non-tariff measures and misinvoicing make further research in this area necessary. Therefore, our paper aimed to analyse the impact of non-tariff measures on misinvoicing in the context of Turkey's exports to the European Union (EU) between 2008 and 2015. This study tested the possible relationship between them using other measurable variables related to Turkey's exports to the EU of the products to which the non-tariff measures were applied. This has been done by employing the dynamic generalized method of moments (GMM) as well as the quantile regression (QR) models. It was observed that tariffs, along with non-tariff measures, have negative relationship with the misinvoiced amount. Additionally, it is also observed that the transfer price manipulation appears to be a means of corporate tax evasion. This finding aligns with the decrease in reported imports and the decrease in the perceived levels of corruption.
Abstract
The big waves of change in state ownership in the 20th-century Europe moved in the same direction ‒ either nationalization or privatization. Yet this homogeneity has fallen apart in the last decade: globally and within several countries, the two directions have changed quickly or even have been appearing in parallel. So, it is worth returning to the question: what is the reason for these reversals? Are there any cycles in the extension and contraction of public ownership? Most studies in this field analyse nationalizations and privatizations separately. They examine closely the aims and motivations, but remarkably few focuses on the causes of changes in direction. Based on the lessons of these latter analyses, this paper attempts to interpret the expansion and contraction of public property within an integrated framework, identifying the emergency situations as key factors of fluctuation. The central role of crises in ownership changes is not fundamentally new in the literature. The novelty of the recent approach is the attempt to unfold the mechanism of their impact, including also the explanation why the previously uniform direction of big waves has been broken up after 2008. We argue that the main reason behind the parallel occurrence of large-scale nationalizations and privatizations in this period is the eclipse of a dominant economic-policy (and theoretical) paradigm, rendering the previously firm background of ownership waves uncertain.
Abstract
The paper proposes the construction of a multi-speed, multi-track and multi-level European Union framework as a way to increase the flexibility of the integration process and facilitate inter-country conflict resolution. The paper shows that this malleable framework is superior, even for sensitive macroeconomic spillover issues like monetary union and immigration.
Abstract
This paper addresses the impact of fundamental (economic, political and geopolitical) uncertainties on GDP growth of the world’s largest 20 economies (W-20) using the Cobb-Douglas total production function within the scope of the second-generation panel data methodology for 1990–2016. The aim of the paper is to explore whether these uncertainties lead to a contractionary impact on growth as suggested by the economic theory. The estimation results revealed that indeed this was the case. Our results also indicate that the global uncertainties led the economic growth rates of the selected countries to perform below their exact potential since the 2008 global economic crisis and to fail to attain an expected recovery during the process.
Abstract
It is challenging to provide an encompassing portrait of Mario Nuti's life and works: he was an exceptional man, who made significant intellectual contributions across a wide range of fields, as well as inspiring generations of students, colleagues and the profession in general, for more than fifty years. A brilliant debater and controversialist, he was equally at home in economic theory and in giving policy advice, and over the decades he had made significant contributions to many branches of the discipline. In this memorial article, we try to give a flavour of the man and his work, hopefully reminding the conoscenti of Mario's perceptive and original work, while introducing a new generation of scholars to his distinctive take on the field of economics.
Abstract
The countries in Sub-Saharan Africa (SSA) have experienced a positive growth rate of over five per cent per year, on average, since their transition from the Heavily Indebted Poor Countries Initiative in 1996 and the Multilateral Debt Relief Initiative in 2006. Despite this growth, poverty and inequality are still very high. Employing the Driscoll – Kraay standard panel estimation method and dataset from 1990 to 2015, this paper sets out to examine the implications of external debt and capital flight on the general welfare of the people. The estimation results reveal that both external debt and capital flight have a welfare inhibiting effect, suggesting that increases in external borrowing or capital flight may lead to a reduction in the welfare of the people in the sub-region. The study, therefore, recommends to policymakers and government in the sub-region the need to tackle the revolving nature of external borrowing and capital flight and take steps to halt all channels through which deservingly acquired capital leaves the sub-region.
