Technological innovations are inclining the world of business to restructure actual business processes at the threshold of the fourth industrial revolution. These circumstances create knowledge-intensive organizational, collective and personal learning environments in which ICT tools play a critical role. This paper investigates knowledge creation patterns inherent in the supply chain of companies that operate in a networked environment in the Székesfehérvár region of Hungary. ICT solutions applied in knowledge creation and collaboration with suppliers and customers in the supply chain were studied in this research. One of the main contributions of the paper is the study of knowledge creation patterns in three dimensions: the Socialization – Externalization – Combination – Internalization (SECI) framework, supply chain processes and ICT solutions, which is a unique approach compared with the frameworks from the relevant literature.
After a short historical perspective on the emergence of robo-advisors and an overview of how they manage other people's money, we evaluate the performance of five German robo-advisors in the period between May 2015 and December 2018. Performance tests are conducted using Sharpe's (1966) and Jensen's (1968) performance methodologies. We also employ the returns-based style analysis of Sharpe (1992) to determine the exposure of robo-advisors to different non-overlapping asset classes. We report the following findings: First, no robo-advisor was able to beat the benchmark before or after considering fees. Second, robo-advisor performance varies greatly in the sample period even for portfolios that should appeal to clients with similar risk preferences. Third, these performance differences remain unexplained after accounting for the different asset allocations.
The aim of the paper is to estimate cost efficiency and its determinants of the Czech and Slovak commercial banks within the period of 2005–2015. In this paper two-stage Data Envelopment Analysis (DEA) is used. In the first stage, I estimate the relative cost efficiency applying the input-oriented model with variable return to scale and find that the Czech banks were more cost efficient than the Slovak banks. The main reason of cost inefficiency is the excess of clients' deposits in the banks' balance sheet. In the second stage, I use the panel data analysis and estimate the determinants of cost efficiency in the two countries. I choose 8 bank-specific and macroeconomic factors that influence cost efficiency. The results show that the larger banks with higher liquidity risk and with a lower value of the net interest margin were more efficient. It confirms the reason of inefficiency determined from the DEA model. Banks were highly cost efficient during the economic expansion with a lower value of the inflation rate.
In this paper we analyse the role of the traditional determinants of economic growth in the African countries in the period between 1950 and 2012. Due to the specificity and the single nature of each one of these countries, methods that take into account observed and unobserved heterogeneity are used. Results highlight the relevance of the growth rate of the capital stock to growth in the short-run, which is significant in all regressions. The growth rate of the government to GDP ratio is also important in all but one of the regressions in which it appears, and its growth is harmful for the growth of GDP per capita in the short-run. The variables related to public debt do not present any relationship with economic growth. Human capital has a positive relationship with economic growth in regressions that do not include public debt. The growth rate of real GDP per capita also depends (negatively) on its past value, i.e., the lower the real GDP per capita the higher will be its growth rate.
We compare the pre- and post-2010 Hungarian political regimes through the lens of pension policies. We label the pre-2010 regime as democratic populist because it was characterized by fiscally irresponsible policies, yet it maintained the system of checks and balances and the rule of law. In contrast, we call the post-2010 regime authoritarian populist as it has employed authoritarian political techniques while maintained popular legitimation through regular elections. To substantiate the difference between the two periods from an economic viewpoint, we compare pre- and post-2010 pension policies to find important differences as well as surprising similarities. In particular, we analysed the following five policy aspects: (a) reform and partial privatization of the government-run pension system, (b) policies on the statutory (normal) and the effective (average) pension age, (c) indexation, (d) progression in benefits calculations and progressivity in the personal income tax, and (e) contribution rates. Based on ideological preferences, we argue that one would expect the pension system to become financially more sustainable but less redistributive after 2010 in comparison to the preceding period. Yet, we find that although pro-poor redistribution through the pension system has indeed been curtailed, fiscal sustainability has not improved due to the erratic policies.
In this study, we challenge the problem of inadequate voluntary pension savings by exploring the micro-dataset of the Luxembourg Wealth Study (LWS) for three countries: Italy, the United Kingdom and the United States. The existing empirical literature usually focuses on the role of socio-demographic factors to understand this phenomenon, and theoretical studies additionally highlight the role of behavioural factors. However, empirical studies in this field are extremely scarce. The use of the LWS data enables us to fill this research gap. Separately for each country, we verify the role of individuals' risk attitudes and intertemporal choices in the demand for voluntary pension savings. To make the results more robust, we add a set of socio-demographic control variables to our regressions. Our findings clearly reveal that being more risk averse and being less forward looking negatively affect people's propensity to save for retirement. Furthermore, we confirm that age, gender and education are significant predictors of pension demand in each of the analysed countries. We argue that these conclusions have practical meaning to improve regulatory frameworks.
While recent research on family business succession has focused on examining the importance of individual and family characteristics, the role of macroeconomic conditions has been often neglected. This paper investigates the impacts of macroeconomic conditions on family business heir's career choice intention using individual level cross-country data of 18 European countries for the year 2013. We find that the level of economic development measured by GDP per capita, growth of GDP per capita, and youth rate of unemployment influence a family business heir's career choice intention. We also demonstrate that beyond the cross-country differences in macroeconomic conditions, individual characteristics of siblings, age, gender, work experience in family business, and start-up time play an important role. To mitigate succession failures, policies towards business succession with related firm survival should be specifically designed depending on different macroeconomic and youth labour market conditions.
For political and economic theory in general, libertarianism in particular, property rights are a pillar of central importance. One might describe the schools of political and economic thought solely by their approach to property rights, for example libertarianism as expansive and communism as constrained, with a fair degree of accuracy on the system as a whole.
Despite centuries of property rights philosophy, a fundamental weakness persists that can be most easily seen from a natural science perspective. Property classifications, such as between one's physical body, personal property, and other types of so-called private property, underlie much of the property rights theory, yet these classes are more of a result of technological limitations than philosophical or real economic distinctions.
We demonstrate through a lens of molecular and developmental biology how distinctions between types of property are misguided or illusory. Using the developing human embryo as the most basic example of property acquisition, we show that all subsequent examples of greater property acquisition and its use are fundamentally the same. The point is further developed with other biological examples.
Foundational concepts are of primary importance as their mistake persists through even the most elegant deductions. In order to defend itself from the political and economic attacks, the property rights ethic must be consistent and logical. For this, any artificial or contradictory concepts must be shed.
This study examines the effect of parental job loss on adolescents' school completion during the secondary school years and the moderating role of home environment in that effect. It uses rich survey data from Hungary on adolescents between 14 and 21 years of age, with detailed measures of parental employment and home environment. The study replicates the average negative effect found in the literature. No effect is found for families with a history of providing a cognitively stimulating home environment, but the negative effect is strong for other families. Home environment matters more than initial income in moderating the effect. The results highlight the protective nature of a cognitively stimulating home environment.