Template-Type: ReDIF-Article 1.0 Author-Name: Chiara Crovini Author-X-Name-First: Chiara Author-X-Name-Last: Crovini Author-Name: Giovanni Ossola Author-X-Name-First: Giovanni Author-X-Name-Last: Ossola Author-Name: Guido Giovando Author-X-Name-First: Guido Author-X-Name-Last: Giovando Title: Investment policy and economic performance of Italian listed companies: a multivariate analysis Abstract: This study focuses on the investment policy of companies listed on the Italian Stock Exchange in the period between 2007 and 2014. In particular, this research concentrates on the industrial and technological sectors, which have deep differences in terms of internal structure and business strategy. As a consequence, there emerged the curiosity to investigate whether the specific type of investments have an impact on the economic performance, in terms of operating margin (EBIT). This study starts with the analysis of trends and relationships between tangibles, intangibles and operating income. Using the Pearson correlation ratio, the authors aimed at finding evidence of a hypothetical correlation in 2014 between tangible and intangible investments and EBIT. In addition, in order to verify if the trend of the economic performance is affected, a MANOVA multivariate analysis is used, by starting from the production function and its development. Journal: Global Business and Economics Review Pages: 36-53 Issue: 1 Volume: 20 Year: 2018 Keywords: investments; tangible; intangible; assets; earnings before interests and taxes; EBIT; listed companies; multivariate regression; MANOVA. File-URL: http://www.inderscience.com/link.php?id=88458 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:1:p:36-53 Template-Type: ReDIF-Article 1.0 Author-Name: Antonios Georgopoulos Author-X-Name-First: Antonios Author-X-Name-Last: Georgopoulos Author-Name: Vasilios Sogiakas Author-X-Name-First: Vasilios Author-X-Name-Last: Sogiakas Author-Name: Ioannis-Dionysios Salavrakos Author-X-Name-First: Ioannis-Dionysios Author-X-Name-Last: Salavrakos Title: Foreign divestment in the integration development path of Greece Abstract: Research on investment development path (IDP) primarily focuses on conventional FDI. Instead, our study extends the IDP to explore foreign divestment within the European integration process approaching foreign divestment risk as the outcome of an interaction between regional integration and economic development. This is the main contribution of the study. In particular, the paper explores divestment risk when the emerging economy of Greece enters the single market which is considered as a crucial turning point for its development path. The analysis focuses on the divestment outcome of 162 MNE subsidiaries established during the protectionism era and finds considerable manufacturing divestment during the transition from protectionism to regional integration in spite of the positive development of the Greek economy. However, the divestment effects of the individual explanatory variables used in the study are asymmetrical. The findings provide useful lessons for economic policy in emerging economies entering a developed integrated area, having interesting integration and FDI policy implications and venues for future research. Journal: Global Business and Economics Review Pages: 1-17 Issue: 1 Volume: 20 Year: 2018 Keywords: foreign divestment; IDP paradigm; European integration; turning point of development path; Greece. File-URL: http://www.inderscience.com/link.php?id=88466 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:1:p:1-17 Template-Type: ReDIF-Article 1.0 Author-Name: William Coffie Author-X-Name-First: William Author-X-Name-Last: Coffie Title: Modelling and forecasting volatility of the Botswana and Namibia stock market returns: evidence using GARCH models with different distribution densities Abstract: This paper estimates and compares alternative distribution density forecast methodology of three generalised autoregressive conditional heteroscedasticity (GARCH) models for Botswana and Namibia stock market returns. The symmetric GARCH and asymmetric Glosten Jagannathan and Runkle (GJR) version of GARCH (GJR-GARCH) and exponential GARCH methodology are employed to investigate the effect of stock return volatility in both stock markets using Gaussian, Student-t and generalised error distribution densities. The evidence reveals that the current shocks to the conditional variance will have less impact on future volatility in both markets. News impact is asymmetric in both stock markets leading to the existence of leverage effect in stock returns. Besides, both markets exhibit reverse volatility asymmetry, contradicting the widely accepted theory of volatility asymmetry. Regarding forecasting evaluation, the results reveal that the symmetric GARCH model coupled with fatter-tail distributions present a better out-of-sample forecast for both stock markets. Journal: Global Business and Economics Review Pages: 18-35 Issue: 1 Volume: 20 Year: 2018 Keywords: leverage effect; GARCH; EGARCH; GJR-GARCH; forecasting volatility; conditional variance; distribution densities. File-URL: http://www.inderscience.com/link.php?id=88469 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:1:p:18-35 Template-Type: ReDIF-Article 1.0 Author-Name: Anthi Avloniti Author-X-Name-First: Anthi Author-X-Name-Last: Avloniti Author-Name: Fragkiskos Filippaios Author-X-Name-First: Fragkiskos Author-X-Name-Last: Filippaios Title: Evaluating the effects of cultural and psychic distance on multinational corporate performance: a meta-analysis Abstract: The conceptual and empirical relationship between cultural and psychic distance (CD%PD) and multinational enterprises' (MNE) performance is a subject that still remains considerably underexplored. Regardless of the large number of studies, previous studies have delivered a mixed bag of results. Although previous meta-analyses have analysed the overall relationship as presented in the literature, they did not produce in-depth investigations of the moderators of the relationship. In this paper, we claim that it is this lack of moderators which is the potential source of inconsistency in literature findings. Using a sample of 56 articles, the meta-analysis results indicate that different variables advocate a different relationship between CD%PD and multinational enterprises' performance, thus confirming the vast number of moderators for the relationship as well as their crucial role. The most important sources of inconsistency identified from the analysis are the different measures used to capture the CD%PD and multinational enterprises' performance. Journal: Global Business and Economics Review Pages: 54-87 Issue: 1 Volume: 20 Year: 2018 Keywords: cultural distance; psychic distance; performance; meta-analysis. File-URL: http://www.inderscience.com/link.php?id=88481 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:1:p:54-87 Template-Type: ReDIF-Article 1.0 Author-Name: Muhammad Azam Author-X-Name-First: Muhammad Author-X-Name-Last: Azam Author-Name: Syed Ali Raza Author-X-Name-First: Syed Ali Author-X-Name-Last: Raza Title: Financial sector development and income inequality in ASEAN-5 countries: does financial Kuznets curve exists? Abstract: This study investigates the influence of financial sector development on income inequality in ASEAN-5 countries, namely Indonesia, Malaysia, the Philippines, Singapore and Thailand between 1989 and 2013. We have constructed the financial development index for the selected ASEAN countries by applying the principle component method for the major four proxies of financial development available in literature, namely; domestic credit by the banking sector, domestic credit to the private sector, money supply and stock market capitalisation. Pedroni panel cointegration and Kao residual panel cointegration approaches confirm the valid long run relationship between considered variables. Results of fixed-effect model indicate that the different proxies of financial development have a positive and significant impact on income inequality in ASEAN-5 countries, while the squared term of financial development proxies have a negative and significant impact on income inequality. These findings confirm the presence of financial Kuznets hypothesis in ASEAN-5 countries during the period under the study. Journal: Global Business and Economics Review Pages: 88-114 Issue: 1 Volume: 20 Year: 2018 Keywords: inequality; financial development; panel data; ASEAN-5. File-URL: http://www.inderscience.com/link.php?id=88482 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:1:p:88-114 Template-Type: ReDIF-Article 1.0 Author-Name: Phouphet Kyophilavong Author-X-Name-First: Phouphet Author-X-Name-Last: Kyophilavong Author-Name: Aviral Kumar Tiwari Author-X-Name-First: Aviral Kumar Author-X-Name-Last: Tiwari Author-Name: Byoungki Kim Author-X-Name-First: Byoungki Author-X-Name-Last: Kim Author-Name: Saysamone Phoyduangsy Author-X-Name-First: Saysamone Author-X-Name-Last: Phoyduangsy Title: The causality of dollarisation, interest rate and exchange rate: evidence from Laos Abstract: In this paper, we examine the causality among the dollarisation, the interest rate differential, and the exchange rate risk in Laos. We use an ARDL approach to cointegration and a Granger causality test in a VECM for this purpose. We find that no long-term causality exists from the interest rate differential and the exchange rate risk to the dollarisation. But, we do find a unidirectional causality from the real interest rate differential to the dollarisation and the exchange rate risk short term. This finding implies that the interest rate differential reduces the dollarisation in the short term only. Journal: Global Business and Economics Review Pages: 115-125 Issue: 1 Volume: 20 Year: 2018 Keywords: dollarisation; ARDL approach; Granger causality test; Laos. File-URL: http://www.inderscience.com/link.php?id=88486 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:1:p:115-125 Template-Type: ReDIF-Article 1.0 Author-Name: Mike G. Tsionas Author-X-Name-First: Mike G. Author-X-Name-Last: Tsionas Title: Stochastic frontier models with flexible random coefficients Abstract: We propose a stochastic frontier model with random coefficients having a flexible distribution. The distribution is modelled non-parametrically. It is shown that maximum likelihood estimation reduces to a fixed-point problem. A fixed-point iteration is proposed and we show that there is a unique regular fixed point. The fixed-point iteration is used in the context of MCMC to perform inferences for all unknown parameters including the optimal support of the distribution of random coefficients. Journal: Global Business and Economics Review Pages: 126-139 Issue: 1 Volume: 20 Year: 2018 Keywords: stochastic frontier models; random coefficients; flexible distribution; Bayesian inference; MCMC. File-URL: http://www.inderscience.com/link.php?id=88487 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:1:p:126-139 Template-Type: ReDIF-Article 1.0 Author-Name: Forget Mingiri Kapingura Author-X-Name-First: Forget Mingiri Author-X-Name-Last: Kapingura Author-Name: Sylvanus Ikhide Author-X-Name-First: Sylvanus Author-X-Name-Last: Ikhide Author-Name: Asrat Tsegaye Author-X-Name-First: Asrat Author-X-Name-Last: Tsegaye Title: Determinants of external financial flows to the Southern African development community region: an empirical study Abstract: The study examines the determinants of three forms of foreign capital, cross-border bank flows (CBF), foreign direct investment (FDI) and oversees development assistance (ODA) in the SADC region over a period from 1980 to 2012 utilising the 3SLS model and the GMM. The empirical results reveal that both domestic and foreign factors are important determinants of private external financial flows (FDI and CBF) to the SADC region. In all the regressions estimated in the study, foreign variables emerged to be significant in influencing the flow of finance to the region. This suggests that events in developed countries can reduce the amount of external financial flows to the developing countries. Thus, relying on foreign capital flows may humper growth prospects in the SADC countries. This therefore suggests that mobilisation of domestic resources can be an avenue worth exploring to enable sustainable long-term growth in the region. Journal: Global Business and Economics Review Pages: 141-160 Issue: 2 Volume: 20 Year: 2018 Keywords: SADC; foreign capital; 3SLS; generalised method of moments; GMM. File-URL: http://www.inderscience.com/link.php?id=90066 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:2:p:141-160 Template-Type: ReDIF-Article 1.0 Author-Name: Atif Awad Author-X-Name-First: Atif Author-X-Name-Last: Awad Author-Name: Ishak Yussof Author-X-Name-First: Ishak Author-X-Name-Last: Yussof Title: Determinants of intra-FDI flows among ASEAN+3+3 economies Abstract: On the basis of the knowledge-capital model of FDI, present study examines the impact current bilateral free trade agreement (FTA) on intra-FDI flow among ASEAN+3+3 countries. We employed extended form of gravity model on data of bilateral FDI flow among these countries during the period 2001-2012. In addition to basic gravity variables, we examined the role of each of the levels of human capital, natural resources, investment incentive policies, exchange rate, labour cost, institutional quality and FTA on intra-FDI flow among these economies. The results showed that low labour cost, availability of natural resources, investment incentive policies, institution quality and the appreciation of host country's local currency tend to increase intra-FDI flow among these countries. For the factor of interest, the results detected negative impact of FTA on the intra-FDI flow among these countries. This finding, which is consistent with knowledge-capital model of FDI, suggest that it is likely for FTA to increase the economic integration among ASEAN+3+3 economies via improvement in bilateral trade of goods and services and not through bilateral investment. Journal: Global Business and Economics Review Pages: 161-181 Issue: 2 Volume: 20 Year: 2018 Keywords: foreign direct investment; FDI; economic integration; free trade agreement; FTA. File-URL: http://www.inderscience.com/link.php?id=90067 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:2:p:161-181 Template-Type: ReDIF-Article 1.0 Author-Name: Renato Lopes Da Costa Author-X-Name-First: Renato Lopes Da Author-X-Name-Last: Costa Author-Name: Nélson Dos Santos Antonio Author-X-Name-First: Nélson Dos Santos Author-X-Name-Last: Antonio Author-Name: Maria Isabel Miguel Author-X-Name-First: Maria Isabel Author-X-Name-Last: Miguel Title: Global business models mapping: the American and European models Abstract: The globalisation of business markets requires rethinking existing management theories, and demands a global mental map, open to cultural diversity. The direct competitor, once across the street, might now be kilometres away, putting pressure on companies to continuously learning, developing their competencies and updating their knowledge. This refers not only to practical and technical knowledge, but also to a wide-reaching knowledge of cultures and markets, be they strong, emerging or weak. As such, this article seeks to present theoretical guidance on the manner in which managers 'think strategy' in two very different contexts - those of the USA and Germany. Management models for each, related to their specific cultural characteristics, are presented and the implications of each considered. Journal: Global Business and Economics Review Pages: 182-197 Issue: 2 Volume: 20 Year: 2018 Keywords: globalisation; management global map; management culture. File-URL: http://www.inderscience.com/link.php?id=90068 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:2:p:182-197 Template-Type: ReDIF-Article 1.0 Author-Name: Eduardo Anselmo De Castro Author-X-Name-First: Eduardo Anselmo De Author-X-Name-Last: Castro Author-Name: João Marques Author-X-Name-First: João Author-X-Name-Last: Marques Author-Name: Miguel Viegas Author-X-Name-First: Miguel Author-X-Name-Last: Viegas Title: The Schumpeter creative destruction hypothesis: a spatial assessment on Portuguese regions Abstract: Shumpeter characterised the innovative role of the entrepreneur on economic growth (Schumpeter, 1942). By inventing new products, new processes or techniques, the entrepreneur searches for monopoly rents and forces the social and economic structure to evolve. The routines, characterised by accommodative behaviour, which may endure for long periods are suddenly broken, in a sequence of stagnation and evolutionary periods (Schumpeter, 1947). Therefore, according to the Schumpeter theory, innovation is at the core of economic growth, and goes further as it causes social and economic structural changes. The present article leads on with an empirical assessment about the Schumpeter creative destruction hypothesis at the Portuguese Regional level, using a spatial econometric framework, based on Elhorst (2003) and Bhattacharjee et al. (2012). We estimate a model with spatial fixed effect, exploring the relation between R%D intensity at the firm level, productivity and firm demography dynamics, using a panel data for the 28 Portuguese continental NUTsIII regions between 2006 and 2009. The results obtained confirm the association between productivity and firm demographic dynamics - i.e., regions with higher level of productivity present also higher rates of birth and mortality among firms. We have not found, as it would be predictable according to the Schumpeter hypothesis, statistical evidence of association between productivity and R%D intensity at the firm level. This result indicates that Portuguese firms behaviour is more of imitation rather than innovation. Journal: Global Business and Economics Review Pages: 198-212 Issue: 2 Volume: 20 Year: 2018 Keywords: agglomeration; convergence; creative destruction; non-Euclidean space; Portuguese municipalities; spatial autocorrelation. File-URL: http://www.inderscience.com/link.php?id=90069 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:2:p:198-212 Template-Type: ReDIF-Article 1.0 Author-Name: Prapatsorn Suetrong Author-X-Name-First: Prapatsorn Author-X-Name-Last: Suetrong Author-Name: Guilherme D. Pires Author-X-Name-First: Guilherme D. Author-X-Name-Last: Pires Author-Name: Tom Chen Author-X-Name-First: Tom Author-X-Name-Last: Chen Title: Conceptualising the effect of brand love on consumers' repurchase intentions for consumer products Abstract: This conceptual paper discusses the theoretical intricacies of the relationship between brand love and consumers' repurchase intention. Consumer emotions towards brands, such as love and likeability, are seen as pivotal to longer-term consumer-brand relationships. Some marketing research advances the potential for brand love to generate positive consumer emotions towards a brand, such as consumer gratitude, directly impacting consumer repurchase intentions and, ultimately, improved business performance. However, there is research alerting for possible negative effects on consumers from building strong emotions, such that the implementation of brand love strategies by business must be exercised with caution and requires deep understanding of the concept. Are brand love and brand likeability distinct concepts with distinct effects on repurchases intentions? Considering types of products differentiated by their search, experience and credence qualities, a framework is developed to examine the relationship between brand likeability, brand love, and their relative effect on consumer repurchase intention. Attention is also given to consumer gratitude as a moderator of the effects of brand love on repurchase intentions. Journal: Global Business and Economics Review Pages: 213-230 Issue: 2 Volume: 20 Year: 2018 Keywords: brand likeability; repurchase intention; product category; consumer gratitude; brand love; conceptual framework. File-URL: http://www.inderscience.com/link.php?id=90073 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:2:p:213-230 Template-Type: ReDIF-Article 1.0 Author-Name: Frantisek Pollak Author-X-Name-First: Frantisek Author-X-Name-Last: Pollak Author-Name: Nella Svetozarovova Author-X-Name-First: Nella Author-X-Name-Last: Svetozarovova Author-Name: Bozka Malinak Author-X-Name-First: Bozka Author-X-Name-Last: Malinak Title: Multifactor analysis of online reputation as a tool for enhancing competitiveness of selected tourism entities Abstract: The paper discusses the issue of online reputation, more specifically the ways and methods of its measurements in selected entities operating in the tourism sector. A multifactor analysis of reputation in the virtual world of the internet was conducted on a specific sample of entities - 17 hotels operating in a selected local destination. Taking into account all the relevant factors - entities ratings on major internet sites such as Google, Booking, TripAdvisor and Facebook, these ratings are normalised and compared against the widespread sentiment analysis, which provides a relevant perspective on a selected entity through the eyes of a model customer - internet user. By using a statistical testing, relationships between factors are examined in order to identify and describe basic facts affecting online reputation of selected entities, in the hyper competitive market environment of the internet. The findings identified by the analysis conducted on the local market can be used in any market for the purpose of increasing competitiveness of selected tourism entities. Journal: Global Business and Economics Review Pages: 231-247 Issue: 2 Volume: 20 Year: 2018 Keywords: online reputation; reputation management; reputator; customer; internet; destinations; tourism entity. File-URL: http://www.inderscience.com/link.php?id=90074 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:2:p:231-247 Template-Type: ReDIF-Article 1.0 Author-Name: Rachna Banerjee Author-X-Name-First: Rachna Author-X-Name-Last: Banerjee Author-Name: Sudipa Majumdar Author-X-Name-First: Sudipa Author-X-Name-Last: Majumdar Title: Impact of firm specific and macroeconomic factors on financial performance of the UAE insurance sector Abstract: This study analyses the impact of firm specific and macroeconomic factors on the profitability of the insurance sector in UAE during the period of 2009-2013. In the recent past, the global insurance sector was impacted by the ripple effect of the financial crisis of 2007-2008. Along the lines of the global trend, although profitability of the UAE, insurance sector witnessed a decline from 2008-2010, the spur in its growth rates (10%) in 2012 and 2013 is impressive compared to the negative growth rate in developed markets. Our research contributes to the existing body of knowledge on financial performance of the insurance sector post the global financial crisis. Our results indicate that within the firm specific factors; company size, growth in gross written premium (GWP), leverage, investment ratio and market share are statistically significant in explaining profitability of the insurance companies. Further, GDP growth has a significant positive influence on profitability. Journal: Global Business and Economics Review Pages: 248-261 Issue: 2 Volume: 20 Year: 2018 Keywords: insurance sector; gross domestic product; profitability; financial crisis; United Arab Emirates. File-URL: http://www.inderscience.com/link.php?id=90091 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:2:p:248-261 Template-Type: ReDIF-Article 1.0 Author-Name: Mahieddine Adnan Ghecham Author-X-Name-First: Mahieddine Adnan Author-X-Name-Last: Ghecham Title: The impact of public expenditures on real exchange rate dynamics in Algeria Abstract: The objective of this study is to examine the role of government spending in economic diversification process of Algeria. This is achieved by investigating the impact of the government spending on the real exchange rate. This follows on works done on the topic of Dutch disease. The outcome of this study shows that although the relationship oscillates over time, the increase of the government spending leads to the depreciation of the RER. The findings underpin interesting implications with regards to the role of public finance management in the diversification of the economy of Algeria. Journal: Global Business and Economics Review Pages: 308-326 Issue: 3 Volume: 20 Year: 2018 Keywords: public expenditures; real exchange rate; economic diversification; Dutch disease; Algeria. File-URL: http://www.inderscience.com/link.php?id=91705 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:3:p:308-326 Template-Type: ReDIF-Article 1.0 Author-Name: Torsten J. Gerpott Author-X-Name-First: Torsten J. Author-X-Name-Last: Gerpott Title: Explaining payment amounts among self-selected pay-what-you-want-buyers: results from a field experiment in Germany Abstract: This work analyses actual payments of consumers who consciously choose a pay-what-you-want (PWYW) offer in a situation in which a posted price substitute was also available. In a between-person field experiment, we sell two types of freshly prepared sweet treats. In the first experimental condition, we offer waffles under PWYW and in parallel crêpes at a posted price. In the second condition, we reverse the allocation of the pricing methods to the two focal treats. Our sweet snacks stand attracts a total of 288 different customers of whom 158 deliberately buy an item offered under PWYW. We find that, on average, PWYW buyers pay about 15% more than the regular price posted for the similar sales alternative. 56% of the PWYW customers pay exactly the price posted for the close substitute sold in addition to the PWYW item. PWYW prices rise, as buyers are more concerned about fairly treating the seller and are less price-conscious. PWYW amounts decrease, as buyers view the PWYW method primarily as an opportunity to make a bargain and know the seller in person. We discuss implications of the results for practical PWYW applications in organisations and for future research. Journal: Global Business and Economics Review Pages: 263-285 Issue: 3 Volume: 20 Year: 2018 Keywords: pay-what-you-want; PWYW; pricing methods; social norms; self-selection; buyer anonymity; field-experimental research; Germany. File-URL: http://www.inderscience.com/link.php?id=91706 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:3:p:263-285 Template-Type: ReDIF-Article 1.0 Author-Name: B.G. Jean Jacques Iritié Author-X-Name-First: B.G. Jean Jacques Author-X-Name-Last: Iritié Title: Economic issues of innovation clusters-based industrial policy: a critical overview Abstract: Criticisms vis-à-vis cluster policy are numerous, often confusing and really unhelpful; while some authors systematically question the merits, others on the contrary play a genuine role of counsel in his favour. This paper attempts to refocus the debate and analyses the economic issues and implications of the innovation clusters policy. We take a critical view of the literature on clusters, focusing on analysis of the effects of three industrial dynamics in perpetual movement within clusters, i.e. research and development, industrial location and technology cooperation. We assume that innovation cluster 'potentiates', by a synergistic action, the beneficial effect of each of these three industrial dynamics in favour of localised firms. It appears from our analysis that these expectations invested in cluster policy must be relativised. So the reasons for the rising power of cluster policies must be sought elsewhere than in a necessarily consensual and tangible evidence of their positive impacts. Journal: Global Business and Economics Review Pages: 286-307 Issue: 3 Volume: 20 Year: 2018 Keywords: cluster; innovation cluster; competitiveness pole; research and development; industrial location; technology cooperation; localised knowledge spillovers; LKS; epistemic communities; potentiating effect. File-URL: http://www.inderscience.com/link.php?id=91707 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:3:p:286-307 Template-Type: ReDIF-Article 1.0 Author-Name: Gerasimos G. Rompotis Author-X-Name-First: Gerasimos G. Author-X-Name-Last: Rompotis Title: Spillover effects between US ETFs and emerging stock markets Abstract: The current paper focuses on return and volatility spillovers between the US ETF market and emerging stock markets using a sample of 40 US-listed iShares, which track several emerging stock markets indices from the Americas, Europe, Asia and South Africa. Advanced econometric and correlation analysis techniques are employed in our investigation. More specifically, a comprehensive correlation analysis, which includes the Pearson's simple correlation coefficient and the conditional constant correlation and dynamic conditional correlation coefficients, is performed to answer whether a significant comovement pattern exists between the two markets. Going further, three alternative models, namely an ARMA model, an ARMA-GARCH model and an ARMA-EGARCH model, are used to assess the existence of material spillover effects on returns. Finally, five models are used to accentuate any significant spillovers on volatilities between US emerging markets ETFs and their benchmarks. These models are the augmented GARCH model, the ARMA-GARCH model, the ARMA-EGARCH model, the scalar-BEKK model, and the ARMA-scalar-BEKK model. The empirical findings of correlation analysis reveal a high degree of comovement between the US ETF market and the underlying emerging stock markets. Furthermore, the results on return spillovers demonstrate that significant bilateral such effects exist between ETFs and benchmarks. This is also the case for volatilities. Journal: Global Business and Economics Review Pages: 327-372 Issue: 3 Volume: 20 Year: 2018 Keywords: exchange traded funds; ETFs; emerging markets; return; volatility; spillover effects. File-URL: http://www.inderscience.com/link.php?id=91711 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:3:p:327-372 Template-Type: ReDIF-Article 1.0 Author-Name: Patrick Olufemi Adeyeye Author-X-Name-First: Patrick Olufemi Author-X-Name-Last: Adeyeye Author-Name: Olufemi Adewale Aluko Author-X-Name-First: Olufemi Adewale Author-X-Name-Last: Aluko Author-Name: Stephen Oseko Migiro Author-X-Name-First: Stephen Oseko Author-X-Name-Last: Migiro Title: The global financial crisis and stock price behaviour: time evidence from Nigeria Abstract: Extensive research was conducted on the effect of the global financial crisis on stock markets across the globe, but only a limited number focused attention on African stock markets. This study examined the impact of the global financial crisis on emerging stock market behaviour by providing evidence of the efficiency and volatility of the Nigerian stock market across different time periods. The period under review ranges between July 2004 and December 2014. It was sub-divided into the period before the crisis (July 2004-June 2007), the crisis period (July 2007-November 2011), and the period after the crisis (December 2011-December 2014). The generalised ARCH (GARCH) model was built to test for persistence of volatility shocks in the sub-sample periods, while an exponential GARCH (EGARCH) model was developed to determine asymmetry and persistence of volatility in the overall period. The study showed that price is a martingale in all sub-sample periods, except for the pre-crisis period. However, in the overall period, price is not a martingale - suggesting that the Nigerian stock market is not weak form efficient. In addition, there was evidence of long-term persistence in price volatility in the crisis, aftermath and overall periods. Holistically, this study found that the global financial crisis reduced stock prices, but did not have a significant impact on price volatility in the Nigerian stock market. Journal: Global Business and Economics Review Pages: 373-387 Issue: 3 Volume: 20 Year: 2018 Keywords: stock price; martingale; global financial crisis; volatility; emerging stock market; Nigeria. File-URL: http://www.inderscience.com/link.php?id=91712 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:3:p:373-387 Template-Type: ReDIF-Article 1.0 Author-Name: Syed Tehseen Jawaid Author-X-Name-First: Syed Tehseen Author-X-Name-Last: Jawaid Author-Name: Mohammad Haris Siddiqui Author-X-Name-First: Mohammad Haris Author-X-Name-Last: Siddiqui Author-Name: Muhammad Shahbaz Author-X-Name-First: Muhammad Author-X-Name-Last: Shahbaz Title: International oil prices and consumer prices in Pakistan: is the relationship symmetric? Abstract: This study empirically examines the effect of international oil prices on aggregated and disaggregated consumer prices in Pakistan by employing annual time series data for the period of 1981-2011. Cointegration results confirm the existence of the positive long run relationship between international oil prices and consumer prices in Pakistan in all models except clothing and footwear and medical care and health. Furthermore, the error correction model unveils no immediate or short-run relation between oil prices and consumer prices. Similarly, our empirical evidence also reveals asymmetric relationship between international oil prices and consumer prices. Results indicate that the positive shock in international oil price has a significant positive effect in all models. On the other hand, negative shock in oil price has insignificant effect. It is suggested that prevention of cartel, implementation of antitrust law and reduction in borrowing constraints could be used to tackle the problem of asymmetric behaviour. Journal: Global Business and Economics Review Pages: 389-409 Issue: 4 Volume: 20 Year: 2018 Keywords: consumer prices; oil prices; disaggregated prices; Pakistan; symmetry. File-URL: http://www.inderscience.com/link.php?id=92753 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:4:p:389-409 Template-Type: ReDIF-Article 1.0 Author-Name: Abdulsalam Abubakar Author-X-Name-First: Abdulsalam Author-X-Name-Last: Abubakar Author-Name: Salina Kassim Author-X-Name-First: Salina Author-X-Name-Last: Kassim Title: Institutional and macroeconomic determinants of financial development in the OIC countries Abstract: The role of financial development to the growth process is recognised in the literature and policy cycles, therefore, what determines it is also worthy of attention. This study investigates the institutional and macroeconomic determinants of financial development in 50 OIC member countries from 2003 to 2011. Dynamic panel approach-system-GMM is employed. The results revealed that overall level of income positively influences financial development, and exchange rate encourages financial depth and lending activities. Financial openness is found to promote financial depth only, while institutional quality promotes lending activities. On the other hand, inflation stimulates bank private credit and reduces the depth of the financial sector. This mixed results implied that, policy makers in the OIC countries, shall adopt a hybrid of economic and financial policies as well as implement political, legal and governance reforms in order to enhance financial development and hence promote economic growth. Journal: Global Business and Economics Review Pages: 410-424 Issue: 4 Volume: 20 Year: 2018 Keywords: determinants; financial development; institutions; Organisation of Islamic Conference; OIC; system-GMM. File-URL: http://www.inderscience.com/link.php?id=92754 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:4:p:410-424 Template-Type: ReDIF-Article 1.0 Author-Name: Wei He Author-X-Name-First: Wei Author-X-Name-Last: He Author-Name: Tantatape Brahmasrene Author-X-Name-First: Tantatape Author-X-Name-Last: Brahmasrene Title: Drivers of R%D internationalisation - evidence from US firm investments in developing economies Abstract: In today's global competitive environment, multinational corporations (MNCs) continue to internationalise their research and development (R%D) activities by progressively locating their innovatory capacity in developing nations. Hence, a panel study is developed to examine the effects of multiple factors that motivate US R%D investment in developing nations based on the analysis of longitudinal data collected from a variety of governmental, academic and public sources. The empirical results indicate that MNCs locate their foreign R%D activities in developing nations in order to exploit the available resource endowment. Furthermore, targeting the emerging markets does not appear to be a strong motivator that drives MNCs' foreign R%D investment. Instead, developing nations that have advanced telecommunication infrastructure, low labour costs and technology specialisation capabilities attract more foreign R%D investment. The paper concludes by identifying a range of issues, managerial and policy implications. Journal: Global Business and Economics Review Pages: 425-452 Issue: 4 Volume: 20 Year: 2018 Keywords: multinational corporations; MNCs; internationalisation; developing economies; R%D investment; telecommunication; labour costs; technology specialisation; market factor; resource factor. File-URL: http://www.inderscience.com/link.php?id=92763 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:4:p:425-452 Template-Type: ReDIF-Article 1.0 Author-Name: Tshepo Sekaiwa Author-X-Name-First: Tshepo Author-X-Name-Last: Sekaiwa Author-Name: Andrew Maredza Author-X-Name-First: Andrew Author-X-Name-Last: Maredza Title: The impact of research and development on total factor productivity in South Africa: an application of autoregressive distributed lag model approach Abstract: This study analyses the impact of research and development (R%D) on total factor productivity (TFP) in South Africa from 1970 to 2013. The study tests the Schumpeterian theory of growth which suggests that TFP growth results from interalia R%D. The study uses autoregressive distributed lag (ARDL) procedure to study TFP impact of R%D investment in South Africa. To take into account the changing structure of South African economy, the entire sample (1970-2013) and two sub-samples: 1970-1994 and 1990-2013 capturing resource-based and knowledge-based South Africa respectively are estimated. The ARDL test results revealed that cointegration exists between TFP and R%D for all the samples; implying that domestic and foreign R%D played a positive role on TFP growth of South Africa. Based on the results, the South African policy makers are encouraged to use policy instruments to improve R%D investment, particularly domestic R%D to achieve higher TFP growth. Journal: Global Business and Economics Review Pages: 453-484 Issue: 4 Volume: 20 Year: 2018 Keywords: total factor productivity; TFP; research and development; R%D; Schumpeterian growth theory; South Africa; autoregressive distributed lag; ARDL. File-URL: http://www.inderscience.com/link.php?id=92764 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:4:p:453-484 Template-Type: ReDIF-Article 1.0 Author-Name: Tanuj Nandan Author-X-Name-First: Tanuj Author-X-Name-Last: Nandan Author-Name: Puja Agrawal Author-X-Name-First: Puja Author-X-Name-Last: Agrawal Title: Violations of put-call parity for CNX Nifty index options: a study at National Stock Exchange Abstract: Derivatives markets provide a platform for market participants to hedge their risk, and aid price discovery. Correct pricing of derivatives instruments is imperative in the performance of these functions. In the present study, an attempt has been made to examine the valuation of CNX Nifty index options in terms of put-call parity (PCP) relationship, over a ten-year period. Since PCP is a no-arbitrage-based argument, it does not suffer from the limitations that are inevitable while gauging pricing efficiency using model-based approaches. Various error estimates, supported by non-parametric tests have been used validate our results statistically. Our findings indicate frequent violations of PCP, though the magnitude of mispricing is small. Further, the results are charted across moneyness, days-to-expiry and liquidity. The present study can be extremely important for all stakeholders, as violation of PCP leads to risk-free profitable arbitrage, which is an antithesis to efficient markets. Journal: Global Business and Economics Review Pages: 485-502 Issue: 4 Volume: 20 Year: 2018 Keywords: derivatives; put-call parity; PCP; no-arbitrage; index options; CNX Nifty; pricing efficiency; mispricing; error estimates; non-parametric tests; moneyness. File-URL: http://www.inderscience.com/link.php?id=92765 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:4:p:485-502 Template-Type: ReDIF-Article 1.0 Author-Name: Ibrahim Niankara Author-X-Name-First: Ibrahim Author-X-Name-Last: Niankara Title: Organisational management culture and employers' health insurance offering strategies in the USA: an Ubuntu-based random utility modelling approach Abstract: This article takes an approach to explaining the behavioural manifestations of the decision making in US companies' offer of health insurance that is grounded not only on their cost minimising behaviour, but also in a humanness dimension based on the African concept of Ubuntu, and the Random Utility framework. The choice process is modelled as a tripartite decision making, using a nationally representative random sample of 1,061 US companies from the Dunn and Bradstreet Business data. The results show that the relationship between management culture and health plan offering strategy is dependent on other relevant covariates, which when left out, leads to the problem of omitted variables bias. However, when all variables are included exogenously in this relationship, it results in management culture not affecting significantly companies' scope of plan offering. When the exogeneity assumption is relaxed through recursively Bivariate Probit modelling, a highly significant management culture effect is observed, as companies with groups and formal committee management culture are seen to be 1.58 times less likely to choose a multiple plan strategy over a single plan strategy. Journal: Global Business and Economics Review Pages: 503-520 Issue: 4 Volume: 20 Year: 2018 Keywords: Affordable Care Act; ACA; discrete choice modelling; employer health insurance; Ubuntu; USA. File-URL: http://www.inderscience.com/link.php?id=92767 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:4:p:503-520 Template-Type: ReDIF-Article 1.0 Author-Name: Pedro J. Gutiérrez-Diez Author-X-Name-First: Pedro J. Author-X-Name-Last: Gutiérrez-Diez Title: Population, immigration and growth in a Romer endogenous growth model Abstract: Endogenous growth theory has not yet consistently incorporated population growth or immigration into its models. As a result, in the present day, there is no universally accepted endogenous growth model explaining the empirical observed relationships between growth, population and immigration. The present paper overcomes this inconvenience by designing a fully specified Romer endogenous growth model, completely micro-founded, that incorporates the existence of population growth and immigration and that allows the stylised facts of growth as well as the relationships between growth, population and immigration to be explained. In addition, the proposed model is susceptible to calibration and simulation, and, when applied to the US economy, provides a good fit to the data. Journal: Global Business and Economics Review Pages: 679-708 Issue: 5/6 Volume: 20 Year: 2018 Keywords: stochastic general equilibrium model; endogenous growth; Romer's (1986) model; population; immigration; immigrant-native complementarity. File-URL: http://www.inderscience.com/link.php?id=94433 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:679-708 Template-Type: ReDIF-Article 1.0 Author-Name: Elisa Giacosa Author-X-Name-First: Elisa Author-X-Name-Last: Giacosa Author-Name: Alberto Ferraris Author-X-Name-First: Alberto Author-X-Name-Last: Ferraris Author-Name: Alberto Mazzoleni Author-X-Name-First: Alberto Author-X-Name-Last: Mazzoleni Author-Name: Demetris Vrontis Author-X-Name-First: Demetris Author-X-Name-Last: Vrontis Title: A model for testing the relationship between company's size and performance: a cross country analysis Abstract: The purpose is to verify whether the company's size (in terms of production value) could be considered as a relevant factor in impacting company performance, taking into consideration the country variable. Italian and German companies have been compared. The country factor (considering its structural and economic characteristics that are different from the company's size) has a primary importance in determining the differences of performance between German and Italian companies. There is a weak relationship between the companies' performance and their size. Size factor is not one of the main factors that explain why the performance of the German companies is better than Italian ones. Global differences are mainly due to the structural and economic characteristics of each country and, in residual form, due to different size of the companies operating in those two countries. The research is characterised by several theoretical and practical implications, especially for top management and investors. Journal: Global Business and Economics Review Pages: 524-543 Issue: 5/6 Volume: 20 Year: 2018 Keywords: Italian companies; German companies; company's size; company's performance; profitability; financial debt repayment. File-URL: http://www.inderscience.com/link.php?id=94435 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:524-543 Template-Type: ReDIF-Article 1.0 Author-Name: Evangelos Tsoukatos Author-X-Name-First: Evangelos Author-X-Name-Last: Tsoukatos Author-Name: Efthalia Tabouratzi Author-X-Name-First: Efthalia Author-X-Name-Last: Tabouratzi Author-Name: Konstantinos Vassakis Author-X-Name-First: Konstantinos Author-X-Name-Last: Vassakis Author-Name: Christos Lemonakis Author-X-Name-First: Christos Author-X-Name-Last: Lemonakis Title: Determinants of technological and no-technological innovation in SMEs: the case of Crete Abstract: The purpose of this study is to investigate the drivers of both technological and non-technological innovation on evidence from a sample of manufacturing SMEs in the region of Crete (Greece) during a period of economic turbulence. Using probit models the drivers of innovation, both technological and non-technological, are examined. The empirical results of the study indicate that SMEs' innovation activity is driven primarily by firm-specific features such as marketing, financial performance, exporting activity and R%D. The contribution of this study rests on the investigation of determinants for both technological and no-technological innovation in contrast to the majority of published research that focuses primarily on technological innovation. In addition, to the extent that innovation is unanimously, considered significant for firms' overall performance, findings of the study provide implications for practitioners, managers and policy makers to become appropriately equipped for addressing the challenges of the unstable market environment that enterprises operate in. Journal: Global Business and Economics Review Pages: 544-557 Issue: 5/6 Volume: 20 Year: 2018 Keywords: innovation; competitiveness; small and medium enterprises; SMEs; technological; no technological innovation. File-URL: http://www.inderscience.com/link.php?id=94436 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:544-557 Template-Type: ReDIF-Article 1.0 Author-Name: Bahtisen Kavak Author-X-Name-First: Bahtisen Author-X-Name-Last: Kavak Author-Name: Ayca Turhan Author-X-Name-First: Ayca Author-X-Name-Last: Turhan Author-Name: Canan Eryigit Author-X-Name-First: Canan Author-X-Name-Last: Eryigit Title: Does domain specific consumer innovativeness vary with consumers' individual cultural orientation? Abstract: The purpose of this study is to examine whether the level of consumer innovativeness differs in individual level cultural dimensions namely, uncertainty avoidance, individualism, masculinity, power distance, and long term orientation. A survey research was conducted in order to measure domain specific innovativeness for mobile phone consumers and individual level cultural dimensions. In order to test the differences among more and less innovative consumers cluster analysis and t tests were employed. The results of t tests indicated that there are significant differences in cultural orientations among more and less innovative consumers. More (less) innovative consumers have lower (higher) uncertainty avoidance, and lower (higher) power distance and they hold more (less) individualistic and masculine values. Journal: Global Business and Economics Review Pages: 709-723 Issue: 5/6 Volume: 20 Year: 2018 Keywords: innovativeness; culture; individual level cultural orientation; domain specific innovativeness. File-URL: http://www.inderscience.com/link.php?id=94437 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:709-723 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandra Laskowska-Rutkowska Author-X-Name-First: Aleksandra Author-X-Name-Last: Laskowska-Rutkowska Title: How to measure the efficiency of the diffusion of innovation in the supply chain - proposed methodology Abstract: This is a conceptual paper, based on a literature review. The contribution of this paper consists of providing a methodology for measuring the efficiency of the diffusion of innovation in the supply chain. Based on an analysis of existing literature, a new original methodology, including a measurement matrix and a synthetic indicator, has been developed. Research based on the proposed methodology has not been done yet. However, it is hoped that the paper will stimulate a scientific debate on two questions: firstly, whether the availability of a common methodology may ensure the comparability of data within an industry, as well as between industries, taking into account their distinguishing characteristics; and, secondly, on whether the above data will prove useful in the development of a set of best practices for the diffusion of innovation in the supply chain. The proposed model needs to be applied in practice, since this is the only way to test its usefulness. Journal: Global Business and Economics Review Pages: 558-572 Issue: 5/6 Volume: 20 Year: 2018 Keywords: diffusion of innovation; innovation in the supply chain; methodology; efficiency measurement; indicators; innovation diffusion efficiency measurement matrix; classification of innovation in the supply chain; theoretical study. File-URL: http://www.inderscience.com/link.php?id=94444 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:558-572 Template-Type: ReDIF-Article 1.0 Author-Name: Luigi Bollani Author-X-Name-First: Luigi Author-X-Name-Last: Bollani Author-Name: Anna Claudia Pellicelli Author-X-Name-First: Anna Claudia Author-X-Name-Last: Pellicelli Author-Name: Stefaan Van Dyck Author-X-Name-First: Stefaan Van Author-X-Name-Last: Dyck Title: Innovation and social responsibility in food ingredients market Abstract: This paper deals with food ingredients market. It describes some international characteristics and trends focusing on the importance of innovation to assure continuity to the business preserving the respect of environment. Particularly the social responsibility of the market companies may produce improvements in B2C, but also in B2B channels. An entrepreneurial vision is presented as a necessary link with theoretical backgrounds. An empirical analysis is also introduced to validate some conclusions. Journal: Global Business and Economics Review Pages: 573-581 Issue: 5/6 Volume: 20 Year: 2018 Keywords: food ingredients market; innovation; risk aversion; social responsibility; consumer behaviour; empirical survey; multivariate statistical analysis. File-URL: http://www.inderscience.com/link.php?id=94445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:573-581 Template-Type: ReDIF-Article 1.0 Author-Name: Grace Al Khoury Author-X-Name-First: Grace Al Author-X-Name-Last: Khoury Author-Name: Alkis Thrassou Author-X-Name-First: Alkis Author-X-Name-Last: Thrassou Author-Name: Hans Ruediger Kaufmann Author-X-Name-First: Hans Ruediger Author-X-Name-Last: Kaufmann Title: Utilisation of emotional intelligence in the retail banking sector - a preliminary model for Lebanon Abstract: Emotional intelligence (EI) has been the subject of much controversy over the years consequent to its significance and widespread utilisation in business, as well as due to the ways it has been defined and labelled since the 19th century. Given the fact that emotional intelligence can have a major impact on the retail banking sector, a culturally-driven perspective is deemed significant, especially in the context of Lebanon - a market that appears to fit no existing model of emotional intelligence. Thus, the aim of this research is to create a preliminary model of emotional intelligence that fits the Lebanese retail banking sector (LRBS), through a combination of existing models, interviews, theoretical research and secondary data. The research findings have identified and inter-related Lebanese-specific cultural variables to be further empirically researched towards an evaluation of their significance regarding individuals' EI. The research further developed a preliminary model of EI for the LRBS, comprising general variables, Lebanese-specific variables, and EI skills. The value of the research stems from its contribution to knowledge on the role and significance of EI in the LRBS, as well as from its setting of the foundation for future research that will refine, test and finalise this model. Journal: Global Business and Economics Review Pages: 582-601 Issue: 5/6 Volume: 20 Year: 2018 Keywords: emotional intelligence; culture; retail banking; Lebanon. File-URL: http://www.inderscience.com/link.php?id=94446 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:582-601 Template-Type: ReDIF-Article 1.0 Author-Name: Chiara Crovini Author-X-Name-First: Chiara Author-X-Name-Last: Crovini Author-Name: Giovanni Ossola Author-X-Name-First: Giovanni Author-X-Name-Last: Ossola Author-Name: Guido Giovando Author-X-Name-First: Guido Author-X-Name-Last: Giovando Title: Italian credit cooperative banks: the fundamental role in supporting the growth of SMEs and family businesses Abstract: Our research concentrates on the role of Italian credit cooperative banks, supporting the entrepreneurship and the development of SMEs and family businesses. We took into consideration the data of loans, allocated by those banks in 2014. We tried to find the relationship between the banking system and the world of SMEs and family businesses. This research represents the first step of a far deeper analysis. In this stage, we aimed at providing the groundwork for further empirical and qualitative analyses. Therefore, we try to improve the existing literature by using a conceptual approach. Despite the limitations of this research, researchers in the field of SMEs and credit cooperative banks can consider the opportunities for further developments of our analysis. Our findings give evidence that SMEs and family businesses need the support of the credit cooperative banks, in order to further exploit the opportunity to expand their businesses. Journal: Global Business and Economics Review Pages: 602-611 Issue: 5/6 Volume: 20 Year: 2018 Keywords: credit cooperative banks; loans to residents; small and medium-sized enterprises; SMEs; family businesses; growth; innovation. File-URL: http://www.inderscience.com/link.php?id=94447 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:602-611 Template-Type: ReDIF-Article 1.0 Author-Name: Avichai Shuv-Ami Author-X-Name-First: Avichai Author-X-Name-Last: Shuv-Ami Author-Name: Ioanna Papasolomou Author-X-Name-First: Ioanna Author-X-Name-Last: Papasolomou Author-Name: Demetris Vrontis Author-X-Name-First: Demetris Author-X-Name-Last: Vrontis Title: The antecedents and consequences of Lovemarks: a study of the attitudes and perceptions of football club fans Abstract: The paper discusses the findings that emerged from a quantitative research study carried out among 1,300 Israeli football fans to explore their brand relationships and the 'purchase' decision process towards their football clubs. The findings show that commitment and sport spectator identity have a mediating effect on the relationship between Lovemarks and fans' intentions, favourable word-of-mouth communication and the fans' willingness to pay premium prices for football tickets. Lovemarks have a positive effect on the sport spectators' identity and commitment. Purchase intention, commitment and identity explained 55% of the variance of the football fans' willingness to pay premium prices for football tickets. Lovemarks, image and knowledge are critical drivers for the purchase decision-making process adopted by the fans which, suggests that football clubs have an opportunity to positively influence their fans' attitudes and behaviour through: the use of mass-media advertising, the use of social media marketing and football matches that provide spectators with unique and unforgettable experiences. Journal: Global Business and Economics Review Pages: 612-633 Issue: 5/6 Volume: 20 Year: 2018 Keywords: Lovemarks; consumer behaviour; consumer decision-making; football clubs; football fans; commitment; purchase intention; brand knowledge; sport spectator identity. File-URL: http://www.inderscience.com/link.php?id=94448 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:612-633 Template-Type: ReDIF-Article 1.0 Author-Name: Ioanna Papasolomou Author-X-Name-First: Ioanna Author-X-Name-Last: Papasolomou Author-Name: Haris Kountouros Author-X-Name-First: Haris Author-X-Name-Last: Kountouros Author-Name: Yioula Melanthiou Author-X-Name-First: Yioula Author-X-Name-Last: Melanthiou Title: Internal CSR practices within the SME sector in Cyprus from the employees' perspective - challenges and prospects Abstract: This paper examines the results of a recent study into four domains of internal corporate social responsibility (CSR) practices within small and medium-sized companies in Cyprus from the employees' perspective. This perspective gives an added insight into the developing CSR practices in Cyprus, revealing interesting findings about the sufficiency (or not) of current practices. Looking into the results of the study, as well as into a number of policy initiatives considered in the relevant national action plan on CSR, we seek to draw some conclusions on the prospects for further developing internal CSR practices across SMEs. We argue that a more active policy framework is needed. Considering the very small size of most Cypriot companies, current, or foreseen, legal requirements relevant to CSR do not apply to the majority of Cypriot businesses. This very fact raises a particular challenge for the development of CSR practices on the island. In light of this, we argue that voluntary CSR initiatives remain of primary importance, yet these should be developed within a broader framework which promotes cooperation between the various stakeholders. Journal: Global Business and Economics Review Pages: 634-649 Issue: 5/6 Volume: 20 Year: 2018 Keywords: internal CSR; health and safety in the workplace; organisational justice and fairness; employee training and personal development; work-life balance; Cypriot SMEs. File-URL: http://www.inderscience.com/link.php?id=94449 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:634-649 Template-Type: ReDIF-Article 1.0 Author-Name: Valentina Iscaro Author-X-Name-First: Valentina Author-X-Name-Last: Iscaro Author-Name: Laura Castaldi Author-X-Name-First: Laura Author-X-Name-Last: Castaldi Author-Name: Enrica Sepe Author-X-Name-First: Enrica Author-X-Name-Last: Sepe Author-Name: Claudio Turi Author-X-Name-First: Claudio Author-X-Name-Last: Turi Title: The acquisition of entrepreneurial competencies in a virtual platform: a structural equation model Abstract: The goal of this work is to contribute to studies that aim to boost entrepreneurship education through the analysis and implementation of the virtual platform ExperimentaLab as a tool to support the activity of universities favouring entrepreneurship. There is a significant and substantial consensus that entrepreneurship is a skill that can be developed through education. Education should provide an innovative learning environment, thus helping students develop entrepreneurial competencies. In this vein, we designed and realised the ExperimentaLab. To test it and evaluate its educational impact, we ran simulations by role play. Data were analysed through structural equation model PLS-path modelling approach, showing that the designed structure of the ExperimentaLab fosters the acquisition of entrepreneurial competencies by would-be entrepreneurs. Journal: Global Business and Economics Review Pages: 650-666 Issue: 5/6 Volume: 20 Year: 2018 Keywords: entrepreneurial education; entrepreneurial university; structural equation model; SEM; ExperimentaLab. File-URL: http://www.inderscience.com/link.php?id=94450 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:650-666 Template-Type: ReDIF-Article 1.0 Author-Name: Orlando Lima Rua Author-X-Name-First: Orlando Lima Author-X-Name-Last: Rua Author-Name: Alexandra França Author-X-Name-First: Alexandra Author-X-Name-Last: França Title: Linking entrepreneurial orientation to brand reputation Abstract: The relationship between entrepreneurial orientation (EO) and firm performance has a broad scholarly acceptance. However, scant evidence is available on how EO influences other variables, namely intangible assets. In this vein and in light of the resource-based approach, we hypothesise a positive relationship between EO and brand reputation. Based on survey data from 42 Portuguese small and medium enterprises (SME's), we find empirical support that globally EO has a positive and significant influence on brand reputation, and that the EO's dimension that most contribute is innovativeness. Overall, this study provides novel insights into EO and reputational resources literature. Journal: Global Business and Economics Review Pages: 667-678 Issue: 5/6 Volume: 20 Year: 2018 Keywords: entrepreneurial orientation; EO; reputational resources; brand reputation; brand equity; SME's; Portuguese footwear industry. File-URL: http://www.inderscience.com/link.php?id=94451 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:20:y:2018:i:5/6:p:667-678