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Global Business and Economics Review (58 papers in press)

 

Regular Issues

 

  • Optimal Fiscal Policy Rule for Achieving Fiscal Sustainability: The Japanese Case   Order a copy of this article
    by Naoyuki Yoshino, Tetsuro Mizoguchi, Farhad Taghizadeh-Hesary 
    Abstract: Japans debt-to-gross domestic product (GDP) ratio is the highest among Organisation for Economic Cooperation and Development (OECD) countries. This paper will first consider whether Japanese government debt is sustainable. Next, while the Domar condition and Bohns condition are often used in the literature to check whether a governments debt situation is in a dangerous zone, this paper will show that the Domar condition is obtained only from the supply of government bonds. A simple comparison of the interest rate and the growth rate of an economy using the Domar condition is not adequate to check the stability of a governments budget deficit. The model determines both the interest rate and the growth rate of the economy endogenously. Third, this paper shows that Bohns condition satisfies the stability of the government budget in the long run by imposing constraints on the primary balance. However, meeting Bohns condition does not confer economic stability: Even if the condition is satisfied, the recovery of the economy may not be achieved. This paper proposes a new condition considering both the demand and supply of the bond market that satisfies both the stability of the government budget and the recovery of the economy. The paper sheds light on these issues both theoretically and empirically. The empirical findings show that to achieve fiscal sustainability based on the optimal fiscal policy rule provided in this paper, both sides of the Japanese government budget (expenditure and revenue) need to be adjusted simultaneously. Moreover, the results show that the decrease in government expenditure has to be to more than the increase in tax revenue.
    Keywords: Japanese Bond Market; Fiscal Sustainability; Fiscal Policy Rule; Government Debt Management.

  • Developing sustainable competitive advantage of a firm through human resource management practices: a competence-based approach   Order a copy of this article
    by Marina Latukha, Polina Lisina 
    Abstract: The paper aims to investigate the influence of particular human resource management (HRM) roles on the process of achieving different types of sustainable competitive advantage (SCA).We create an empirical model including two parts for testing relationships such as competence-based HRM roles SCA dimensions, and competence-based HRM roles competence modes. Using survey data from 227 European companies, this study explores how SCA dimensions may be developed through HRM practices. We argue that to achieve SCA, a company needs to develop competence-based HRM practices related to identifying and describing core competences. This study advocates that SCA could be assessed by evaluation of the level of development of different competence-based management functions. We prove that competence-based HRM is strongly related to competence management in an organization and contributes to SCA development.
    Keywords: sustainable competitive advantage; human resource management; core competence.

  • SERVICE QUALITY AND ATTITUDINAL LOYALTY: THE MEDIATING EFFECT OF DELIGHT ON RETAIL BANKING RELATIONSHIPS   Order a copy of this article
    by Alex Coetzee, Johan Coetzee 
    Abstract: This study explores the mediating effect of customer delight on the relationship between service quality and attitudinal loyalty in the South African retail banking context. Using a quantitative research design, a sample of 400 retail banking customers were collected. Structural Equation Modelling and specifically the Partial Least Squared (PLS) method was applied on the data. The results confirm that customer delight plays a partial mediating role on the relationship between service quality and attitudinal loyalty. This suggests that banks need to proactively pursue strategies that delight their customers, rather than merely satisfying them. This, however, is a major challenge for banks given the constant need to over-deliver on promises made to customers. In a competitive South African retail banking market driven by sales volumes and the growth in market share, this challenge is amplified further.
    Keywords: Customer delight; mediation; attitudinal loyalty; South Africa; relationship banking; structural equation modelling; partial least squares.

  • The Macroeconomic Determinants of Stock Market Development in Malaysia: An empirical Analysis   Order a copy of this article
    by Sin-Yu Ho 
    Abstract: This study examines the macroeconomic determinants of stock market development in Malaysia during the period 1981-2015. Specifically, it examines the impact of banking sector development, economic performance, inflation rate, foreign direct investment and trade openness on the development of Malaysian stock market. Currently, while theoretical and empirical literature presents diverse views on the relationship between each macroeconomic determinant and stock market development, no studies have been conducted with particular reference to the Malaysian stock market. This paper contributes to the existing literature by investigating the macroeconomic determinants of stock market development in Malaysia using the ARDL bounds testing procedure. The results find that economic performance and trade openness have positive long-run impacts, whereas banking sector development has a negative long-run impact on stock market development. In the short run, we find that the previous period of banking sector development, and the current and previous periods of trade openness have positive impacts on stock market development, whereas inflation rate exerts a negative impact. These findings carry important policy implications.
    Keywords: Macroeconomic determinants; Stock market development; Malaysia; ARDL bounds testing.

  • Post-entry ongoing organizational changes of foreign subsidiaries and survival: does self-selection matter?   Order a copy of this article
    by Kyungho Kim 
    Abstract: This study examines the relationship between the strategy choice of organizational change and the subsequent organizational survival by accounting for the self-selection. This study employed the outward 2525 firm-year foreign direct investments by Korean textile firms from 1986 to 1995, during which labor-intensive Korean firms in the textile industry largely depend on outward foreign direct investment to explore foreign opportunities in developing countries while avoiding increasing labor costs in the domestic market. This study applied a self-selection model introduced by Heckman to test the strategy choice problem. The results without accounting for self-selection show that organizational change in product areas and investment amount have a significant and negative relationship with the mortality rate of a foreign subsidiary, while organizational change in ownership rate does not. When accounting for self-selection, however, the former effects disappear, whereas the latter effect becomes positively significant, suggesting that the effect of strategy choice of organizational change depends on whether unobserved firm attributes and environmental conditions, as well as the type of organizational change, are accounted for in the analytic model.
    Keywords: foreign direct investment; post-entry organizational change; self-selection; strategy choice; mortality rate.
    DOI: 10.1504/GBER.2019.10012579
     
  • BUSINESS PROCESS & INNOVATION MANAGEMENT: THE SITUATION OF SMEs IN ITALY   Order a copy of this article
    by Elisa Truant, Laura Broccardo, Francesca Culasso 
    Abstract: Business process management (BPM) is widely recognized to highly valuable, although not yet widely implemented by companies, with significant differences existing between small and large enterprises. The purpose of this project was to investigate the increasing use of BPM, focussing on innovation in Small and Medium Enterprises (SMEs), an aspect not widely dealt with in the literature. The method used was a survey by questionnaire and a sample of 309 SMEs in Italy considered relevant to the local economy. The Findings pointed to inadequate use of BPM (Ates et al., 2013) giving the main reasons thereof (Chong, 2014). BPM can improve business performance and competitiveness (Jacobs, 2016; Turner and Bititci, 1999). Also the R&D process was studied as a promoter of innovation and key driver of competitiveness. Innovation and R&D are not given much space in the literature, especially as regards small and medium size manufacturing firms (Jones and Williams 1998; Hall and Van Reenen 1999). This project was meant to contribute to the literature on this subject, which is not particularly structured (Ates et al., 2013) and help in bridging the gap with evidence from the local context. Moreover, SME management should be more aware of the importance of process and innovation management in achieving sustainable growth.
    Keywords: business process management; organizational structure; innovation; research and development; small and medium enterprises; manufacturing.
    DOI: 10.1504/GBER.2018.10010477
     
  • Testing Asymmetry of Exchange Rate Changes on the Commodities Exports in Pakistan: A Non-linear ARDL Model   Order a copy of this article
    by Haider Mahmood 
    Abstract: Depreciation may help in up-lifting the commodities exports and this article finds this evidence for Pakistan. This research has investigated the impact of Real Effective Exchange Rate (REER) on Pakistan commodities exports by using a non-linear Auto-Regressive Distributive Lag (ARDL) cointegration developed by Shin et al. (2014) and by using a monthly series of a period of June, 2003-June, 2016. The long run results confirm the positive impact of world income on the most of commodities exports. Further, depreciation of Pak Rupee has been found helpful in increasing 17 out of 21 commodities exports and appreciation has depressed the 12 out of 21 commodities exports. Asymmetrical effects of depreciation and appreciation of exchange rate have also been found in the most of commodities exports. Furthermore, J-curve hypothesis has been found in the 13 out of 21 commodities exports. This study recommends the devaluation of Pak Rupee to increase commodities exports.
    Keywords: Devaluation; Commodities’ Exports; Asymmetrical Effects; Cointegration.

  • An analysis of different Brexit outcomes and their effect on inward FDI to the UK   Order a copy of this article
    by Jeremy Head 
    Abstract: In June 2016, the UK voted to leave the EU, and the economic implications of "Brexit" are starting to take on a clearer focus. This paper seeks to outline the patterns of inward FDI to the UK. The paper analyses the possible impacts of different Brexit scenarios on inward FDI to the UK. The paper's key arguments include that "harder" forms of Brexit are likely to have worse outcomes in terms of inward FDI to the UK, with export platform FDI potentially significantly affected. The effects of Brexit could also be diverse in different industries, given the different motives for FDI, and also diverse in terms of the type of activity of the FDI. Moreover, given the patterns of FDI in the UK, the regional impacts of Brexit will not be evenly spread. The findings have clear policy implications surrounding the Brexit negotiation process.
    Keywords: Foreign Direct Investment; FDI Policy; Inward FDI; Brexit; European Union; UK.
    DOI: 10.1504/GBER.2018.10011027
     
  • Optimal Tax Revenues and Economic Growth in Transition Economies: A Threshold Regression Approach   Order a copy of this article
    by Celil Aydin, Omer Esen 
    Abstract: The purpose of this article is to explore the impact of tax revenue as a share of GDP on economic growth in transition economies. The article uses a dynamic panel threshold model to examine the non-linear relationship between tax revenue and economic growth of 11 Central and Southeastern European and Baltic countries during the transition process between 1995 and 2014. The results suggest that the optimal level of tax revenue for maximizing economic growth is approximately 18.00% of GDP for full transition economies, 18.50% for developing economies, and 23.00% for developed economies. The findings indicate that tax revenues as a share of GDP above the threshold level adversely affect economic growth whereas a tax revenue rate below the threshold positively affects growth. The results of the current study reveal that tax sizes representing the share of the government in the economy have an optimal level.
    Keywords: Government Size; Tax Revenue; Economic Growth; Transition Economies; Panel Threshold Model.
    DOI: 10.1504/GBER.2018.10010118
     
  • Productivity measurement of commercial banks in Malaysia with non-performing loan   Order a copy of this article
    by Noor Asiah Ramli, S.Sarifah Radiah Shariff, Nurhayati Hamid 
    Abstract: In the banking sector, productivity has been considered essential to the development process. This study is determining the productivity of 20 commercial banks in Malaysia consisting of 8 domestic banks and 12 foreign banks between the year 2005 and 2014. The Malmquist Luenberger Productivity Index (MLPI) approach is employed when incorporating undesirable output i.e. non-performing loan. The productivity measured using MLPI shows that the foreign banks perform at a higher productivity change progression compared to domestic banks. The total geometric mean for productivity change in 2008/2009 is found to be the highest percentage of deterioration which is 17.4%, while the maximum progress of productivity is reported in 2010/2011 which is 25.2%. Overall, the finding exhibits that technological changes, i.e. the innovation effect is the main contributor to the productivity changes during the study period.
    Keywords: Efficiency Change; Malmquist Luenberger Productivity Index (MLPI); Productivity; Productivity Change; Technological Change.

  • Examining the Direct and Moderation Effect of Psychographic and Demographic Factors on Green Purchasing Behavior   Order a copy of this article
    by Yasar Shatnawi, Elham Hmoud Al-Faouri, Mohammad A Alhyari 
    Abstract: This study aims to investigate the effect of psychographic and demographic factors on the green purchasing behavior, and examine the moderation influence of demographics on the relationship between the psychographics and green purchasing behavior. The study uses a multiple regression and PROCESS analyses for a survey conducted with a total 360 Jordanian respondents. The results revealed that the environment attitude has the strongest positive effect on green purchasing behavior followed by social influence and personal norms. Whereas the effect of environmental concern, environmental knowledge, perceived consumer effectiveness, and skepticism is non-significant, the same results confirm for gender, age, educational level, and income level. However, the moderation influence of demographics is non-significant for most psychographics except for the interaction between age and attitude where it positively increases for people who are above 40 years old. For limitations, the lack of generalizability is presented since the study is a self-reported survey and the respondents have their own cultural and social values. So, furthermore research should be conducted in other countries. This paper provides plausible guidelines for marketers, business, and policymakers in developing social and sustainable strategies, encouraging the use of word-of-mouth, socializing agents, and as well adopting consumer citizen concept. Finally, the study adds insights of moderating effect of the demographic factors comparing with their direct impact.
    Keywords: Green purchasing behavior; Demographic factors; Psychographic; Moderator; Environmental products; Green products.

  • Consumer perceptions of corporate social responsibility and its impact on purchasing in economic crisis   Order a copy of this article
    by Ana Pinto Borges, Paula Rodrigues, Francisco Castelo Branco 
    Abstract: We intend to evaluate whether consumers are concerned about the social responsibility practices of companies in the economic crisis. For this, we analysed how consumers perceive corporate social responsibility (CSR) and then we identified which factors influence purchase in the economic crisis context. We used a survey to assess the consumers behaviour and the questions were tested in two studies: the first, through confirmatory factor analysis and the second by logit estimation. For the first study, four main dimensions resulted of consumer perceptions of the corporate social responsibility in economic crisis: ecological reasons, no discrimination reasons, recycling reasons and communication reasons. The second study showed us that the main findings were that the purchase of socially responsible products is influenced by the knowledge on the part of the social responsibility practices consumer, the price of these products, the components perceived by consumers of social responsibility practices and by the economic recession.
    Keywords: social responsibility; consumption; confirmatory factorial analysis; logit model; economic crisis.

  • Reflecting on the Innovative Performances of European Regions in the Age of Smart Specialization   Order a copy of this article
    by Joao Lopes, Luis Farinha, Joao Ferreira 
    Abstract: This study intents to identify which variables best explain the performance of innovative regions of Europe, based on regional strategies for smart specialisation. We follow a quantitative methodology, and a linear regression was applied as a method. For conducting this study data were collected from the Regional Innovation Scoreboard 2016. The results led to an explanatory model of the invocation performance in Moderate Innovator Regions, and some measures were identified and suggested that can be implemented in order to help decision-makers to improve the innovation performance in these regions.
    Keywords: Innovation; Regions; Smart Specialisation; RIS; RIS3.

  • Does Auditor Education Affect Audit Opinion? An Empirical Study of Turkish Listed Firms   Order a copy of this article
    by Murat Ocak, Emine Serap Kurt 
    Abstract: This paper investigates the effect of formal education on audit opinion. We used Borsa Istanbul firms to test the hypotheses using logistic regression. The sample covers maximum 1060 observations between year 2008 and year 2013. The results show that auditors with masters or Ph.D. degrees and auditors with bachelors degree from the department of business administration are more conservative than their counterparts. They are more likely to issue a modified audit opinion. Besides, long tenured auditors with business and masters or Ph.D degrees more likely to issue a modified audit opinion.
    Keywords: Auditor Education; Auditor Opinion; Borsa Istanbul; Emerging Markets.

  • The role of ethical positions on responsible consumption behaviours and consumption values regarding the green products   Order a copy of this article
    by Murat BURUCUOGLU, Evrim ERDOGAN 
    Abstract: This research aims to examine the relationships between consumers ethical positions, their consumption values regarding the green products, responsible consumption behaviours, social media behaviours, and responsible consumption reintention. The qualitative research conducted to better understand responsible consumption behaviours and its concepts. In quantitative research, the relationships analyzed using a structural model established with 643 survey data collected from Turkey. According to the results, the consumers ethical positions have significant relationships with other parameters but low significant predictive value on consumption values, responsible consumption behaviours, and social media behaviours. The sub-dimensions of consumption values, price and emotional value affets responsible consumption behaviours. The findings also suggest that there are significant relationships between consumption values, social media behaviours, responsible consumption behaviours, and responsible consumption intention.
    Keywords: Idealism; Relativism; Responsible Consumption; Consumption Values; Green Product; Social Media.

  • The situation of disadvantaged groups on the labour market in Greece: Gap Analysis   Order a copy of this article
    by ALINA HYZ, KONSTANTINOS KARAMANIS 
    Abstract: The persistent problem of unemployment in Greece should be recognized as one of the most significant socio-economic problems of the country. The unemployment is related mainly to the deterioration of the economic situation, but also it is connected with structural mismatches between the demand and supply for labour in the qualifying, occupational and spatial aspect. The aim of this paper is to analyze the situation of the disadvantaged groups on the labour market in Greece. We investigate patterns across the following groups: women, young people, long-term unemployed, immigrants and low skilled using cross-dimensional analysis with the following main variables: gender, age, level of education and immigration status. Since the paper is destined for both academic and non-academic readers which are interested in the phenomenon of specific groups unemployment econometric calculations are not used in the paper. Main technical measures used in the analysis are rates of unemployment and employment by sex, gender employment gap, unemployment rates by age and by educational attainment level, long-term unemployment rates and unemployment rate by immigration status. Our analysis relies on the European Labour Force Survey reported by Eurostat using data for the last ten years. Comparing the results with the main targets set by European Union in the field of employment we concluded that Greece not only did not meet these objectives, but the gaps in employment and unemployment levels were explored during the economic crisis.
    Keywords: Greece; Employment; Unemployment; Gender; Age; Long-term Unemployment; Young Unemployment; Immigrants.

  • The relative influence of Inter-generational co-residence on Healthcare Market and Labor Market Outcomes in Post Affordable-Care-Act USA   Order a copy of this article
    by Ibrahim Niankara 
    Abstract: This paper investigates the effects of Inter-generational co-residence on health care market, and labor market outcomes, to see whether or not living under the same roof with at least one parent matters in health care market, and labor market behaviors in post-Affordable-Care Act (ACA) USA. The analytical strategy involves not only looking at the gender differences in co-residence, but also accounting for co- residence endogeneity using a switching regression approach. This novel approach on the topic defines co-residence as an endogenous selection process using a binary probit equation, and modeled jointly with the extensive margins and intensive margins in the two markets, and estimated using penalized maximum likelihood methods. The results suggest that ACA by reorganizing the US health care market, seems to have reduced significantly disparities in health care access among males and females based on race, region of residence, place of birth, and citizenship. However not only do we observe significant differences in inter-generational co-residence status between males and females, we also find significant inequalities in the effects of co- residence on health care market, and labor market outcomes. In fact, co-residence is found to increase health care expenditure by 56.7% among females, while this figure increases to 74.2% among males. In addition, co-residing individuals, while having a 69.7% higher annual family health care expenditure are 1.22 times more likely to access health care, but 31% less likely to use health care intensively during the year. In the labor market, co-residence is found to reduce significantly hours of weekly labor supplied by 41% for females, and 55.6% for males. Furthermore, co-residing individuals, while not significantly different in their likelihood of labor force participation, are 1.52 times less likely to work full time once they decide to participate, and also spend about 55.4% less time working in the labor market in post-ACA USA.
    Keywords: Affordable Care Act; access to care; co-residence; labor supply; medical expenditure.

  • Impact of Aid for Trade, Foreign Direct Investment and Remittances Inflows on Recipient-Countries Export Quality   Order a copy of this article
    by SENA KIMM GNANGNON 
    Abstract: This paper investigates empirically the impact of financial flows for development, including Aid for Trade, Foreign Direct Investment inflows (FDI) and remittances inflows on the export quality of recipient-countries. The analysis is carried out over a sample of 118 countries, of which 34 Least developed countries (LDCs), with data spanning the period 2002-2010. Results suggest that over the entire sample, AfT interventions and FDI inflows are conducive to overall export quality's improvement. In contrast, remittances inflows influence negatively overall export product quality. The analysis has also shown that for LDCs, there are different effects of these inflows on each of the three types of export product quality.
    Keywords: Aid for Trade; Foreign Direct Investment; Remittances; Export Product Quality.

  • Disability and Labor Force Participation in a Developing Country: Evidence from Turkish Males   Order a copy of this article
    by Burcu Duzgun Oncel, Deniz Karaoglan 
    Abstract: This paper examines the influence of disability on labor force participation of males aged between 25 and 64 according to socio-economic background by using the 2012 Turkish Health Survey (THS). We define disability as an impairment of long term health conditions that lasts more than six months which restricts individual in daily activities and categorize individuals as non-disabled, disabled with no limitations, disabled with some limitations and disabled with severe limitations. We observe that probability of being out of labor force is greater for disabled individuals at every age and low educated individuals experience more disabilities. Both probit and propensity score matching (PSM) results indicate negative association between severe levels of disability and labor force participation.
    Keywords: disability; labor force participation; probit; propensity score matching; Turkey.

  • EFFECTS OF MARKET ORIENTATION AND LEARNING ORIENTATION ON ORGANIZATIONAL PERFORMANCE   Order a copy of this article
    by Diana Escandon-Barbosa, Andrea Hurtado-Ayala 
    Abstract: The current literature on market orientation and learning orientation has been characterized by comparing the positive impact that these variables have on organizational performance. However, it has been observed that these relationships could be non-linear and, additionally, that they might be affected by another type of condition, mainly related to changes in the environment. The present research examines the impact of market orientation and learning orientation on organizational performance by analyzing a series of quadratic effects. Additionally, it analyzes the possible moderating effects of environmental complexity on these relationships. To that end, a database of SME Colombian is used, such that the non-linear relationships between these orientations and organizational performance are proved, as well as the conditional effects of the environmental complexity on these non-linear relationships. According to the results, market orientation and learning orientation have decreasingly positive effects on organizational performance, and when environmental complexity increase, the positive effect of market orientation and learning orientation on organizational performance decreases.
    Keywords: Market Orientation; Learning Orientation; organizational performance; developing country.

  • Revisiting the Impact of Financial Development on Economic Growth: The Case of Turkey   Order a copy of this article
    by Emrah Gulay, Joshua D. Cowley 
    Abstract: This study re-examines the impact of financial development on economic growth using time series data covering the period 2006 to 2015 in Turkey. The existing literature on the relationship between economic growth and financial development has focused on various proxies for financial development. When utilizing different proxies for financial development, the results of the models varied. The aim of this paper is to use one index, which represents financial development, without making any random decisions on the selection of financial development proxies. To this end, we focus on five popular financial development proxies in the literature. Our results confirm an unambiguously positive relationship between economic growth and financial development and highlight the importance of financial development on economic growth in Turkey. The autoregressive distributed lag bounds test (ARDL) model reports that, in the long run, the development of the Turkish financial sector promotes the economic growth of Turkey which is consistent with the Toda-Yamamoto test. Using the bounds test for cointegration, this study finds that the effect of the Arab Spring is captured in the short-run dynamic model and it has a temporary impact on the instability of coefficients in terms of the link between economic growth and financial development in Turkey.
    Keywords: economic growth; financial development; cointegration test; Toda-Yamamoto causality test.

  • WHY INNOVATIVE FIRMS DO NOT RELY ON UNIVERSITIES AS INNOVATION SOURCES?   Order a copy of this article
    by Joana Costa, Carlos Rodrigues 
    Abstract: The science and technology (S&T) binomial is often considered in the literature as an innovation system per se. Different theoretical frameworks were proposed over time such as the National Systems (Freeman, 1987; Lundvall, 1992; Nelson, 1993; Edquist, 1997), Mode 2 (Gibbons et al., 1994), Regional Innovation Systems (Cooke et al., 1997) or the Triple Helix (Etzkowitz et al., 1998), conceptualising the role of the agents of the innovation processes of knowledge-based economies.\r\nThe conceptual framework of the RIS3 reinforces the importance of innovation and its diffusion in the entrepreneurial sector; under this policy design Universities have a potentially pivotal role to play not only in the production but also in its delivery.\r\nThe goal of this research is to discuss the importance of Universities as sources of knowledge for innovative activities in Portugal. A panel comprising three waves of the CIS was built to estimate a hurdle model, the discussion of the estimation results attempt to provide some policy recommendations on the role of Universities in knowledge production and diffusion and its connection to innovative firms.\r\n
    Keywords: Universities; innovation; CIS; RIS3; hurdle.

  • European unemployment nonlinear dynamics over the business cycles: Markov switching approach   Order a copy of this article
    by Marianna Oliskevych, Iryna Lukianenko 
    Abstract: The dynamics of European unemployment showed considerable fluctuations and asymmetric behavior during business cycles over the past decade. The dynamic pattern of unemployment rate demonstrated the significant differences for different countries during its growth and decline periods. To describe the differences in dynamic properties of unemployment rate in different countries and economic situation, we developed the Markov switching autoregressive models with time-varying probabilities of transition between behavior regimes. The results revealed that the unemployment rate in EU countries during 20002016 behaved asymmetrically over the business cycle. Therefore, we got different processes for describing unemployment dynamics in each phase of the economy.
    Keywords: unemployment rate; regime switching model; Markov chain; autoregression; labor market; econometric modeling; asymmetry.

  • Dragon meets Bull: The determinants of Chinese outward Foreign Direct Investment in Spain   Order a copy of this article
    by Federico Carril-Caccia, Juliette Milgram Baleix 
    Abstract: This study examines the characteristics and motivations of Chinese investors in Spain. First, we track Chinese investments by merging different sources and ends with a firm-level dataset that allow us to draw a more realistic picture of Chinese outward Foreign Direct Investment in Spain. Second, we gather qualitative information thanks to a unique and detailed questionnaire to check systematically the different hypothesis regarding FDI determinants. Third, the interactions among these factors are studied using Multiple Correspondence Analysis. Results confirm that Chinese investment in Spain mainly aims at supporting Chinese exports with a special interest in accessing third country markets outside the European Union. Respondents also validate the asset-seeking hypothesis, underlining a special interest in acquiring recognized brands or making their brands known, improving quality of their products and accessing new technologies. Chinese economic environment acts as an outstanding push factor, regardless the intrinsic motivations of the firms to invest abroad.
    Keywords: asset seeking; China; Spain; market seeking; Multiple Correspondence Analysis; outward FDI.

  • A CROSS-CULTURAL ANALYSIS ON CAREER DECISION MAKING OF THE STUDENTS: THE ROLE OF SELF AWARENESS AND SELF EFFICACY   Order a copy of this article
    by Hande Özek, Alberto Ferraris 
    Abstract: The present study aimed at finding out the factors that affect the students career decision making in two different cultures (Italian and Turkish). The research evaluated the Career Decision Making Self Efficacy Scale- Short Form (Betz et al. 1996a; Chaney et al. 2007) and Self-Consciousness Scale (SCS) of the Scheier and Carver (1985a). Responses are collected from 291 undergraduate students of Yeni Yuzyil University in Instanbul and University of Torino in Turin. The objective of this study is to reveal significant factors to develop self-assessment, career awareness and goal setting competencies of the students in different cultural contexts. Our results show that there are differences between the two countries and that having a previous job experience have a strong effect on career decision making. Most importantly, in order to give more explanatory information about the factors that affect career decision making in university students, this is one of the first studies that tested and found evidence of the relevance of self-awareness.
    Keywords: Career decision making; Self-Efficacy; Self-Awareness; Self-assessment; Career decision making difficulties; Lack of information; Lack of readiness; Perception; Dysfunctional thinking; Cultural differences.

  • Digital Mosaics and Weibull Probability Distribution Modelling of Regional Connectivity: A Diplomatic Economy Perspective   Order a copy of this article
    by Ejaz Gul, Imran Sharif Chaudhry 
    Abstract: Regional integration and cooperation promotes economic development of countries. Many regional blocs have been created in different regions of the globe to boost trade and socio-cultural ties between the member states. Pakistan has since been a great exponent of regional integration and cooperation. With emergence of China Pakistan Economic Corridor (CPEC), it is expected that Pakistan will move further closer to its historical ally China and other regional partners including Central Asian States. This paper investigates the gradual transition of Pakistan towards greater regional integration using data on eight selected variables from 2001 to 2015 (15 years) for ten selected countries of Asia. To ascertain the rate of transition of regional integration, digital analysis of data was carried out and digital mosaics were created with the help of latest digital software SURFER - 9. To know the effect of different variables on rate of transition of regional integration, data was analyzed by using Weibull Probability Distribution Model (WPDM). Results indicated that Pakistan is consistently moving closer to the regional countries and the rate of transition of regional integration is increasing with time. The land, air and sea routes of connectivity had greater effect on this rate of transition compared to other variables. This validated the conception that CPEC will play instrumental role in strengthening regional integration in the context of Pakistan.
    Keywords: Regional; integration; connectivity; CPEC; transition; rate; digital; analysis; mosaics; Weibull; probability; distribution; model.

  • Cointegration and Adjustment Dynamics of REIT and Stock Markets during the Global Financial and European Debt Crises   Order a copy of this article
    by Umit Erol, Aydin Yuksel, Asli Yuksel, Hakki Ozturk 
    Abstract: This paper analyzes the cointegration relationship between the REIT and stock markets of ten developed countries during the 2005-2013 period, which is characterized by the global financial and the European debt crises. Given the structural breaks in the data, the effect of these two crises is examined separately by dividing the sample period into four equal parts and by using M-TAR cointegration analysis. The results suggest that the cointegration between the stock and REIT markets was not a globally observed feature prior to the twin crises. The strong and globally valid cointegration observed after 2007 was due to the common negative response of both markets to the unexpected massive shocks. These shocks also led to bilateral causality and strong feedback effects between these two markets, thus strictly limiting the diversification benefits of the REIT market during the crisis period.
    Keywords: REIT; Stock Market; Cointegration; Crisis.

  • Does A Nonlinear Specification Methodology Better Capture the Link Between Host Country Corruption Levels and Inward Foreign Direct Investments? A study of 92 countries   Order a copy of this article
    by Chi-Hui Wang, Prasad Padmanabhan, Chia-Hsing Huang 
    Abstract: This paper investigates the link between inward Foreign Direct Investment flows and host country corruption levels using annual data for developed, developing and transitional countries, over the 2002-2015 period. We find that the nonlinear specification provides a better characterization of the relationship between corruption and inward FDI flows. Furthermore, we find that this relationship is a function of the development status of the host country. Finally, the marginal impact of corruption levels on FDI, seems to be statistically significant at a higher level when a nonlinear (as opposed to a linear) specification is used.
    Keywords: Foreign Direct Investment; Corruptions Perceptions Index; nonlinear modelling.

  • The Relationship between Immigration, Labour Market Conditions and GDP: Evidence from the States of the United States   Order a copy of this article
    by Burcu Ozcan 
    Abstract: This study aims at analyzing the relationship between immigration, unemployment, wage and income in the 15 host states in the United States that receive the most immigrants. The bootstrap panel Granger causality test developed by Konya (2006) is employed over the period of 19902016. The results indicate that immigration aggravates the unemployment level in the domestic labor market in the seven most populated host states, whereas it has no significant impact on the unemployment level in the remaining eight states. Based on these results, some crucial policy implications could be suggested.
    Keywords: immigration; unemployment; wage; income; United States; panel causality test.

Special Issue on: Inter-Organisational Networks Towards Linking Individual, Organisational and Global Phenomena

  • Network resources and competitive advantage in productive cooperation networks   Order a copy of this article
    by Ana Azevedo, Rafael Pereira, Fernanda Meireles, João Boaventura 
    Abstract: Network resources are presented in the literature in a generic way with relatively little research analysing how results materialize in the network environment. Our aim in this study was to analyse which network resources are perceived as significant for the firms' competitive advantage. We conducted a survey of Brazilian firms engaged in a productive cooperation network. After factor analysis and canonical correlation analysis, the results showed two factors representing the network resources, one strategic and relational and the other rational and economic. The association of these factors with competitive advantage shows that strategic resources are perceived as being more influential over the firms' competitive advantage, mainly related to innovation outputs. We contribute to the systematization of network resources and empirical verification of how they are perceived by the actors and are associated with their competitive advantage, considering the characteristics of a specific type of network the productive cooperation network.
    Keywords: Network resources; competitive advantage; productive cooperation networks; Brazilian networks; quantitative analyses; factor analyses; canonical correlation.

  • Multidyadic relationships: a multi-stage perspective   Order a copy of this article
    by Cláudia Ribau, António Moreira, Mário Raposo 
    Abstract: This paper analyzes to what extent the relationship among firms in downstream B2B activities in the supply chain stimulates the relationship in upstream B2B activities. This paper follows a qualitative methodology based on semi-structured, in-depth interviews in seven firms from the plastics industry, in three different countries that led to the preparation of seven case studies. Results and findings suggest that the business relationship with suppliers both encourages and results from a business relationship with direct and indirect downstream customers in B2B markets, driving the development of new products and the international presence of firms. Related to multi-stage B2B theory and NPD activities, the paper suggests that there is a feedback effect between the focal firm (plastics manufacturing firms), upstream suppliers and downstream customers, i.e. the relationship between the focal firm and the customers leverages the relationship between the focal firm and the suppliers. This symbiosis leads to a more technically innovative final product, which encourages more relational contact with the customer, giving rise to a more dynamic form of internationalisation. Moreover, relational links involving a multi-stage perspective in the supply chain are important to ensure a more effective bi-directional relationship among the different stages of the supply chain.
    Keywords: Multi-stage marketing; Networks; Supply chain; Product innovation; International presence; Plastics industry.

  • Development of European Cluster Initiatives: Stakeholders Contribution and Enrollment   Order a copy of this article
    by Inessa Laur, Magnus Klofsten, Dzamila Bienkowska, Joakim Wincent, Hakan Ylinenpaa 
    Abstract: This study investigated how cluster initiatives members contribute to cluster initiatives concerning tasks as well as what dependency patterns exist between maturation level and enrollment of members in these organizations. The content of the work is considered as crucial for organizational functioning and development. The findings are based on survey responses from 136 (53% response rate) cluster initiatives from eight European countries. The results show that, first, all members contribute to initiatives development by performing strategic, operational tasks, and provision of resources. Each member tends to focus more on one task than the others that are delegated. Second, two factors influence enrollment of new members in cluster initiatives: age and presence of other influential members. The more mature cluster initiatives become, the more networks and established organizational attributes it will have. This reflects longevity of the initiative and good-quality, intermediary assistance, which are attractive for potential members.
    Keywords: Cluster initiatives; intermediaries; actors’ enrollment and contributions.

Special Issue on: 30th B&ESI Conference Big Data Issues Firms, Industries and Government

  • Crafting a web-unique value proposition using the concept analysis technique   Order a copy of this article
    by Ahmad Ghandour 
    Abstract: Online value proposition is an integral part of websites because it identifies the reason why customers will click on, return, register or buy from the website and feel motivated to share their experience. The purpose of this paper is to develop a framework for identifying competitive web value propositions for eCommerce website. This paper outlines a conceptual analysis of value proposition for eCommerce website combined with the value life cycle in a manner that offers managers a tool to create a web unique value proposition. The result of this paper is the four-cycle process which is an exercise an organisation can undertake in its own organisations context. Such exercise would be a group activity enabling them to achieve a shared understanding while developing a clearer conceptualization of the online value proposition concept.
    Keywords: OVP; eCommerce Website; value proposition; web unique; concept analysis.

  • PERFORMANCE MEASUREMENT INDICATORS IN THE HEALTHCARE INDUSTRY: A SYSTEMATIC REVIEW   Order a copy of this article
    by Nida’a Abu Jbara, Jody Worley 
    Abstract: This systematic review addresses a gap in the literature on performance appraisal systems for health-care workers. The study explores the efficiency of employee performance measurement systems in providing accurate measurement of the performance of health-care workers across various job types with a particular focus on performance indicators associated with soft skills. Cochrane guidelines for performing a systematic search in discipline-specific and in multidisciplinary databases were supplemented with an independent manual search of relevant studies. Twenty-three articles were identified and classified into three categories: performance measurement systems, evaluation and development of measuring tools, and problems of measuring performance of medical practitioners. The review revealed that there is no comprehensive approach to performance evaluation in healthcare. The identification of soft skills as a performance indicator was lacking and none of the implemented performance measurement systems were reported to be effective. Implications for further research to focus on the development of performance measurements for all workers in the healthcare industry were highlighted.
    Keywords: performance indicators; performance measurement; health-care workers; health-care systematic review; soft skills.

  • The Romance of Modern Accounting Education: An Impact from Positivism and Materialism   Order a copy of this article
    by Jordan Hotman Ekklesia Sitorus 
    Abstract: The main purpose of the study is to reveal the colonialism form experienced by the modern accounting education actors through the principal of education positivism and materialism. The method used in this research is role conflict experienced by the researcher when becoming a college student and lecturer assistant in Bachelor degree of accounting. Based on the research, there are at least three forms of colonialism which are happening in the modern accounting education system. The colonialism can merely be eradicated by a comprehensive rearrangement to the curriculum of the Indonesian accounting education that is by giving a sense of humanism in every learning process. The novelty of this article is to criticize the concept of modern accounting education based on the national ideology of Indonesia.
    Keywords: accounting education; curriculum reform; colonialism; rationality education.

  • Big Data: Ethical Issues   Order a copy of this article
    by Loay Alnaji, Ghaleb El Refae 
    Abstract: The Internet played a heroic role in the information revolution by bringing with it a greater scope of change, not only technologically, but societally as well. Convergence of computers and communications and what they do with information has changed our lives. Dependence on data has increased dramatically in the past decade, whether data are used by governments to monitor terrorism or by businesses to survive in the market or provide a competitive advantage. But with such powerful tools comes many responsibilities. This paper explores the ethical ramifications of using Big Data to conduct business or any other type of activity. We explore the various rules and regulations companies and governments place to help gauge the use of such powerful tools. This paper aims to answer the following question: What are the ethical issues facing businesses and customers when using Big Data?
    Keywords: Big Data; Ethics; Surveillance; Data Security; Identity.

  • UNDERSTANDING THE INVISIBLE HANDS OF INCENTIVES   Order a copy of this article
    by Abdelhafid Belarbi, Mahmoud Askari 
    Abstract: This paper sheds light on the role of incentives in explaining why we do what we do. In this paper, we theorize that no action will take place in vacuum or without a certain incentive(s) and that for each and every action or behavior, there is a known and/or a hidden incentive. We also theorize that the existence of incentives behind every action is not limited to rational incentives and the rationality of actors because irrational actions have their own irrational incentives. As well, we theorize that the existence of incentives in our daily life is the secret of a livable life, and that the disappearance of incentives will lead to a total stop of every action and a total stop of life. In addition, we theorize that life at the micro, meso, and macro levels can be created by creating the needed incentives for a given situation and life can also be taken away by removing incentives behind its existence. We also propose and introduce a new incentive-focused management technique - Management by Incentives (MBI) - for an effective implementation of a goal achievement process.
    Keywords: Invisible Hands; Motivation; Incentives; Management by Incentives (MBI).

  • Impacts of Information Quality on Decision-Making   Order a copy of this article
    by Zina Houhamdi, Belkacem Athamena 
    Abstract: Information quality is a crucial issue for the success of any organization. Several enterprise initiatives have been postponed or sometimes aborted, with bad quality information as the first cause. Prior investigations have pointed out that an understanding of the impacts of information quality is essential to the organizations success. Nevertheless, few investigations have analyzed the impacts of information quality in a business context. This paper analyzes the impacts of information quality on the decision-making process in a systematic way. To reach this goal, we suggest a pragmatic approach that allows estimation of information quality categories and dimensions. This approach provides detailed insights into the impacts of information quality on the quality of decisions. The results of this approach indicate that intrinsic and contextual categories of information quality affect decision quality in a positive manner. On the other hand, decision quality is not necessarily influenced by representational category of the information quality. Additionally, the findings suggest that, contrary to consistency, increased information completeness and accuracy significantly improves the quality of the decision. Consequently, not all of the categories of information quality have the same effectiveness for the amelioration of decision quality. The decision maker should pay little or no attention to the amelioration of information consistency and representational information quality. This outcome reduces the cost of information quality improvement considerably.
    Keywords: Decision Making; Information Quality; Information Quality Categories and Dimensions.

Special Issue on: EUROMED 2017 Business Valuation, Change Management and Entrepreneurial Education Managerial Lessons across Industries

  • Customers intention to adopt proximity m-payment services: Empirical evidence from Greece   Order a copy of this article
    by Apostolos Giovanis, Evangelos Tsoukatos, Demetris Vrontis 
    Abstract: The purpose of this study is to analyze the factors that determine consumers intentions to adopt NFC proximity mobile payment services. An extended version of the Decomposed Theory of Planned Behavior (DTPB), a model that incorporates the most relevant theoretical approaches in the mobile payment adoption literature was selected to investigate the consumers adoption process. To empirically test the proposed models nomological validity, data were collected from 513 consumers of mobile internet service providers in Greece and were analyzed using PLS. The results indicated that consumers Attitude about the NFC proximity mobile payment services is the main driver of consumers intentions to use it, followed by their normative, control and risk beliefs. As far as the behavioral intentions determinants structure is concerned, consumers perception about service attributes compatibility and performance (i.e. usefulness, easiness, and reduced riskiness), the availability of knowledge, resources, and opportunities necessary for using the service and the support of the interpersonal and the external social context toward the usage of the technology found to be adoption facilitators. Theoretical and managerial implications, limitations and suggestions for further research are provided at the end of the study.
    Keywords: m-payment; NFC proximity m-payment; technology-based services adoption; on-line consumer behavior; perceived risk; extended DTPB.

  • Organizational ambidexterity, hard power management and smart power management at Amazon, a case study   Order a copy of this article
    by Andrew Schein 
    Abstract: This paper examines the management practices of Amazon one of the most successful companies in the world in the last twenty years. The paper presents first hand reviews from Amazon workers on working at Amazon. The employee reviews indicate that with regard to its blue collar workers, the workers in the fulfillment centers, Amazon follows a hard power management approach. With regard to its white collar workers, the workers in the high-tech units, Amazon attempts to implement smart power management by giving workers the ability to innovate and develop their ideas. This dichotomy is an example of organizational ambidexterity separation at Amazon. However, even by some of the white collar workers, the management practices are hard power management and not smart power management. Most likely, Amazon would be better served if it implemented a smart power management style throughout the company.
    Keywords: Amazon; exploration management; exploitation management; smart power management; soft power management; Jeff Bezos; Taylorism.

  • Evolutions in Manufacturing Cost Deployment   Order a copy of this article
    by Guido Giovando, Chiara Crovini, Stefano Venturini 
    Abstract: The paper investigates the development of Cost Deployment and focuses specifically on the new aspects of this methodology as well as on the tangible benefit it brings within a World Class Manufacturing strategy. The research was conducted through a case study involving a plant of a multinational firm and presents findings regarding two specific research questions investigating the differences between current methodology and previous theories and practices and the ability to track cost savings. Our research suggests that Cost Deployment methodology has evolved from the framework previously developed and it can impact positively on manufacturing firms in terms of overall efficiency and quality. The research has strong practical implications for both managers and entrepreneurs. Future developments of this research are fundamental to test our hypotheses in other organisations.
    Keywords: Cost Deployment; World Class Manufacturing; Management Accounting.

  • SOCIALLY RESPONSIBLE STRATEGIES IN SME: A STUDY IN 6 EUROPEAN COUNTRIES   Order a copy of this article
    by Zhanna Belyaeva, Edyta Rudawska, Yana Lopatkova 
    Abstract: This paper seeks to assess the management practices and to pinpoint drivers of socially responsible strategies for small and medium-sized businesses in food industry in Western and Eastern European countries. The study revealed same features and differences in the CSR practice in SMEs operating in countries with different levels of socio-economic development. The analysis singled factors that influence the application of social responsibility in SMEs at most: the level of depth and agile approach to business performance. The methodology is based on extended 5Ps social marketing index and analyses quantitative data to outline the social responsibility strategy from the SMEs perspective in 6 different countries. The quantitative data have been collected using an online questionnaire collecting 750 entries, which were analyzed using Stata software, and also qualitatively verified. This new assessment approach to the socially responsible concept provides rich material that can be explored to identify correlations between CSR and desired business performance indicators for SMEs.
    Keywords: CSR-strategy; SME; food industry; Croatia; Poland; Russia; England; Germany; Spain.

  • Valuation of renewable energy investments: an explanatory mixed-methods study about applied approaches amongst practitioners   Order a copy of this article
    by Christian Hurlimann, Jasim Alali, Dolores S. Bengoa 
    Abstract: The purpose of this explanatory, sequential, mixed-methods study is to learn about the applied valuation processes for renewable energy investments in order to identify key value drivers and to explore corresponding best practice approaches and/or improvements amongst investment professionals in Switzerland and Germany. The studys inference is obtained by integrating quantitative and qualitative results. The quantitative results are from an online survey of 111 practitioners, and the qualitative findings stem from the subsequent research phase, which involved in-depth interviews with 16 purposefully selected individuals from the pool of participants from the previous quantitative phase, to explore those results in more detail. The applied mixed-methods approach allows us to explore issues and possible improvements in valuation, which would not be possible with a classic quantitative study. Particularly the inference analysis results help to increase the understanding of this complex topic and provide valuable insights into these usually hidden procedures. The results demonstrate that both systematic and unsystematic risks are relevant for performing valuations of the previously mentioned energy investments. Risk preferences and subsequently valuation are clearly influenced by experienced materialisation of risk. Discounted cash flow (DCF)-based valuation is state of the art in this valuation, while encountered risks are adjusted either in the cash flows or in the applied discount rate. The internal rate of return (IRR) approach is the most frequently applied valuation methodology, while the investment market has agreed to apply a simplified flow to equity (FTE) valuation approach. Market participants surprisingly still use the weighted average cost of capital (WACC) of the investing company, in contrast to the recommendation of finance theory, mostly as a basis for defining hurdle rates. Even if more consistent DCF methods such as the certainty equivalent (CE) and adjusted present value (APV) approaches are less known, they could be introduced as complementary methods to conventional approaches for assessing an investments value protection ability and performing an impairment test respectively.
    Keywords: capital budgeting; cost of capital; risk assessment; risk mitigation; non-traded assets; private equity; renewable energy; practitioners; Switzerland; Germany.

  • Big data in SME - Findings of an empirical study   Order a copy of this article
    by Bernd Britzelmaier, Carolin Graue, Matthias Sterk 
    Abstract: The aim of this study is to provide an analysis of the relevance, challenges and potentials of big data analytics for small and medium-sized enterprises (SMEs) in Germany. Big data is a comparatively young topic and the literature indicates that little research has addressed big data in SMEs in a German context. Given the lack of knowledge in this field, this paper follows a rather explorative approach. Based on literature review there is a research gap for SMEs in terms of relevance of big data analytics, of affiliated challenges and risks as well as opportunities and potentials and responsibility issues. Following a multi-perspective approach, twelve experts with various backgrounds were interviewed in order to get a holistic view of the topic. Half of them are employed in SMEs, whereas the other six experts come from external consultancies and academic institutions.
    Keywords: Big data analytics; small and medium-sized enterprises; SMEs; relevance; challenges; potentials; Germany.

  • Venture Capitalists and the internationalization of International New Ventures Portuguese Case Study   Order a copy of this article
    by Paulo Ribeiro, Raquel Meneses 
    Abstract: Internationalization is widely believed to be a very relevant dimension in companies across countries. Nevertheless, operating abroad might not be easy for new ventures. This study approached Venture Capitalist (VC) intervention in these firms. It comprises two main points of view: the VCs perspective and that of the INV. According to the VCs, industry knowledge, prior international experience or syndicated investments are some of the VCs most important characteristics operating abroad. However, for INVs, the VCs support is not considered important overcoming the international constraints, since there are no significant differences between backed and non-backed firms. There are a dissonance between what VCs believe are offering and what backed-firms are getting from this support. Nevertheless, this work includes a contribution of the changes in the backed firms management team and the industry experts role on the board. These changes are associated to the degree to which internationalization occurs in companies.
    Keywords: venture capital; internationalization; international constraints; VC intervention; Venture Capitalists; New International Ventures; backed firms; non-backed firms; financial support; strategic support; industry experts.

  • NETWORKED ESTABLISHMENT PROCESSES IN TRANSITION ECONOMIES   Order a copy of this article
    by Aihie Osarenkhoe, Daniella Fjellström, Desalegn Abraha, Gabriel Awuah 
    Abstract: The purpose of this article is to examine the establishment processes of Scania in Croatia and Statoil in Estonia applying a model developed from the network approach. The findings show that Statoils ability to leverage significant actors in its network to support its establishment made the process less cumbersome and less resource-consuming. Scanias lack of home- and host country support, on the other hand, resulted in an arduous and costly process, with its market position changing several times as different problems cropped up. We also found that relationship orientation requires adaptation by the firm and, more critically, by its managers. A lack of cross-cultural competence is also observed to be an impeding factor in the process.
    Keywords: networks; establishment processes; actors; resource exchanges; transition economies.

Special Issue on: Triple Helix Dynamics for Innovation and Regional Growth

  • ANALYSIS OF THE RESEARCHER   Order a copy of this article
    by Nuria Calvo, Sara Fernández-López, Maria Jesus Rodríguez-Gulías, David Rodeiro-Pazos 
    Abstract: This paper advances the study of the researcher
    Keywords: researcher´s motivators; triple helix; research groups; university-industry collaboration; Agency Theory; Spain; France; Portugal; science commercialization; research budget; scientific quality; field of science.

  • Agricultural Entrepreneurship and the Financial Crisis   Order a copy of this article
    by Claudia S. L. Dias, Ricardo Rodrigues 
    Abstract: This paper aims to analyse the influence of the recent financial crisis, that began in 2008, on European agricultural entrepreneurship, given the impact of the crisis on European economic activity and the lack of studies on agricultural entrepreneurship. Using individual-level data from the Total Early-Stage Entrepreneurial Activity for the European agricultural sector in 2007 (before the crisis) and 2012 (after the crisis), taken from the Global Entrepreneurship Monitor, we investigate whether the financial crisis changes the role of motive, demographic and economic factors (gender, age, education, household income) perceived characteristics (opportunity perception, self-confidence, fear of failure, meeting other entrepreneurs) and innovativeness (clients, technology, competition). This study includes 22 European countries and the results allow us to conclude that the role of these variables is changed by the crisis, except for the role of gender, to meet other entrepreneurs, customers and competition, which may reflect specific characteristics of the agricultural sector.
    Keywords: agricultural entrepreneurship; entrepreneurship; agriculture; financial crisis; Europe; GEM.

  • ROLE OF THE TRIPLE HELIX IN THE ECOSYSTEMS FOR TECH START-UPS IN INDIA: A GAP ANALYSIS   Order a copy of this article
    by M.H. Bala Subrahmanya 
    Abstract: Tech start-ups and their entrepreneurial ecosystems are assuming increasing global attention, particularly from policy makers and empirical researchers, alike. If entrepreneurial ecosystems have to be promoted for an accelerated birth and growth of tech start-ups, it is imperative to understand its structure, essential components and the gaps, if exist. Against this backdrop, this article attempts to ascertain the gap between an ideal ecosystem and the prevailing ecosystems and its causal factors, based on four-stage interactions with ecosystem stakeholders (by means of Delphi technique application) in Bangalore and Hyderabad, in India. The hierarchical regression analysis results brought out the fundamental but inadequate role of the Triple Helix followed by tech start-ups, five indispensable components, three supplementary components, and the level of interactions as the factors contributing to the overall gap prevailing in the two start-up hubs.
    Keywords: Start-ups; Triple-Helix; Ecosystem; Entrepreneurship; Gap; Bangalore; Hyderabad; India.

  • Effectiveness of Regional Biotechnology Clusters to Support Innovation Activities: Case of BioTech Cluster in Russia   Order a copy of this article
    by Dina Williams, David Tsiteladze 
    Abstract: The purpose of the study is to evaluate the level of development of support infrastructure in regional biotechnology clusters in Russian Federation. The paper revealed an immature nature of the support infrastructure which inhibits innovation in biotechnology companies. Based on findings of the research, the paper offers a conceptual framework of organising regional biotechnology cluster under underdeveloped severe market failure in support infrastructure. Although paper focuses on regional clusters in Russia, the implications of the study have significance to scholars in better understanding the nature of biotechnology development in Russia. The developed framework could be utilised by policy makers in regions with underdeveloped market conditions.
    Keywords: Regional Biotechnology Cluster; Technology-based Entrepreneurship; Regional Innovation Systems; Venture Capital; Innovation Support Infrastructure.

  • Towards Combining the Triple Helix Concept with Competence-Based Approach of Educational Management Theory   Order a copy of this article
    by Leyla Gamidullaeva, Sergey Vasin, Galina Surovitskaya 
    Abstract: The purpose of this study is to find ways of combining the concept of the Triple Helix of university-industry-government relationships with competence-based approach of university management theory. The methodological framework is based on a number of theoretical provisions, which integration allowed to substantiate the concept of improving mechanisms of master students research competencies formation in universities. Correlation analysis with the use of datasets characterizing the effectiveness of the mechanisms of research competencies formation was carried out. The approach to improving master students research competencies, presented in this research, is in line with the world and national trends of development in higher education sphere, which creates assumptions for the shift to the new quality of training competitive staff for regional innovation systems. The obtained research results are of interest to the regional development authorities, because they may be incorporated into management practices to improve the efficiency and competitiveness of regional innovation systems.
    Keywords: research competencies; MS students; Triple Helix; educational management; regional innovation system; core universities; collaborative business model.

  • The new triple-helix policy of Lombardy region: evidence from nine innovation clusters   Order a copy of this article
    by Jessica D. Giusti, Stefania Ferrario, Federica Belfanti, Fernando G. Alberti 
    Abstract: Innovation clusters represent a concerted effort to bring together research, industry and government in line with the triple-helix framework. Clusters affect and are affected by their regional context where they are located. From this perspective, clusters are regarded as an integral part of regional innovation systems. A regional renewal based on innovation clusters may end up into incremental change, diversification or radical change and may involve the regional government, regional clusters association and cluster organizations. Nevertheless, little is known about how regions drive the implementation of renewal policies based on innovation clusters, differentiating among regional development paths and levels of regional governance. Hence we collected data according to an embedded comparative case study research design on Lombardy region, where the regional government promoted a triple-helix inspired policy of implementing nine innovation clusters. Findings have both conceptual and policy implications with regard to triple-helix, clusters and regional innovation systems.
    Keywords: triple helix; innovation; cluster; region; regional innovation system.

  • Supporting the regional development in the knowledge economy: the adoption of a system dynamic approach in Ghana   Order a copy of this article
    by Pasquale Del Vecchio, Nana Boakye Oppong 
    Abstract: The adoption of a systemic and dynamic approach to innovation is a significant feature in the scientific and institutional debate on regional development in the knowledge economy. The innovation ecosystems arise as suitable environment to address the challenges associated with the competitiveness of national systems as well as their successful positioning in the geography of innovation. Thus, the need for pragmatic policies and effective collaborations of Government-University-Industry as stipulated by the Triple Helix Model is fundamental in ensuring sustainable growth. However, the dynamic comprehension and foresight of alternative evolutionary paths available are a further challenge for scientists and decision makers, called to afford the complexity and turbulence of a socio-economic context in continuous change. This becomes largely challengeable if applied to developing countries that are in the meantime involved in implementing policies on structural development. Aimed at contributing to the discussion on the knowledge-based development of countries, the paper focuses on Ghana as an empirical context of analysis. Starting from the evidences on the gaps of competitiveness emerging from the analysis of the Global Innovation Index (INSEAD, 2014), the study debates the huge disconnects among the major actors in the Ghanas innovation ecosystem. The adoption of system dynamic approach, based on the usage of VENSIM, a recognized modelling tool, will explore the impact of the interactions between academia (university) and industry (market), by highlighting areas of causality, relationship and addictions.
    Keywords: Innovation System; System Dynamics; Ecosystem; Knowledge Based Economy; Triple Helix.

  • Innovation Centres as Anchor Spaces of the Knowledge City   Order a copy of this article
    by Arnault Morisson 
    Abstract: Since the late 2000s, collaborative spaces have been emerging in post-industrial cities around the world. A recent trend in collaborative spaces is the concept of the innovation centre. The paper defines innovation centres and investigates their role in the making of the knowledge city. The research methodology uses a multiple case study in which three cases were selected: Barcelona Growth Centre in Barcelona (Spain), Ruta N in Medellin (Colombia), and Station F in Paris (France). The case studies were selected for the purpose of generalizing findings about the concept of an innovation centre. Innovation centres are collaborative spaces that cluster diverse knowledge-based actors, namely private companies, entrepreneurs, public institutions, and universities, within the same building. Innovation centres provide a wide range of amenities in order support face-to-face interactions and the spread of tacit knowledge. This paper finds that innovation centres are initiatives that participate in the making of the knowledge city.
    Keywords: innovation centre; knowledge economy; open innovation; triple helix; creative city; innovation district; urban regeneration; cluster.

  • NEW AND GROWING FIRMS ENTREPRENEURS' PERCEPTIONS AND THEIR DISCRIMINANT POWER in EDL COUNTRIES   Order a copy of this article
    by Maria De Fátima Pilar, Mariana Marques, Aldina Correia 
    Abstract: This work aims to analyze entrepreneurs perceptions about conditions to create new and growing firms and their significance in the Economic Development Level (EDL) of countries. To address this research thematic Global Entrepreneurship Monitor (GEM) project, in particular, the dataset NES_2013 was considered and multivariate statistical analysis tools are used. First, a factor analysis was done to group the variables related to entrepreneurs perceptions about conditions to create new and growing firms, in order to understand which of these variables are more relevant, grouping them into factors, in order to reduce the variables and be easier to work with. Through this analysis, eight factors were obtained, which are a bit towards meeting the Entrepreneurial Framework Conditions (EFCs) defined by GEM. Next, a discriminant analysis was carried out to find out, which variables (considered in the previous analysis) contributed to economic development of the countries, taking into account the entrepreneurs perceptions. Thus, taking into account the level of development of the country and the environment in which it is uncertain, different factors will contribute to its growth and development. With the use of this analysis, it was funded that approximately 55.2% of the data analyzed were correctly analyzed, concluding that there is statistical evidence that confirm that the levels of economic development are distinguished by the perceptions of entrepreneurs about new and growing companies.
    Keywords: Global Entrepreneurship Monitor; Entrepreneurship; Economic Development Level; New and Growing Firms; Entrepreneurs'; Entrepreneurial Framework Conditions; Economy Countries; Firms.

  • University spin-offs and triple helix dynamics in regional innovation ecosystems: A comparison of technology intensive start-ups in Sweden   Order a copy of this article
    by Jonas Gabrielsson, Diamanto Politis, Anders Billstrom 
    Abstract: This study offers novel insights into how university spin-offs contribute to triple helix dynamics and the evolutionary processes of industrial renewal in regional innovation ecosystems. We analyse three groups of technology intensive start-ups: university spin-offs, corporate spin-offs, and independent technology start-ups. We compare and analyse various characteristics, functions, and processes among the three groups using primary data from a questionnaire survey conducted at 341 young firms operating in two technology intensive sectors in Sweden. Our findings suggest that university spin-offs differ from the other two groups with respect to their contribution to triple helix dynamics in regional innovation ecosystems. University spin-offs cooperate more closely with universities, conduct more in-house R&D, purchase more R&D services, and offer more innovative products/services in the introduction stage of their industry life cycles.
    Keywords: Entrepreneurship; technology-intensive start-ups; triple helix dynamics; regional innovation; university spin-offs.

  • National, regional or industrial explanation for firms deaths in the European Union since 2010 until 2014 a shift- share application   Order a copy of this article
    by Kseniia Shinkarenko, Alcina Nunes, Tatiana Khvatova 
    Abstract: The concept of business closure is one of the most important in business demography. Traditionally, firms closure has been associated with regional factors. Still, a region can have different from the nation aggregate rate of activity because it has a different mix of industries and/or because it enjoys comparatively more favourable local conditions. Thus, business closure may be driven by the business cycle, industrial composition as well as a regional advantage. So, the present work is dedicated to analyse the factors that may drive business closure in European Union countries between 2010 and 2014, and to find out which of them has/have been the most important one(s). For this purpose, a shift-share decomposition analysis of business closure will be applied. The results proved that regional component had the highest impact on firms deaths during the investigated period of time for almost all countries included in the analysis
    Keywords: business demography; firm deaths; firm closure; shift-share decomposition analysis; national component; industrial component; regional component; manufacturing; services; construction; European Union.

  • Strategies and obstacles for marketing innovation activities   Order a copy of this article
    by Aldina Correia, Vitor Braga, Ana Machado, Alexandra Braga 
    Abstract: The recognized importance of innovation and their role in competitiveness of firms is well known. Marketing innovation is one aspect of the general innovation process and, as such, deserves to be explored. Based on a sample of 6840 Portuguese firms which replied the 2012 Community Innovation Survey, multivariate techniques (Factor Analysis and Multivariate Linear Regression) have been used to measure the factors associated with main strategies and obstacles of marketing innovation, in order to better understand the role of marketing in firms innovation processes. Our results suggest that the majority of Portuguese firms display a limited marketing innovation strategy, with some focusing on innovation in design or packaging, product promotion, placement and pricing. Five factors were found associated with main motivations and obstacles for innovation processes: costs; improvement of goods or services and cooperation; internationalization; market-related motivations; and financial issues. In addition, our results also suggest that marketing innovation is, mostly, explained by one of the firms motivations: the improvement of goods or services and cooperation.
    Keywords: Innovation; marketing innovation; Motivations; Obstacles; Factor Analysis; Multivariate Linear Regression.