Volume: I, Issue: 2, 2013
| Forecast Bias and Analyst Independence|
Abstract: This paper examines the accuracy of equity analysts who provide earnings forecasts for European companies. We find strong evidence of institutional bias in analysts’ forecasts, specifically, when analysts move between sell-side employers and independent employers, they issue more accurate forecasts while they are employed by independent firms. Moreover, these differences persist when we hold constant the set of firms these mobile analysts research. We find statistically significant differences in the forecast accuracy of sell-side and independent analysts. The optimistic bias of sell-side analysts appears to be related to underwriting activity. Analysts employed by lead underwriters produce less accurate forecasts for newly public companies than do either buy-side or independent analysts. The optimistic bias persists for a five-year period following an IPO.
| Does Consumer Buying Behavior Change During Economic Crisis?|
Abstract: Understanding of consumer buying pattern plays the most important role in the success of any business organization. Hence, the core behaviour of consumer is also of great importance and significance for a successful marketing experience and financial affluence. However, consumer purchasing behaviour can vary severely and has a very intricate trend. Consumer buying behaviour has been attracting the studies and interest of a large amount of academician for a long time. The current financial downturn had a huge influence on the economic and social aspects of consumers around the globe. Different behaviour has been shifted through different level of economies, one of which, the Indian culture purchasing pattern. For this reason, this research is aimed to focus on the changing trends in consumer buying behaviour in the present global business crisis. This paper outlines at first, a portrait of the new consumer, highlighting its main features, derived primarily from the need for authenticity, which distinguishes it from the so called traditional consumer. Global economic crisis, which turned out to be not only a financial crisis, but also one of capitalism, the new consumer behaviour has encountered a series of changes. This paper also analyze the results of some research realized in different countries in the recession period in order to highlight the main changes occurred in the consumer buying behaviour and to draw a portrait after the economic crisis.
| The Sticky Cost on Greek Food, Beverages and Tobacco Limited Companies|
Abstract: The cost behavior is one of the most important aspect of the analysis of businesses profitability. The traditional model of study of its behavior requires strict proportion with the level of activity, something that is not shared by modern studies. To understand better the behavior of asymmetric cost, our work examines the behavior of the Greek retail food, beverages and tobacco companies. We studied 438 limited companies for a period of 12 years, and noticed that a 1% increase in sales, leads to an increase of 1.011% of the cost, while the corresponding reduction lowers the cost of sales by 0,905%. The industry addressed by our study, has a direct relation to all households. So, it is important the industry to be studied further, in order to give more opportunities and benefits for consumers and state. Last,, future studies can use our study in an attempt to understand better the behavior of asymmetric costs.
| Analysis of Key Obstacles and Problems Faced by Municipalities and Their Citizens: An Empirical Investigation in the Municipalities of Greece|
Abstract: The primary aim of this research is to investigate and observe phenomena and views related to issues concerning Greek municipalities, such as the problems they face and how they tackle them. So this study presents the descriptive measures of questions in a questionnaire that was sent to the entire sample of Greek municipalities – characterized in this way with considerable heterogeneity - and an attempt is made to locate differences as well as similarities between them. The questionnaire used to collect data is made up of closed-ended questions. More specifically, the questionnaire examined the views of Mayors in each Municipality as regards: (a) the biggest problems faced by the citizens in their Municipality, (b) the biggest personnel problems faced by their Municipality, and (c) the biggest administrative problems faced by their Municipality. The aim of the empirical analyses carried out is to draw useful and representative conclusions on issues concerning deficiencies and problems in municipalities.
| The Role of the Accounting and Audit Standards in the Globalization Process|
Abstract: The audit rules are necessary, they being able to be useful as much for the auditors and for the audit beneficiaries. For the auditors, the rules make first of all a support item, a guide or a support in applying the methods, techniques, procedures and second of all a support and justification item, for the case where difficulties show up. In what regards third-parties, these will be assured that the audit is made by unitary criteria, no matter by whom it is made.
| An Organizational Systems Perspective to Business Process Modeling in Small to Medium Enterprises (SMEs): a Case of Food Production*|
Abstract: Taking an organizational systems perspective, this paper presents a review to business process modelling and examines the case of food manufacture in a Small to Medium Sized Enterprise (SME), which operates in Cyprus. As a result of the modelling and analysis carried out, areas of concern, issues and opportunities are identified and explored taking into consideration the current business environment of the SME, by focusing on the decision making processes of the production and scheduling activities. The knowledge gained from the modelling effort provides a deeper understanding of the operations and interrelationships between important processes such as “Make”, “Buy”, “Sell” and “Manage”. This proves to be useful for the effective re-design of a production/scheduling decision support system in the particular firm but it also represents the first step towards for the long term development of a generic framework for managerial decision making which takes into consideration the limitations and particularities of manufacturing SMEs.
| A Microeconomic Approach of a Company’s in a Competitive Environment|
Abstract: The strategic analysis is the process of identifying an organization's middle and long run position in relation to the external environment, its internal resources, the shareholders’ skills, desires and influences. The essence of the competitive strategy consists in choosing a chain of activities different, mainly in structure, as qualitative features, from that of the competitors. If the same set of activities had been sufficient for producing all the products/services of the field of activity, meeting all the needs and solving all the problems regarding client accessibility, the operational efficiency would have been the factor that determined the company’s profitability and/or a different execution from that chosen by the competitors for the same value chain. Market research provides the firm with information regarding the markets as a whole, or market segments with the best prospects, the price levels accepted by the market, the ways of distributing the products on the market, promotional actions, etc. Equally important for grounding the strategy are the macroeconomic forecasts, the field projections and the policies of the bodies regulating and supervising insurances. The overall organizational strategy would reflect the requirements of the national economic strategy, the strategy for Romania’s integration into the European Union, in this case. This provides the guidance of the organization’s development in accordance with the main macroeconomic developments foreshadowed for the following period. The analysis focuses on Petrom S.A., the largest company in Southeast Europe, whose market penetration force and market sustainability are largely due to the European management implemented by OMV, as Petrom S.A. is part of the OMV European structure.
Volume: I, Issue: 3, 2013
| The Impacts of a CSR Cultural Event Measured Felt Far Beyond the Financial Results|
Abstract: With this work we aim to present a case of Corporate Social Responsibility (CSR) in the historic, disadvantaged part of the city of Funchal. The mission is based on the biennial organisation of a cultural event: “ON Fusion Art by Porto Bay”. Over three days a group of people from the Porto Bay Group puts together a cultural event with the voluntary participation of a group of local, mainland and international artists from different artistic areas and the resident community in the historic and disadvantaged part of the city, achieving an increase in the population's self-esteem and raising a significant sum of money which is donated to charitable causes. The study explains the genesis of the idea and the motivation behind it followed by the stages of publicity management for the event and concludes with the results of the impact the CSR initiative beyond its financial objectives.
| Risk Assessment in the Context of Internal Audit in Greek Listed Companies at Athens Stock Exchange|
Abstract: The objective of this paper is to highlight the strength of risk assessment within the framework of internal audit and the value could be added to modern enterprises, through its role, as a major component in modern corporate governance. Reviewing literature we concluded in applying four logistic models (logit regression), using three sets of variables for fiscal year 2010. According to our estimations, risk assessment within the framework of internal audit is positively affected by the existence of a risk management committee, the board of directors' size, the percentage of non-executive members of the board, compliance risk and environmental and security risk. These findings are partially consistent with literature. In addition, it is not affected by any other kind of risk, entity’s size or subsidiaries and affiliated companies which do not match with literature. Possible explanatory factors could be either, that Greek Listed companies may be staffed with law skilled executives, or the rapid fall of the index in Athens Stock Exchange, after global recession of 2008. As far as we know there is no other research for Greek firms in risk assessment within the framework of internal audit. So, this paper contributes to research in this field.
| The Development of Tertiary Education in Greece: The Determinant Factors|
Abstract: From the 1950s onwards, there has been a sharp increase in the number of students studying at higher education institutions both at European and global level. By 2000 in the developed countries of the West such as Sweden, Canada and the USA, 85% - 90% of the population aged between 18 and 24 studied in post-secondary educational institution. This development could be attributed on the one hand to the role of the Welfare State and in particular the provision of free education and on the other, to the broader transformation of the global economy and the consequent emergence of demand for employees, white collars workers rather than blue collar ones. Greece has also exhibited a growth in the demand for higher education especially after the 1970s. During that period the expansion in the number of University and Technological Institutions was accompanied by a considerable increased tendency for students to study abroad in Europe and the USA. Indicatively, until recently Greece maintained the largest ratio of students over population studying abroad internationally. The causes are more of social rather than economical origin. The purpose of this paper is to investigate the factors that determine the phenomenon of increased demand for further studies in Greece. Furthermore there is an attempt to evaluate public as well as private expenditure as these emanate from the National Accounts and also household surveys. Moreover there will be an attempt to evaluate if the theory of Human Capital, regarding the return of investment, constitutes a critical factor to the decision for education.
| The Effectiveness of a Law and Society’s Affluence: The Paradox of Cyprian Legislation’s Reform|
Abstract: The purpose of this research is to show and to analyze the problems that appeared after the Cyprus legislative change οn the 1st January 2003 and mainly to point out the reactions of the shareholders of the off - shore companies, due to the changes of the tax legislation. Our theoretical model considers that a law in the Capital Market is effective, if it increases the expected social prosperity. In our analysis we examined the Bayesian model approach of the effectiveness of the law whose base was to analyze the data supports of the opinion from the asked company consultants.
| Way of Banking Development Abroad: Branches or Subsidiaries|
Abstract: The purpose of the study is to show what kind of risks would have emerged for bank depositors if there are economical and political risks in a given country. For example, as is the case with the crisis in Greece, a threat or salvation for the banking organizational forms abroad exists regarding which type of bank development is more efficient, branches or subsidiaries. Respectively why do the big banks prefer to operate through branches and those which are focused on retail sales through subsidiaries? What impact could the political and economic risks have on the required reserves on the parent bank? Does the decision depend on the applied organizational form of the bank or on other reasons?
| Corporate Social Responsibility and Sustainable Development|
Abstract: Corporate social responsibility (CSR) meaning the active and voluntary contribution of firms to enhance welfare, is achieving a greater importance in Business administration as an intangible asset which management generates competitive advantages and promotes sustainable development. This work indentifies similarities between CSR management and Intellectual Capital management, this one meant as those activities which help us to manage the knowledge of the firm. Our aim is that firms understand the importance of considering CSR as a corporate strategy that enhances the value of the organization, and that they become conscious about its efficiency and efficacy.
| Value and Governance of the Brazilian Corporations: How is the Relationship between these Variables?|
Abstract: This study estimated the quality of governance practiced by a significant sample of Brazilian publicly traded companies between 2002 and 2006, and related it to risk, performance and value. An index composed of twenty questions, with all answers in binary form, was constructed to measure the quality of governance. Hausman test was used and the results showed endogeneity between governance and value. Afterwards the structural equations method was applied and constructed several models involving the relationships among governance; performance measured by roe (return on assets) and ets (ebit-to-sales); risk measured by the wacc (weighted average cost of capital), and value measured by mts (market-to-book sales) and mtbv (market-to-book value). Statistically significant results between higher levels of governance, lower risk, better performance and higher value were observed.
Volume: I, Issue: 4, 2013
| Feasibility of the Development of Cruise Terminal in Lavrio Port under Concession Scheme|
Abstract: Cruise industry is an economic activity experiencing a noticeable growth during the last years worldwide. The efficient exploitation of existing ports and related infrastructures for the development and expansion of this tourism segment of the Greek economy can provide multidimensional benefits. This paper examines the fundamentals qualitative parameters of the port of Lavrio in order to be established as a cruise terminal, decreasing Piraeus port congestion. Efficient cooperation between public sector as owner of infrastructures and private entities providing knowledge and know how in cruise industry can produce high quality services for the clients, ensuring Value for Money and profit maximization for the involved parties. The paper examines the potential for the development of a home port in Lavrio via concession agreement and presents the major parameters that should be evaluated from the public sector for the selection of the optimal bidder. This case study is evaluated in order to examine the feasibility of the investment for the private sector and the potential benefits for the public sector, under specific assumptions under the case study scenario.
| A Theory on the Urban Rural Migration|
Abstract: The internal migration consists one of the major problems that a geographical region faces during the transition process from the traditional way of production to the modern one. Therefore it attracts wide attention in contemporary literature. The purpose of this essay is to prove first of all that the rural urban migration process – contrary to the neoclassical doctrines- cannot be analyzed in the absence of the economic development and the formation of primitive accumulation concepts. Second -contrary to the classical and neoclassical doctrines and the considerations developed in the context of Marxist theory – the migration operates in a selective way. The population surplus does not move (the marginal person according to the academic theory), on a contrary the typical peasant is driven out (or the middle worker), leading to several economic and social consequences for the rural areas. The causes stem from the fact that migration is a non-harmonic mechanism. In latest stages the development of the modern sector (industries- services), via exploitation of agriculture (appropriation of ‘produit net’), destroys the traditional way of life in the mainland (in which rationalism is being “introduced”), while the appearance of development poles makes the cities attractive to rural population. The two factors pulling– repulsion are dialectically associated, having as a result the impressive urbanization of the recent years.
| Teacher Motivation and Job Satisfaction in Greek Primary Schools|
Abstract: The main aim of this paper is to examine the views of primary education teachers, in relation to both the prioritisation of the significance of specific factors related to the satisfaction of teachers, and to the determination of the degree of significance of the parameters that contribute to their motivation in their workplace, as well as in relation to the determination of the extent to which specific work factors contribute to their disappointment at work. The findings of this research point to the conclusion that the majority of respondents place the factors related to support on behalf of the school management, observance of the school's rules of operation, and the existence of an internal operating regulation as the top three priorities. In contrast, the existence of a written school development plan and social recognition rank last in the respondents' priority list. Moreover, it is established that the motivation of teachers is linked primarily to internal factors of professional satisfaction, among which the most important are the respondents' interest in their work, work-related creativity and freedom of action. Finally, it is concluded that the main factors of respondent disappointment in their work are mostly exogenous and are identified as the lack of appropriate material infrastructure, insufficient funding of school units and lack of satisfaction in their earnings.
| Consumer Purchase Behaviour for Green Products|
Abstract: Purpose: The concern for climate change and global warming is increasing at global level which results in stimulating the interest of firms toward environmental protection and sustainable development. Many firms have started developing green products to meet the demand of environmentally conscious consumers. These firms are now interested in finding the determinants of environmentally conscious consumers’ behaviour in order to develop effective marketing strategy to ensure the green purchase commitments. Methodology: Demographic factors, psychographic factors, environmental awareness, environmental concern, price & quality of the green products, Perceived Consumer Effectiveness (PCE), environmental attitude, information, promotional activity, and availability, are major factors in motivating one’s behavioural change to engage in environmental behaviour. These factors have been tested in the past, but they have never been tested together in the context of green purchase behaviour of consumers in Central India. Therefore, this paper reviews the conceptual and empirical literatures of the abovementioned variables in explaining the green purchase behaviour. To indentify the factors which influence the consumer purchase behaviour for green products, factor analysis has been used. Data Collection: And convenient sampling method was used to collect the data from the five major cities of Madhya Pradesh. Over 650 questionnaires were circulated out of which a total of 390 questionnaires were considered for the final research purpose with 5 % error of margin and 5 % level of significance. Finding: The research has came out with seven major factors, (1. Awareness & Concern, 2. Price & Quality, 3. PCE, 4. Information, 5. Attitude, 6. Promotional activity, and 7. Information), which influence the green purchase behaviour in central India.
| The Financial Development of the Greek Apparel Industry during the Crisis|
Abstract: The difficult economic situation the country faces and the prolonged economic recession led to further contraction in consumer demand. In this economical reality the average reduction in turnover of clothing industry in many cases exceeds 30%. The competition within the industry will intensify over the next years and as a result the market will retain either large companies with high cash ability of funds and wide sales network, or small and flexible, which target to a specific consumer's market (niche markets).Within this context, many companies of clothing industry proceeded in the closure of their stores in the last year.
| The Attribute of Compatibility between the Process of Organization and the Function of Human Resources|
Abstract: The evolution of the organizational forms has seen quite dynamic in recent years, registered trends being observed in the enterprise subsystems. The human resources function, a subsystem in continuous development since the 1990s, is subjected to changes such as decentralization, hierarchical reduction and resizing, as a consequence of its missions delegation both inside and outside the organization. Approach: These changes are exacerbated by the emergence of new techniques of information and communication (NTIC), which change the context in which human resources function evolves. The need to adapt the development of human resources function to the enterprises’ strategy causes a strategic alignment requirement. Results: The functions' content will also be modified, in the direction of what may designate e-Human Resources, characterized by the increasing role of the Intranet, the use of the NTIC in supporting activities such as e-recruiting and e-learning. Conclusion/Recommendations: The article highlights the need for consistency between the process of organization and the function of human resources, the necessary compatibility in the sense that it is not possible to examine the evolution of an enterprise independent of the characteristics of the enterprises the organization is part of.
| Entrepreneurship and Local Sustainability: Is There any Relation? A Case Study in the Region Vale do Sousa|
Abstract: Is there a relation between entrepreneurship/intrapreneurship and local sustainability? The studied region (Vale do Sousa North of Portugal) presents very low levels of entrepreneurship but the results for local sustainability are very interesting. Results are based on a questionnaire presented to 251 firms. Most firms (59%) present a low level of entrepreneurship, the same percentage present a good level of sustainability and 37% a very good level. This means that firms might be more concerned with local sustainability than firm sustainability. On entrepreneurships analyses proactively got an average result of 3,49, innovation 1,27 and risk propensity 1,06, (1 to 5 linker scale). These results lead to an inexistent relation between entrepreneurship and local sustainability.
| Learning Styles as a Fundamental Improvement Factor of Learning Quality|
Abstract: This study made a fundamental consent: that all learning and teaching styles are key factors in setting up programs that will advance the quality of the learning process. In this context, the aim of this study was to establish the basic principles, concepts, criteria and specifications of learning quality based on Kolb’s model of learning styles, which , it has been assumed, not only has a diagnostic application, but it also has a practical utility. The proposed approach to the improvement of the quality of the learning process, having considered all learning styles of those educated (i.e. all learners), sought to compile an individualized learning method through a clear acknowledgment of the goals and the results of learning in the frame of a holistic approach; this approach combines the goals, the context, the methodology, the evaluation and the progress of those educated.
Volume: II, Issue: 1, 2014
| Land and Capital Accumulation in Greek Agriculture by Region (1950-2010)|
Abstract: After the liberation (1828) the land that belonged to the Turks became state-owned land. A large part of the state’s revenue was covered by the rent. The distribution of national domain, as it was called; in the year 1871 solved the problem that arose by the farmer’s discomfort against the state-landlord. A new important issue arose by the adaptation of Thessaly (1881), where the Turks when they were leaving, sold their land, often for very low price, to Greek capitalists. Thus, the manors appeared. This issue took tremendous dimensions at the beginning of the 20th century with the villagers’ riots at this region. After the Balkan Wars (1912, 1913) and World War I the annexation of Macedonia, Epirus and Thrace, where domains prevailed, inflated the problem. The entrance of the refugees after the Asia Minor disaster (1922) led the governments to extended land consolidation. In order to multiply the farming lands, at the decade of 1930, large productive works were carried out in northern Greece (drainage of lakes, ponds etc.). After World War II the program of land-improvement works was accelerated and as a result the number of irrigated lands was significantly increased and the cultivated land differed, while the plantations expanded very quickly. During 1950 to 80 through subsidy loans by the public Agriculture Bank, a modernization of agriculture was attempted (mechanization, improved seeds, pesticides etc) and restructuring of farming was partially achieved. The aim of this paper hereof is double: Firstly, it seeks to investigate, something which does not exist in Greek bibliography, what was the value of the land, in relevance to the capital accumulation, not only in the whole country, but also per prefecture and secondly, which was the contribution of the land improvement at the growth of the product. The data arose from long-term investigation of authors over the subject of framing the agriculture economy sizes and the method was based on the archives consultation.
| Analyze Female Entrepreneurship: Evidence from Greece|
Abstract: The aim of this paper is to identify the profile of existing female entrepreneurs in Greece, highlight their main characteristics, and interpret their beliefs in relation to their entrepreneurial and personal life. To this end we conducted an on-line national questionnaire survey from November 2012 to January 2013, using a sample of 300 women entrepreneurs. The main findings indicate that the majority of the participants feel strong, successful, proud and well respected due to practicing entrepreneurship. However, despite their great potential in becoming successful entrepreneurs, they also reported fears related to the entrepreneurial reality. Further, most of them expressed guilty feelings for the limited time they devote to their families. Also, almost half of them stated that entrepreneurship has no gender thus implying that the debate on women’s entrepreneurship is outdated. 70% of the sample stated that economic crisis will bring out more women entrepreneurs despite the realized risks associated with new business ventures. Finally, the limitations of this work and policy implications are discussed.
| Developing Supported Health Tourism Cluster for High Quality Tourism of BRIC in Active Beach Group of Thailand|
Abstract: This study focuses on promoting high quality tourism from BRIC, specifically. The Thailand Tourism Department plans to support the development of this market. The eastern Thai provinces, have great tourism potential--Thailand Tourism Cluster (TCC), Active Beach. These provinces offer numerous, varied and unique activities to the tourist. The Thai Government has the budget for development, growth and improvement of tourism to high revenue potential for the health tourism industry and local community economies, in general. All parties received opportunity for all involvement in the process of drafting the strategic plan that would be recognized and applied in practice. The plan, as developed, recognizes that Thailand is an attractive target for high quality tourism. Health tourism development may have many beneficial consequences, both economic and environmental, for a destination. Research driven cluster is a development of a model to promote health-oriented, participatory and sustainable to cater to the provinces in the active beach.
| The Implementation of Inclusive Education and Problems Faced by Teachers in Teaching in Inclusive Education Provider Kindergarten|
Abstract: This study aims to find out the problems faced by teachers in teaching. The study was conducted on July 2012 to December 2012. The research subjects were teachers teaching in inclusive kindergarten. The design of this study was a case study using a qualitative approach. The data were collected using questionnaires, interviews and documentation. Data analysis was conducted during the data collection and after data collection. The research results showed that in general, teachers who taught in inclusive kindergarten did not have knowledge regarding children with special needs, did not have experience dealing with children with special needs, the lack of teamwork, being unable to create good learning in the classroom, the number of students who were too big, the curriculum used was not appropriate with the learning needs of children with special needs, teachers had never had training and workshops on the development of an inclusive classroom, and being unable to develop learning materials related to inclusive environment. As a result, teachers had difficulty in planning the teaching, implementing, and evaluating students’ learning outcomes.
| Business Relationship Framework in Emerging Market: A Preliminary Study in Indonesia|
Abstract: This paper explores business relationship framework between two companies. In this research, we use relationship marketing and transaction cost as frameworks to analyze business relationship of two different kinds of companies in Indonesia, oil company and hypermarket. Gronroos (1994) defines relationship marketing is establishing, maintaining, and enhancing relationships with customers and other partners, at a profit, so that the objectives of the parties involved are met. This is achieved by a mutual exchange and fulfilment of promises. This definition is a key to analyze the relationship of retailer and their supplier. In the other side, Williamson (1980) argued that relationship in business organization based on their economic interest. This approach known as transaction cost approach. In this kind of relationship, business organizations consider cost and benefit of business relationship. We use qualitative method in this research. The design of the research is case study with multiple cases proposed by Yin (1994). In this case study, we use basic content analysis as tool to analyze the phenomenon. Unit analysis of this research is company. We use two cases in the different companies, Oil Company and hypermarket. In order to gain validity, we use multiple key person or informant to gain validity. The result shows, that in the oil company, relationship between company and their supplier tied on a strict contract. In fact, the relationship of supplier and a company is based on transaction cost theory. In the hypermarket company, the relationship of supplier and retailer is based on trust, commitment and satisfaction. Those three construct are the foundation of relationship marketing.
| Integrity of the Apparatus of the State Officials in Corruption Eradication in Indonesia|
Abstract: Paragraph IV of the Preamble to the 1945 Constitution of the Republic of Indonesia (herein after referred to the 1945 Constitution of the Republic of Indonesia) asserts that the objectives of the state of Indonesia are to protect all the Indonesian people and their entire motherland, to advance the public welfare, to develop the intellectual life of the nation, and to contribute towards the establishment of a world order based on peace and social justice. The law enforcement should be carried out with full determination, empathy, dedication, commitment and courage with the support from ideal legal substances and cooperative societies. The aim of this research is to examine the integrity of the apparatus of the state officials in corruption eradication in Indonesia. This study belongs to the category of the qualitative research design. The result of this study is given: Corruption occurs only if three things are met, namely: (1) there is a benefit or rent that can be shared (2) a public official who has the power facilitates the process of corruption in the context of allowing access to certain parties to the benefit, and (3) there are certain parties who perform bribery actions. The integrity of the state officials is based on the legal consciousness of the apparatus of state officials who later will raise collective consciousness of the law on the state administration agencies. This legal awareness is inherent in the behaviour and not in the law as a rule. Legal awareness will influence the legal compliance of the state officials resulting in collective legal compliance of the state administration agencies making the integrity of the state officials as a reflection of legal awareness and compliance of the state officials personally and institutionally which will help realize effectiveness in eradicating corruption.
| The Mediating Effect of the Knowledge Management Process to the Firm’s Performance: A Resource-Based View|
Abstract: The purpose of this paper is to explore the relationship between the two most important perspectives of the firm, the RBV and the KBV, by examining the relative impact of firm-specific assets and knowledge capabilities on the firm’s competitive advantage. A composite model is proposed which elaborates upon both perspectives causal logic with respect to the conditions relevant for the firm success. Empirical findings suggest that firm-specific assets and knowledge capabilities effects are both important determinants of the firms’ performance. Moreover, the findings suggest that knowledge capabilities behave like dynamic capabilities leading to the continuous improvement-renewal of the firm-specific resources and capabilities which, in turn, affect performance directly or indirectly through their effect on strategy configuration.
Volume: II, Issue: 2, 2014
| Management Accounting Systems, Top Management Team’s Risk Characteristics and Their Effect on Strategic Change|
Abstract: Globalization intensifies world competition which leads to continuous market and industry changes that force the majority of organizations to reconsider their strategic position and engage in strategic changes, mostly, through continuous innovation and new product development with smaller life cycles. These strategic actions have developed an environment with increased complexity, uncertainty and risk. On the other hand, organizations differ in their ability to realize strategic changes, depending on many factors that affect their strategic management process. The aim of this paper is to examine the effect of TMTs risk characteristics (risk propensity, risk perception and risk taking), on the extent of strategic change both, directly and indirectly, through the design and use of the management accounting system (MAS). The proposed research model is tested via a survey on 133 top management teams, from large size enterprises with more than 250 employees throughout Greece. Our finding suggest that (a) risk taking characteristic is determined by the other two risk characteristics of risk perception and risk propensity, and (b) there is a direct and a significant indirect relationship between TMTs’ risk taking decisions and their strategic changes, affected by the intervening mediating role of the broad-scope and interactive use of MAS. The results of the study will help organisations to understand the significance of MAS use and the intervening effect on the relationship between TMTs risk characteristics and their strategic decision making process when considering new strategic changes.
| Pacioli’s Innovation in Accounting: Business or Academic Affairs|
Abstract: According to the accounting literature there is no evidence for earlier use of “doubleentry”, as documented by Luca Pacioli in his Summa de Arithmetica Geometrica Proportioni et Proportionalita (1494), before the 13th century AD. Littleton’s popular thesis links doubleentry to the increased intensity in modern times (as compared with in antiquity) of two (all inclusive) groups of economic and technical “antecedents”, while Hoskin and Macve (1986) explain the articulation of double-entry in early Renaissance as an aspect of the new way of writing the text (“new textuality”), that was being developed around same time in Europe by scholars who saw in it (and in accounting, albeit with no particular interest in double-entry itself then) the potential of new power-knowledge relationships. In this study we attempt to explore if double entry, the innovative method for the accounting technology, is business or academic affairs.
| The Impact of Effective Human Resource Management Practices on Job Satisfaction: The Case of National Bank of Greece|
Abstract: An organization’s success in today's competitive business environment is mainly based on human capital and banking institutions and there is no exception to this. Satisfied and loyal employees are the most important assets of an organization, and primarily responsible for productivity and profitability. This study examines the level of employee satisfaction in the National Bank of Greece and attempts to identify the contributing factors. The survey covered 366 employees in Greek branches of the National Bank of Greece, and was conducted with the use of a questionnaire. The analysis of the results indicated moderate levels of job satisfaction in the majority of employees while the main factors contributing to job satisfaction were collegial relationships and relationships with superiors. By contrast, the promotion policy and potential empowerment and participation, may probably need improvement and corrective measures as they not only don’t constitute a source of satisfaction for the employees of the National Bank of Greece, but fluctuate within the limits of neutrality and discontent.
| Determinant of Export Success Factors: The Perception of Greek Food and Drink Export Companies|
Abstract: The food and drink sector has traditionally played a very important role in Greece’s economy. Recently, its importance has grown due to the economic crisis. In order to recover, the country’s economy must become more internationally focused and the food and drink sector can play a crucial role in this effort. The main objective of this paper is to offer an insight into the perception of Greek food and drink exporters on key export success factors. A number of factors have been identified and examined in order to determine their impact on export performance. In particular, we examine the relationship between the company’s export performance and a number of factors, such as the company’s size, experience, dependency on exports, product quality, price and innovation. The findings from a sample of 95 Greek food and drink exporters are analyzed and presented. The paper offers theoretical insights on the determinants of food and drink export success. In addition, it has strong practical implications for
| Consuming Foods and Household Products in Greece: A Statistical Analysis|
Abstract: The total income of the Greek households has been decreased in the last years. So, purchases are bravely decreased. In this paper, we study the consuming of household products and basic foods by the Greek households. We wish to study if consuming behaviour of Greek households has been changed after the crisis; if the consumers check the prices of the products more carefully; if they prefer more economic labels, etc. For this purpose, an empirical analysis with a questionnaire has been conducted in February 2014 in Greece. We present and analyze the responses of this questionnaire, using descriptive statistics and Data Analysis methods.
| Consumers’ Satisfaction Regarding Fast food Restaurants|
Abstract: In recent years there has been a significant increase in the number of fast food restaurants. An important aspect of the global and national success of these companies can be ascribed to the consumers’ satisfaction regarding the products they offer, while media promotes the negative effects on the health of individuals. Satisfied consumers will repeatedly buy the respective products and will also recommend them to others; for the company this is reflected in economic and social efficiency. The government, consumers and other entities play a significant role in ensuring food quality and safety. The purpose of the research is to identify the attributes of fast food products and restaurants that contribute to consumers’ satisfaction regarding the products and services offered by them.
| Healthcare Resources Consumed by Foreign Patients in the Public Hospitals of East Macedonia and Thrace|
Abstract: The rising healthcare expenditures as percentage of GDP is a reality that all developed countries have to deal with. Epidemiologic standards have changed dramatically since the past. The rapid development of knowledge in the scientific field of medicine and the new state of the art medical technology has led to new treatments for various health problems. Prior fatal diseases have become chronic, and life expectancy has risen significantly, leading healthcare costs to explosion. Healthcare spending in Greece has been increased between 2000 and 2009 at a rapid rate of 6.1% per year, but it has dropped the following years, driven by a sharp reduction in public spending on health care as part of government-wide efforts to reduce the large budgetary deficit. This situation has caused an increasing offence sense in population. On the other hand, the last years, Greece has become an immigrant (legal and illegal) reception centre.This study presents comparative data about the consumed resources by Greek and foreign patients in the public hospitals of east Macedonia and Thrace for the years 2006-2010.
Volume: II, Issue: 3, 2014
| The Greek Maritime Cluster as a Driving Force for the Economy's Restarting|
Abstract: Clusters as a geographical concentration of independent activities have been for a long time recognized as a crucial instrument for promoting industrial development, innova-tion, competitiveness and growth. A vast literature and worldwide experience has emerged and is associated with the most dynamic economies.
| The Gray Zone in Poland - Phenomenon, Conditions and Causes, Multifaceted Consequences|
Abstract: Factor in the competitiveness of businesses and other taxpayers and the smooth running of this development is the legal security of doing business. It is expressed inter alia the requirement of maintaining the stability and consistency of assessment. Violations of these rules, especially now, in the era of economic downturn will cause loss of public confidence in the state. The consequence of the lack of acceptance by the taxpayer of the tax burden and the social- business’ doctrine is to try to tax evasion and transfer activities to the informal economy. The increase in the shadow economy will not only transmission ratio on public finances, but also on the socio-economic situation. Budget revenue will decrease because some entities eliminate economic activity thus "pass" for the maintenance of the State, or move their activities to the informal economy.
| Determinants of Audit Fee Based on Client Attribute, Auditor Attribute, and Engagement Attribute to Control Risks and Prevent Fraud: A Study on Public Accounting Firms in Sumatra-Indonesia|
Abstract: The purpose of this research is to examine the effect of client attribute, auditor attribute, and engagement attribute to audit fees and the effect of audit fees to control risks and fraud prevention. The respondents involved in this research were auditors working in public accounting firms in Bandar Lampung, Palembang and Jambi. Based on the census sampling method, the total sample in this research was 104 respondents from public accounting firms in Bandar Lampung, Palembang and Jambi. In this research, Partial Least Square analysis was employed to test the hypotheses. The results of this research indicate that client attribute, auditor attribute, and engagement attribute are the dominant factors affecting audit fees. The results also show that audit fees have an effect on risk control and fraud prevention.
| Methodological Aspects of Forming a Development Strategy for the Regional Socioeconomic System - Under Electronic Industry Enterprises in the Republic of Tatarstan|
Abstract: This paper considers the methodological aspects of forming a development strategy for the regional socioeconomic system (by the example of radio-electronic enterprises in the Republic of Tatarstan). The paper suggests a conceptual scheme of the macro- and micro-factors’ influence on the regional socioeconomic system. This scheme is based on the study of the market power of enterprise’s contact persons (suppliers, competitors, and consumers) and subjects that have an indirect impact (government, markets, financial institutions, insurance companies, etc.). It has a hierarchic structure and allows coordinating the terms of cooperation for different elements of the socioeconomic system.
| A Capital Structure Financial Analysis and Unmeasured Effect of each Countries Regime: the Real Estate Companies (REITS)|
Abstract: This article investigates the capital structure of Real Estate companies (REITS) and how it is connected with key financial ratios. Financial analysis provides significant insight of the company capital structure. Existing financial models accumulate the dynamics of different key factors that enhance or diminish the capabilities of a company to extend the debt finance. Previous literature review in trade-off theory, pecking order theory, agency costs and market timing hypothesis postulate the relation of capital structure with several financial measurements. The contribution of this research is to link debt to capital ratio with independent variables, which are important within the real estate business context. Panel data analysis of an adequate sample, from 2005 to 2010, of 371 international listed real estate companies’, materialize our assumptions of this linkage of debt ratio. The unmeasured effect of each countries regime is inherited into the equation with the incorporation of dummy variables. This valuation methodology is an easy accessible tool for professionals and practitioners engaged in real estate business.
| Modeling Volatility in the Stock Markets using GARCH Models: European Emerging Economies and Turkey|
Abstract: This paper examines the use of GARCH-type models for modeling volatility of stock markets returns for four European emerging countries and Turkey. We use daily data from Bulgaria (SOFIX), Czech Republic (PX), Poland (WIG), Hungary (BUX) and Turkey (XU100) which are considered as emerging markets in finance. We find that GARCH, GJR-GARCH and EGARCH effects are apparent for returns of PX and BUX, WIG and XU whereas for SOFIX there is no significant GARCH effect. For both markets, we conclude that volatility shocks are quite persistent and the impact of old news on volatility is significant. Future research should examine the performance of multivariate time series models while using daily returns of international emerging markets.
| Comparison of the Residual Income and the Pricing - Multiples Equity Valuation Models|
Abstract: The paper aims at analyzing the performance of two of the equity valuation models, the residual income (RIVM) and the pricing - multiples model. I test first how the residual income valuation model performs relative to the pricing - multiples model for a set of different value drivers and industries, second whether the performance of the different multiples increases when these are measured either with the mean, the median or the harmonic mean of the absolute prediction error and the signed prediction error.
| Fair Value and Cost Accounting, Depreciation Methods, Recognition and Measurement for Fixed Assets|
Abstract: In accounting and finance, fair value is a rational and unbiased estimate of the potential market price of a good, service or asset. On the other hand, cost accounting policy is more conservative and prudence. Accounting fairness refers mostly to the fair presentation, the initial recognition and measurement or valuation of an element. Therefore, adopting different accounting policies results in the assets being presented in the entity’s financial statements with different values. With the application of cost or fair value accounting policies across firms or countries, the financial statements are being incomparable.
Volume: II, Issue: 4, 2014
| Labor Regulation and Unemployment: The Case of Tunisia|
Abstract: Using a different database of labor regulation, we sketch the relationship between labor market flexibility and unemployment in Tunisia during the period 2000-2013. The results of the study find no link between labor regulation and unemployment. The main finding from the dynamic panel estimation is that the labor regulation composite indicator used does not have a statistically significant association with the unemployment rate for the selected 115 developing countries. However, there is a direct link between the firing and hiring regulation and unemployment. In addition, the interactive variable between these indicators and the dummy variable for Tunisia doesn’t seem to explain why unemployment is higher in Tunisia than in other countries. Regulation has no adverse effect on aggregate unemployment.
| Financial Crisis, Intervention and Performance Measurement|
Abstract: Aspects of the financial markets that became apparent in the 2008 crisis were exacerbated by the intervention of monetary authorities. Financial markets under stress validate the general concept of Prospect Theory, under certain assumptions about the distributional characteristics of asset returns. This validation points to the need for re-examining performance metrics, such as the Sharpe Ratio and the Information Ratio. This analysis proposes new ratios that accommodate a higher moment of the portfolio return distribution. This alteration is reflected by the qualitative analysis of investment managers, which is performed by the performance evaluation industry, as it pertains to fixed income.
| The Impact of Foreign Economic and Energy Factors on the Formation of US Foreign Policy|
Abstract: This paper presents the impact of foreign economic and energy factors on formation of the foreign policy strategy of the USA. In the author’s opinion, the contemporary energy policy is one of the main issues of the US foreign policy in the international area, as it is aimed at meeting the increasing demands of the USA for energy resources and maintaining the world-leading status of American economy. As a result, the author comes to conclusion that foreign economic activity and energy factor in the US foreign policy actively help to introduce own TNC into different countries, which, in their turn, solve not only their corporate tasks, but also contribute to the achievement of the US foreign policy goals.
| Formation of the Professional and Didactic Culture of the Future Teacher|
Abstract: Problem Statement: Didactic training is a major component of the professional development of future teachers. However, the problem of the formation of their professional culture has not been sufficiently elaborated.
| Today Situation in Online Buying of Food Products in the Czech Republic|
Abstract: Actual news from abroad confirm that online buying is very frequent also in FMCG business. In the Czech Republic, iTesco.cz Rohlik.cz, Košík.cz and ZMarket.cz are pioneers in this area. The newest trends are mapped by professional media, especially the digital ones. Although online buying in the FMCG segment has not reached so significant market shares as in the United Kingdom or in France, this year the situation is expected to be changed dramatically. The iTesco concept prepares expansion in new regions and Rohlík.cz, already operating three quarters of year in Prague and surroundings, acquires new customers every week, Košík.cz has already started too and Koloniál.cz starts the sales at the beginning of the third quarter of 2015. The aim of the article is to present current situation in the area of online food products retailing in the Czech Republic and to outline the future development trends. This is a comprehensive study dealing with description of Czech online food products market and could be a first step for further research.
| The Moderating Effects of Organizational Programs and Supervisor Support on Work - Family Balance: Evidence from Brazil|
Abstract: Research on work-family balance has received increasing attention by academicians and practitioners alike. The present study identifies some of the antecedents to work-family balance and the intervening factors that foster the work-family balance. Data was collected from 125 individuals (using a structured instrument) and interviews with a group of 13 individuals from the employees of a public sector institution of the Brazilian Federal Government. The hierarchical regression results indicated that organizational support programs, supervisor support moderated the relationship between type of work, workweek, number of children and age of children, whereas spouse support did not moderate the relationship. The implications for management and suggestions for future research are discussed.
| Model of Relationship Marketing and Power Asymmetry in Indonesia Retail Industry|
Abstract: This paper discuss empirical model of business relationship in Indonesia retail industry. Empirical framework of this paper based on relationship marketing concept and power imbalance of retail industry. The purpose of this study is to assess the effect of Power asymmetry and relationship marketing to supplier and retailer economic performance in a business relationship. Result of this paper is empirical framework to analyze Indonesia retail industry. We analyze our empirical model by using Path Analysis. Samples of this study are retailers and suppliers in three major cities in Indonesia, they are Semarang, Surakarta and Jogjakarta. Our unit analysis is dyadic based on the nature concept of relationship marketing proposed by Morgan and Hunt (1994). Main construct of business relationship and technical model of estimation to conduct research about relationship marketing and power imbalance in Indonesia retail industry is also discussed.
Volume: III, Issue: 1, 2015
| Model of Relationship Marketing and Power Asymmetry in Indonesia Retail Industry|
Abstract: This paper discuss empirical model of business relationship in Indonesia retail industry. Empirical framework of this paper based on relationship marketing concept and power imbalance of retail industry. The purpose of this study is to assess the effect of Power asymmetry and relationship marketing to supplier and retailer economic performance in a business relationship. Result of this paper is empirical framework to analyze Indonesia retail industry. We analyze our empirical model by using Path Analysis. Samples of this study are retailers and suppliers in three major cities in Indonesia, they are Semarang, Surakarta and Jogjakarta. Our unit analysis is dyadic based on the nature concept of relationship marketing proposed by Morgan and Hunt (1994). Main construct of business relationship and technical model of estimation to conduct research about relationship marketing and power imbalance in Indonesia retail industry is also discussed.
| Methods of Investment Management in the Russian Electricity Transmission Industry|
Abstract: The paper surveys the methods of investment management in the Russian electricity transmission industry: state regulation and corporate planning of investment activity. The analysis of these two methods highlights their features, advantages and disadvantages. The investigation of the forecasting and investment decision process is given with regard to the electricity industry restructuring. The algorithm of interests’ alignment between the state and the electricity network company is provided through the mechanism of investment management. The analysis of the methods of investment management in electricity transmission in Russia shows that corporate planning of investment activity coexists on a parallel basis with state regulation of investment activity. Corporate planning conforms to the interests of the electricity network company. Elaboration of efficient investment programs is associated with the lack of reliable development forecasts, regional specific features, tight deadlines for preparing the investment programs, centralized investment decision-making.
| Management Styles of Polish Managers|
Abstract: Management style is distinctive and relatively stable behaviour of the manager affecting the employees of the subordinate group. Management style involves personal interactions as well as in a large extent a manager spontaneous reaction in a direct contact with the subordinates.
| The Foreign Exchange Exposure of Non-Financial Companies in Eurozone: Myth or Reality?|
Abstract: The authors of this paper are looking for answers: are domestic companies operating in small market economies such as the Baltics with little or no direct foreign involvement also at risk, taking into account that our companies mainly as a mean of exchange are using euro.
| Greek Economy: 1950 - 2014: The 30 Year Road Leading to the Greek Financial Crisis and the IMF-EU-ECB Bail-Out: Investments and Exports Are the Way Out|
Abstract: Up until the 1970s, Greece was a paradigm of a vigorous economy with high growth rates, positive budgets and low borrowing. Even when the international economy experienced a recession in the 1970s on account of the oil crisis, the Greek economy continued to grow. In the 1980s an imprudent fiscal policy mix (involving higher pensions, higher salaries to civil servants, early retirements, overcrowding the civil service and loss-making state-owned enterprises trough new hires, etc.) produced large deficits which, in turn, lead to increased borrowing as the economy’s growth rate slowed down. The rest of the story is pretty much known. As the country’s creditworthiness declined it became harder to obtain the funds needed and Greece turned to its lenders of last resort (IMF, EU and ECD), referred to as the troika. Harsh steps were taken, which involved wage and pension cuts, which, in turn, adversely affected consumption, making the recession inevitable. It is a problem with a straightforward solution: Increase exports and investments. In this paper we demonstrate the beneficial impact of these two variables, exports and investments, on the economy, and present alternative scenarios regarding the evolution of these factors and their impact on the GDP.
| Country Risk Decision-Maker in Applying the Yield Cash-Flow Estimate|
Abstract: The research paper finds applicability in evaluating assets of enterprise and has as main objective to illustrate how the country risk is a decision maker to determine appropriate rates underlying cash flow estimate using the yield method. The transition from the theoretical to the practical study is done through a case study in the agro-industrial farm found in Dolj, Romania.
| The Influence of Creative Self-Efficacy towards Creativity with Job Satisfaction as Intervening Variable at PT. Smile Island Surabaya|
Abstract: The study focused on the creative self-efficacy, creativity, and job satisfaction and how these variables influence each other. Job satisfaction acts as the intervening variable for allegedly having influence on the relation between creative self-efficacy and creativity. Creativity is one of the main essential that need to be cultivated in work environment and communicated towards employee in order for the company to develop. The population used in this study is employees of an advertising company specialized in media printing PT. Smile Island Surabaya focus on the division of layout editor with a total of 38 employees.
| Characteristics of the Integration Process in the Food Industry of the Republic of Kazakhstan|
Abstract: The article examines the problems of the integration processes in the food industry of Kazakhstan. It analyzes the current situation in the food and processing industries and describes the integration process in the food industry at the level of corporations. We reveal the problems of development in the food industry, including joint ventures, and highlight options to overcome them. The author concludes that creation of modern equipped territories embodied by industrial zones close to raw materials and distribution markets would be a positive step towards the creation of joint enterprises in the food industry.
Volume: III, Issue: 2, 2015
| Correlation Analysis of the Indicators of Asset Management and Profitability|
Abstract: Optimum Asset Management has been and is today a concern in the management of an enterprise, its effects being felt as indicators of results. The way in which asset management results indicators and thus affect the profitability of an enterprise have proved it by conducting a case study in the companies in the food industry Spania.Modul Rioja region where asset management results indicators and thus influence the profitability of businesses I demonstrated by conducting a case study in the companies in the food industry of the region Rioja Spain.
| Processes and Technologies for Identifying Illegal Financial Operations|
Abstract: The aim of the paper is to discuss law requirements and computer technology related to the processes carried out at identifying clients of banks and other financial institutions. Customer identification is an essential element of an effective customer due diligence programme which banks need to put in place to guard against reputational, operational, legal and other risks. There are mentioned in the paper the law requires that identification must be carried out inside any financial institution which negotiates the new account with the client.
| The Eurozone Crisis and the Structured Grexit as the Proper Alternative for Greece|
Abstract: In our paper we argue that, the economic stagnation of only the euro zone countries in a world that is growing much faster, is mainly due to the overvalued euro and the related austerity policy measures imposed under Berlin guidelines, The malpractices of the international markets, the underground currency wars between the dollar, the euro and the yen, are also to blame. The imposition of the euro zone as an optical currency area in totally different economies and without a fair political umbrella has been wrong. For Greece, it has been catastrophic. Between 2010- 2014, the country’s average annual GDP, declined at a yearly level of 4,6% and there are no signs that this will soon be reversed. The strict austerity policies imposed by the new 'Memorandum', will lead to more recession. In front of the deadlock, a structured Grexit is the proper alternative solution. This implies a controlled bankruptcy, suspension of debt payments and negotiations for cutting and extending its repayment period.
| Determinants of Euro against US Dollar Rate of Exchange (USD/EUR) in the Long Run|
Abstract: The paper is a result of research which aimed to identify the factors determining the USD/EUR rate of exchange and the strength of the influence in the long run. In the research we used the Frenkel - Bilson model and an econometric model built on its basis.
| Austerity and Fuel Consumption in Greece: An Empirical Investigation|
Abstract: Greek economic crisis in the last years and the subsequent austerity policy measures resulted to a decline in consumers’ income. This paper investigates empirically the Greek consumers’ reactions to income changes regarding their consumption of different types of fuels during the period 2007-2011. The empirical findings suggest that fuel consumption elasticity of income is different among different types of fuels. Furthermore the income elasticity is different among different Greek geographic regions. More specifically, fuels with high consumption i.e. 95 RON unleaded gasoline and diesel-bio fuels are found to be income inelastic as compared to fuels with low consumption i.e. 98-100 RON unleaded gasoline and new super gasoline LRP. Furthermore, for the high consumed fuels, consumers’ behavior patterns to income changes in the island are opposite to that in the rest Greek territory.
| Opportunities and Constraints in Financing SMEs|
Abstract: The enterprise is the most important component of the economy and of the society as well. The paper studies the weights of SME sector in different countries, focusing on topical operational issues for financing SMEs. In Romania, these are mainly shareholders’ credits; own resources, loans, European Union or EBRD funds, etc. Some analysts consider that the growth of SMEs is impeded by an insufficient supply of capital.
| Challenges Facing Bank in Financing International Trade: From an Islamic Perspective|
Abstract: Risk has always existed in business and it is even predominant when business transactions are done across borders. With the intensification of industrialization, it has resulted in risks that are unknown before. In the competitive business environment today, for business firms to compete, they must not only be able to minimize their risks in doing business, but also be able to take advantage of the growth opportunities presented by doing business in other countries. Hence understanding what risk is and what the perception of business firm towards risk is very important to any bank especially Islamic bank.
| Development of Small and Medium Enterprises through Clusters and Networking: A Comparative Study of India, Pakistan and Sri Lanka|
Abstract: Clusters have several advantages. These include a high degree of networking which stimulates productivity, ability to diversify and to acquire the capacity to new products when the demand for existing products falls.
Volume: III, Issue: 3, 2015
| Estimation of Economic Growth Potential in Romania in Medium and Long Term|
Abstract: Economic growth, as an economic process on long term, is influenced by economic, social and politic factors. The objective of this paper is to create a new perspective over the economic growth in Romania from the last twenty years. For this, the determinants of economic growth are analyzed, by emphasizing the existing correlations between the macroeconomic variables which determined the Romanian economic growth in the last twenty years. To substantiate the conclusions, there were used data from Eurostat databases, about the evolution of European Union in its whole, and for Romanian economy, especially, for the period 1995-2014. The evolution of some macroeconomic indicators is studied, as: the value added, income of different categories of workers, production costs of different types of activities. The study emphasizes the changing of economic activity structure in Romania, which favored the economic growth. Also with the structure changing, is shown the impact of technical progress over the economic growth rate. The study can be considered as an applicative scientific paper in the field of research of causes and conditions which determine the economic growth.
| Impact of Emotional Exhaustions on Turnover Intentions: A Mediating Role of Organizational Commitment in Higher Education Institutes of Saudi Arabia|
Abstract: Environment, organizational culture, development/promotion policies, facilities, compensation and political issues are some of the causes of reduction in the organizational commitment and increase in the level of emotional exhaustion and development of turnover intention among faculty of universities. The occupational psychology of faculty is influenced by diverse elements and specifically, there are various factors that play crucial role in overall organizational commitment emotional exhaustion and turnover intention. The faculty plays a vital role in ensuring the students and society for the quality education. For this study, the faculty members of various departments of selected universities in Riaz, KSA were the target population. The population for this study comprised faculty members of higher education institutions employing approximately 100 or more than 100 faculty members. The results show that all the study variables are significantly related with each others. The mediation results show that organizational commitment partially mediate between the emotional exhaustion and turnover intentions among the faculty of higher education institutions in Saudi Arabia.
| The Trilemma and the Eurozone: A Pre-announced Tragedy of the Hellenic Debt Crisis|
Abstract: The main aim of this article is to analyse the theoretical background regarding monetary policy, money and capital markets with a reference to the Greek economy.
| The Financial System of the EU and the Capital Markets Union|
Abstract: This paper deals first of all with highlighting the structure of the financial sector in the European Union. It provides a quantitative overview of the role of the different financial and non financial sectors in offering capital funds to accomplish the needs of households, companies, governments, etc.
| Traditional and Currently Developed Management Accounting Practices - A Greek Study|
Abstract: This study investigates the extent to which Greek firms have implemented various traditional and currently developed management accounting practices, the benefits received from those practices and the intentions to focus on specific practices in the future.
| The Effect of Climate Change on Australian Stock Equity Returns|
Abstract: This study investigates the climate change impact on Australian stock equity returns. This study empirically examines the effect of climate change on the Australian oil and gas industry and compares to the indexes S&P ASX 200 and All Ordinaries, which are considered as the total indicators for the Australian equity market.
Volume: III, Issue: 4, 2015
| Establishing Human Resources Strategies and Policies Correlating with Company's Objectives|
Abstract: The accent which Romanian companies put during the last period on human resources development had determined the changing of perception way to this organizations’ component. For realizing their objectives, companies have to resist to some challenges which request capacity of ensuring and maintaining competition success through anticipating contextual evolutions.
| Demographic Trends, Young People's Attitudes towards Marriage and Socio-economic Changes Related to Family Formation in Greece and in the European Union: A Comparative Analysis Based on Official and Survey Research Data|
Abstract: The study is dealing with the evolution and the current patterns on marriage and family formation in Greece, as well as the related young population matters, by analyzing the demographic trends during the Post World War II, the temporary attitudes and behavior, especially of young people and the socio-economic factors associated with these trends. To meet these tasks, secondary and survey data are employed, demographic indicators are constructed and descriptive plus non parametric statistics are used.
| Romania's Foreign Trade, Transportation, Credit System and national Riches in Modern Liberal Economic Thinking|
Abstract: The main aim of this paper is to analyze the consequences in foreign trade, transportation and the credit system of a nation because of the strengthening of the economic organism, through the economic and political reformation.
| The Costs of Quality: An Important Decision Tool|
Abstract: At present many company leaders of assimilate the insurance of quality with a rule imposed from the outside and with an administrative act, which is an error. The biggest impediment in implementing the systems of quality insurance is the fact that producers do not acknowledge its economic advantages. Quality is seen as a desired social objective but its contributions to the profit of the company are considered to be marginal.
| Macroeconomic Implications of Capital Inflows in India|
Abstract: The study attemts to analyse the behaviour of some macroeconomic variables in response to Total Capital Inflows in India using quarterly data for the period 1994-2007.
| Mergers and Acquisitions (M&A) as Modern Ways of Investments|
Abstract: The decrease in business activity and the fall in the production volume in the sectors of economy relying on long-term crediting is characteristic feature of the modern recessions.
| The Model of the Formation and Implementation of the Creative and Innovative Potential of the Russian System of Higher Education|
Abstract: Theoretical interpretation and applied projection of the dynamics of the innovative role of higher education as a scientific basis for developing a model of the formation and implementation of the creative and innovative potential of the Russian higher education system are one of the most controversial problems of the modern Russian and world economy. The research is based on the principles of the system, system-situational and integrative approaches, macroeconomic and microeconomic analysis, methods of the structural and functional characteristics of the processes under study, research and projection of economic relations in their real dynamics with respect to their historical and logical origin.
| Optimization of Shareholders's Incomes with Investments into Production Reforming|
Abstract: In recent years a company's goal is not profit making but capitalization. Companies having the capital value larger than their competitors win in the market. This determines the trends in the capital market, namely merger and acquisition, which have been very popular recently in the international market.
Volume: IV, Issue: 1, 2016
| Currency Wars, Recession Policies and the Overvalued Euro are to be Blamed for the Modern Greek Tragedy|
Abstract: In this paper we argue that, Modern Greek Tragedy is mainly due to the overvalued euro in combination with the strict austerity policies imposed by Berlin. Greece also pays the price of the currency war between the dollar and the euro. The latter puts a heavy burden upon the country’s economic competitiveness as a costume that does not fit the Greek economy, which is mainly based on tourism that requires a labour-intensive production process.
| An Investigation of Factors Influencing Audit Quality According to Islamic Audit: A Study for the Jakarta Islamic Index|
Abstract: The purpose of this study is to examine the influence of past audits, auditors’ training and auditors’ experience on audit quality in companies. The method used was quantitative method.
| The Challenges of Corporate Social Responsibility Assessment Methodologies|
Abstract: Corporate Social Responsibility (CSR) has garnered significant interest for several years as Non-governmental organizations (NGOs), companies and scientific authors are involved in its promotion.
| Further Test on Stock Liquidity Risk with a Relative Measure|
Abstract: Negative relationship between stock’s return and its liquidity suggests that illiquid stocks are riskier than liquid stocks hence illiquid stocks should earn more return. Researchers subsequently considered liquidity as another variable for asset pricing when they found commonality in liquidity. Earlier studies tested stock and market liquidities independently.
| Alternative Investment Fund Managers Directive and its Impact on Malta’s Financial Service Industry|
Abstract: The introduction of the Directive on Alternative Investment Fund Managers (AIFM Directive 2011/61/EU) in 2013 means a radical transformation of the EU regulatory landscape for the whole alternative investment fund industry. Taking into account the growing meaning of the alternative investment fund industry in Europe, the aim of the paper is to assess the impact the Directive on Alternative Investment Fund Managers (AIFMD) will have on the Alternative Investment Fund Managers (AIFMs) managing Alternative Investment Funds (AIFs) in the EU.
| Convergence on Alternative Human Capital Proxy Variables: A Cross Country Empirical Investigation|
Abstract: This article conducts an empirical investigation comparing human capital convergence in three country groups of significantly different development levels: G7, developed and less developed. The contribution of this work is that Human capital evaluation surpasses enrolment and/or attainment rates.
| Private Pension Plans: An Important Component of the Financial Market|
Abstract: One of the European financial market’s components is the pension fund, which does not represent a common scheme valid in all member-states. Each member-state has established a specific scheme being in accordance with other financial and working characteristics as well as in accordance with social, economic and political aspects of the economy.
Volume: IV, Issue: 2, 2016
| EU Security Challenges and Their Economic Implications|
Abstract: Considering the volatile political, economic and security present environment, the European Union is currently facing more challenges than ever before in its existence. In addition to the challenges deriving directly from its status as a political-economical union of states, the EU is facing increasingly serious security challenges.
| The Motives behind Dividend Policy|
Abstract: The puzzle for dividend policy in Indonesia is still remain since the firms have uncertain distribution for dividends to their shareholders. The objectives of this study are testing the free cash flow theory, life cycle theory, and catering theory with 139 firms as samples which is listed in Indonesia Stock Exchange for period of 2010 to 2015.
| Economic Growth and Exporting Activity: An Empirical Analysis on Greek Industry|
Abstract: The aim of the present paper is to locate and analyse the factors affecting firms’ economic behaviour in food products’ sector, by collecting data from a large number of firms and indicators.
| The Role of Education in Stimulating Economic Development in the Framework of Europe 2020 Strategy: Evidence from South-Eastern Europe|
Abstract: A new model of economic development focused on the encouragement of smart, inclusive and sustainable economic growth is the core of the Europe 2020 strategy. Education is widely acknowledged as being a key factor leading to economic growth and economic development, in the long term. But the impact of different kind of achievements in education on growth has little empirical evidence, especially when examining the South-Eastern European countries.
| An Eclectic Credit Cycle Search: The Case of US, Japan and Germany|
Abstract: Credit crunches, quantitative easing and especially international credit cycles are all monetary facets of the still ongoing global economic crisis and financial turmoil. This paper investigates global credit cycle fundamental characteristics, among three leading economies; that is, the USA, Japanese and German.
Volume: IV, Issue: 3, 2016
| Employment and the 'Working Poor' Phenomenon in the EU|
Abstract: The topics of poverty and social inclusion are most often addressed within the labour market integration issue. Since 2013, the employment in the EU has increased. In 2015, the total employment rate is 65.6% (population aged 15-64). In the same time 9.4% of all employed (21 million people) are at risk of poverty.
| The debt trap of the Greek economy and the way out|
Abstract: In this paper it is argued that, in an economy with heavy loans such as Greece, structural reforms are not enough to lead the country out of the crisis. Only a Grexit with deep cuts and restructuring of debts, together with efficient state management and development policies may lead to growth. Greece has fallen in a huge debt trap which is perpetually growing by new loans.
| How International Financial Reporting Standards (IFRS) Improve the Financing of SME’s in the Czech Republic|
Abstract: The accountancy management inline with the IFRS provides quality and trustworthy information for financial statement users and provides the comparison with similar companies at international level.
| Capital Change and the Cost of Equity: Evidence from Bulgarian Banks. Is there a Modigliani-Miller offset?|
Abstract: This paper studies the cost of equity and capital of three Bulgarian listed banks in the framework of the Modigliani-Miller (MM) theory of capital structure. It measures the impact of an increase in capital ratios on the equity risk (equity beta) of these banks.
| Perception of Accountants and Accounting Profession in two Countries: Different Terms of Economy and Culture|
Abstract: In this study we analyse the perception in the role of accountants and accounting profession in different national environments - in the Czech Republic and China. We suggest that the features of continental accounting formed the specific characteristics of the Czech accounting, where the main role of accountants is assumed to be the tax calculation and optimization.
| Shadow Economy Worsens Income distribution|
Abstract: Shadow economy has many repercussions affecting most sectors of the economy. Our research question is how shadow economy affects income distribution. The contribution of the present paper is that if is found that shadow economy worsens income distribution.
| Exploring the effects of firm and product characteristics on cost system’s features|
Abstract: The present study examines the associations between the various factors which are related to the process of assigning the production cost (direct and mainly indirect) to different cost objects. In particular, the focus is on detecting the relationship between the costing choices used, which specify the implementation of the costing process in practice, with the main characteristics of the firm and the products produced.
Volume: IV, Issue: 4, 2016
|Earnings Management in Greece: A Case Study in Construction Sector Using Jones Model|
Abstract: Shadow economy is harmful to the whole official economy. It distorts competition and stock prices, it worsens income distribution and is an obstacle for entrepreneurship and economic growth.
|Analysis of Using Tools of Strategic Management in SMEs in South Bohemia Region|
Abstract: Strategic management plays an important role in making up the competitiveness of small and medium-sized enterprises. The aim of this article is to find how much SME includes principals and tools of the strategic management, especially how they are formulated strategy.
|An Analytical Approach to Comparing Actual Vs. 'Fundamental Price-to-Sales' and “Enterprise Value-to-Sales” Ratios on the European Stock Market|
Abstract: This study is focused on the “price-to-sales ratio” (P/S) and the “enterprise value-to-sales ratio” (EV/S), which are used in relative valuation, in the analysis of companies’ performance, as well as in the analysis of different sectors and of the market. Special attention is paid to certain important requirements, related to the correct interpretation of market and sector averages of these ratios nowadays, including against the background of their historic levels.
|Exchange Rate Pass-through and Monetary Policy in Transition Economy: Evidence from Tunisia with a Disaggregated VAR Analysis*|
Abstract: Relying on monthly and quarterly data, from 2000 to 2015, this paper keeps up with SVAR modeling and price chain study, through a disaggregate approach that aims at analyzing the exchange rate pass-through (ERPT) on the various components of consumer price index (CPI).
|Economic and Political Development of Africa and the EU|
Abstract: The EU, political and economic development in Africa is looks at the policies of European Union in respect to economics and politics in Africa. This study goes on to mention the main role of aid in the EU policy in shaping the economy and politics of Africa.
|The Effect of Internal, Industry and Macroeconomic Factors on Banking Profitability: Evidence from the Post 2000 Southern European Banking Sector|
Abstract: This paper examines the effect of bank, industry and macroeconomic determinants, on Southern Europe’s universal bank profitability, during the period 2000 – 2013. Cross – sectional panel data analysis is used.
|The Effects of the ECB’s Unconventional Monetary Policy on the Non-Euro Area EU Member States|
Abstract: The paper examines the unconventional monetary policy programs and measures, implemented by the European Central Bank (ECB). The research is focused on covering their effects on the non-Euro Area Member States of the European Union (EU). The main purpose of the paper is to conduct an econometric study on the effects of the ECB’s non-standard measures on the government bond yields of the countries, part of the EU, but outside the Eurozone, through the interest rate channel of the monetary policy transmission mechanism.
|The Effect of Corporate Social Responsibility Reporting on Financial Performance in Libya and Jordan|
Abstract: This paper investigates the effect of corporate social responsibility reporting on financial performance use triple bottom line of 130 stock market companies in developing countries Libya and Jordan. Twenty reporting criteria were developed for evry line of reporting areas: economic, social, and environmental categories.
Volume: V, Issue: 1, 2017
| The Manufacturing Sector of Greece Before and During the Financial Crisis|
Abstract: The Greek industry achieved its best performance in the 1970s when it participated in GDP with approximately 20% and around 400,000 employees or 12% of all employees. Today, the participation percentage of manufacturing in GDP has been reduced to 5.4% with 168,000 jobs or 4.5% of total employment. The aim of this paper is to monitor through appropriate indicators the evolution of performance and competitiveness of Greek industry during the last twenty years to investigate the causes of the manufacturing industry decline. More specifically, based on the updated data of the Hellenic Statistical Authority (ELSTAT) covering the period 1995 - 2013, the evolution of manufacturing economic fundamentals (investments, value added, employment, etc.), the export performance and evolution of competitiveness are analyzed. By competitiveness we mean measurable factors, i.e. labor costs per unit of product and labor productivity in manufacturing.
| A Study on the Impact of the Short Selling Ban on FIBS|
Abstract: In this paper we investigate how the short selling ban affected stock markets in France, Italy, Belgium and Spain and whether the required response was really achieved and reflected in the market. Although some argue that the short selling ban was needed for the market to get back on its feet, others argue that short selling is a tool that improves market efficiency and banning such trading strategy might lead to detrimental effects on the market. Therefore, the purpose of this study was to show whether the short selling ban had a positive or negative effect, both in the short-term and long-term, on the financial markets. Moreover, to determine whether short selling is an effective tool and whether it really drives the stock prices down when the financial markets are going through bad moments. Consequently, uncover whether the short selling ban has had a permanent impact on the financial markets and whether it really had an effect on the FIBS. To do this we used market data and a selection of stock returns, which included banned stocks in the FIBS financial markets and non-banned financial stocks from non-FIBS before, during and after the short-selling ban in August 2011. It was found that the short selling ban led to higher volatility in the FIBS countries and also had a spill over effect on non-FIBS countries. Furthermore, the impact of the short selling ban on volatility was only deemed to be for a short-term period, with the exception of Spain. Also, the short selling ban slowed down price discovery in Belgium, France and non-FIBS countries, whereas the short selling ban did not affect Spain and Italy. Furthermore, all countries including the non-FIBS countries illustrated a better price discovery position after the ban was lifted; therefore the short selling ban only had a short-term impact on price discovery. Moreover, there was a long-term positive effect on prices with improvement in stock market prices for all FIBS countries with a positive impact on non-FIBS countries. However, liquidity in all FIBS and non-FIBS countries suffered a short-term negative impact.
| Green Economy and Economic Growth: Trends, Challenges and Opportunities for the EU|
Abstract: This paper substantiates the necessity for studying the complexity and ambiguousness of green economy principles', opportunities' and drivers' influence in a view of the need for maintaining the economic growth in the EU countries and comparing issues of sustainable development in Russian Federation according to the rules of green economy. On the basis of foreign experience review and publications' analysis, the main dimensions of economic growth philosophy are proposed. These dimensions are related to preserving and expanding the peculiarities of economic growth, forming the post-industrial society with friendly attitude to environment, developing horizontal links and the opportunities of sustainable development. The verification of hypothesis of the dense interconnection between ‘green' economy efficiency indicators and achieving the economic growth in the framework of individual economic system as well as in human civilization in general is conducted with economic-mathematical tools.
| Analysis of Development Strategies of Small Enterprises|
Abstract: The article studies the essence of development strategies of small enterprises. It analyses the trends of developing small enterprises in Russia. The authors discover the reasons of low increase in a number of enterprises and their economic unviability. They suggest using tools of new analytical concept of business analysis allowing not only to assess the level of economic sustainability and business risks but also to promote its provision and to use the strategy expanding production for developing small enterprises.
| Cash and Ownership on Firms Market Value: Evidence from Greek Panel Data|
Abstract: We implement panel data econometrics on non-linear empirical models to investigate how the firms' market value is related with cash holdings and ownership concentration, on non-financial listed companies in Greece, before (2000-2009) and during the Eurozone crisis 2010-2015. It is confirmed the existence of an optimum level of cash (CASH) and the top 5 major shareholders ownership (OWN5) at which firms' return on equity (ROE) has been maximized (concave function), especially over the crisis period and the total one. Yet, a convex function of the Tobin's Q ratio (Q) on OWN5 has also been revealed significant for all sample periods. The findings support the tradeoff theory and the new kind of agency cost literature on expropriation effects of the minority by the majority. Interaction terms have also been found statistically significant, confirming that the special context of the Eurozone has influenced business, in the narrow Athens Stock Exchange (ASE). The estimated averages that maximize firms' market values (for instance ROE), in relation to either CASH (0.83 of net assets, during the whole sample period 2000-'15, while 0.77 in the crisis one 2010-'15) or OWN5 (0.10 of equity, during 2000-'15, while 0.36 in the crisis one 2010-'15) could be useful for both investors and policy makers in Greece, a member-country of “sui generis” Eurozone, with an unsustainable public debt.
| Control of Key Maritime Straits ' China's Global Strategic Objective|
Abstract: On the 28th of March 2015 the Chinese government published "Vision and Actions on Jointly Building the New Silk Road, The Economic and 21st - Century Maritime Silk Road"2. This document signifies China's decision to become a global hegemon. With its issue this Chinese African - Eurasian "silk bridge" strategy redirected geopolitical analysts' attention away from another Beijing's strategic objective: control of key maritime straits, especially those featuring "maritime chokepoints", where concentrations of commercial and military naval routes flow. Which are the main maritime straits covered by the Chinese "offensive"? What are the geostrategic implications of this approach?
| Increasing the Budget Costs' Efficiency as a Factor of State Finance Stabilization|
Abstract: The article stands for comprehensive system approach in increasing the effect and performance of budget costs, providing the stability and long-term sustainability of state finance. In recent times Russia has gone to considerable lengths in introduction of result-oriented budgeting both on federal and regional level. In a similar vein, we could highlight the fact that insufficient conditions are created to increase the efficiency of budget costs management. The research paid much attention to the issues connected with evaluation of budget costs' performance in conditions of implementing the concept of budget consolidation and budget constraints. Authors set number of objectives: studying economic essence of “efficiency” and “performance” of budget expenditures; studying the framework of budget stabilization financial support measures; revealing the methodological approaches in budget cost effect evaluation in the framework of program-target budgeting including the regional level. The article concludes with the necessity of improving the evaluation system of criterion-based budget costs' management as well as highlighting the condition when the positive effect of program-target budgeting is reached: firstly, solving of methodological problem of measuring the planned (target) and actual results of budget funding; secondly, taking measures of strengthening the real responsibility of state authorities for accomplishment of target indicators
| Fuzzy set-based, Integrated Regions' (Countries) Ecological State Evaluation Technique|
Abstract: For many countries around the globe, including Russia and its regions, the following situation is common, when economic growth is accompanied with ecological degradation, exhaustion of natural resources and sever deterioration of environment. Ignorance of ecological factors while preparing the documentation of territorial development doesn't only result in various negative consequences of nature utilization, but also causes deep imbalances between the economic, social and ecological system development. Authors present the methodic of complex valuation of regional ecological conditions, based on the Fuzzy Set theory, that relies on seven ecological variables (release of pollutants; release of polluted water; detection of air pollutants; clean water usage; volume of used water; number of illnesses per 1000 people; regional funds spent on environmental protection).
Volume: V, Issue: 2, 2017
| Improving the Relationship between Higher Education Institutions and Business Environment in South-Eastern Europe: A Case Study|
Abstract: In the context of aligning South Eastern European countries to the EU requirements, the aim of this paper is to provide solutions for improving the relationship between the market of higher education services and labour market in Romania.For achieving this aim, a quantitative marketing research was developed regarding the economist students’ opinions on the training level provided by higher education institutions for labour market integration. The research sample includes 1683 students from 9 representative Romanian universities.Research objectives were to quantify the economist students’ interest in being employed during the study period, the type of knowledge provided by higher education institutions, the essential skills and competences to be acquired during college study.
| Interest Groups' Incentives to Cooperate in the Production of Information in the Context of the EU Policy-Making|
Abstract: The literature on information economics serves the European Commission to justify the participation of interest groups in response to problems of asymmetric information in the European Union (EU) policy-making processes.Using the framework of the agency theory, the role of interest groups as information producers is incorporated into a model where the types of conditions in which they would have the incentive to cooperate in the production of information are examined.The results of the model show that the interest group’s expected utility when acting independently is equal to the reserve utility, while it increases when acting cooperatively. It can therefore be concluded that incentives for cooperation in the production of information among interest groups exist.One potential policy implication for the EU is that the EC could decrease the conditions of the contracts, thereby diminishing the costs of obtaining information.
| The Application of the Law in International Commercial Arbitration|
Abstract: This paper focuses on the application of the law in international commercial arbitration applicable to the merits and prospects of its resolution, considering foreign and national experience.The article analyzes the expression of will of subjects of law through the prism of the reservation.
| Law Enforcement Problems at the Appointment of Administrative Punishment|
Abstract: The present article is designed to draw the attention of readers to the existing problems in law-enforcement activity at the purpose of administrative punishments. In the article the problems of the general and private character which are not known have been analyzed. The attention is focused on an imperfect legislative regulation which, according to authors, is the cornerstone of many problems in law enforcement.Authors consider the problems of interpretation of the concept "administrative punishment" and the questions of the creation of an optimum system of punishments, as prescribed by the administrative law, a prerequisite of a corruption. The provisions of the Code of the Russian Federation on Administrative Offences provide the choice of a look and the degree of severity of administrative punishments for offenses.As a result, authors formulate conclusions about existence in activity to destination of administrative punishments of essential quantity of unresolved problems, both in a system, and in a private character. Besides corruption provisions of the administrative law, according to authors, act as initial prerequisites of key problems of law enforcement.
| The Theory of the Global Domination - Russian Geo-Strategy Conceptual Framework on the Black Sea Region|
Abstract: Russian geo-political maneuverings over the past decade can be explained in the context of the global domination theory, also known as the pivot theory.Once the pivot theory is understood then strategies, tactics, and other actions being as wide as possible can be predicted.What are the fundamental concepts of the pivot zone theory that marked out the strategic thinking of the last 100 years? What are the origins of Eurasian-ism and of neo-Eurasian-ism? Which are the current geostrategic directions of the Russian Federation? Which are the tactics applied by the Kremlin? Those are some of the questions analyzed in this article.
| The Influence of the Council of Europe's Policy on the Development of Legal Regulation of the Russian Transport System|
Abstract: In recent decades, not only public opinion but also the majority of State’s national legislation and international agreements aimed at modernizing transport systems of the members of the Council of Europe, with a view to improve the spatial organization.The most important factor in determining the particular attention of the Council of Europe to transport problems, is to enhance the safety and quality of transport services and finally to increase the importance of environmental criteria.This article discusses the issues of formation and development of the transport legislation of Russia on the basis of international and European standards.
| Market Integration of Agricultural Products|
Abstract: The study aims to investigate the relationship between the prices of agricultural products at the producer level with the prices of the same products at the consumer level in South Sumatera, Indonesia with a case study on the production and consumption of rice as the most important agricultural product in Indonesia.The analytical approach is linear regression modelling with Ordinary Least Squares (OLS), and the Approach of Index Market Connection model (IMC).The findings of the study indicated integration between the price of rice at the producer level and the price of rice at the consumer level. In addition, the three sample regions have IMC value less than 1, meaning that both markets have vertical integration in the short run.Another finding of this study is that the high price difference at the local market level is due to the long distribution of rice commodities in South Sumatera. Government intervention is particularly needed at the local market-level on pricing policy by shortening the distribution channels.
Volume: V, Issue: 3, 2017
| Gravity Modeling Approach for Indonesia's Exports with ten Asian Countries|
Abstract: The main objective of this research is to study the opportunities and the constraints of Indonesian export sector to various countries in Asia using the Gravity Model approach.Annual panel data is used to estimate and evaluate the empirical results for the period 1987-2014. We examine the opportunities and the constraints of the Indonesia’s export flows between different locations from Indonesia to other Asian countries.The results showed that the market size, the investment level, the exchange rates and the inflation rate in trading partner countries can be considered the signals for an export opportunity for Indonesia.Geographical distance is a factor that has significant influence in Indonesia's trade with other Asian countries.
| Mediation as an Alternative Method of Dispute Resolution in Business|
Abstract: The article is devoted to the study of mediation as an alternative way to resolve pores in business. The principles and the advantages of mediation as well as the technological intermediaries in practice for the resolution of entrepreneurship and conflicts are analyzed.The authors have developed a model of mediation and proposed legal means that allow in practice to use mediation in the resolution of pores in business.
| Russia's Strategy in Sub-Saharan Security in the Wake of the Ukraine Crisis|
Abstract: Stung by the West’s economic sanctions because of its role played in triggering and maintaining the present crisis in Ukraine, the Russian Federation is looking for solutions to help maintain its energy dominance of Europe and extend its economic, military, political and diplomatic strength.In this context, Africa’s resources, upon which the international economic system depends, are in play. How will the West counteract Russia’s increasingly aggressive penetration in Sub-Saharan countries which were traditionally in the West’s sphere of influence? How will China react? Are we going to witness an understanding between the BRICS and the West relating to a new division of Africa? Will there be new conflicts?
| Board Characteristics, Audit Committee and Audit Quality: The Case of Indonesia|
Abstract: The purpose of this research is to examine the relationship between board size, number of non-executive directors, the financial expertise of the non-executive directors representing the audit committee and the audit quality.Data from non-financial firms listed in the Indonesian Stock Exchange have been used. To achieve the research objectives, we have used the logit regression. The data of 121 listed firms in a five-year period from 2012 to 2016 is collected from the printed audit accounts available on companies‘ websites. The emergence of corporate governance phenomena has brought upon many structural changes in firms‘ governance structure such as the audit committee role and the audit quality.The second decade which starts with the warmth of subprime crisis has seen a significant development in the code of corporate governance. The role of the audit committee is now significant and being recognized as the solution of prevention of internal fraud.The findings of the study have shown that in non-financial firms listed in the Indonesian Stock Exchange audit committee and board characteristics have significant effect on audit quality. This study will be helpful for students, auditors, policymakers and researchers to understand the impact of corporate governance in audit quality.
| The Effect of Capital Adequacy Ratio, Net Interest Margin and Non-Performing Loans on Bank Profitability: The Case of Indonesia|
Abstract: The purpose of this study is to test and determine the Bank's health level consisting of capital adequacy ratio (CAR), net interest margin (NIM), and non performing loans (NPL) partially or simultaneously on bank profitability based on data from the Indonesian Stock Exchange.The population of this study is all state and private banks listed in the Indonesian Stock Exchange (ISE) amounting to 40. Observations are conducted from 2012 to 2016.The results indicate that capital adequacy ratio (CAR) does not have a significant effect on bank profitability. Net interest margin (NIM) improves the growth of bank profitability.This can happen because NIM has a component of net interest in its ratio. Non performing loans (NPL) have a negative effect on bank profitability.
| The Effects of Brand Image on Online Perceived Quality, Online Brand Personality and Purchase Intention|
Abstract: The purpose of this study is to determine the influence of brand image, online perception of credibility and online perception of buying interest in the market of smartphone products with a case study in the Semarang City, Indonesia.It is a quantitative research by using a survey with 200 questionnaires. The results are valid and reliable against the interest in buying smartphone products.Furthermore, the brand image is positively related but not significant to the interest of buying smartphone products. Online brand personality and online perceived quality are positively and significantly related to the interest of buying.
| FDI Attraction: Comparative Analysis of the Baltic States and Georgia|
Abstract: The attraction of foreign direct investment (FDI) is usually an economic policy priority due to its positive effects on economic growth because of new capital and technology, higher employment, new management practices, improvements in the quality of services, as well as innovation and lower production costs.This paper aims to assess the investment climate in the Baltic states and Georgia and evaluate what are the appropriate FDI policy objectives and approaches there. It considers three international indices as measures of investment climate: Index of Economic Freedom, Corruption Perceptions Index, and Ease of Doing Business Index.The results suggest that all three international indices are useful in assessing investment liberalization, promotion and facilitation. This paper argues that FDI policy needs to consider country-specific characteristics: for countries above a certain threshold FDI attraction depends mostly on macroeconomic and external factors, while other countries need to focus on specific reforms to improve investment climate.
| Theoretical Models for Sport Participation: Literature Review|
Abstract: Recent studies have analyzed theoretical models of sport participation. They claimed that sports activities relate to health and happiness and that there are various factors which determine sports participation, be it individual, sociological or psychological. Whilst some countries in Europe experienced an increase in sport activity over the past few decades, others saw a decline in the number of individuals who commit to physical activity. Several models have been constructed to explain and determine involvement in sports namely, ‘The Beckerian Approach’, ‘The SLOTH framework’ and ‘Green’s Model of Sport Development’. These models have unearthed specific important factors, which encourage people to take part in sports activities. These concerned age, gender, time constraints, income and level of education.In fact, findings has shown a positive and statistically significant relationship between age and frequency of sport participation and as age increased walking increased as well. Education plays an important role as well especially where adolescents are concerned. School was a key contributor to adolescents increased participation in physical activity and more specifically as they transitioned into secondary school.A successful example is that of Norway where a sport and physical recreation culture is deeply rooted in society and is supported by strategic socio-economic circumstances, high standards of living, equality between genders, abundant sporting facilities, a school system that keenly promotes physical activity, a strong voluntary sports clubs sector and high levels of parental contribution. Recent research has also focused on the sociological and psychological factors which contribute to increased physical activity. Social networks and friends significantly impact one’s decision to take part in sport, while the involvement of parents in sport affects sport frequency in a positive and significant way.
Volume: V, Issue: 4, 2017
| Fundamental Analysis, Stock Returns and High B/M Companies|
Abstract: Ιn this paper we initially estimate the financial performance of high BM companies based on the analysis of profitability, liquidity-leverage and operating efficiency ratios.The performance of the specific group as a whole, was found to be quite poor and that is why it is reflected in a high BM ratio score for the companies involved.The research then showed that a portfolio of the best performing high BM companies, chosen through the F-score mechanism, exhibits a statistically significant higher mean of market-adjusted as well as raw returns, compared to any other type of classification of the companies of the category.The research was conducted for the period 2010-2015 and applied to companies listed in the North America Stock Exchange Markets.
| Monopoly Power of the Medical School Market and High Incomes of U.S. Physicians|
Abstract: We expect the incomes of physicians to remain high in the next decades. Using the latest published physician income data (2015) we calculated the weighted median income of U.S. physicians and the net present value (NPV) of an investment in physician education.We estimated the NPV assuming that the physicians training began in 2007 and their practice would commence in 2015. We estimated the NPV of the lifetime earnings of a physician based on the median income of all physicians in the sample to be between $7.1 and $7.3 million.This finding of high NPV’s is consistent with almost all earlier studies of this kind. Physicians continue to experience relatively high incomes and very slow increases in the number of new graduates. We expect an excess demand for positions in medical colleges to continue.Our findings with respect to the incomes of non-primary physicians (surgeons, radiologist and cardiologists), indicate will continue to be much higher than those of primary physicians.There are strong evidence suggesting this is because of blockages in physician residency openings in these non-primary fields of medicine.
| Human Capital and Its Influence on Sustained Economic Growth in Romania|
Abstract: The present article draws attention to the conditions necessary so that the effects of education on human capital development and economic development should record maximum values. The paper emphasizes the idea that investments in education become ineffective unless accompanied by a suitable and appropriate strategy for economic and social development, based on socio-economic and political stability, and by the existence of a direct relationship between income, occupation and level of education and professional training.The concepts of social capital and psychological capital, both being considered as influencing development theory, practice and policy although they bring about less clear and direct results.The paper draws attention to the multidimensional character of the economic development, on the competitiveness, considering that economic development can therefore express all quantitative, qualitative and structural transformations occurring both within economic processes and along scientific research and manufacturing technologies, in the mechanisms regarding the operation of the economy, namely thinking patterns and the behavior of individuals.On the other hand, the New Economy is described synonymous with the knowledge economy in the broader context of the knowledge society, considering the knowledge based economy, knowledge representing an important factor in determining economic growth.
| Economic and Energy Factors on the Formation of USA Foreign Policy|
Abstract: This paper presents the impact of foreign economic and energy factors on formation of the foreign policy strategy of the USA.In the author’s opinion, the contemporary energy policy is one of the main issues of the US foreign policy in the international area, as it is aimed at meeting the increasing demands of the USA for energy resources and maintaining the world-leading status of American economy.As a result, the author comes to conclusion that foreign economic activity and energy factor in the US foreign policy actively help to introduce own TNC into different countries, which, in their turn, solve not only their corporate tasks, but also contribute to the achievement of the US foreign policy goals.
| The Factors Affecting the Profitability of Banks: The Case of Latvia|
Abstract: Bank profitability is a topical issue for a wide range of stakeholders including bank managers and investors, financial supervisors and economic policymakers as well as economists, analysts and journalists.While the general factors affecting the bank profitability have been thoroughly investigated in the academic literature, differences in the significance of those factors among diverse bank business models and various degrees of banks systemic importance have been analysed less comprehensively. The paper sets out to determine the main factors and their level of impact on profitability of banks in Latvia.The analysis is enhanced by considering three different perspectives of the subdivision of the banking sector in terms of (i) bank business models or (ii) their systemic significance according to the assessment made by both the national supervisory authority and the Single Supervisory Mechanism.The research is based on the analysis of macroeconomic and bank's financial statement data; the conclusions are drawn based on the analysis of a fixed effects cross–section weights panel model. The research has shown that in Latvia bank profitability is affected mostly by factors such as economic environment, inflation, interest rates (spread), competition in the banking sector as well as individual bank overall effectiveness.The findings outline the differences between different bank business models and describe the unique banking market in Latvia from the perspective of bank business decisions, at the same time providing valuable insight on profitability aspects that could prove useful, among other parties, to the national supervisory authority and the European Central Bank in bank profitability analysis and assessment of systemically significant institutions.
| The Outcomes of Cooperation of Kazakhstan and Turkey in the Field of Education|
Abstract: Official relations between Turkey and Kazakhstan were established in December 1990. The Minister of Culture Namik Kemal Zeybek and the Kazakh State Culture Committee signed an agreement for the carrying out of common cultural work between two countries in education system, research projects, exchange experience of experts and scholars in the practice. This agreement regained cultural ties interrupted long time ago. The official visit of the head of the Kazakh State Culture Committee paid to Turkey on the January 31, 1991, and the cooperation agreement signed by the Minister of Health on February 14 of that year strengthened cultural relations between the two countries. Before gaining the independence of Kazakhstan the official visit of the Turkish President Turgut Ozal to Kazakhstan on March 15 and signing the agreement "on the relationship of Kazakh Soviet Socialist Republic and the Republic of Turkey" led to the strengthening friendship Kazakh-Turkish relations and further development in this direction.
| Payout and Firm's Catering|
Abstract: This paper is built upon the predictions of the catering theory of dividends and examines whether investor sentiments exert significant influence on corporate dividend policy.Accordingly, we propose a dividend model that incorporates a variable at the firm-level proxy for the catering effect.Estimation of the model using the GMM shows that firms in Eurozone countries cater to their investors’ sentiments, and the model provides evidence supporting the catering model.Additionally, we show an interaction effect between catering and firm characteristics, particularly liquid assets, investment opportunities, and levels of free cash flow.
| Takeover Defenses in the Greek Economy|
Abstract: Takeover defenses are crucial factors for the success of a takeover bid. The European Commission considers takeovers a significant factor for the economic integration strategy of the EU and the Takeover Directive was issued in 2004 to regulate takeover bids.However, it is also important to consider the structural characteristics of the economy in which they operate. There is the concern that EU Member States have different market, legal and cultural structures.The present paper gives a description of takeover defenses and their application in the Greek economy; a weak economy operating in a premature non-contestable market with concentrated ownership structure. It analyzes the role of takeover defenses in Greece that has implemented the EU Takeover Directive in its jurisdiction.Subsequently, the legal framework is examined, followed by relevant case law and takeover activities related to market sectors that include banking, pharmaceutical, shipping, banking as well as privatizations.The examination of takeover defenses in hostile takeovers in the Greek market aims to promote the understanding of the operation of takeover defenses in a weak economy and to offer further understanding on the way economic growth and market structure characteristics influence takeover defenses and vice-versa.It, also, aims to provide feedback on future policy implementation in Greece and the European Union for the advancement of harmonization.
Volume: VI, Issue: 1, 2018
| The Influence of Customer Retention Time on Slogan Recall and Recognition: An Empirical Study|
Abstract: This research intends to explore some of the roots that might influence the effectiveness of slogans. The specific aim of the study is to examine the relationship between the customer retention time and the recall and recognition of brand slogans.This is as an important issue to be studied on branding, because no previous studies were found, and the better understanding of such relationship will help on deciding which marketing mix elements should be managed in order for the brands to obtain a more memorable and stable position in the consumers’ mind.An empirical quantitative study was conducted with an online survey research method employed to collect data from 370-real consumers of three B2C brands in telecom industry.The results revealed that customer seniority (retention time) did not significantly influence slogan recall nor recognition.
| Separation Process of Britain From the EU and its Impacts on Both Sides|
Abstract: EU has a significant role in the world politics and economics. Τhe importance of Brexit is unquestionable for the world countries whether they are parts of the EU or not.Developments and events taken place in the EU affect politically and economically member states as well as other countries of the world.The Britain’ exit from the EU is not expected to affect Britain and the EU only but all the countries which have economical and political relations with the EU. Britain’s process of separation from the EU will have negative impacts on the EU’s citizens who live in Britain, and the British citizens who live in the EU.The study aims to analyze the impacts of Brexit process for both sides.
| Examining Leadership and Knowledge Sharing Role on Small and Medium Enterprises Innovation Capabilities|
Abstract: The inovation capability of a firm depends on knowledge resources. Knowledge sharing is an important part in knowledge management to optimize firm knowledge resources. However, knowledge sharing can not be automatically achieved. Leadership factor is an important factor to encourage knowledge sharing.The purpose of this study was to examine the role of transformational and transactional leadership of the owners of SMEs to encourage knowledge sharing activity which in turn this activity can enhance innovation capability. The survey was conducted in the SME production sector in North Sulawesi Province, Indonesia. The research involved 176 samples. Data were analyzed with Structural Equation Model based on PLS-SEM variant.The result showed that only transformational leadership had a positive effect to encourage knowledge sharing. Further, the result showed that knowledge donating had the positive effect to enhance innovation capability. Surprisingly, the result showed that knowledge collecting had a negative effect to innovation capability.
| Towards Combining the Innovation Ecosystem Concept with Intermediary Approach to Regional Innovation Development|
Abstract: Research and development is becoming a global phenomenon implemented on a purely collaborative basis. This leads to the need to search for partners, resources and ideas outside the company. Active development of information and digital technologies in the international practice has promoted gradual emergence of new forms of innovation intermediaries, which have not yet been applied in Russia. We suppose these new forms could be successfully implemented into the Russian innovation ecosystem. The present research is devoted to searching ways to unite the innovation ecosystem concept with the theory of innovation intermediation, emphasizing specific types of innovation intermediation and fundamental mechanisms thereof, supporting incentives and the role in an innovation ecosystem. The research results may be implemented into managerial practices to improve and increase the innovation feature and competitiveness of regional innovation systems of the Russian Federation and of concrete enterprises in particular.
| MNC Transactions Foreign Exchange Exposure: An Application|
Abstract: The main aim of this article is to investigate the foreign exchange exposure in international transactions and how it affects profitability and the market value of firms. The present study analyses the transaction cost associated with these transactions which is part of a more extended research using a questionary sent to multinational companies included in the Forbes 500. Results are consistent with other studies supporting the hypothesis that foreign exposure is a main problem in international business and it must be treated in a unique way by IAS.
| Corporate Social Responsibility in Hotel Industry: Empirical Analysis of Transitional Market|
Abstract: Using the non-parametric approach and data assembled by questionnaire survey among top and middle managers of hotels and hotel chains, the authors analyse management views on the importance of selected areas of Corporate Social Responsibility. The examined areas were the area of the relevant community, the economic, social and environmental areas. The aim of this paper is to find what importance do managers attribute to individual activities in selected CSR areas in hotel industry and whether they are influenced by any characteristic features of hotels in question. The research outcomes confirm the current state of development in the area CSR in transitional economy, which does not appreciate the complexity of current business world and concentrates predominantly on short and medium-term goals. Among positive Czech specifics we can certainly count the detailed knowledge of local conditions in local environment and willingness of employees to provide additional services to their customers, which creates positive response from clients and contributes to their loyalty.
| Comparative Study on Consumer Protection Through Mechanism ?f Product Liability Insurance in Indonesia|
Abstract: This research discusses and analyzes consumer protection (CP) through product liability insurance (PLI) mechanism in indonesia. It becomes a necessity for insurance institutions to transfer producer’s liability risk for the products they produced for consumer’s consumption or use, especially, if consumers suffer accident and or loss because of consuming or using such product. In Indonesia, the intention to materialize legal effort of CP has existed since 1998 with enactment of Law Number 8 of 1999 on CP. To face business law development especially in insurance area ,which it has an impact on legal protection for consumers of product, it is necessary to have a reform and or regulation which certainly will be able to anticipate the development of business, in creating and implementing contracts in insurance business practices. The research method used in this research is normative-qualitative with comparative approach. The outcome of the research shows that PLI has an important role in protecting consumers’ interest in the current Indonesian society. This PLI provides guarantee for consumers to receive compensation if the products being used cause injuries/loss, even such compensation is not only for the consumer who uses the product but also for bystanders when the product is being used. In mechanism of PLI, producers have to pay premium for products insured which its value shall depend on quantity and type of product, as well as risk level for products insured.
Volume: VI, Issue: 2, 2018
| Exploiting Regio-centric Product Advantage to Increase Small and Medium Enterprises' (SMEs) Marketing Performance|
Abstract: This research aims to examine the role of regiocentric product advantage to improve SMEs marketing performance.The concept of regiocentric product advantage is proposed in this study as a variable that plays an important role in improving marketing performance. The research is also conducted because of the business phenomenon that is the decrease in the number of entrepreneurs and the number of workers in salted egg industry Brebes District, Central Java Province, Indonesia.The study has developed four hypotheses using data collected from 118 respondents of salted egg SMEs companies.The statistical analysis processed with AMOS 22 concludes that the research hypotheses are accepted. That is the product development capability with regiocentric product advantage, the regiocentric product image capability with regiocentric product advantage, the customer sensing quality with regiocentric product advantage and the regiocentric product advantage with marketing performance are correlated.
| Factor Analysis of Ownership Behavior at Family Business: The Case of Indonesia|
Abstract: There are many family business in Indonesia that cannot survive after the third generation. One of the factors affecting the inability to survive after the third generation can be attributed to process of succession. Ther are several stages involved in the arrangement of a successor. The successor induction, followed by the phasing out of the predecessors\' role, until the successor is ready to take a full leadership are factors which play an important role and they are also part of other important elements of ownership behavior. Ownership behavior is a factor to balance the privileges of ownership, such as wealth, power, joy, source of motivation, related to the task and ownership risks, including proper concern for the corporate wellbeing and accountability for corporate success. This study explores the factors regarding ownership behavior, which is professionalism, active governance, owner as a resource and basic duty. The sample of this research is 49 respondents of family business owners. The research uses factor analysis to prove that all indicators developed professionalism, active governance, owners as resources and basic duties, which at the end, proves that professionalism, active governance, owners as the resources and basic duties significantly develop the ownership behavior family business factor in Indonesia producing four new factors, namely professional governance, main duties, owner responsibility and professional activities.
| Bank Stability: The Case of Nordic and Non-Nordic Banks in Latvia|
Abstract: The banking industry is facing huge challenges due to technology-enabled innovation, to changes in customer preferences, to bank de-risking and to new regulatory initiatives. To go through all these changes, banks need to be stable. The present study contributes to the empirical literature by identifying the determinants of stability of banks in the Latvian Banking Industry. This study covers both bank-specific (endogenous) factors and macroeconomic (exogenous) factors that impact the stability of banks. The data set used in this study is the annual financial statements of Latvian banks operated in the period 2003-2016. Using multivariate regression analysis techniques, we found evidence that credit risk and efficiency ratio have a significant negative impact on banks\' stability, whereas size of the bank, liquidity ratio, profitability, inflation and GDP growth have significant positive impact on bank\'s stability. We made comparison of bank-specific variables performance for Nordic-owned and non-Nordic-owned banks. Credit and liquidity risks, as well as efficiency ratio for Nordic-owned banks during the research period were higher, whereas size of the banks and profitability were better. Comparing measurement results of stability of banks, we received that Nordic-owned banks performance between 2003 to 2016 was better than non-Nordic-owned banks performance.
| Structural Shifts and Reforms for Import Substitution: The Case of the Russian Agrarian Sector|
Abstract: N.A. Tretyak4, R.A. Grafov5 The paper deals with the international and Russian structural problems in agriculture. The objective of the paper is to evaluate the structural changes in the agricultural sector of Russia and how they are affected from the \'sectoral\' sanctions and the food commodity import substitution policy. The authors have studied the structure of the main commodity groups influencing the solution of the import substitution problem. They have also computed the basic indicators of the corresponding structural shifts and have highlighted the most efficient groups of the agricultural producers. The paper presents an econometric model of the structural shifts and the assessment of the level of self-sufficiency with agricultural production in Russia. The research has been conducted based on the methodology of structural analysis represented in the scientific pursuits of the foreign and national scientists. It also contains the suggestions about the necessity of strengthening the structural policy in the animal husbandry.
| Macroeconomic Indicators and their Impact on the Foreign Debt Burden: The Case of BRICS Countries|
Abstract: The main aim of this article is to analyse the macro indicators affecting the foreign debt burden of BRICS. It has been proven that it is required to design development scenarios in mid-term planning via forming a numerical estimate plane, taking into account expectations of economic variables’ behavior and other factors, which would stabilize the debt burden and other indicators at sensible levels. Using the elimination approach towards the impact of all factors on the amount on the end result except one, the article formulates and proves the hypothesis that market indicators in relation to GDP influence the size of the country’s debt.