Publisher: Vilnius University
ISSN(s): 2029-4581, 2345-0037
Last Update Time: Friday, May 29, 2020
Total Documents: 173
the countries with a transition economy in the eu have experienced rapid growth of labour migration and remittance flows during the last two decades. remittances are improving household economic welfare, so it is important to evaluate how these financial flows may affect the poverty situation, as cee countries are facing levels of poverty and inequality way above the eu average. the paper examines the impact of remittances on poverty, using the panel of seven cee countries considered as advanced transition economies over the period of 2006-2015. pooled ols, fixed effects, random effects, and 3-stage least squared estimators are used to estimate the poverty effects of remittances. the results show that remittances have a significant impact on three out of four poverty measures. taking into consideration the endogeneity problem, it is estimated that a 10-per cent increase in remittances to gdp ratio will lead to a decline, on average, by 5.5 per cent in poverty headcount, and also by 3.7 per cent in poverty gap and 0.6 per cent in the risk of poverty. these results can be important for defining the policy measures on providing more efficient management of remittances
exchange traded funds (etfs) have two prices, the market price and the net asset value (nav) price. etfs nav price gets determined by the net value of the constituent assets, whereas the market price of etfs depends upon the number of units bought or sold on the stock exchange during trading hours. as per the law of one price, the nav and market price of the etf should be the same. however, due to demand and supply forces, the market price may divert from its nav. this price difference may have significant repercussions to investors, as it represents a cost if they buy overvalued etf shares or sell undervalued etf shares. pricing efficiency is the speed at which the market makers correct the deviations between etfs nav and market price. the present study attempts to investigate the pricing efficiency of indian equity etfs employing an autoregression model over its price deviation, and also attempts to understand the lead-lag relationship between the price and nav using the vector error correction model (vecm
r&d is one of the most important roles of universities. many previous studies examined the impact of financial factor on university r&d activities but reached no consensus view. this article contributes to the current literature by exploring how financial factor and other factors influence r&d activities in vietnamese universities. the author employed a survey dataset from the association of vietnam universities and colleges to check whether unfavourable financial condition hindered university r&d activities. using structural equation modelling, the author found empirical evidence that financial constraint could hamper r&d productivity. on the other hand, favourable conditions in management, communication, infrastructure and human resources were found to improve r&d activities. this led to some policy suggestions to improve r&d activities in vietnam higher education institutions
dependency on natural resources has made economies unstable because of the fluctuation of commodity prices. however, coffee production has not had this effect on the colombian economy owing to the process of upgrading the value chain, with the colombian national federation of coffee growers taking the lead. using a case study methodology, the present article aims to analyse how the process of upgrading the value chain in the colombian coffee industry has contributed to the economic development of the country, represented as an improvement of the country’s infrastructure and living conditions, economic growth, industrialisation level and education access perspectives
the process of economic development implies, among other things, the expansion of exports beyond natural resources and towards more knowledge intensive sectors. however, a common situation in developing countries is the lack of an ‘entrepreneurial push’ from economic and political elites in order to diversify such exports. the chilean economy is not an exception as it is still characterized by an export basket anchored in natural resources, regardless the consensus among society on the importance of diversifying the chilean economy towards new industrial and service sectors, both beyond and within natural resources. this paper focuses on the causes of the absence of such an ‘entrepreneurial push’ towards export service sector in chile and, through a qualitative exploratory analysis of elite perceptions, presents the predominant hypothesis among key stakeholders.
the paper discusses the government policy that encourages the emergence of co-operatives and analyzes the co-operatives in light of their growth in number. it establishes a static equilibrium and highlights the co-operatives’ adjustment process (dynamic equilibrium).the methodology/approach consists of the development of a theoretical model, using the nash equilibrium for the co-operative market, and the determination of a static equilibrium. it presents the data which includes variable measurements for the adjustment process for agricultural, artisanal, and fishery co-operatives in order to analyze the stochastic process of entry-and-exit flow of co-operatives. accordingly, the paper estimates the co-operatives’ growth index speed of adjustment (soa) as a function of the mean-reversion ornstein–uhlenbeck (ou) process.the theoretical results indicate that co-operatives’ earnings depend on the number of co-operatives, market-demand, and the capacity constraint. they also show that the margin for new entrants is a dynamic gap that especially depends on demand, capacity constraint and the profits. the empirical results indicate that co-operatives growth-index process is significantly mean reverting for all sectors, and the speed of adjustment for artisanal co-operatives is significantly higher than for those in agriculture and the fisheries
the aim of this article was to determine whether the strategic orientation of family-owned businesses influences corporate social responsibility (csr) practices. for this purpose, a questionnaire was administered to a sample of 245 family-owned businesses in the southern part of the southeastern mexican state of quintana roo. variables attributed to csr measurements were environment, society, employees, and customers, as well as business-level strategies of prospector, analyzer, defender, and reactor as defined by miles and snow. results showed that family-owned businesses with a strategic orientation as prospector and analyzer have higher development levels of csr practices, reactor businesses demonstrated lower development levels of csr practices. prospector and analyzer businesses tend to be product developers and innovators in their respective markets
in spite of tremendous research on the relationship between hpws and firm performance, a paucity of them has examined the antecedent of hpws. data were collected from ceos and hrm managers from 311 firms including state-owned, private and foreign invested enterprises. multiple regression analysis suggests that (1) firm characteristics (firm capital, firm age) and ceo’s education were positively associated with the adoption of ability-motivation-opportunity bundles of hpws, (2) hpws were positively associated with firm performance, and (3) ownership style moderates the relationship between hpws and firm performance in different manners. theoretical and practical implications were discussed
the majority of studies into the economic effects of high-skilled migration focus on aggregate impact on the economic output in the countries of destination. the economic impact of migration of the highly qualified on the economies of the countries of their origin has been examined less. this qualitative research aims to address that gap by identifying the economic effects of high-skilled migration on central and eastern europe, the region which faces many long-term challenges to its economic development. we use the available data from the uk international passenger survey for the 2004-2016 period to test whether the outflow of highly qualified workers from the eu8 countries to the uk is detrimental or beneficial for the growth of sending economies in the short and long term. in order to test these hypotheses, econometric time series analysis methods of structural vector autoregression and cointegration were applied. our results have shown a positive short-term effect of brain outflow on regions’ gdp and wage growth as well as unemployment; on the other hand, we presented empirical evidence in support of the hypothesis of the negative long-term effect of high-skilled migration on eu8 countries’ gdp and wage growth as well as unemployment. these results are fairly robust to imply that a negative view on high-skilled migration from eu8 is broadly consistent with the previous findings of “harmful brain drain” scholars
the aim of this research is the investigation of strategic behavior of chinese investors in japan when making cross-border acquisitions in recent times. while previous literature on acquisitions tended to show that chinese acquirers were merely resource-driven, i.e. their main purpose was to acquire products, brands, and knowledge to be transferred back to the (chinese) home market, our study suggests that the behavior of many chinese firms has changed lately. in a pivotal study with 39 chinese bidders taking over japanese targets, we find that their strategy has become increasingly market-driven instead. as far as industry-wise acquisitions are concerned, chinese firms are taking over japanese hotels and recreation facilities in recent years for the purpose of providing services to chinese tourists
developing countries institute policies to attract foreign direct investment (fdi) that promotes growth and development. corruption disrupts and complicates the implementation of policies that govern the inflows of fdi and the operations of foreign firms; such interference with policies is more than likely to disrupt and lower the inflows of fdi. this paper evaluates whether or not corruption reduces inflows of fdi into each and every developing country. our study shows that developing countries with high growth rate (> 6% annual gdp growth) attract more fdi than countries with low growth rates although they are both steeped in corruption. multi-national corporations (mncs) seem willing to cope with corruption in countries with high growth rates
most of the literature that explored the relationship between financial development and economic growth taking into consideration the roles played by institutional quality in the ecowas region still debates on the roles of institutional quality on economic growth. this study used data from 1996-2017 for 15 emerging economies within the ecowas by applying two-step sys gmm (sgmm) estimators. the following conclusions were developed: first, the study discovered that financial development has no significant and positive impact on economic growth in the ecowas region. secondly, regulatory quality and control of corruption, which are considered as institutional quality variables, have opposing results with control of corruption reducing growth as well as regulatory quality variable increasing growth. again, the results indicate that capital formation has a positive association with growth and labor force influencing growth negatively. finally, due to a lack of proper corruption control systems in the region and poor financial sector development, growth cannot improve
to maintain the significantly positive influence of celebrity endorsement (ce) on instagram user consumption behavior, scholars and business practitioners are motivated to have a better understanding of this phenomenon. literature on ce focuses on its direct effect on attitude toward various brand components; however, this study takes a different approach by developing a new conceptual model and a set of hypotheses that aims to generate a better picture of the relationship between two brand components (brand image and brand trust) and repurchase intention. the present study also examines the moderating role of ce in the relationship between brand image and brand trust as well as repurchase intention. the hypotheses were tested using online survey data from 220 indonesian respondents. to test the theoretical model, this study employs ordinary least square regression (ols), as well as baron and kenny’s (1986) method to test moderating hypotheses. the results show that the hypothesized model of ce on brand image, brand trust and repurchase intention fits the data. in addition, the findings also demonstrate that ce moderates the relationship between brand image and brand trust, and between brand image and repurchase intention. the findings offer important contributions to the academic by enriching the body of literature on online consumption behavior. they reveal the moderating effect of ce, and potentially inspire scholars to conduct further research. to business practitioners, this study suggests the importance of engaging with celebrities to endorse their brands. at the same time, to avoid the risk of reverse image, managers are recommended to think carefully about which celebrities are suitable to represent their brands
e-commerce is important in creating a knowledge society and cashless business environment in the era of the fourth industrial revolution (ir 4.0). however, not all malaysian entrepreneurs are ready for this digital way of performing business. the e-commerce ecosystem is still less matured, and the e-commerce adoption rate is still low among entrepreneurs of small and medium enterprises (smes). therefore, this study was conducted to determine the factors that influence the entrepreneurs’ motivation to adopt e-commerce. self-determination theory (sdt) was employed in determining the factors that influence the motivation to adopt e-commerce. this study employed a quantitative research method and surveyed 273 entrepreneurs through self-administered questionnaires. it used multiple regressions analysis to analyse the data and test the hypotheses. based on the results obtained, it concluded that competence, relatedness and autonomy positively and significantly influenced entrepreneurs’ motivation to adopt e-commerce. relatedness was found to be the most important factor, followed by autonomy and competence. this study contributed to entrepreneurship literature by applying sdt in understanding entrepreneurs’ motivation in e-commerce adoption. it also shed light on the importance of individual psychological factors in decision making among entrepreneurs. the study suggested that building a strong connection among the entrepreneurs, providing freedom to business operations and developing knowledgeable entrepreneurs are some crucial steps in motivating entrepreneurs to adopt e-commerce, especially in a developing country like malaysia
the paper is aimed to study the influence of religiosity on the behavior of buying sports apparel in the muslim market segment of india. the data was collected from 1000 muslim respondents from four states: uttar pradesh, delhi, uttarakhand, and jammu & kashmir. the paper has found that religion plays no role when muslims buy sports apparel. they shop as any other religious person does. no other factor, even fashion and religious obligation, is influenced by religion, except for shopping enjoyment responsiveness, which is influenced by intrapersonal islamic religiosity. the paper’s perspective in studying the religious influences will assist sporting apparel manufacturers to design new products that will meet the requirements of the large muslim segment in india, which is neglected so far. it will help marketers to save their effort and energy which would be utilized for muslim population.
the presence of the shadow economy differs considerably among the countries. therefore, determination of factors behind the differences in the size of cross-country shadow economy becomes more of an issue for designing and implementing the right policies to combat the shadow economy. this study investigates the influence of economic freedom and globalization on the size of the shadow economy in the european union transition economies employing panel data analysis for the period of 2000–2015. the empirical analysis indicates that economic freedom reduces the size of the shadow economy in the long term in the overall panel, but globalization also has a relatively smaller detractive effsect on the shadow economy in some countries.
the purpose of this study is to analyze the role of trust in mexican companies in relation to organizational factors, the leadership and career satisfaction of employees. to achieve this objective, a quantitative method of structural model equations was used. the sample consisted of 181 individuals working in service businesses, manufacturing and public service mainly. the study was done in the central part of mexico. the study results show a positive correlation of trust of employees towards their managers related with benevolence and integrity. with regard to the relation with organizational factors, a strong relationship was found between trust and leadership but not with the policies related to management of employees. finally, a weak relationship between leadership and career satisfaction of employees was confirmed. through the model analyzed, it can be stated that the culture plays an important role for the development of trust in organizations. also, recommendations for policy makers, such as ways of increasing feedback through employees, are presented.
liquidity commonality and the co-movements in trading costs related to such commonality have remarkable implications in market microstructure. analyzing and identifying such commonality will enable the investor and policy maker to discover evidence regarding the inventory risks and asymmetric information in uencing individual securities’ liquidity. thus, this study aims at documenting the liquidity commonality and measuring its extent in the indian stock market. employing fourteen liquidity measures a ributed to the cost, quantity, time, and multidimensional aspects of liquidity, it empirically proves the existence of co-movements among market-wide liquidity and the individual securities’ liquidity. the study also shows the presence of a size effect in liquidity commonality in indian stock market. it is found that the slope coefficient indicating the interface between market-wide liquidity and individual securities’ liquidity generally increases with size.
this study explores the contemporaneous association between market determined risk measures and accounting determined risk measures using the large liquid non-financial stocks in the indian stock market in the recent 2012-2017 period. two measures of systematic risk and seven accounting determined risk measures are chosen based on prior research. this study uses three regression techniques, namely ordinary least squares (ols), stepwise regression and robust regression, to identify the influential accounting variables for the systematic risk measured by market beta. the results evidence that there is a high degree of contemporaneous association between market determined and accounting determined risk measures, with nearly 30% of the cross sectional variance in systematic risk explained by accounting determined risk measures. the results suggest that the accounting variables can be used in the predictive models of future risk, leading to superior decision making at the level of individual decision maker.
this study investigates the determinants of corporate capital structure of various sectors in the bursa malaysia main market with the aim to establish whether the determinants of capital structure can be explained by either the trade-off or the pecking order theory. this study also examines whether there are any differences between the regressions for any two sectors or not. this study applies both the ordinary least squares (ols) and the seemingly unrelated regression (sur) estimators to estimate the leverage models, and subsequently determines the efficiency of each estimator. the results indicate that profitability, asset tangibility, growth opportunities, and firm size are important determinants of corporate capital structure. however, the signs of the regression coefficients suggest that the trade-o and pecking order theories are complementary. moreover, the importance of some of these determinants differs across sectors. in most cases of the regression analyses between two sectors, the sur estimator is found to be more efficient in explaining the determinants of capital structure among the various sectors. hence, this study concludes that the sur method could serve as a useful alternative methodology for capital structure research.
the purpose of this study is to analyze two estimation models related to relationship marketing in business-to-business interactions in the context of emerging economies. we compare two estimation models – one based on a dyadic approach and another based on a non-dyadic approach. we estimate these two models and compare their results to see which one is more suitable to be used as a theoretical relationship marketing model. we developed a survey comprising 204 dyadic observations of retailers and their suppliers and used a purposive sampling method. three different observations correspond to three different estimation models. this study shows that the estimation model based on a dyadic approach has a better model fit than the model based on a non-dyadic approach regarding relationship marketing in a business-to-business context. the dyadic model also gives more accurate information to explain behaviour among companies involved in business relationships. furthermore, this study explains how to examine estimation models in a relationship marketing context using dyadic and non- dyadic approaches. we also develop methods for examining dyadic perceptions of companies involved in business relationships. our results contribute to the imp school of thought in relationship marketing.
the aim of this study is to explore how the impact of recommendations in social media on intention to purchase varies between generations y and z. the research focuses on two types of online recommendations, namely online reviews and opinion leaders’ recommendations, and e-wom, which refers to recommendations made by followers. it also aims to examine which of the two types predominates among generations. based on various studies, a theoretical research model was developed as well as quantitative and qualitative research was employed. the research findings supported the idea that social media recommendations have an influence on purchasing intentions of consumers, however, the main managerial applications of this study are connected with the differences among consumers. online reviews had been an influential source of information for generation y; however, it is losing its influential power towards shaping purchasing intentions. e-wom is still important, thus brands and retailers are advised to develop and maintain branded communities in social media, encourage their consumers to share feedback not only in social media, but also in rating websites, apps and services. retailers are advised to segment their target audience very carefully, as differences in generations’ social media habits and information adoption exist.
an assumption in agency costs theory is that agency costs can exert a negative impact on firm performance. in this study, we examine the impact of agency costs on firm performance of vietnamese listed companies. our sample includes 736 companies in vietnam during the period om 2010 to 2015. we find that agency costs exert a negative impact on firm performance. our results are robust to alternative econometric models, including an instrumental variables technique and a system generalized method of moment model. in addition, we show that a debt instrument can be a useful tool to reduce the negative impact of agency costs on firm performance.
consumer ethnocentrism (cet), healthiness perception and health consciousness have been extensively researched in regard to consumer food choices. literature on domestic food choices provides evidence that cet positively affects consumer preferences toward domestic food. however, the effect of health consciousness on domestic food choices has not yet received a ention. our online study (n=227, convenience sample from lithuanian population) closes this gap by showing that health consciousness is an important individual trait in domestic food choices beyond consumer ethnocentrism and represents the first study to analyze cet in light of food healthiness perception. all constructs were measured using established self-report scales. empirical results obtained through structural equation modelling show that (1) health consciousness increases healthiness perception and willingness to buy domestic food. moreover, (2) health consciousness is an important individual trait in domestic food choices beyond cet; (3) healthiness perception of domestic food has an impact on consumer purchase decisions; (4) cet has a positive impact on domestic food healthiness perception. the study provides managerial implications for domestic and foreign producers.
this study aims to examine the relevance of foreign ownership to stock return volatility in the vietnam stock market over ten years (2008 - 2017). after applying the fixed effects regressions and the extended instrumental variable regressions with fixed effects, we find that foreign ownership decreases the volatility of stock returns. however, the stabilizing impact of foreign ownership on stock return volatility becomes weaker in large firms since the coeffcient of the interaction term between firm size and foreign ownership turns out to be significantly positive. the estimated results remain robust when we use the future one-year volatility, other than the current one, as an alternative measure of the dependent variable.
this study examines in detail the use of customer-based brand equity for a tourism destination (cbbetd) as a strategic tool for use with a specific city (bandung city, indonesia in this instance). the cbbetd scale developed by konecnik (2005) and empiricized by konecnik and gartner (2007) was successfully adapted using qualitative and quantitative refinements for the city of bandung. a sample of 400 visitors to bandung was surveyed, and empirical psychometric assessment was run. the scale required minor adaptations but was found to be appropriate for use in this new context. the components of customer-based brand equity for a tourism destination were found to be: awareness, image, quality and loyalty. the successful adaptation of the scale is encouraging as it provides strategic insight on strengthening destination positioning in the minds of both current and future tourists. managerial implications and suggestions for future research are provided
the study focuses on the relationships between social motivational engagements, brand community commitment and repurchase intentions across marketer-generated and customer-generated online brand communities. the current study demonstrates that online brand community commitment mediates the effects of all the six motivational engagements (self-expression, connecting, helping, like-minded discussions, seeking assistance, and validation) on repurchase intention. the type of online brand community does not moderate any relationships between social motivational engagements and brand community commitment as expected. however, the current study demonstrates that the moderator affects the link between brand community commitment and repurchase intention indicating moderated mediation. in other words, the relationship between the two constructs becomes stronger in the marketer-generated online brand community. consequently, the type of online brand community affects the links between the six social motivations and repurchase intention. specifically, the effects of the six motivations on repurchase intention become stronger in the marketer-generated online community
in recent times, increasing interest has been shown by ob and hr practitioners in the area of organizational commitment (oc). this interest stems from the fact that the committed workforce is considered beneficial for organizational functioning and effectiveness. the present study was conducted to explore the direct relationship of job satisfaction and locus of control (loc) on organizational commitment. the purpose of the study was also to see if locus of control moderates the relationship between job satisfaction and organizational commitment. the study was conducted using structured questionnaires for measuring the above mentioned variables. the sample of the study was 449 indian it professionals. hierarchical multiple regression showed that job satisfaction and internal locus of control was positively related to organizational commitment. also, locus of control was found to moderate the relationship between job satisfaction and organizational commitment such that the relationship was stronger for internals than for externals. the present study has important implications for human resource development in the it sector. managers should use strategies to achieve high job satisfaction and organizational commitment. they must be aware of the moderating role which different personality attributes play in the relationship between job satisfaction and organizational commitment
this study examined mobile users’ intentions to receive sms advertising in india using technology acceptance model (tam) as a research framework. 242 respondents completed a structured questionnaire, measuring their responses to the tam’s five constructs. using structural equation modeling (sem) both measurement model and structural model testing was done to analyze the data. the findings suggested that specified tam model contributed to 81.8% of variance in the intention to receive sms advertising and was a valid model in explaining the intention to receive sms advertising. the study indicated that perceived utility was a much better predictor of attitude towards sms advertising than perceived ease of use and perceived trust. the study suggested that in order to increase acceptance of sms advertising marketers should focus more on increasing utility of sms ads, so that users would develop positive attitudes towards sms advertising
the aim of this paper is to assess the profitability of contrarian strategies on the stock exchange of mauritius. using data from 2001 till 2009 for all 40 listed companies on the official market, the study shows little support in favour of the contrarian effect. in particular, the losers portfolio seems to outperform the winners portfolio in one out of nine strategies. however, when considering the market return, negative excess returns are noted for all portfolios across all strategies, providing strong support for a passive portfolio management strategy and weak support for overreaction hypothesis. in addition, the size, price, earnings to price (e/p) and book to market (b/m) effect has been tested. the results suggest that the average market return is greater than size-based portfolios and price-based portfolios. however, when accounting for the e/p and the b/m effect, there seems to be a strategy which can beat the market. nevertheless, most strategies for e/p and b/m portfolios indicate insignificant excess returns. in general, the results of this paper are undoubtedly in sharp contrast with most popular studies in developed markets. however, it is observed that investors on the sem may not possess similar characteristics to those of well-advanced markets. in particular, according to harvey (1995), emerging market countries are sometimes relatively isolated from capital markets of other countries
with the irreversible effect of globalization, a growing number of websites today sell their products to more than one country. the effects of cross cultural differences on buying behaviors are widely acknowledged. therefore, a consideration about attracting and retaining online consumers from different countries and cultures is gaining importance. this paper examines the roles of hedonic and utilitarian values in online shopping by comparing cross culturally the turkish and us consumers. a total of 264 students from turkey and usa participated in the survey. the findings showed that the online shopping behaviors of turkish and usa consumers differ according to their hedonic and utilitarian values. while turkish consumers use online retailers to socialize with others, the usa people use online shopping for relaxation purposes