Editorial

<abstract xmlns="http://www.w3.org/1999/xhtml">It is well known that government monetary policies significantly impact financial markets. There have been numerous studies examining the relationship between monetary policy and the prices of financial assets, including equities and bonds. Little, however, has been done to explore the impact of major financial assets on changes in monetary policies.This study examines the impacts of the Federal Reserve’s monetary policy on the dynamics of major financial assets in the U. S. For this purpose, cointegration was tested for between equities, bonds and real estate markets in the period 1980 to 2014, whereas the U. S. monetary base M2 was used as an exogenous variable.Our cointegration tests suggest that the exogenous component of the U. S. M2 significantly affected the interaction among major U. S. financial assets. These findings have implications for both policymakers and market practitioners in terms of portfolio allocation rules.</abstract>

The Long-Run Effects of the Fed’s Monetary Policy on the Dynamics among Major Asset Classes

<abstract xmlns="http://www.w3.org/1999/xhtml">The purpose of this study is to explore long run affiliations between exports and carbon dioxide emissions. This paper examines thirty-seven countries over the period 1960 to 2010 and uses the Toda and Yamamoto causality approach to investigate the direction of causal links. The results reveal that carbon dioxide emissions Granger cause exports in the following economies: Bolivia, Canada, Costa Rica, Morocco, Austria and Ireland. Nonetheless, the reverse causality proved that exports Granger cause carbon dioxide emissions in twelve economies. Furthermore, the study registered bidirectional causal links between exports and carbon dioxide emissions in the USA and Burkina Faso. We conclude that countries should consider exports market demand, energy consumption and economic growth in their attempts to reduce carbon dioxide emissions.</abstract>

The Effect of Exports on Carbon Dioxide Emissions: Policy Implications

<abstract xmlns="http://www.w3.org/1999/xhtml">This paper evaluates the factors responsible for maintaining substantial military expenditures in Greece and Turkey. The presented research encompasses theoretical and empirical aspects. First, defense spending by both countries was analyzed based on statistical data from international sources. Next, the theoretical determinants of budgetary spending are reviewed, which consider political, economic and military factors behind high expenditures on the army in Greece and in Turkey. Finally, Granger causality tests is applied to determine whether a causal relation between variables exists in the case of these two countries.We conclude that defense expenditures in Greece and Turkey exceed the NATO average, but are relatively low relative to those of selected Middle Eastern countries. Our results indicate that high military spending level in Turkey is mainly driven by national security concerns, whereas an economic driver prevails in Greece.</abstract>

Drivers of Greek and Turkish Defense Spending

<abstract xmlns="http://www.w3.org/1999/xhtml">With the rising popularity of the Internet, interactions between companies and their consumers have become more common and meaningful. Researchers often tend to apply the metaphor of community to these on-line networks of B2C relationships. However, this term implies durability and a long-term orientation. It does not cover more incidental, short-lived groups of consumers, who therefore should not be treated as communities. The purpose of this paper is to explore the ability of these short-term, collective consumer phenomena (addressed as e-crowds within the scope of this paper) to create value. Based on a critical literature analysis that considers works from several different fields of knowledge (including management, economics, psychology and media studies) and empirical examples, we argue that while lacking a complex internal organization, e-crowds are capable of creating use, exchange and sign value when certain conditions are met. However, they are equally likely to perform value-destroying activities, which present real risks for companies that interact with e-crowds.</abstract>

The Wisdom of e-crowds: Can Masses Create Value?

<abstract xmlns="http://www.w3.org/1999/xhtml">Women-owned businesses are one of the fastest growing categories of firms in the world, but they are greatly understudied in countries from the Central and Eastern Europe (CEE) [<xref ref-type="bibr" rid="j_ijme-2016-0020_ref_052_w2aab2b8c16b1b7b1ab1ac52Aa">Zapalska et al., 2005</xref>]. The purpose of this paper is to examine the relationship between business success predictors and the performance of female-owned micro-enterprises from the Mazovia Voivodeship in Poland during the period 2011–2013, using an Internet-based survey questionnaire. The data were collected by the CAWI (computer assisted web interview) and CATI (computer assisted telephone interview) methods. Exploratory factor analysis, correlation coefficients analysis and multivariate regression models were deployed to investigate the empirical data.This study contributes to the limited body of literature on factors that positively affect the business performance of female entrepreneurial undertakings, using the context of the Polish experiences. Drawing on <xref ref-type="bibr" rid="j_ijme-2016-0020_ref_016_w2aab2b8c16b1b7b1ab1ac16Aa">Gartner’s [1985]</xref> typology and “the resource-based view of the firm” theory, a theoretical research model was developed and verified empirically using three multivariate regression models. “Model A” displayed the highest explanatory power of the predicted dependent variable “Composite business performance” (R2 = 42,3).Our findings suggest that the most successful female business owners in the region were ideally 30–39 years old; completed a university education; had at least three years of business experience; displayed above average entrepreneurial orientation; and adopted a business strategy to deal with competitors. Moreover, the better performing women-owned micro-enterprises hired qualified and experienced employees (“hman capital”); offered products or services to domestic and international customers; were able to attract business sector clients; and had sufficient resources (“financial capital”). It is recommended that this research be replicated in other countries from the CEE region (e.g. Czech Republic) for comparative purposes.</abstract>

Exploration of Key Success Factors that Influence Business Performance: The Experiences of Women Micro-entrepreneurs from Mazovia Voivodeship of Poland

<abstract xmlns="http://www.w3.org/1999/xhtml">This study investigates how vertical linkages impact the innovative activity of both medium-high and high technology industries in Poland. The data for this research were collected in structured telephone or e-mail interviews with managers and company owners. The final data set includes 1,355 firms. The analysis is based on probit modeling that allows us to determine the probability of innovative activity in relation to a number of supplier and customer groups or a type of vertical linkage. We find that the number of suppliers and customers shape innovative activity; specifically, the more groups of suppliers and customers the higher level of innovative activity. This analysis suggests that appropriate suppliers and customers can greatly accelerate innovation activity.</abstract>

The Importance of Vertical Linkages for the Innovation Activity of Medium-High and High Technology Industries in Poland

<abstract xmlns="http://www.w3.org/1999/xhtml">This study investigates the links between organizational culture, the use of open innovation sources and the performance of SMEs. The main hypothesis of the study is that a special type of organizational culture (termed innovative culture), which fosters creativity, learning and inter-employee cooperation – will correspond with a greater scope of open innovation sources and higher levels of innovative, operational and financial performance. The study was based on a representative CATI survey of 473 SMEs operating in manufacturing and services industries in Poland. Our statistical analysis relied on building and testing structural equation model with the AMOS software. The findings confirmed a positive association between innovative culture and the scope of open sources of innovation. However, innovative culture had no direct effect on the percentage of sales from new and modified products, which is often used as a metric of innovativeness, but did show a positive influence on an index of operational performance and ROI. Such statistical patterns suggest that fostering innovative culture is beneficial to a company, though probably not through an increased number of product innovations, but rather via process, administrative and marketing innovations, as well as other gains in efficiency attained due to more streamlined employee cooperation and knowledge exchange. The study adds to the existing body of knowledge in management science by providing a better understanding of mechanisms underlying innovative culture’s impacts on open innovation practices and metrics of operational and financial performance in the context of small and medium enterprises.</abstract>

World Economy Collegium, Warsaw School of Economics,

Organizational Culture and Open Innovation Performance in Small and Medium-sized Enterprises (SMEs) in Poland

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International Journal of Management and Economics

 IJME is a platform for scientific discussion and knowledge sharing open for all researchers worldwide.  IJME aims to enhance the body of knowledge in a variety of economic disciplines, such as economy, management, business administration, finance, marketing, logistics, entrepreneurship, etc. IJME is focused on international economic problems and research, however the single country perspective enabling the international comparisons is also welcome.  IJME accepts original works, substantively different from papers previously published or being under review elsewhere.  Rejection Rate   50%   The journal of the SGH WARSAW SCHOOL OF ECONOMICS Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 