Zeitschriften und Ausgaben

Volumen 17 (2022): Heft 3 (September 2022)

Volumen 17 (2022): Heft 2 (June 2022)

Volumen 17 (2022): Heft 1 (March 2022)

Volumen 17 (2022): Heft s1 (October 2022)

Volumen 16 (2021): Heft 4 (December 2021)

Volumen 16 (2021): Heft 3 (September 2021)

Volumen 16 (2021): Heft 2 (June 2021)

Volumen 16 (2021): Heft 1 (March 2021)

Volumen 15 (2020): Heft 4 (December 2020)

Volumen 15 (2020): Heft 3 (September 2020)

Volumen 15 (2020): Heft 2 (June 2020)

Volumen 15 (2020): Heft 1 (March 2020)

Volumen 15 (2020): Heft s1 (October 2020)

Volumen 14 (2019): Heft 4 (December 2019)

Volumen 14 (2019): Heft 3 (September 2019)

Volumen 14 (2019): Heft 2 (June 2019)

Volumen 14 (2019): Heft 1 (March 2019)

Volumen 13 (2018): Heft 4 (December 2018)

Volumen 13 (2018): Heft 3 (September 2018)

Volumen 13 (2018): Heft 2 (June 2018)

Volumen 13 (2018): Heft 1 (March 2018)

Volumen 12 (2017): Heft 4 (December 2017)

Volumen 12 (2017): Heft 3 (September 2017)

Volumen 12 (2017): Heft 2 (June 2017)

Volumen 12 (2017): Heft 1 (March 2017)

Volumen 11 (2016): Heft 4 (December 2016)

Volumen 11 (2016): Heft 3 (September 2016)

Volumen 11 (2016): Heft 2 (July 2016)

Volumen 11 (2016): Heft 1 (April 2016)

Volumen 10 (2015): Heft 4 (December 2015)

Volumen 10 (2015): Heft 2 (September 2015)

Volumen 10 (2015): Heft 1 (June 2015)

Zeitschriftendaten
Format
Zeitschrift
eISSN
2069-8887
Erstveröffentlichung
30 Mar 2015
Erscheinungsweise
4 Hefte pro Jahr
Sprachen
Englisch

Suche

Volumen 14 (2019): Heft 1 (March 2019)

Zeitschriftendaten
Format
Zeitschrift
eISSN
2069-8887
Erstveröffentlichung
30 Mar 2015
Erscheinungsweise
4 Hefte pro Jahr
Sprachen
Englisch

Suche

11 Artikel
Uneingeschränkter Zugang

Operating performance of SMEs in Thailand after going public

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 1 - 13

Zusammenfassung

Abstract

This study investigates the operating performance of small and medium enterprises (SMEs) in Thailand, in terms of efficiency and profitability, after issuing initial public offering (IPO) in comparison to their pre-IPO performance. A cross-sectional analysis is also applied to examine the impact of ownership retention and underpricing on operating performance using different measurements. Studies in most developed countries identify a deterioration in post-IPO operating performance; however, few studies have been conducted in emerging markets, especially on SMEs performance after IPO issuance for fund raising. The results of 82 Thai SMEs listed in the Market for Alternative Investment (MAI) during 2001-2014 show the decline of the operating performance for post-IPO issuance compared to a year prior IPO whic99h are consistent with the “window dressing” and “market timing” concepts. SMEs improve their revenue significantly after going public even though their growth is lower than the assets’ growth rate. The original ownership retention has no significant impact on the operating performances in different measurements which are inconsistent with previous studies. The original owners of SMEs maintain relatively high managerial ownership after going public thus there is less agency cost problem. Underpricing has a negative impact on the changes in sales for post-IPO relative to pre-IPO, reflecting that the expectations of investors toward companies’ revenues are different from reality. The findings benefit company owners and management in the area of performance sustainability, and regulators in terms of auditing companies’ performances prior to going public.

Schlüsselwörter

  • Operating Performance
  • Initial Public Offering
  • Ownership Retention
  • SMEs
Uneingeschränkter Zugang

A major boost to the website performance of up-scale hotels in Vietnam

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 14 - 30

Zusammenfassung

Abstract

The study aims to enhance the customer experience on hotel websites in the context of venue’s booking channels to others. The online filed survey is conducted with 321 internet bookers. The exploratory factor analysis is adopted to analyze the data. The progression of customer satisfaction proceeds in a linear fashion on luxury (ranking from 4-star to 5-star hotels) websites. Moreover, the study reveals how hotel website performance would affect the levels of customer attitude and its sustainable development in the context of perceived e-service quality. The exploratory results show that customer satisfaction in online environment has identical processes in the context of up-scale hotel industry. The female group compared to male group, has more sensitive to perceive the impact of functionality of lodging website in developing customer satisfaction. Caution is advised in generalizing findings of this study due to stratified sampling even though the study confirms results of previously conducted studies. This study provides practical tips for website sustainable progress especially for hotel management to pay more attention to the e-service formation process. Therefore, the appropriate marketing strategy can be established to fill gender specific expectations towards individual degree of customer satisfaction.

Schlüsselwörter

  • booking
  • customer satisfaction
  • hotel website
  • e-service quality
  • luxury hotel
Uneingeschränkter Zugang

The attitude of consumers towards “Made in Italy” products. An empirical analysis among Italian customers

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 31 - 47

Zusammenfassung

Abstract

The paper is part of a broader research project studying consumer’s attitude towards “Made in Italy” products through empirical investigation. The research questions addressed are: 1) Does recognition in terms of the qualitative characterization of “Made in Italy” products exist? And if so, 2) are people willing to pay, in quantitative terms, a premium price for such products? From a theoretical standpoint, the research seeks to fill a gap in the literature, since studies combining the “made in” characteristic with measured “willingness to pay” are neither conventional nor numerous. The specific purpose of this contribution is to analyze the relationship between the purchase of “Made in Italy” products, recognition of the quality and willingness to pay a premium price on the part of Italian consumers, reporting the results of an empirical research. The survey involved a total of 315 Italian consumers while three commodity sectors were analysed: food, fashion and mechanical automation. The results confirm that there is a propensity to purchase “Made in Italy” products which does not seem to be a matter of irrational consumer behaviour. “Made in Italy” is confirmed as a conceptual category consolidated in the minds of consumers, since there is clear recognition of these products in terms of qualitative characterization. These and other results of the research (which need to be confirmed and extended with further empirical investigations) should prove relevant both to the literature and as indications for public policies and the strategies of companies operating in the sectors examined. For the literature this research can be useful because there is no complete overview of quantitative data on the premium price. It can also serve for public policies because quantification of the premium price can influence the choices and strategies of companies. This study shows a significant willingness to pay a premium price for the three sectors analyzed, although the premium price is not homogeneous: while the measures range mostly between 10 and 30%, higher values appear for products in the food sector.

Schlüsselwörter

  • Made in Italy
  • willingness to pay
  • consumer behaviour
  • country of origin
  • quality
  • innovation
Uneingeschränkter Zugang

A critical view on the mainstream theory of economic cycles

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 48 - 58

Zusammenfassung

Abstract

World economy is frequently affected by fluctuations that occur recurrently with a certain periodicity. The predictability of economic fluctuations is low. Frequency and magnitude of cycles is generally reduced. Economy cycles belong to the economy’s DNA. It is measured by different indicators, but the most important is GDP. There are four types of economic cycles: Kitchin (Stocks), Juglar (Investment), Kuznets (Infrastructure), Kondratiev (Technological Innovation). Right now, science and technology are going through major changes that lead to an economic crisis of the Kondratiev model. Fiscal and monetary policy can alleviate fluctuations. Theories explaining economic cycles: overinvestment (misallocation of rare resources), Keynesiana (insufficient aggregate demand), monetarist (lack of monetary discipline), real business cycle (aggregate supply in change), neo Keynesiana (market imperfections), consensus (all factors considered). The financial cycle has been little considered so far. The financial cycle greatly influences the economic cycle, finances allocate resources and creates purchasing power. The financial cycle has a different structure than the economic one. It can use fiscal and monetary policies to direct it. The only paradigm that links the economic and financial cycles is the Austrian economic paradigm. In practice and current economic theory, there is a desire for a coincidence in time between the phases of the economic cycles of the various state entities of the United States and a convergence of evolution towards the same qualitative and quantitative characteristics. This implies an identity of cultural, historical, economic, political, and psychological evolution of the EU, which can not be achieved even between close regions of the same national state. The lack of barriers to the circulation of economic information (goods, services) between regions will lead to an approximate coincidence of economic evolution, but starting from the psychic structure of the inhabitants of a region, the cultural, religious and cultural heritage passing through the capital, the economic zones differ and to force them in different directions will lead to unnecessary fragmentation lines. The anticipated outcome of the study: It is desirable to leave economic areas to evolve in their own terms rather than leveling and uniforming them by economic manipulation techniques. It is preferable to use the method of scientific abstraction and deductive apriorism during the study.

Schlüsselwörter

  • economic cycles
  • crises
  • prices
  • wages
  • investments
  • money
Uneingeschränkter Zugang

Financial impact analysis of going public at the Warsaw Stock Exchange: Using Fuzzy Set Theory to understand behaviours of mature companies

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 59 - 79

Zusammenfassung

Abstract

In this paper, we intend to contribute evidence in regard to going public financial impact and thus motivation on a sample of mature companies that launched an IPO at the Warsaw Stock Exchange between 2005 and 2015. First, we review recent literature focusing on financial and non-financial consequences of an IPO. Next, we use fuzzy sets and fuzzy reasoning to define a “mature” company and assess financial consequences of going public. Our main conclusion is that the majority of Polish mature companies use an IPO as a channel how to raise capital and accelerate their investments and growth. This contradicts many previous empirical studies highlighting that the main motivation of mature companies to go public is to use the capital raised within an IPO to rebalance their capital structure.

Schlüsselwörter

  • IPO
  • Going Public
  • Warsaw Stock Exchange
  • Motivation
  • Poland
  • Fuzzy Sets
  • Fuzzy Reasoning
Uneingeschränkter Zugang

Low risk trading algorithm based on the price cyclicality function for capital markets

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 80 - 89

Zusammenfassung

Abstract

Buy cheap and sell more expensive is one of the basic ideas of trading the capital markets for hundreds of years. To apply it in practice has become difficult nowadays due to the high price volatility. The uncertainty in the price movements often leads to high-risk allocation. One main question is when the price is low enough for a low-risk entry? Once established an entry point, the second question is how long to keep the open trades in order to optimize the investment efficiency? This article will answer these questions. A general trading algorithm based on the price cyclical behavior will be revealed. The mathematical model is developed using the Price Cyclicality Function combined with other computational techniques in order to establish low-risk intervals. The algorithm will use multiple entry points in order to catch the best price opportunities. A simple empirical exit algorithm will be optimized in order to maximize the profit for a certain capital exposure level. The presented model uses a low number of functional parameters which can be optimized with a reasonable computational effort for any financial market. Trading results obtained for several markets will also be included in this paper in order to reveal the efficiency of the presented methodology. It was found that the Low-Risk Trading Algorithm can be used with good results for algorithmic trading in any financial market. With the right parameters set, this methodology can be wide range applied in the stock markets, currency and cryptocurrency markets, commodities and raw materials markets and even for the real estate investments. The simplicity of the presented model and the good efficiency level obtained will recommend it. This methodology can be used by any investor in order to manage the investment plan with multiple capital markets.

Schlüsselwörter

  • capital markets
  • price cyclicality
  • trading methodology
  • capital investment
  • low risk
Uneingeschränkter Zugang

Customer satisfaction under heterogeneous services of different self-service technologies

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 90 - 107

Zusammenfassung

Abstract

This study aims to evaluate the customer satisfaction of different self-service technologies (SST) when different SSTs provide various services. This study compares overall customer satisfaction according to the four types of SSTs (Mobile Channel SST, ATM SST, Telephone SST and online SST) when SSTs provide heterogeneous services. We used both primary and secondary data. Primary data consisted of a survey questionnaire applied to a final sample size of 400 people. Data analysis was performed via ordered logistic regression. The results showed that customer satisfaction on different SSTs for different services positively associate with overall customer satisfaction in the banking sector, and this study finds customer satisfaction of mobile banking (MB) more positively associate than other SSTs with customer satisfaction. This study conducted on one profit-making organization (bank) of Bangladesh. Therefore, the geographic bases of SST contexts limit the extension of our findings. Future investigation is needed for evaluating the customer satisfaction on non-profit organizations and educational sector. Understanding what factors determine customer’s satisfaction in the different services provided by each SSTs contribute to manage and coordinate multiple services delivered by various SSTs and to know the process of improving the customer satisfaction across the services offered. Previous investigations were focusing on the customer satisfaction when provided services and/or SSTs are homogeneous, but this study examines the customer satisfaction when both services and SSTs are heterogeneous. This study significantly impacts both the management and research of developing operations strategies for organizations.

Schlüsselwörter

  • Customer satisfaction
  • ATM
  • Telephone banking
  • Mobile banking
  • Online service
  • Self-service technologies
Uneingeschränkter Zugang

Competitiveness and sustainable development in public services

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 108 - 129

Zusammenfassung

Abstract

The last years were of profound transformation in public services that knows more or less the challenge from the private sector. A second dimension of competitiveness for the public services staring from 2007 was the free access of the citizens to at least education and health services in European Union. The paper aims to show the evolution of the cohabitation of the public and private sectors on the services of public interest, their development and evolution in different regions. Identifying and highlighting the key issues in competitiveness and quality of the services provided, will give us the main lines for the further development and public policies that should be considered. Considering the cohesion policy of European Union, an analysis of the public and private sectors in public services in Romanian counties could drive us to a conclusion about the affordability and the quality of the services. Using the statistics it can be show the regional distribution of the service providers especially for education, health, water supply and other services. The integrated analysis we offer a global picture of the regional potential and development. Based on the findings the public decision makers could better set up the sectorial public policies and the public spending. Never the less, the European support could be also directed to increase the quality and efficiency of the public services.

Schlüsselwörter

  • competitiveness
  • sustainable development
  • regional distribution
  • affordability
  • quality management
  • public services
Uneingeschränkter Zugang

The role of tribalism as mediator between employee empowerment and organizational commitment in Yemeni Islamic banking sector

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 130 - 149

Zusammenfassung

Abstract

This study examined the influence of employee empowerment on organizational commitment, and the level to which Tribalism plays a role in the relationship between the former two variables in the context of Islamic banks in Yemen. Indeed, the rationale for introducing employee empowerment is to increase levels of employee’s commitment to ensue positive outcomes. The interrelationships between the variables were analyzed to develop a strategy for increased organizational commitment in the Yemeni Islamic banking sector. This study used a social exchange theory to illustrate the study framework to link the relations between employee empowerment, organizational commitment, and Tribalism. This study relied on quantitative approaches. The study sample comprised of Yemeni Islamic banks’ employees. 450 questionnaires were distributed to employees, out of which, 292 were retrieved and deemed usable for analysis, constituting a 65% rate of response. The partial least squares structural equation modelling (PLS-SEM) was employed to analyze data and test the proposed hypotheses. The results indicated that there is a significant relationship between empowerment of the employees and their organizational commitment in Islamic banks in Yemen. More importantly, this study revealed that Tribalism is a significant mediator on the relationship between employee empowerment, and organizational commitment.

Schlüsselwörter

  • Employee empowerment
  • organizational commitment
  • tribalism
  • Yemen Islamic banks sector
Uneingeschränkter Zugang

A correlation analysis of the spot market prices of the Romanian electricity sector

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 150 - 162

Zusammenfassung

Abstract

The energy sector is particularly important in the national economy as a whole, while the electricity sector is its main component. The developments in this area have strong economic and social repercussions. This article makes an overview of the electricity sector, illustrating the monthly evolution of consumption and production of instantaneous electricity in Romania in the past few years. Further on, the paper presents the monthly evolution of instantaneous consumption and production of electricity in Romania, the annual structure of electricity production and the depiction of some basic indicators of centralized electricity markets managed by OPCOM. The quantitative analysis presents the monthly evolution of weighted average prices on the competitive markets managed by OPCOM and a linear correlation analysis of the spot market prices in the Eastern European region. The conclusions of the article are in line with the research in the field and show that the electricity markets have registered important evolutions in Romania, both in terms of size and prices, evolutions based on both structural and behavioral factors. It also showed that spot market prices had relatively similar developments over the period analyzed in several countries in the region, with price correlations that seem to be even stronger as the interconnection of electricity grids is higher. Therefore, the results confirm the economic theory, namely that increasing the interconnection of electricity markets can lead to energy prices being brought closer, but also to mitigating the shocks affecting these markets.

Schlüsselwörter

  • electricity sector
  • spot market prices
  • correlation analysis
  • production structure
  • OPCOM
Uneingeschränkter Zugang

Fiscal management on revenue-based or expenditure-based adjustments: an empirical evidence from EU-Countries

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 163 - 175

Zusammenfassung

Abstract

An objective for each developed state remains the improvement of a suitable fiscal management system that could generate an increased level of resources. Further on, planning, distributing, allocating those resources to the proper beneficiaries, could generate an economic stabilization, suitable economic growth, decreased level of the net lending variable. The study consisted in an empirical research throughout it was developed the analysis of the impact of fiscal strategies and public expenses adjustments on economic growth and budgetary balance. Time series data from 1998 to 2018 were used on the empirical evidence over the European countries. The study developed an econometric model represented by an unbalanced panel data analysis having as independent variables: the variance of direct taxes, the dynamics of indirect taxes, the variance of budgetary balance, the variance of tax burden, the dynamics of change in net lending as percent of gross domestic product. The dependent variable was revealed throughout the variance of gross domestic product per capita. Over 588 time series observations and 28 cross-section data were taken into consideration in order to reveal if either revenue-adjustments or public-spending adjustments had a greater influence on the evolution of economic growth over the EU-Countries. The result of the econometric model exposed a positive correlation between total expenditure, budgetary balance and economic growth and a negative correlation between direct taxes, indirect taxes, tax burden and economic growth. Moreover, by generating dummy variables on the fixed effect model, it was revealed that large fiscal improvements had a less positive effect on the development of economic growth than fiscal adjustments based on medium-size consolidation.

Schlüsselwörter

  • euro zone
  • unbalanced panel data
  • fixed effects
  • fiscal adjustment
  • dummy variables
  • expenditure-based adjustment
  • revenues based-adjustment
11 Artikel
Uneingeschränkter Zugang

Operating performance of SMEs in Thailand after going public

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 1 - 13

Zusammenfassung

Abstract

This study investigates the operating performance of small and medium enterprises (SMEs) in Thailand, in terms of efficiency and profitability, after issuing initial public offering (IPO) in comparison to their pre-IPO performance. A cross-sectional analysis is also applied to examine the impact of ownership retention and underpricing on operating performance using different measurements. Studies in most developed countries identify a deterioration in post-IPO operating performance; however, few studies have been conducted in emerging markets, especially on SMEs performance after IPO issuance for fund raising. The results of 82 Thai SMEs listed in the Market for Alternative Investment (MAI) during 2001-2014 show the decline of the operating performance for post-IPO issuance compared to a year prior IPO whic99h are consistent with the “window dressing” and “market timing” concepts. SMEs improve their revenue significantly after going public even though their growth is lower than the assets’ growth rate. The original ownership retention has no significant impact on the operating performances in different measurements which are inconsistent with previous studies. The original owners of SMEs maintain relatively high managerial ownership after going public thus there is less agency cost problem. Underpricing has a negative impact on the changes in sales for post-IPO relative to pre-IPO, reflecting that the expectations of investors toward companies’ revenues are different from reality. The findings benefit company owners and management in the area of performance sustainability, and regulators in terms of auditing companies’ performances prior to going public.

Schlüsselwörter

  • Operating Performance
  • Initial Public Offering
  • Ownership Retention
  • SMEs
Uneingeschränkter Zugang

A major boost to the website performance of up-scale hotels in Vietnam

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 14 - 30

Zusammenfassung

Abstract

The study aims to enhance the customer experience on hotel websites in the context of venue’s booking channels to others. The online filed survey is conducted with 321 internet bookers. The exploratory factor analysis is adopted to analyze the data. The progression of customer satisfaction proceeds in a linear fashion on luxury (ranking from 4-star to 5-star hotels) websites. Moreover, the study reveals how hotel website performance would affect the levels of customer attitude and its sustainable development in the context of perceived e-service quality. The exploratory results show that customer satisfaction in online environment has identical processes in the context of up-scale hotel industry. The female group compared to male group, has more sensitive to perceive the impact of functionality of lodging website in developing customer satisfaction. Caution is advised in generalizing findings of this study due to stratified sampling even though the study confirms results of previously conducted studies. This study provides practical tips for website sustainable progress especially for hotel management to pay more attention to the e-service formation process. Therefore, the appropriate marketing strategy can be established to fill gender specific expectations towards individual degree of customer satisfaction.

Schlüsselwörter

  • booking
  • customer satisfaction
  • hotel website
  • e-service quality
  • luxury hotel
Uneingeschränkter Zugang

The attitude of consumers towards “Made in Italy” products. An empirical analysis among Italian customers

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 31 - 47

Zusammenfassung

Abstract

The paper is part of a broader research project studying consumer’s attitude towards “Made in Italy” products through empirical investigation. The research questions addressed are: 1) Does recognition in terms of the qualitative characterization of “Made in Italy” products exist? And if so, 2) are people willing to pay, in quantitative terms, a premium price for such products? From a theoretical standpoint, the research seeks to fill a gap in the literature, since studies combining the “made in” characteristic with measured “willingness to pay” are neither conventional nor numerous. The specific purpose of this contribution is to analyze the relationship between the purchase of “Made in Italy” products, recognition of the quality and willingness to pay a premium price on the part of Italian consumers, reporting the results of an empirical research. The survey involved a total of 315 Italian consumers while three commodity sectors were analysed: food, fashion and mechanical automation. The results confirm that there is a propensity to purchase “Made in Italy” products which does not seem to be a matter of irrational consumer behaviour. “Made in Italy” is confirmed as a conceptual category consolidated in the minds of consumers, since there is clear recognition of these products in terms of qualitative characterization. These and other results of the research (which need to be confirmed and extended with further empirical investigations) should prove relevant both to the literature and as indications for public policies and the strategies of companies operating in the sectors examined. For the literature this research can be useful because there is no complete overview of quantitative data on the premium price. It can also serve for public policies because quantification of the premium price can influence the choices and strategies of companies. This study shows a significant willingness to pay a premium price for the three sectors analyzed, although the premium price is not homogeneous: while the measures range mostly between 10 and 30%, higher values appear for products in the food sector.

Schlüsselwörter

  • Made in Italy
  • willingness to pay
  • consumer behaviour
  • country of origin
  • quality
  • innovation
Uneingeschränkter Zugang

A critical view on the mainstream theory of economic cycles

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 48 - 58

Zusammenfassung

Abstract

World economy is frequently affected by fluctuations that occur recurrently with a certain periodicity. The predictability of economic fluctuations is low. Frequency and magnitude of cycles is generally reduced. Economy cycles belong to the economy’s DNA. It is measured by different indicators, but the most important is GDP. There are four types of economic cycles: Kitchin (Stocks), Juglar (Investment), Kuznets (Infrastructure), Kondratiev (Technological Innovation). Right now, science and technology are going through major changes that lead to an economic crisis of the Kondratiev model. Fiscal and monetary policy can alleviate fluctuations. Theories explaining economic cycles: overinvestment (misallocation of rare resources), Keynesiana (insufficient aggregate demand), monetarist (lack of monetary discipline), real business cycle (aggregate supply in change), neo Keynesiana (market imperfections), consensus (all factors considered). The financial cycle has been little considered so far. The financial cycle greatly influences the economic cycle, finances allocate resources and creates purchasing power. The financial cycle has a different structure than the economic one. It can use fiscal and monetary policies to direct it. The only paradigm that links the economic and financial cycles is the Austrian economic paradigm. In practice and current economic theory, there is a desire for a coincidence in time between the phases of the economic cycles of the various state entities of the United States and a convergence of evolution towards the same qualitative and quantitative characteristics. This implies an identity of cultural, historical, economic, political, and psychological evolution of the EU, which can not be achieved even between close regions of the same national state. The lack of barriers to the circulation of economic information (goods, services) between regions will lead to an approximate coincidence of economic evolution, but starting from the psychic structure of the inhabitants of a region, the cultural, religious and cultural heritage passing through the capital, the economic zones differ and to force them in different directions will lead to unnecessary fragmentation lines. The anticipated outcome of the study: It is desirable to leave economic areas to evolve in their own terms rather than leveling and uniforming them by economic manipulation techniques. It is preferable to use the method of scientific abstraction and deductive apriorism during the study.

Schlüsselwörter

  • economic cycles
  • crises
  • prices
  • wages
  • investments
  • money
Uneingeschränkter Zugang

Financial impact analysis of going public at the Warsaw Stock Exchange: Using Fuzzy Set Theory to understand behaviours of mature companies

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 59 - 79

Zusammenfassung

Abstract

In this paper, we intend to contribute evidence in regard to going public financial impact and thus motivation on a sample of mature companies that launched an IPO at the Warsaw Stock Exchange between 2005 and 2015. First, we review recent literature focusing on financial and non-financial consequences of an IPO. Next, we use fuzzy sets and fuzzy reasoning to define a “mature” company and assess financial consequences of going public. Our main conclusion is that the majority of Polish mature companies use an IPO as a channel how to raise capital and accelerate their investments and growth. This contradicts many previous empirical studies highlighting that the main motivation of mature companies to go public is to use the capital raised within an IPO to rebalance their capital structure.

Schlüsselwörter

  • IPO
  • Going Public
  • Warsaw Stock Exchange
  • Motivation
  • Poland
  • Fuzzy Sets
  • Fuzzy Reasoning
Uneingeschränkter Zugang

Low risk trading algorithm based on the price cyclicality function for capital markets

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 80 - 89

Zusammenfassung

Abstract

Buy cheap and sell more expensive is one of the basic ideas of trading the capital markets for hundreds of years. To apply it in practice has become difficult nowadays due to the high price volatility. The uncertainty in the price movements often leads to high-risk allocation. One main question is when the price is low enough for a low-risk entry? Once established an entry point, the second question is how long to keep the open trades in order to optimize the investment efficiency? This article will answer these questions. A general trading algorithm based on the price cyclical behavior will be revealed. The mathematical model is developed using the Price Cyclicality Function combined with other computational techniques in order to establish low-risk intervals. The algorithm will use multiple entry points in order to catch the best price opportunities. A simple empirical exit algorithm will be optimized in order to maximize the profit for a certain capital exposure level. The presented model uses a low number of functional parameters which can be optimized with a reasonable computational effort for any financial market. Trading results obtained for several markets will also be included in this paper in order to reveal the efficiency of the presented methodology. It was found that the Low-Risk Trading Algorithm can be used with good results for algorithmic trading in any financial market. With the right parameters set, this methodology can be wide range applied in the stock markets, currency and cryptocurrency markets, commodities and raw materials markets and even for the real estate investments. The simplicity of the presented model and the good efficiency level obtained will recommend it. This methodology can be used by any investor in order to manage the investment plan with multiple capital markets.

Schlüsselwörter

  • capital markets
  • price cyclicality
  • trading methodology
  • capital investment
  • low risk
Uneingeschränkter Zugang

Customer satisfaction under heterogeneous services of different self-service technologies

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 90 - 107

Zusammenfassung

Abstract

This study aims to evaluate the customer satisfaction of different self-service technologies (SST) when different SSTs provide various services. This study compares overall customer satisfaction according to the four types of SSTs (Mobile Channel SST, ATM SST, Telephone SST and online SST) when SSTs provide heterogeneous services. We used both primary and secondary data. Primary data consisted of a survey questionnaire applied to a final sample size of 400 people. Data analysis was performed via ordered logistic regression. The results showed that customer satisfaction on different SSTs for different services positively associate with overall customer satisfaction in the banking sector, and this study finds customer satisfaction of mobile banking (MB) more positively associate than other SSTs with customer satisfaction. This study conducted on one profit-making organization (bank) of Bangladesh. Therefore, the geographic bases of SST contexts limit the extension of our findings. Future investigation is needed for evaluating the customer satisfaction on non-profit organizations and educational sector. Understanding what factors determine customer’s satisfaction in the different services provided by each SSTs contribute to manage and coordinate multiple services delivered by various SSTs and to know the process of improving the customer satisfaction across the services offered. Previous investigations were focusing on the customer satisfaction when provided services and/or SSTs are homogeneous, but this study examines the customer satisfaction when both services and SSTs are heterogeneous. This study significantly impacts both the management and research of developing operations strategies for organizations.

Schlüsselwörter

  • Customer satisfaction
  • ATM
  • Telephone banking
  • Mobile banking
  • Online service
  • Self-service technologies
Uneingeschränkter Zugang

Competitiveness and sustainable development in public services

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 108 - 129

Zusammenfassung

Abstract

The last years were of profound transformation in public services that knows more or less the challenge from the private sector. A second dimension of competitiveness for the public services staring from 2007 was the free access of the citizens to at least education and health services in European Union. The paper aims to show the evolution of the cohabitation of the public and private sectors on the services of public interest, their development and evolution in different regions. Identifying and highlighting the key issues in competitiveness and quality of the services provided, will give us the main lines for the further development and public policies that should be considered. Considering the cohesion policy of European Union, an analysis of the public and private sectors in public services in Romanian counties could drive us to a conclusion about the affordability and the quality of the services. Using the statistics it can be show the regional distribution of the service providers especially for education, health, water supply and other services. The integrated analysis we offer a global picture of the regional potential and development. Based on the findings the public decision makers could better set up the sectorial public policies and the public spending. Never the less, the European support could be also directed to increase the quality and efficiency of the public services.

Schlüsselwörter

  • competitiveness
  • sustainable development
  • regional distribution
  • affordability
  • quality management
  • public services
Uneingeschränkter Zugang

The role of tribalism as mediator between employee empowerment and organizational commitment in Yemeni Islamic banking sector

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 130 - 149

Zusammenfassung

Abstract

This study examined the influence of employee empowerment on organizational commitment, and the level to which Tribalism plays a role in the relationship between the former two variables in the context of Islamic banks in Yemen. Indeed, the rationale for introducing employee empowerment is to increase levels of employee’s commitment to ensue positive outcomes. The interrelationships between the variables were analyzed to develop a strategy for increased organizational commitment in the Yemeni Islamic banking sector. This study used a social exchange theory to illustrate the study framework to link the relations between employee empowerment, organizational commitment, and Tribalism. This study relied on quantitative approaches. The study sample comprised of Yemeni Islamic banks’ employees. 450 questionnaires were distributed to employees, out of which, 292 were retrieved and deemed usable for analysis, constituting a 65% rate of response. The partial least squares structural equation modelling (PLS-SEM) was employed to analyze data and test the proposed hypotheses. The results indicated that there is a significant relationship between empowerment of the employees and their organizational commitment in Islamic banks in Yemen. More importantly, this study revealed that Tribalism is a significant mediator on the relationship between employee empowerment, and organizational commitment.

Schlüsselwörter

  • Employee empowerment
  • organizational commitment
  • tribalism
  • Yemen Islamic banks sector
Uneingeschränkter Zugang

A correlation analysis of the spot market prices of the Romanian electricity sector

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 150 - 162

Zusammenfassung

Abstract

The energy sector is particularly important in the national economy as a whole, while the electricity sector is its main component. The developments in this area have strong economic and social repercussions. This article makes an overview of the electricity sector, illustrating the monthly evolution of consumption and production of instantaneous electricity in Romania in the past few years. Further on, the paper presents the monthly evolution of instantaneous consumption and production of electricity in Romania, the annual structure of electricity production and the depiction of some basic indicators of centralized electricity markets managed by OPCOM. The quantitative analysis presents the monthly evolution of weighted average prices on the competitive markets managed by OPCOM and a linear correlation analysis of the spot market prices in the Eastern European region. The conclusions of the article are in line with the research in the field and show that the electricity markets have registered important evolutions in Romania, both in terms of size and prices, evolutions based on both structural and behavioral factors. It also showed that spot market prices had relatively similar developments over the period analyzed in several countries in the region, with price correlations that seem to be even stronger as the interconnection of electricity grids is higher. Therefore, the results confirm the economic theory, namely that increasing the interconnection of electricity markets can lead to energy prices being brought closer, but also to mitigating the shocks affecting these markets.

Schlüsselwörter

  • electricity sector
  • spot market prices
  • correlation analysis
  • production structure
  • OPCOM
Uneingeschränkter Zugang

Fiscal management on revenue-based or expenditure-based adjustments: an empirical evidence from EU-Countries

Online veröffentlicht: 18 Apr 2019
Seitenbereich: 163 - 175

Zusammenfassung

Abstract

An objective for each developed state remains the improvement of a suitable fiscal management system that could generate an increased level of resources. Further on, planning, distributing, allocating those resources to the proper beneficiaries, could generate an economic stabilization, suitable economic growth, decreased level of the net lending variable. The study consisted in an empirical research throughout it was developed the analysis of the impact of fiscal strategies and public expenses adjustments on economic growth and budgetary balance. Time series data from 1998 to 2018 were used on the empirical evidence over the European countries. The study developed an econometric model represented by an unbalanced panel data analysis having as independent variables: the variance of direct taxes, the dynamics of indirect taxes, the variance of budgetary balance, the variance of tax burden, the dynamics of change in net lending as percent of gross domestic product. The dependent variable was revealed throughout the variance of gross domestic product per capita. Over 588 time series observations and 28 cross-section data were taken into consideration in order to reveal if either revenue-adjustments or public-spending adjustments had a greater influence on the evolution of economic growth over the EU-Countries. The result of the econometric model exposed a positive correlation between total expenditure, budgetary balance and economic growth and a negative correlation between direct taxes, indirect taxes, tax burden and economic growth. Moreover, by generating dummy variables on the fixed effect model, it was revealed that large fiscal improvements had a less positive effect on the development of economic growth than fiscal adjustments based on medium-size consolidation.

Schlüsselwörter

  • euro zone
  • unbalanced panel data
  • fixed effects
  • fiscal adjustment
  • dummy variables
  • expenditure-based adjustment
  • revenues based-adjustment

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