- Détails du magazine
- Première publication
- 17 Oct 2014
- Période de publication
- 4 fois par an
- Accès libre
An Attempt to Assess the Quantitative Impact of Institutions on Economic Growth and Economic Development
Pages: 7 - 30
This study aims at assessing to what extent institutional environment is responsible for worldwide differences in economic growth and economic development. To answer this question, we use an innovative approach based on a new concept of the institutions-augmented Solow model which is then estimated empirically using regression equations. The analysis covers 180 countries during the 1993-2012 period. The empirical analysis confirms a large positive impact of the quality of institutional environment on the level of economic development. The positive link has been evidenced for all five institutional indicators: two indices of economic freedom (Heritage Foundation and Fraser Institute), the governance indicator (World Bank), the democracy index (Freedom House), and the EBRD transition indicator for post-socialist countries. Differences in physical capital, human capital, and institutional environment explain about 70-75% of the worldwide differences in economic development. The institutions-augmented Solow model, however, performs slightly poorer in explaining differences in the rates of economic growth: only one institutional variable (index of economic freedom) has a statistically significant impact on economic growth. In terms of originality, this paper extends the theoretical analysis of the Solow model by including institutions, on the one hand, and shows a comprehensive empirical analysis of the impact of various institutional indicators on both the level of development and the pace of economic growth, on the other. The results bring important policy implications.
- economic development
- economic growth
- economic freedom
- Solow model
- Accès libre
Pages: 31 - 45
This paper is devoted to investigating the results of the largest deals of cross-border mergers and acquisitions by Chinese frms. General trends in such transactions were analysed, and selected deals were the subject of deeper examination. To put the deals into context, the research covered the performance of the participating frms before engaging in the transactions and several years after completing the deal. The study included not only fnancial data, but also information about market share, technological advances, and organisational changes due to mergers and acquisitions abroad.
The largest transactions had one common characteristic: they were scrupulously prepared and foreign partners were cautiously selected. Most of the transactions also had clearly recognised strategic aims.
It was important to focus on the context in which Chinese corporations operate. The largest foreign transactions were undertaken by frms controlled by the central or regional governments. They may not have focused on profit maximization, but on achieving some political or economic goals. Therefore, the results of transactions should be perceived in the scope of the entire Chinese economy. It is common that the foreign expansion of companies from emerging economies is frequently supported by the home government.
- foreign direct investment
- cross-border mergers and acquisitions
- emerging countries
- Accès libre
Pages: 46 - 66
Multisourcing is a relatively new phenomenon that began a decade ago as companies began developing strategies to split large information technology (IT) contracts into smaller ones. This provided the opportunity to choose best-of-breed suppliers, who were supposed to collaborate to provide a seamless service to the company. Firms began to multisource when the large IT contracts they had did not bring assumed benefits. At the same time, the business environment was forcing them to be flexible, efficient and able to quickly implement new technologies. The trend to multisource has been growing, so it is worth investigating why companies prefer this form of cooperation. This topic was not a subject of research previously.
The goal of the article is to identify, structure and analyze the motives for choosing multisourcing as a model for cooperation between frms. It verifies motives based on IT multisourcing literature. Case study is described, which, following Eisenhardt, is the correct method for early stages of studies on a topic such as multisourcing, which is still in its nascent stages.
The identified motives for multisourcing are uncertainty bounding, access to resources, preparedness, effectiveness, learning, and external motives. In any case, companies need to be mature and ready for it, so the motive of preparedness is the most crucial one to realize benefits of this form of cooperation. Knowledge of motives for multisourcing is important for companies that take decisions on service supplier strategy. The article helps to increase understanding of the multisourcing phenomenon and offers a fertile basis for future research.
- cooperation motives
- Accès libre
Pages: 67 - 83
The aim of this paper is to extend the knowledge about virtual teams and above all to stress the differences between face-to-face and virtual teams as well as to define its chosen success factors. This paper is based on an extended literature review of virtual teams. The author describes virtual teams, reasons for their implementation and four factors that are prerequisites for team success.
The first finding is that the successful introduction of a virtual team and its management requires knowledge about the special characteristics of this team and the effective handling of challenges. Second, the literature review of virtual teams reveals a lack of research on the differences in motivation between face-to-face and virtual teams. The originality of the article is ensured by selection of the most important factors which, according to the literature review, lead to the success of virtual teams and by a description of areas that need to be explored in the future.
- virtual team
- team building
- Accès libre
The Efects of Corporate Social Responsibility Initiatives and Price Premiums on Polish Consumers' Responses: An Experimental Study
Pages: 84 - 101
This article explores whether, how and which forms of corporate social responsibility (CSR) initiatives influence consumer perceptions of the value of and intention to buy responsibly manufactured yogurt, and identifies the impact of the price rise effect on consumer responses. An experimental study was conducted using scenarios with a sample of 421 university students. The results indicate that information about positive corporate behavior evokes higher perceived value and buying intention than information about negative corporate behavior; that responses differ significantly depending on whether or not the CSR initiative relates to the firm's core business; and that there is a level of consumer sensitivity to the price premium for a responsibly made yogurt. This study expands existing knowledge beyond previous areas of focus by demonstrating that a CSR initiative related to a firm's core business generates higher perceived value and buying intention than a non-related initiative, and by showing that there exists a trade-of between functional and social attributes. The findings of this study may be of interest to companies by showing the level of premium price acceptance and by demonstrating that CSR initiatives detached from basic business activity may bring negative consequences in terms of sales volume.
- corporate social responsibility
- Accès libre
Pages: 102 - 122
Since their establishment in 1999, the Open Pension Funds (OPFs) have comprised a mandatory capital pillar in the pension system of Poland. The paper`s objective is to analyze the principles under which the OPFs function and assess their past and anticipated future impact on the state of the country's public fnances, particularly on the public debt. The analysis also considers the past and potential effects of the OPFs existence from the point of view of future levels of old-age pension. The studies are targeted at determining the threats connected with further maintenance of the OPFs from the point of view of both public fnance stability and pension system security.
- pension system
- mandatory second pillar
- open pension funds
- pension reform