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Détails du magazine
Format
Magazine
eISSN
2543-5361
Première publication
17 Oct 2014
Période de publication
4 fois par an
Langues
Anglais

Chercher

Volume 42 (2014): Edition 1 (June 2014)

Détails du magazine
Format
Magazine
eISSN
2543-5361
Première publication
17 Oct 2014
Période de publication
4 fois par an
Langues
Anglais

Chercher

8 Articles
Accès libre

The Transatlantic Trade and Investment Partnership - A View from America's Trenches

Publié en ligne: 20 Nov 2014
Pages: 7 - 29

Résumé

Abstract

Expectations run high about the cornucopia of riches which are supposed to fow from the Transatlantic Trade and Investment Partnership (TTIP). TTIP is a proposed free trade agreement between the United States and the European Union. It aims to build upon the already sweeping scope of the North American Free Trade Agreement concluded two decades earlier and the 2013 Comprehensive Economic and Trade Agreement (CETA), which removes 99 % of tariffs between the EU and Canada.1 Te TTIP negotiations were launched in July 2013 with an initial time frame of completion within two years.

It is too early to pass judgment about the benefits of the deal simply because its scope is still being framed as of this writing. However, it's possible to shed light on the most likely sticking points during the negotiations, particularly those seen from the U.S. negotiating side. Likewise, it's not too early to draw up interests and concerns of U.S. business. Both are discussed in this paper.

The first section takes stock of the likely scope of negotiations. The second section summarizes the view of business gleaned from a survey of corporate executives. The survey was conducted among members of the Manufacturers Alliance for Productivity and Innovation, an education forum for senior managers of large industrial companies.

Mots clés

  • TTIP
  • international negotiations
  • corporate executives survey

JEL

  • F1
  • F2
  • F4
  • F5
Accès libre

Factors Influencing IPO Decisions. Do Corporate Managers Use Market and Corporate Timing? A Survey

Publié en ligne: 20 Nov 2014
Pages: 30 - 39

Résumé

Abstract

This paper explores the motives for Initial Public Offerings (IPOs); that is, whether market mispricing or the behavioral inclinations of investors and analysts impact corporate decisions about rising equity, with a particular focus on market and corporate timing practices of managers going public. To do so, an anonymous survey was conducted of 166 managers of firms that recently went public at the Warsaw Stock Exchange in Poland (being the second most active IPO market in Europe, after London). The resulting data reveals that managers attempt to time bullish markets and good historical corporate financial results.

Mots clés

  • Behavioral corporate fnance
  • managerial biases
  • IPO
  • going public

JEL

  • G32
  • G34
Accès libre

Innovation in Hungary - The Impact of EU Accession and Integration into Global Value Chains

Publié en ligne: 20 Nov 2014
Pages: 40 - 59

Résumé

Abstract

This paper argues that EU accession has brought about minimal changes in the patterns of innovation in Hungary. The reason why is not that the ‘EU factor’ is of minor importance; rather, it is Hungary's inability to use EU resources effectively, so as to fully benefit from EU membership. The Hungarian story also demonstrates that the EU cannot block member states from reversing reform or abusing the opportunities EU membership offers to them. We contend that globalization (global value chain integration) has more effectively contributed to Hungary's knowledge-based upgrading than Europeanization (in the sense of policy transfer; access to EU Structural & Cohesion Funds, and integration in the European Research Area). This argument is substantiated with a case study on innovation strategy design and implementation, which illustrates the ambiguous impact of Europeanization, which is contrasted with our investigation of integration in global value chains, conducted through interviews of foreign-owned manufacturing companies about their R&D-based upgrading experience.

Mots clés

  • Hungary
  • regional innovation policy
  • EU accession
  • global value chains
  • R&D-based upgrading

JEL

  • O38
  • R58
  • E65
Accès libre

An Empirical Analysis of Economic and Socio-Demographic Determinants of Entrepreneurship Across German Regions

Publié en ligne: 20 Nov 2014
Pages: 60 - 80

Résumé

Abstract

Entrepreneurship is fundamental for a country's economic development through its positive effect on innovation, productivity growth, and job creation. In entrepreneurial research, one of the most important problems is to define the factors that actually determine entrepreneurial action. This study analyzes that question in the case of Germany by taking an aggregated approach that focuses on socio-demographic and economic determinants of regional entrepreneurship. Based on a literature review of German and international regional-level research, six hypotheses are developed and empirically tested using the most recent available data on 385 German regions as units of analysis. The results are surprising. In the case of household income, unemployment, education and marital status the relationship is significant but contrary to earlier research. Only regional age structure seems to be a stable predictor of regional entrepreneurship. The results indicate that in recent years there was a major shift in the determinants and characteristics of entrepreneurship in Germany.

Mots clés

  • entrepreneurship
  • self-employment
  • determinants of entrepreneurship
  • regions
  • Germany

JEL

  • J23
  • L26
  • M13
  • O18
  • R11
Accès libre

Innovation and Competitiveness of the Slovak Economy: New Evidence of International Impacts in the Knowledge Accumulation Process

Publié en ligne: 20 Nov 2014
Pages: 81 - 97

Résumé

Abstract

The objectives of this paper are twofold - to demonstrate the internal forces driving R&D productivity in Slovakia and the internationalization of Slovak R&D investments and R&D patenting since EU accession as compared to the other Visegrad Four (V4) countries. After the Introduction, Slovakia's position in the field of competitiveness and the Slovak innovation policy are described. The Slovak knowledge accumulation paradox being the discrepancy between R&D productivity and TFP is then demonstrated and disentangled through an analysis of innovation activities using Eurostat and OECD Stat data spanning the 1995-2011 period. This analysis is followed by some concluding remarks.

Mots clés

  • Slovak economy
  • competitiveness
  • innovation performance
  • education and labor market
  • Visegrad Four countries
  • innovation policy

JEL

  • F43
  • O31
  • O47
Accès libre

Why the EU-15 Maintains Higher CIT Rates than the New Member States?

Publié en ligne: 20 Nov 2014
Pages: 98 - 120

Résumé

Abstract

The European Union is not a homogenous area. This lack of homogeneity extends to taxes, which vary across jurisdictions. On average, Western Europe imposes significantly higher taxes on capital than New Member States, which joined the Community in 2004 and 2007. Often this fact is simply taken for granted. However, there are several arguments that can explain this variance. Although several of these arguments are well known and have been researched, they have not been assessed in combination, or used in a comparative analysis of corporate income tax (CIT) rates between EU member states. Because of interest in harmonizing CIT throughout the EU, the roots of divergent CIT is of particular and timely value. Therefore, this article we attempts to demonstrate the differences in CIT rates in the EU-15 and New Member States. In so doing the general characteristics of these country grouping is identified, and then discussed in the context of the taxation theory.

Mots clés

  • macroeconomic policy
  • fscal policy
  • tax
  • corporate income tax

JEL

  • E62
  • H25
Accès libre

Historical Roots of Generalized Trust in Polish Society

Publié en ligne: 20 Nov 2014
Pages: 121 - 137

Résumé

Abstract

The article analyses how historical events shape generalized trust in contemporary Polish society. The analysis consists of a set of logistic regression models. The impact of historical variables is controlled for age, sex, education and the size of the municipality. This is the first quantitative study on Poland that links historical events with the current levels of trust among Polish citizens. The common knowledge is that the Partitions of Poland had negative impact on trust. Literature on the topic hints that historical demo? graphics should play a role too. The findings suggest that Partitions had little impact with only Greater Poland and Pomerania having lower levels of generalized trust. Historical literacy rate and the presence of Ukrainian or Belarusian population are negatively associated with generalized trust while the abrupt migrations after the World War I are positively associated. The rapid character of migration is supposed to positively impact generalized trust by forcing individuals to cooperate and rely on people with whom they have no personal ties.

Mots clés

  • Social capital
  • trust
  • Poland
  • economic history

JEL

  • J11
  • N34
  • N44
  • O17
  • Z13
Accès libre

Book Review Recenzja Książki Leokadii Oręziak Pt. „OFE. Katastrofa prywatyzacji emerytur w Polsce”, Instytut Wydawniczy Książka i Prasa, Warszawa 2014, seria: Biblioteka Le Monde diplomatique, stron 339

Publié en ligne: 20 Nov 2014
Pages: 138 - 140

Résumé

8 Articles
Accès libre

The Transatlantic Trade and Investment Partnership - A View from America's Trenches

Publié en ligne: 20 Nov 2014
Pages: 7 - 29

Résumé

Abstract

Expectations run high about the cornucopia of riches which are supposed to fow from the Transatlantic Trade and Investment Partnership (TTIP). TTIP is a proposed free trade agreement between the United States and the European Union. It aims to build upon the already sweeping scope of the North American Free Trade Agreement concluded two decades earlier and the 2013 Comprehensive Economic and Trade Agreement (CETA), which removes 99 % of tariffs between the EU and Canada.1 Te TTIP negotiations were launched in July 2013 with an initial time frame of completion within two years.

It is too early to pass judgment about the benefits of the deal simply because its scope is still being framed as of this writing. However, it's possible to shed light on the most likely sticking points during the negotiations, particularly those seen from the U.S. negotiating side. Likewise, it's not too early to draw up interests and concerns of U.S. business. Both are discussed in this paper.

The first section takes stock of the likely scope of negotiations. The second section summarizes the view of business gleaned from a survey of corporate executives. The survey was conducted among members of the Manufacturers Alliance for Productivity and Innovation, an education forum for senior managers of large industrial companies.

Mots clés

  • TTIP
  • international negotiations
  • corporate executives survey

JEL

  • F1
  • F2
  • F4
  • F5
Accès libre

Factors Influencing IPO Decisions. Do Corporate Managers Use Market and Corporate Timing? A Survey

Publié en ligne: 20 Nov 2014
Pages: 30 - 39

Résumé

Abstract

This paper explores the motives for Initial Public Offerings (IPOs); that is, whether market mispricing or the behavioral inclinations of investors and analysts impact corporate decisions about rising equity, with a particular focus on market and corporate timing practices of managers going public. To do so, an anonymous survey was conducted of 166 managers of firms that recently went public at the Warsaw Stock Exchange in Poland (being the second most active IPO market in Europe, after London). The resulting data reveals that managers attempt to time bullish markets and good historical corporate financial results.

Mots clés

  • Behavioral corporate fnance
  • managerial biases
  • IPO
  • going public

JEL

  • G32
  • G34
Accès libre

Innovation in Hungary - The Impact of EU Accession and Integration into Global Value Chains

Publié en ligne: 20 Nov 2014
Pages: 40 - 59

Résumé

Abstract

This paper argues that EU accession has brought about minimal changes in the patterns of innovation in Hungary. The reason why is not that the ‘EU factor’ is of minor importance; rather, it is Hungary's inability to use EU resources effectively, so as to fully benefit from EU membership. The Hungarian story also demonstrates that the EU cannot block member states from reversing reform or abusing the opportunities EU membership offers to them. We contend that globalization (global value chain integration) has more effectively contributed to Hungary's knowledge-based upgrading than Europeanization (in the sense of policy transfer; access to EU Structural & Cohesion Funds, and integration in the European Research Area). This argument is substantiated with a case study on innovation strategy design and implementation, which illustrates the ambiguous impact of Europeanization, which is contrasted with our investigation of integration in global value chains, conducted through interviews of foreign-owned manufacturing companies about their R&D-based upgrading experience.

Mots clés

  • Hungary
  • regional innovation policy
  • EU accession
  • global value chains
  • R&D-based upgrading

JEL

  • O38
  • R58
  • E65
Accès libre

An Empirical Analysis of Economic and Socio-Demographic Determinants of Entrepreneurship Across German Regions

Publié en ligne: 20 Nov 2014
Pages: 60 - 80

Résumé

Abstract

Entrepreneurship is fundamental for a country's economic development through its positive effect on innovation, productivity growth, and job creation. In entrepreneurial research, one of the most important problems is to define the factors that actually determine entrepreneurial action. This study analyzes that question in the case of Germany by taking an aggregated approach that focuses on socio-demographic and economic determinants of regional entrepreneurship. Based on a literature review of German and international regional-level research, six hypotheses are developed and empirically tested using the most recent available data on 385 German regions as units of analysis. The results are surprising. In the case of household income, unemployment, education and marital status the relationship is significant but contrary to earlier research. Only regional age structure seems to be a stable predictor of regional entrepreneurship. The results indicate that in recent years there was a major shift in the determinants and characteristics of entrepreneurship in Germany.

Mots clés

  • entrepreneurship
  • self-employment
  • determinants of entrepreneurship
  • regions
  • Germany

JEL

  • J23
  • L26
  • M13
  • O18
  • R11
Accès libre

Innovation and Competitiveness of the Slovak Economy: New Evidence of International Impacts in the Knowledge Accumulation Process

Publié en ligne: 20 Nov 2014
Pages: 81 - 97

Résumé

Abstract

The objectives of this paper are twofold - to demonstrate the internal forces driving R&D productivity in Slovakia and the internationalization of Slovak R&D investments and R&D patenting since EU accession as compared to the other Visegrad Four (V4) countries. After the Introduction, Slovakia's position in the field of competitiveness and the Slovak innovation policy are described. The Slovak knowledge accumulation paradox being the discrepancy between R&D productivity and TFP is then demonstrated and disentangled through an analysis of innovation activities using Eurostat and OECD Stat data spanning the 1995-2011 period. This analysis is followed by some concluding remarks.

Mots clés

  • Slovak economy
  • competitiveness
  • innovation performance
  • education and labor market
  • Visegrad Four countries
  • innovation policy

JEL

  • F43
  • O31
  • O47
Accès libre

Why the EU-15 Maintains Higher CIT Rates than the New Member States?

Publié en ligne: 20 Nov 2014
Pages: 98 - 120

Résumé

Abstract

The European Union is not a homogenous area. This lack of homogeneity extends to taxes, which vary across jurisdictions. On average, Western Europe imposes significantly higher taxes on capital than New Member States, which joined the Community in 2004 and 2007. Often this fact is simply taken for granted. However, there are several arguments that can explain this variance. Although several of these arguments are well known and have been researched, they have not been assessed in combination, or used in a comparative analysis of corporate income tax (CIT) rates between EU member states. Because of interest in harmonizing CIT throughout the EU, the roots of divergent CIT is of particular and timely value. Therefore, this article we attempts to demonstrate the differences in CIT rates in the EU-15 and New Member States. In so doing the general characteristics of these country grouping is identified, and then discussed in the context of the taxation theory.

Mots clés

  • macroeconomic policy
  • fscal policy
  • tax
  • corporate income tax

JEL

  • E62
  • H25
Accès libre

Historical Roots of Generalized Trust in Polish Society

Publié en ligne: 20 Nov 2014
Pages: 121 - 137

Résumé

Abstract

The article analyses how historical events shape generalized trust in contemporary Polish society. The analysis consists of a set of logistic regression models. The impact of historical variables is controlled for age, sex, education and the size of the municipality. This is the first quantitative study on Poland that links historical events with the current levels of trust among Polish citizens. The common knowledge is that the Partitions of Poland had negative impact on trust. Literature on the topic hints that historical demo? graphics should play a role too. The findings suggest that Partitions had little impact with only Greater Poland and Pomerania having lower levels of generalized trust. Historical literacy rate and the presence of Ukrainian or Belarusian population are negatively associated with generalized trust while the abrupt migrations after the World War I are positively associated. The rapid character of migration is supposed to positively impact generalized trust by forcing individuals to cooperate and rely on people with whom they have no personal ties.

Mots clés

  • Social capital
  • trust
  • Poland
  • economic history

JEL

  • J11
  • N34
  • N44
  • O17
  • Z13
Accès libre

Book Review Recenzja Książki Leokadii Oręziak Pt. „OFE. Katastrofa prywatyzacji emerytur w Polsce”, Instytut Wydawniczy Książka i Prasa, Warszawa 2014, seria: Biblioteka Le Monde diplomatique, stron 339

Publié en ligne: 20 Nov 2014
Pages: 138 - 140

Résumé

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