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Détails du magazine
Format
Magazine
eISSN
2385-8052
Première publication
22 Feb 2015
Période de publication
4 fois par an
Langues
Anglais

Chercher

Volume 62 (2016): Edition 4 (December 2016)

Détails du magazine
Format
Magazine
eISSN
2385-8052
Première publication
22 Feb 2015
Période de publication
4 fois par an
Langues
Anglais

Chercher

6 Articles
Accès libre

Growth Effects of Cross-border Mergers and Acquisitions in European Transition Countries

Publié en ligne: 22 Dec 2016
Pages: 3 - 11

Résumé

Abstract

This paper deals with the economic effect of cross-border mergers and acquisitions on GDP per capita in European transition countries for the 2000- 2014 period. Our analysis shows that cross-border mergers and acquisitions have a negative effect on GDP per capita in the current period, whereas their lagged level positively impacts output performance. We found that transition countries characterized by a higher quality of institutional setting have achieved a positive impact on GDP per capita.

Mots clés

  • cross-border mergers and acquisitions
  • institutions
  • GDP per capita
  • transition countries
Accès libre

An Analysis of Interaction Effects of China–South Korea and China– Australia FTAs and the Expanding TPP

Publié en ligne: 22 Dec 2016
Pages: 12 - 22

Résumé

Abstract

On 5 October 2015, the Trans-Pacific Partnership Agreement (TPP) led by the U.S. was signed. Already, 12 countries1 have joined the agreement, but China has not. Thus, lots of research has focused on the negative effect of the TPP on China’s foreign trade. On the other hand, China is moving forward in its own efforts to establish bilateral free trade agreements (FTAs) and free trade zones. In June 2015, China-South Korea and China-Australia signed bilateral FTAs which went into effect in December 2015. Several questions were raised: Since South Korea and Australia are the major trade partners in the Pacific area and the bilateral FTAs will be effective before the TPP, will these FTAs’ positive effects on China’s foreign trade offset some of the negative effects of the TPP? If China and the U.S. adopted a competitive trade policy, which countries would benefit? If China and the U.S. adopted a cooperative trade policy, how would the trade value and economic welfare change? This paper simulates and analyses the mutual effects of China-South Korea and China-Australia FTAs and the enlarging TPP using the computable general equilibrium model. The major conclusions drawn suggest that China-South Korea and China-Australia FTAs will significantly offset the TPP’s negative effect on China’s foreign trade. If China is not included, the U.S. economic benefit from the TPP will be limited. The economic welfare for a country like Australia, which joined both the bilateral FTA and the TPP, will be increased the most. In the long run, China joining the TPP would be the most beneficial decision for its national interest. However, if the TPP cannot be approved by the US congress, the U.S.’s economic indicators and export would be decreasing sharply. China’s economy and export will benefit from FTAs.

Mots clés

  • China-South Korea FTA
  • China-Australia FTA
  • TPP
  • interaction effects
Accès libre

The Panel VAR Approach to Modelling the Housing Wealth Effect: Evidence from selected European post-transition economies

Publié en ligne: 22 Dec 2016
Pages: 23 - 32

Résumé

Abstract

Following Friedman’s permanent income hypothesis and Ando and Modigliani’s lifecycle hypothesis, this paper empirically studies the role of house prices and income in determining the dynamic behaviour of consumption in selected European post-transition economies using the panel vector autoregression (PVAR) approach and quarterly data covering the period from the first quarter of 2002 until the second quarter of 2012. With the shocks being recognized using the customary recursive identification scheme, we found that the response of personal consumption to the housing wealth shock is initially positive, but short lived.

Mots clés

  • consumption
  • housing wealth effect
  • house prices
  • panel vector autoregression
  • European emerging markets
Accès libre

Older Knowledge Workers as the Labour Market Potential (Slovenia versus Finland)

Publié en ligne: 22 Dec 2016
Pages: 33 - 41

Résumé

Abstract

This article refers to the challenge of demographic changes gaining attention in many developed countries. The European Union recognized the need to activate older knowledge workers, who are underrepresented and pushed out of the labour market or are inadequately motivated to continue their employment for various reasons, despite their accumulated knowledge and experiences. EU member states respond differently to their ageing, with more or less successful national policies. This article is based on research of the labour market development for older knowledge workers in Slovenia compared to the Finnish age management policy at the end of the 1990s that successfully increased Finnish older knowledge workers’ employment through focused and holistic measures. Slovenia stagnated in the same period due to a lack of holistic solutions-a situation that continues today. The results and deficiencies of past bad and good practices in these two compared EU member states might offer some further reflections on possible steps to follow or avoid regarding active ageing solutions in the EU.

Mots clés

  • older knowledge workers
  • Slovenia
  • Finland
  • EU
Accès libre

The Role of the Process Organizational Structure in the Development of Intrapreneurship in Large Companies

Publié en ligne: 22 Dec 2016
Pages: 42 - 51

Résumé

Abstract

Modern companies’ business environments have become increasingly complex, dynamic, and uncertain as a consequence of globalization and the rapid development of information communications technology. Companies are urged to increase their flexibility in order to keep their competitiveness in the global market. The affirmation of intrapreneurship becomes one of the basic ways for achieving higher adaptability and competitiveness of large companies in the modern business environment. In this context, the choice of an organizational solution that improves the development of entrepreneurial orientation and increases employee entrepreneurship and innovativeness becomes an important task for large companies. Research studies and business practices have indicated that various types of modern organizational forms enable the development of intrapreneurship. Therefore, the main aim of this paper is to identify dominant characteristics of organizational solutions and analyse their influence on the development of intrapreneurship in large companies in Bosnia and Herzegovina (BiH). The research results indicate that current organizational characteristics are not favourable for the development of intrapreneurship in large BiH companies and that improvement is necessary in order to create an enabling environment for intrapreneurship and innovativeness. Based on these findings, recommendations for appropriate organizational changes are presented that might result in a more intensive development of intrapreneurship in large BiH companies.

Mots clés

  • Intrapreneurship
  • organizational structure
  • process organizational structure
  • large companies
  • Bosnia and Herzegovina Federation
Accès libre

Issues in the Recognition versus Disclosure of Financial Information Debate

Publié en ligne: 22 Dec 2016
Pages: 52 - 61

Résumé

Abstract

Empirical evidence from the academic literature on capital market effects of financial information placement (i.e., recognition on the face of the primary financial statements versus disclosure in the notes to the financial statements) is not straightforward. Therefore, the purpose of this paper is to contribute to the recognition versus required disclosure debate in a standard-setting context by exploring possible reasons for perceived differences between recognized and disclosed amounts. These differences, in our view, arise due to demonstrated auditors’ greater tolerance for misstatement in disclosed amounts, allowed noncompliance with disclosure requirements even in strong enforcement regimes, lesser care that preparers of financial statements devote to disclosures relative to recognized items as well as behavioural factors and differential processing costs related to the users of financial information. We believe that these arguments strengthen the case for the general preference for the recognition of financial information in the standard-setting context. The original scientific contribution of this paper is to systematically identify the reasons for the differences between recognized and disclosed amounts in financial statements. As such, this paper may provide a suitable basis for the justification of certain conceptual changes in the field of international accounting standards that are currently underway.

Mots clés

  • Auditing
  • disclosure
  • financial information
  • notes
  • recognition
6 Articles
Accès libre

Growth Effects of Cross-border Mergers and Acquisitions in European Transition Countries

Publié en ligne: 22 Dec 2016
Pages: 3 - 11

Résumé

Abstract

This paper deals with the economic effect of cross-border mergers and acquisitions on GDP per capita in European transition countries for the 2000- 2014 period. Our analysis shows that cross-border mergers and acquisitions have a negative effect on GDP per capita in the current period, whereas their lagged level positively impacts output performance. We found that transition countries characterized by a higher quality of institutional setting have achieved a positive impact on GDP per capita.

Mots clés

  • cross-border mergers and acquisitions
  • institutions
  • GDP per capita
  • transition countries
Accès libre

An Analysis of Interaction Effects of China–South Korea and China– Australia FTAs and the Expanding TPP

Publié en ligne: 22 Dec 2016
Pages: 12 - 22

Résumé

Abstract

On 5 October 2015, the Trans-Pacific Partnership Agreement (TPP) led by the U.S. was signed. Already, 12 countries1 have joined the agreement, but China has not. Thus, lots of research has focused on the negative effect of the TPP on China’s foreign trade. On the other hand, China is moving forward in its own efforts to establish bilateral free trade agreements (FTAs) and free trade zones. In June 2015, China-South Korea and China-Australia signed bilateral FTAs which went into effect in December 2015. Several questions were raised: Since South Korea and Australia are the major trade partners in the Pacific area and the bilateral FTAs will be effective before the TPP, will these FTAs’ positive effects on China’s foreign trade offset some of the negative effects of the TPP? If China and the U.S. adopted a competitive trade policy, which countries would benefit? If China and the U.S. adopted a cooperative trade policy, how would the trade value and economic welfare change? This paper simulates and analyses the mutual effects of China-South Korea and China-Australia FTAs and the enlarging TPP using the computable general equilibrium model. The major conclusions drawn suggest that China-South Korea and China-Australia FTAs will significantly offset the TPP’s negative effect on China’s foreign trade. If China is not included, the U.S. economic benefit from the TPP will be limited. The economic welfare for a country like Australia, which joined both the bilateral FTA and the TPP, will be increased the most. In the long run, China joining the TPP would be the most beneficial decision for its national interest. However, if the TPP cannot be approved by the US congress, the U.S.’s economic indicators and export would be decreasing sharply. China’s economy and export will benefit from FTAs.

Mots clés

  • China-South Korea FTA
  • China-Australia FTA
  • TPP
  • interaction effects
Accès libre

The Panel VAR Approach to Modelling the Housing Wealth Effect: Evidence from selected European post-transition economies

Publié en ligne: 22 Dec 2016
Pages: 23 - 32

Résumé

Abstract

Following Friedman’s permanent income hypothesis and Ando and Modigliani’s lifecycle hypothesis, this paper empirically studies the role of house prices and income in determining the dynamic behaviour of consumption in selected European post-transition economies using the panel vector autoregression (PVAR) approach and quarterly data covering the period from the first quarter of 2002 until the second quarter of 2012. With the shocks being recognized using the customary recursive identification scheme, we found that the response of personal consumption to the housing wealth shock is initially positive, but short lived.

Mots clés

  • consumption
  • housing wealth effect
  • house prices
  • panel vector autoregression
  • European emerging markets
Accès libre

Older Knowledge Workers as the Labour Market Potential (Slovenia versus Finland)

Publié en ligne: 22 Dec 2016
Pages: 33 - 41

Résumé

Abstract

This article refers to the challenge of demographic changes gaining attention in many developed countries. The European Union recognized the need to activate older knowledge workers, who are underrepresented and pushed out of the labour market or are inadequately motivated to continue their employment for various reasons, despite their accumulated knowledge and experiences. EU member states respond differently to their ageing, with more or less successful national policies. This article is based on research of the labour market development for older knowledge workers in Slovenia compared to the Finnish age management policy at the end of the 1990s that successfully increased Finnish older knowledge workers’ employment through focused and holistic measures. Slovenia stagnated in the same period due to a lack of holistic solutions-a situation that continues today. The results and deficiencies of past bad and good practices in these two compared EU member states might offer some further reflections on possible steps to follow or avoid regarding active ageing solutions in the EU.

Mots clés

  • older knowledge workers
  • Slovenia
  • Finland
  • EU
Accès libre

The Role of the Process Organizational Structure in the Development of Intrapreneurship in Large Companies

Publié en ligne: 22 Dec 2016
Pages: 42 - 51

Résumé

Abstract

Modern companies’ business environments have become increasingly complex, dynamic, and uncertain as a consequence of globalization and the rapid development of information communications technology. Companies are urged to increase their flexibility in order to keep their competitiveness in the global market. The affirmation of intrapreneurship becomes one of the basic ways for achieving higher adaptability and competitiveness of large companies in the modern business environment. In this context, the choice of an organizational solution that improves the development of entrepreneurial orientation and increases employee entrepreneurship and innovativeness becomes an important task for large companies. Research studies and business practices have indicated that various types of modern organizational forms enable the development of intrapreneurship. Therefore, the main aim of this paper is to identify dominant characteristics of organizational solutions and analyse their influence on the development of intrapreneurship in large companies in Bosnia and Herzegovina (BiH). The research results indicate that current organizational characteristics are not favourable for the development of intrapreneurship in large BiH companies and that improvement is necessary in order to create an enabling environment for intrapreneurship and innovativeness. Based on these findings, recommendations for appropriate organizational changes are presented that might result in a more intensive development of intrapreneurship in large BiH companies.

Mots clés

  • Intrapreneurship
  • organizational structure
  • process organizational structure
  • large companies
  • Bosnia and Herzegovina Federation
Accès libre

Issues in the Recognition versus Disclosure of Financial Information Debate

Publié en ligne: 22 Dec 2016
Pages: 52 - 61

Résumé

Abstract

Empirical evidence from the academic literature on capital market effects of financial information placement (i.e., recognition on the face of the primary financial statements versus disclosure in the notes to the financial statements) is not straightforward. Therefore, the purpose of this paper is to contribute to the recognition versus required disclosure debate in a standard-setting context by exploring possible reasons for perceived differences between recognized and disclosed amounts. These differences, in our view, arise due to demonstrated auditors’ greater tolerance for misstatement in disclosed amounts, allowed noncompliance with disclosure requirements even in strong enforcement regimes, lesser care that preparers of financial statements devote to disclosures relative to recognized items as well as behavioural factors and differential processing costs related to the users of financial information. We believe that these arguments strengthen the case for the general preference for the recognition of financial information in the standard-setting context. The original scientific contribution of this paper is to systematically identify the reasons for the differences between recognized and disclosed amounts in financial statements. As such, this paper may provide a suitable basis for the justification of certain conceptual changes in the field of international accounting standards that are currently underway.

Mots clés

  • Auditing
  • disclosure
  • financial information
  • notes
  • recognition

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