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Abstract

Business transfer as a research topic awakened the interest of researchers in the past few decades. Business transfer is defined as a change of ownership of any firm to another person or legal entity assuring the continuous existence and commercial activity of the enterprise, and it encompasses different kinds of transfers both to family and non-family members. Ageing and consequently retirement are often mentioned as the reasons for entrepreneurs’ exits from the companies and intention to initiate the business transfer process. A successful business transfer process is one of the key prerequisites for long-term sustainability of small and medium-sized enterprises. There is a significant number of ageing business owners in Croatia who will exit their companies in the coming years. Considering the number of these entrepreneurs and the influence their exits can have on company stakeholders and national economy in general, it is of great importance to better understand the factors that can influence the choice of their exit strategies. The aim of the paper is to provide an understanding of the dilemmas that the ageing entrepreneurs face when considering different exit modes. The data for the study was collected through in-depth, semi-structured interviews conducted with six ageing business owners. The analysis of the interviews enabled the identification of the challenges that ageing entrepreneurs face in the business transfer process: emotional attachment to the firm, strong preference for family succession and concerns about financial security after retirement. Some of these challenges are a result of the undeveloped business transfer ecosystem, strong tradition and cultural values that imply family succession as the only acceptable exit strategy for retiring company owners in Croatia.

Abstract

The aim of this paper is to bring together some of the foundational and recent literature interlinking corporate governance and the leadership role of the board of directors. Strategic leadership is widely assumed to be a responsibility that defaults to the Chief Executive Officers (CEOs). However, in practice, what most CEOs do is strategic management rather than strategic leadership. While strategic management does share key aspects of strategic leadership CEOs are expected to prioritize the managerial side over the leadership side. This is just one of the situations in which the board-room assumes the leadership role. This paper discusses how boards of directors conduct the process of strategic leadership in their organizations. In recent years there has been an increasing interest among scholars to understand how boards strategize from a behavioral point of view. This growing interest has resulted in the development of various typologies regarding boards’ involvement in the strategic leadership processes.

Abstract

In the article an attempt is made to identify the quality of credit exposure determinants of banks in European Union countries that were characterized by a high level of impaired loans at the end of 2017 (Bulgaria, Croatia, Cyprus, Italy, Ireland, Greece, Portugal). Using the static panel-based approach the non-performing loan (NPL) determinants for the period from 2011 to 2017 were analyzed. The results showed that the high level of NPLs can be explained mainly by both macroeconomic and microeconomic factors. In particular, it has been shown that in the surveyed countries supervisory authorities should pay special attention to smaller banks with high dynamics of new loans and a low return on assets due to the fact that these entities are characterized by a higher NPL ratio. A higher level of NPL is also affected by a high concentration of the banking sector and higher interest rates on newly granted loans. As a result of research it was also shown that the majority of NPL determinants are the same in all types of banks, regardless of the business model and the scope of banking supervision. The differences were noticeable in characteristics regarding the housing market as well as the profitability of operations and lending dynamics of the analyzed entities.

Abstract

The main goal of this research is to analyse the investment benefits from an incorporation of the volatility exposure to the diversified portfolio from the perspective of a Polish investor. Volatility, treated as a new asset class, may improve the performance of the portfolio due to its negative correlation with most types of assets. This topic has been widely investigated for the United States and Europe whereas the Polish market appears to be not heavily researched and this study may fill this gap. The research covers the period from October 2010 to July 2018 and is performed on daily close prices. To construct the portfolios the analysis uses the mean-variance framework and the naïve diversification approach. The comparison of risk-adjusted returns between investments with and without volatility exposure enables an answer to the research question about an improvement of the results by the addition of a non-standard asset to the diversified portfolios. The VXX is considered as the proxy for volatility as it is the most popular ETN which follows the volatility index derivatives with the given maturity. To test the robustness of the results the portfolios are constructed with a broad range of different parameters and assumptions imposed on the optimization procedure.

Abstract

Crises cause attentiveness in our society and awaken, depending on the degree of consternation, our ongoing interest. These events include financial crises, phenomenal incidents that shock the economic world and pose significant challenges for the governments. Two crises which stand out in this context are the Great Depression in 1929 and the financial crisis in 2007/2008. In addition to the comparative approach, the paper focuses directly on the typical repetitive mechanism (“recurrent pattern of banking and sovereign debt crises” (Reinhart & Rogoff, 2011): overheating, the forming of a bubble and the bursting of the bubble, largely started in the USA. Specific aspects included in this research area are crisis management in the decades mentioned above, the role of governments and banks, as well as the observation as to which crisis can be expected next. We can conclude that the current monetary systems led by complex financial instruments and addicted to low interest rates are prone to deliver another serious financial crisis.

Abstract

With the increase in global spatial mobility the importance of migration policy (including integration policy) is increasing day by day, both in developed countries and new market economies. In the course of the research on migration policy various measures were constructed. Even though the particular measures relate to different areas of migration policy, they do not refer to the effectiveness of migration policy. The aim of this study is to assess the effectiveness of the integration of immigrants into the labour market in the countries that belong to the Organisation for Economic Co-Operation and Development (OECD) and to analyse the relationships between these effects and the integration policy adopted by the individual countries. The TOPSIS (Technique for Order Preference by Similarity to an Ideal Solution) method and the CRITIC (Criteria Importance Through Intercriteria Correlation) method were used in the research. The results indicate that the highest effectiveness of migration policy in terms of integration of immigrants into the labour market was reported in the following OECD countries: Iceland, Switzerland and New Zealand. The results also suggest that the higher the level of integration policy restrictiveness in a given country, the worse the effects in terms of integration of immigrants into the labour market that were noticed by this country.

Abstract

Model M means being young and being a role model for others in finding innovative employment or creating one’s own employment, and thus becoming and remaining an active citizen. In years 2012-2018, IRDO – Institute for the Development of Social Responsibility – implemented the project Model M Slovenia. The project started in the Podravje region, in years 2012-2014, with a small amount of money invested by the local community (The City Municipality of Maribor). Later (in years 2016-2018), it became a nation-wide Slovenian project funded by the EU’s Social Fund and the Republic of Slovenia. The purpose of the project was to empower youth with training, networking, counselling and active participation in the society to create their own models of success. In this paper, we present the Model M method (MMm) that we have developed through the Model M Slovenia project and its social impact on the employment of youth in Slovenia. With the Social Return on Investment (SROI), a method for social impact measurement, we present how the funds invested in the local pilot project were later multiplied tenfold on a national level within the project Model M Slovenia. The originality of the MMm, as presented in this paper, is in its requisitely holistic approach to youth training in terms of personal and social responsibility. The MMm is accelerating the (self) employment of youth and other unemployed persons. The MMm was created by a team of business practitioners and social responsibility researchers. Their aim was to practice and develop social responsibility, interdependence and requisitely holistic approach as a systemic behaviour, suggested by the global humankind in the ISO 26000 guidance standard.

Abstract

The spatial structure of the world is unequal, centres and peripheries alternate. There are significant social and development differences between countries in the world, but there is also an unequal development within the countries. The main purpose of the regional policy is to reduce spatial inequalities by catching up the underdeveloped areas. Nowadays, in the era of the Fourth Industrial Revolution, technological progress creates possibilities for developing regions to catch up, because new technologies require new skills that are less dependent on factor endowments of countries. Most economies are unable to create new technologies because they do not have the appropriate resources or their institutional environment does not favour innovation. However, technological progress can also be observed in these countries by adopting and applying new technologies effectively. This research aims to illustrate the regional differences in the conditions of technological progress in Europe, using multivariate statistical methods. Based on the European Regional Competitiveness Index, the research question to be analysed is whether new technologies may be able to decrease spatial differences. We compare the European regions in the field of innovation in order to highlight the critical areas that can promote or prevent the reduction of inequalities.

Abstract

Following Chilean experiences as well as the World Bank suggestions post-communist Poland and post-collectivist Israel—underwent deep reforms which led to the privatization of old age security. The aim of the article is to compare the Polish and Israeli paths of pension privatization in the last thirty years. The main conclusions are: (1) the economic, demographic and political environments at the moment of the design and implementation of the pension reform were quite similar in both countries; however (2) the scope and scale of the privatization was different: in Poland there was only partial shift towards private pension system while in Israel full privatization of the system was implemented; (3) the decisive factors were: the inertia of the already existing pension systems and the power of foreign influencers; (4) the retreat from privatization in Poland and the increase in Israel took place due to the different mix of disadvantages of the new pension arrangements, short-term political aims and international pressure.

Abstract

The paper is intended to provide information on the trade war between China and the USA. It analyses the consequences of the trade dispute, discusses the impact on an Austrian company in the steel sector, gives an overview of possible strategies with which companies can reduce the negative effects of tariffs and discusses strategies that are good options for companies in the steel industry. The methodology applied included theoretical and empirical research based on quantitative analysis as well as quantitative research in the form of expert interviews. The results show that the trade war between China and the USA was in full swing until January 2020. The impacts do not only affect the parties involved, but also other parties such as the EU. Companies can use a variety of strategies to mitigate the negative effects of trade wars. The best strategy for a company depends on the structure of the company, its products and its competitors. The paper adds new insights to the existing literature on the trade war between China and the US and its effects, strategies to mitigate the negative effects of tariffs and discussions on optimal strategies for companies in the steel industry.