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Purpose: This paper examines the changing behavior of two calendar anomalies in African stock returns – the month-of-the-year and the intra-month effects – and their implications for the adaptive market hypothesis (AMH).

Methodology: We applied two-stage Markov switching models (MSMs) instead of the conventional single state regression model. The sample period includes the daily index return of Nigerian, South African, Mauritian, Moroccan, and Tunisian stock exchanges from January 1998 to February 2018.

Findings: We found that (i) all the markets except for the Johannesburg Stock Exchange (JSE) have a higher tendency to be in bearish state than bullish state, (ii) month-of-the-year and intra-month effects appear in one regime and disappear in another regime, and (iii) the behavior of calendar anomalies is affected by market conditions and conforms to AMH rather than the efficient market hypothesis (EMH).

Practical Implications: We present that (i) calendar anomaly is a characteristic that changes under different regimes or market conditions in African stock markets, (ii) active investment management may yield profits for market participants, depending on the market conditions and the anomaly in question, and (iii) the right approach would be for investors to consider each market with its own peculiarity even when they are in the same continent.

Originality/Value: The sensitivity of the month-of-the-year and the intra-month effects to market conditions has not been documented in African stock markets, especially with the use of regime-switching models.


Purpose: While the product-market typology model seems to be best understood and widely embraced by large corporates, it is less noticeable among many small businesses. This article adopts the aforementioned framework to identify and empirically analyze impactful strategies on various measures of growth associated with rural Small, Medium and Micro Enterprises (SMMEs) in South Africa.

Methodology: Using data from a survey of a probability sample of 148 owner-managed small businesses, Exploratory Factor Analysis test was conducted to test for internal scale consistency of the data. In the analysis: six predictor variables formed the growth strategies, while growth measures comprised three variables, then fitted into a prepared regression model.

Results: The regression model reveals the use and implementation of market penetration and pricing strategies which have a positive and significant impact on the SMME’s growth. Findings further suggest that – while the gender of the owner-manager has no influence on the growth of the SMMEs – immigrant SMMEs seem to perform better compared to ventures owned by other race categories. Overall growth of SMMEs is generally more driven by customer base, competitive advantage, and customer satisfaction.

Implications: The implication for rural SMMEs amid the uncertainties and challenges in the developing economies, is that certain strategies act as a catalyst for growth and performance. The findings may be used to develop policies that promote entrepreneurship in South Africa and other developing countries.

Originality/value: The paper’s unique contribution is that virtually no study yet attempted to apply the product-market typology model holistically to investigate its influence on the growth of rural SMMEs in a developing country.


Purpose: Assuming a duopoly industry with pollution producing processes, the aim of this work is to study the firms’ choice to engage in Environmental Corporate Social Responsibility (ECSR) by means of “green” managerial delegation, i.e. hiring managers with preferences for environ mental concerns to whom owners delegate both sales and decisions to adopt green technology.

Methodology: Depending on the firms’ strategic choices, a two/three-stage game takes place solved by the backward induction method to obtain sub-game perfect Nash equilibria.

Results: When the market structure is a Cournot duopoly, and the environmental sensitivity of “green” managers is extremely low, then the engagement in ECSR is the firms’ dominant strategy, regardless of the efficiency level of the available abatement technology. Nonetheless, firms are cast into a prisoner’s dilemma. On the other hand, if “green” managers have low-intermediate to intermediate environmental sensitivity, then either no ECSR, multiple symmetric equilibria, or ECSR engagement can emerge as a result in equilibrium. Finally, if managers’ environmental sensitivity is adequately high, then firms do not engage in ECSR. When a market entry game is considered with the Stackelberg competition in which the incumbent adopts ECSR while the entrant does not, socially responsible behaviors cause the market to be more contestable. However, the incumbent’s owners can use ECSR to secure a dominant position in the market, provided that they hire “green” managers with adequate environmental concerns.

Implications: In the case of entry, non-trivial policy implications arise. Due to increased competition, the welfare of consumers improves (lower prices for the goods). However, the entry of a polluting firm increases emissions. Higher emissions damage consumers and lower the overall social welfare of an environmentally concerned government. Thus, a complete welfare analysis is required prior to the design of a government’s regulatory intervention.

Originality/Value: This paper is the first that introduces the figure of the “green” manager who shows, in its utility function, an environmental concern.


Purpose: The technological progress of production processes causes changes in the social structure of work, i.e. modifies the content of most, if not all, workplaces. In that respect, the identification of changes in the intensity of creativeness, the level of education, and the experience of employees in production processes and occupational tasks is a particularly important issue. The article investigates the interdependence among work creativity, education, and job experience of employees of one of the municipal companies operating in Poland.

Methodology: The study employs firm-level data covering over 2,200 observations. The study gathered data from three major internal sources of information: the scopes of responsibilities of organizational positions, personnel documentation regarding the individual level of education and professional experience, and the results of interviews with executive staff and employees on particular posts. The research proceedings base on document analysis, structured interviews, teamwork methods, and a classification technique.

Results: Research revealed that the complexity of work increased in the company. Jobs requiring higher levels of creativity are occupied by employees with relatively higher education. However, their average level of education in the analyzed period decreased as opposed to jobs that require relatively lower levels of creativity. The analysis of interdependence between creativity and job experience identified that there emerged a relatively shorter average job experience for employees who perform cognitive work. Moreover, the average job experience increased in the group of employees who perform routine manual and non-routine cognitive work.

Implications: The study refers to the job polarization issue by confirming the tendencies of labor markets. It also addresses issues concerned with technological progress, although they are not confirmed by research in this paper.

Originality/Value: The main contribution of the paper is the interesting dataset gathered. Furthermore, the paper addresses an interesting question where empirical research at the firm level is lacking, particularly municipal company.


Purpose: This study primarily aims to provide insight into the role of deep acting and surface acting effects on customer satisfaction, with job satisfaction as the mediating and mentoring as the moderating variable.

Methodology: The study employs SPSS 21 for the analysis of data gathered with a survey questionnaire. The survey involved a sample of 291 employees of Jordanian service firms.

Findings: Obtained findings indicate significant direct relationships, with surface acting negatively related to both job satisfaction and customer satisfaction and deep acting positively related to both. The results support the mediating role of job satisfaction on the relationship between surface acting and customer satisfaction, along with deep acting and customer satisfaction. Moreover, the outcome substantiates the moderating role of mentoring on both acting types with job satisfaction.

Implication: This is the first study to empirically examine the mediating role of job satisfaction on the employee emotional labor relationship with customer satisfaction in service companies of a developing country.


Purpose: The article is a review aimed at presenting the concept of and available knowledge on teal organizations and at indicating further research objectives.

Methodology: Research methods employed in the study included a systematic review of the literature, along with its critical analysis and logical deduction.

Findings: The analysis shows that teal management – based on self-organization – may prove to be an opportunity for companies to adapt to changing circumstances. The teal organization concept is a true revolution in modern management, as it rejects all systems and previously immutable rules of the business world. The subject requires further empirical research.

Research limitations: Limitations apply to both the concept of teal organizations itself and the literature review. Since the teal organization concept was established in 2015, there is a lack of reviews and scientific studies or in-depth empirical research on this topic. Thus, the articles included in the review do not exhaust the issue.

Implications: The issues discussed in the article require further scientific research, primarily empirical. The said research should cover various aspects, such as building a culture of trust and self-organization, leadership (3.0), management through values, and new management methods.

Value: This is the first publication in this field that falls within this research gap. This study constitutes a significant contribution to the development of research on the concept of teal organizations.


The article takes up the issue of the characteristics and the implementation of the dividend policy of companies quoted on the Warsaw Stock Exchange in Warsaw for the period 2008-2017. The purpose of the research is the characteristics of dividend policy company satisfaction mechanism, including an assessment of its actual implementation. To study the characteristics and implementation of the dividend policy by the company’s dividend, eventually it was necessary to classify the companies that during the period of 2009-2018 paid dividends for the period 2008-2017 without a break (at 31.07.2018). The test results indicate a high average annual growth rate of paid dividends. Unfortunately, more than half of the companies developed a dividend policy and those that have it as the basis for their decision on the amount of payment of dividends indicate net profit and investment needs.


Purpose: This paper focuses on the effects of positive and negative online reviews (eWOM) on the metrics of consumer-based brand equity (CBBE) in the context of the Polish restaurant sector.

Methodology: The dedicated online survey was completed by 777 consumers, which we then analyzed with structural equation modeling. Each catering outlet was to allow to order meals online. We used descriptive analysis, confirmatory factor analysis, and path analysis to test the hypotheses.

Findings: The findings suggest that positive online reviews affect each CBBE variable in the online catering outlet’s context. In the case of known catering establishment’s offering in the option of placing orders via online platforms, negative eWOM only affects the perceived quality and brand loyalty. However, it does not change brand awareness and brand association.

Implications: This paper contributes to the body of literature on eWOM, which to date offers very little understanding of the topic of positive and negative online reviews and CBBE dimensions. Moreover, in terms of practical and managerial applications, this study can be used to delineate strategy in terms of management of eWOM to optimize brand strategies.


This paper examines the mixture of distribution properties associated with heteroskedastic excess Bitcoin return data, using the volume of Google search queries as a proxy for the information arrival time, from a monthly data sampling period of June 2010 to May 2019. The results show that the volatility coefficients become highly statistically insignificant when the lagged volume of search queries is included in the conditional variance equation of the GJR-GARCH-M model. This clearly suggests that the volume of search queries is shown to provide significant explanatory power regarding the variance of heteroskedastic excess Bitcoin return, which can be traced from the ARCH process defined in the GJR-GARCH-M specification. A significant negative relationship between the conditional volatility and the volume of search queries indicates that Internet (online) information arrival reduces the risk premium in the Bitcoin market, which may improve market stability.


Purpose: The paper examines auditors’ experiences with corporate governance (CG) in general and audit committees (ACs) in particular in the setting of a Polish two-tier board system and a capital market characterized by high ownership concentration, which therefore extends the research on CG practices of an economy beyond the well-researched Anglo-American model.

Methodology: This study adopts a qualitative research approach by using interview data from fifteen interviews with auditors working with large publicly-listed companies in Poland to examine the relationships among auditors, Audit Committees, and CG.

Findings: The auditors indicate that the CG environment has changed. However, the institutionalization of an AC in Poland generally is the subject of coercive isomorphic pressures, which lead to its decoupling and transition toward a ritualistic role. Moreover, auditors report only some reliance on CG information in the planning phase and none in the field-testing or review phases.

Originality: The findings differ from those of prior studies conducted predominantly in the USA and the UK, in which auditors reported far greater reliance on CG in all phases of the audit process. The two possible reasons for this difference in findings could be the different development stages between capital markets and different CG systems.