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Michał Brzozowski and Joanna Siwińska-Gorzelak

Abstract

The aim of this paper is to shed light on the public and private sector interdependencies in the international financial market. Using annual data on sovereign and private sector external indebtedness for 95 emerging and developing countries in the 1970-2012 period it looks at the relationship between the level and structure of public external debt and the likelihood of private sector entry in international bond and loan markets. The private sector entry in the offshore loans and bonds markets is shown to be conditional on the amount of public sector external debt. The relationship is complex but in general the saturation of the financial market with external government liabilities renders the private sector entry into the bonds’ market more difficult.

Open access

Jan Baran

Abstract

This paper analyses changes in overeducation incidence in Poland in 2006‑2014. It finds that a rise in number of tertiary educated workers outpaced an increase in number of jobs requiring tertiary education, which resulted in a substantial growth of overeducation incidence. The overeducation increase was driven mainly by mild overeducation rather than severe overeducation. Overeducated workers are usually young with little job experience. Women are found at lower risk of severe overeducation compared to men, but relatively more at risk of mild overeducation. A low risk of overeducation is associated with having studied technical and health programmes.

Open access

Dominika Machowska

Abstract

The paper investigates the optimal allocation between defensive and offensive advertising efforts in a dynamic, growing market in which two companies are competing for market share. The study described in this paper extends the existing literature on dynamic advertising competition by considering a market that is in the growth phase and by including the heterogeneous decay rate of market share. A modified Lanchester is employed to describe the dynamics of market share by model. The goal of companies operating in this domain is to maximize their profits over a finite decision horizon. Based on the differential game approach the Markovian Nash strategies for offensive and defensive advertising activities are determined. Additionally, an analysis of the extent to which this solution is sensitive to changes in potential market and the rate of customer churn is made.

Open access

Afroza Ahammed Shimu and Md. Shahidul Islam

Abstract

The ready-made garments (RMG) sector of Bangladesh is considered as a key driver for the Bangladeshi Economy. This paper tries to examine the impacts of macroeconomic variables on the RMG export growth of this country. For this purpose, secondary data was collected from various sources. Multiple linear regression model was applied to measure the effects of macroeconomic variables on the RMG export growth. Trade Entropy and the Competitiveness Index were applied to understand the status of RMG sector in the world market. After that, to check the accuracy of the regression model, three types of econometric problems were tested in this study. Firstly, heteroscedasticity problem was tested by graphical presentation. Secondly, auto-correlation problem was tested by Durbin Watson test. Thirdly, multicollinearity problem was tested by correlation matrix and Variance Influence Factor (VIF). The empirical results show that for every unit increase of the growth rate of official exchange rate, inflation rate, real interest rate, and female unemployment rate; the growth rate of RMG export decreases by 1.159, 0.055, 0.034, and 0.068 units, respectively.

Open access

Aleksander Kaczmarek, Krzysztof Przybyszewski, Dorota Rutkowska and Honorata Sosnowska

Abstract

The aim of this paper is to check whether mathematical competences influence some manifestations of bounded rationality. A special example of bounded rationality called “framing effect” is dealt with to analyze empirically the thesis that mathematical competences and cognitive effort may reduce the framing effect. Two kinds of cognitive effort: probabilistic and deductive are analysed. Experiments were conducted using samples of Polish students, both mathematically and business oriented. As an example of a framing situation an example called “Asian disease”, (the first analyzed and the most popular example of the framing effect), is considered. The thesis that a mathematical background may diminish the occurrence of the framing effect was partly confirmed.

Open access

Şayan Berber, Mahmut Köle, Mustafa Emre Taşçı and Esin Can

Abstract

The purpose of this study is to investigate all related studies that have been published between the years of 1989-2015 in the area of the born global (BG) phenomenon that enumerates the firms which are becoming active in the international market arena by using the methodology of thematic analysis. From the Web of Science Core Collection, 198 articles have been included which have been examined in detail according to their distribution throughout the years, types, focused subjects, writers, institutions, publishing houses and countries. This study is critical as it analyzes the subject of BGs / international new ventures (INVs) with their ever-mounting number, and the effects in the global market during the past three decades by reviewing related research under a systemized thematic umbrella and its importance in regards to significant contributions by defining four thematic top-groups (organizational, sustainability, internationalization, research) with detailed subgroups.

Open access

Magda Zupančič

Abstract

In developed economies, where the work input exceeds the physical input, the lack of harmonised and standardised rules of human capital assessment is visible. The mentioned indicates the deficit of an important part of the comprehensive value-added assessment. What do we lose by ignoring the important part of the employee’s value added in the working process? Companies underestimate the employee’s human capital input. Consequently, society typically does not recognize invisible sources of value added in companies. The goals of this article are to highlight the missing human capital (HC) element at the company level assessment and to raise the awareness about its importance. By analysing existing methods of coping with the mentioned challenge, no harmonised solution is evident. By the increasing share of the service sector, emphasis on the HC element should be monitored more closely. The article focuses on the missing and invisible human capital elements in the framework of the value added; it offers suggestions for inclusion of the human capital factor in the process of company’s value added assessment as well as reflections on further steps in this direction.

Open access

Alidou Ouedraogo

Abstract

The underlying causes for the low representation of women on board directorships has been the subject of considerable research when viewed in the context of North American, European and Asian economies and markets. In Africa, very few studies exist that examine this reality even if the socio-economic situation increasingly requires it. Indeed, women are a pillar of the social and economic life of African countries, as they constitute the equilibrium point of family stability and contributors to various essential economic activities alongside men in their community and country. This central role of African woman in all civic endeavours stands in stark contradiction to their general absence on the Board of Directors of most African companies. Although a recent ADB study indicates that the percentage of African women on boards is higher than on some other continents’ nonetheless, the fact remains that this low representation is astonishing. This research aims to understand the cause and effect relationship and to identify the determinants of this low representation of women as sitting board members. It is based on semi-structured interviews with women who are voting members on existing Boards of Directors of large firms in the public and private sectors. It shows that the low representation of women in boardrooms is explained more by socio-cultural factors rather than any organizational flaws or personal issues with these women.

Open access

László Harnos

Abstract

The main aim of this paper is to identify the underlying reasons for the cyclical nature of the Hungarian housing market, in particular the business cycles, the construction, and market participants’ expectations. Our research was conducted based on analysis of statistical data and of the housing market indices. As a result, it can be stated that cyclic behaviour of the housing market may be explained primarily with business cycles, but state subsidies and mortgages also affect the variations. Accordingly, the increasing lending and the high amount of subsidies can generate a price bubble. The supply of second-hand dwellings looks more flexible compared with that of new ones. However, the expectations of market operators do not have a demonstrable effect on the housing market.

Open access

Zoltán Birkner, Tivadar Máhr, Erzsébet Péter and Nora Rodek Berkes

Abstract

Globalisation “takes” its victims, which the authors believe means that the future of small- and medium-sized towns has become uncertain in Europe. The role of centres is continuously increasing, and most researchers prefer to analyse the competitiveness and innovativeness of metropolitan areas. In this study, we characterise the small- and medium-sized towns in the central–eastern European region as well as explore their possible development path. The authors are convinced that one way for these towns to survive is through strengthening of innovation abilities, which means increasing the innovation performances of economic stakeholders and new forms of interaction among other institutions in order to handle social problems. The theoretical starting point is the interpretation and presentation of the micropolitan (without big towns) regions as well as understanding the concept of technological and social innovation. As the result of the research, the innovation measurements carried out in some of the settlements will be represented. These experiences can help the small- and medium-sized towns keep up with global competition and cancel migration and erosion of intellectual potential.