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Marilene Lorizio and Antonia Rosa Gurrieri

Abstract

The recent financial crisis (2008) seriously affected the credibility of European and Italian institutions. It was also characterized by a general pessimism and low expectations of economic operators, especially firms. In literature, relationships between the quality of institutions and economic activities have been widely investigated. They show how the judicial system, the regulatory authorities and governance are important aspects for the quality of institutions.

The main conclusion of existing literature, or the necessity of a reform of judicial system, is the basis of this work. Thus, here there is an attempt to investigate the performances of the judicial system, considering the low and poor level of its effects on firms’ performances. In particular, in this work, there is a simple empirical analysis (data paucity is the big limit) in order to investigate the consequences of an efficient, long-time justice on resilient firms’ confidence and perspective. Those resilient firms, able to overcome the financial crisis, show their ability in surviving, even if justice doesn’t help them.

Open access

Lina Pilelienė and Viktorija Grigaliūnaitė

Abstract

Advertising spokesperson is one of the undeniably important factors affecting advertising effectiveness. However, advertising spokesperson has to have some particular features to be effective. Various previous researches resulted in determination of different features of advertising spokesperson and their effectiveness; i.e. type of a spokesperson (celebrity vs. a regular person); gender and race of a spokesperson; etc. were found to have an impact on the spokesperson’s effectiveness. However, the research on the impact of shooting color temperature on its effectiveness is still scarce. Moreover, an assumption can be made that color temperature might cause a different effect depending on advertising spokesperson’s gender. The aim of this paper is to fill this gap by analyzing the relationship between spokesperson’s gender and advertising color temperature in a framework of advertising effectiveness. Neuromarketing research methods were applied to meet the aim and to determine the guidelines for its usage in advertising.

Open access

Vasyl Hryhorkiv, Andrii Verstiak, Oksana Verstiak and Mariia Hryhorkiv

Abstract

Regional inequalities in economic growth had been observed within many countries and regions. This research emphasizes convergence/divergence technique for Ukrainian regions. As concepts of β- and σ-convergence obtained from cross-country growth models has been subjected to a number of criticisms and they do not embrace applied significance in studying regional inequalities in Ukraine, we have built improved technique of investigating disparities across Ukrainian regions. The method is based on the analysis of regional input-output tables and its aggregation. Adopted technique provides weighted aggregation (by prices) of regional input-output tables that allows analyzing the structure of total for each region across sectors (or kinds of economic activity). We showed that implementation of aggregated regional input-output tables in analysis of regional convergence and the usage of equilibrium (weighted) prices have many advantages. The main finding is that among regions of Ukraine there are reduction of disparities in structures of different kinds of economic activities.

Open access

Jaroslav Ramík

Abstract

The decision making problem considered here is to rank n alternatives from the best to the worst, using information given by the decision maker(s) in the form of an n×n pairwise comparisons (PC) matrix. We investigate pairwise comparisons matrices with elements from a real interval which is a traditional multiplicative approach used in Analytic hierarchy process (AHP). Here, we deal with two essential elements of AHP: measuring consistency of PC matrix and the method of eliciting the priority vector by which the final ranking of alternatives is derived. Classical approaches introduced by T. Saaty in AHP are compared with later approaches based on the AHP criticism published in the literature. Advantages and disadvantages of both approaches are highlighted and discussed.

Open access

Jens Weghake and Fabian Grabicki

Abstract

Does quality always win? Looking at the critical drivers of success in and efficiency of high-tech markets, two contrasting perspectives exist in the academic sector. One camp argues that the higher quality of a product or service exerts a major influence on its market success. Consequently, an inferior market player should not persist. The opposite group emphasises the importance of network effects, which can lead to lock-ins in inferior situations or being stuck in a bad equilibria accordingly, also known as the QWERTY phenomenon. In this paper, we investigate this debate. We demonstrate that the missing consideration of the status quo bias in previous studies leads to the rejection of the QWERTY phenomenon, which means that independent of the quality offered by a business or service the pure moment of who reaches the customer first, establishes a status quo from which it is hardly possible to escape. We give several examples with inferior market leaders. We suggest that this phenomenon causes only temporary harm, and lock-ins could be overcome by Schumpeterian creative destruction. Therefore, we claim that even if lock-ins exist, they pose no problems as innovative market participants have the opportunity to introduce new business models.

Open access

Veronica Prisacaru and Aurelia Litvin

Abstract

This investigation is focused on two objectives: 1) explaining the relationship between quality management and performance management in higher education; 2) evaluating the existing quality management systems in the higher education institutions of the Republic of Moldova. In order to accomplish the first objective, a comparative theoretical analysis of the quality management and performance management was carried out in terms of common aspects and distinctive peculiarities. Consequently, it was reasoned that the performance management system of a higher education institution is created and functions on the basis of the quality management system by extending the area of the quality objectives to the level at which they will ensure performance or, in other terms, by moving towards excellence. In order to achieve the second objective, an opinion survey for the teaching and managerial staff from 6 universities was carried out. As a consequence of processing the obtained results, there were identified problems related to the functioning of the quality management systems. The investigation resulted in the formulation of a set of recommendations for the higher education institutions of the Republic of Moldova in order to increase the efficiency of the quality management systems functioning and thus to ensure an efficient management.

Open access

Babajide Oyewo

Abstract

This study evaluated the influence of six contingent variables – firm size, age, sector, existence of management accounting department, affiliation to foreign entity and public-quotation status – on the effectiveness of management accounting function in Nigerian firms. Stratified random sampling technique was deployed to obtain the views of 131 Finance Officers with oversight role across major sectors of the Nigerian economy. Statistical tools used in analysis were descriptive statistics, factor-analysis, Kruskal Wallis Test and binary logistic regression. Whilst detecting that contextual variables such as size, age, sector, existence of management accounting department and public-quotation status significantly affect the effectiveness of the management accounting function, affiliation to foreign entity was found not to exert significant influence. The strongest predictor of the likelihood of operating a very effective management accounting function was the existence of management accounting department. Organisations are encouraged to have separate management accounting department because of additional benefits imbued by specialist management accounting skills.

Open access

Maria Magdalena Golec and Piotr Płuciennik

Abstract

Due to the traditional operational model of cooperative banks which is mostly based on financial intermediation, the range of a local bank’s social influence in a given environment is highly dependent on the money transfer balance, that is using local money to satisfy local needs. A typical obstacle to this activity could be observed in Poland, in positive money transfers in those banks understood as the excess of deposits from customers over loans given to them. The purpose of the following paper is to examine this phenomenon in Polish cooperative banks in comparison to credit cooperatives in Europe together with its explanation on the basis of the selected group of cooperative banks in Poland. According to the sector data in the years 2004-2015 Polish cooperative banks are net lenders for the remaining entities of the financial sector. On the European market, on the other hand, groups of cooperative banks aim to balance money transfers. It is the activity of the biggest sector players that mostly influences the information concerning credit cooperatives, which is why more thorough research into the group of over 90 Polish cooperative banks was conducted in the years 2009-2016. In the examined group deposits exceed loans and the phenomenon continues to grow and it has been observed in over three quarters of the institutions in question since 2011.

Open access

Žaneta Rylková, Karel Stelmach and Petr Vlček

Abstract

Counterfactual impact evaluation (CIE) is a scientific quantitative approach mainly based on experiments and quasi experiments. CIE is trying to prove a causal relationship between outputs and outcomes. CIE does not take into account coherence of external incentives of companies with internal incentives that have or may have an impact on the behaviour of enterprises. The paper sets up internal evaluation indicators for businesses, counterfactuals useful for creating a more complex metrics evaluating businesses in the area of performance. The aim of the paper is to present model situation using the elementary principle of counterfactual impact evaluation based on “the Overall Equipment Effectiveness (OEE)”.

Open access

Pin You, Yunpeng Sun and Lei An

Abstract

This study sheds light on the real and nominal economic convergence and the time-varying convergence speed of Brazil, Russia, India, China, and South Africa (BRICS). This paper also employs panel data models and a Malmquist index to analyze the mechanism of real economic convergence. The study finds evidence of real convergence in monthly growth of output (industrial production) of the BRICS economies, where the speed of convergence increases in the post-crisis period. Economic convergence is also witnessed by physical capital per capita and total factor productivity (TFP). However, lack of monetary convergence is apparent in nominal interest rate spreads, monetary aggregate M2, and the price level. Although the BRICS economies are converging to a fully-fledged economic and trade union, such convergence is not echoed by their monetary aggregates and price levels. Finally, the evidence of technological progress is expected to promote labor productivity and to further accelerate economic convergence.