<abstract xmlns="http://www.w3.org/1999/xhtml">Social responsibility has received great authorial comments on making business commitments compensatory for corporate profits and/or rent-seeking in host communities. Unfortunately, that voice remains silent on the fundamental component of business responsibility and its improvement, i.e., governance policy. The paper, consequently, recommends a corporate policy for equitable and compensatory corporate citizenship in local communities. To justify the proposition, three objectives are established: proof that social responsibilities can improve with a governance policy, that authoritative policy represents a crucial change in social initiatives execution, and that policy absence incentivises implementation ineffectiveness and commitments paucity. Triangulation of interviews and survey data through SPSS analysis shows statistically significant coefficients validating the claim that corporate governance policy is an enrichment and facilitator of social responsibilities. The proposed policy framework will not only deliver competitive, scientific, objective, and excellent services but also represent a novel and future academic investigation.</abstract>

Is Corporate Governance Policy a New Paradigm for Social Responsibility? A Research Agenda from Ghana

<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of this paper is to estimate government consumption multiplier and to examine the effect of various characteristics of countries on the size of fiscal multiplier. We apply a panel VAR model following <xref ref-type="bibr" rid="j_ngoe-2019-0002_ref_019_w2aab3b7b2b1b6b1ab1ac19Aa">Ilzetzki et al. (2013)</xref> for a sample of 28 EU countries covering the period from 1995 to 2017. Key findings are, first, the estimated average fiscal multiplier is larger than unity. Second, the size of fiscal multiplier is larger in the cases of lower public indebtedness, for more developed European countries and for more financially open economies, which is also in line with relevant empirical literature. Regarding the role of trade openness, the results are inconclusive. In addition to this, membership of countries in the European integrations positively affects the size of fiscal multiplier. Therefore, fiscal policymakers should use fiscal stimuli as the instrument of boosting short-term economic growth selectively and consider country-specific characteristics. This paper contributes to the ongoing discussion in two ways, it examines the effect of additional characteristics of countries on the size of fiscal multiplier and updates existing empirical literature.</abstract>

Estimation of Government Spending Multiplier in EU Economies

<abstract xmlns="http://www.w3.org/1999/xhtml">Direct sales by farmers gained acceptance in Hungary following the incursion of healthy eating and the enhancement of local economic development efforts. Conducting questionnaire surveys and interviews, our research investigated the means through which locally produced goods reach consumers, e.g., short food supply chains, as well as the farmers’ motivations and the necessary developments. According to the main results, personal direct consumer relations are vital for local farmers; however, advanced sales channels are not popular nor fully developed in Hungary. Only the capital city shows some development here, catalysing and stimulating the domestic market and consumer behaviour. On the other hand, the age structure of local farmers or the lack of knowledge hinder the advent of advanced sales channels. Nevertheless, there is a continuous and immanent need for development in this sector; although, the recent conditions of subsidies unfortunately do not support small scale local farmers.</abstract>

Alexandre Lámfalussy Faculty of Economics

Quo vadis Farmer Sales? The Experience of a Survey in Hungary

<abstract xmlns="http://www.w3.org/1999/xhtml">In light of globalization and modern business, companies are typically exposed to challenges caused by unpredictable and complex competitive environments. The business environment, with global trends and stringent competition in the world market, now faces significant changes that companies should introduce into their current business operations. Among them, the human resource management of knowledge employees has become extremely important. The main aim of this article is to establish the impact of components of knowledge management on work engagement of employees in Slovenian companies. In the empirical part of the research, a sample of 112 Slovenian companies was obtained. Senior managers of companies and their employees were surveyed, using the questionnaire developed based on existing measurement scales. The results will help us to better understand the importance of knowledge management in Slovenian companies and its importance as a business strategy that must be fully integrated within all of the employees’ related processes of the company.</abstract>

Department of Foreign Languages at the Center of International Links and Business

Knowledge Management Components and Their Impact on Work Engagement of Employees

<abstract xmlns="http://www.w3.org/1999/xhtml">The main purpose of this paper is to assess a possible impact millennials will have on the future business environment of Industry 4.0, based on their personal value orientations. Millennials are taking over important roles in organizations, but their personal values are significantly different from those of older generations. This paper shows that, based on the Schwartz’s value survey with <italic>N</italic>=371 Slovenian respondents, millennials are in general more inclined toward values connected to personal growth and freedom from anxiety, emphasizing self-transcendence and openness to change, than toward self-protection and anxiety avoidance, understating conservation and self-enhancement values. These cognitions can have significant implications in shaping the future business environment of Industry 4.0, as it can become more open, understanding, collaborative, accepting, and generally more supporting, thus creating the evident millennials’ effect. Even though millennials are in general well prepared for the future business environment, organizations will have to, in order to retain the millennials, reshape their current organizational environment to better reflect the millennials’ views.</abstract>

The Millennials’ Effect: How Can Their Personal Values Shape the Future Business Environment of Industry 4.0?

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