Management Dynamics in the Knowledge Economy (E-Journal)
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Sovereign Default Analysis through Extreme Events Identification
Get PDFThis paper investigates contagion in international credit markets through the use of a novel jump detection technique proposed by Chan and Maheuin (2002). This econometrical methodology is preferred because it is non-linear by definition and not a subject to volatility bias. Also, the identified jumps in CDS premiums are considered as outliers positioned beyond any stochastic movement that can and is already modelled through well-known linear analysis. Though contagion is hard to define, we show that extreme discrete movements in default probabilities inferred from CDS premiums can lead to sound economic conclusions about the risk profile of sovereign nations in international bond markets. We find evidence of investor sentiment clustering for countries with unstable political regimes or that are engaged in armed conflict. Countries that have in their recent history faced currency or financial crises are less vulnerable to external unexpected shocks. First we present a brief history of sovereign defaults with an emphasis on their increased frequency and geographical reach, as financial markets become more and more integrated. We then pass to a literature review of the most important definitions for contagion, and discuss what quantitative methods are available to detect the presence of contagion. The paper continues with the details for the methodology of jump detection through non-linear modelling and its use in the field of contagion identification. In the last sections we present the estimation results for simultaneous jumps between emerging markets CDS and draw conclusions on the difference of behavior in times of extreme movement versus tranquil periods
How Personal Values Influence Romanian CSR Managers` Involvment in CSR Campaigns
Get PDFThis study focuses on identifying the ratio between the individual and organization authority of CSR managers concerning decision making within the campaigns they coordinate. The sample includes the top 100 Romanian companies selected by turnover. The way in which the managers’ values interact with the organization authority is a subject treated poorly in both international and Romanian literature. This study, which has an exploratory character, investigates how personal values lead Romanian CSR managers to develop and coordonate CSR campaigns and to what extent these values are part of the campaign messages compared to the values of the company for which they are made. The main results of this scientific paper refers to the correlation between the CSR managers’ values and the campaigns that they coordinate
Main Economic Policies in order to Manage an Optimum Accession of Romania to the Euro Zone
Get PDFThe present paper aims at analysing several options concerning the economic policies Romania should adopt in the following years, in order to attenuate the long term vulnerabilities within the process of joining to the Euro zone, with the observation that, the economic policies proposed in the current work were selected mainly based on the decisive factors for the real equilibrium exchange rate in Romania. Fulfilling the nominal criteria for adhesion can prove itself to be more facile but not able to ensure, on a long term and in a sustainable manner, reaching an optimum for the economy that adheres irreversibly to the Euro zone. It is important to analyze how the competitiveness of other economies evolved prior and after joining the Euro zone, from the perspective of identifying some economic policies meant to ensure the accomplishment of the real convergence criteria to the Euro zone for Romania’s case, on a long term. The economic policies proposed by the authors try to help covering the greatest delays for Romania in comparison with other states in the Euro zone and which, unsolved, can create in time significant vulnerabilities on a long term, having a negative impact for many generations of Romanians from now on
Self-perceived Occupational Prestige among Romanian Teaching Staff: Organisational Explicative Factors
Get PDFMost studies discuss occupational prestige by stressing out the macro-social aspects related to specific social stratification models. This paper aims to address the impact of organizational aspects on how teachers perceive the prestige of their occupational group, moving the focus on the micro-social context of their daily activity. The way teaching staff evaluate the social prestige of their profession fulfils normative and motivational functions and is, hence, reflected in how they actually perform their professional roles, serving both explicative and prospective purposes. In trying to identify the main factors that can explain the self-perceived level of occupational prestige among educators and teachers, we conducted a national level study among Romanian teachers (N=2165) from preschool to high school educational stages. Within the explicative model (R²=0.38), we were able to group the factors in three main categories: material conditions, bureaucratic and relational aspects. The findings reveal that teachers’ involvement in bureaucratic activities such as elaborating different reports, as well as a lower level of satisfaction regarding the relation they have with students, parents and representatives of the school's management end up decreasing the self-perceived occupational prestige. Our study lays emphasis on the fact that organizational factors influence teachers' selfperceived prestige and, thus, can affect the overall quality of the educational act. Therefore, to improve this, a greater involvement of national and local authorities in providing better material conditions in schools, in supporting the debureaucratization of the educational system and re-evaluating the role of teacher-student-parent communication triad is needed
Cost-effectiveness of Training Programmes in Insurance Sector of India
Get PDFIn the present era of globalization, trough competition and advancement of information technology, the paradigm for success has shifted towards intellectual assets. New ways of commerce and management structures are required to effectively exploit intellectual assets foremost to an improved approach on the development of human capital. Training requires substantial allocation of monetary, human and time resources. A systematic evaluation of training programs is the call of the time. The insurance sector has been playing a vital role in the process of economic advancement since independence in India. The objective of the present study is to identify the cost-effectiveness of training programs in the insurance sector in India. A sample of four companies has been randomly selected. This study is descriptive in nature. Secondary data has been analysed. Effectiveness-cost ratios were calculated and inferences have been drawn accordingly. Finding suggests that training programs in public insurance sector is more cost-effective as compared to private insurance sector in India
An Exploratory Study Regarding the Relations between Time Perspective, Achievement Motivation and Self-Regulation
Get PDFResearch conducted so far has emphasized the link between specific time orientations (mainly future) and a series of behaviors associated with health, risk-taking or academic achievement. Although time perspective was investigated as a cognitive-motivational concept with important implications on learning outcomes and behavior, there is little or no evidence concerning the effects of time perspective on work related achievement motivation. Similarly, albeit time perspective was studied in relation with other individual variables that might provide insights for a better understanding of its volitional nature (such as, locus of control, optimism/pessimism or self-determination), self-regulation is one such variable, which has not yet been considered. The present study sought to investigate the possible associations between different time perspectives, self-regulation and achievement motivation. The study was conducted using a survey method on a convenience sample of 67 MA students. Results show positive associations between future time perspective and self-regulation, and negative associations between present fatalistic perspective and self-regulation, respectively past negative perspective and self-regulation. Likewise, achievement motivation seems to be positively related to future time perspective, and negatively related to past negative and present fatalistic. The present findings suggest taking into account the way in which individuals assign the personal and social experiences to time frames, which help them confer order, coherence and meaning to their experiences in work settings. Concurrently, since time perspective is associated with problematic behaviors, it could be included in the study of work-related behaviors (counterproductive or organizational citizenship behaviors) along with self-regulation
Corporate Governance Efficiency. Can Objectivism and / or Antifragilism Provide a Solution?
Get PDFIn recent years the term “corporate governance” has been a hot topic in the Romanian business environment due to the fact that Romanian authorities have tried to make a change in the way state owned enterprises (SOE’s) are being run, hiring corporate experienced managers to replace the politically imposed managers. Corporate governance refers to the set of systems, principles and processes by which a company is governed (Thompson, 2009). It can offer a solution to the inefficiency of the public administration or so it is believed, because there are many variables and particularities in the Romanian economy that are not found in a multinational corporation. The need to duplicate the efficiency of the way in which corporations are being run has been translated by Romanian authorities in a national program with the main objective of bringing professionals in the decision making process.In this article we investigate the influence that two related philosophical and economic movements, as controversial as objectivism and highly regarded as antifragilism, set apart by half a century, can have on changing Romanian business environment. In the Romanian economic infrastructure, “crafted” by various groups of interest, most of them politically backed, we find burdening regulations and corruption creating a very interesting and corrosive mix. So, it would not be unusual to consider the fact that in this environment, the general opinion is that the only “entrepreneurs” who can and will succeed are the ones who have found ways in which to benefit from a privileged relationship with the all mighty State
Financial Market’s Contribution to Economic Growth in Romania
Get PDFModern economies are characterized, among other things, by developed financial sectors. This reality has stimulated scientific research on identifying correlations between the level of financial market development and economic growth, especially for emerging countries. Romania is an interesting case to question the correlation between financial markets and economic growth, as it recently acquired the status of a functioning market economy and joined the complex of high economic development given by the EU. Using VECM modelling, as well as Wald and Granger causality tests, this paper analyses the nature and direction of causal relationships between the real economy and the financial sector in Romania, both on the short and long run. This paper is based on the Anglo-Saxon approach of the financial market, according to which it includes money market and capital market, and our econometric analysis takes into account both monetary and capital market components, in identifying correlations with the real economy. The results show that on the long run, between real GDP and credit to the private sector there is a one-way relationship, namely real GDP influences credit, but not vice versa. Also, on the long run, there is no correlation between market capitalization and real GDP. However, on the short run, there is a unidirectional causality from credit to real GDP, and also from real GDP to market capitalization. The results of the econometric analysis show that, in Romania, the financing function is met almost entirely by the banking system, while the capital market is small and does not fulfil yet the function of financing the real economy. Despite these empirical evidences, the author considers that the development of capital market is a sine qua non condition for modernizing the Romanian economy, by increasing funding potential and enhancing competition in the financial market. The author claims the need for government support and recommends economic policy measures in order to accelerate financial market`s expansion in the Romanian economy
Factors Affecting the Consumer Purchasing Decisions of Perishable Foods: Exploring the Attitudes and the Preferences
Get PDFThe present study is designed to make a comprehensive understanding of the attitude of the urban consumers and explore the factors involved in dealing with the perishable food of certain kinds. The rise of the middle class stipulates the enhancement of the shopping environment; hence witnessing a substantial increase of the number of the supermarkets in developing countries like Bangladesh will not be surprising. A number of urban supermarkets in recent times start selling perishable foods that were once available in Bangladesh only in flea markets (Kaccha Bazaar). However, due to the lack of proper infrastructure, agro-based perishable food reaches the urban market via a long process of chain mediations and raises concerns about quality and price for both retailers and consumers. Very often the attitudes of consumers regarding perishable foods are unknown and their preferences remain unidentified. This high level of uncertainty regarding the attitude of consumers and the unpopularity regarding overall food quality need to be resolved to ensure the continuity of the business and guarantee the quality of the products. This has made the study of the consumers’ attitude towards perishable food, especially relevant for emerging economies like Bangladesh. The data is collected from one hundred (100) consumers, who buy food regularly from both super-shops and flea markets in Dhaka city. The collected data are analyzed in terms of factors like importance, expectation and perceived actual level of value to show the gap in terms of perishable foods involved
An Assessment of Economic Stability under the New European Economic Governance
Get PDFThe economic crisis, followed by the sovereign debt crisis, resulted in high unemployment, unsustainable public finances and deepening disparities between Euro Area member states, and underlined the necessity of strengthening economic coordination. In order to lessen the effects of the crises, to prevent further deepening of the economic context and the appearance of new similar situations, the European framework was improved by the provisions of the new economic governance. The aim of this paper is to assess the effects regarding macroeconomic stability within Euro Area member states, achieved under the new economic governance framework. In this respect, the first part of the paper consists in an overview of the provisions imposed through the European Semester, the reformed Stability and Growth Pact and the other elements of the new European governance. In order to assess the achievement of economic stability we analyzed data for Southern Euro Area member states, during 2009-2013, as this group of countries registered most issues during 2013. We took into consideration five important indicators, essential in any economy that form the macroeconomic stability pentagon: economic growth rate, unemployment rate, inflation rate, budgetary balance and current account balance. By comparing the area obtained through the macroeconomic stability pentagon, we conclude on meeting one of the main objectives of the new European governance: economic stability