Management Dynamics in the Knowledge Economy (E-Journal)
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Public Debt Expectations: The More You Know about Public Debt, the Less Optimistic You Are
Full text linkMacroeconomic expectations influence long-term output, investment, and employment through households’ behavior. Policymakers and politicians attempt to predict the behavior of citizens and voters. How individuals form expectations and perceive sovereign indebtedness brings into question public finance sustainability and incumbents’ credibility. Based on a cross-country survey in Central and Eastern European countries, we estimate several probit regressions to uncover the effects of economic knowledge on sovereign debt expectations. Robustness tests and additional control confirm the initial results. We find that knowledge about public debt increases the chances of forming negative expectations, while higher financial literacy tends to have the opposite effect. More specifically, individuals with higher public debt knowledge are 5.4 percentage points less likely to show positive expectations, while individuals with higher levels of financial literacy (interest rate and inflation knowledge) are approximately 3.5 percentage points more likely to form positive expectations. The results indicate that public debt expectations are driven by negative biases resulting from the lack of economic knowledge together with insufficiency in understanding economic causal mechanisms. Financial literacy programs could benefit from including information about macroeconomics in curricula. Improving individual abilities to understand macroeconomic mechanisms, including public debt, has the potential to influence expectations and shift behaviors towards desired policy outcomes
Financial Literacy and Entrepreneurial Risk Attitude of Selected Small and Medium Sized Enterprises in Nigeria
Full text linkThe importance of financial literacy as a source of information for making financial decisions has been acknowledged, but little research has been done on how it affects SMEs' attitudes about taking risks. In order to examine the financial literacy and risk-taking behavior of small and medium-sized firms in Ekiti State, Nigeria, the research created an integrated model from a knowledge-based viewpoint. A survey research design was used for this study with a multi-stage sampling procedure. The study analyzed the primary data collected from the questionnaire. 154 managers and owners of SMEs in Ado-Ekiti, Ekiti State, made up the sample. According to the results of multiple regression, financial behavior, knowledge, and attitude all have a positive and substantial impact on how risk-averse small and medium-sized businesses in Ekiti State, Nigeria, are about taking risks. The study's findings revealed that a high level of financial management literacy has a critical and significant influence on enhancing the entrepreneur's risk-taking attitude, which leads to the growth of small businesses
How to Implement Knowledge Management in Emerging Governments in Africa and Beyond: A Case Study on the South African Government
Full text linkThis paper is based on the premise that public officials in developing countries lack the necessary skills to implement Knowledge Management (KM) successfully, so a framework is required to facilitate this process. South Africa is the case study. It is therefore necessary to develop a Knowledge Management Implementation Framework (KMIF). Consequently, one of the objectives of this paper is to validate this need and then outline a KMIF that can help government departments in developing countries implement KM and foster a KM culture. A mixed methodology approach was used, combining qualitative and quantitative data collection. Based on the Taro Yamane formula, 139 people were selected from a target population of 221 officials involved in KM in the South African government. DATAtab, a web-based statistics application, was used to analyze the responses. A comprehensive review of several secondary literature sources was carried out. For the literature review, relevant peer-reviewed articles were downloaded from Google Scholar, ResearchGate, Scopus, and Phil Papers. The study posits that officials charged with KM implementation in the South African government lack the necessary implementation skillset, that a need for a KMIF exists, and subsequently outlines a three-stage KMIF to facilitate their efforts. This study recommends that the proposed three-stage KMIF be adopted since it will provide the government (i) a simplified and structured way of realizing KM; (ii) it will be an effective tool that officials can use to guide them on how to implement KM, and (iii) it will cultivate a KM culture within the government. Even though the study is original to the South African government, the findings, however, may be applied to other emerging governments in Africa and beyond. Despite its theoretical nature, the paper lacks empirical validation, leaving it open to further investigation
Knowledge Dynamics: Exploring its Meanings and Interpretations
Full text linkIn the literature there are many and different interpretations of the concept knowledge dynamics that creates a real difficulty in working with it. There is no comprehensive study of all these meanings and interpretations attributed to knowledge dynamics. The purpose of this paper is to explore the semantic spectrum of the concept of knowledge dynamics and to reveal the most relevant meanings and interpretations researchers in the domain of knowledge management attribute to it. The multitude of meanings and interpretations can be explained as a result of using different metaphors for expressing the concept of knowledge. Also, many researchers come from different domains of science and have different practical experiences in working with knowledge and knowledge management. The research question is how can be found a common framework to explain the most significant meanings and interpretations of the knowledge dynamics concept. Understanding this concept is necessary for all researchers, academics, and practitioners working in the domain of knowledge management and intellectual capital. The research method is based on a critical literature review, on using metaphorical thinking and on a comparative semantic analysis. It is a conceptual paper and therefore its structure will follow the logic of analysis and not that used for empirical research papers. The findings are integrated into a complex but coherent semantic framework based on both Newtonian and Thermodynamics principles
Investigating Sustainable Business Ecosystems and the University Role: A Cluster Analysis
Full text linkThis research paper aims to identify the factors, components, and key aspects that significantly contribute to the establishment of a sustainable business ecosystem through a comprehensive bibliometric analysis. By analysing prominent publications, we seek to describe coherent strategies with an expected impact. Our objectives encompass exploring trends from both theoretical perspectives, such as predictions by scientists, and empirical perspectives, including figures derived from studies. We outline several secondary objectives that guide our step-by-step approach. Firstly, we identify defining elements of a sustainable business environment based on insights from specialized literature. Secondly, we categorize ecosystems into different types, such as economic, digital, ecological, and entrepreneurial, providing further elaboration later in the paper. Thirdly, we present an updated understanding of the dynamic evolution of ecosystems and their components. This includes examining the influence of digital advancements and digitalization on the business environment, as well as the opportunities and threats they generate. Of particular importance is the role of universities as a significant landmark within the business ecosystem. We discuss the university's involvement in technological and informational transfer to ensure sustainability, focusing on the levers through which universities consolidate and stimulate the business ecosystem. To achieve our objectives, we employ bibliometric analysis, utilizing the VOSviewer software, which offers valuable insights for constructing diagnostic schemes and development models tailored to specific business environment challenges. The research methodology relies on the VOSviewer software for processing academic publication databases. To align with the theme and purpose of this study, we selected the SCOPUS database for its implicit certification of superior academic quality in the publications it contains
How Shopping was Transformed from Offline to Online Space - A Case Study within the Slovak Republic
Full text linkThe prognosis and determination of consumer behavior is not an easy process. As part of the development of consumer behavior as the last member of the B2C market in the distribution channel, one can observe the gradual decline of brick-and-mortar stores and the rise of online shopping for several decades, especially the enormous growth of online shopping over the last two years caused by the COVID-19 pandemic. However, it should be noted that many retailers offer their products simultaneously in brick-and-mortar stores and also through the e-shop. The main purpose of the article is to determine the dependence of spent funds on the basis of individual criteria. The primary data were obtained by conducting a questionnaire survey, in which we determined the amount of spent funds for traditional and online retail shopping. Data were analyzed using the Shapiro-Wilk normality test, followed by an analysis of the dependencies of the variables using the Kruskal-Wallis’s test and one-way ANOVA. The results show that, apart from gender, the other factors examined do not affect the amount of spent money. Due to the absence of published academic literature and empirical findings concerning the behavior of retail trade format selection in the Slovak market, this study may serve as a starting point for future studies in this area of interest. The survey is also relevant for retailers in terms of format development and reorientation of marketing strategies
Is there an Impact of Company Size and Industry on Corporate Culture? An Empirical Study from the Slovak Republic
Full text linkNowadays, corporate culture has become a strategic priority for companies. It is an important part of companies, as it indicates the overall trend in the behaviour of employees' work relations and processes. At the same time, corporate culture helps employees understand the company, identify with the company's goals, and become part of the company. Some authors consider corporate culture to be the main characteristic that distinguishes successful companies. If a company exhibits a high level of culture, its organizational performance also increases. Therefore, we consider corporate culture to be an integral part of every company. Data for the research was obtained through an online questionnaire. Subsequently, we used the statistical program IBM SPSS 25. To determine the existence of a relationship between company size and corporate culture and between industry and corporate culture, we used Pearson's χ2 test for contingency tables, as the variables are qualitative. Subsequently, we evaluated the strength of the relationship based on Cramer's V. Subsequently, correspondence analysis was used to display the use of corporate culture for industries according to SK NACE and company size. Using Pearson's χ2 test, we found that there is a weak relationship between firm size and corporate culture, and a moderate relationship between industry and corporate culture. On the basis of correspondence analysis, we found, for example, that micro-enterprises use a culture of power, medium-sized enterprises use a culture of roles, and the electricity and gas supply industry uses a culture of performance. The added value of the article is the topicality of the research and the fact that the results relate to the Slovak Republic and can serve as a basis for further research. As a limitation of our research, we can consider that not all branches of the Slovak economy were represented according to SK NACE
The Effects of the Covid-19 Crisis on Romania’s Main Trading Relationships in 2020
Full text linkThis paper is motivated by the influences that the COVID-19 health crisis had on the economies of the world. The economic crisis that has evolved from the health crisis affected economic life at all levels (global, national, industry, and company levels), including the trading relationships between countries. The purpose of the paper is to analyze the influence of the COVID-19 health crisis on the bilateral trading relationships between Romania and its main trading partners in terms of both exports and imports, for the year 2020. The research method used is multiple regression with exports and imports as dependent variables and the COVID-19 burden (solely the number of COVID-19 cases, solely the number of COVID-19 deaths and both taken together) and GDP in both Romania and the trading partners, as independent variables. The data has been collected from international organizations' statistical databases. The findings of the paper illustrate that both the GDP of Romania and the COVID-19 burden in both Romania and the partner countries influenced the bilateral trading relationships of Romania with its main trading partners in 2020. Romanian imports were more affected than exports by the COVID-19 burden both from Romania and from the trading partners. The number of deaths due to COVID-19 had a higher influence on trade than the number of COVID-19 cases. Based on this country case study, we can assert that global sanitary crises do have an influence on the international trade relationships of countries. Consequently, specific measures need to be taken by policymakers in order to first ensure economic recovery and second to support and maintain international trade flows during times of strong health crises
Telework in Romania. Current State and Sustainable Socio-Economic Effects of Its Development
Full text linkThe main purpose of this paper is to investigate the current stage of implementation of telework in Romania and to determine potential positive and sustainable effects generated by its development on a large scale. The research methodology used is based on descriptive analysis, comparative analysis, but also on econometric analysis. The general results obtained show that Romania registers a very low level of telework employees, this being influenced, not only by the low share of those with tertiary education and high skilled professionals, but also by the fact that most Romanian employees do not want to practice this type of work. The results also showed that telework can generate significant economic and social benefits. The potential solutions we have identified for the sustainable development of the telework phenomenon in Romania include investments in tertiary education and awareness campaigns among both employees and companies, regarding the positive effects that can be obtained through telework and business development
Analysis of Internal Marketing Communication Tools of a Selected Company in Industry 4.0 Using McKinsey 7S Analysis
Full text linkNowadays, many companies are aware of the fact that if they can meet the employees’ requests, provide them with sufficient information and quality working conditions, their work performance will be at a high level. As a result, employees can ultimately meet customer requests and the company can move forward. The issue of quality internal communication in companies is not just an issue of recent years. Many international companies are aware of this. However, the issue of internal communication still persists in smaller companies, which do not pay that much attention to it because they do not have enough funds or believe that they are not affected by this issue. This internal communication within the company must take place in both directions, which many companies forget. The observations and opinions of employees and their feedback on the actions of the company, individual managers etc. are also important. Companies should spend enough time just getting this connection from employees, which allows them to streamline individual processes and information gathering, but also the work skills of individual managers, who can increase their soft skills and help organizations work better. At present, which is marked by the COVID-19 pandemic, the need for quality internal communication is even more pronounced. The aim of this study is to analyse the company's internal marketing communication tools. The paper also targets to analyse corporate strategies, management styles, shared values of the company etc., through the analysis of McKinsey 7S selected global company, which operates not only in the Slovak Republic. The methods used for this study are McKinsey 7S analysis, deduction, synthesis, and comparison. Thanks to the McKinsey 7S analysis, the results showed that the company has a friendly climate with open communication and a socially oriented culture based on several shared values and management principles