Organizations and Markets in Emerging Economies
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The Impact of Self-directed Learning on Work Performance of Lawyers
Get PDFLawyers mostly work individually and unobserved by supervisors, therefore, their employers want to make sure they gain sufficient competence to perform well. There is little previous research on the direct relationship between self-directed learning and individual work performance. Therefore, the goal of the paper is to analyze how self-directed learning influences individual work performance of lawyers in Lithuania.
Our study is based on a quantitative research method, a self-reported questionnaire including 267 lawyers. The self-directed learning readiness (Guglielmino, adapted by Hashim, 2007) and individual task performance (Koopmans et al., 2012) scales were chosen. The correlation and regression analysis is performed to answer the question of the research.
The survey revealed that self-directed learning dimensions explain up to 32.5 % of variance in individual work performance expressed by task performance. Determination, initiative, confidence and reflection in learning have statistically significant influence on individual work performan between self-directed learning and individual work performance of lawyers. Also, the topic is under-researched in the context of emerging economies.
The paper is original as few if any previous studies analyze the relationship between self-directed learning and individual work performance of lawyers. Also, the topic is under-researched in the context of emerging economies
Uniqueness Perception and Willingness to Buy Protected Geographical Origin Versus Doppelgänger Brands
Get PDFThis study explores what drives consumers’ judgments and decisions – uniqueness perception of a foreign product with protected geographical origin cue or uniqueness perception of a domestic doppelgänger product. We find that uniqueness perception of domestic brands has greater impact on willingness to buy domestic brands compared with the uniqueness perception of the brand holding geographical origin labels. Next, our data shows that uniqueness perception of domestic doppelgänger brands has influence not only on willingness to buy such brands (positive influence) but also negative influence on willingness to buy true and unique brands denominated by protected origin. Thus, by perceiving the uniqueness of a domestic brand positively, consumers discount the original, unique and legally protected brand and are less willing to buy such a brand. The study offers theoretical implications for ingroup positivity and outgroup negativity research as well as managerial implications for managers and policy makers indicating how to improve marketing efforts and regulatory support to geographical origin labels.
 
The Relationship Between Macroeconomy and Asset Prices: Long Run Causality Evidence From Lithuania
Get PDFThe purpose of this paper is to determine the long-run causal impact of various economic factors on Lithuanian stock, government securities and real estate prices, and to assess how accurately future asset returns can be forecasted based solely on economic information. Five macroeconomic indicators, namely, gross domestic product (GDP), foreign direct investment (FDI), consumer price index (CPI), money supply (MS) and Vilnius interbank offered rate (VILIBOR), were included in the model. The results of the created autoregressive distributed lag model (ARDL) revealed that a long-run causal relationship between Lithuanian assets and macroeconomic variables exists and that changing values of these indicators explain about half of the variability of assets’ returns. The results of ARDL model forecast showed that the most precise predictions are obtainable in real estate market, while forecasted returns of stock and government securities are not so accurate, especially the further forecast horizon. The possibility to understand driving factors behind changes of asset prices and to predict future return is of a particular importance not only for investors and businessmen, but also for the policy makers who are responsible for making substantiated decisions regarding monetary, macroprudential and fiscal policies they conduct
Stock Market Participation Puzzle in Emerging Economies: the Case of Lithuania
Get PDFWe examine underlying factors that explain an exceptionally low stock market participation rate among Lithuanian households by carrying out a comprehensive survey of mass affluent individuals. The probit regression analysis of the survey results indicates that lack of financial literacy, low risk tolerance and lack of trust in financial institutions are the three key factors explaining the stock market participation puzzle in Lithuania, while high investment fees, high stock market return expectations or underdeveloped local capital markets do not have a significant effect. The paper also examines whether the same factors also have influence on investment fund, bond and real estate market participation rates. Interestingly, lack of financial literacy, low risk tolerance, lack of trust in financial institutions and high stock market return expectations increase household participation rate in real estate market. The latter finding should be of particular interest to macro-prudential policy makers as increasing financial literacy of households and increasing trust in financial intermediaries would likely cause higher stock market participation at the expense of investments in local real estate market thus not only improving household portfolio diversification and liquidity, but also potentially mitigating local real estate boom and bust cycles
Economic Implications of Ageing Lithuanian Population
Get PDFIncreased life expectancy combined with declining birth rates and massive emigration flows have caused many to worry about the various impacts of an ageing population in Lithuania. This suggests a very big increase in the dependency ratio and is consequently a cause for concern about a future slowing of economic growth. However, there is little research carried out regarding economic or financial effects of this phenomenon in the country. The aim of this paper is to evaluate the impact of Lithuanian ageing population on economic variables. A new research design is implemented by using VAR and ARMAX models to compare two different approaches, treating ageing as an endogenous and exogenous variable. The authors find that old age dependency ratio has no statistically significant impact on Lithuania’s GDP growth, employment rate, final household consumption and gross national savings in the short run. The results achieved can be explained by incomplete and only short run data available for Lithuania. Also, joining the EU and other favorable economic conditions might have boosted Lithuania’s economic performance over the whole research period and significantly reduced the negative effects of ageing population. However, the impact of shifts in the structure of population age might soon come into effect, as Lithuania‘s society is gathering the pace of ageing, which is also seen in other emerging markets that are progressing toward becoming advanced.
 
Factors Affecting C02 Emission in Vietnam: a Panel Data Analysis
Get PDFThe purpose of this study is to investigate the major factors in the process of economic growth that influence the carbon dioxide (CO2) emission in Vietnam. An Autoregressive Distributed Lag (ARDL) model was used to evaluate the impact based on Environmental Kuznets curve (EKC) and Pollution haven hypothesis (PHH) in 1990–2011. The results indicate that the economic growth, energy consumption, financial development and trade openness positively influence the CO2 emissions, whereas foreign direct investment has a negative impact in the short term. Coefficient of joining ASEAN is not statistically significant. The findings of this study also support the validity of EKC and PHH in the Vietnamese economy. Therefore, it is important to use green energy, examine requirements for foreign investment and adopt trade-related measures and policies to increase environmental protection
Ownership and Identities of the Largest Shareholders and Dividend Policy: Evidence From Vietnam
Get PDFThis study investigates the relationship between the level of shareholdings and identities of the largest shareholders, and cash dividend policy. The study is conducted with a sample of 180 firms listed on Vietnam stock exchange markets from 2009 to 2013. The fixed effect model is employed to analyze the balanced panel data. The results show that the higher the level of holdings by the largest shareholders, the lower the dividend payout. Moreover, companies with the State and Foreign investors as the largest shareholders have higher dividend payout ratio than companies with local investors and managers as the largest shareholders. The study also finds that companies tend to pay higher dividends when profits decrease or growth opportunities increase.
 
Antecedents of the Intention and Behavior Toward Purchase of Counterfeit Luxury Goods in an Emerging Economy: a Study of Young Vietnamese Consumers
Get PDFThis study examines some antecedents of the intention and behavior toward buying counterfeit luxury goods among young consumers in Vietnam, an Asian emerging economy. The data was obtained from university undergraduate students in Hanoi, the capital of Vietnam. The results of structural equation modeling show support for most of our hypotheses. The findings indicate that materialism (the centrality component) has positive impact on attitude toward purchase of counterfeit luxury goods. Attitude and subjective norm toward counterfeit luxury goods are found to be positively related to purchase intention, while perceived behavioral control is not found to have a direct impact on purchase intention. In addition, perceived behavioral control and purchase intention are found to be significant predictors of purchase behavior. The research findings are discussed and implications for managers and policy makers are provided.
 
Energy Security: Shaping the Consumer Decision Making Process in Emerging Economies
Get PDFEnergy security is a universal concern among all countries, with all nations struggling for a sustainable solution. Solar technologies are a particularly beneficial utility for emerging economies due to both geography and affordability. Solar Photovoltaics (PV) is one of the highest potential growth markets in emerging economies due to the ability for small-scale systems to be placed on residential rooftops. Distribution of PV to individual homeowners is a new buying and selling process for what has traditionally been a business-to-business marketplace. Because the consumer market is at an infant stage in emerging economies, the messages that PV companies send to consumers will ultimately shape consumer perception about renewable energy. Through content analysis of websites from 12 companies in two of the BRICS markets, this research explores the similarities and differences with regard to consumer-facing messages among companies of various sizes in the two markets
Corruption, Provincial Institutions and Capital Structure: New Evidence From a Transitional Economy
Get PDFUsing a unique firm-provincial level panel dataset from 2005 to 2011, this study for the first time investigates the role played by corruption and provincial institutions in determining a company’s capital structure in Vietnam’s legal environment. Contrasting to the majority of previous studies, the results show that corruption has an insignificant influence on a company’s bank loans, consistent with institutional theory. However, the role of corruption is different for types of various capital structures after controlling for both unobservable characteristics and endogeneity problems. More specifically, corruption has significantly positive influence on short-term capital structure, but a negative impact on long-term loans. All of these results hold after a series of robust tests.