Scientific Annals of Economics and Business
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A Conceptual Model of Social Entrepreneurial Motivation
Get PDFThis paper contributes to the theory of social entrepreneurship (SE) by analysing five generic motivations (extrinsic, intrinsic and complex motivations; employment status; and start-up capital) that credibly influence individuals’ intention to engage in SE. This research uses an exploratory and inductive methodology in analysing the literature across four schools of thought based on the research conceptual model and developed six research propositions for further empirical testing. As a major contribution, this paper suggests for the first time that ‘complex motivation’ may have a significant role in social venturing.JEL Codes - A14; E02; E03; E61; M14; O3
Exploring Hedging Strategies Identified by Fractal Dimensions
Get PDFA hedging strategy is designed to increase the likelihood of desired financial out-comes. Market speculators hedge investment positions if they are worth protecting against potential negative outcomes on the underlying investment. Such negative outcomes cannot be avoided altogether, but effective hedging can reduce impact severity. The investment strategy includes an index held by investors (long position) and uses a fractal dimension indicator to warn when liquidity or sentiment changes are imminent. When the named indicator breaches a certain threshold, a hedging position is taken. This sequence of events triggers the implementation of a hedging strategy by entering a buy put-option position. The daily cumulative returns on using the fractal dimension indicators were 83% more profitable on average when applied to each chosen index respectively.JEL Codes - C52; G1
Decomposition Analysis for the Comparison and the Comprehension of Conventional Input-Output Impacts’ Indicators: An Empirical Paradigm
Get PDFSometimes, the priorities in the growing patterns create dubiousness, surprises and are proved unsuitable to re-form and redress the distortions of economy, magnifying them or even emerging news. When the external or the individual interferences are remained out of the planning, then the knowledge of why the various indices yield conflicting sectoral rankings can help the policy-makers to plan ameliorated strategies. In this paper a decomposition analysis for the components of conventional backward linkages’ (BLs’) indices and the corresponding type I multipliers (t.I-Ms’) has been taken place, in order to support the comparison and the comprehension of conflictions that are recorded on their derived sectoral rankings. For the empirical paradigm, data from the Greek economy have been used. The indicators’ appropriateness for the developmental planning has been scrutinized giving an emphasis on the model’s causality, the initial exogenous stimuli and the “intrasectoral initial trends for impacts’ generation”. The analysis provides a proof that the BL’s indices are strongly tendentious and the t.I-Ms’ are preferable for the medium-to-long run growing planning.JEL Codes - C18; C67; E61; O2
FDI Determinants in the European Union: Empirical Application
Get PDFThe purpose of this paper is to verify and estimate, besides gravity factors, the individual country specific determinants in influencing FDI inflows to the selected countries. More than standard factors, we revile additional factors, which could explain the investment in the EU. In this context, we take into account the neighboring effects as an important motive for FDI inflows last time. Our findings verify that efficiency-seeking and more complex form of the FDI determinants is more pronounced strategy now in the new EU member states than market-seeking FDI that is more relevant for the whole EU. Moreover, in addition to the existing literature, we argue that a variation in FDI determined by the EU-2004 enlargement started earlier than official date and remains its impact. Supposedly, a significant surrounding market potential could be for the new EU member states an evidence of the complex vertical FDI determinant today.JEL Codes - F21; F23; O5
How Sponsors Should Bring Relevant-Added Value to Esports
Get PDFThis paper aimed to determine what types of relevant-added value esports fans most want sponsors to bring to them and to the competitive gaming industry. A review of the literature permitted the development of a conceptual model which was subsequently improved by analysing empirical data. A quantitative exploratory research was conducted on 1,359 esports fans who were sampled through a non-probability purposive heterogeneous method. Data was collected through a closed-ended online structured survey. The data showed that two of the three most wanted means for bringing relevant-added value are by directly helping the esports industry rather than focusing on the fans. Specifically, supporting the tournaments and pro-players and promoting good practice and integrity were highly valued. Most brands are still unaware of how to conduct effective esports sponsorships. By being one of the first studies in this area, this research provides brands with useful guidelines for developing sustainable esports sponsorships.JEL Codes - M31; M3
Taxes for the People or for the Government? A Global Governance Perspective
Get PDFThe paper investigates the determinants of taxes collected net of public services for a sample of 104 countries from all over the world over 1996-2016 period. Starting from the assumption that what really matters for the taxpayer is the tax money that actually return to the society, after paying the cost of government, we introduce the concept of taxes collected net of public services as the difference between taxes to GDP ratio and general public services expenditures to the GDP ratio and investigates its determinants from governance perspective. The main determinants looked upon were worldwide governance indicators (WGI): control of corruption, government effectiveness, political stability, regulatory quality, rule of law and voice and accountability, taken from World Bank surveys. As control variable we used GDP per capita annual growth rate. We include year fixed effects in order to control for global economic crisis, and also country fixed effects to control for unobservable country-level factors that are constant over the sample period. The analysis follows the World Bank country classification on level of development: low income, lower middle-, higher middle income and high-income countries. The results show that the rule of law governance characteristic affected the taxes net of public services the most, both in terms of economic effect and of countries coverage, while the control of corruption and regulatory quality were found significant only for lower-middle income countries and low-income countries respectively. Policy recommendations were made accordingly.JEL Codes - H11; H4
Seigniorage and inflation tax in Romania. What is the executive giving up by adopting the euro?
Get PDFThis paper is concerned with measuring the seigniorage in Romania since the fall of communism and the potential gains after passing to euro. Starting from the balance sheet of the central bank, we estimated these levels of seigniorage for a period of 27 years. Our findings suggest that this source of revenue was at very high rates in the period of the 90’s, mostly due to the huge prolonged inflation rates. Ever since the independence of the central bank, these levels of seigniorage dropped and became constant, at around 1-2% of the GDP. Also, we computed the potential gains due to euro adoption. We showed that as Romania converge with the rest of the Eurozone its seigniorage potential gains from euro adoption drops. Because these gains are only very small in relation to national income, we argue that the implications of giving up own currency are not budget related.JEL Codes - E01; E0
Gender Diversity in Boardrooms and on Supervisory Boards and its Relation to Stock Prices
Get PDFDespite the fact that the labour force participation rate of women declined in the company bodies of publicly traded companies in 2017, there has been a growing representation of women in these positions in Europe. The representation of women is important due to the use of available human resources, the improvement in the quality of human capital and the positive effect on economic development. Gender imbalance in the management and supervisory bodies of publicly traded companies can be associated with lower management effectiveness, a decision-making quality that can influence the business situation of companies, which could be related to stock price development. Thus, this paper is focuses on examining the relationship between gender diversity in boardrooms and on supervisory boards and the stock prices of selected European publicly traded companies. The results show that there are dissimilar relations between stock prices and gender variables among the sectors and countries analysed.JEL Codes - C58, G34, J16, O5
The Cultural Practices that Influence on the Entrepreneurial Activity: An Empirical Study from the Globe Project Cultural Dimensions
Get PDFThere are few empirical studies focused on the culture, as one of the informal factors that influences business development in a region. The main purpose of this study is to analyze the perception of a society about its cultural practices based on cultural dimensions that are related to entrepreneurial activity. Through literature review, five cultural dimensions that would be closely related to entrepreneurship were identified, which has been corroborated in previous empirical studies. For this research, the city of Medellin (located in Colombia, developing country), which has been characterized by its high rate of business activity at the national level, is taken as context for the fieldwork. The findings show that the society under study perceives that its regional culture is characterized by a high level of assertiveness, hence its competitive nature and propensity to take risks, to boost the entrepreneurial activity.JEL Codes - M10; M13; M1
A Methodology of Discovering Comparable Models. The Case of Investing in Retirement Accounts when Considering Age, Main Residence and Education before 1989 vs. Globalization
Get PDFThis paper provides a way to discover strong individual influences on investments in retirement accounts. Data are from SHARE-ERIC (Wave7). Principal residences in ex-communist countries or not and full-time education before 1989 served as filters. Two particular models with good classification accuracy resulted based on data mining, variable selection methods, and logistic regressions. A statistical script generated tables with comparable coefficients (average marginal effects). Common influences from the same financial category as the outcome emerged (having life insurance or ever investing in mutual funds or stocks). The younger respondents, those with computer skills or exposed to high stress, are more likely to invest in retirement accounts regardless of the presence of the communist heritage. Specific influences (personality traits and life experiences) also resulted despite the increasing globalization, which, in the case of people over a certain age, was not able to erase some behavioral differences reflected until today.JEL Codes - B23; C58; C8; D1