Scientific Annals of Economics and Business
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Approximation of the Value of an Asset Inscribed on the List of Intangible Cultural Heritage of UNESCO: Estimation of a Hedonic Price Model for the Fiesta of the Patios in Cordoba
Get PDFThe city of Cordoba (Spain) stands out due to the fact that it has different inscriptions both in the List of World Heritage Sites and the List of Intangible Cultural Heritage (LICH) of UNESCO. In 2012 the Fiesta of the Patios was inscribed on the LICH. Currently, this event held during two weeks in May involves visits by the public to traditional dwellings. This event is becoming a magnet for tourists from outside the city and has established itself as a further tourist attraction, with the risk that it may lose part of its authenticity. This paper aims to use the hedonic price methodology to examine the externalities deriving from the “Fiesta” in order to verify whether the possible benefits/disadvantages of its existence are capitalised in real estate prices and quantify these effects. The results indicate that the “Fiesta” constitutes an added value for housing properties.JEL Codes - L83; Z30; A1
How Does Pensions Affect Savings in Nigeria? Evidence from Quarterly Data
Get PDFThis study investigates the effect of pensions on savings in Nigeria using quarterly data over the 2004-2015 period. Employing the ARDL bounds testing technique, the empirical evidence reveal that there is cointegration between pensions and savings, along with internal conflicts, unemployment, real interest rate and income level. The results indicate that pensions has a negative and significant effect on savings in the short-run, while its effect on savings is positive and significant in the long-run. These findings suggest that the availability of pensions will displace savings in the short-run, while it provides an avenue for individuals to increase their retirement income in the long-run, leading to higher national savings. In addition, internal conflicts and unemployment have a negative and significant effect on savings in the short-run and the long-run. Based on these findings, this study recommends policies to promote pension contributions, including reducing internal conflicts and unemployment to raise savings in Nigeria in the long-run.JEL Codes - E21; F51; H53; H5
Civic Engagement at the Crossroads of Online and Offline Spaces: A PLS-SEM Assessment
Get PDFThis study addresses citizen implication in societal issues, and analysis it at the crossroads of online and offline spaces. It draws on previous literature to advance a research model which differentiates between online and offline forms of civic engagement, and tests their relationships with people's attitudes and behaviors. Results show that both attitudes and behaviors are influenced by offline and online engagement, pointing out the driving role of the online side in forming civic attitudes, and the powerful direct effect exerted by the offline side on civic behavior. The research findings explain attitudinal and behavioral outcomes of online and offline civic engagement. Indicating that people become more involved in civic issues due to the digital evolution, the study extends prior literature and proposes an inclusive framework for understanding online and offline civic engagement, from a theoretical, instrumental, and empirical point of view. Additionally, the paper offers an up-dated scale for measuring the online civic engagement, by adding a 6th item (crowdfunding) into existent scale.JEL Codes - C51; D83; D91; I3
Strategies of Business Systems Development in Global Environment
Get PDFGiven the complexity and unpredictability of changes in the global environment, the choice and implementation of strategies for the development of business systems in international markets requires careful analysis and refinement. The paper clarified the concept of business system and developed a methodical approach to the analysis of business systems functioning conditions. The multiplicity of approaches to classification strategies requires the submission of a typology of strategies for the development of business systems. The theoretical justification for the study of the processes of organizational development of business systems is based on the provisions of the institutional approach, organizational development and strategic management. The result of the research is the procedure for choosing a company strategy in a global environment and organizational development strategy. To confirm the selected provisions, the results of the analysis of strategies for the organizational development of enterprises of the bearing industry are presented.JEL Codes - F60; M16; M2
Real Convergence and European Integration with Focus on the New Member States
Get PDFOur paper aims to analyse the dynamics of real economic convergence and the impact of several macroeconomic and institutional factors on this process, within the EU countries for the period 1995-2018. Employing cross-sectional and panel data techniques, this paper examines both the level and dynamics of absolute and conditional convergence within the EU28 countries and identifies key drivers of economic growth within the EU28 and subsequent groups (the EU15 versus New EU Member States group), by taking into consideration the impact of the recent global economic crisis. We find that the real convergence process is quite uneven and unstable over the 1995-2018 period. Our results confirm the negative effects of the recent global economic crisis on per capita GDP growth, suggesting a weakening of the convergence process at the EU28 level, especially at the level of New EU Member States. In addition, we find that investment, the openness of the economy and the quality of the institutional framework represent the main drivers of real convergence within the EU countries.JEL Codes - F43; F45; C3
The State of Strategic Marketing Application in Czech Small and Medium-Sized Enterprises
Get PDFThe article deals with the issue of using strategic marketing in the business of small and medium-sized enterprises. The main objective of this paper is to theoretically define the principles of strategic marketing and then practically analyse the level of strategic marketing use as a tool of business management in selected Czech small and medium-sized enterprises. In order to fulfil the research plan, secondary and primary research was carried out. The theoretical part defines the basic problem areas such as various approaches to strategic marketing defining and strategic management process versus strategic marketing process. In the practical part, 335 companies are analysed, the results are commented and hypotheses evaluated. The most important findings are generally low rate of utilization of strategic marketing management tools and the utilization of these tools is dependent on company size, with micro companies being the worst and medium companies the best.JEL Codes - M3
Determinants of Financial Risk: An Empirical Application on Low-Cost Carriers
Get PDFThe airline industry has entered a rapid development and transformation process, especially after the Second World War. In this process, it is seen that the market structure changed and many private airlines were established. Due to increased competition, airlines have begun to follow various strategies and business models in order to gain a competitive advantage over each other. One of the business models successfully applied recently is the low-cost business model. Therefore, this study focuses on airline companies that applied the low-cost business model. The study aims to reveal the factors that determine the financial risk in airlines, which implements the low-cost business model. For this purpose, firstly, airline companies that implement the low-cost business model have been identified according to the classification in the literature. The study included an analysis of 13 airlines with the low-cost business model that was fully accessible to financial data for the 2004-2017 period. Panel data analysis was used in the study and Altman (1968) Z-Score and Springate (1978) S-Score were used in measuring financial risk. Empirical findings of the study reveal that firm leverage, asset structure, firm size, firm profitability, and liquidity ratio have an effect on financial risk.JEL Codes - G32, L93, C1
Opening Speech of the Conference “20 Years of the Euro: Achievements and Challenges”
No full textOpening speechJEL Codes
Examining the Validity of Wagner's Law versus Keynesian Hypothesis: Evidence from Turkey's Economy
Get PDFThe direction of the causality relationship between public expenditures and economic growth is one of the most controversial issues of the literature, which also causes great disagreements in the design process of economic policies. There are two approaches to this subject, which are opposite each other and called "Wagner's Law" and "Keynesian Hypothesis". This paper aims to examine the validity of Wagner's law and Keynesian proposition in Turkey using Autoregressive Distributed Lag (ARDL) model over the period of 1998-2016. The findings supported the "Keynesian Hypothesis", which advocates a one-way causality relationship from public spending to national output. More specifically, the results of the study showed that the effect of public expenditures on economic growth was positive in the short term and negative in the long term. From an economic policy standpoint, it can be argued that policymakers can promote Turkish economic growth through expansionary fiscal policies in the short run.JEL Codes - E62; H50; O40; C2
Internationalization Strategies in Music Festivals
Get PDFThe internationalization of music festivals is a very recent and very complex process – due to the subjectivity of the theme – that encompasses the areas of management, internationalization, and culture, and has intensified in recent years. This paper investigates the ways in which music festivals are currently internationalized and the internal processes prior to this decision. Its primary objective is to identify the main strategies of internationalization used by companies owning cultural goods, such as music festivals. Another goal is to fill an academic gap between internationalization theories and cultural management, contributing with the compilation and description of the main techniques employed by the market through a qualitative approach to the methodology and content analysis on decision-makers’ interviews. The results can confirm the internationalization model mostly used by the sector, which prefers a phased method. Main entry strategies, territory-choosing process, and motivations and reasons behind this process are also investigated.JEL Codes - F23; F22; F6; L82; M16; M31; Z1