Scientific Annals of Economics and Business
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Is Social Media a Passport to SMEs’ Foreign Market Entry?
Get PDFSocial media has provided opportunities for businesses to develop close relationships with customers leading to customers’ engagement as it influences loyalty and satisfaction, and assists in expanding the markets. While small and medium enterprises (SME) are at a disadvantage compared to large firms, establishing management control in a foreign market remains a challenge. In addition, a considerable number of studies on foreign market entry mode choice have concentrated on large firms. Moreover, social media has become increasingly relevant for SME to “level the playing ground” with large firms. However, little is known about the SME role in engaging with their customers and especially in how SME use social media capabilities. We respond to this gap in the literature by exploring how SME use social media platforms to connect with customers in a foreign market. A qualitative analysis was conducted through in-depth interviews with six Portuguese firms. The findings indicate that social media provides a distinctive pathway to SME to connect emotionally with customers in a foreign market.JEL Codes - F230; M310; M37
Introduction
Get PDFWe are pleased to present to the readers of the Scientific Annals of Economic and Business (SAEB) this special issue, dedicated to the widely recognized field of study of cultural economics and management. The articles that you will find are the result of the efforts of a group of researchers from universities and research centers in Europe and America, dedicated to this discipline. The majority -five of seven- of the contributions were presented at the VIII Workshop on Cultural Economics and Management (8WCEM), organized by the research group on Economic Analysis and Political Economy of the Universidad de Sevilla (Spain) on March 2018.
The articles stand out for their theoretical and empirical quality, and for the use of methodological approaches and databases that confer originality and innovative results. We also want to highlight the different levels of analysis (cities, regions, individuals/consumers, companies, festivals) of the works, and the effort of their authors to offer a framework of comparative analysis, not infrequently connected with macro processes such as globalization, economic crises and their impacts on the cultural sector.JEL Codes
Sustainable Investing Based on Momentum Strategies in Emerging Stock Markets: A Case Study for Bombay Stock Exchange (BSE) of India
Get PDFThis research article examines the profitability on the momentum portfolios in the case of the emerging stock market of India, i.e. Bombay Stock Exchange (BSE). Sustainable investing integrates environmental, social and governance (ESG) characteristics into investment decisions. Risk management is one of the most significant ranking factors determining the adoption of corporate strategies based on sustainable investing. A sustainable stock market provides a transparent and effective solution to inherent challenges related to environmental, social, economic and corporate governance issues. The theoretical and empirical analysis conducted in this research article reveals the status of BSE of India in this regard. A company's sustainable market orientation is very important for future developments. The practical significance of this research paper is to investigate the profitability of momentum strategies in Bombay Stock Exchange of India, which is an emergent market. Moreover, the presence of short term momentum effect on Indian stock market is basically an anomaly caused by behavioral and risk-based portfolio construction factors. On the other hand, momentum strategies is a reliable alternative with strong empirical evidence to both fundamental approaches of classical finance, namely efficient market hypothesis (EMH) and behavioral finance paradigm.JEL Codes - C22; G11; G17; O16; Q0
Emerging Practices in Facebook at National Parks
Get PDFThe main purpose of this paper is to contribute to analyze recent data about the behavior of national park administrations on Facebook. As public organizations, they endeavor to proactively communicate information to citizens, promoting transparency and accountability. It is important to study the case of national parks because of their relevant role in preserving natural and cultural heritage and promoting a very rich scenario of policy-making and responsible local and global citizenship. Some insights have arisen for political management of these institutions. According to the analysis of the results, it is shown that there exists a significant presence of these entities in Facebook, even if this type of communication is perhaps in its infancy. The results suggest that a potential factor (country in which each park is located and the corresponding administration style) exists, in order to explain significant differences between parks.JEL Codes - D8; R5; Z1; Z
Between Globalization and Internal Stability, the Resistible Internationalization of the Renminbi
Get PDFChina's RMB is becoming a major international currency. It has joined major international currencies and intends to continue its growth although it has not yet become a fully convertible currency. Its share in world trade, reserves remains limited. On the one hand, the increase in its international use is increasing, on the other hand the decline in trade, the accumulation of internal problems - decline in GDP growth, growing domestic debt - are leading the Chinese authorities to push back the opening of the capital account, to control interest rates. Social stability has become a priority.JEL Codes - E; F;
Cultural Participation in the Main Colombian cities, 2008-2015
Get PDFThis paper aims to explain the evolution of the cultural participation in Colombia between 2018 and 2015, and to empirically analyse the factors associated to the decision of participating in cultural activities in the five main cities during this period. In Bogota, Cali, Medellin, Barranquilla and Cartagena, half of the urban population resides. The effects of a set of individual variables, household and context are evaluated, exploring alongside the traditional determinants, a set of new variables such as the kind of education that children receive, the poverty situation and others concerning the habitat, the social capital and macroeconomic ones. Microdata from households from the Quality of Life Survey – from programmes of citizen monitoring- are used, with which a binomial model is estimated. The results highlight the importance of including the context variables so as to widen the knowledge of the individual decisions of participation.JEL Codes - Z11; D120; C25
Towards a Hedonic Pricing Method for the Bucharest Private Housing Market
Get PDFThis paper aims at exploring the drivers of dwellings’sale prices in Bucharest, Romania, over the period 2014-2018. Several housing structural attributes are covered, such as the number of rooms, useful and constructed surface, type of comfort, floor, the number of bathrooms, balconies and parking, the seniority from construction, as well as from renovation, structure type, height regime, and the duration until completion of the real estate transaction. By estimating a standard hedonic price model via OLS regression for a sample of 765 transactions, we notice that all the selected variables, except the floor level and seniority from construction, positively influence the property prices. However, in case of useful and constructed surface, nonlinear relationships with property prices were acknowledged. Robustness checks in form of quantile regressions reinforce the empirical findings.JEL Codes - C21; R3
Price Clustering in Bank Stocks During the Global Financial Crisis
Get PDFMarket anomalies are one of the most intriguing and fascinating phenomena observed in financial markets. This paper examines the incidence of price clustering in US and European bank stocks during the Global Financial Crisis. The results reveal a significant level of price clustering in European and US banks’ samples, which is difficult to reconcile with the Efficient Market hypothesis. The Attraction hypothesis and the Price Resolution/Negotiation hypothesis seem to be the best explanations for the clustering effect. However, the results also suggest that the uncertainty associated with the crisis did not have a significant impact in the clustering levels, which is at odds with the recently proposed Panic Trading hypothesis. Surprisingly, we observe a tendency to have less price clustering during the period of crisis and banks located in countries mostly affected by the European sovereign debt crisis exhibit lower levels of price clustering. These results are consistent with the idea that investors tend to be more analytical in their appraisals in periods of negative sentiment.JEL Codes - G12; G14; G01; G
The Macroeconomic Impact of the Euro
Get PDFThis paper examines whether the establishment of the euro caused structural breaks in the main macroeconomic relationships of member countries. It compares eight original members of the common currency with four European countries that did not join. The analysis constructs counterfactuals using both single equation models and a six equation vector autoregression with foreign exogenous variables, VARX*, explaining output, inflation, equity prices, exchange rates and short and long interest rates. It considers which equations changed the most and the most likely dates for any structural break.JEL Codes - C5; E5; F
Portugal in the Eurozone: Evolution and Expectations
Get PDFAt the time of joining the European Economic Community (precursor to the European Union) and the Eurozone, Portuguese agents were very optimistic about the level of development that the country would be able to achieve as a result of being a member of those economic areas. In this paper we describe the changes occurred in the Portuguese economy since joining the European Union and later the Eurozone. In addition, we provide estimates of the evolution of the expectations of Portuguese agents with respect to long-term real per capita GDP, based on a simple intertemporal macroeconomic model. Over the period under analysis, there was an impressive progress in standards of living. Before joining the euro, Portuguese agents were optimistic about long-term income. Expectations remained high until the onset of the debt crisis, at which time expectations collapsed. A slow recovery is visible in our estimates for the most recent years.JEL Codes - E64; F43; F45; O1