Journals Poznań University of Economics and Business
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Financial inclusion, remittances and household consumption in sub-Saharan Africa: Evidence from the application of an endogenous threshold dynamic panel model
Full text linkThis paper examines the effect of financial inclusion on per capita household consumption expenditures in sub-Saharan Africa. It uses data from 28 countries over the period 2004-2022 and an endogenous threshold dynamic panel model for econometric estimations. The study finds evidence of asymmetric effects of financial inclusion on household consumption expenditures in the region. There exists a remittances threshold that varies between 2.6% and 6.5% of an average sub-Saharan African country’s GDP below which, financial inclusion increases per capita household consumption expenditures. However, above that threshold, financial inclusion does not contribute to improving household welfare in the region. Therefore, given that the effect of financial inclusion increases with liquidity constraints, policies that target a better allocation of remittances received would amplify the effect of financial inclusion on household consumption
The emergence of entrepreneurship in organizations: joint decision-making about new sales practices in management group meeting interaction
Full text linkThis study examines the emergence of entrepreneurship in organizations. The material consists of the audio-recorded meetings of management group members in one Finnish firm specialized in management services. The analysis illustrates how the members jointly negotiated new entrepreneurial sales practices in their meeting interaction but failed to demonstrate commitment to their future application. The findings conceptualize the emergence of entrepreneurship as a collaborative, four-stage decision makingprocess based on shared understandings of entrepreneurial ideals. They further suggest that this process is contingent on the agreement and commitment of organizational members to whom the responsibility to apply entrepreneurial practices in their daily work is assigned
What makes stocks sensitive to investor sentiment: An analysis based on Google Trends
Full text linkWe capture Google’s vast search volume through Google Trends to generate a weekly investor sentiment index (2018–2022) using the most popular keywords (extracted from Google Search) from a keywords collection of 92,000+ words found in business, finance, and common language dictionaries. The results show that Google Trends is an efficient measure of investor sentiment as reflected in relative trading volume. To check what makes stocks sensitive to investor sentiment, 500 randomly selected US firms from various industries are categorised by firm characteristics. We generate two sub-portfolios: large, old, profitable, and dividend-yielding firms versus small, young, unprofitable, and non-dividend-yielding firms—and find the relative trading volume of the latter to be more sensitive to investor sentiment. Our results remain robust when control and autoregressive variables are introduced, in addition to when an alternative measure of sentiment is used, thereby confirming our primary findings
Financial inclusion, market concentration and underwriting performance: Empirical evidence from Central Eastern and Southeastern European countries
Full text linkSynergies or trade-offs may arise between financial inclusion and financial stability conditional on the type of financial market and the level of market competition. The growing systemic relevance of insurers brings forward the question whether financial inclusion has impact on insurance markets. We focus on the less inclusive and less competitive Eastern European (EE) and former Soviet Union (FSU) non-life insurance markets and examine firstly, the link between financial inclusion and insurers’ underwriting performance, and secondly, whether the insurance market concentration affects the inclusion-performance nexus. We find that more inclusive markets have better aggregate underwriting performance. The positive effects of financial inclusion on insurers’ performance are stronger in more competitive insurance markets. The results suggest that the policy efforts for more inclusive insurance markets would generate improved outcomes for consumers, insurers, and regulators
Energy mix and its implicationson the Vietnamese economy by 2030: A CGE analysis using GTAP-E-Power
Full text linkThis study uses the GTAP-E-Power model to examine the economic and environmental implications of transitioning to different energy generation mixes in Vietnam by 2030. Three scenarios were considered for that year: (1) low-coal and high-gas, (2) low-coal and high-renewables, and (3) high-coal. Scenario 2 emerges as the most balanced approach, resulting in a 1.02% GDP decline and a 0.78% increase in CO2 emissions. In this scenario, the electronics sector grows slightly (+0.3%), while metals (-3.1%) and chemical products (-1.0%) experience moderate declines. In terms of exports, Scenario 2 gives rise to an increase in the trade balance (151 million USD) and a modest gain in exports to China (+0.46%), Japan (+0.37%), Korea (+0.33%), and Western Europe (+0.35%). Across all three scenarios, the output of the electronics industry shows sensitivity to energy mix changes, while the coal mining sector seems to be resilient to changing the energy mix
R&D tax credits, innovative activity and the targeting approach
Full text linkThe aim of this study is to investigate if the French R&D tax credit targeted at small and medium-sized enterprises (SMEs) has a positive impact on innovative activity. The French institutional setting provides a unique research setting as the R&D tax credit targeted at SMEs only applies to expenditures incurred during the development phase of R&D projects instead of all eligible R&D expenditures. In order to explore the effectiveness of the French R&D tax credit, a regression discontinuity design (RDD) is applied by comparing targeted SMEs with larger firms not subject to the tax credit over the period 2014-2018. In general, we find that the French R&D tax credit has a positive impact on innovative activity. Moreover, SMEs react more strongly to this incentive in their growth stage. The findings suggest, however, that this effectiveness in increasing SMEs’ innovation does not persist over time
Social values, societal entrepreneurship attitudes and entrepreneurial intention of young people in the Finnish welfare state
Full text linkThe article is focused on Finnish youth’s social values, societal entrepreneurship attitudes and entrepreneurial intention. The study addresses how the relationship between social values and societal entrepreneurship attitudes becomes visible among Finnish youngpeople. What is the relationship between social values and entrepreneurial intention? What is the relationship between societal entrepreneurship attitudes and entrepreneurial intention? We also analyze the relationship between diff erent social values of the Finnish welfare state. Survey data (N = 873) were gathered in electronic format from secondary and vocational schools in the Helsinki–Uusimaa region, and questions were based on a multiple-choice Likert scale. The analysis was undertaken using statistical methods. We found that Finnish young people consider entrepreneurship first and foremost a pragmatic career option, which is not supported by ideological arguments or assumptions. On the other hand, the connection between social values and entrepreneurial orientation remains largely at the level of attitudes
The quality of work life in competitive potential development in the tourism industry: A conceptual model and research propositions
Full text linkIn order to be able to deal successfully with the challenges of increased competition tourism enterprises have to take measures to acquire adequate labour resources and to maintain a sustainable competitive advantage based on these resources. The aim of the paper is to create a conceptual model explaining relations between the quality of work life and competitive potential in the tourism industry. It is argued that the quality of work life, which is measured as a discrepancy between expectations towards work and its perceptions, is affected by individual and organisational factors, whilst its influence on competitive potential is moderated by individual characteristics and local labour market conditions
Do agency costs matter? Evidence from Egypt on the capital structure-performance nexus
Full text linkThis study has two main objectives: (i) to explore the relationship between capital structure (CS) and firm performance (FP) among non-financial firms listed on the Egyptian Exchange (EGX30), and (ii) to analyze how agency costs (AC) influence this relationship as a moderator. The research uses Panel Least Squares (PLS) to examine how AC affects the association between CS and FP. The sample includes 200 firm observations annually from 20 non-financial firms listed on the Egyptian Stock Exchange (EGX30) from 2014 to 2023. The debt-to-equity ratio (D/E) measures CS, while return on equity (ROE) assesses FP. The asset utilization ratio (AUR) gauges AC. Results indicate that CS positively affects FP. Additionally, AC demonstrates a positive moderating effect on the relationship between CS and FP. To the best of the authors’ knowledge, this is the first study to examine the moderating influence of AC on the association between CS and FP in Egypt
Determinants of uncertainty risk in sub-Saharan Africa
No full textObjectif : Cet article examine les facteurs qui contribuent au risque d’incertitude dans 26 pays de l’Afrique subsaharienne.
Conception/méthodologie/approche : Nous utilisons un modèle probit dichotomique estimé par la technique du maximum de vraisemblance pour des données de panel sur la période entre 2003 à 2020.
Résultats : Les résultats montrent que les coups d’état, la Covid-19, les mesures répressives, les mouvements antisystèmes, la corruption du régime, l’ouverture du pays, et l’exclusion politique accroissement le risque d’incertitude. En revanche, la stabilité politique et absence de violence et les dépenses militaires réduisent le risque d’incertitude. Les pays de l’Afrique australe et orientale sont plus exposés au risque par rapport à ceux de l’Afrique occidentale. L’étude révèle aussi une forte corrélation spatiale de risque d’incertitude entre les pays de la sous-région. Les autorités doivent prendre des mesures pour réduire les facteurs d’incertitude afin d’éviter le phénomène de répétition.
Originalité/valeur : L’originalité de cet article réside dans sa capacité à répondre à une problématique d’une grande pertinence face à la recrudescence des crises d’incertitude en Afrique subsaharienne. En mettant en évidence les déterminants spécifiques de ce risque dans un contexte marqué par une instabilité politique accrue, des crises sanitaires mondiales et des tensions institutionnelles, il contribue de manière significative à la compréhension et à l’atténuation des risques d’incertitude en Afrique subsaharienne.Purpose: This article examines the factors contributing to the risk of uncertainty in 26 sub-Saharan African countries.
Design/methodology/approach: We use a dichotomous probit model estimated by the maximum likelihood technique for panel data over the period from 2003 to 2020.
Findings: The results show that coups d\u27état, Covid-19, repressive measures, anti-system movements, regime corruption, country openness and political exclusion increase the risk of uncertainty. On the other hand, political stability, absence of violence and military spending reduce the risk of uncertainty. Large countries are less exposed to risk than small ones. Countries in Southern and East Africa are more exposed to risk than those in West Africa. The study also reveals a strong spatial correlation of uncertainty risk between countries in the sub-region. Authorities need to take steps to reduce uncertainty factors in order to avoid repetition.
Originality: The originality of this article lies in its ability to address a highly relevant issue in light of the increasing frequency of uncertainty crises in sub-Saharan Africa. By highlighting the specific determinants of this risk in a context marked by heightened political instability, global health crises, and institutional tensions, it makes a significant contribution to understanding and mitigating uncertainty risks in sub-Saharan Africa