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Housing activity is an important indicator of general economic activity, and house price movements are an important variable in international financial markets. In this chapter we utilise vector autoregressive models to examine how the interrelationship between housing activity and general economic activity has evolved in four OECD countries. Our results provide support for the hypothesis that the relationship between housing activity and general economic activity has changed in many OECD countries. For Australia, however, no such evidence was found. These results suggest that caution needs to be exercised when using previous experience to forecast both housing cycles and general economic activity.

Indigenous entrepreneurship and hybrid venture creation represents a significant opportunity for Indigenous peoples to build vibrant Indigenous-led economies that support sustainable economic development and well-being. It is a means by which they can assert their rights to design, develop and maintain Indigenous-centric political, economic and social systems and institutions. In order to develop an integrated and comprehensive understanding of the intersection between Indigenous entrepreneurship and hybrid ventures, this chapter adopts a case study approach to examining Indigenous entrepreneurship and the underlying global trends that have influenced the design, structure and mission of Indigenous hybrid ventures. The cases present how Indigenous entrepreneurial ventures are, first and foremost, hybrid ventures that are responsive to community needs, values, cultures and traditions. They demonstrate that Indigenous entrepreneurship and hybrid ventures are more successful when the rights of Indigenous peoples are addressed and when these initiatives are led by or engage Indigenous communities. The chapter concludes with a conceptual model that can be applied to generate insights into the complex interrelationships and interdependencies that influence the formation of Indigenous hybrid ventures and value creation strategies according to three dimensions: (i) the overarching dimension of indigeneity and Indigenous rights; (ii) indigenous community orientations and (iii) indigenous hybrid venture creation considerations.

The purpose of this study is to determine whether the economic environment affects the merger and acquisition (M&A) activities in the restaurant industry.

The M&A transactions in the restaurant industry between 1981 and 2013 (n = 1,415) were examined. Data were collected from the Securities Data Corporation (SDC) database. Using an autoregressive distributed lag approach, this study developed three error correction models to explore the short- and long-term relationships between restaurant M&A activities and four macro-economic factors.

This study found that there was a long-term equilibrium relationship between the M&A activities and the four economic factors and that economic outlook had a significantly positive impact in the long term, while the effect of cost of debt was significantly negative in both the short and long terms. The findings suggest that restaurant firms are more likely to adopt M&A strategy when they are optimistic about the future economy and can take on debt at a low cost.

The findings of this study are expected to help practitioners make informative M&A decisions in the restaurant industry taking into consideration the economic environment. They will also help investors effectively manage their portfolios by predicting and ascertaining the proper time to invest in the restaurant industry based on the changes of economic environment.

No known study has been identified that examined the relationship between macro-economic factors and M&A activities in the restaurant industry. The findings of the study are expected to fill the gap in the literature by demonstrating the economic environment and the M&A activities in the restaurant industry are in a long-term equilibrium achieved by self-correction of their short-term disequilibrium.

The purpose of this paper is to examine empirically whether economic freedom affects entrepreneurial activity in three groups of countries, classified according to economic development.

Data on the index of entrepreneurial activity cover the period between 2002 and 2009, and are taken from the annual GEM (Global Entrepreneurship Monitor) reports and from the Index of Economic Freedom published by The Heritage Foundation from 1995 to 2009. The same analysis is carried out, grouping the countries by development level, following the classification included in the Global Competitiveness Report 2009‐2010. A Ridge regression analysis is performed to measure the model's goodness‐of‐fit and to determine equations that can be used for future predictions.

The results obtained in the correlation analysis show that economic freedom is closely related to entrepreneurial activity. The results suggest that TEA rates, opportunity‐TEA rates and necessity‐TEA rates decrease when there is an increase in economic freedom in a country, as just two of the areas analyzed – i.e. “government size” and “fiscal freedom” – appear to foster the emergence of new entrepreneurs. When countries are grouped by level of economic development, the results for countries belonging to the “Innovation‐Driven Economies” group show that the opportunity‐TEA rates increase as the economic freedom index grows.

The study indicates that entrepreneurship by opportunity increases in the group of Innovation‐Driven Economies with smaller “government size” and more “fiscal freedom”.

The research paper analyzes the connection between financial literacy among several target audiences and the dynamics of domestic economic activity within the Baltic States (Estonia, Latvia, and Lithuania). Considerable attention is also paid to literature about financial literacy and domestic economic activity in a historical, crisis-ridden, and neoliberal perspective. By examining the relationship of financial literacy and domestic economic activity, a model based on the results of fuzzy Delphi method and an author-designed limited Organisation for Economic Co-operation and Development/International Network on Financial Education core survey was carried out in the Baltic States by the author and has been elaborated and examined, concluding, that the relationship is weak, but trends that have been identified are clearly recognizable throughout iterations.

The lack of promotion and implementation of institutionalized targeted financial literacy activities in the Baltic States partially explains a positive association between financial knowledge and consumption behavior, although survey results show levels of financial literacy above 74% throughout the Baltics. The development and analysis of the model has been successful as well, even though the results are statistically only partially significant. The analysis of the model still is important in illuminating the most important factors that influence domestic economic activity in the Baltic States and the relations with key financial literacy indicators. Overall, the research paper encourages further analysis to be carried out in the Baltic States in order to assess the levels of financial literacy over time, as well as to perform an in-depth domestic economic activity analysis so as to develop a toolset for academics as well as policy makers.

We examine whether variations in the most fundamental aspects of state corporate income tax regimes affect state economic activity as measured by personal income, gross state product, and total non-farm employment. We focus on a variety of statutory components of state corporate income taxes that apply broadly in most U.S. states and for most multi-state corporate taxpayers. Our econometric strategy consists of a series of fixed effects panel regressions using state-level data from 1996 through 2010. Our results reveal important interaction effects of tax rates and policies, suggesting that policy makers should avoid making decisions about tax rates in isolation. The results demonstrate a relatively consistent negative economic response to the combination of high tax rates with throwback rules and heavy sales factor weights. Combined reporting has no discernible effect on personal income, GSP, or employment after controlling for tax rates, apportionment, and throwback rules. In an effort to gauge the relative impacts of tax policies on the location of economic activity, we also estimate alternative models in which each state’s economic activity is measured as a share of the national economic activity in each year. Statistically significant effects for tax rates, apportionment formulas, and throwback rules in the shares models suggest that at least some of their impact involves the movement of activity across state lines, thereby leaving open the possibility of a zero-sum game among the states.

Academic library consortia activity has become an integral part of academic libraries’ operations. Consortia have come to assert considerable bargaining power over publishers and have provided libraries with considerable economic advantage. They interact with publishers both as consumers of publishers’ products, with much stronger bargaining power than individual libraries hold, and, increasingly, as rival publishers themselves. Are consortia changing the relationship between academic libraries and publishers? Is the role of academic library consortia placing academic libraries in a position that should and will attract the attention of competition policy regulators? Competition policy prohibits buying and selling cartels that can negatively impact the free market on which the Canadian economic system, like other Western economies, depends. Competition policy as part of economic policy is, however, only relevant where we are concerned with aspects of the market economy. Traditionally, public goods for the greater social and cultural benefit of society are not considered part of the market economic system. If the activities of academic library consortia are part of that public good perspective, competition policy may not be a relevant concern. Using evidence gained from in-depth interviews from a national sample of university librarians and from interviews with the relevant federal government policy makers, this research establishes whether library consortia are viewed as participating in the market economy of Canada or not. Are consortia viewed by librarians and government as serving a public good role of providing information for a greater social and cultural benefit or are they seen from a market-economic perspective of changing power relations with publishers? Findings show government has little in-depth understanding of academic library consortia activity, but would most likely consider such activity predominantly from a market economic perspective. University librarians view consortia from a public good perspective but also as having an important future role in library operations and in changing the existing scholarly publishing paradigm. One-third of librarian respondents felt that future consortia could compete with publishers by becoming publishers and through initiatives such as open source institutional repositories. Librarians also felt that consortia have had a positive effect on librarians’ professional roles through the facilitation of knowledge building and collaboration opportunities outside of the home institution.

The purpose of this paper is to examine and test the relationship and interaction between “intrinsic” religiosity, entrepreneurial activity, and economic growth.

The paper selects 23 countries that are predominately Christian and examine the connection between country‐wide religious orientation, entrepreneurial activity, and economic growth. It specifically examines “intrinsic” religiosity, and defines entrepreneurial activity as either total start‐up entrepreneurial activity or opportunity‐based entrepreneurial activity. It is hypothesized that there is a direct relationship between religious attitudes and both economic growth and entrepreneurial activity, with entrepreneurial activity also acting as an intervening variable. The empirical relationship between “intrinsic” religiosity, entrepreneurial activity, and economic growth is then examined.

The findings suggest that while “intrinsic” religiosity is positively related to economic growth, the key relationship may be between “intrinsic” religiosity and entrepreneurial activity, with entrepreneurial activity then resulting in economic growth.

By examining the diverse literatures of economic development, entrepreneurship, theology, and the psychology of religion, this paper offers a unique analysis of religious attitudes and their impact on entrepreneurial activity and economic growth. Both the conceptual discussion and the empirical results extend previous studies examining cultural approaches to understanding economic growth.

A number of factors ranging from economic conditions to managerial self‐interest have contributed to today's unprecedented merger boom. But the tide may be turning as the public policy debate over mergers heats up. Most scenarios show a long‐range drop in merger activity. However, the need for an informed, rational national policy on mergers remains.

The purpose of this paper is to assess the severity of social and economic impact of floods on the communities and industries with respect to their reliance on the flood impacted critical infrastructure. This paper illustrates a severity assessment tool to determine the reduced serviceability level of critical infrastructure after a disaster, how the change in serviceability impacts activities of associated communities and industries, and the resulting social and economic impact.

The results presented in this paper are a part of a larger research designed to develop a decision support system for disaster impact mitigation. This research evaluated the impact of floods as a natural hazard on infrastructure and the related industries and communities in terms of criticality and vulnerability of infrastructure and the severity of social and economic impact if the critical infrastructure were to be affected. The overall research focused on the 2008 Midwest floods for the required data collection (including the cities of Cedar Rapids, Iowa, Terre Haute, Indiana, St Louis, Missouri, Gulfport and Des Plaines, Illinois). Relevant data were collected through questionnaire surveys, personal interviews, and site visits.

The data collected through this research highlighted the importance of relationship between infrastructure, communities and industries with respect to technical, social and economic aspects. While the overall research resulted in a Decision Support System with three modules, to assess criticality, vulnerability and severity, this paper only elaborates the Severity Assessment Tool (SAT). Serviceability of an infrastructure plays an important role in post disaster recovery and response. Reduction in the serviceability of an infrastructure also affects the functionality of the activities that depend on the affected infrastructure resulting in social and economic impact. The tool presented in this paper determines the severity of social and economic impact by evaluating the reduction in the functionality of the affected activities.

The model (SAT) presented in this paper determines the social and economic impact on communities and industries due to natural disaster when the serviceability of disaster impacted critical infrastructure is impaired. This tool can be effectively used by city managers as well as emergency planners for industries and communities in developing mitigation strategies based on the severity of social and economic impact due to the affected critical infrastructure. The results would also help the decision makers in arriving at more effective investment decisions to repair/rehabilitate certain critical infrastructure.