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This paper uses the theory of planned behavior (TPB) to explain entrepreneurial intentions (EIs) among students from different South-East (SE) European countries, considering various personal and situational variables. The authors examine how the regional cultural context affects individual perceptions and beliefs about entrepreneurship, which in turn form the basis of the cognitive antecedents of the TPB model.

Using a sample of 850 respondents, the authors estimate a two-level model, addressing the issue of endogeneity in the relationship between attitudes and beliefs and the respondents' EI. Specifically, the authors focus on heterogeneity across nations in attitudes toward entrepreneurial behavior (ATEB), subjective norms (SN) and perceived behavioral control (PBC).

The results show that the perceived behavioral control and the attitude toward entrepreneurial behavior are the main determinants of Balkan students' EI. The authors find that the role of SE European culture in entrepreneurship intentions does not follow the Western pattern. In this particular regional environment dominated by collectivist culture, students' EIs are influenced more by cooperation, caring for others and other non-monetary benefits.

Like any study, this study has limitations. First, all the variables were measured using a single questionnaire. Although common method bias was shown not to be an issue, in future research different variables should be measured with different methods. For instance, using the items by Liñán and Chen (2009) which were developed in the United States of America, to measure SE European students' entrepreneurial perceived behavioral control might ignore some requisite resources or abilities typical for SE European students, such as personal relational network (similar to the notion of guanxi in China (see, e.g. Hwang et al., 2009). Second, Busenitz et al. (2000) indicate that cross-national differences in entrepreneurship are best explained by a broader set of institutions, i.e. educational and governmental support agencies. In general, the empirical evidence on the relationship between national culture and entrepreneurial behavior is mixed and this is generally agreed that an important issue that needs to be considered is the interactions between cultural values, social institutions, industry characteristics and outcomes such as entrepreneurship (Hayton et al., 2002). In the future, similar studies could include respondents with a larger dispersion of prior education, age, and human, social and financial capital.

The existence of support received in the family environment and the lack of individualistic and competitive aspirations create a more favorable environment for a young person to become entrepreneur. This must be taken seriously into account by educators and policy makers aiming at encouraging entrepreneurship, because in the societies studied here the motivation of prospective entrepreneurs depends on totally different drivers than those usually encountered in the Western world. Furthermore, from a gender perspective, the authors' study suggests that in societies with stronger family ties and more gender discrimination, an individual's closer social environment may not create the appropriate context for women to decide to become entrepreneurs.

A strong hierarchical culture in a society goes against the intention of becoming an entrepreneur. That is, when people accept that social mobility is low and, thus, reversing people's relative positions in the society is unlikely, people are less prone to becoming entrepreneurs. In Western societies, where collectivism is low, the contrary holds. In the societies considered here, where family and social links are strong, entrepreneurship is considered to be a rather safer option, which is encouraged by non-individualistic values and is negatively associated with aggressive competitiveness. In those societies, formal institutions such as the government and the educational sector could play an important role to support prospective female entrepreneurs (Borges et al., 2021).

The motivation of prospective entrepreneurs in SE European countries depends on totally different drivers than those usually encountered in the Western world.

This article tests whether workers are indifferent between risky and safe jobs provided that, in labor market equilibrium, wages should serve as a utility equalizing device. Workers’ preferences are elicited through a partial measure of overall job satisfaction: satisfaction with job-related risk. Given that selectivity turns out to be important, we use selectivity corrected models. Results show that wage differentials do not exclusively compensate workers for being in dangerous jobs. However, as job characteristics are substitutable in workers’ utility, they could feel satisfied, even if they were not fully compensated financially for working in dangerous jobs.

This study aims to empirically analyze the market response of energy companies to the Russian-Ukrainian invasion. Additionally, it examines the comparison of market reactions between companies in NATO member countries and non-member countries.

This study utilizes a sample of 1,511 energy sector companies. To achieve the research objectives, two methods are employed. First, an event study is used to analyze the market reaction using Cumulative Abnormal Return (CAR) to the announcement of Russia's invasion of Ukraine on February 24, 2022 (event day) within an event window of (−30, +30). Second, a cross-sectional analysis is conducted to compare the responses of companies in NATO member countries with those in non-member countries.

The findings of this study reveal that energy companies worldwide reacted positively both before and after the announcement of the invasion, with significant reactions observed in companies from the Americas, Europe, and Asia & Pacific regions. However, the Middle East and Africa markets did not show significant reactions. Furthermore, the study indicates that most developed and emerging markets responded positively, likely due to the increase in energy commodity prices during the war. Moreover, the market reaction of companies in NATO member countries was stronger compared to other markets.

This study contributes to the existing literature by being the first to examine the impact of the Russian invasion of Ukraine on the energy sector, while categorizing markets as developed, emerging, and frontier. It also specifically explores the market reaction of energy companies in NATO member countries, providing unique insights into the differential responses within the energy sector.

研究目的: 本研究擬以經驗及觀察為依據, 去分析能源公司對俄羅斯–烏克蘭侵略行為的市場反應。研究亦擬進行關於北約成員國內的能源公司及非成員國內的能源公司的市場反應的比較研究。

研究設計/方法/理念: 研究使用的樣本為1511間能源領域內的公司。研究人員為能達到研究目標, 採用了兩個方法。首先, 他們使用事件研究法進行有關的研究。具體地說, 他們以累積異常報酬率, 來分析在 (−30, +30) 的事件視窗之內, 能源公司對俄羅斯於2022年2月24日 (事發日) 入侵烏克蘭的公告的市場反應。其次, 研究人員以橫向分析法, 就北約成員國內的能源公司及非成員國內的能源公司的反應進行比較研究。

研究結果: 研究結果顯示, 全球的能源公司於侵略行為公告前後均有正面的反應;而反應較為顯著的公司均來自美洲、歐洲和亞洲及太平洋地區。唯中東和非洲市場均沒有顯著的反應。研究結果亦顯示, 大多數已發展市場和新興市場, 均有正面的反應, 這很可能是因為於戰爭期間, 能源商品價格上升所致。再者, 北約成員國內的公司的市場反應較其他市場強烈。

研究的原創性: 本研究率先以已開發市場、新興市場和邊境市場的市場分類, 去探討俄羅斯入侵烏克蘭對能源部門的影響;就此, 本研究對現有文獻作出了貢獻。研究亦特意探索了北約成員國內能源公司及非成員國內的能源公司兩者的市場反應, 這給我們獨特的啟示, 以能了解能源領域內各種不同的反應。

This paper attempts to investigate the impact of the Russia–Ukraine war on the returns and volatility of the United States (US) natural gas futures market.

The study uses secondary data of 996 trading day provided by the US Department of Energy and investing.com websites and applies the event study methodology in addition to the generalized autoregressive conditional heteroscedastic (GARCH) family models.

The findings from the exponential EGARCH (1,1) estimate are the best indication of a significant positive effects of the Ukraine–Russia war on the returns and volatility of the US natural gas futures prices. The cumulative abnormal returns (CARs) of the event study show that the natural gas futures prices reacted negatively but not significantly to the Russian–Ukraine war at the event date window [−1,1] and the [−15, −4] event window. CARs for the longer pre and post-event window display significant positive values and coincides with the standard finance theory for the case of the US natural gas futures over the Russia–Ukraine conflict.

This is the first study to examine the impact of the Russia–Ukraine war on natural gas futures prices in the United States. Thus, it provides indications on the behavior of investors in this market and proposes new empirical evidence that help in investment analyses and decisions.