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Although previous research has examined the role of franchising for the economic development of countries, no empirical study to date has investigated the importance of franchising for social, infrastructural, and institutional development. The authors address this research gap by applying research results from the field of sustainable entrepreneurship and highlight that franchising has a positive impact on economic, social, institutional and infrastructural development.

This study uses a fixed-effects model on a panel dataset for 2006–2015 from 49 countries to test the hypothesis that franchising positively influences various dimensions of country development such as economic social institutional and infrastructural development.

The findings highlight that franchising has a positive impact on the economic, social, infrastructural, and institutional development of a country. Specifically, the results show that the earlier and the more franchising systems enter a country, the stronger the positive impact of franchising on the country's economic, social, institutional, and infrastructural development.

This study has several limitations that provide directions for further research. First, the empirical investigation is limited by the characteristics of the data, which are composed of information from 49 countries (covering a period of 10 years). Because franchising is not recognized as a form of entrepreneurial governance in many emerging and developing countries, the available information is mainly provided by the franchise associations in the various countries. Hence, there is a need to collect additional data in each country and to include additional countries. Second, although the authors included developed and developing countries in the analysis, the authors could not differentiate between developed and developing countries when testing the hypotheses, because the database was not sufficiently complete. Third, future studies should analyze the causality issue between franchising and development more closely. The role of franchising in development may be changing depending on different unobserved country factors, economic sector characteristics, or development stages.

What are the practical implications of this study for the role of franchising in the development of emerging and developing economies? Because public policy in emerging and developing countries suffers from a lack of financial resources to improve the social, infrastructural and institutional environment, entrepreneurs, such as franchisors who expand into these countries, play an important role for these countries' development. In addition to their entrepreneurial role of exploring and exploiting profit opportunities, they are social, institutional, and political entrepreneurs who may positively influence country development (Schaltegger and Wagner, 2011; Shepard and Patzelt, 2011). Specifically, the findings highlight that countries with an older franchise sector (more years of franchise experience) may realize first-mover advantages and hence larger positive spillover effects on their economic, social, institutional and infrastructural development than countries with a younger franchise sector. Hence, governments of emerging and developing countries have the opportunity and responsibility to reduce potential market entry barriers and provide additional incentives for franchise systems in order to trigger these positive spillover effects. The authors expect that the spillover effects from the franchise sector on the economic, institutional, social and infrastructural development of a country are stronger in emerging and developing countries than in developed countries.

Previous research has focused on the impact of franchising on the economic development of a country, such as its growth of gross domestic product (GDP), employment, business skills, innovation and technology transfer. This study extends the existing literature by going beyond the impact of franchising on economic development: the results show that franchising as an entrepreneurial activity offers opportunities for economic, social, institutional, and infrastructural development, all of which are particularly important for emerging and developing economies. The findings of this study contribute to the international franchise and development economics literature by offering a better understanding of the impact of franchising on country development.

The purpose of this paper is to analyze the relationship between ownership structure and firm performance, including judicial system efficiency as a moderator to investigate the joint effects of both explanatory variables. Although prior studies have considered judicial system efficiency by examining de jure investor protection, this study identifies another useful proxy and explores de facto legal protection.

Ordinary least square multiple regression models were used to examine the influence of judicial efficiency, which was measured using the disposition time (DT) and legal origin, as a moderator of the relationship between ownership concentration and firm performance for a sample of 565 non-financial companies listed in Italy, France, Germany and Spain in 2013.

This paper shows that de facto investor protection ensured by an efficient judicial system is relevant to the relationship between firm performance and ownership structure. As a moderator variable, DT strengthens the intensity of this relationship in countries with low judicial efficiency, showing that ownership concentration leads to a better enhancement of firm performance and is, therefore, a more efficient governance mechanism in countries in which investor protection is weak.

The evidence presented expands the understanding of the link between firm performance and ownership structure. The institutional deficiencies suggest that internal governance mechanisms may substitute for external mechanisms in facilitating efficient governance. This study corroborates policymakers’ concerns regarding the efficiency of judicial systems and their role in protecting the rights of minority shareholders. The results suggest a need for more efficient external mechanisms of investor protection to facilitate investment in equity capital. Moreover, this study shows that DT is a more accurate measure of investor protection than the traditional measure of de jure legal protection.

The purpose of this paper is to study the different effects of second home tourism development and its comparative analysis from the view of owners and residents in Shirin- Dareh Region of Iran.

Applied methodology is based on empirical studies and descriptive-analytical methods. In order to do this, seven rural areas were selected with 1,188 households as the volume of sample society by Cochran formula, and 218 questionnaires were distributed between them in two groups of owners and residents.

There is a strong correlation between second home tourism development and changes in social, economic, physical and environmental dimensions. The impact of the variable of the second home tourism development on changes in rural life was approximately 0.449 which reveals the average impact of second home tourism in the study area. Investments by none-indigenous with a co-efficient of 41.8 per cent have had the greatest role in different changes in rural life.

The generalizability of results to other countries is limited.

This study and studies similar to it have led to adopted comprehensive approaches to tourism and second homes in Iran and other Third World countries.

This paper contributes to the literature by including socio-economic variables in the domestic tourism and second home model. So this paper has a new subject and in practical aspects it tries to take a general solution to second home tourism on rural settlements development in Iran.

The purpose of this paper is to attempt to look at the link between labor market risks and social insurance demands by taking occupational unemployment rates, and specificity of skills into account.

Occupational unemployment rate is treated as an estimate of labor market risk in addition to human capital investment. Then, the variations in Germany and the USA – with diverse labor markets and a considerable difference in terms of social insurance support – are examined.

The results suggest that occupational unemployment rate is explanatory for the demands for social insurance along with income.

Conclusions reached in the paper aim to contribute to the understanding of the political support for social insurance and hence provide tools for the design of such insurance mechanisms.

Contrary to the widespread association between the type of human capital and social insurance preferences in the literature, the paper argues that the cross‐country variations can be explained by occupational unemployment rates.

The purpose of this paper is to attempt to investigate farmer’s positional concerns in rural China, and how the positional concerns correlate with household expenditures on visible goods.

The authors conduct a survey-based experiment to measure farmers’ positional concerns, and employ econometric models to examine the determinants of the degree of positional concern and how the positional concern affects household expenditures on visible goods.

The authors find that Chinese farmers have strong positional concerns for income, and high-income households are more concerned with relative position. Furthermore, there is a significant difference between males and females with respect to correlation between degree of positionality and household expenditures on visible goods. For females, there is a positive correlation between degree of positionality and household expenditures on clothes, restaurants, and mobile phones, respectively. For males, there is a positive correlation between degree of positionality and household expenditures on mobile phones.

The government policy thus should pay attention to the positional goods, and the relevant consumption tax by increasing the prices of visible goods could be considered or suggested in the future even in the rural areas.

This paper provides complementary evidence on Chinese farmers’ positional concerns, and how the degree of positional concern relates to household expenditures on visible goods.

The purpose of this article is to complement the literature understanding present labour market measures as infused by a so-called neoliberal rationality, fostering self-managerial selves by means of self-inspection. It does so by providing a much-needed illustration of how such “work on the self” is achieved in practice.

The analysis draws on ethnographic fieldwork tracing the “active society” at the local level, depicting practices aimed at activating welfare clients in a local labour market measure organised in a rural Swedish municipality. Here, the author was offered to undergo a method aimed at enhancing participants' employability. As a result, data consists of ethnographic as well as auto-ethnographic accounts from this experience.

This analysis shows how destabilisation of subjectivity was central to the remoulding of individuals into employable and self-reliant selves. Moreover, by dispersing responsibility to the individual, it is shown how the organisation was able to refrain from accountability, hence reducing the levels of uncertainty and ambiguity that is part and parcel of people-processing welfare organisations.

The article concludes with the warning that, in the wake of “local worlds of activation”, municipalities may sometimes draw on questionable assumptions of the human mind and behaviour, as well as the vulnerability of individuals' self-understanding, as a way of managing the “active society” at the local level.

The literature on activation lacks ethnographic accounts depicting concrete practices of turning the socially excluded into active and employable selves. Here, this article offers an illustrating example of such practices in action.

This study aims to design and test some fixed‐wing micro aerial vehicles (MAV).

The MAV wing planform in this study was designed based on previous results and the need to reduce the weight of the MAV. The MAV had a wing planform with a 6 percent Gottingen‐329 camber airfoil, a 20° swept‐back leading edge and a straight trailing edge. The fuselage was designed to contain a motor, an electronic control system and a video camera with a built‐in transmitter. The battery was located outside the fuselage to trim the center of gravity and enable the battery to be changed easily when it has run out. Two exaggerated vertical stabilizers were installed to prevent the MAV from rolling. The materials, the power plant and the electronics used to fabricate the MAV herein were either the lightest or the smallest from that could be obtained off‐the‐shelf. Since, MAVs should be expendable, the cost was kept under US$250 (including the cost of an onboard video camera system, which costs US$170).

Flight tests were performed following fabrication. The MAV was launched by hand, flew within a radius of 30 ∼ 50 m, and eventually glided to a grassy ground. The flight was stable and the quality of the downlink video was acceptable for surveillance purpose. The MAVs presented in this work were proven to have successful designs.

MAVs were successfully designed herein based on previous results. The materials and the fabrication processes were carefully selected and tested, to keep the mass of a flyable MAV under 65 g, while ensuring it has sufficient structural strength. The cost was reduced to US$250, making the MAV truly expendable.

This study reexamines the sustainability of fiscal policy in Sweden.

To test the sustainability of fiscal policy, two approaches are used; the methodology of Kejriwal and Perron (2010), testing for multiple structural changes in a cointegrated regression model and time-varying cointegration test of Bierens and Martins (2010), and Martins (2015).

Using the first approach of testing for multiple structural changes in a cointegrated regression model, the results indicate that government spending and revenue are cointegrated with two breaks. An estimation of a two-break long-run model shows that the slope coefficient increases from 0.678 to 0.892 from the first to the second regime, implying that fiscal deficits were weakly sustainable in the first two regimes, from 1800 to 1943, and from 1944 to 1974. Further, results from time-varying cointegration test indicate that cointegration between spending and revenue in Sweden is time-varying. Fiscal deficits were found to be unsustainable for the periods 1801–1811, 1831–1838, 1853–1860 , 1872–1882, 1897–1902, 1929–1940 and 1976–1982 and weakly sustainable over the rest of the study period.

A number of implications arise from this study: (1) Accounting for breaks in cointegration analysis and in the estimation of the level relationship between spending and revenue is very important because ignoring breaks may lead to an overestimated slope coefficient and hence a bias on the magnitude of fiscal deficit sustainability. (2) In testing for cointegration between spending and revenue, assuming a constant cointegrating slope when it is actually time-varying can also be misleading because deficits can be sustainable for a period of time and unsustainable over another period.

The contribution of this study is three-fold; first, the study uses a long series of annual data spanning over a period of two centuries, from 1800 to 2011. Second, because of the importance of structural change in economics, to examine the existence of a level relationship between spending and revenue, the study uses the methodology of Kejriwal and Perron (2010) to test for multiple structural changes in a cointegrated regression model, as well as time-varying cointegration of Bierens and Martins (2010) and Martins (2015).

The purpose of this paper is twofold: first, to present a bibliometric analysis and systematic literature review of industry convergence and value innovation to understand the current research status; second, to provide a coherent theoretical research framework for future research.

This study adopts a two-step analysis approach by combining bibliometric analysis and systematic literature review to explore the research topic of industry convergence and value innovation. Besides, two bibliometric tools, HistCite and VOSviewer, were applied to this study.

This study found that Stefanie Bröring and Fredrik Hacklin are the top two most influential authors among all authors in the sample publications. Technological Forecasting and Social Change is one of the top-ranking journal that often publishes this topic of articles. Germany and the University of Munster are the most influential country and institutions, respectively. Besides, five core research themes were identified based on keywords co-occurrence map, theoretical lenses, factors promoting industry convergence, indicators of industry convergence, the impact of industry convergence and emerging research directions. Based on the above analysis, this paper constructed a theoretical research framework of industry convergence and value innovation.

This paper only draw data from one database – Web of Science – which cannot provide broad coverage of the research topic. Besides, the bibliometric method of this paper is based on high local citation score and high-frequency words, articles in the skirting subjects’ area may not be analyzed.

With the rapid development of technology, such as nanotechnology, radio - frequency identification (RFID), etc., the iterative upgrading of products also comes. As a result, the boundary between industries is gradually blurred, and the phenomenon of industry convergence appears. Therefore, managerial decision-makers are facing challenges of how to respond to the convergence phenomena. From the firm level, firms are facing the problem of value innovation of the existing product, new product development and core competence improvement. Industries are facing the problem of transformation and upgrading. This paper provides certain theoretical insights for both firms and industries to guide the practice accordingly.

This paper is the first to use a bibliometric method to examine the topic of industry convergence and value innovation. In addition, this paper presents an in-depth analysis of this topic and provides a comprehensive theoretical research framework for future study.

The role of list price is often discussed in a narrative describing sellers’ preferences or sellers’ price expectations. This paper aims to investigate a set of list price strategies that real estate brokers have available to influence the outcome of the sale, which may be many times self-serving.

By analyzing real estate brokers’ arguments on the choice of the list price level, a couple of hypotheses are formulated with regard to different expected outcomes that depend on the list price. This study empirically tests two hypotheses for the underlying incentives in the choice of list price from the real estate broker’s perspective: lower list price compared to market value leads to the higher sales price, lower list price compared to market value leads to a quicker sale. To investigate the two hypotheses, this paper adopts different methodological frameworks: H1 is tested by running a classical hedonic model, while H2 is tested through a duration model. This study further tests the hypotheses by splitting the full sample into two different price segments: above and below the median list price.

The results show that H1 is rejected for the full sample and for the two sub-samples. That is, contrary to the common narrative among brokers that underpricing leads to a higher sales price, underpricing lower sales price. H2, however, receives support for the full sample and for the two sub-samples. The latter result points to that brokers may be tempted to recommend a list price significantly below the expected selling price to minimize their effort while showing a high turnover of apartments.

Although there are a large number of previous studies analyzing list price strategies in the housing market, this paper is one of the few empirical studies that address the effect of list price choice level on auction outcomes of non-distressed housing sales.