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1 – 10 of 485Leszek Czerwonka and Jacek Jaworski
The main aim of the paper is to examine the small and medium-sized enterprises’ (SMEs) capital structure determinants in Central and Eastern Europe (CEE) (Poland, Czechia…
Abstract
Purpose
The main aim of the paper is to examine the small and medium-sized enterprises’ (SMEs) capital structure determinants in Central and Eastern Europe (CEE) (Poland, Czechia, Slovakia, Hungary, Bulgaria and Romania).
Design/methodology/approach
The authors used panel models to analyze financial data of 15,253 companies operating in the years 2014–2017.
Findings
The authors confirmed the dominant role of firm-specific factors. Industry and country variables explain only 4% of debt variability of the surveyed companies. The direction of influence of the diagnosed firm-specific factors is consistent with the pecking order theory. About one-fourth of SMEs in CEE hold a stock of debt capacity. It negatively affects the share of debt in the capital. The authors did not confirm the influence of the systematic industry business risk.
Research limitations/implications
The limitations of the study are (1) the inclusion of only six CEE countries in the sample; (2) the exclusion of microenterprises from the sample; (3) the capital structure relationships are observed following the applications of static panel; (4) the endogeneity issue has not been addressed in the model.
Practical implications
This study shows that business-friendly institutional environment is an important factor influencing the indebtedness of companies. It increases the leverage and, consequently, the return on equity, especially in CEE countries.
Originality/value
SME analyses in CEE countries are not as frequent as for other regions. Despite the classical determinants of the SMEs' capital structure, the authors have included debt capacity and systematic industry business risk in this study.
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Abdulrhman Alsayel, Jan Fransen and Martin de Jong
The purpose of this study is to examine how five different multi-level governance (MLG) models affect place branding (PB) performance in Saudi Arabia.
Abstract
Purpose
The purpose of this study is to examine how five different multi-level governance (MLG) models affect place branding (PB) performance in Saudi Arabia.
Design/methodology/approach
In hierarchical administrative systems, central governments exert control on PB, influencing its effectiveness. While PB as such is widely studied, the effect of MLG on PB performance in centralized administrative systems remains understudied. The study is approached as a multiple case study of nine cities.
Findings
The study reveals that different MLG models indeed affect PB performance differently. Direct access to central leadership and resources boosts branding performance, while privatization promotes flexibility with similarly positive effects. Study findings, furthermore, show that some cities are considered too big to fail. Cities such as Riyadh and Neom are of prime importance and receive plenty of resources and leadership attention, while others are considered peripheral, are under-resourced and branding performance suffers accordingly. Emerging differences in PB performance associated with different MLG models are thus likely to deepen the gap between urban economic winners and losers.
Originality/value
This paper introduces five MLG models based on the actors involved in PB, their interactions and their access to resources. For each model, this paper assesses other factors which may influence the effectiveness of PB as well, such as access to the national leadership and staff capacity. This research thereby adds to the literature by identifying specific factors within MLG models influencing PB performance in hierarchical administrative systems.
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Paraskevi Gatzioufa and Vaggelis Saprikis
Despite the fact that chatbots have been largely adopted for the last few years, a comprehensive literature review research focusing on the intention of individuals to adopt…
Abstract
Purpose
Despite the fact that chatbots have been largely adopted for the last few years, a comprehensive literature review research focusing on the intention of individuals to adopt chatbots is rather scarce. In this respect, the present paper attempts a literature review investigation of empirical studies focused on the specific issue in nine scientific databases during 2017-2021. Specifically, it aims to classify extant empirical studies which focus on the context of individuals' adoption intention toward chatbots.
Design/methodology/approach
The research is based on PRISMA methodology, which revealed a total of 39 empirical studies examining users' intention to adopt and utilize chatbots.
Findings
After a thorough investigation, distinct categorization criteria emerged, such as research field, applied theoretical models, research types, methods and statistical measures, factors affecting intention to adopt and further use chatbots, the countries/continents where these surveys took place as well as relevant research citations and year of publication. In addition, the paper highlights research gaps in the examined issue and proposes future research directions in such a promising information technology solution.
Originality/value
As far as the authors are concerned, there has not been any other comprehensive literature review research to focus on examining previous empirical studies of users' intentions to adopt and use chatbots on the aforementioned period. According to the authors' knowledge, the present paper is the first attempt in the field which demonstrates broad literature review data of relevant empirical studies.
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This paper examines the role of illiquidity and duration factor in understanding the momentum profit in the Korean stock market. We find that the foreigner/institutional…
Abstract
This paper examines the role of illiquidity and duration factor in understanding the momentum profit in the Korean stock market. We find that the foreigner/institutional illiquidity factor explains the momentum effect. In addition, this paper finds that duration factor defined as the difference in returns of short-duration and long-duration stocks captures well the momentum profits. That is, a two-factor model with the market and duration factor performs much better than competing asset pricing models in explaining the momentum effect. Finally, when controlling for the duration factor, the explanatory power of the foreign/institutional illiquidity factor on the momentum profits disappears. In sum, our empirical finding indicates that the duration factor is the most important ingredient in understanding the momentum effect in the Korean stock market.
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Tsuyoshi Shinozaki, Makoto Tawada and Mitsuyoshi Yanagihara
The aim of this paper is to investigate whether a Nash equilibrium of a two-country trading economy is symmetry-breaking or not.
Abstract
Purpose
The aim of this paper is to investigate whether a Nash equilibrium of a two-country trading economy is symmetry-breaking or not.
Design/methodology/approach
The approach to tackle this topic is a theoretical treatment by the general equilibrium trade theory and game theory.
Findings
If each government's domestic policy serving private production is diminishing to the private production scale, the Nash equilibrium is not symmetry-breaking.
Originality/value
In the existing study of Chatterjee (2017), a similar result is derived by focusing on the properties of each country's GDP function. The authors, however, consider an economy where each country's PPF is strictly concave and show that the Nash equilibrium uniquely exists and this equilibrium is symmetry.
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The purpose is to market a reinterpretation of Brazilian economic history highlighting the importance of non-tradable goods to understand major historical developments such as the…
Abstract
Purpose
The purpose is to market a reinterpretation of Brazilian economic history highlighting the importance of non-tradable goods to understand major historical developments such as the lack of industrialization in the mining boom; the rise and contribution of industries to development in the early 20th century; indexation as hyperinflation in the late 20th century; growth and cycles in the early 21st century.
Design/methodology/approach
Section 2 introduces analytical perspectives on the relationship between non-tradables, transport costs and external shocks. Section 3 presents a historical overview of the gold and coffee cycles in the Brazilian economy, which highlights the crucial role played by transport costs in the genesis of industrialization. Thus, in a more precise way, industrialization was not an import substitution process but the substitution of non-tradables by the domestic tradable manufactures.
Findings
Section 4 shows that Brazilian statistical records and historiography disregard this characterization and, to that extent, underestimate economic growth in the primary export phase (1872–1920) and overestimate growth rates in the industrialization period (1920–1940). Section 5 shifts to the end of the 20th century to analyze the relationship between non-tradables, indexation and hyperinflation. Section 6 concludes with a brief discussion of the role played by the terms of trade and non-tradables in the unfolding of the 2014 economic crisis.
Originality/value
Distance from international markets and a continental geographic size made transport costs in Brazil historically prohibitive: the relevance of non-tradables in the Brazilian economic history. While the theme is not new, it seldom received proper attention in the historiography.
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