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Olukemi Ade-Adeniji, , David Imhonopi
Banks and Bank Systems, Volume 16, pp 173-183; https://doi.org/10.21511/bbs.16(3).2021.16

Abstract:
An individual’s ability to exercise freedom in how he/she plans his/her work is referred to as job autonomy, and this is associated with many positive work outcomes. Work engagement is a positive work outcome that many organizations desire to see in their employees due to its impact on productivity. This study was carried out to examine the extent of job autonomy in ensuring that banking industry employees in Nigeria attain a certain level of work engagement. The study used a mixed investigation method, including both quantitative and qualitative research techniques. The quantitative analysis involved the distribution of 438 copies of the questionnaire, of which 353 copies were retrieved from bank employees. For a qualitative assessment, 15 respondents were randomly selected from among the senior officers of the selected banks. Data were analyzed using Structural Equation Modeling (PLS). As a result, job autonomy was found to be stronger with cognitive engagement (β = 0.524, Tval = 6.268, P = 0.000) and emotional engagement (β = 0.440, Tval = 4.372, P = 0.000) than with physical engagement (β = 0.341, Tval = 2.485, P = 0.000). This implied that though job autonomy had a significant influence on employee work engagement, the aspects of scheduling work and making decisions were weak areas. This study concludes that there is a need to rethink the decision-making element in the banking system, given that the workplace is tilting to a more dynamic and flexible culture, fueled by digital innovation.
Wasfi Al Salamat, Mohammad Q. M. Momani, Khaled Batayneh
Banks and Bank Systems, Volume 16, pp 166-172; https://doi.org/10.21511/bbs.16(3).2021.15

Abstract:
Internal (firm-specific) and external (macroeconomic) determinants of stock price fluctuations are vital for investors seeking to invest their money in a firm’s stocks. Thus, the main aim of this study is to explore macroeconomic and firm-specific factors that influence stock price fluctuations for all conventional banks in Jordan in 2010–2019. Ordinary least squares multiple regression (panel data) is applied for data analysis. The results report that trading volume (TV), dividend yield (DY), and Gross Domestic Product (GDP) have a positive effect on stock price volatility, while stock price volatility is statistically negatively affected by return on assets (ROA), dividend payout ratio (DPR), and price-earnings ratio (PE). On the other hand, money supply (MS) does not affect stock price volatility. Paying more dividends can reduce stock risk and, in turn, reduce stock price volatility. The findings can benefit current and potential investors, firm managers, brokers, dealers, portfolio managers, regulatory bodies, policy makers, and researchers.
Rawan Abuzarqa, Tibor Tarnóczi
Banks and Bank Systems, Volume 16, pp 152-165; https://doi.org/10.21511/bbs.16(3).2021.14

Abstract:
Nowadays, the banking system is undergoing significant changes. Digitalization that appears in Industry 4.0 also pioneers in the banking system, so we can also talk about Bank 4.0 as a new development direction. In this shift in the digital age, it becomes even more critical to examine the performance of banks. The case study approach was based on an attempt to diagnose the performance of a sample of local commercial banks in Qatar and Kuwait based on their financial statements for the period 2013–2017, and approve the existing accounting data as sources for the financial analysis process, by using essential financial analysis tools such as financial ratios. The output of the analysis was used to measure performance. All this is applicable when using the CAMELS rating model to evaluate the financial performance of the banking sector. The results show statistically significant differences between countries for four factors (Asset quality, Management efficiency, Earnings quality and Sensitivity) and none for the remaining two (Capital adequacy and Liquidity management) because the significant level is higher than 5%. However, the two factors with no significant differences are vital to the prudent operation of banks, mainly that Qatari banks perform better than Kuwaiti banks.
Phan Thanh Hai, , , Mai Thi Thuong
Problems and Perspectives in Management, Volume 19, pp 63-76; https://doi.org/10.21511/ppm.19(4).2021.06

Abstract:
The role of private hospitals is increasingly important in Vietnam. The study aims to determine associations between service quality and hospital brand image with satisfaction and patient loyalty, revisit intention at private hospitals in Vietnam. Quantitative cross-sectional data were collected from 268 patients in DaNang city, Vietnam. Scales to measure hospital service quality, hospital brand image, patient satisfaction, loyalty, and patient revisit intention were developed. The methods used to test the hypotheses of the study include exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modeling (SEM). One notable finding in this study provides practical evidence on the relationship of hospital service quality and hospital brand image with patient satisfaction and loyalty. In addition, service quality has a direct influence on patient satisfaction and revisit intention as the indicator of patient loyalty. Meanwhile, hospital brand image has a direct influence on patient loyalty, although it did not influence patient satisfaction. Results of this study help providing the basis for the marketing and customer care programs of private hospitals in DaNang city, Vietnam.
, Widya Aipama, A. Razak, Laynita Sari, Renil Septiano
Investment Management and Financial Innovations, Volume 18, pp 12-20; https://doi.org/10.21511/imfi.18(4).2021.02

Abstract:
This study examined the response of stock prices on the Indonesia Stock Exchange (IDX) to COVID-19 using an event study approach and the GARCH model. The research sample is the closing price of the Composite Stock Price Index (JCI) and companies that are members of LQ-45 in the 40-day period before the COVID-19 incident, 1 day during the COVID-19 incident (March 2, 2020) and 10 days after, January 6, 2020 – March 16, 2020. Empirical findings prove that abnormal returns react negatively to COVID-19, JCI volatility fluctuates widely during the COVID-19 event, and the GARCH(1,2) model can be used to assess volatility and predict stock abnormal returns in IDX in market conditions infected with COVID-19. The practical implication of the study’s findings for investors is that the COVID-19 event caused stock price volatility, which affects abnormal returns. Therefore, to face the conditions of uncertainty and increased volatility in the future, several lines of risk management are needed in managing a stock portfolio. In addition, it also opens up opportunities for speculators to profit in an inefficient market environment. This study is based on the empirical literature currently being developed to investigate the phenomenon of stock price volatility behavior during COVID-19 on the IDX. The GARCH model used proves that during the COVID-19 pandemic, stock price volatility increases and leads to a decrease in abnormal returns. The empirical findings also validate the efficient market hypothesis theory related to the study of events and the theory of financial behavior related to uncertainty.
Amiran Maglakelidze, Gulnaz Erkomaishvili
Problems and Perspectives in Management, Volume 19, pp 20-28; https://doi.org/10.21511/ppm.19(4).2021.02

Abstract:
The COVID-19 pandemic has had a significant impact on small and medium enterprises (SMEs). The purpose of this study is to assess the impact of the COVID-19 pandemic on SMEs in Georgia, identify the challenges of SMEs in pandemic conditions, and analyze government economic policy measures. For this purpose, 102 small and medium entrepreneurs from different regions of Georgia were interviewed. The survey was conducted by sending a questionnaire through digital channels. The results were processed using data analysis, quantitative and qualitative research methods, and presented graphically. As a result, key challenges and development directions that are typical for SMEs operations in Georgia during the pandemic were identified. For 60.8% of surveyed SME owners, lockdown is the main challenge. Sales volume of 45.1% of SMEs decreased. In addition, 39.3% of the surveyed SME owners increased the innovative capabilities of a company and 37.2% increased the sales volume of a company through digital channels. The main challenge of the pandemic, lockdown, gave impetus to a change in entrepreneurial behavior. In a pandemic, entrepreneurial activity has become more favorable through digital channels. During the pandemic, there is a need to continue the government’s program of tax incentives and subsidies for SMEs. In addition, the government should promote education in the fields of entrepreneurship, innovation, and technology.
Pavlo Hrytsenko, Viacheslav Voronenko, , Tetiana Kurman,
Problems and Perspectives in Management, Volume 19, pp 77-88; https://doi.org/10.21511/ppm.19(4).2021.07

Abstract:
The development of innovation activities is of great importance on the path to achieving the goals of sustainable development. Success on this path is closely related to the presence of comparable information on the development of innovation activities at the regional level. The aim of the paper is to assess the development of innovation activities in the regions of Ukraine and identify differences in results. The study is performed using relative indicators for the assessment of the development of innovation activities in the regions of Ukraine. The indicators were averaged and normalized. To analyze how innovation activities change over time, the dynamic indices based on the geometric mean of the growth rate of the relative indicators were used. The obtained results have significant differences in the regions being assessed. Most regions have a heterogeneous development of innovation activities. At the same time, they are at the top and bottom of the rankings of the regions in different indicators of the development of innovation activities. Only Cherkasy and Zaporizhzhia oblasts are at the top of the rankings in at least 75% of indicators. However, in 2017‒2019, all indicators improved in at least 29% of regions. In addition, 75% of indicators improved in at least 54% of regions. Therefore, over time, most regions progressed in the development of innovation activities. Management decisions for the development of innovation activities should be complex for all regions and implemented primarily in the regions where there is no improvement over time. AcknowledgmentsThe paper is prepared within the scientific research project “Sustainable development and resource security: from disruptive technologies to digital transformation of Ukrainian economy” (No. 0121U100470).
Dwi Ratmono, Arini Cholbyah, Nur Cahyonowati, Darsono Darsono
Problems and Perspectives in Management, Volume 19, pp 29-39; https://doi.org/10.21511/ppm.19(4).2021.03

Abstract:
Corruption in government organizations is an important and relevant topic to study because of its impact on the state in terms of financial losses and a decrease in the quality of human development. This study is also relevant because previous analyses are still limited in their modeling and measuring comprehensive fiscal decentralization variables. This study aims to examine the effect of fiscal decentralization and quality of government on the level of corruption and the impact of corruption on the human development index. The sample of this paper comprises 113 local governments on the island of Java, Indonesia, for the period 2015–2018. Statistical testing was carried out using Partial Least Squares-Structural Equation Modeling (PLS-SEM). The test results show that fiscal decentralization has a positive effect on corruption with a path coefficient of 0.100 and is significant at 5% alpha. Likewise, poor governance (proxied by internal control weaknesses) has a positive effect on the level of corruption with a coefficient of 0.062 and is significant at an alpha of 10%. The results of the PLS-SEM test also show that corruption has a negative impact on the human development index with a coefficient of –0.206 and is significant at 1% alpha. The practical significance of this study is the importance of the internal control system reliability as a complementary variable for fiscal decentralization to prevent corruption.
Thobekani Lose, Sebenzile Khuzwayo
Problems and Perspectives in Management, Volume 19, pp 40-47; https://doi.org/10.21511/ppm.19(4).2021.04

Abstract:
This study was deemed relevant in the current epoch given the need for rebuilding enterprises that were devastated by the Covid-19 pandemic. To ensure economic restoration, particular interest in small business start-ups and incubators has become especially important. In addition, measurements for effectiveness are critical since, without them, progress cannot be ascertained. The aim of this study was to assess the balanced scorecard and its applicability to business incubators in the context of the present technological explosion. Specifically, the study assessed the technological dimension of the balanced scorecard with the particular intention of establishing how technological tools affect the balanced scorecard. The study was based on phenomenological interviews to provide data that were relevant to the study objectives. A thematic analysis of the data collected supported literature perspectives that technological tools and platforms such as social media, robotics, expert systems, online as well as web platforms strengthen and improve the measurement of both financial and non-financial criteria for measurement on the balanced scorecard. Technological tools were found to improve data collection, management, and analytics thereby improving the quality and credibility of balanced scorecard measurement. The study recommends the accelerated adoption of technological tools for use within the balanced scorecard among incubators. It also recommends that the government should support incubators in their technological adoption measures as this has the potential of increasing economic development.
Trung Kien Phan, Thi Hong Thuy Nguyen, Thu Ha Dang, Van Thuan Tran, Kim Ngoc Le
Problems and Perspectives in Management, Volume 19, pp 48-62; https://doi.org/10.21511/ppm.19(4).2021.05

Abstract:
Non-financial factors including quality of services, the flexibility of a company, utilization of resources, and market orientation are regarded as significant determinants that enhance the profitability-based performance of a service company or a hotel. The study investigated the interaction between these factors and hotel operating performance measured by the hospitality performance and results indicators. Data on 346 executives of Vietnam’s hospitality companies were collected. A structural equation modeling (SEM) method was utilized to examine the positive-direct and moderating effects of non-financial factors on hotel performance in terms of occupancy rate (OCR), average daily rate (ADR), and the revenue per available room (RevPAR). The findings showed that service quality ( = 0.118, p < 0.05), flexibility ( = 0.173, p < 0.05) and resource utilization (= 0.172, p < 0.05) positively affected the performance of Vietnam’s hospitality companies. Meanwhile, innovation showed no direct influence (p = 0.068) but an indirect impact on the performance through service quality ( = 0.311, p < 0.05). Market orientation did not impact the performance (p = 0.076) but it positively affected both innovation ( = 0.322, p < 0.05) and service quality ( = 0.146, p < 0.05). The study contributed to a theoretical enhancement of the current level of knowledge on the factors that affect the performance and developed a reliable scale for measuring the performance of hotels in Vietnam.
Ruihui Pu, Xiang Li, Pujiayi Chen
Problems and Perspectives in Management, Volume 19, pp 1-19; https://doi.org/10.21511/ppm.19(4).2021.01

Abstract:
Sustainability promotes a feasible strategy to achieve a continuous development of the economy, society, and environment. This study aims to analyze the growing efforts on researches made by academic communities in exploring the sharing economy as a potential approach to promote sustainable development. A bibliometric approach with VOSviewer and COOC analysis was applied. A total number of 975 published articles were analyzed in this study. As a result, it was found that few studies have shed light on collaborative and sustainable consumption, climate change, and bioeconomy in the sharing economy by country, such as renewable resources and business models, circular economy in China, and life cycle assessment, particularly taking evidence from the urban mobility services in China. It was also revealed that there is a new indiscipline research trend in the field of sustainable development such as sustainable business models, game theory, blue economy, peer-to-peer accommodation, smart grids, and electric vehicles. Other trend concentrates on technological advancements and policies to promote sustainable development in the sharing economy.
Marko van Deventer
Banks and Bank Systems, Volume 16, pp 1-10; https://doi.org/10.21511/bbs.16(4).2021.01

Abstract:
While marketing experts agree that brand personality is important for brand identification, there is no evidence of a validated brand-identification-and-personality scale in the context of retail banking in South Africa. To address this literature gap, this study’s purpose was to explain the process used to validate brand identification and personality within the retail-banking context of South Africa. A convenience sample of Generation Y banking consumers was selected, and a descriptive and single cross-sectional research design was followed. Self-administered questionnaires were used as a data collection tool and a sample size was chosen (N = 235). Data analysis entailed descriptive and confirmatory factor analysis. The confirmatory factor analysis results validated brand identification and brand personality in retail banking as a five-factor structure that includes bank identification and brand personality dimensions such as successfulness, sophistication, sincerity and ruggedness. Furthermore, the results of the study indicate the internal consistency and composite reliability of the measurement model, as well as construct, convergent, discriminant and nomological validity. In addition, the measurement model revealed no signs of multicollinearity between the factors, and the model fit index values of IFI, TLI, CFI, SRMR and RMSEA showed a good fitting model. This study concluded that this five-factor model is a reliable and valid instrument of brand identification and personality in retail banking and is the first validated brand-identification-and-personality scale within the retail-banking context of South Africa.
Mohammad Fawzi Shubita
Investment Management and Financial Innovations, Volume 18, pp 36-44; https://doi.org/10.21511/imfi.18(4).2021.04

Abstract:
This study aims to investigate the ability of cash flows components to predict the earning and to know the extent of the relationship between accounting profits and cash flow measures. The study sample consisted of 77 industrial companies listed on the Amman Stock Exchange in Jordan for the period from 2006 to 2019. This study relied on the regression method to test the relationship between the study variables. The study findings showed that the cash flows from operating, investing, and financial activities have a statistically significant impact on predicting future earnings. The study also examined the effect of length of operating cycle and company’s size on the predictive ability of cash flows regarding future earnings. The main results for this aspect are that large companies and short operating cycle companies have higher prediction ability for future earnings than small and long operating cycle companies. This paper provides evidence of the information content of cash flows for future earnings in emerging markets like Jordan and is important for Jordanian shareholders by enabling them to evaluate company’s performance. AcknowledgmentsI would like to thank Amman Arab University for its great support, and for funding this study.
Investment Management and Financial Innovations, Volume 18, pp 21-35; https://doi.org/10.21511/imfi.18(4).2021.03

Abstract:
The impact of social media usage on corporate performance has not been examined in the Saudi context. This paper aims to investigate the influence of social media, namely companies’ and CEOs’ involvement in Twitter and LinkedIn, on the profitability of Saudi Arabia listed firms. A dynamic panel estimation method is used to empirically assess this relationship. The study employs 120 firms listed on the Saudi Stock Exchange Tadawul from 2014 to 2017. Data are obtained from the companies’ annual reports. Statements of financial status as well as income statements are used to collect data on the dependent variable and control variables. The results show that having a LinkedIn official account by both the CEO and the company does not improve the enterprise performance. In contrast, companies that are active on Twitter will contribute to an increase in their short-term performance. CEOs who engage in Twitter via a high number of followers help to boost the performance of their companies in the long and short term. Hence, this paper recommends that Saudi firms should be aware that their performance could be increased by monitoring their presence on social networks and by having a strong intention to use these tools. AcknowledgmentsThis study was funded by the Deanship of Scientific Research at Princess Nourah bint Abdulrahman University through the Fast-track Research Funding Program.
Investment Management and Financial Innovations, Volume 18, pp 45-56; https://doi.org/10.21511/imfi.18(4).2021.05

Abstract:
This study examined the asymmetric impact of the COVID-19 pandemic on the Gulf Cooperation Council (GCC) stock market return volatility. The data included daily closing prices of the GCC stock market from the day of the acknowledgment of the first case of COVID-19 in each country to March 6, 2021. In addition, the study employed generalized autoregressive conditional heteroscedasticity (GARCH) family models. According to the Akaike information criterion, GARCH and exponential GARCH (EGARCH) were the most accurate models. The findings of the GARCH model indicate that the COVID-19 pandemic affected the GCC stock markets. The EGARCH model also confirmed the impact of the COVID-19 pandemic on the GCC stock markets, confirming that the COVID-19 negatively affected GCC stock market returns. The value of the persistence of this volatility continued over a long period. This study has potential implications for investors and policymakers in diversifying investment portfolios and adopting strategies to maintain investor confidence during such crises. Moreover, mechanisms must be developed for reducing risks in financial markets in times of crisis, and central banks should take financial measures to mitigate risks to capital markets. AcknowledgmentsThis achievement was made with the aid of my family’s support, thank you all.
Investment Management and Financial Innovations, Volume 18, pp 57-66; https://doi.org/10.21511/imfi.18(4).2021.06

Abstract:
Conservatism in the CAPM and L-CAPM standards often emphasizes systematic risk to explain the phenomenon of the risk-return relationship and ignores idiosyncratic risk with the assumption that the risk can be diversified. The effect of the Covid-19 outbreak raises the question of whether the idiosyncratic risk can still be ignored considering that the risk has a close relationship to firm-specific risk. This study sets a portfolio consisting of 177 active public firms in the Indonesia Stock Exchange before and after the Covid-19 pandemic. On portfolio set, idiosyncratic risk is estimated by the standard CAPM and L-CAPM in the observation range from January 2, 2019, to June 30, 2021. The results of the analysis show that L-CAPM and CAPM produce significantly different idiosyncratic risks. Empirical evidence shows that the highest firm-specific risk is in the third period and has a stable condition since the fourth period. This condition is confirmed by regression results that idiosyncratic risk together with systematic risk positively affects stock returns in the fourth period as suggested by the efficient market hypothesis. Uniquely, both systematic risk and idiosyncratic risk based on L-CAPM do not show a significant effect on stock returns in the fifth period, so it is a strong indication that liquidity is an important factor that must be considered in making investments.
, Tatang Ary Gumanti, , Nik Herda Nik Abdullah
Investment Management and Financial Innovations, Volume 18, pp 1-11; https://doi.org/10.21511/imfi.18(4).2021.01

Abstract:
The market value of a public company reflects the expectations of investors. It is influenced by many factors, both internal and external to the company. This study aims to analyze whether intellectual capital moderates the effect of the debt-to-equity ratio and earnings per share on the market value of equity. A set of historical data was collected and analyzed based on a sample of 114 manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2019. This study uses moderated regression analysis to test proposed hypotheses and a robustness test to examine the sensitivity and consistency of the study results. The findings show that the debt to equity ratio affects the market value of equity, whilst earnings per share does not affect the market value of equity. The analysis also shows that intellectual capital could strengthen the effect of the debt to equity ratio on the market value of equity. In contrast, intellectual capital could not strengthen the effect of earnings per share on the market value of equity. AcknowledgmentsThe study was conducted with the support of the Universitas Riau, Indonesia.
Harmon Chaniago
Innovative Marketing, Volume 17, pp 1-12; https://doi.org/10.21511/im.17(4).2021.01

Abstract:
The occurrence of the Covid-19 pandemic has resulted in consumers being reluctant to go far to shop, so nanostores are a choice. There are thousands of nanostores in Indonesia. However, not all nanostores are in demand by consumers, some nanostores are abandoned because they cannot adapt to consumer needs. This study aims to find factors and dimensions of purchase motives that can be used to increase sales and revenue of nanostores. The study used an explanatory survey method. The survey was conducted on 210 nanostore consumers in the city of Bandung, Indonesia. The research data were analyzed using confirmatory factor analysis. The study results obtained three dimensions of consumer buying motives in nanostores: product attributes, self-orientation, and service guarantee. These are dimensions that consist of 12 factors and the majority of factors tend to be based on rationality or things related to healthy logic. To increase their revenue and growth, it is recommended that nanostore entrepreneurs understand consumer buying motives according to community conditions.
Akif Al-Khasawneh, Haitham Eyadat,
Problems and Perspectives in Management, Volume 19, pp 545-555; https://doi.org/10.21511/ppm.19(3).2021.44

Abstract:
The study aims to identify the leadership styles (democratic, authoritative, autocratic, laissez-faire, transformational, and transactional) practiced by trainers at the Vocational Training Corporation as perceived by the female trainees in Jordan. Descriptive statistics were used to analyze the data collected by the questionnaire from respondents (n = 105 female trainees) selected by the simple randomization sampling and representing 50% of the population (n = 210). Among the questionnaires sent, only 104 were received and declared valid for statistical analysis. Major findings indicated that the democratic leadership style was mostly preferable by female trainees, where rated top by respondents (M = 4.50), followed by the transformational style (M = 4.23), and the authoritative style was rated the lowest (M = 2.58) compared with the autocratic, laissez-faire and transactional leadership styles. Thus, to keep increasing the development of training programs and obtain positive feedback for trainees, both trainers and managers of the Vocational Training Corporation necessarily need to practice appropriate leadership styles, develop a high level of learning and benefits. AcknowledgmentsThe authors would like to thank Al-Balqa Applied University in the Hashemite Kingdom of Jordan and the Institute of Public Administration in Kingdom of Saudi Arabia for all kinds of support and providing us with time and access to the research resources.
, Oleksandr Dluhopolskyi, , , Serhii Kozlovskyi
Problems and Perspectives in Management, Volume 19, pp 533-544; https://doi.org/10.21511/ppm.19(3).2021.43

Abstract:
The purpose of this study was to explore the indirect and direct relationships of Big-5 and dark personality traits (i.e., extroversion, neuroticism, agreeableness, openness, conscientiousness, narcissism, Machiavellianism, psychopathy, sadism, and spitefulness) with job performance via perfectionism, stress, and social media addiction. A total of 514 private sector employees filled out a query sheet that included the assessment tools for the variables. Path analysis using a multiple mediation model indicated that neuroticism was negatively directly and indirectly related to job performance via stress and social media addiction. Machiavellianism and spitefulness were directly positively associated with job performance, and Machiavellianism-related higher social media addiction diminished the direct positive effect of Machiavellianism on job performance, indicating complex relationships. Furthermore, stress, social media addiction, and perfectionism were related to different personality traits positively and negatively. Findings of the present study suggest that an anti-social personality may promote higher job performance. However, job performance may be adversely affected by the adverse consequences relating to these traits. Professionals and firms that attempt to increase job performance should take anti-social personality traits and their complex effects on job performance into account.
Viktoriia Apalkova, Sergiy Tsyganov, Nataliia Meshko, Nadiia Tsyganova, Serhii Apalkov
Problems and Perspectives in Management, Volume 19, pp 513-532; https://doi.org/10.21511/ppm.19(3).2021.42

Abstract:
In the past few decades, the ever-increasing dynamics of international migration flows can be observed. At this stage, the governments of major countries in the world are striving to balance the needs of their citizens and the support of immigrants. The paper analyzes factors that affect the immigration policies of various countries and determines the role of ecological factors (such as environmental conditions). The objective of the study is to predict the immigration policies of different countries of the world based on the analysis of the influencing factors, including environmental performance. The research method is based on the use of the RapidMiner software package to build two decision tree models and a static index database of more than 150 countries around the world. The results show that in most cases, the immigration policies of various countries will focus on maintaining the current level of immigration and increasing the number of skilled workers. At the same time, one of the key decision-making factors will be the country’s current immigration level, environmental performance, GDP per capita, and the Education index. One of the main conclusions is that the country’s environmental indicators have begun to become one of the priority values that determine the state immigration policy. This can be explained by the rising global community interest in the challenges of climate change.
, Ainur Boranbayeva, Zaira Satpayeva, Amina Gassanova
Problems and Perspectives in Management, Volume 19, pp 488-501; https://doi.org/10.21511/ppm.19(3).2021.40

Abstract:
Progress of agriculture is becoming increasingly reliant on the successful application of technology. However, many developing countries depend on technology transfer from other countries to be utilized in large and complex projects in agriculture. This study intends to identify strategic directions for successful technology transfer in developing countries’ agriculture with Kazakhstan as a case study. A SWOT analysis was conducted using Internal Factor Evaluation, External Factor Evaluation, Strategic Position and Action Evaluation, and Quantitative Strategic Planning matrices as analytical methods, based on primary data from interviews and secondary data from reports. With a weight of 52%, opportunities prevail in external factors, with emerging good geographical position, land area latitude, and participation in economic integrations as the most significant ones. On the other hand, internal factors such as emerging low skills in agricultural innovation, insufficient resources in agriculture, old technologies and worn-out equipment, and lack of mechanisms for effective adaptation of foreign technologies to local conditions are indicated as weaknesses, with the percentage of 82%. This study includes twenty-six strategies that were specially designed for technology transfer, and nine of them are considered the most relevant in overcoming internal weaknesses by exploiting external opportunities. Promoting agriculture in an innovative direction, expanding the resource base necessary for technology transfer, and increasing sources of funding for the transfer of technology and the R&D expenditures in agriculture make a top 3 of these strategies. These results will be of interest for policymakers in decision-making on technology transfer in agriculture.
Published: 28 September 2021
Innovative Marketing, Volume 17, pp 179-190; https://doi.org/10.21511/im.17(3).2021.15

Abstract:
The improvement of global Internet access and the COVID-19 pandemic, which necessitated mass testing of online teaching methods, have forwarded the competition between higher education institutions from the regional level and the struggle for the rich student into the competition for students in all countries. The paper aims to determine the influence of the rating of higher education institutions on the interest of Internet users by conducting a comparative analysis of the popularity of the official names of higher education institutions in search queries in Ukraine and Poland. To do this, a comparative analysis of the change in the interest in leading higher education institutions in Ukraine and Poland in search queries in the Google search engine is carried out. The analysis is performed using the Google Trends web application. As a result, it is found that a high position of the university in the national ranking does not guarantee more search queries about it on the Internet by both national Internet users and users from the neighboring country. In general, Internet users continue to be most interested in universities located in their region at the time of the search.
Jonathan Oniovosa Ososuakpor
Investment Management and Financial Innovations, Volume 18, pp 397-407; https://doi.org/10.21511/imfi.18(3).2021.33

Abstract:
In the Nigerian context, there is a gap in the literature on the structural attributes of firms and the extent to which corporate investments are irreversible. Thus, this study was to empirically examine the structural attributes of firms, irreversibility, and uncertainty of corporate investment using the real options theory of investment. The study is based on annual data series of firms listed on the Nigerian Stock Exchange from 2005 to 2019. The study measured structural attributes using competitiveness and monopoly/oligopoly of a firm, macroeconomic uncertainty, inflation, interest, and exchange rates, and examines their association with corporate investments. The study was conducted using a panel dataset adopting a fixed-effect estimation technique that takes into account potential endogeneity and firm specific-effects. The result showed that the macroeconomic uncertainty measure of exchange rate volatility is strongly detrimental to corporate investment decisions. Furthermore, interest rate and inflation volatilities are not detrimental to investment growth, while exchange rate uncertainty has a substantial negative influence on corporate investment. Besides, macroeconomic uncertainty was found to be a greater disincentive for firms with irreversible investments than for firms with more easily reversible investment projects.
, Khadiza Rahman Tanchi, Kamruzzaman, Mobarak Karim
Published: 27 September 2021
Innovative Marketing, Volume 17, pp 168-179; https://doi.org/10.21511/im.17(3).2021.14

Abstract:
Currently, Internet penetration is accelerating across the country in Bangladesh, which, in particular, has led to the simultaneous development and growth of online businesses. Due to increased internet availability and accessibility, a number of small and medium enterprises (SMEs) continue to operate using an Internet-driven online platform. This context requires a research effort to investigate the underlying factors that might influence the business performance of online SMEs. Thus, the aim of the study is to examine the impact of e-marketing orientation (EMO), technology orientation (TO), and learning capability (LC) on online SME performance in the context of Bangladesh. In this study, the dependent variable is online SME performance, whereas the independent variables are EMO, TO and LC. To achieve this objective, the study developed a questionnaire based on past literature. Following a non-probability random sampling approach, 320 survey forms were distributed among online SME owners using the online survey system (Google form), and finally 156 responses were realized as fully complete responses. Hence, the study sample size is n = 156. SPSS version no. 26 was used to analyze the correlation among independent and dependent variables and to test the hypotheses. During statistical analysis, the 5% significance level is used as a threshold value to accept hypotheses. The study results show that EMO, TO and LC have a statistical and significant impact on online SME performance. Finally, this paper seeks to outline several important implications for online SME owners, as well as suggest several directions for future research.
Marko van Deventer, Nkosinamandla Erasmus Shezi
Banks and Bank Systems, Volume 16, pp 131-141; https://doi.org/10.21511/bbs.16(3).2021.12

Abstract:
Successful management of a retail bank’s brand requires some form of brand image, such as brand personality. Creating a retail bank’s brand personality is effective in establishing attachment between customers and the retail-banking brand they choose to support based on self-identification. As such, this study’s aim is to investigate the bank identification and perceived brand personality dimensions of retail banks among the profitable and significantly sized Generation Y banking market. For this study, a non-probability convenience sample of 300 Generation Y banking customers was used. A self-administered questionnaire was developed for data collection. The results of the study suggest that Generation Y customers perceive their chosen retail bank as successful, sophisticated, sincere, rugged, community driven and classic. Moreover, the results showed that the brand personality dimensions of community driven and successfulness are mostly related to the identification of Generation Y customers with their retail bank brand. Customers who easily identify with their retail bank brand bring financial benefits to the bank, as these customers remain loyal to the brand. The results provide insights that can help retail banks to better understand their current brand personality perceptions, which is important given that brand personality can improve bank brand identification among customers.
, Gabriella Horváth-Csikós
Problems and Perspectives in Management, Volume 19, pp 453-466; https://doi.org/10.21511/ppm.19(3).2021.37

Abstract:
As the possession of soft skills is becoming an essential part of the basic skill set of entrants, it is undoubtedly essential to research and develop these skills. The purpose of this study was to examine how students studying at the largest agricultural university in Hungary perceive their soft skills to be in line with employers’ expectations, i.e. whether demand matches supply, in what qualities students feel strong, what employers expect, how well supply and demand in the agricultural labor market match in terms of soft skills. Furthermore, whether educational institutions are able to develop these qualities in students and what other possibilities there might be to strengthen these qualities. The research results confirmed that the university students in the sample perceive the quality of their soft skills to be influenced by several factors, including age, gender and work experience. They show that women over 40 with work experience tend to have stronger emotional soft skills, while men of the same age who have not started their careers are stronger in leadership skills. The study also concluded that students do not feel that current schooling in institutions can strengthen the soft skills expected by the labor market (the average on a five-point Likert scale was 2.74), while the development of these soft skills was considered by respondents to be as important as the development of hard skills (agreement was very high with an average of 4.52 on a five-point Likert scale).
Viktoriia Babenko-Levada
Investment Management and Financial Innovations, Volume 18, pp 385-396; https://doi.org/10.21511/imfi.18(3).2021.32

Abstract:
Insurance market is an important part of the financial market, the functioning of which helps to protect individuals and legal entities from the negative and stressful effects of today’s unstable economic environment. The purpose of this study is to determine trends in the insurance market in Ukraine and its potential crises.The study found that Ukraine’s insurance market constantly grows, but is volatile and in a state of concentration. The dynamics of most indicators are cyclical, with a cycle length from 4,66 quarters to 14 quarters. The randomized R/S-analysis confirmed the stability of the dynamics of Ukraine’s insurance market and its fractal similarity. Fractal similarity was proved for six out of ten analyzed indicators of the insurance market. In addition, it was confirmed that at the moment of transition from one fractal to another, a trend break occurs. Thus, the emergence of crises on the insurance market of Ukraine is associated with the self-similarity of the dynamics and the coincidence of the moments of bifurcation of certain indicators in its development. A partial crisis on the Ukrainian insurance market at the beginning of 2019 coincided with the bifurcation of the number of concluded insurance contracts, determined based on the results of fractal analysis.Calculations made it possible to conclude that potentially crisis periods for the insurance market of Ukraine fall on Q1-2 2017, Q1 2019, Q1 2020, of which only one was realized (Q1 2019). The nearest potential moments of crises on the insurance market of Ukraine may be the following periods: Q1 2023 and Q1 2026.
Tram-Nguyen Thi Huyen, Tuan-Le Anh, Nhi-Vo Van
Problems and Perspectives in Management, Volume 19, pp 440-452; https://doi.org/10.21511/ppm.19(3).2021.36

Abstract:
The main purpose of this paper is to find and evaluate the impact of unexpected factors and institutional factors that affect the implementation of management accounting techniques in medium-sized manufacturing enterprises of Vietnam. Mixed methods were combined in this study: specifically, qualitative research methods were used based on previous studies as well as background theory was used to build factors in the research model. The quantitative method used data based on surveying 129 small and medium business owners in Vietnam using SPSS 2020 software to test a multivariable linear regression model. The results show that there are three factors affecting the implementation of management accounting techniques in medium-sized manufacturing enterprises in Vietnam in the following order: (1) Viewpoints of business owners, (2) Advanced technology, and (3) Mimicry. Based on this research result, medium-sized manufacturing business owners, as well as macroeconomic managers, will have solutions to further develop management accounting techniques in medium-sized manufacturing enterprises of Vietnam.
Vojtech Stehel, ,
Problems and Perspectives in Management, Volume 19, pp 430-439; https://doi.org/10.21511/ppm.19(3).2021.35

Abstract:
Business performance assessment is one of the basic tasks of management. Business performance can be assessed using a number of methods. The basic ones include financial analysis, Balanced Scorecard or Economic Value Added (EVA). The paper is focused on SME business performance assessment based on Economic Value Added, calculated using the INFA build-up model. According to this method, companies were divided into four categories. The first category included companies with a positive EVA value. The second category included companies with negative EVA, but with the economic result above the risk-free rate. The third category included companies with a positive economic result above the risk-free rate. The fourth category included companies with a negative economic result. The model did not include companies with negative equity. The input represented 15 predictors based on their financial statements. The data were normalized and all extreme values, likely caused by a data rewriting error, were removed. Company performance is visualized by comparing Principal Component Analysis and Kohonen neural networks. Compared to similar research, the methods are compared using the data that analyzes the performance of companies. Both methods made it possible to visualize the given task. With regard to the purpose of facilitating the interpretation of the results, for the given case, the use of PC seems to be more appropriate. AcknowledgmentThis study has been supported by the Technology Agency of the Czech Republic under project No TL01000349.
Marc Valldeneu, Xavier Ferràs, Elisenda Tarrats
Problems and Perspectives in Management, Volume 19, pp 421-429; https://doi.org/10.21511/ppm.19(3).2021.34

Abstract:
Leaders are responsible for empowering and driving employees to succeed in challenging times or changes and, ultimately, achieve the best results. One of the biggest dilemmas in today’s leaders’ agenda is to understand how to manage a diverse multigenerational workforce in which millennials represent a predominant group by far, being completely different from previous generations due to the technology impact. The aim of the paper is to identify which leadership style and behavior affects most positively millennial job satisfaction in a multinational environment, and to understand the differences between millennials and non-millennials. The Multifactor Leadership Questionnaire, known as the MLQ, was answered by 167 representative employees from various multinational corporations, 125 of whom are millennials. Based on the results, transformational style is strongly correlated with and positively affected by millennial job satisfaction. Moreover, transformational style is a significant predictor of increased millennial satisfaction, and more specifically, idealized attributes and intellectual stimulation are behaviors that have been validated to increase it. On the other hand, individual consideration has been proven to have a productive effect by increasing non-millennial job satisfaction. According to the findings, millennial workforce leaders need to move towards a more transformational style, based on more idealized attributes and an intellectual stimulation approach, if they want to increase their satisfaction and avoid unwanted attrition. Basically, millennials are searching for leaders who trust and embrace innovation, creativity, critical thinking and, most importantly, leaders who also question the status quo.
Dorojatun Prihandono, ,
Problems and Perspectives in Management, Volume 19, pp 383-395; https://doi.org/10.21511/ppm.19(3).2021.31

Abstract:
Franchising is one of the most trustworthy strategic alliance formations to start or expand businesses. Like many other business formations, franchise businesses need sustainable and long-term running; these objectives can be reached by a proper relationship between partners – the franchisor and the franchisee – in the alliances. Both partners’ perspectives are valuable inputs to provide insight into understanding the sustainability of Indonesian franchise businesses. Furthermore, in any type of strategic alliances conflict is a risk that needs to be managed properly. This study aims to examine the relationships of determinants that influence franchise business sustainability. The determinants are risk management, trust, satisfaction, and sustainability. The study applies confirmatory factor analysis using structural equation modeling (SEM) AMOS software. Respondents in this study are franchisors and franchisees in the Indonesian retail and food and beverages (F&B) sectors, the study accommodates 204 respondents. Based on the analysis the study reveals that there is a positive relationship between risk management and satisfaction. Risk management also has a positive relationship with survivability; trust and satisfaction also have a positive relationship. Meanwhile, there is no relationship between satisfaction and survivability and the last relationship is between trust and survivability that has no positive relationship between the determinants. This study provides clearer insight to understand the relationships between determinants that influence franchise business survivability in Indonesia, especially based on both parties’ perspectives.
, , Luan The Vuong, Hoa Quynh Tran
Problems and Perspectives in Management, Volume 19, pp 408-420; https://doi.org/10.21511/ppm.19(3).2021.33

Abstract:
Internal public relations are used to control the relationship between the organization and its employees. The paper explored whether and how internal public relations stimulate employees’ life satisfaction and job performance. The conceptual framework was built to link internal social media, perceived organizational transparency (POT), organizational identification, employee engagement, life satisfaction, and job performance. Using the hierarchical component model with employee engagement measured by job engagement and organizational engagement is a nascent point from this study. A mass survey was distributed to employees working in the aviation industry in southern Vietnam. Partial least squares structural equation modeling was used to analyze primary data from 193 valid respondents. It reveals that POT, internal social media, and organizational identification significantly positively impact employee engagement. It shows that employee engagement has significantly positive impacts on life satisfaction and job performance. It indicates that both organizational identification and POT are partial mediators intervening in the strong relationship between employee engagement and internal social media. It also indicates that life satisfaction is a partial mediator intervening the positive linkage between employee engagement and job performance. Practical implications and theoretical contributions were suggested for using internal public relations to enhance employees’ life satisfaction, and job performance. AcknowledgmentThis study is funded by Vietnam National University of Ho Chi Minh City (VNU-HCMC) under grant number B2020-28-02.
Sri Wahyuni, Pujiharto, Siti Nur Azizah,
Banks and Bank Systems, Volume 16, pp 104-112; https://doi.org/10.21511/bbs.16(3).2021.10

Abstract:
This study aims to compare the credit risk and profitability of banks in Indonesia. For this, the descriptive-quantitative method is used. The sample collection is based on the purposive sampling method. The study involved 71 Indonesian banks listed on the Indonesian Stock Exchange and Financial Services Authority, both conventional and Sharia. The research data are secondary data that include published results of quarterly financial reports of both conventional and sharia banks obtained from the website of the Financial Services Authority or the official websites of banks. The profitability of banks in making profit is measured by the Return on Assets ratio. The method of analysis used is the paired sample t-test. The results show significant differences in nonperforming loans (NPL) before and after the COVID-19 pandemic in conventional banking. However, there is no significant difference in Sharia banking. Moreover, there is no significant difference in profitability before and after the new normal implementation. This study provides empirical evidence that Indonesia’s banking restructuring policies to anticipate the impact of COVID-19 did not work optimally. The study is expected to help bank managers and the Financial Services Authority as a basis for evaluating the implementation of government policies to restructure the banking system.
Etuhole Angula, Valencia Melissa Zulu
Published: 21 September 2021
Innovative Marketing, Volume 17, pp 157-168; https://doi.org/10.21511/im.17(3).2021.13

Abstract:
The threat of online shopping propels brick-and-mortar retailers to innovate and design their retail atmosphere to create unforgettable shopping experiences to compete effectively and retain customers. The study firstly identifies store atmospherics factors that enhance the shopping experience and secondly explores the hypothesized relationships between store atmospherics dimensions (lighting, music, layout, and employee interaction) and customer experience. Furthermore, the effect of customer experience and repurchase intention is also explored. A self-administered survey was used, and data were collected from 390 respondents who visit physical clothing stores regularly in the City of Johannesburg in South Africa. The survey results were analyzed using the Statistical Package for Social Sciences (SPSS) for descriptive statistics. Covariance-Based Structural Equation Modelling (CB-SEM) was utilized for the path analysis. The findings reveal that only store layout, lighting, and employee interaction are essential elements in creating pleasurable customer in-store experiences (β = 0.163, p = 0.05; β = 0.207, p = 0.01; β = 0.293, p = 0.001). It is also evident that consumers perceive music to be less effective in enhancing their shopping experiences (β = 0.048, p = ns). Moreover, the results show that enriching customer experiences stimulate repeat purchases (β = 0.745, p = 0.001). The findings demonstrate that innovating the store environment should be based on shop layout, illumination, and employee contact to create appealing experiences. This study contributes to consumer and retailing services literature. Acknowledgment This study is based on the research supported partly by the University of the Witwatersrand Chancellor’s Female Academic Leaders Fellowship.
Problems and Perspectives in Management, Volume 19, pp 396-407; https://doi.org/10.21511/ppm.19(3).2021.32

Abstract:
The COVID-19 has put higher education institutions in a new situation and identified bottlenecks in the financial structure of institutions and education systems in general. However, for Ukrainian universities, this situation can be seen as an opportunity to achieve financial autonomy. This study is devoted to the consideration of a possible tool for the financial autonomy of Ukrainian classical universities, most of which are state-funded. The paper considers the methodology of a possible tool for the accumulation of external financing – the endowment fund. The case analysis and analytical consideration of world practice are applied. As a result, a model for financing the university in its transition to the innovation and entrepreneurship model is proposed as the chain “endowment fund – development of start-ups”. This example can become the basis of the road map for other national HEIs, as well as the practice of wider use in the field of higher education. However, despite most of the national classical universities have declared a course to an innovative development, which further raised the necessity of external funding, top management and general economic situation require more attention. As this transition to a new model of the university is taking place along with the financial stabilization and under economic and social upheavals, the formation of a new culture of online communication is necessary. Thus, the proposed model is the practical guideline of possible decisions but mostly the start-point for further discussion and research. AcknowledgmentThis paper is done in the framework of the grant project “Financial stabilization of classical universities in the context of the global consequences of the COVID-19 pandemic” funded by the National Research Foundation of Ukraine “Science for Human Security and Society” (2020-2021).
Hanna Sytnyk, Iryna Vysochyn, Tetiana Zhuk, Inna Olesenko, Viktoriia Stratiichuk
Problems and Perspectives in Management, Volume 19, pp 356-372; https://doi.org/10.21511/ppm.19(3).2021.29

Abstract:
The need to ensure the growth of enterprise value in the context of strengthening intangible factors’ role in its formation and maintaining sustainable development of society requires the introduction of new value-oriented management models, taking into account the interests of a wide range of stakeholders.The paper aimed to develop an approach to enterprise value management based on the stakeholder approach. Based on the presented conceptual vision of the enterprise as an SRPR system (stakeholders-resources-processes-results), a two-level system of SRPR value indicators for the main stakeholder groups has been developed, as well as an integral indicator of sustainable economic value added (EVA), which allows assessing the potential growth of enterprise value through a sustainable network of stakeholders. The possibility of using SRPR indicators in the process of planning activities has been substantiated: a model for maximizing EVA is formulated subject to a number of restrictions reflecting the standards of relationships with stakeholders, its transformation into a matrix of SRPR indicators.The results of approbation of the proposed approach by questioning processing and wholesale trade enterprises in the B2B segment are presented, confirming the compliance of the proposed system of indicators with the interests of stakeholders and implementation at Europroject Ukraine LLC, which proved its practical value.The need for further empirical studies of the dependence of EVA on changes in indicators of satisfaction of stakeholders’ interests is emphasized.
Songyu Jiang, Ruihui Pu
Published: 20 September 2021
Innovative Marketing, Volume 17, pp 144-156; https://doi.org/10.21511/im.17(3).2021.12

Abstract:
In recent years, the concept of sustainable consumption behavior (SCB) is largely introduced and changed continuously to be discussed with industries such as energy sector, agriculture, transportation, sharing economy, and tourism. However, the study of sustainable consumption behavior in the online education industry (SCBOEI) remains a research gap. Thus, this paper aims to identify the significance of sustainable consumption behavior and theoretically conceptualize SCBOEI. This study employs content and text analysis to reconceptualize the major theories that contribute to the research of SCB. The findings in this study show that SCBOEI is contributed of great significance to promote sustainable development. In addition, this study introduces a model of SCBOEI, in which the consumer value theory, social exchange theory, and planned behavior theory are integrated. Additionally, this paper suggests that value, environmental attitude, identity, consumer engagement, and contextual factors (government behavior, market conditions, and environmental education) are highly important to extend the research on SCBOEI. In conclusion, this study strongly recommends that SCB research shall be directed to the online education industry. Furthermore, future studies shall emphasize the empirical effects of psychological factors, activity factors, and contextual factors for SCBOEI to find the correlation.
Marko van Deventer, Ephrem Redda
Published: 20 September 2021
Innovative Marketing, Volume 17, pp 135-143; https://doi.org/10.21511/im.17(3).2021.11

Abstract:
Literature suggests that achieving adequate customer loyalty is a significant determinant of growth and profitability. However, in South Africa, there is no evidence of a validated customer-loyalty-in-retail-banking scale. Thus, this study aimed to contribute to the literature by validating customer loyalty in retail banking as a six-factor structure comprising customer loyalty, service quality, customer commitment, trust, switching cost and customer satisfaction, which practitioners can use as a marketing guide to better understand customer loyalty. Data was collected from one sample only once, and the sample size was selected (N = 400). Descriptive and confirmatory factor analyses were undertaken to achieve the study’s objective. Confirmatory factor analysis results validated customer loyalty in retail banking as a six-factor structure that includes customer loyalty, service quality, customer commitment, trust, switching cost and customer satisfaction. The results show no serious multicollinearity between the latent factors and that acceptable internal-consistency reliability was returned for each factor. Moreover, the measurement model returned acceptable composite reliability together with construct, convergent and discriminant validity. Moreover, IFI, TLI, CFI, SRMR and RMSEA model fit index values suggest a good fitting model. Thus, the results concluded that this six-factor model is a reliable and valid instrument of customer loyalty in retail banking and is the first validated customer loyalty scale within the retail-banking context of South Africa. Retail banks are encouraged to use this instrument as a marketing guide in their quest to provide excellent banking services to their market segments, as well as build solid bank-customer relationships.
Lai Cao Mai Phuong
Investment Management and Financial Innovations, Volume 18, pp 359-371; https://doi.org/10.21511/imfi.18(3).2021.30

Abstract:
This paper investigated how food and beverage (F&B) stocks react to COVID-19. The event study method was applied to four events including the first and second events, were the first COVID-19 positive patients detected in the largest and second-largest economic center of Vietnam. The third and fourth events are related to strong measures to prevent the spread of COVID-19: the nationwide lockdown at the beginning of the second quarter of 2020, and the lockdown of Danang at the beginning of the third quarter of 2020. The results show that the reaction of F&B stock prices to events supports the semi-strong form of efficient market theory. The strong and lasting negative reaction of F&B stocks to the first event can be explained by surprise (first case in Vietnam) and Hochiminh city’s economic engine driving role in the development of Vietnam’s economy. The study finds that heuristic decision-making from nationwide lockdowns (suppression of supply chains during lockdowns) can explain the sub-sector of farming-fishing-ranching products reacted more strongly to the lockdown event in Danang. Based on the research results, this paper provides some policy implications for managers and notes for securities investors.
Hyeongtae Cho,
Investment Management and Financial Innovations, Volume 18, pp 347-358; https://doi.org/10.21511/imfi.18(3).2021.29

Abstract:
This study examines whether the management style of a fund differs depending on the type of fund being managed for tax purposes, given the rules of temporary tax relief for fund investments. The study considers a change in the ratio of tax-favored assets to the net asset value of a tax relief qualified fund around the effective date of tax relief laws in South Korea in 2007 and 2016. A regression model is used to test sample data from domestic and overseas equity funds available in the three months before and after the 2007 and 2016 Restriction of Special Taxation Act came into effect. It was found that the ratio of the value of tax-favored assets to the net asset value in the tax relief qualified fund increased significantly since the enactment of tax relief laws in both 2007 and 2016. These findings suggest that fund managers may try to change the asset allocation in a managed fund to increase the after-tax return of the fund investor, which means that fund managers do take into account the potential tax burden on fund investors and try to minimize it. AcknowledgmentThis work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF- 2019S1A5A8035027).
Problems and Perspectives in Management, Volume 19, pp 373-382; https://doi.org/10.21511/ppm.19(3).2021.30

Abstract:
Flexibility of the employer’s ability to manage human resources during the several-month “lockdown” due to the COVD-19 pandemic has proven crucial to the survival of a Slovak company. However, this flexibility, unlike other contractual relationships, is strictly regulated by the Slovak Labor Code. Given the scope of the problem, the paper focuses only on issues related to the possibility of creating and changing employment in the Slovak Republic, which must be addressed by the management of all companies. The main purpose of the study is to assess flexibility in creating and changing employment. In processing this managerial issue, analysis, synthesis, deduction, and comparison are used. It was found that the Slovak Labor Code is flexible enough and fulfills its purpose. Despite its flexibility, it also provides an employee with the necessary protection in employment relations and allows him, in agreement with an employer, to grant more rights than he himself guarantees. However, in the current information age, it does not allow for electronic conclusions of legal acts and still prefers the paper form. Another disadvantage is the finding that it does not regulate the institute of a management contract, which objectively causes problems between the employer and the manager, especially in the issue of stability of a managerial position.  AcknowledgmentThis scientific paper was created within the project VEGA [1/0320/21] “The Role of Universities in Building the Knowledge Economy” and was supported by funds from Comenius University in Bratislava, Faculty of Management.
, , Xiaoxuan Huang, Xi Li
Investment Management and Financial Innovations, Volume 18, pp 372-384; https://doi.org/10.21511/imfi.18(3).2021.31

Abstract:
Forecasting multiple-step value-at-risk (VaR) consistently across asset classes is hindered by the limited sample size of low-frequency returns and the potential model misspecification when assuming identical return distributions over different holding periods. This paper hence investigates the predictive power for multi-step VaR of a framework that models separately the volatility component and the error term of the return distribution. The proposed model is illustrated with ten asset returns series including global stock markets, commodity futures, and currency exchange products. The estimation results confirm that the volatility-filter residuals demonstrate distinguished tail dynamics to that of the return series. The estimation results suggest that volatility-filtered residuals may have either negative or positive tail dependence, unlike the unanimous negative tail dependence in the return series. By comparing the proposed model to several alternative approaches, the results from both the formal and informal tests show that the specification under concern performs equivalently well if not better than its top competitors at the 2.5% and 5% risk level in terms of accuracy and validity. The proposed model also generates more consistent VaR forecasts under both the 5-step and 10-step setup than the MIDAS-Q model. AcknowledgmentThe authors are grateful to the editor and an anonymous referee. This research is sponsored by the National Natural Science Foundation of China (Award Number: 71501117). All remaining errors are our own.
Maxim Polyakov, , Vladimir Bilozubenko, Maxim Korneyev, Gennadij Shevchenko
Problems and Perspectives in Management, Volume 19, pp 332-344; https://doi.org/10.21511/ppm.19(3).2021.27

Abstract:
The increased final consumption exacerbates the problem of the scarcity of natural resources and leads to environmental pollution. The concept of circular economy, which implies the formation of closed-loop chains of production and consumption with maximum regeneration and recycling of materials, is considered as an alternative to the firmly established “linear economy” (take-make-dispose). As a part of sustainable development strategy, the European Union adopted a general policy on the transition to a circular economy. However, for objective reasons, such transition is quite uneven at the level of member countries, which adversely affects the total progress. Therefore, the need arises to assess the positions of individual countries and identify major reasons for the uneven transition to support the countries that are lagging.The goal of the study is to identify the factors of uneven progress of the EU countries towards a circular economy. For that reason, a set of empirical data (20 indicators) has been compiled; cluster, classification, and parametric analyses have been conducted. As a result, three clusters of the EU countries have been obtained and six indicators, included into combinations that make all clusters different, have been identified. These indicators can be interpreted as the key factors contributing to the uneven progress of the EU countries towards a circular economy. The difference in harmonic means by clusters allowed quantitatively estimating a “circular gap”. It is of practical value for the EU policy aimed at bridging the gaps between member countries during the transition to a circular economy.
Thanh Thuy Cu
Problems and Perspectives in Management, Volume 19, pp 321-331; https://doi.org/10.21511/ppm.19(3).2021.26

Abstract:
This study aimed to analyze the impact of urbanization on the income and employment of people in Vietnam. To collect data for the study, 515 people participated in the survey, representing 515 households living in major cities in Vietnam. The OLS regression method and the T-test are applied to analyze the research objectives and examine the differences in the income and employment of people before and after urbanization. Research findings show that urbanization has both positive and negative effects on people’s income and employment in Vietnam. The income of people increased by about 12.5779 million VND/year compared to the pre-urbanization period. After urbanization, new jobs will increase, with employment disparities before and after urbanization in each family averaging about 1.734 jobs. The survey findings also show that household investments have the most significant influence on household income (standardized coefficients = 0.465). Compensation also has a positive and relatively substantial impact on household income with standardized coefficients = 0.195. However, the undesirable consequences of urbanization affected the employment of a part of the population, the number of unemployed leads to a decrease in the household’s income (standardized coefficients = –0.13).
Problems and Perspectives in Management, Volume 19, pp 345-355; https://doi.org/10.21511/ppm.19(3).2021.28

Abstract:
The Covid-19 pandemic has caused changes in the social and economic environments for healthcare. Particularly, to avoid spreading the Coronavirus pandemic, release the stress among healthcare workers, and make them work effectively during the epidemic, high-reliability healthcare organizations give great importance to the improvement of their functions. This study aims to show the importance of high-reliability healthcare organizations comparing their effectiveness during a pandemic by applied qualitative research method with many statistical analyses. In order to achieve the aim of the study, a Likert scale survey technique is used to collect the data by using an online survey. 280 healthcare workers filled the survey from January 17, 2021, to February 22, 2021. Based on the outcomes of the analyses, it has been found that such functions as shared knowledge pattern, provision of self-care, awareness of the coronavirus consequences at the workplace of high-reliability healthcare organizations have a positive and significant relationship at p < 0.01 level with taken appropriate measures against coronavirus variable. Self-awareness of organizational role, organizational resources to provide safety, flexibility of work, environmental safety, and collective mindfulness do not have any relationship with the appropriate measures against Covid-19 variable. This outcome indicates that shared knowledge pattern, provision of self-care, and awareness of the coronavirus consequences at the workplace have a more important role in combating Covid-19 in high-reliability healthcare organizations. AcknowledgmentsWe would like to thank all the healthcare workers, who filled the survey of the study. This paper is supported by EFOP-3.6.3-VEKOP-16-2017-00007—“Young researchers for talent”— supporting careers in research activities in higher education program.
Jadwiga Nycz-Wróbel
Problems and Perspectives in Management, Volume 19, pp 309-320; https://doi.org/10.21511/ppm.19(3).2021.25

Abstract:
The emphasis on the need to balance the relations between the economy and the natural environment has been growing in recent years. For individual enterprises, it means considering the environmental protection issues in their activities and switching to environmentally-friendly business practices. The purpose of this paper is to present the activities undertaken and performed by Polish manufacturing companies participating in the European Union Eco-Management and Audit Scheme (EMAS) to reduce emissions of contaminants to air and an attempt to determine solutions that could serve as good environmental practices in this aspect. The grounds for the assumed research method were the analysis of secondary sources in the form of environmental statements. Environmental statements were downloaded from the EMAS website. The selection of the sample was targeted, the study was complete and included 13 manufacturing companies from Poland participating in EMAS, according to the register as of February 18, 2021. The findings indicate that Polish enterprises most frequently performed activities that involved using or improvement of technologies to reduce air emissions and implementation of monitoring and emissions measurement systems. The implemented or improved technologies mostly focused on limiting hard coal usage and replacing it with other energy sources, e.g., liquid gas, earth gas, or renewable energy sources. Analyzed enterprises also performed activities with the purpose of process containment, improvement of offered products, or reducing transport-related emissions.
Imen Zorgati, Hajer Zorgati, Elmoez Zaabi
Problems and Perspectives in Management, Volume 19, pp 298-308; https://doi.org/10.21511/ppm.19(3).2021.24

Abstract:
This study aims to investigate the quality management of public transportation services in the Tunisian context during the COVID-19 outbreak. The empirical study was based on the conjoint analysis approach. The sample collected is composed of 250 individuals who often use the train as a means of transport and the pairwise comparison method is adopted for conjoint analysis. This study assesses quality management of customer service and takes into account four aspects of service quality such as comfort, way of reservation (possibility of online booking), speed, and safety. The findings revealed that the optimal combination of service offered by the Tunisian national railway company is characterized by the terms “first class”, “online booking”, “express”, and “safety”. It is favored by Tunisian customers during the COVID-19 outbreak.Additionally, the results show that the maximum utility corresponds to the “safety train” modality followed by “second class”, “online booking”, and finally “stopover”. Moreover, the use of new information and communication technologies (NICT) has importance for train users during the COVID-19 outbreak. Indeed, Tunisians are looking for safety and measures to reduce crowding in a train, to minimize the risk of contagion of COVID-19 outbreak.
Rahul Kumar, Prince Bhatia, Deeksha Gupta
Investment Management and Financial Innovations, Volume 18, pp 334-346; https://doi.org/10.21511/imfi.18(3).2021.28

Abstract:
This paper aims to examine the impact of the COVID-19 outbreak on Indian firms listed on the NSE and analyze its impact on various sectors. In addition, a sub-sample analysis based on market capitalization was performed to understand the effect of size during extreme events. The sample consisted of 1,335 firms listed on the NSE India. A standard event study outlined by Brown and Warner (1985) was employed to analyze the price impact on the COVID-19 outbreak. The event windows from -10 days to +10 days were selected. The estimation window is 250 days. The Nifty 50 has been chosen as a proxy for market return. The sample firms witnessed a negative impact of the COVID-19 outbreak with a negative CAAR in different event windows. In addition, various sectors are classified according their responsiveness towards the COVID-19 outbreak into three groups: highly negatively affected, moderately negatively affected, and slightly negatively affected. The paper also points out that the pandemic substantially affects the above-median market capitalized firms than the below-median market capitalized firms, which contradicts the size effect phenomenon. The results assist shareholders in managing their portfolios and mitigate the systematic risk of their investments during extreme events such as a pandemic, wars, and others. This study is the first comprehensive analysis of the impact of the COVID-19 outbreak on different sectors in India. It is also the first study to investigate the size effect anomalies during extreme events.
Abdulwahid Ahmed Hashed Abdullah
Investment Management and Financial Innovations, Volume 18, pp 327-333; https://doi.org/10.21511/imfi.18(3).2021.27

Abstract:
This study examined the impact of cost stickiness on firm profitability in different industrial sectors in Saudi Arabia. The sample size for the study consists of 102 companies listed on Tadawul (Saudi Stock Exchange) from 2009 to 2018. The study estimated a panel regression using pooled OLS, fixed and random effects, and Generalized Method of Moments (GMM). The variable Return on Investment (ROI) is used as a proxy to measure a firm’s profitability. The results of all the three models are similar to each other. The study found a negative and significant correlation between profitability and cost stickiness, indicating firms’ inability to control the selling, general and administrative costs (SG&A), ultimately leading to lower profits. In addition, firm size is positively associated with profitability, indicating that larger firms are more profitable compared to smaller ones, while the leverage is negatively related to profitability, indicating that companies have higher debts.
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