Abstract: The main objective of this article is to examine the
impact of interest rates on investments in Poland in the context of
financial crisis. The paper also investigates the dependence of bank
loans to enterprises on interbank market rates. The article studies the
impact of interbank market rate on the level of investments in Poland.
Besides, this article focuses on the research of the correlation
between the level of corporate loans and the amount of investments
in Poland in order to determine the indirect impact of central bank
interest rates through the transmission mechanism of monetary policy
on the real economy. To achieve the objective we have used
econometric and statistical research methods like: econometric model
and Pearson correlation coefficient.
This analysis suggests that the central bank reference rate
inversely proportionally affects the level of investments in Poland
and this dependence is moderate. This is also important issue because
it is related to preparing of Poland to accession to euro area. The
research is important from both theoretical and empirical points of
view. The formulated conclusions and recommendations determine
the practical significance of the paper which may be used in the
decision making process of monetary and economic authorities of the
country.
Abstract: Construction and reconstruction of settlements and
individual municipalities, environmental management and the
creation, deployment of the forces of production and building
transport and technical equipment requires a large expenditure of
material and human resources. That is why the economic aspects of
the majority decision in these planes built in the foreground and are
often decisive. Thereby but more serious is that the economic aspects
of the settlement, the creation and function remain in their whole,
unprocessed, and cannot speak of a set of individual techniques and
methods traditional indicators and experiments with new approaches.
This is true both at the level of the national economy, and in their
own urban designs. Still a few remain identified specific economic
shaping patterns of settlement and the less it is possible to speak of
their control. Also practical assessing economics of specific solutions
are often used non-apt indicators in addition to economics usually
identifies with the lowest acquisition cost or high-intensity land use
with little regard for functional efficiency and little studied much
higher operating and maintenance costs".
Abstract: Due to today’s globalization as well as outsourcing
practices of the companies, the Supply Chain (SC) performances
have become more dependent on the efficient movement of material
among places that are geographically dispersed, where there is more
chance for disruptions. One such disruption is the quality and
delivery uncertainties of outsourcing. These uncertainties could lead
the products to be unsafe and, as is the case in a number of recent
examples, companies may have to end up in recalling their products.
As a result of these problems, there is a need to develop a
methodology for selecting suppliers globally in view of risks
associated with low quality and late delivery. Accordingly, we
developed a two-stage stochastic model that captures the risks
associated with uncertainty in quality and delivery as well as a
solution procedure for the model. The stochastic model developed
simultaneously optimizes supplier selection and purchase quantities
under price discounts over a time horizon. In particular, our target is
the study of global organizations with multiple sites and multiple
overseas suppliers, where the pricing is offered in suppliers’ local
currencies. Our proposed methodology is applied to a case study for a
US automotive company having two assembly plants and four
potential global suppliers to illustrate how the proposed model works
in practice.
Abstract: Market is an important factor for start-ups to look into
during decision-making in product development and related areas.
Emerging country markets are more uncertain in terms of information
availability and institutional supports. The literature review of market
uncertainty reveals the need for identifying factors representing the
market uncertainty. This paper identifies factors for market
uncertainty using Exploratory Factor Analysis (EFA) and confirmed
the number of factor retention using an alternative factor retention
criterion ‘Parallel Analysis’. 500 entrepreneurs, engaged in start-ups
from all over India participated in the study. This paper concludes
with the factor structure of ‘market uncertainty’ having dimensions of
uncertainty in industry orientation, uncertainty in customer
orientation and uncertainty in marketing orientation.
Abstract: Evidence shows that start-ups success is positively
correlated with the launch of the first product. However, new ventures
are seldom able to acquire abundant resources for new product
development (NPD), which means that entrepreneurs may depend on
personal creativity instead of physical investments to achieve and
accelerate innovation speed. This study accentuates the role of
entrepreneurial bricolage, which defined as making do by applying
combinations of the resources at hand to new problems and
opportunities, in the relations of creative self-efficacy and innovation
speed. This study uses the multiple regression analysis to test the
hypotheses in a sample of 203 start-ups operating in various creative
markets in Taiwan. Results reveal that creative self-efficacy is
positively and directly associated with innovation speed, whereas
entrepreneurial bricolage plays a full mediator. These findings offer
important theoretical and practical implications.
Abstract: Based on Business and Consumer Survey (BCS) data,
the European Commission (EC) regularly publishes the monthly
Economic Sentiment Indicator (ESI) for each EU member state. ESI
is conceptualized as a leading indicator, aimed ad tracking the overall
economic activity. In calculating ESI, the EC employs arbitrarily
chosen weights on 15 BCS response balances. This paper raises the
predictive quality of ESI by applying nonlinear programming to find
such weights that maximize the correlation coefficient of ESI and
year-on-year GDP growth. The obtained results show that the highest
weights are assigned to the response balances of industrial sector
questions, followed by questions from the retail trade sector. This
comes as no surprise since the existing literature shows that the
industrial production is a plausible proxy for the overall Croatian
economic activity and since Croatian GDP is largely influenced by
the aggregate personal consumption.
Abstract: This study conducts simulation analyses to find the
optimal debt ceiling of Taiwan, while factoring in welfare
maximization under a dynamic stochastic general equilibrium
framework. The simulation is based on Taiwan's 2001 to 2011
economic data and shows that welfare is maximized at a debt/GDP
ratio of 0.2, increases in the debt/GDP ratio leads to increases in both
tax and interest rates and decreases in the consumption ratio and
working hours. The study results indicate that the optimal debt ceiling
of Taiwan is 20% of GDP, where if the debt/GDP ratio is greater than
40%, the welfare will be negative and result in welfare loss.
Abstract: This paper concludes that, for economic development,
and to ensure survival, Kenya and similar countries must industrialize
their economy and mechanize their agriculture using modern large
scale methods.
Abstract: The environmental, cultural, social, and technological
changes have led higher education institutes to question their
traditional roles. Many declarations and frameworks highlight the
importance of fulfilling social responsibility of higher education
institutes. The study aims at developing a framework of university
social responsibility and sustainability (USR&S) with focus on South
Valley University (SVU) as a case study of Egyptian Universities.
The study used meetings with 12 vice deans of community services
and environmental affairs on social responsibility and environmental
issues. The proposed framework integrates social responsibility with
strategic management through the establishment and maintenance of
the vision, mission, values, goals and management systems;
elaboration of policies; provision of actions; evaluation of services
and development of social collaboration with stakeholders to meet
current and future needs of the community and environment. The
framework links between different stakeholders internally and
externally using communication and reporting tools. The results show
that SVU integrates social responsibility and sustainability in its
strategic plans. It has policies and actions however fragmented and
lack of appropriate structure and budgeting. The proposed framework
could be valuable for researchers and decision makers of the
Egyptian Universities. The study proposed recommendations and
highlighted building on the results and conducting future research.
Abstract: In this paper, we explore the macroeconomic effects
of the European Single Market on Austria by simulating the
McKibbin-Sachs Global Model. Global interdependences and the
impact of long-run effects on short-run adjustments are taken into
account. We study the sensitivity of the results with respect to
different assumptions concerning monetary and fiscal policies for the
countries and regions of the world economy. The consequences of
different assumptions about budgetary policies in Austria are also
investigated. The simulation results are contrasted with ex-post
evaluations of the actual impact of Austria’s membership in the
Single Market. As a result, it can be concluded that the Austrian
participation in the European Single Market entails considerable
long-run gains for the Austrian economy with nearly no adverse sideeffects
on any macroeconomic target variable.
Abstract: Research Objectives: The roles and activities of
Human Resource Management (HRM) have changed a lot in the past
years. Driven by a changing environment and therefore new business
requirements, the scope of human resource (HR) activities has
widened. The extent to which these activities should focus on
strategic issues to support the long term success of a company has
been discussed in science for many years. As many economies of
Central and Eastern Europe (CEE) experienced a phase of transition
after the socialist era and are now recovering from the 2008 global
crisis it is needed to examine the current state of HR positioning.
Furthermore a trend in HR work developing from rather
administrative units to being strategic partners of management can be
noticed. This leads to the question of better understanding the
underlying competencies which are necessary to support
organisations. This topic was addressed by the international study
“HR Competencies in international comparison”. The quantitative
survey was conducted by the Institute for Human Resources &
Organisation of FHWien University of Applied Science of WKW (A)
in cooperation with partner universities in the countries Bosnia-
Herzegovina, Croatia, Serbia and Slovenia. Methodology: Using the
questionnaire developed by Dave Ulrich we tested whether the HR
Competency model can be used for Austria, Bosnia and Herzegovina,
Croatia, Serbia and Slovenia. After performing confirmatory and
exploratory factor analysis for the whole data set containing all five
countries we could clearly distinguish between four competencies. In
a further step our analysis focused on median and average
comparisons between the HR competency dimensions. Conclusion:
Our literature review, in alignment with other studies, shows a
relatively rapid pace of development of HR Roles and HR
Competencies in BCSS in the past decades. Comparing data from
BCSS and Austria we still can notice that regards strategic orientation
there is a lack in BCSS countries, thus competencies are not as
developed as in Austria. This leads us to the tentative conclusion that
HR has undergone a rapid change but is still in a State of Transition
from being a rather administrative unit to performing the role of a
strategic partner.
Abstract: Accurate forecasting of fresh produce demand is one
the challenges faced by Small Medium Enterprise (SME)
wholesalers. This paper is an attempt to understand the cause for the
high level of variability such as weather, holidays etc., in demand of
SME wholesalers. Therefore, understanding the significance of
unidentified factors may improve the forecasting accuracy. This
paper presents the current literature on the factors used to predict
demand and the existing forecasting techniques of short shelf life
products. It then investigates a variety of internal and external
possible factors, some of which is not used by other researchers in the
demand prediction process. The results presented in this paper are
further analysed using a number of techniques to minimize noise in
the data. For the analysis past sales data (January 2009 to May 2014)
from a UK based SME wholesaler is used and the results presented
are limited to product ‘Milk’ focused on café’s in derby. The
correlation analysis is done to check the dependencies of variability
factor on the actual demand. Further PCA analysis is done to
understand the significance of factors identified using correlation.
The PCA results suggest that the cloud cover, weather summary and
temperature are the most significant factors that can be used in
forecasting the demand. The correlation of the above three factors
increased relative to monthly and becomes more stable compared to
the weekly and daily demand.
Abstract: This paper presents a state-of-the-art survey of the
operations research models developed for internal audit planning.
Two alternative approaches have been followed in the literature for
audit planning: (1) identifying the optimal audit frequency; and (2)
determining the optimal audit resource allocation. The first approach
identifies the elapsed time between two successive audits, which can
be presented as the optimal number of audits in a given planning
horizon, or the optimal number of transactions after which an audit
should be performed. It also includes the optimal audit schedule. The
second approach determines the optimal allocation of audit frequency
among all auditable units in the firm. In our review, we discuss both
the deterministic and probabilistic models developed for audit
planning. In addition, game theory models are reviewed to find the
optimal auditing strategy based on the interactions between the
auditors and the clients.
Abstract: Lead time is a critical measure of a supply chain's
performance. It impacts both the customer satisfactions as well as the
total cost of inventory. This paper presents the result of a study on the
analysis of the customer order lead-time for a multinational company.
In the study, the lead time was divided into three stages respectively:
order entry, order fulfillment, and order delivery. A sample of size 2,425 order lines was extracted from the
company's records to use for this study. The sample data entails
information regarding customer orders from the time of order entry
until order delivery. Data regarding the lead time of each stage for
different orders were also provided. Summary statistics on lead time
data reveals that about 30% of the orders were delivered later than the
scheduled due date. The result of the multiple linear regression
analysis technique revealed that component type, logistics parameter,
order size and the customer type have significant impacts on lead
time. Data analysis on the stages of lead time indicates that stage 2
consumed over 50% of the lead time. Pareto analysis was made to
study the reasons for the customer order delay in each stage.
Recommendation was given to resolve the problem.
Abstract: We apply the non-parametric, unconditional,
hyperbolic order-α quantile estimator to appraise the relative
efficiency of Microfinance Institutions in Africa in terms of outreach.
Our purpose is to verify if these institutions, which must constantly
try to strike a compromise between their social role and financial
sustainability are operationally efficient.
Using data on African MFIs extracted from the Microfinance
Information eXchange (MIX) database and covering the 2004 to
2006 periods, we find that more efficient MFIs are also the most
profitable. This result is in line with the view that social performance
is not in contradiction with the pursuit of excellent financial
performance. Our results also show that large MFIs in terms of asset
and those charging the highest fees are not necessarily the most
efficient.
Abstract: The aim of the present study is to detect the chaotic
behavior in monetary economic relevant dynamical system. The
study employs three different forms of Taylor rules: current, forward,
and backward looking. The result suggests the existence of the
chaotic behavior in all three systems. In addition, the results strongly
represent that using expectations in policy rule especially rational
expectation hypothesis can increase complexity of the system and
leads to more chaotic behavior.
Abstract: This study utilizes a frequency domain approach over
the period of 1996 to 2013 to examine the causal relationship between
governance and economic growth in ten Asian countries, which have
different levels of democracy; classified as “Free”, “Partly Free”, and
“Not Free” countries. The empirical results show that there is no
Granger causality running from governance to economic growth in
“Not Free” countries and “Partly Free” countries with the exception of
Singapore. As for “Free” countries such as South Korea and Taiwan,
there is a one-way causality running from governance to economic
growth. The findings of this study indicate that policy makers in South
Korea, Taiwan, and Singapore could use governance index to improve
their predictions of the future economic growth.
Abstract: This paper is based on a large questionnaire study. The
paper presents how all participants and subgroups (upper- and
lower-level white-collar workers) answered the question, “Have you
had an ache, pain, or numbness, which you associate with desktop
computer use, in the different body parts during the last 12 months?’
14.6% of participants (19.4% of women and 8.2% of men) reported
that they had often or very often physical symptoms in the neck. Even
if our results cannot prove a causal relation of symptoms with
computer use, show that workers believe that computer use can
influence their wellbeing: this is important when devising treatment
modalities to decrease these physical symptoms.
Abstract: The causality between energy consumption and
economic growth has been an important issue in the economic
literature. This paper studies the causal relationship between
electricity consumption and economic growth in Mexico for the
period of 1971-2011. In so doing, unit root and causality tests are
applied. The results show that energy consumption and economic
growth series are stationary and there is also a causality relationship
running from economic growth to electricity consumption. Therefore,
any energy conservation policy would have little or no impact at all
on economic growth in México.
Abstract: This paper shows the general perceptions of Spanish
university stakeholders in relation to the university’s annual reports
and the adequacy and potential of intellectual capital reporting. To
this end, a questionnaire was designed and sent to every member of
the Social Councils of Spanish public universities. It was thought that
these participants would provide a good example of the attitude of
university stakeholders since they represent the different social
groups connected with universities. From the results of this study we
are in the position of confirming the need for universities to offer
information on intellectual capital in their accounting information
model.