rss_2.0International Journal of Management and Economics FeedSciendo RSS Feed for International Journal of Management and Economicshttps://sciendo.com/journal/IJMEhttps://www.sciendo.comInternational Journal of Management and Economics 's Coverhttps://sciendo-parsed-data-feed.s3.eu-central-1.amazonaws.com/6009c485483cbb1de7335113/cover-image.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20220524T003824Z&X-Amz-SignedHeaders=host&X-Amz-Expires=604800&X-Amz-Credential=AKIA6AP2G7AKDOZOEZ7H%2F20220524%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Signature=7d82013a4a5bcd2e11856335d8cca1c8c06f7256d526d75cf0eaebbb044ba83e200300Startup Acceleratorshttps://sciendo.com/article/10.2478/ijme-2022-0002<abstract> <title style='display:none'>Abstract</title> <p>Accelerators have been becoming increasingly popular among young entrepreneurs interested in developing products, attracting investors, or establishing relations with industry represented by large companies.</p> <p>The focus of the studies is to conduct literature review due to the small number of scientific articles are available on this topic. The article aims to show the current state of knowledge about startup accelerators and the support they provide. It outlines what added value accelerators offer in their programs for young innovative companies.</p> <p>To achieve the stated aim, the authors combine a systematic literature review with a bibliometric analysis. The results of this research will be helpful in better matching the developed project with existing accelerator programs on the market. It can contribute to a better understanding of the principles governing the programs, program expectations of the accelerator and its partners with respect to the proposed solutions (corporations, business angels, and venture capital funds).</p> </abstract>ARTICLE2022-05-13T00:00:00.000+00:00Poland and global value chains at the beginning of the 21st century – An opportunity or a threat?https://sciendo.com/article/10.2478/ijme-2022-0004<abstract> <title style='display:none'>Abstract</title> <p>This article aims to examine and present trade relations in global value chains (GVCs) and their impact on Polish trade, emphasizing Poland's ability to react to rapid changes in the global economy, as in the case of the COVID-19 pandemic. For this purpose, the author proposed a two-stage study. The first stage focuses on analyzing selected indexes describing the Polish share and position in GVCs against the background of the European Union (EU) and OECD countries. The second stage is related to the analysis of the latest economic trade data and the reaction of Poland, the EU, and OECD to changes in international trade in 2020 and 2021 in the context of GVC. The study uses data from the OECD and WTO Trade in Value Added Database and the Eurostat Database. The relatively quick adaptation of Poland to the world's standards indicates great possibilities for adaptation of the Polish economy. The share of foreign value added in Polish exports was consistent with global trends. The export orientation of Polish production increased during the analyzed period, proving Poland's deep commitment to global production chains. Despite a similar decline in import and export in the first months of 2020, as in the OECD and the EU26, the growth dynamics in the following months were higher in Poland. Many industries in Poland are highly dependent on the smooth operation of GVCs. At the same time, the service sector is gaining importance, and its share in exports is systematically growing. The highly flexible nature of Poland's international trade allowed it to reduce the negative impact of the COVID-19 pandemic on its economy.</p> </abstract>ARTICLE2022-05-13T00:00:00.000+00:00Assessing the diversification risk of a single equity market: evidence from the largest European stock indexeshttps://sciendo.com/article/10.2478/ijme-2022-0001<abstract> <title style='display:none'>Abstract</title> <p>Diversification of financial securities is considered a substantial element of portfolio risk. In this context, the construction of an optimal portfolio is an ongoing concern for portfolio managers. This study measures the risk–reward tradeoffs linked to the stock indexes of Germany, Spain, Italy, France, and England. First, the stock indexes are analyzed as individual portfolios and later compared to the hypothetical common equity index. The results show diversification benefits gained from a hypothetical common European stock market. Individual stock prices and trade volumes are collected weekly from January 1, 2008 to December 31, 2018. The results indicate that, on average, the most well-diversified equity indexes are IBEX35, FTSE MIB, and FTSE100. In contrast, DAX, MDAX, and CAC40 on average tend to be less diversified. The diversification risk for DAX, MDAX, and CAC40 decreases from joining a common hypothetical stock market, while for FTSE100, FTSE MIB, and IBEX it increases.</p> </abstract>ARTICLE2022-05-13T00:00:00.000+00:00List of reviewers in 2021https://sciendo.com/article/10.2478/ijme-2021-0028ARTICLE2021-12-31T00:00:00.000+00:00Editorialhttps://sciendo.com/article/10.2478/ijme-2021-0027ARTICLE2021-12-31T00:00:00.000+00:00Disputes over the reasons for Sweden's economic success: Nima Sanandaji and his criticshttps://sciendo.com/article/10.2478/ijme-2021-0026<abstract> <title style='display:none'>Abstract</title> <p>I analyze selected views of the well-known Swedish analyst of Nordic economies, Nima Sanandaji, on the reasons for the economic (and social) successes of Sweden and other Nordic countries in the 20th and 21st centuries. My aim is not to provide a detailed and full appraisal of these views but to confront them with the arguments of Sanandaji's critics. Only occasionally do I supplement the arguments of Sanandaji's commentators with additional comments of my own.</p> <p>In particular, my interests include the following theses of Sanandaji: the thesis that Sweden's prosperity arose before the development of the welfare state, which contributed little to its creation; the thesis that other Swedish successes (health, small inequalities, equal opportunities) are wrongly attributed to the Swedish welfare state or are far from complete; the thesis that there is very limited scope for other countries to copy the Swedish (Nordic) experience.</p> <p>In the Conclusion, I comment on the reception of Sanandaji's views in Poland.</p> </abstract>ARTICLE2021-12-31T00:00:00.000+00:00The impact of customer capital on company's market value: An empirical study from 100 U.S. stock market leadershttps://sciendo.com/article/10.2478/ijme-2021-0025<abstract> <title style='display:none'>Abstract</title> <sec><title style='display:none'>Objective</title> <p>The aim of the paper is to establish the relationship between the customer capital and the company's market value (MV). Examining this impact seems justified as the topic has been rarely investigated till now.</p> </sec> <sec><title style='display:none'>Methods</title> <p>The regression analysis was used to achieve the research objective. We analyzed reports of 100 U.S. stock market leaders for 2018, which were prepared in accordance with the requirements of International Financial Reporting Standard 3 «Business Combinations» and included information about customer capital.</p> </sec> <sec><title style='display:none'>Findings</title> <p>The hypothesis that the customer capital has a direct impact on the company's MV is confirmed by the results of this study.</p> </sec> <sec><title style='display:none'>Practical implication</title> <p>The proposed regression model (Model 3) can be used for needs of value-based management.</p> </sec> <sec><title style='display:none'>Originality/value</title> <p>Customer capital as a tool of value-based management is a poorly studied topic in the context of understanding the importance of the role of intangibles in creating value for company.</p> </sec> </abstract>ARTICLE2021-12-31T00:00:00.000+00:00Perception of formal and informal institutions by entrepreneurs in China, Morocco, and Germany – A cross-cultural pilot studyhttps://sciendo.com/article/10.2478/ijme-2020-0026<abstract><title style='display:none'>Abstract</title><sec><title style='display:none'>Introduction and Aims</title><p>Entrepreneurship and the business environment, in general, are being influenced by the existence of formal and informal institutions. This study focuses on the negative versus positive perceptions of Moroccan, Chinese, and German entrepreneurs to formal and informal institutions, and the associations of these perceptions with self-efficacy and market versus network orientation of the business environment.</p></sec><sec><title style='display:none'>Methods</title><p>In a sample of <italic>n</italic> = 319 female and male entrepreneurs, we have examined similarities and differences in the perception of informal and formal institutions and their effects on self-efficacy and business strategy, while conducting <italic>t</italic>-tests and linear regressions.</p></sec><sec><title style='display:none'>Results</title><p>In all three cultural contexts, both formal and informal institutions play a significant role because of different reasons.</p></sec><sec><title style='display:none'>Conclusion</title><p>The nature of entrepreneurship is complex as both formal and informal institutional factors are differently associated with businesses. The results could enhance the understanding regarding the coexistence of formal or informal institutions within the business environments of different countries and the connections between business orientation and self-efficacy.</p></sec></abstract>ARTICLE2020-11-06T00:00:00.000+00:00International Brand Strategies. The Perspective of the Companies from Emerging Marketshttps://sciendo.com/article/10.2478/ijme-2020-0027ARTICLE2020-11-19T00:00:00.000+00:00Editorialhttps://sciendo.com/article/10.2478/ijme-2020-0031ARTICLE2020-12-04T00:00:00.000+00:00An investigation of brand equity dimensions and customer retention: A perspective of postpaid telecom subscribers in Lagos State, Nigeriahttps://sciendo.com/article/10.2478/ijme-2020-0029<abstract><title style='display:none'>Abstract</title><p>This study investigates brand equity dimensions and customer retention of the Nigerian telecommunications industry. Cross-sectional research design was adopted to survey 368 postpaid subscribers. The respondents were selected through multistage sampling techniques. The four dimensions of brand equity (brand awareness, brand association, perceived quality, and brand loyalty) were found to be correlated with one another and with overall brand equity. Similarly, the four dimensions were correlated to and significantly predicted customer retention. The study concluded that improvement of all the four dimensions of brand equity is indispensably vital to customer retention in the mobile telecom industry. The study recommended that telecom operator that is desirous of sustaining high brand notch in the marketplace should intensify their effort to improve on all the four dimensions of brand equity to enhance subscribers’ retention. Findings of this study fill important gaps and contribute to the body of literature related to brand equity dimensions and customer retention from customers’ perspective.</p></abstract>ARTICLE2020-12-04T00:00:00.000+00:00Passing on negative interest rateshttps://sciendo.com/article/10.2478/ijme-2020-0022<abstract><title style='display:none'>Abstract</title><p>Since the ECB has lowered the interest rate on deposits into negative territory, more and more commercial banks are also passing on this negative interest rate to their customers. The main aim of this paper is to answer the question under which conditions the commercial banking sector will be more or less reluctant to pass the negative deposit rate on to its private customers. We first clarify the circumstances under which demand deposits and excess liquidity arise, and what role quantitative easing plays in this context. Within a game-theoretical framework, it is derived that the pressure to pass on the negative interest rate is particularly high if there are no switching costs, and the banking market follows a Bertrand competition.</p></abstract>ARTICLE2020-12-04T00:00:00.000+00:00List of reviewers in 2020https://sciendo.com/article/10.2478/ijme-2020-0033ARTICLE2020-12-04T00:00:00.000+00:00Does industry matter? Drivers and barriers for open innovation in high-tech and non-high-tech industries—Evidence from Polandhttps://sciendo.com/article/10.2478/ijme-2020-0024<abstract><title style='display:none'>Abstract</title><p>Firms adopt open innovation for different reasons, and they experience various barriers for open innovation. Thus, the paper aims to answer two questions: (1) what type of drivers and barriers for open innovation that are to be identified among innovative firms in Poland and (2) what kind of differences in motives and barriers between high-tech and non-high-tech industries can be identified. The authors analyzed drivers and barriers for open innovation drawn from a survey database of on 122 innovative firms in Poland by means of the CATI method. The study confirms that the concept of open innovation is adopted in high-tech as well as non-high-tech industries. The study also shows that the most important drivers in high-tech and non-high-tech industries are market-driven motives, whereas the most important barriers are related to legal and financial factors. Moreover, the research does not confirm that there are different drivers and barriers between in high-tech and non-high-tech industries.</p></abstract>ARTICLE2020-11-06T00:00:00.000+00:00The association between disclosures on control system over financial reporting and mechanisms of corporate governance: Empirical evidence from Germany and Polandhttps://sciendo.com/article/10.2478/ijme-2020-0028<abstract><title style='display:none'>Abstract</title><p>The aim of the research was to determine the impact of selected corporate governance mechanisms on the scope of disclosures related to control system over financial reporting in Poland and Germany. The research group comprised of companies from the Warsaw WIG 30 index and the German DAX index in 2013. The disclosures were measured by the number of detailed disclosures about control system over financial reporting presented by the surveyed companies. The research results indicate that selected corporate governance mechanisms affect the scope of disclosures regarding the system of control over financial reporting. It was found that the number of supervisory board committees and the number of meetings of the supervisory board have a significant positive influence on the scope of disclosures regarding control over financial reporting. But, the increase in number of meetings of the audit committee has a significant negative impact on the scope of disclosures regarding control over financial reporting. The results of the research also indicate the role of national determinants of the scope of disclosures. The study was a comparative one nature and was conducted among companies from developed and developing capital markets.</p></abstract>ARTICLE2020-11-06T00:00:00.000+00:00Assessment of the European Commission's proposals for financing the EU budget in 2021–2027https://sciendo.com/article/10.2478/ijme-2020-0018<abstract><title style='display:none'>Abstract</title><p>A major problem in all European Union (EU) budgetary negotiations is the approach of Member States in net return terms (the fair-return approach). EU members compare their contributions to the EU budget with transfers that they receive from the budget. Net payers tend to reduce the size of the budget to contribute less. Brexit has aggravated the problem of the size of revenue (due to the United Kingdom's position as a big net payer). Also, new expenditure needs have arisen (for protecting external borders and climate, innovation, etc.). To address those needs, in 2018, the Commission submitted three proposals to supplement the current resources to finance the EU budget after the expiry of the principles of the Multiannual Financial Framework (MFF) for 2014–2020 at the end of 2020. The article aims to indicate whether the Commission's proposals are good instruments for the financing of the EU budget. The assessment relies on selected criteria based on theory. It also takes account of the feasibility of the proposals. The main conclusion is that none of the proposals meets well theoretical criteria of “genuine” EU revenue. Also, for practical reasons, it will be difficult for the Member States to come to an agreement on new budgetary resources. All proposals would be relatively costly for Poland.</p></abstract>ARTICLE2020-09-22T00:00:00.000+00:00Editorialhttps://sciendo.com/article/10.2478/ijme-2020-0023ARTICLE2020-09-30T00:00:00.000+00:00The sweet-and-sour soup of Michał Kalecki's political economyhttps://sciendo.com/article/10.2478/ijme-2020-0016<abstract><title style='display:none'>Abstract</title><p>Leszek Jasiński [2019] attempts, as the title indicates, “a reading after half a century” of Michał Kalecki's thought. We dispute the main claim in the book, i.e. that Kalecki has a firm place in contemporary mainstream economics and was the originator of many ideas generally accepted today. On careful reading, virtually none of the models and theories by Kalecki selected by Jasiński for appraisal has entered mainstream neoclassical economic research and graduate academic teaching. Most of his policy advice was also neglected by the Capitalist State, (post)Stalinist “socialist” State, and “Intermediate Regimes” in developing countries. His <italic>opus</italic> remains original, advanced, insightful but heterodox in all contexts. Our main thesis is that, <italic>toutes proportions gardées</italic>, Jasiński is signalling an attempt to repeat the absorption of ‘bastardised’ Keynesianism into the mainstream “grand neoclassical synthesis” in the 1940s/50s with selected, reinterpreted, ‘bastardised’ Kaleckian ideas today. We also doubt that the unilinear view of the history of economic thought can be sustained.</p></abstract>ARTICLE2020-09-01T00:00:00.000+00:00Determinants of inward FDI in Ukraine: Does political stability matter?https://sciendo.com/article/10.2478/ijme-2020-0021<abstract><title style='display:none'>Abstract</title><p>The main goal of this article is to study the determinants of foreign direct investment (FDI) in Ukraine from 2013 to 2017 that includes the years of armed conflict. We adopt the Knowledge-Capital model as our analytical framework and extend it to include the effects that account for political stability and political regime. The research hypotheses obtained from this framework are verified using the Pseudo-Poisson Maximum Likelihood estimation technique and the bilateral panel data on direct investment stocks from 140 partner countries. Our empirical findings show that access to Ukraine's cheap labor force is the primary reason for inward FDI. Moreover, we find no direct relationship between the political events in Ukraine and the investment stock dynamics as the estimated parameters on the indices of democracy, autocracy, polity, and political stability show no statistical significance.</p></abstract>ARTICLE2020-09-30T00:00:00.000+00:00Identification of nonlinear determinants of stock indices derived by Random Forest algorithmhttps://sciendo.com/article/10.2478/ijme-2020-0017<abstract><title style='display:none'>Abstract</title><p>In this paper, the use of the machine learning algorithm is examined in derivation of the determinants of price movements of stock indices. The Random Forest algorithm was selected as an ideal representative of the nonlinear algorithms based on decision trees. Various brokering and investment firms and individual investors need comprehensive and insight information such as the drivers of stock price movements and relationships existing between the various factors of the stock market so that they can invest efficiently through better understanding. Our work focuses on determining the factors that drive the future price movements of Stoxx Europe 600, DAX, and WIG20 by using the importance of input variables in the Random Forest classifier. The main determinants were derived from a large dataset containing macroeconomic and market data, which were collected everyday through various ways.</p></abstract>ARTICLE2020-09-10T00:00:00.000+00:00en-us-1