There is no agreed and precise definition of the concept of financial failure. This situation causes the studies of the concept to be associated with bankruptcies. Although not every company experiencing financial failure goes bankrupt, it can be noted that economic fluctuations that happen on a global scale cause many companies to face the risk of financial failure and even bankruptcy. Furthermore, the COVID-19 pandemic has also affected the economic policies of countries and thus affected the operations of companies. This study aims to analyze the financial failure risk of Borsa İstanbul (BIST) manufacturing companies before and after COVID-19. In the research, financial statements of BIST manufacturing industry companies published quarterly between the years 2019-2020 were used. Within the scope of the research, the quarterly financial statements of 146 BIST companies listed in the manufacturing industry for the years 2019-2020 were analyzed with the financial failure models of Altman (1968), Springate (1978), Taffler (1983) and Zmijewski (1984).
对于财务失败的概念，目前还没有一个公认的精确定义。这种情况使得对这个概念的研究与破产联系在一起。虽然不是每一个经历财务失败的公司都会破产，但可以注意到，全球范围内发生的经济波动导致许多公司面临财务失败甚至破产的风险。此外，新冠肺炎疫情也影响了各国的经济政策，从而影响了企业的经营。本研究旨在分析Borsa İstanbul (BIST)制造企业在COVID-19之前和之后的财务失败风险。本研究使用的是2019-2020年BIST制造业公司的季度财务报表。在研究范围内，采用Altman(1968)、Springate(1978)、Taffler(1983)和Zmijewski(1984)的财务失败模型，对146家制造业上市公司2019-2020年的季度财务报表进行分析。
{"title":"Analyzing the Impact of COVID-19 on the Financial Failure Risk in Borsa İstanbul Manufacturing Companies","authors":"E. Kaplanoğlu, Fatma Moroğlu","doi":"10.51410/jcgirm.8.2.7","DOIUrl":"https://doi.org/10.51410/jcgirm.8.2.7","url":null,"abstract":"There is no agreed and precise definition of the concept of financial failure. This situation causes the studies of the concept to be associated with bankruptcies. Although not every company experiencing financial failure goes bankrupt, it can be noted that economic fluctuations that happen on a global scale cause many companies to face the risk of financial failure and even bankruptcy. Furthermore, the COVID-19 pandemic has also affected the economic policies of countries and thus affected the operations of companies. This study aims to analyze the financial failure risk of Borsa İstanbul (BIST) manufacturing companies before and after COVID-19. In the research, financial statements of BIST manufacturing industry companies published quarterly between the years 2019-2020 were used. Within the scope of the research, the quarterly financial statements of 146 BIST companies listed in the manufacturing industry for the years 2019-2020 were analyzed with the financial failure models of Altman (1968), Springate (1978), Taffler (1983) and Zmijewski (1984).","PeriodicalId":147045,"journal":{"name":"Journal of corporate governance, insurance and risk management","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133485299","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Covid-19 virus, which emerged in Wuhan, China, in December 2019, spread all over the world in 2020, bringing commercial, social and economic life to a standstill. Governments have applied many support practices to reduce the impact of the virus on the economy. With public banks’ social life support loans, those who lost their income due to the pandemic were supported. In 2020, when the most intense effects of the Covid-19 pandemic were experienced, public banks’ loan and deposit volumes grew significantly. Banks profit by using the deposits they hold or collect as loans. Therefore, the efficiency of fiscal and monetary policies is increased through banks. The study aims to investigate whether the Covid-19 pandemic has caused a change in the clustering of banks by using the financial and size data of the deposit banks in the BIST Liquid Bank Index. The study tried to determine which banks included in the Borsa İstanbul (BIST) Liquid Bank Index were clustered using the values published in the 2019 and 2020 year-end annual reports. Cluster analysis was applied using the SPSS program. The study’s findings determined that the pandemic process affected the clustering of banks and that public banks were in a different cluster compared to 2019.
2019年12月在中国武汉出现的新冠肺炎病毒于2020年传播到世界各地，使商业、社会和经济生活陷入停顿。各国政府采取了许多支持性做法，以减少病毒对经济的影响。通过公共银行的社会生活支持贷款，那些因疫情失去收入的人得到了支持。在新冠肺炎疫情影响最严重的2020年，公共银行的贷存量大幅增长。银行通过将其持有或收取的存款用作贷款来获利。因此，财政和货币政策的效率是通过银行来提高的。该研究旨在利用BIST流动性银行指数中存款银行的财务和规模数据，调查新冠肺炎疫情是否导致了银行集群的变化。该研究试图确定哪些纳入Borsa İstanbul (BIST)流动性银行指数的银行是使用2019年和2020年年终报告中公布的值进行聚类的。采用SPSS软件进行聚类分析。该研究的结果确定，大流行过程影响了银行的集群，与2019年相比，公共银行处于不同的集群中。
{"title":"Comparison of Banks with Cluster Analysis Before and After Covid-19 Pandemic","authors":"Salih Acikalin, Hasan Huseyin Yildirim","doi":"10.51410/jcgirm.8.2.12","DOIUrl":"https://doi.org/10.51410/jcgirm.8.2.12","url":null,"abstract":"The Covid-19 virus, which emerged in Wuhan, China, in December 2019, spread all over the world in 2020, bringing commercial, social and economic life to a standstill. Governments have applied many support practices to reduce the impact of the virus on the economy. With public banks’ social life support loans, those who lost their income due to the pandemic were supported. In 2020, when the most intense effects of the Covid-19 pandemic were experienced, public banks’ loan and deposit volumes grew significantly. Banks profit by using the deposits they hold or collect as loans. Therefore, the efficiency of fiscal and monetary policies is increased through banks. The study aims to investigate whether the Covid-19 pandemic has caused a change in the clustering of banks by using the financial and size data of the deposit banks in the BIST Liquid Bank Index. The study tried to determine which banks included in the Borsa İstanbul (BIST) Liquid Bank Index were clustered using the values published in the 2019 and 2020 year-end annual reports. Cluster analysis was applied using the SPSS program. The study’s findings determined that the pandemic process affected the clustering of banks and that public banks were in a different cluster compared to 2019.","PeriodicalId":147045,"journal":{"name":"Journal of corporate governance, insurance and risk management","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128271372","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Entrepreneurs are the leading creators of employment, facilitating the economic-social regeneration of countries. The crisis that occurred in recent years, together with the negative impacts generated by COVID 19, has given rise to an unprecedented scenario, which leads to the need to deepen the study of the determinants of entrepreneurship in youth. This work aims to carry out a bibliographic review on the primary motivators for entrepreneurship in young people in Spain and Turkey and the challenges to overcome under the current scenario. The results show that although there is a positive attitude towards entrepreneurship among young people, they focus on working independently, being an alternative to unemployment or increasing income sources. Due to the devastating global economic-financial crisis that the pandemic has generated, their actions have had to either stop, be limited, or not be able to start. However, those who have done so have found a good option in the digital environment.
{"title":"Entrepreneurship Among Young People in Spain and Turkey","authors":"Pedro Adalid Ruiz, Cantürk Kayahan","doi":"10.51410/jcgirm.8.1.13","DOIUrl":"https://doi.org/10.51410/jcgirm.8.1.13","url":null,"abstract":"Entrepreneurs are the leading creators of employment, facilitating the economic-social regeneration of countries. The crisis that occurred in recent years, together with the negative impacts generated by COVID 19, has given rise to an unprecedented scenario, which leads to the need to deepen the study of the determinants of entrepreneurship in youth. This work aims to carry out a bibliographic review on the primary motivators for entrepreneurship in young people in Spain and Turkey and the challenges to overcome under the current scenario. The results show that although there is a positive attitude towards entrepreneurship among young people, they focus on working independently, being an alternative to unemployment or increasing income sources. Due to the devastating global economic-financial crisis that the pandemic has generated, their actions have had to either stop, be limited, or not be able to start. However, those who have done so have found a good option in the digital environment.","PeriodicalId":147045,"journal":{"name":"Journal of corporate governance, insurance and risk management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131196180","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Changes in consumer behaviour, coupled with shifting purchasing habits, have led to a new setting, one in which the retailers are seeking novel means of keeping potential consumers inside their stores for the maximum duration possible. This prolonged time span contributes to the increased frequency of impulsive actions, thus resulting in greater customer spending. Impulsive buyers are the most crucial target audience for retailers, for they are purely driven by emotion, making decisions without prior preparation or information gathering. Through the grasp of psychological science, behavioural and cognitive functioning, it is possible to discern the factors that make specific retailers and their stores more appealing than others. The main purpose of this paper is to point out a relatively new concept and a technique, called “nudging”, and to showcase the methods of gaining new customers through its utilisation within the Croatian retail market. The nudging technique is not a forceful one, opting to employ imperceptible and subtle means, such as playing certain music, utilising carefully selected scents, colours and lighting within the store, which all serve to improve consumer perception and satisfaction. The retailer can stand out from the competition, precisely by using nudging, which intertwines sensory perception and other psychological factors, incorporating them in the overall store design. For this particular purpose, a survey was conducted among Croatian customers, which examined the presence of specific nudging techniques in retail, as well as their effects on the consumer behaviour. The research results concluded that the Croatian retailers do indeed utilise some nudging techniques which, although perceived by their customers are ultimately left unaware of the impact they have on their respective decision-making process and behaviour
{"title":"Nudging Technique In Retail","authors":"I. Plazibat, Lorena Gašperov, Duje Petričević","doi":"10.51410/jcgirm.8.2.1","DOIUrl":"https://doi.org/10.51410/jcgirm.8.2.1","url":null,"abstract":"Changes in consumer behaviour, coupled with shifting purchasing habits, have led to a new setting, one in which the retailers are seeking novel means of keeping potential consumers inside their stores for the maximum duration possible. This prolonged time span contributes to the increased frequency of impulsive actions, thus resulting in greater customer spending. Impulsive buyers are the most crucial target audience for retailers, for they are purely driven by emotion, making decisions without prior preparation or information gathering. Through the grasp of psychological science, behavioural and cognitive functioning, it is possible to discern the factors that make specific retailers and their stores more appealing than others. The main purpose of this paper is to point out a relatively new concept and a technique, called “nudging”, and to showcase the methods of gaining new customers through its utilisation within the Croatian retail market. The nudging technique is not a forceful one, opting to employ imperceptible and subtle means, such as playing certain music, utilising carefully selected scents, colours and lighting within the store, which all serve to improve consumer perception and satisfaction. The retailer can stand out from the competition, precisely by using nudging, which intertwines sensory perception and other psychological factors, incorporating them in the overall store design. For this particular purpose, a survey was conducted among Croatian customers, which examined the presence of specific nudging techniques in retail, as well as their effects on the consumer behaviour. The research results concluded that the Croatian retailers do indeed utilise some nudging techniques which, although perceived by their customers are ultimately left unaware of the impact they have on their respective decision-making process and behaviour","PeriodicalId":147045,"journal":{"name":"Journal of corporate governance, insurance and risk management","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125539751","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Developed countries have well-designed and developed economies in macroeconomic terms. However, not all countries benefit from the fruits of such an economy. Therefore, some countries are still faced with an economy that requires macroeconomic restructuring and development. People in these countries face high unemployment, evolving fiscal and monetary policies. The state is forced to borrow either internally or externally, where the latter is usually preferred. This paper aims to show the effects of government debt on private consumption with a particular focus on transition countries. Thereby explaining the factors that influence private consumption and the types of debt that governments take into account. The countries in regions, which are facing this problem, will be analysed in more detail. Kosovo is one such country, which will be analysed in detail, particularly the relationship between national debt and private consumption. This study is carried out using the statistical software STATA, whereby private consumption is a dependent variable, whilst national debt, gross fixed capital formation, foreign direct investment, consumer price index, export of goods and services and GDP growth are our independent variables. This paper is a compilation of information from multiple sources to describe the reality that transition countries are faced with when borrowing.
{"title":"The Effect of Public Debt on Private Consumption: The Case of Countries in Transition","authors":"Morina Fisnik, Argjent Berisha","doi":"10.51410/jcgirm.8.2.3","DOIUrl":"https://doi.org/10.51410/jcgirm.8.2.3","url":null,"abstract":"Developed countries have well-designed and developed economies in macroeconomic terms. However, not all countries benefit from the fruits of such an economy. Therefore, some countries are still faced with an economy that requires macroeconomic restructuring and development. People in these countries face high unemployment, evolving fiscal and monetary policies. The state is forced to borrow either internally or externally, where the latter is usually preferred. This paper aims to show the effects of government debt on private consumption with a particular focus on transition countries. Thereby explaining the factors that influence private consumption and the types of debt that governments take into account. The countries in regions, which are facing this problem, will be analysed in more detail. Kosovo is one such country, which will be analysed in detail, particularly the relationship between national debt and private consumption. This study is carried out using the statistical software STATA, whereby private consumption is a dependent variable, whilst national debt, gross fixed capital formation, foreign direct investment, consumer price index, export of goods and services and GDP growth are our independent variables. This paper is a compilation of information from multiple sources to describe the reality that transition countries are faced with when borrowing.","PeriodicalId":147045,"journal":{"name":"Journal of corporate governance, insurance and risk management","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132078574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The function of money plays an essential and indisputable role in the development of trade. Typically, banknotes and coins have always been introduced by central authorities. Emerging after the 2008 crisis, however, Bitcoin, considered to be the original cryptocurrency, contributed to money in an unprecedented dimension as it is the first decentralized peer-to-peer payment network. Cryptocurrencies are in constant interaction and the casualty relationship, among other variables, with Brent Oil. This study attempts to investigate the relationship between Bitcoin, Ethereum and Brent Oil price movements using 210 daily data from 10.12.2019 to 01.10.2020, featuring the period of the start and the spread of the COVID-19 pandemic. In this study, the casualty relationship among Brent Oil, Bitcoin and Ethereum was examined with the Granger Causality test. As a result of the study, a bidirectional casualty relationship is determined between Brent Oil and Ethereum. However, a one-way causality relationship is found between Brent Oil and Bitcoin. On the other hand, there is no causality relationship between Ethereum and Bitcoin.
{"title":"Investigation of the Relationship Between Brent Oil and Cryptocurrencies During the Pandemic Period","authors":"Abdulkadir Kurt, Veysel Kula","doi":"10.51410/jcgirm.8.1.9","DOIUrl":"https://doi.org/10.51410/jcgirm.8.1.9","url":null,"abstract":"The function of money plays an essential and indisputable role in the development of trade. Typically, banknotes and coins have always been introduced by central authorities. Emerging after the 2008 crisis, however, Bitcoin, considered to be the original cryptocurrency, contributed to money in an unprecedented dimension as it is the first decentralized peer-to-peer payment network. Cryptocurrencies are in constant interaction and the casualty relationship, among other variables, with Brent Oil. This study attempts to investigate the relationship between Bitcoin, Ethereum and Brent Oil price movements using 210 daily data from 10.12.2019 to 01.10.2020, featuring the period of the start and the spread of the COVID-19 pandemic. In this study, the casualty relationship among Brent Oil, Bitcoin and Ethereum was examined with the Granger Causality test. As a result of the study, a bidirectional casualty relationship is determined between Brent Oil and Ethereum. However, a one-way causality relationship is found between Brent Oil and Bitcoin. On the other hand, there is no causality relationship between Ethereum and Bitcoin.","PeriodicalId":147045,"journal":{"name":"Journal of corporate governance, insurance and risk management","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128836233","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper’s analysis was triggered by the outbreak of the new virus COVID-19. In December 2019, the Chinese officials alerted the World Health Organization (WHO) of the existence of an unknown deadly virus. Coronavirus has rapidly spread across the world - to Europe, Middle East and the USA, forcing the World Health Organization to declare COVID-19 a global pandemic. Its spread has generated major concerns for the health and economic sectors. Meanwhile, all countries hope for the development of a vaccine. Using as a research method the EGARCH model, this paper investigates if it can be applied to model the trend of volatility of the pharmaceuticals and biotechnology markets, especially during the health crisis. More specifically, this paper tries to identify whether different specifications of univariate GARCH models can usefully anticipate volatility in the stock indices market. The study uses estimates from both a symmetric and an asymmetric GARCH models, namely GARCH (1, 1) and EGARCH models, for the Dow Jones Pharmaceuticals and Biotechnology index (DJUSPN). The dataset is extracted from “Investing.com” and covers the period September 2019 - August 2020, resulting in a total of approximately 252 daily closing prices. The data focuses on the response of the highest capitalized pharmaceutical and biotechnology companies from the US to combat the outbreak of the coronavirus. This study concludes that the EGARCH model is better than the unconditional volatility and the conditional GARCH (1, 1) volatility and it is best suited for modelling and forecasting the fluctuations of the stock indexes.
{"title":"The volatility of the Dow Jones Pharmaceuticals and Biotechnology Index in the context of the Coronavirus crisis","authors":"F. Darie, Illena Tache","doi":"10.51410/JCGIRM.7.2.3","DOIUrl":"https://doi.org/10.51410/JCGIRM.7.2.3","url":null,"abstract":"This paper’s analysis was triggered by the outbreak of the new virus\u0000COVID-19. In December 2019, the Chinese officials alerted the World\u0000Health Organization (WHO) of the existence of an unknown deadly virus.\u0000Coronavirus has rapidly spread across the world - to Europe, Middle East\u0000and the USA, forcing the World Health Organization to declare COVID-19\u0000a global pandemic. Its spread has generated major concerns for the health\u0000and economic sectors. Meanwhile, all countries hope for the development\u0000of a vaccine. Using as a research method the EGARCH model, this paper\u0000investigates if it can be applied to model the trend of volatility of the\u0000pharmaceuticals and biotechnology markets, especially during the health\u0000crisis. More specifically, this paper tries to identify whether different\u0000specifications of univariate GARCH models can usefully anticipate\u0000volatility in the stock indices market. The study uses estimates from both a\u0000symmetric and an asymmetric GARCH models, namely GARCH (1, 1) and\u0000EGARCH models, for the Dow Jones Pharmaceuticals and Biotechnology\u0000index (DJUSPN). The dataset is extracted from “Investing.com” and covers\u0000the period September 2019 - August 2020, resulting in a total of\u0000approximately 252 daily closing prices. The data focuses on the response of\u0000the highest capitalized pharmaceutical and biotechnology companies from\u0000the US to combat the outbreak of the coronavirus. This study concludes that\u0000the EGARCH model is better than the unconditional volatility and the\u0000conditional GARCH (1, 1) volatility and it is best suited for modelling and\u0000forecasting the fluctuations of the stock indexes.","PeriodicalId":147045,"journal":{"name":"Journal of corporate governance, insurance and risk management","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132452351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Absorptive capacity (ACAP) as a function of systematic knowledge management is widely recognized as the catalyst for successful innovation performance in firms, particularly when it comes to identifying business opportunity information from the outside world and assimilating it into a firm’s innovation process. The concept of absorptive capacity became a widely researched topic in the area of organization and management, consequently, the definition of the ACAP components, its operationalization and outcomes, is extremely heterogeneous and has greatly affected the research production on ACAP. Therefore, the question arising is: Which approach to absorptive capacity will enable it is being truly recognized as a concept at a global level, and in which areas of economy and business is ACAP most frequently encountered, particularly when it is connected to innovation processes? Based on a sample of 1288 papers within Web of Science Core Collection, this paper presents a bibliometric analysis of relevant publications on ACAP with the specific aim of gaining a deeper insight into the relevance of the impact of absorptive capacity on a firm’s innovation strategy. The results were systematized in a form of quantitative bibliographic review. The purpose of the analysis was to determine the existing level of the empirical and theoretical efforts in the research on ACAP, with a particular focus on firms and their innovation processes as well as knowledge management processes.
吸收能力(ACAP)作为系统知识管理的一个功能，被广泛认为是企业成功创新绩效的催化剂，特别是在识别来自外部世界的商业机会信息并将其吸收到企业的创新过程中。吸收能力的概念成为组织管理领域广泛研究的课题，因此，吸收能力各组成部分的定义、运作和结果存在极大的异质性，极大地影响了吸收能力的研究成果。因此，出现的问题是:哪一种吸收能力的方法将使ACAP作为一个概念在全球范围内得到真正的认可，以及在哪些经济和商业领域最常遇到ACAP，特别是当它与创新过程联系在一起时?本文以Web of Science核心合集中的1288篇论文为样本，对ACAP的相关出版物进行了文献计量分析，旨在更深入地了解吸收能力对企业创新战略影响的相关性。结果以定量文献回顾的形式系统化。分析的目的是确定ACAP研究的实证和理论工作的现有水平，特别关注公司及其创新过程以及知识管理过程。
{"title":"The Relevance of the absorptive capacity in firms’ innovation strategies measured via bibliometric analysis","authors":"Ernest Vlačić, Marina Dabic, M. Božac","doi":"10.51410/JCGIRM.7.1.1","DOIUrl":"https://doi.org/10.51410/JCGIRM.7.1.1","url":null,"abstract":"Absorptive capacity (ACAP) as a function of systematic knowledge management is widely recognized as the catalyst for successful innovation performance in firms, particularly when it comes to identifying business opportunity information from the outside world and assimilating it into a firm’s innovation process. The concept of absorptive capacity became a widely researched topic in the area of organization and management, consequently, the definition of the ACAP components, its operationalization and outcomes, is extremely heterogeneous and has greatly affected the research production on ACAP. Therefore, the question arising is: Which approach to absorptive capacity will enable it is being truly recognized as a concept at a global level, and in which areas of economy and business is ACAP most frequently encountered, particularly when it is connected to innovation processes? Based on a sample of 1288 papers within Web of Science Core Collection, this paper presents a bibliometric analysis of relevant publications on ACAP with the specific aim of gaining a deeper insight into the relevance of the impact of absorptive capacity on a firm’s innovation strategy. The results were systematized in a form of quantitative bibliographic review. The purpose of the analysis was to determine the existing level of the empirical and theoretical efforts in the research on ACAP, with a particular focus on firms and their innovation processes as well as knowledge management processes.","PeriodicalId":147045,"journal":{"name":"Journal of corporate governance, insurance and risk management","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133440146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The institutional environment in which multinational companies act is unique and complex. It is unique in the sense that the subsidiaries of multinational companies are facing dual pressures from both the host country and the country of the parent company. Further, the complexity of the environment presumes the need for global integration and the need for the local adaptation. Although some countries are characterized by a more favourable institutional environment for establishing and expanding business, in other countries the institutional environment is a challenge for multinational companies. In this paper, the author will present the current theoretical knowledge and references in already conducted research regarding the institutional distance in the context of multinational companies and their subsidiaries.
{"title":"Institutional distance","authors":"Ana Krajnović","doi":"10.51410/JCGIRM.7.1.2","DOIUrl":"https://doi.org/10.51410/JCGIRM.7.1.2","url":null,"abstract":"The institutional environment in which multinational companies act is unique and complex. It is unique in the sense that the subsidiaries of multinational companies are facing dual pressures from both the host country and the country of the parent company. Further, the complexity of the environment presumes the need for global integration and the need for the local adaptation. Although some countries are characterized by a more favourable institutional environment for establishing and expanding business, in other countries the institutional environment is a challenge for multinational companies. In this paper, the author will present the current theoretical knowledge and references in already conducted research regarding the institutional distance in the context of multinational companies and their subsidiaries.","PeriodicalId":147045,"journal":{"name":"Journal of corporate governance, insurance and risk management","volume":"88 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130866554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Starting from the research assumption that the Corporate Governance Code issued by Bucharest Stock Exchange (BSE) aims at building an internationally attractive capital market in Romania, based on best practices, transparency and trust that encourages companies to build a strong relationship with their shareholders and other stakeholders, communicate effectively and transparently and show openness towards all potential investors, in this paper we would like to present the degree of compliance of the companies listed on the Bucharest Stock Exchange with the principles and provisions of the Corporate Governance Code. The aim of this paper is achieved by presenting and commenting on the principles issued by the BSE regarding the corporate governance and by analysing the Corporate Governance Reports of the companies, presenting at the same time the compliance of the listed companies with these principles and provisions, by using the data issued in 2018 by the entities included in our study, namely the listed companies on the main market of the Bucharest Stock Exchange. Our analysis reflects that, although the provisions and principles of the Corporate Governance Code are not mandatory for the listed companies, they are largely implemented in the activity of companies because an efficient corporate governance system can represent a competitive advantage for any economic entity in the context of globalisation.
{"title":"The compliance of the Romanian listed companies with the principles and provisions of the Corporate Governance Code","authors":"Oana Bogdan, A. Dumitrescu","doi":"10.51410/JCGIRM.7.2.4","DOIUrl":"https://doi.org/10.51410/JCGIRM.7.2.4","url":null,"abstract":"Starting from the research assumption that the Corporate Governance\u0000Code issued by Bucharest Stock Exchange (BSE) aims at building an\u0000internationally attractive capital market in Romania, based on best\u0000practices, transparency and trust that encourages companies to build a\u0000strong relationship with their shareholders and other stakeholders,\u0000communicate effectively and transparently and show openness towards all\u0000potential investors, in this paper we would like to present the degree of\u0000compliance of the companies listed on the Bucharest Stock Exchange with\u0000the principles and provisions of the Corporate Governance Code. The aim\u0000of this paper is achieved by presenting and commenting on the principles\u0000issued by the BSE regarding the corporate governance and by analysing\u0000the Corporate Governance Reports of the companies, presenting at the\u0000same time the compliance of the listed companies with these principles\u0000and provisions, by using the data issued in 2018 by the entities included in\u0000our study, namely the listed companies on the main market of the\u0000Bucharest Stock Exchange. Our analysis reflects that, although the\u0000provisions and principles of the Corporate Governance Code are not\u0000mandatory for the listed companies, they are largely implemented in the\u0000activity of companies because an efficient corporate governance system\u0000can represent a competitive advantage for any economic entity in the\u0000context of globalisation.","PeriodicalId":147045,"journal":{"name":"Journal of corporate governance, insurance and risk management","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115415305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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