The socio-economic transformation after the fall of communism in Slovakia took place without anchoring new economic subjects in corporate social responsibility. Private companies and state authorities showed little interest in business ethics, so it stayed marginalized. Now, after more than two decades of development for business ethics in Slovakia, an absence of a systematic support for business ethics still pertains. Nonetheless, some initiatives have already been implemented to sustain ethics in business and typically the impetus for these initiatives was given by non-governmental organizations (NGOs). This paper investigates the influence of nine prominent NGOs operating in Slovakia on the development of business ethics in the current Slovak business environment. Based on indepth analysis of NGOs' documentation to projects undertaken in Slovakia throughout the last two decades and semi-structured interviews with the respective NGOs' leaders, the article critically analyzes the nature, scope and effects of NGOs' activities with respect to the advancement of business ethics in companies in Slovakia. Results of this qualitative inquiry suggest NGOs' activities add value mainly on the macro level, i.e. focusing on the fight against corruption, anti-social and illegal activities in state and public administration, promoting democracy and transparency. There are also several inspirational initiatives to expand business ethics on the mezzo level, such as guidelines for introducing corporate codes of ethics, a corporate governance code, an anticorruption charter, or whistle-blowing channels. There is no doubt these initiatives are important because every stimulus for integrating ethics and economics is rare and valuable in Slovak cultural conditions. However, activities of NGOs lack a broader view of the necessity of ethical regulation in business. In particular, results indicate shortage of attention to the control of illegal and unethical activity within the company, to unethical leadership and related negligence of the tone at the top of companies
{"title":"On NGOs’ Role in the Development of Business Ethics in Slovakia","authors":"A. Remišová, Anna Lašáková","doi":"10.30958/ajbe.4-4-3","DOIUrl":"https://doi.org/10.30958/ajbe.4-4-3","url":null,"abstract":"The socio-economic transformation after the fall of communism in Slovakia took place without anchoring new economic subjects in corporate social responsibility. Private companies and state authorities showed little interest in business ethics, so it stayed marginalized. Now, after more than two decades of development for business ethics in Slovakia, an absence of a systematic support for business ethics still pertains. Nonetheless, some initiatives have already been implemented to sustain ethics in business and typically the impetus for these initiatives was given by non-governmental organizations (NGOs). This paper investigates the influence of nine prominent NGOs operating in Slovakia on the development of business ethics in the current Slovak business environment. Based on indepth analysis of NGOs' documentation to projects undertaken in Slovakia throughout the last two decades and semi-structured interviews with the respective NGOs' leaders, the article critically analyzes the nature, scope and effects of NGOs' activities with respect to the advancement of business ethics in companies in Slovakia. Results of this qualitative inquiry suggest NGOs' activities add value mainly on the macro level, i.e. focusing on the fight against corruption, anti-social and illegal activities in state and public administration, promoting democracy and transparency. There are also several inspirational initiatives to expand business ethics on the mezzo level, such as guidelines for introducing corporate codes of ethics, a corporate governance code, an anticorruption charter, or whistle-blowing channels. There is no doubt these initiatives are important because every stimulus for integrating ethics and economics is rare and valuable in Slovak cultural conditions. However, activities of NGOs lack a broader view of the necessity of ethical regulation in business. In particular, results indicate shortage of attention to the control of illegal and unethical activity within the company, to unethical leadership and related negligence of the tone at the top of companies","PeriodicalId":169311,"journal":{"name":"Athens Journal of Business & Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130394383","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 article investigates the factors affecting access to formal credit by micro and small enterprises in Uganda using the Gender Enterprise Survey that was funded by the IDRC. The study employed a probit model. The findings show that firm sales, owner’s education level, belonging to a business association, belonging to business group, use of internet, owning a personal and business bank account, and gender of the owner are positively associated with access to formal credit. We also find that experienced firms are less likely to apply for credit hence reduce the probability to receive formal bank credit. Our results provide insights on the existing gaps in designing supportive policies for micro and small enterprise to enable them increase their access to credit especially from the formal financial institutions.
{"title":"Factors Affecting Access to Formal Credit by Micro and Small Enterprises in Uganda","authors":"Faisal Buyinza, John Mutenyo, Anthony Tibaingana","doi":"10.30958/ajbe.4-4-4","DOIUrl":"https://doi.org/10.30958/ajbe.4-4-4","url":null,"abstract":"This article investigates the factors affecting access to formal credit by micro and small enterprises in Uganda using the Gender Enterprise Survey that was funded by the IDRC. The study employed a probit model. The findings show that firm sales, owner’s education level, belonging to a business association, belonging to business group, use of internet, owning a personal and business bank account, and gender of the owner are positively associated with access to formal credit. We also find that experienced firms are less likely to apply for credit hence reduce the probability to receive formal bank credit. Our results provide insights on the existing gaps in designing supportive policies for micro and small enterprise to enable them increase their access to credit especially from the formal financial institutions.","PeriodicalId":169311,"journal":{"name":"Athens Journal of Business & Economics","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116959390","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}
Twitter is the US president’s, Donald Trump, preferred media for communicating his thoughts to his followers. This project looks at the effect of the daily flow of Donald Trump’s tweets on the US financial and foreign exchange markets, represented by the Dow Jones Industrial Average (DJI) index and some exchange rates, over the period of Donald Trump’s ongoing presidency. Using text mining techniques, some correlation is found between various moving average window lengths of tweet content and the DJI index. Some short term and lasting effects are also detected on US-Canada and US composite exchange rates.
{"title":"The Effects of Donald Trump’s Tweets on US Financial and Foreign Exchange Markets","authors":"Constantin Colonescu","doi":"10.30958/AJBE.4-4-2","DOIUrl":"https://doi.org/10.30958/AJBE.4-4-2","url":null,"abstract":"Twitter is the US president’s, Donald Trump, preferred media for communicating his thoughts to his followers. This project looks at the effect of the daily flow of Donald Trump’s tweets on the US financial and foreign exchange markets, represented by the Dow Jones Industrial Average (DJI) index and some exchange rates, over the period of Donald Trump’s ongoing presidency. Using text mining techniques, some correlation is found between various moving average window lengths of tweet content and the DJI index. Some short term and lasting effects are also detected on US-Canada and US composite exchange rates.","PeriodicalId":169311,"journal":{"name":"Athens Journal of Business & Economics","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114617775","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 factors that comprised a cluster and the state of inter-organizational networks will differ depending on the nature of the product, but incremental innovation that produces refined high-end products appears to be essential for the continued growth. This study investigates product improvement mechanisms in industrial clusters, using Silicon Valley in the U.S., Cremona in northern Italy, and Jingdezhen in China as case studies, shared by both cutting-edge and traditional clusters. As all of the clusters in this research are at the mature stage, the mechanism of open innovation for new highend products is the key to continue developing these clusters. The aim of this research is to find out the conditions for constructing the product improvement mechanisms in industrial clusters. This research is an empirical study based on specific locations which was conducted from 2005 to 2016. A research framework was developed by conducting a wide survey of advanced research, including both primary and secondary materials. In line with this research framework, combined qualitative and quantitative research was carried out. The qualitative research included participant observations that targeted a small number of cases. As a result, open innovation was found to be essential for product improvement in industrial clusters, and the fact was that business producers contribute profoundly to the construction of that mechanism. By maintaining a balance between an arrangement that ensures competition and cooperation that aims to be of benefit to the whole cluster through this kind of leadership, incremental innovation mechanisms will operate toward product improvement, leading to the sustainable development of an industrial cluster. This comparative study contributed theoretically to the accumulation of empirical studies for the creation of innovation in industrial clusters, and practically to the improvement of the product management by showing common factors for product improvement mechanisms in industrial clusters.
{"title":"Creating Commodities Based on the Design Thinking","authors":"Y. Oki","doi":"10.30958/ajbe.4-3-1","DOIUrl":"https://doi.org/10.30958/ajbe.4-3-1","url":null,"abstract":"The factors that comprised a cluster and the state of inter-organizational networks will differ depending on the nature of the product, but incremental innovation that produces refined high-end products appears to be essential for the continued growth. This study investigates product improvement mechanisms in industrial clusters, using Silicon Valley in the U.S., Cremona in northern Italy, and Jingdezhen in China as case studies, shared by both cutting-edge and traditional clusters. As all of the clusters in this research are at the mature stage, the mechanism of open innovation for new highend products is the key to continue developing these clusters. The aim of this research is to find out the conditions for constructing the product improvement mechanisms in industrial clusters. This research is an empirical study based on specific locations which was conducted from 2005 to 2016. A research framework was developed by conducting a wide survey of advanced research, including both primary and secondary materials. In line with this research framework, combined qualitative and quantitative research was carried out. The qualitative research included participant observations that targeted a small number of cases. As a result, open innovation was found to be essential for product improvement in industrial clusters, and the fact was that business producers contribute profoundly to the construction of that mechanism. By maintaining a balance between an arrangement that ensures competition and cooperation that aims to be of benefit to the whole cluster through this kind of leadership, incremental innovation mechanisms will operate toward product improvement, leading to the sustainable development of an industrial cluster. This comparative study contributed theoretically to the accumulation of empirical studies for the creation of innovation in industrial clusters, and practically to the improvement of the product management by showing common factors for product improvement mechanisms in industrial clusters.","PeriodicalId":169311,"journal":{"name":"Athens Journal of Business & Economics","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130652474","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 purpose of this study is to explore the importance of culture in (Enterprise Resource Planning) ERP adoption and to understand why ERP projects commonly fail. This study identifies culture as an underlying issue for such failures. The researchers use the Handy model of culture as a self-diagnosis tool for culture and organisational change that can be utilised as a facilitator for culture and ERP adoption success. This study uses a case study analysis as a qualitative approach to identify a diverse array of perceptions across hierarchal structures within a selected organisation who has recently adopted a cultural change program prior to adoption. Our study found that a cultural change led to enhanced communication, leadership and a sense of coherency across the whole organisation. We argue that if the organisation continues to improve its culture then successful ERP adoption could become a reality rather than an ideal.
{"title":"The Importance of Culture in ERP Adoption – A Case Study Analysis","authors":"Dimitra Skoumpopoulou, C. Moss","doi":"10.30958/ajbe.4-3-2","DOIUrl":"https://doi.org/10.30958/ajbe.4-3-2","url":null,"abstract":"The purpose of this study is to explore the importance of culture in (Enterprise Resource Planning) ERP adoption and to understand why ERP projects commonly fail. This study identifies culture as an underlying issue for such failures. The researchers use the Handy model of culture as a self-diagnosis tool for culture and organisational change that can be utilised as a facilitator for culture and ERP adoption success. This study uses a case study analysis as a qualitative approach to identify a diverse array of perceptions across hierarchal structures within a selected organisation who has recently adopted a cultural change program prior to adoption. Our study found that a cultural change led to enhanced communication, leadership and a sense of coherency across the whole organisation. We argue that if the organisation continues to improve its culture then successful ERP adoption could become a reality rather than an ideal.","PeriodicalId":169311,"journal":{"name":"Athens Journal of Business & Economics","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125046833","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}
In this paper, we try to measure the degree of efficiency in the foreign exchange market by using four exchange rates ($/€, $/£, C$/$, and ¥/$). Different theoretical models are applied, like the random walk hypothesis, the unbiased forward rate hypothesis, the composite efficiency hypothesis, the semi-strong market efficiency, and the exchange rate expectations based on anticipated and unanticipated events ("News"). If exchange rate efficiency does not hold, a risk premium must exist and can be measured. Also, the determination of this exchange risk premium is taking place by using a GARCH (p, q) model. The empirical results for these four major exchange rates (five currencies) show that relative efficiency exists, but there are significant risk premia for some exchange rates used, here
{"title":"How Efficient is the Foreign Exchange Market?","authors":"Ioannis N. Kallianiotis","doi":"10.30958/AJBE.4-3-4","DOIUrl":"https://doi.org/10.30958/AJBE.4-3-4","url":null,"abstract":"In this paper, we try to measure the degree of efficiency in the foreign exchange market by using four exchange rates ($/€, $/£, C$/$, and ¥/$). Different theoretical models are applied, like the random walk hypothesis, the unbiased forward rate hypothesis, the composite efficiency hypothesis, the semi-strong market efficiency, and the exchange rate expectations based on anticipated and unanticipated events (\"News\"). If exchange rate efficiency does not hold, a risk premium must exist and can be measured. Also, the determination of this exchange risk premium is taking place by using a GARCH (p, q) model. The empirical results for these four major exchange rates (five currencies) show that relative efficiency exists, but there are significant risk premia for some exchange rates used, here","PeriodicalId":169311,"journal":{"name":"Athens Journal of Business & Economics","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126166287","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}
There is a growing concern amongst both developing and developed countries concerning the potential impact of Investor-State Dispute Settlement (ISDS) awards on the ability of a government to act in the best interest of its citizens. ISDS clauses are included in Bilateral Investment Treaties (BITs) and increasingly, but not always, in Free Trade Agreements (FTAs). The potential impacts on the ISDS clauses may considerable and affect the decision-making ability of the government. Unfortunately, the government officers making those decisions may not be aware of the potential conflict with the requirements of a BIT or FTA. This paper focuses on the litigation between Walter Bau AG (in liquidation) and the Government of Thailand in relation to a concession agreement to design, construct, operate and maintain the Don Muang Tollway in Bangkok. Walter Bau alleged the lack of Fair and Equitable Treatment (FET) in relation to its investment due to the Thai government reducing tolls; continuing to improve roads in the vicinity of the toll road thus affecting traffic volumes and subsequently closing the Bangkok International Airport at Don Muang. Arbitral proceedings were conducted in Switzerland and resulted in a significant award to Walter Bau which was unsuccessfully challenged by Thailand. It describes the circumstances that led to the government’s actions and the lessons that have been learnt from them. It also discusses how these issues have been addressed in Investor State Dispute Settlement in recent Free Trade Agreements entered into by Thailand and its trading partners, including Australia. Walter Bau provides a significant lesson for government’s developing Public Private Partnership (PPP) projects which can have multiple investors at both the construction and operations stages. These investors are often foreign companies who have no other interest other than the return on capital from their investment.Keywords: Innovation, Creativity, Business Producer, Diamond Model, Communication
发展中国家和发达国家都日益关注投资者-国家争端解决(ISDS)裁决对政府为其公民的最佳利益采取行动的能力的潜在影响。ISDS条款被纳入双边投资条约(BITs)，并越来越多地(但并非总是)纳入自由贸易协定(FTAs)。对ISDS条款的潜在影响可能相当大，并影响政府的决策能力。不幸的是，做出这些决定的政府官员可能没有意识到与BIT或FTA要求的潜在冲突。本文关注Walter Bau AG(清算中)与泰国政府之间的诉讼，涉及曼谷廊曼收费公路的设计、建造、运营和维护特许权协议。Walter Bau声称，由于泰国政府降低过路费，其投资缺乏公平和公平待遇(FET);继续改善收费公路附近的道路，从而影响交通量，随后关闭了廊曼的曼谷国际机场。仲裁程序在瑞士进行，结果对Walter Bau作出了重大裁决，泰国对此提出质疑，但没有成功。它描述了导致政府采取行动的情况以及从中吸取的教训。报告还讨论了泰国及其贸易伙伴(包括澳大利亚)最近签订的自由贸易协定如何在投资者与国家争端解决机制中解决这些问题。Walter Bau为政府发展公私合作伙伴关系(PPP)项目提供了重要的经验教训，这种项目在建设和运营阶段都可以有多个投资者。这些投资者通常是外国公司，除了从投资中获得资本回报外，他们没有其他兴趣。关键词:创新，创造力，商业生产者，钻石模型，传播
{"title":"Bilateral Investment Treaties - a Potential Trap for Developing Economies: A Lesson from Thailand","authors":"Robert B. Smith, N. Smith","doi":"10.30958/ajbe.4-3-3","DOIUrl":"https://doi.org/10.30958/ajbe.4-3-3","url":null,"abstract":"There is a growing concern amongst both developing and developed countries concerning the potential impact of Investor-State Dispute Settlement (ISDS) awards on the ability of a government to act in the best interest of its citizens. ISDS clauses are included in Bilateral Investment Treaties (BITs) and increasingly, but not always, in Free Trade Agreements (FTAs). The potential impacts on the ISDS clauses may considerable and affect the decision-making ability of the government. Unfortunately, the government officers making those decisions may not be aware of the potential conflict with the requirements of a BIT or FTA. This paper focuses on the litigation between Walter Bau AG (in liquidation) and the Government of Thailand in relation to a concession agreement to design, construct, operate and maintain the Don Muang Tollway in Bangkok. Walter Bau alleged the lack of Fair and Equitable Treatment (FET) in relation to its investment due to the Thai government reducing tolls; continuing to improve roads in the vicinity of the toll road thus affecting traffic volumes and subsequently closing the Bangkok International Airport at Don Muang. Arbitral proceedings were conducted in Switzerland and resulted in a significant award to Walter Bau which was unsuccessfully challenged by Thailand. It describes the circumstances that led to the government’s actions and the lessons that have been learnt from them. It also discusses how these issues have been addressed in Investor State Dispute Settlement in recent Free Trade Agreements entered into by Thailand and its trading partners, including Australia. Walter Bau provides a significant lesson for government’s developing Public Private Partnership (PPP) projects which can have multiple investors at both the construction and operations stages. These investors are often foreign companies who have no other interest other than the return on capital from their investment.Keywords: Innovation, Creativity, Business Producer, Diamond Model, Communication","PeriodicalId":169311,"journal":{"name":"Athens Journal of Business & Economics","volume":"190 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115010286","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}
A nonlinear ARDL model is employed to investigate the asymmetric drivers of non-oil trade in services between Nigeria and Netherlands. A significant number of past studies have concentrated their attention on the elasticity of trade in services to real exchange rates and income as well as on non-oil export, total export trade or import, yet none have delve into asymmetric relationship. This study aims to fills this void. Our result shows that the effects of exchange rate variations have both positive and negative displays with more negative asymmetry. This provides further insights in the nature of service asymmetries. (JEL Codes: C22, D43, E31, L71, Q41) Keywords: asymmetric cointegration, exchange rate adjustment, disaggregated, services
{"title":"Exchange Rate and Trade in Services Nexus in Nigeria: A Non-Linear ARDL Approach","authors":"N. Audu, Titus O. Obiezue","doi":"10.30958/ajbe.8-1-5","DOIUrl":"https://doi.org/10.30958/ajbe.8-1-5","url":null,"abstract":"A nonlinear ARDL model is employed to investigate the asymmetric drivers of non-oil trade in services between Nigeria and Netherlands. A significant number of past studies have concentrated their attention on the elasticity of trade in services to real exchange rates and income as well as on non-oil export, total export trade or import, yet none have delve into asymmetric relationship. This study aims to fills this void. Our result shows that the effects of exchange rate variations have both positive and negative displays with more negative asymmetry. This provides further insights in the nature of service asymmetries. (JEL Codes: C22, D43, E31, L71, Q41) Keywords: asymmetric cointegration, exchange rate adjustment, disaggregated, services","PeriodicalId":169311,"journal":{"name":"Athens Journal of Business & Economics","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134185258","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}
Using event-study techniques we investigate the impact of ECB’s announcements of nonstandard policy measures on a broad range of financial assets from Denmark, Norway and Sweden. We find evidence that unconventional monetary policy announcements by the ECB resulted in pronounced spillovers to Denmark, Norway and Sweden. In particular, our results suggest that medium- and long-term government bond yields, corporate bond yields and CDS spreads were affected by ECB’s announcements of non-standard policy measures. Our empirical results indicate that the portfolio rebalancing channel played an important role in the transmission of ECB’s non-standard policy measures on mediumand long-term government bonds and corporate bond yields. However, it also seems that declining government bond yields transmitted to decreasing corporate bond yields. Moreover, our results suggest that benchmark stock market indices and exchange rates vis-A -vis the euro were mainly unaffected by ECB’s announcements of unconventional monetary policies. Furthermore, we find pronounced spillover effects from Forward Guidance statements, Securities Markets Programme announcements, and Corporate Sector Purchase Programme announcements on financial assets from Denmark, Norway and Sweden. Though, our results highly depend on the monetary policy surprise measure used in our regressions and the degree of policy anticipationKeywords: Budgetary Policy, Capital Taxation Rate, Consumption Taxation Rate, DSGE Model, Labor Taxation Rate, Wages Rigidity
{"title":"Spillover Effects from the ECB‘s Unconventional Monetary Policies: The Case of Denmark, Norway and Sweden","authors":"Arthur Korus","doi":"10.30958/ajbe.5-1-3","DOIUrl":"https://doi.org/10.30958/ajbe.5-1-3","url":null,"abstract":"Using event-study techniques we investigate the impact of ECB’s announcements of nonstandard policy measures on a broad range of financial assets from Denmark, Norway and Sweden. We find evidence that unconventional monetary policy announcements by the ECB resulted in pronounced spillovers to Denmark, Norway and Sweden. In particular, our results suggest that medium- and long-term government bond yields, corporate bond yields and CDS spreads were affected by ECB’s announcements of non-standard policy measures. Our empirical results indicate that the portfolio rebalancing channel played an important role in the transmission of ECB’s non-standard policy measures on mediumand long-term government bonds and corporate bond yields. However, it also seems that declining government bond yields transmitted to decreasing corporate bond yields. Moreover, our results suggest that benchmark stock market indices and exchange rates vis-A -vis the euro were mainly unaffected by ECB’s announcements of unconventional monetary policies. Furthermore, we find pronounced spillover effects from Forward Guidance statements, Securities Markets Programme announcements, and Corporate Sector Purchase Programme announcements on financial assets from Denmark, Norway and Sweden. Though, our results highly depend on the monetary policy surprise measure used in our regressions and the degree of policy anticipationKeywords: Budgetary Policy, Capital Taxation Rate, Consumption Taxation Rate, DSGE Model, Labor Taxation Rate, Wages Rigidity","PeriodicalId":169311,"journal":{"name":"Athens Journal of Business & Economics","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127034403","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 widespread use of mobile phones and growth in internet penetration has created a unique opportunity to increase access to financial services. Financial Technology (FinTech) companies and mobile banking (m-banking) empower customers to use digital platforms to utilise financial services without the physical access requirements of traditional banking. This has led to the rise of FinTech firms that are disrupting traditional industry standards by servicing consumers through a range of digital channels and mobile devices. A new completely branchless bank, Bank Zero, is set to launch in South Africa in 2020 to exploit these opportunities. This consumer behavioural study focuses on analysing FinTech adoption in the South African market. An adapted mixed-method approach was used to identify the enabling and inhibiting factors that motivate consumers to adopt or reject m-banking. Qualitative research was initially conducted via in-depth interviews with 7 respondents. The most salient factors identified in the literature review were tested, and the results were used to develop a quantitative, online questionnaire. A convenience sample of 217 valid responses was collected, and the data was analysed using exploratory factor analysis (EFA). The EFA identified 6 influencing factors: four enabling and two inhibiting factors. The enabling factors that positively influenced FinTech adoption were: Utility, Socio-Economic Influencers, Mobile Device Trust and Youth. The two inhibiting factors were: Perceived Risks and Associated Costs. Interestingly, 74% of the 217 respondents indicated that they would join a completely branchless bank, using only their mobile phones and the internet to access banking services, showing a high propensity to branchless, m-banking. Finally, the Enhancement Criteria Model based on insights gained from the research findings, is proposed. This model provides recommendation criteria for existing and new FinTech providers who are looking to improve their business models. JEL Codes: D18, G40 Keywords: FinTech, mobile banking, m-banking, branchless banking, consumer behaviour, South Africa
{"title":"Factors that Influence FinTech Adoption in South Africa: A Study of Consumer Behaviour towards Branchless Mobile Banking","authors":"Barbara Jeanne Slazus, G. Bick","doi":"10.30958/ajbe.8-1-3","DOIUrl":"https://doi.org/10.30958/ajbe.8-1-3","url":null,"abstract":"The widespread use of mobile phones and growth in internet penetration has created a unique opportunity to increase access to financial services. Financial Technology (FinTech) companies and mobile banking (m-banking) empower customers to use digital platforms to utilise financial services without the physical access requirements of traditional banking. This has led to the rise of FinTech firms that are disrupting traditional industry standards by servicing consumers through a range of digital channels and mobile devices. A new completely branchless bank, Bank Zero, is set to launch in South Africa in 2020 to exploit these opportunities. This consumer behavioural study focuses on analysing FinTech adoption in the South African market. An adapted mixed-method approach was used to identify the enabling and inhibiting factors that motivate consumers to adopt or reject m-banking. Qualitative research was initially conducted via in-depth interviews with 7 respondents. The most salient factors identified in the literature review were tested, and the results were used to develop a quantitative, online questionnaire. A convenience sample of 217 valid responses was collected, and the data was analysed using exploratory factor analysis (EFA). The EFA identified 6 influencing factors: four enabling and two inhibiting factors. The enabling factors that positively influenced FinTech adoption were: Utility, Socio-Economic Influencers, Mobile Device Trust and Youth. The two inhibiting factors were: Perceived Risks and Associated Costs. Interestingly, 74% of the 217 respondents indicated that they would join a completely branchless bank, using only their mobile phones and the internet to access banking services, showing a high propensity to branchless, m-banking. Finally, the Enhancement Criteria Model based on insights gained from the research findings, is proposed. This model provides recommendation criteria for existing and new FinTech providers who are looking to improve their business models. JEL Codes: D18, G40 Keywords: FinTech, mobile banking, m-banking, branchless banking, consumer behaviour, South Africa","PeriodicalId":169311,"journal":{"name":"Athens Journal of Business & Economics","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124141939","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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