While we can generally see a decline of the share of industry, parallel to this trend the Visegrad countries are taking over more industrial production (mainly assembly). This will reduce the requirements for innovative knowledge workers. This “over-industrialisation” has led to a dual economy, in which domestic companies compete by utilising the comparative advantages of a cheaper labour force. In fact, products whose comparative advantages do not decrease as the development gap narrows are needed for sustainable economic development. If we continue to hinder the development of non-material services this way, then by decreasing innovative capacities we shall get deeper into the trap of dependent market economies.
{"title":"To what extent is Hungary a knowledge-based economy?","authors":"György Boda","doi":"10.18096/TMP.2017.01.06","DOIUrl":"https://doi.org/10.18096/TMP.2017.01.06","url":null,"abstract":"While we can generally see a decline of the share of industry, parallel to this trend the Visegrad countries are taking over more industrial production (mainly assembly). This will reduce the requirements for innovative knowledge workers. This “over-industrialisation” has led to a dual economy, in which domestic companies compete by utilising the comparative advantages of a cheaper labour force. In fact, products whose comparative advantages do not decrease as the development gap narrows are needed for sustainable economic development. If we continue to hinder the development of non-material services this way, then by decreasing innovative capacities we shall get deeper into the trap of dependent market economies.","PeriodicalId":31458,"journal":{"name":"Theory Methodology Practice","volume":"13 1","pages":"69-84"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67680409","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}
Rejandra Parsad Gunputh, Sandhya Gunnuck, S. Pudaruth
This research is mainly focussed on analysing a Performance Management System (PMS) and its impact on the motivational level of employees at the Ministry of Finance and Economic Development (MOFED) of the Republic of Mauritius. A survey was carried out using the convenience sampling technique to grasp the views of the employees. 200 questionnaires were distributed and the response rate was 55%. The results indicate that the main elements of a PMS process which are motivating elements for employees were missing in the organisation: regular feedback, communication and training. Thus, recommendations were made to the top management to market the concept of PMS, improve the communication strategy and feedback strategy, encourage employee participation and recognition, link PMS to pay and training and provide a supporting management who would promote organisational learning.
{"title":"The Relationship Between a Performance Management System and the Motivational Level of Employees: A Case Study at the Ministry of Finance and Economic Development of the Republic of Mauritius","authors":"Rejandra Parsad Gunputh, Sandhya Gunnuck, S. Pudaruth","doi":"10.18096/tmp.2017.02.03","DOIUrl":"https://doi.org/10.18096/tmp.2017.02.03","url":null,"abstract":"This research is mainly focussed on analysing a Performance Management System (PMS) and its impact on the motivational level of employees at the Ministry of Finance and Economic Development (MOFED) of the Republic of Mauritius. A survey was carried out using the convenience sampling technique to grasp the views of the employees. 200 questionnaires were distributed and the response rate was 55%. The results indicate that the main elements of a PMS process which are motivating elements for employees were missing in the organisation: regular feedback, communication and training. Thus, recommendations were made to the top management to market the concept of PMS, improve the communication strategy and feedback strategy, encourage employee participation and recognition, link PMS to pay and training and provide a supporting management who would promote organisational learning.","PeriodicalId":31458,"journal":{"name":"Theory Methodology Practice","volume":"1 1","pages":"25-34"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67680193","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}
Government spending patterns in developing countries have changed dramatically over the last several decades. This paper aims at analysing the relation between government expenditures (GE) and economic growth in Kenya. The study focuses on testing the various versions of Wagner’s hypothesis using Kenya, data from 1967-2012 by an Autoregressive-Distributed Lag (ARDL) model. Overall, we conclude that the Musgrave version is best suited for Kenyan cases since it produced significant long-run and short-run results that were accepted by diagnosis and stability tests. The results rejected Wagner’s hypothesis in Kenya.
{"title":"Empirical Analysis of the Wagner Hypothesis of Government Expenditure Growth in Kenya: ARDL Modelling Approach","authors":"J. Manyeki, Balázs Kotosz","doi":"10.18096/TMP.2017.02.05","DOIUrl":"https://doi.org/10.18096/TMP.2017.02.05","url":null,"abstract":"Government spending patterns in developing countries have changed dramatically over the last several decades. This paper aims at analysing the relation between government expenditures (GE) and economic growth in Kenya. The study focuses on testing the various versions of Wagner’s hypothesis using Kenya, data from 1967-2012 by an Autoregressive-Distributed Lag (ARDL) model. Overall, we conclude that the Musgrave version is best suited for Kenyan cases since it produced significant long-run and short-run results that were accepted by diagnosis and stability tests. The results rejected Wagner’s hypothesis in Kenya.","PeriodicalId":31458,"journal":{"name":"Theory Methodology Practice","volume":"13 1","pages":"45-57"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67680277","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 aim of this study is to examine the relevance of capital structure theories in the Hungarian service sector between 2008 and 2014. The service sector stands in the centre of research, as the role of this sector is becoming more and more important. Whereas the importance of other sectors has decreased in the previous years and decades, the role of services shows an increasing trend in developed societies. The paper focuses on three factors. Firstly, I examine whether the classical theory is relevant, in which there is a negative linkage between profitability and capital leverage. Secondly, I examine the linkage between liquidity and capital leverage. Finally, I examine the principle of maturity matching, namely if firms in the service sector keep the golden rule to finance their non-current assets from non-current liabilities and equity.
{"title":"Relevance of Capital Structure Theories in the Service Sector","authors":"Judit Szemán","doi":"10.18096/TMP.2017.01.05","DOIUrl":"https://doi.org/10.18096/TMP.2017.01.05","url":null,"abstract":"The aim of this study is to examine the relevance of capital structure theories in the Hungarian service sector between 2008 and 2014. The service sector stands in the centre of research, as the role of this sector is becoming more and more important. Whereas the importance of other sectors has decreased in the previous years and decades, the role of services shows an increasing trend in developed societies. The paper focuses on three factors. Firstly, I examine whether the classical theory is relevant, in which there is a negative linkage between profitability and capital leverage. Secondly, I examine the linkage between liquidity and capital leverage. Finally, I examine the principle of maturity matching, namely if firms in the service sector keep the golden rule to finance their non-current assets from non-current liabilities and equity.","PeriodicalId":31458,"journal":{"name":"Theory Methodology Practice","volume":"13 1","pages":"53-64"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67680362","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 goals of the paper are to analyse the relationship between the cultural dimensions and to investigate the entrepreneurial intentions and activity of university students in 21 selected OECD countries. The analysis was conducted using the GUESSS database, which also includes three cultural dimensions of the GLOBE project. We found that there is a positive correlation between the entrepreneurial intentions of students and In-Group Collectivism. Uncertainty Avoidance does not have a direct effect on entrepreneurial activity of intentions; however, it correlates positively with perceived behavioural control, which has been proved to have a significant effect on entrepreneurial intentions.
{"title":"Cultural Characteristics and the Entrepreneurial Intentions of University Students","authors":"A. Gubik, Z. Bartha","doi":"10.18096/tmp.2017.02.01","DOIUrl":"https://doi.org/10.18096/tmp.2017.02.01","url":null,"abstract":"The goals of the paper are to analyse the relationship between the cultural dimensions and to investigate the entrepreneurial intentions and activity of university students in 21 selected OECD countries. The analysis was conducted using the GUESSS database, which also includes three cultural dimensions of the GLOBE project. We found that there is a positive correlation between the entrepreneurial intentions of students and In-Group Collectivism. Uncertainty Avoidance does not have a direct effect on entrepreneurial activity of intentions; however, it correlates positively with perceived behavioural control, which has been proved to have a significant effect on entrepreneurial intentions.","PeriodicalId":31458,"journal":{"name":"Theory Methodology Practice","volume":"13 1","pages":"3-12"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67680076","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}
Nuclear energy plays an important role in the global and European energy sectors. The nuclear disaster of Fukushima Daiichi has amplified the debate on the potential future roles of nuclear energy in the EU and has had impacts on the European Member States’ energy policies; however, the reactions of the member states were vary. Concerns about common legislation, waste management, safety and risk management have also strengthened. Initiatives were taken at national, regional and international levels. The goal of this study is to highlight the main advantages and disadvantages of nuclear energy utilisation in the light of the official forecasts released before and after the Japanese accident.
{"title":"The Changing Role of Nuclear Power in the European Union: Reflections from Official Scenarios Released before and after the Fukushima Daiichi Accident","authors":"N. Deutsch","doi":"10.18096/TMP.2017.01.03","DOIUrl":"https://doi.org/10.18096/TMP.2017.01.03","url":null,"abstract":"Nuclear energy plays an important role in the global and European energy sectors. The nuclear disaster of Fukushima Daiichi has amplified the debate on the potential future roles of nuclear energy in the EU and has had impacts on the European Member States’ energy policies; however, the reactions of the member states were vary. Concerns about common legislation, waste management, safety and risk management have also strengthened. Initiatives were taken at national, regional and international levels. The goal of this study is to highlight the main advantages and disadvantages of nuclear energy utilisation in the light of the official forecasts released before and after the Japanese accident.","PeriodicalId":31458,"journal":{"name":"Theory Methodology Practice","volume":"17 1","pages":"17-36"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67680294","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 aims to present the possibilities of using mergers and acquisitions (M&As) in diversification. Its theoretical part contains definitions of diversification and a review of literature on M&As in enterprise growth. Next, it analyzes the M&A market in Poland compared to the markets of Central and Southeast Europe. It presents diversification in the light of the main theories of firm growth and contains a review of the research on the subject of diversification as a growth concept of companies. The empirical section presents case study analyses of six Polish companies regarding the ways in which the firms pursue diversification. The research shows that the dairy companies engage in product diversification, while the meat firms implement industrial diversification. The companies examined in the course of research exemplify the phenomena connected with the use of M&As in diversification.
{"title":"Mergers and Acquisitions: Their Role in the Process of Diversification of an Enterprise","authors":"I. Janiuk","doi":"10.18096/TMP.2017.01.04","DOIUrl":"https://doi.org/10.18096/TMP.2017.01.04","url":null,"abstract":"This article aims to present the possibilities of using mergers and acquisitions (M&As) in diversification. Its theoretical part contains definitions of diversification and a review of literature on M&As in enterprise growth. Next, it analyzes the M&A market in Poland compared to the markets of Central and Southeast Europe. It presents diversification in the light of the main theories of firm growth and contains a review of the research on the subject of diversification as a growth concept of companies. The empirical section presents case study analyses of six Polish companies regarding the ways in which the firms pursue diversification. The research shows that the dairy companies engage in product diversification, while the meat firms implement industrial diversification. The companies examined in the course of research exemplify the phenomena connected with the use of M&As in diversification.","PeriodicalId":31458,"journal":{"name":"Theory Methodology Practice","volume":"13 1","pages":"37-52"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67680309","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}
Energy is managed in a complex way by the theories of sustainability. All three pillars of sustainability (society, environment, and economy) are inseparable from the energy sector, because energy consumption causes so many externalities that threaten welfare in the long run. Most environmental problems are in close connection with energy use and production, such as nuclear waste management, oil spills, emission, etc. Furthermore, energy is an integral part of the economic and social development, and sustainable energy is a core issue. In this review a previously developed but recently improved methodology is presented which is suitable for the measurement of sustainable energy. Using panel data and estimating a Fixed Effects Model, we examine whether economic development contributes to the effectiveness of policy implementation for sustainable energy development in East-Central Europe.
{"title":"Sustainable Energy in Post-Communist East- Central Europe - A Comprehensive Study","authors":"Z. Nagy, T. Szép","doi":"10.18096/tmp.2017.02.06","DOIUrl":"https://doi.org/10.18096/tmp.2017.02.06","url":null,"abstract":"Energy is managed in a complex way by the theories of sustainability. All three pillars of sustainability (society, environment, and economy) are inseparable from the energy sector, because energy consumption causes so many externalities that threaten welfare in the long run. Most environmental problems are in close connection with energy use and production, such as nuclear waste management, oil spills, emission, etc. Furthermore, energy is an integral part of the economic and social development, and sustainable energy is a core issue. In this review a previously developed but recently improved methodology is presented which is suitable for the measurement of sustainable energy. Using panel data and estimating a Fixed Effects Model, we examine whether economic development contributes to the effectiveness of policy implementation for sustainable energy development in East-Central Europe.","PeriodicalId":31458,"journal":{"name":"Theory Methodology Practice","volume":"13 1","pages":"59-70"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67680326","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}
Ludwig von Mises introduced the concept of marginal utility into Austrian economics. He presented what he described as a complete theory of the value of money on the basis of the subjective theory of value and its peculiar doctrine of marginal utility. It is shown here that Mises’ theory of value is unclear for at least three reasons. Mises states that his theory of money is based on Menger’s theory of value, while in fact his theory refers to Jevons’ rather than to Menger’s. Secondly, the essence of Mises’ theory contradicts his earlier assumption on the immeasurability of the use value of money. Thirdly, Mises’ concept of continuity in the objective exchange value of money is not grounded in the subjective theory of value.
{"title":"Mises' Incomplete Theory of the Value of Money","authors":"K. Appelt","doi":"10.18096/tmp.2017.01.01","DOIUrl":"https://doi.org/10.18096/tmp.2017.01.01","url":null,"abstract":"Ludwig von Mises introduced the concept of marginal utility into Austrian economics. He presented what he described as a complete theory of the value of money on the basis of the subjective theory of value and its peculiar doctrine of marginal utility. It is shown here that Mises’ theory of value is unclear for at least three reasons. Mises states that his theory of money is based on Menger’s theory of value, while in fact his theory refers to Jevons’ rather than to Menger’s. Secondly, the essence of Mises’ theory contradicts his earlier assumption on the immeasurability of the use value of money. Thirdly, Mises’ concept of continuity in the objective exchange value of money is not grounded in the subjective theory of value.","PeriodicalId":31458,"journal":{"name":"Theory Methodology Practice","volume":"29 1","pages":"3-7"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67679555","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 development in recent years of Information and Communication Technology (ICT) tools and equipment is notable. The question arises whether user behaviour follows technical progress. Statistics prove that the spread of the Internet in Hungary, especially the Mobile Internet, follows the EU trend. At the same time, the changes in equipment use are less spectacular. The paper analyses the data of a survey conducted among the business students of the University of Miskolc in 2012 and in 2015 related to the order of preference for some ICT tools. Empirical results confirm that changes in the utilisation of ICT tools are much slower than the appearance of new tools and solutions in the market; due to the increasing popularity of smartphones, the possibility of utilising them both in higher education and at work should be considered.
{"title":"Changing Trends in ICT Use - A Generation Y Analysis","authors":"L. Berényi","doi":"10.18096/TMP.2017.01.02","DOIUrl":"https://doi.org/10.18096/TMP.2017.01.02","url":null,"abstract":"The development in recent years of Information and Communication Technology (ICT) tools and equipment is notable. The question arises whether user behaviour follows technical progress. Statistics prove that the spread of the Internet in Hungary, especially the Mobile Internet, follows the EU trend. At the same time, the changes in equipment use are less spectacular. The paper analyses the data of a survey conducted among the business students of the University of Miskolc in 2012 and in 2015 related to the order of preference for some ICT tools. Empirical results confirm that changes in the utilisation of ICT tools are much slower than the appearance of new tools and solutions in the market; due to the increasing popularity of smartphones, the possibility of utilising them both in higher education and at work should be considered.","PeriodicalId":31458,"journal":{"name":"Theory Methodology Practice","volume":"13 1","pages":"9-16"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67679570","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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