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EU R&D Funding as a Way of Incentivizing Innovation of SMEs: A Review of Impacts 欧盟研发资金作为激励中小企业创新的一种方式:影响综述
IF 0.4 Q2 Economics, Econometrics and Finance Pub Date : 2018-12-31 DOI: 10.15179/CES.20.2.4
Nevenka Čučković, V. Vučković
The Innovation Union flagship initiative, with its accompanying policies and actions, strives to ensure stronger involvement of SMEs in EU R&I programs. The main idea behind this paper is to review and discuss the impacts of SMEs’ participation in EU R&D programs as a way of boosting their innovation activities. The paper addresses several research questions that help us to present the effects of increased availability of EU R&D funding on boosting innovation activities of SMEs across EU. We start by examining the current innovation performance of EU SMEs based on selected descriptive statistics and indicators. After that, we turn to elaborating the empirical and theoretical foundations and rationale for increased public funding through the EU R&D programs targeting SMEs. Then we discuss the impact of FP7, CIP, Eurostars, and Horizon 2020 funding on SME recipients. We briefly survey the results of available empirical studies that use both quantitative and qualitative evidence, and examine their outcomes in terms of direct and indirect impacts on innovation activities in EU member state SMEs. The examined empirical evidence points to several positive effects of participating in EU R&D programs on incentivizing innovation activities, output, and performance of recipient SMEs.
创新联盟旗舰倡议及其相关政策和行动,努力确保中小企业更有力地参与欧盟研发计划。本文的主要思想是回顾和讨论中小企业参与欧盟研发计划作为促进其创新活动的一种方式的影响。本文解决了几个研究问题,这些问题有助于我们展示欧盟研发资金增加对促进欧盟中小企业创新活动的影响。我们首先根据选定的描述性统计数据和指标来研究欧盟中小企业当前的创新绩效。之后,我们转而阐述通过欧盟针对中小企业的研发计划增加公共资金的经验和理论基础以及理由。然后,我们讨论FP7、CIP、欧洲之星和地平线2020资金对中小企业接受者的影响。我们简要调查了使用定量和定性证据的现有实证研究的结果,并从对欧盟成员国中小企业创新活动的直接和间接影响的角度考察了其结果。经检验的实证证据表明,参与欧盟研发计划对激励接受国中小企业的创新活动、产出和绩效有几个积极影响。
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引用次数: 5
The Stochastic Implications of Permanent Income Hypothesis for US Speculative Traders: Implications for Consumption-Based Asset Pricing 永久收入假说对美国投机交易者的随机影响:对基于消费的资产定价的影响
IF 0.4 Q2 Economics, Econometrics and Finance Pub Date : 2018-12-31 DOI: 10.15179/CES.20.2.1
Chamil W. Senarathne, Jianguo Wei
This paper examines the stochastic implications of permanent income hypothesis for speculative prices from a sample of economic data from 1967 to 2017 in the United States. One of the standard assumptions of the Consumption-Based Capital Asset Pricing Model (CCAPM)—the time separability of utility—is relaxed in the model specification of Mankiw and Shapiro (1985) and finds that the expected change in earnings has no obvious connection with stock price changes for monthly and yearly data. This finding, while accepting the excess sensitivity of consumption to income, suggests that the past consumption—unconstrained by expected change in income of that period—influences the utility of future consumption. Disposable income and consumption expenditure are highly autoregressive and non-stationary for monthly, quarterly, and yearly time series. The hypothesis that disposable income follows a random walk is clearly rejected for three-time horizons and the consumption is excessively sensitive to income for monthly and yearly data. The rejection of income follows a random walk due to liquidity constraint for quarterly data. The results of impulse response functions question the OLS/AR type of (univariate) regressions used to test the randomness of disposable income and the excess sensitivity. Equity price changes are, however, found to be completely independent from disposable income for frequent observations of income, which suggests that the use of consumption as a variable in capital asset pricing is a subjective assessment. Furthermore, the empirical evidence shows that the equity price changes cannot be effectively forecasted by the predictable change in disposable income.
本文以美国1967年至2017年的经济数据为样本,研究了永久收入假设对投机价格的随机影响。Mankiw和Shapiro(1985)在模型规范中放宽了基于消费的资本资产定价模型(CCAPM)的标准假设之一——效用的时间可分离性,并发现月度和年度数据的预期收益变化与股价变化没有明显联系。这一发现,虽然接受了消费对收入的过度敏感性,但表明过去的消费——不受该时期收入预期变化的约束——会影响未来消费的效用。可支配收入和消费支出在月度、季度和年度时间序列中是高度自回归和非平稳的。可支配收入遵循随机游走的假设显然在三个时间范围内被拒绝,而对于月度和年度数据,消费对收入过于敏感。由于季度数据的流动性限制,拒绝收入遵循随机游走。脉冲响应函数的结果质疑用于检验可支配收入随机性和过度敏感性的OLS/AR(单变量)回归类型。然而,对收入的频繁观察发现,股票价格变化完全独立于可支配收入,这表明在资本资产定价中使用消费作为变量是一种主观评估。此外,经验证据表明,股票价格的变化不能有效地预测可支配收入的可预测变化。
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引用次数: 0
The Psychology of Economic Attitudes – Moral Foundations Predict Economic Attitudes beyond Socio-Demographic Variables 经济态度的心理学-道德基础预测经济态度超越社会人口变量
IF 0.4 Q2 Economics, Econometrics and Finance Pub Date : 2018-06-29 DOI: 10.15179/CES.20.1.2
Nikola Erceg, Zvonimir Galić, Andreja Bubić
The present study had three goals: to construct a relevant questionnaire of economic attitudes, to examine the role of socio-demographic variables in explaining the economic attitudes as measured by that questionnaire, and to check whether moral foundations, as a psychological construct, can contribute to understanding the economic attitudes beyond socio-demographic variables. The results indicated that the economic attitudes were better explained by two factors instead of one: the Role of the State in the Economy (ROSE) and the Problems with the Current Economic System (PCES). Both socio-demographic variables and moral foundations explained significant amounts of the variance in the results on the two subscales. Regarding the ROSE subscale, socio-demographic variables explained 25 percent, while moral foundations explained the additional 21 percent of the variance, resulting in this model explaining 46 percent of the variance in the ROSE results. Regarding the PCES subscale, the socio-demographic variables explained 20 percent of the variance, and moral foundations added another 10 percent resulting in 30 percent of the variance on PCES results being explained by this model. The results speak in favor of including the psychological variables in the studies of economic attitudes and behaviors, and indicate that economic concerns are not only economic in their nature, but also moral.
本研究有三个目标:构建一份相关的经济态度问卷,检验社会人口变量在解释该问卷测量的经济态度中的作用,并检验道德基础作为一种心理结构是否有助于理解社会人口变量之外的经济态度。结果表明,国家在经济中的作用(ROSE)和当前经济体系的问题(PCES)这两个因素可以更好地解释经济态度。社会人口统计学变量和道德基础都解释了两个分量表结果的显著差异。关于ROSE分量表,社会人口统计学变量解释了25%的方差,而道德基础解释了额外的21%的方差,导致该模型解释了ROSE结果中46%的方差。关于PCES分量表,社会人口统计学变量解释了20%的方差,道德基础又增加了10%,导致该模型解释了PCES结果的30%的方差。研究结果支持将心理变量纳入经济态度和行为的研究,并表明经济问题不仅具有经济性质,而且具有道德性质。
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引用次数: 1
Banking Sector Competition in the Panzar-Rosse Framework and Net Interest Margins: An Empirical Analysis Using the General Method of Moments Panzar-Rosse框架下的银行业竞争与净息差:基于矩量一般方法的实证分析
IF 0.4 Q2 Economics, Econometrics and Finance Pub Date : 2018-06-29 DOI: 10.15179/ces.20.1.1
Arben Mustafa, Valentin Toçi
This paper provides empirical evidence on the determinants of net interest margins in Central, Eastern, and Southeastern European countries (CESEE) during the period 1999–2009, with a particular focus on the relationship between banking sector competition and net interest margins. Using countrylevel Panzar-Rosse H-statistic estimates as a measure of competition, and the General Method of Moments, it has been determined that banking sector competition had a negative impact on net interest margins. In order to check for consistency, alternative measures of competition, such as the Lerner index and the Herfindahl-Hirschman index, have also been used. The results appear consistent and suggest that higher market power is associated with higher interest margins. Arben Mustafa University “Kadri Zeka”, Faculty of Economics, Gjilan, Republic of Kosovo arben.mustafa@uni-gjilan.net Valentin Toçi University of Prishtina “Hasan Prishtina”, Faculty of Economics, Prishtina, Republic of Kosovo valentintoci@gmail.com CroEconSur Vol. 20 No. 1 June 2018 pp. 5-36 Received: March 10, 2017 Accepted: December 6, 2017 Research Article doi:10.15179/ces.20.1.1
本文提供了1999-2009年期间中欧、东欧和东南欧国家(CESEE)净息差决定因素的实证证据,特别关注银行业竞争与净息差之间的关系。使用国家级Panzar-Rosse h统计估计作为竞争的衡量标准,以及一般时刻法,已经确定银行业竞争对净息差有负面影响。为了检查一致性,也使用了其他竞争指标,如勒纳指数和赫芬达尔-赫希曼指数。结果似乎是一致的,并表明较高的市场支配力与较高的利差相关。阿尔本·穆斯塔法大学“Kadri Zeka”,经济学院,吉兰,科索沃共和国arben.mustafa@uni-gjilan.net Valentin toi普里什蒂纳大学“Hasan普里什蒂纳”,经济学院,普里什蒂纳,科索沃共和国valentintoci@gmail.com CroEconSur Vol. 20 No. 1 June 2018 pp. 5-36收稿日期:2017年3月10日接收日期:2017年12月6日研究文章doi:10.15179/ces.20.1.1
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引用次数: 2
The Impact of Membership in Strategic Alliances on the Profitability of Firms in the Retail Sector 战略联盟成员对零售业企业盈利能力的影响
IF 0.4 Q2 Economics, Econometrics and Finance Pub Date : 2017-12-29 DOI: 10.15179/CES.19.2.2
N. Butigan, Đ. Benić
Strategic alliances in the retail sector are based on cooperation in a variety of activities, ranging from supply and marketing to knowledge sharing and branding. For their members, they are a source of sustainable competitive advantage. Ever since the 1990s, a growing number of firms from the retail sector have attempted to improve their performance through participation in strategic alliances. The objective of this paper is to explore how participation in strategic alliances influences profitability of firms in the retail sector. A dynamic panel analysis is applied to the data on nearly 3,700 firms obtained from Amadeus, a large firm-level database, for eight countries (Croatia, Bosnia and Herzegovina, the Czech Republic, Slovakia, Slovenia, Poland, Hungary and Estonia) for the 2007–2012 period. The results of the investigation suggest that participation in strategic alliances positively influences a firm’s performance.
零售部门的战略联盟是建立在从供应和营销到知识共享和品牌推广等各种活动的合作基础上的。对其成员来说,它们是可持续竞争优势的来源。自20世纪90年代以来,越来越多的零售企业试图通过参与战略联盟来提高业绩。本文的目的是探讨战略联盟的参与如何影响零售行业公司的盈利能力。动态面板分析从Amadeus(一个大型公司级数据库)获得的2007-2012年期间8个国家(克罗地亚、波斯尼亚和黑塞哥维那、捷克共和国、斯洛伐克、斯洛文尼亚、波兰、匈牙利和爱沙尼亚)的近3700家公司的数据。研究结果表明,参与战略联盟对企业绩效有积极影响。
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引用次数: 5
Energy Sustainability and Its Impacts on Croatian Tourism 能源可持续性及其对克罗地亚旅游业的影响
IF 0.4 Q2 Economics, Econometrics and Finance Pub Date : 2017-12-29 DOI: 10.15179/CES.19.2.3
M. Nižić, Z. Grdić, R. Endres
Energy efficiency, renewable energy sources, and environmental protection projects play a pivotal role in tourism. The World Tourism Organization (UNWTO) addresses resource management and energy use as one of the major issues. The main goal of the paper is to present the economic-financial analysis and the assessment of investment projects in the construction of a conventional mid-size hotel using fossil fuels and a mid-size hotel based on sustainable principles and renewable energy sources. Comparative analysis of conventional and energy-efficient hotels is used to calculate the key financial indicators in decision-making. Case study shows that the introduction of renewable energy sources meets the needs of modern guests and increases the hotel's competitiveness, while the effects of energy sustainability reflect on the environment and reduced CO2 emissions. Based on the results, the paper suggests measures for improving energy sustainability in hotels and other tourism facilities. The paper is intended for those who deal with theoretical and practical issues of energy sustainability in tourism, tourism certificates, renewable energy sources and investment costs-scientists, researchers, PhD candidates and students as a basis for further comparative studies and benchmarking. It can also be useful for a considerably wider circle of users-managers at all levels and other business decision makers, as well as proprietors, investors, and creditors.
能源效率、可再生能源和环境保护项目在旅游业中发挥着关键作用。世界旅游组织(旅游组织)将资源管理和能源使用作为主要问题之一加以处理。本文的主要目的是对使用化石燃料的传统中型酒店和基于可持续原则和可再生能源的中型酒店的投资项目进行经济财务分析和评估。通过对传统酒店和节能酒店的对比分析,计算出决策中的关键财务指标。案例研究表明,可再生能源的引入满足了现代客人的需求,增加了酒店的竞争力,而能源可持续性的影响反映在环境和减少二氧化碳排放。在此基础上,提出了提高酒店和其他旅游设施能源可持续性的措施。本文的目的是为那些从事旅游业能源可持续性、旅游证书、可再生能源和投资成本等理论和实践问题的科学家、研究人员、博士候选人和学生提供进一步比较研究和基准研究的基础。它还可以用于更广泛的用户圈子——各级管理人员和其他业务决策者,以及所有者、投资者和债权人。
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引用次数: 4
Trade in Value Added(TiVA) in EU New Member States (EU NMS) 欧盟新成员国的增加值贸易
IF 0.4 Q2 Economics, Econometrics and Finance Pub Date : 2017-12-29 DOI: 10.15179/CES.19.2.4
Ines Kersan-Škabić
Contemporary trade analysis indicates the necessity of calculating trade in value added (TiVA) which is created through global value chains (GVCs). This paper aims to determine the characteristics and importance of GVC trade in the EU new member states (EU NMS) with special emphasis placed on the industry level. The results demonstrate different levels of GVC participation of the EU NMS, where Hungary is the most integrated country and Croatia the least integrated. Regional GVCs exist because a huge part of value added (VA) comes from EU member states, as in gross export as well as in final demand (Europe as a hub). The most important source countries are Germany and Italy and there is also evidence of geographical and historical relations between the countries. The domination of backward participation has been found in the analysis made on the industrial level, i.e. the EU NMS are highly dependent on the import of intermediates for the production and export of final products. Strong interconnections between imports of intermediate products and exports of final products have been found in the manufacture of computers, electronics and optical products; manufacture of wood, paper, printing and reproduction. This research has contributed to the scarce literature concerning GVC (TiVA) in EU NMS and has opened up new possibilities for further research and analysis.
当代贸易分析表明,有必要计算通过全球价值链创造的增加值贸易(TiVA)。本文旨在确定欧盟新成员国(EU NMS)全球价值链贸易的特征和重要性,并特别强调产业层面。结果显示欧盟NMS的全球价值链参与程度不同,其中匈牙利是一体化程度最高的国家,克罗地亚是一体化程度最低的国家。区域全球价值链之所以存在,是因为附加值(VA)的很大一部分来自欧盟成员国,包括总出口和最终需求(以欧洲为中心)。最重要的来源国是德国和意大利,两国之间也有地理和历史关系的证据。在产业层面的分析中发现了落后参与的主导作用,即欧盟NMS高度依赖中间体的进口来生产和出口最终产品。在计算机、电子和光学产品制造业中,中间产品的进口与最终产品的出口之间存在着密切的联系;制造木材,纸张,印刷和复制。本研究弥补了欧盟NMS中GVC (TiVA)相关文献的不足,为进一步的研究和分析开辟了新的可能性。
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引用次数: 7
Breaking Up the Vicious Cycle of Poverty: How Can the School Performance of Children from Low-Income Households in Macedonia Be Improved? 打破贫困的恶性循环:如何提高马其顿低收入家庭儿童的学业成绩?
IF 0.4 Q2 Economics, Econometrics and Finance Pub Date : 2017-12-29 DOI: 10.15179/CES.19.2.1
Nikica Mojsoska Blazevski, Marjan Petreski, Maja Ristovska
The aim of the study is to examine the factors that affect educational achievements of children from low-income households in Macedonia. In addition, we compare the two distinctive social programs that provide assistance for children from poor households in the country. Our empirical strategy is based on the education production function, which is estimated using the ordinary least squares (OLS) and ordered probit approach. We regress an indicator for educational achievement on three groups of factors: i) individual characteristics; ii) household characteristics; and iii) school-related characteristics/variables. The findings suggest that all three sets of factors are significantly related with the school performance of young individuals. Individual- and family-related factors are more important than the school climate, although this finding may be related to the availability (and hence, the choice) of the school-related variables. Gender, father’s education, and ethnicity were found to be significantly related to the educational achievement of students. Among the family factors, we find that the number of rooms at home and household consumption are positively related to school performance. On the other hand, household size, conditional cash transfers (CCTs) acceptance and the measures of parental involvement are negatively related to achievement. We find that only one measure of school context, the average grade in school, is significant.
这项研究的目的是研究影响马其顿低收入家庭儿童教育成就的因素。此外,我们还比较了为该国贫困家庭儿童提供援助的两种不同的社会方案。我们的经验策略基于教育生产函数,该函数使用普通最小二乘(OLS)和有序概率方法进行估计。我们根据三组因素对教育成就指标进行回归:i)个人特征;Ii)家庭特征;iii)学校相关特征/变量。研究结果表明,这三种因素都与年轻人的学校表现有显著关系。个人和家庭相关因素比学校氛围更重要,尽管这一发现可能与学校相关变量的可获得性(因此,选择)有关。性别、父亲的受教育程度和种族与学生的教育成就显著相关。在家庭因素中,我们发现家庭房间数量和家庭消费与学习成绩呈正相关。另一方面,家庭规模、有条件现金转移支付(cct)接受度和父母参与的措施与成就呈负相关。我们发现,只有学校环境的一个衡量标准,即学校的平均成绩,是重要的。
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引用次数: 5
Consumption in the Dark: Estimating Unrecorded Expenditures of Households in Croatia 黑暗中的消费:估计克罗地亚家庭未记录的支出
IF 0.4 Q2 Economics, Econometrics and Finance Pub Date : 2017-12-29 DOI: 10.15179/CES.19.2.5
B. Škrinjarić, Vedran Recher, Jelena Budak
The unofficial sector is generally regarded as an important liability for the development of a post-transitional society. In this paper we adopt a new approach to estimate the unofficial economy by estimating the unrecorded consumption of households in Croatia. This is done by means of conducting a nationally representative survey on payment habits of the Croatian consumers and by pairing these data with the household consumption survey. Our main focus concerns cash payments without an issued receipt, which is assumed to represent the unofficial part of transactions. In this way we circumvent some notable deficiencies of direct surveys on income reporting and selective reviews. We find that the part of unofficial economy arising from household consumption was around 0.69 percent of GDP in 2014.
非官方部门通常被视为过渡后社会发展的一项重要责任。在本文中,我们采用了一种新的方法,通过估计克罗地亚家庭的未记录消费来估计非官方经济。这是通过对克罗地亚消费者的支付习惯进行一项具有全国代表性的调查,并将这些数据与家庭消费调查相结合来实现的。我们的主要关注点是没有开具收据的现金支付,这被认为是交易的非官方部分。通过这种方式,我们避免了直接调查收入报告和选择性审查的一些显著缺陷。我们发现,2014年,非官方经济中由家庭消费产生的部分约占GDP的0.69%。
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引用次数: 4
Market Economies of the Western Balkans Compared to the Central and Eastern European Model of Capitalism 西巴尔干的市场经济与中东欧资本主义模式之比较
IF 0.4 Q2 Economics, Econometrics and Finance Pub Date : 2017-06-30 DOI: 10.15179/CES.19.1.1
Beáta Farkas
Using the Central and Eastern European model of capitalism, this paper compares the market economies of the Western Balkan countries to the post-socialist European Union member states. It analyzes the main institutional areas of a socio-economic system such as product markets, innovation system, financial system, labor market and industrial relations, social protection and the educational system. The comparison of institutional systems does not provide an unambiguous answer to the question of whether the Western Balkan market economies fit into the model. There are many similarities between the institutional arrangements of the two regions, and the differences seem to be a consequence of delayed reforms rather than of an alternative model. However, the question of whether the current differences will be institutionalized or whether they will create a new normality—a new, distinct model of capitalism—remains open.
本文运用中欧和东欧资本主义模式,将西巴尔干国家的市场经济与后社会主义的欧盟成员国进行了比较。它分析了社会经济体系的主要制度领域,如产品市场、创新体系、金融体系、劳动力市场和劳资关系、社会保护和教育体系。制度体系的比较并不能明确回答西巴尔干市场经济体是否符合该模式的问题。这两个区域的体制安排有许多相似之处,而这些差异似乎是改革延迟的结果,而不是替代模式的结果。然而,目前的差异是否会被制度化,或者它们是否会创造一种新的常态——一种全新的、独特的资本主义模式——这个问题仍然悬而未决。
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引用次数: 12
期刊
Croatian Economic Survey
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