Abstract Motivating employees with different characteristics has a significant effect on company performance. This paper models the relationship between employer and heterogeneous employees working in pairs as a principal-agent problem. Every worker can encounter moral hazard with regard to the stimulation of the employer and the efficient work of co-workers. Employee behavior describes a reaction function based on which the equilibrium of appropriate pairs of employees and their overall effective performance is described. The employer determines the optimal stimulation that minimizes the expected average cost of effective work for each individual group of employees. The total expected average cost of efficient work of the entire company in the short run depends on the distribution of employees with different characteristics. How the attitude of employees towards work in the long run changes is described by replicative dynamics and shows that the stability of the employee population is achieved in two cases where the long-run total expected average cost of efficient work is differentiated by approximately eight percent. This paper describes a new conceptual framework for quantitative analysis of the effects of motivation on the short and long run financial results of an enterprise.
{"title":"Analytical approach to the influence of motivation on the dynamics of heterogeneous employees and expected average costs of efficient work","authors":"Mirko Talajić, Ilko Vrankic, R. Kopal","doi":"10.2478/zireb-2021-0012","DOIUrl":"https://doi.org/10.2478/zireb-2021-0012","url":null,"abstract":"Abstract Motivating employees with different characteristics has a significant effect on company performance. This paper models the relationship between employer and heterogeneous employees working in pairs as a principal-agent problem. Every worker can encounter moral hazard with regard to the stimulation of the employer and the efficient work of co-workers. Employee behavior describes a reaction function based on which the equilibrium of appropriate pairs of employees and their overall effective performance is described. The employer determines the optimal stimulation that minimizes the expected average cost of effective work for each individual group of employees. The total expected average cost of efficient work of the entire company in the short run depends on the distribution of employees with different characteristics. How the attitude of employees towards work in the long run changes is described by replicative dynamics and shows that the stability of the employee population is achieved in two cases where the long-run total expected average cost of efficient work is differentiated by approximately eight percent. This paper describes a new conceptual framework for quantitative analysis of the effects of motivation on the short and long run financial results of an enterprise.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"24 1","pages":"77 - 104"},"PeriodicalIF":0.6,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45146137","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}
O. M. Adeboje, I. Raifu, F. I. Ogbeide, O. A. Orija
Abstract This study examines the empirical relationship between financial development and merchandise trade in Nigeria using annual data from 1981 to 2014. The empirical analysis is also carried out on the disaggregated components of the trade, that is, merchandise export and import, for robust analysis. Estimation results based on error correction model show that there exists significant long run positive relationship between financial development and export in Nigeria over the period under study. There is need for government to therefore provide enabling environment for financial sector to thrive through sound macroeconomic policies for effective economic diversification through export.
{"title":"An Empirical Investigation of the Relationship between Financial Development and Merchandise Trade in Nigeria","authors":"O. M. Adeboje, I. Raifu, F. I. Ogbeide, O. A. Orija","doi":"10.2478/zireb-2021-0001","DOIUrl":"https://doi.org/10.2478/zireb-2021-0001","url":null,"abstract":"Abstract This study examines the empirical relationship between financial development and merchandise trade in Nigeria using annual data from 1981 to 2014. The empirical analysis is also carried out on the disaggregated components of the trade, that is, merchandise export and import, for robust analysis. Estimation results based on error correction model show that there exists significant long run positive relationship between financial development and export in Nigeria over the period under study. There is need for government to therefore provide enabling environment for financial sector to thrive through sound macroeconomic policies for effective economic diversification through export.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"24 1","pages":"1 - 20"},"PeriodicalIF":0.6,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46812016","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}
Abstract The paper seeks to assess the industry-based effect of exchange rate volatility on the export of non-oil sector in Nigeria. Theoretically and empirically, volatility-trade link is ambiguous. The paper employed bound test for co-integration between exchange rate volatility and exports of non-oil products. Empirically, the results show that we can accept the hypothesis of no co-integration between volatility and export of non-oil industries in most cases. Therefore, the study concludes that the exchange rate volatility can actually produce negative effect on non-oil export industries in the short-run especially the big industries (Agriculture, food and manufacturing) but this effect does not linger into the long-run and this suggests that most of these industries have been able to develop a mechanism to cope with exchange rate volatility problem in the long-run.
{"title":"Exchange Rate Volatility and Sectoral Analysis of Non-Oil Export in Nigeria","authors":"Lukman. O. Oyelami, O. Ajeigbe","doi":"10.2478/zireb-2021-0002","DOIUrl":"https://doi.org/10.2478/zireb-2021-0002","url":null,"abstract":"Abstract The paper seeks to assess the industry-based effect of exchange rate volatility on the export of non-oil sector in Nigeria. Theoretically and empirically, volatility-trade link is ambiguous. The paper employed bound test for co-integration between exchange rate volatility and exports of non-oil products. Empirically, the results show that we can accept the hypothesis of no co-integration between volatility and export of non-oil industries in most cases. Therefore, the study concludes that the exchange rate volatility can actually produce negative effect on non-oil export industries in the short-run especially the big industries (Agriculture, food and manufacturing) but this effect does not linger into the long-run and this suggests that most of these industries have been able to develop a mechanism to cope with exchange rate volatility problem in the long-run.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"24 1","pages":"21 - 36"},"PeriodicalIF":0.6,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44079596","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}
Abstract This study examines the explanatory power of capital adequacy, asset quality, management soundness, earnings quality, liquidity and sensitivity to market risk (CAMELS) framework as well as a number of other variables on the financial soundness (measured by regulatory capital adequacy ratios) of banks in Nigeria. The findings, using ordinary least squared (OLS) regression subsequent to the establishment of no panel effects among the sampled banks, reveal the significant explanatory potentials of these bank-specific variables though some give a reversal of their prior expectations. Apart from reawakening the investors’ and depositors’ interest, the findings further have policy implications on the regulation and operation of these financial institutions. The study breaks new grounds in the measurement of capital adequacy using gross revenue ratio and leverage ratio, asset quality using income statement impairment charges for loan losses, and in the inclusion of the sensitivity to market risk most especially in the Nigerian context.
{"title":"Bank-Specific Variables and Banks’ Financial Soundness: Empirical Evidence from Nigeria","authors":"A. Salami, A. Uthman, M. Sanni","doi":"10.2478/zireb-2021-0003","DOIUrl":"https://doi.org/10.2478/zireb-2021-0003","url":null,"abstract":"Abstract This study examines the explanatory power of capital adequacy, asset quality, management soundness, earnings quality, liquidity and sensitivity to market risk (CAMELS) framework as well as a number of other variables on the financial soundness (measured by regulatory capital adequacy ratios) of banks in Nigeria. The findings, using ordinary least squared (OLS) regression subsequent to the establishment of no panel effects among the sampled banks, reveal the significant explanatory potentials of these bank-specific variables though some give a reversal of their prior expectations. Apart from reawakening the investors’ and depositors’ interest, the findings further have policy implications on the regulation and operation of these financial institutions. The study breaks new grounds in the measurement of capital adequacy using gross revenue ratio and leverage ratio, asset quality using income statement impairment charges for loan losses, and in the inclusion of the sensitivity to market risk most especially in the Nigerian context.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"24 1","pages":"37 - 66"},"PeriodicalIF":0.6,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46270645","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}
Abstract The paper explores factors influencing services procurement decision-making of manufacturing companies, and compares it to factors influencing products procurement decision-making. Data were gathered by survey among manufacturing companies and analysed by using exploratory factor analysis. The comparison between factors influencing services procurement and factors influencing products procurement is made by content analysis. Results prove that six distinct factors influence manufacturing companies when making services procurement decisions: interdepartmental communication, trust in service provider, service provider flexibility, buyer’s price sensitivity, top management support, and service provider competence. When compared to products procurement situation, it can be observed that some of the factors are influential in both purchasing situations, whereas other factors are not similarly important in both purchasing situations. The paper offers an insight to factors influencing buying decisions of manufacturing companies, that can help selling companies to better understand the differences in procurement processes of manufacturing companies in two buying situations: products procurement vs. services procurement.
{"title":"Factors Influencing Organisational Buying Decisions in the Manufacturing Industry: Are Products and Services Procurement Different?","authors":"Dubravka Sinčić Ćorić","doi":"10.2478/zireb-2021-0005","DOIUrl":"https://doi.org/10.2478/zireb-2021-0005","url":null,"abstract":"Abstract The paper explores factors influencing services procurement decision-making of manufacturing companies, and compares it to factors influencing products procurement decision-making. Data were gathered by survey among manufacturing companies and analysed by using exploratory factor analysis. The comparison between factors influencing services procurement and factors influencing products procurement is made by content analysis. Results prove that six distinct factors influence manufacturing companies when making services procurement decisions: interdepartmental communication, trust in service provider, service provider flexibility, buyer’s price sensitivity, top management support, and service provider competence. When compared to products procurement situation, it can be observed that some of the factors are influential in both purchasing situations, whereas other factors are not similarly important in both purchasing situations. The paper offers an insight to factors influencing buying decisions of manufacturing companies, that can help selling companies to better understand the differences in procurement processes of manufacturing companies in two buying situations: products procurement vs. services procurement.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"24 1","pages":"99 - 111"},"PeriodicalIF":0.6,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47307270","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}
Abstract Accession of Croatia to the EU brought legal, regulatory and market changes for the insurance companies. The question that arises is whether the new environment in which the companies operate has improved their efficiency. Accordingly, the aim of this paper is to separately estimate the efficiency of non-life and life insurance industry in Croatia and to compare it through the period before (2009-2012) and after (2013-2018) Croatian accession to the EU. The research is based on the Data Envelopment Analysis and the obtained results indicate an average increase in overall technical efficiency in both, non-life and life sector in period after Croatia’s accession to the EU. Still, this increase was not proved to be significant. Additionally, although increase in pure technical efficiency was significant in non-life sector, an insignificant slight decrease is recorded in life sector. Finally, insurers conducting (non)life business activities are mainly operating at increasing returns to scale.
{"title":"Has Accession to the European Union Affected the Efficiency of Croatian Insurance Companies?","authors":"M. Pervan, M. Ćurak, Tomislava Pavic Kramaric","doi":"10.2478/zireb-2021-0004","DOIUrl":"https://doi.org/10.2478/zireb-2021-0004","url":null,"abstract":"Abstract Accession of Croatia to the EU brought legal, regulatory and market changes for the insurance companies. The question that arises is whether the new environment in which the companies operate has improved their efficiency. Accordingly, the aim of this paper is to separately estimate the efficiency of non-life and life insurance industry in Croatia and to compare it through the period before (2009-2012) and after (2013-2018) Croatian accession to the EU. The research is based on the Data Envelopment Analysis and the obtained results indicate an average increase in overall technical efficiency in both, non-life and life sector in period after Croatia’s accession to the EU. Still, this increase was not proved to be significant. Additionally, although increase in pure technical efficiency was significant in non-life sector, an insignificant slight decrease is recorded in life sector. Finally, insurers conducting (non)life business activities are mainly operating at increasing returns to scale.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"24 1","pages":"67 - 98"},"PeriodicalIF":0.6,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48347144","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}
Abstract This paper investigates the effect of renewable energy on economic growth in Croatia for the period 1996-2018. The Autoregressive Distributed Lag (ARDL) technique is used to find the long run relationships between renewable energy, energy consumption and economic growth. The empirical analysis indicates that renewable energy has a positive and significant effect on economic growth in the short and long run. These findings indicate that the Croatian government can continue to boost renewable energy investment without impeding economic growth.
{"title":"The Effect of Renewable Energy Consumption on Economic Growth in Croatia","authors":"Sonia Pearson","doi":"10.2478/zireb-2021-0006","DOIUrl":"https://doi.org/10.2478/zireb-2021-0006","url":null,"abstract":"Abstract This paper investigates the effect of renewable energy on economic growth in Croatia for the period 1996-2018. The Autoregressive Distributed Lag (ARDL) technique is used to find the long run relationships between renewable energy, energy consumption and economic growth. The empirical analysis indicates that renewable energy has a positive and significant effect on economic growth in the short and long run. These findings indicate that the Croatian government can continue to boost renewable energy investment without impeding economic growth.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"24 1","pages":"113 - 126"},"PeriodicalIF":0.6,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48446999","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}
Abstract The paper focuses the applicability of political cycles theories in specific circumstances of economies in transition which are at the same time the new democracies. Economic and political transition in these countries change both people’s and politicians’ preferences, institutions and generate specific politically motivated misuse of economic policymaking. Theories of political cycles in macroeconomics have been developed since 1970s, when the fact that policymakers could use economic policy as an efficient tool for increasing their chances for reelection became obvious. In countries with parliamentary democracies, incentives of policymakers to influence election results could be opportunistically motivated (opportunistic models) or ideologically motivated (partisan models). On the other side, voters could be naïve or rational, with different economic outcomes, as argued in extensive political cycles literature. The paper studies specific political motives of politicians in transition economies which are faced, especially in first fazes of transition with weak institutional mechanism and rules, and naïve voters. Consequently, opportunistic motives dominate ideological ones. The paper also focuses how the development of the institutional environment, especially in the context of international integration, such as accession to the European Union, reflects on the political business cycles in these countries.
{"title":"The Applicability of Political Business Cycle Theories in Transition Economies","authors":"Aleksandra Praščević","doi":"10.2478/zireb-2020-0024","DOIUrl":"https://doi.org/10.2478/zireb-2020-0024","url":null,"abstract":"Abstract The paper focuses the applicability of political cycles theories in specific circumstances of economies in transition which are at the same time the new democracies. Economic and political transition in these countries change both people’s and politicians’ preferences, institutions and generate specific politically motivated misuse of economic policymaking. Theories of political cycles in macroeconomics have been developed since 1970s, when the fact that policymakers could use economic policy as an efficient tool for increasing their chances for reelection became obvious. In countries with parliamentary democracies, incentives of policymakers to influence election results could be opportunistically motivated (opportunistic models) or ideologically motivated (partisan models). On the other side, voters could be naïve or rational, with different economic outcomes, as argued in extensive political cycles literature. The paper studies specific political motives of politicians in transition economies which are faced, especially in first fazes of transition with weak institutional mechanism and rules, and naïve voters. Consequently, opportunistic motives dominate ideological ones. The paper also focuses how the development of the institutional environment, especially in the context of international integration, such as accession to the European Union, reflects on the political business cycles in these countries.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"23 1","pages":"73 - 90"},"PeriodicalIF":0.6,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41989408","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}
Abstract Rapid tourism development accompanied by exponential increase in the number of tourists and visitors in destinations can disrupt the life of destination residents and negatively affect their support for (future) tourism development. On the other hand, residents economically dependent on tourism might have different attitudes toward tourism in comparison to those who are not economically involved in tourism. Several studies have found that economic dependence on tourism induces more positive perceptions of tourism impacts and higher degree of support than non-dependence. Another potential valuable predictor of tourism support could be residents’ subjective well-being, enhancing our understanding quality of life under the influence of tourism. The purpose of this study is to better understand local residents’ support for tourism development by exploring their well-being, involvement in tourism activities and perceived overall value of tourism development. In order to gain a specific perspective of island tourism destination, a sample of residents living on a small Adriatic island Vir (Croatia) was chosen. Vir is high seasonal and mature destination with annual number of visitors around 30 times bigger than the number of permanent residents. It was found that those residents who are directly or indirectly economically benefiting from tourism have significantly higher scores in personal and national well-being domains and also exhibit higher support towards future tourism development, than those who don’t experience economic benefits from tourism. Regression analysis of an island well-being perception index, revealed that tourism generates more benefits than costs and economical involvement in tourism positively affect residents’ tourism development support. On the other hand, demographic predictors (age, gender, education, income) and personal well-being index are not associated with tourism development support. The results provide important insights for researchers and practitioners on understanding residents’ perceptions of tourism in mature destinations and how those perceptions can be related both to subjective well-being and the level of involvement in tourism activities.
{"title":"Well-Being and Residents’ Tourism Support – Mature Island Destination Perspective","authors":"D. S. Frleta, J. Đ. Badurina, L. Dwyer","doi":"10.2478/zireb-2020-0021","DOIUrl":"https://doi.org/10.2478/zireb-2020-0021","url":null,"abstract":"Abstract Rapid tourism development accompanied by exponential increase in the number of tourists and visitors in destinations can disrupt the life of destination residents and negatively affect their support for (future) tourism development. On the other hand, residents economically dependent on tourism might have different attitudes toward tourism in comparison to those who are not economically involved in tourism. Several studies have found that economic dependence on tourism induces more positive perceptions of tourism impacts and higher degree of support than non-dependence. Another potential valuable predictor of tourism support could be residents’ subjective well-being, enhancing our understanding quality of life under the influence of tourism. The purpose of this study is to better understand local residents’ support for tourism development by exploring their well-being, involvement in tourism activities and perceived overall value of tourism development. In order to gain a specific perspective of island tourism destination, a sample of residents living on a small Adriatic island Vir (Croatia) was chosen. Vir is high seasonal and mature destination with annual number of visitors around 30 times bigger than the number of permanent residents. It was found that those residents who are directly or indirectly economically benefiting from tourism have significantly higher scores in personal and national well-being domains and also exhibit higher support towards future tourism development, than those who don’t experience economic benefits from tourism. Regression analysis of an island well-being perception index, revealed that tourism generates more benefits than costs and economical involvement in tourism positively affect residents’ tourism development support. On the other hand, demographic predictors (age, gender, education, income) and personal well-being index are not associated with tourism development support. The results provide important insights for researchers and practitioners on understanding residents’ perceptions of tourism in mature destinations and how those perceptions can be related both to subjective well-being and the level of involvement in tourism activities.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"23 1","pages":"29 - 41"},"PeriodicalIF":0.6,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46224097","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}
Abstract Over the last few decades, entrepreneurial alertness has established its place as one of the central concepts in entrepreneurship research. It implies one’s ability to identify opportunities that are overlooked by others and as such plays an important role in the process of opportunity discovery and creation. Entrepreneurial alertness is theoretically set as a multidimensional construct that comprises of scanning and searching for new information, associating and connecting seemingly unrelated pieces of information and making evaluations and judgments about potential opportunities. The purpose of this study is to explore the notion of entrepreneurial alertness among the youth in order to identify its relationship with metacognitive knowledge, metacognitive experience, perception of self-efficacy and entrepreneurial intention. The aim is to provide suggestions and guidelines to scholars and educators about the ways entrepreneurial alertness can be developed and enhanced through teaching methods as well as specific activities offered to students during their university study. The sample includes 206 business students on the undergraduate and graduate level majoring in seven different areas (financial management, marketing, general management, trade and logistics, business informatics, entrepreneurship and economic policy and regional development). Statistical methods applied in the data analysis included correlation analysis, factor analysis and analysis of variance (ANOVA). The results showed a statistically significant positive relationship between entrepreneurial alertness and all four preselected variables: metacognitive knowledge, metacognitive experience, perceived self-efficacy, and entrepreneurial intent. Various student activities outside the classroom contribute to higher levels of students’ entrepreneurial alertness. However, not all activities equally contributed to the development of students’ metacognitive knowledge. Students who volunteered in local non-profit organizations, did an internship in a company that operates in Croatia, participated in providing consulting services to small and medium businesses and took part in national case study competitions demonstrated higher levels of metacognitive knowledge. Finally, the paper provides suggestions to scholars, educators and policy makers in the field of entrepreneurship and education.
{"title":"Decoding the Entrepreneurial Capacity: the Case of Entrepreneurial Alertness","authors":"Marina Stanić","doi":"10.2478/ZIREB-2020-0019","DOIUrl":"https://doi.org/10.2478/ZIREB-2020-0019","url":null,"abstract":"Abstract Over the last few decades, entrepreneurial alertness has established its place as one of the central concepts in entrepreneurship research. It implies one’s ability to identify opportunities that are overlooked by others and as such plays an important role in the process of opportunity discovery and creation. Entrepreneurial alertness is theoretically set as a multidimensional construct that comprises of scanning and searching for new information, associating and connecting seemingly unrelated pieces of information and making evaluations and judgments about potential opportunities. The purpose of this study is to explore the notion of entrepreneurial alertness among the youth in order to identify its relationship with metacognitive knowledge, metacognitive experience, perception of self-efficacy and entrepreneurial intention. The aim is to provide suggestions and guidelines to scholars and educators about the ways entrepreneurial alertness can be developed and enhanced through teaching methods as well as specific activities offered to students during their university study. The sample includes 206 business students on the undergraduate and graduate level majoring in seven different areas (financial management, marketing, general management, trade and logistics, business informatics, entrepreneurship and economic policy and regional development). Statistical methods applied in the data analysis included correlation analysis, factor analysis and analysis of variance (ANOVA). The results showed a statistically significant positive relationship between entrepreneurial alertness and all four preselected variables: metacognitive knowledge, metacognitive experience, perceived self-efficacy, and entrepreneurial intent. Various student activities outside the classroom contribute to higher levels of students’ entrepreneurial alertness. However, not all activities equally contributed to the development of students’ metacognitive knowledge. Students who volunteered in local non-profit organizations, did an internship in a company that operates in Croatia, participated in providing consulting services to small and medium businesses and took part in national case study competitions demonstrated higher levels of metacognitive knowledge. Finally, the paper provides suggestions to scholars, educators and policy makers in the field of entrepreneurship and education.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"23 1","pages":"1 - 12"},"PeriodicalIF":0.6,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45706421","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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