Abstract E-commerce is growing rapidly on a global scale. Among many products purchased via the Internet, clothing is the first in terms of purchase frequency. However, there are growth barriers for this product category, which include, first of all, the client’s fear of matching clothing to their own figure or complexion. This results in a high percentage of returns reaching up to 60% of transactions, which is more than that in other e-commerce sectors. One of the possible solutions to the abovementioned problem is the use of a virtual fitting room (VFR), which allows you to try on clothes in terms of size, fit, style, or color on a computer or smartphone screen. The main purpose of the article is to determine the propensity to use a VFR in the age group of generation Y. The second goal is to compare the propensity to use by type of VFR: 2D vs. 3D. The methodology is based on the qualitative exploratory approach. To conduct research, content analysis and sentiment analysis were used. The results of the study indicate that the participants of the research have an ambivalent attitude towards VFR – on the one hand, they perceive VFRs as an interesting solution for Internet users (not only generation Y). On the other hand, however, they themselves show a distance to use the VFR. The analysis also showed that a two-dimensional type of VFR based on augmented reality technology has greater market opportunities.
{"title":"Tendency to Use the Virtual Fitting Room in Generation Y - Results of Qualitative Study","authors":"M. Moroz","doi":"10.2478/fman-2019-0020","DOIUrl":"https://doi.org/10.2478/fman-2019-0020","url":null,"abstract":"Abstract E-commerce is growing rapidly on a global scale. Among many products purchased via the Internet, clothing is the first in terms of purchase frequency. However, there are growth barriers for this product category, which include, first of all, the client’s fear of matching clothing to their own figure or complexion. This results in a high percentage of returns reaching up to 60% of transactions, which is more than that in other e-commerce sectors. One of the possible solutions to the abovementioned problem is the use of a virtual fitting room (VFR), which allows you to try on clothes in terms of size, fit, style, or color on a computer or smartphone screen. The main purpose of the article is to determine the propensity to use a VFR in the age group of generation Y. The second goal is to compare the propensity to use by type of VFR: 2D vs. 3D. The methodology is based on the qualitative exploratory approach. To conduct research, content analysis and sentiment analysis were used. The results of the study indicate that the participants of the research have an ambivalent attitude towards VFR – on the one hand, they perceive VFRs as an interesting solution for Internet users (not only generation Y). On the other hand, however, they themselves show a distance to use the VFR. The analysis also showed that a two-dimensional type of VFR based on augmented reality technology has greater market opportunities.","PeriodicalId":43250,"journal":{"name":"Foundations of Management","volume":"11 1","pages":"239 - 254"},"PeriodicalIF":1.1,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44598999","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 Employee engagement has been at the center of attention for human resource personnel and researchers who stated that employee engagement can be a key driver of an organization's business success. Many researchers have found in recent researches that a transformational leadership style has a beneficial connection with employee engagement. Thus, this study aims to find the causal effect of perceived transformational leadership on employee engagement through the mediating role of leader’s emotional intelligence. We analyze the data from a sample of 338 full-time employees working in the ICT sector in Palestine using confirmatory factor analysis (CFA) and structural equation modelling (SEM) to test the hypothesis. Later, the bootstrapping analysis was conducted to confirm the mediation test in this study. The finding shows that transformational leadership style has a significant effect on employee engagement for the mediating role of emotional intelligence. The effect of transformational leadership on employee engagement was found to be completely mediated by leader’s emotional intelligence at work. Theoretically, this empirical study contributed to the new knowledge on the unique mediating effects of leader’s emotional intelligence in the relationship between transformational leadership and employee engagement in the Middle Eastern Region. Practically, this study has managerial implication in the area of organizational management, leadership and human resource management.
{"title":"The Effect of Perceived Transformational Leadership Style on Employee Engagement: The Mediating Effect of Leader’s Emotional Intelligence","authors":"Marwan Milhem, Habsah Muda, K. Ahmed","doi":"10.2478/fman-2019-0003","DOIUrl":"https://doi.org/10.2478/fman-2019-0003","url":null,"abstract":"Abstract Employee engagement has been at the center of attention for human resource personnel and researchers who stated that employee engagement can be a key driver of an organization's business success. Many researchers have found in recent researches that a transformational leadership style has a beneficial connection with employee engagement. Thus, this study aims to find the causal effect of perceived transformational leadership on employee engagement through the mediating role of leader’s emotional intelligence. We analyze the data from a sample of 338 full-time employees working in the ICT sector in Palestine using confirmatory factor analysis (CFA) and structural equation modelling (SEM) to test the hypothesis. Later, the bootstrapping analysis was conducted to confirm the mediation test in this study. The finding shows that transformational leadership style has a significant effect on employee engagement for the mediating role of emotional intelligence. The effect of transformational leadership on employee engagement was found to be completely mediated by leader’s emotional intelligence at work. Theoretically, this empirical study contributed to the new knowledge on the unique mediating effects of leader’s emotional intelligence in the relationship between transformational leadership and employee engagement in the Middle Eastern Region. Practically, this study has managerial implication in the area of organizational management, leadership and human resource management.","PeriodicalId":43250,"journal":{"name":"Foundations of Management","volume":"11 1","pages":"33 - 42"},"PeriodicalIF":1.1,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44175735","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 State-owned companies are typically trapped in a bureaucratic system that means they experience difficulties undertaking changes and adapting to environmental changes. Whenever these companies attempt a strategic maneuver, a series of complex bureaucratic procedures must be followed. As a result, the companies are late in responding to environmental changes. This study discusses how the state-owned companies transform their organization with the support of dynamic capabilities. XT Square, a company owned by the local government in Indonesia, is used as the subject of analysis. XT Square is engaged in property. During the course of its organizational transformation, the company found it difficult to fit with customers’ needs because of the difficulties in understanding market conditions. The company then established alliances with other firms to overcome resource shortages. The results of the analysis demonstrate that the process of building these alliances was not linear; rather, it was iterative in nature. At a certain level, XT Square is required to undertake trial and error. At the end of the paper, a suggestion for further research is provided.
{"title":"Alliances as Dynamic Capability to Support Organizational Transformation: Empirical Findings from a State-Owned Enterprise","authors":"Anjar Priyono, E. Dewi, Sarina Abdul Halim Lim","doi":"10.2478/fman-2019-0008","DOIUrl":"https://doi.org/10.2478/fman-2019-0008","url":null,"abstract":"Abstract State-owned companies are typically trapped in a bureaucratic system that means they experience difficulties undertaking changes and adapting to environmental changes. Whenever these companies attempt a strategic maneuver, a series of complex bureaucratic procedures must be followed. As a result, the companies are late in responding to environmental changes. This study discusses how the state-owned companies transform their organization with the support of dynamic capabilities. XT Square, a company owned by the local government in Indonesia, is used as the subject of analysis. XT Square is engaged in property. During the course of its organizational transformation, the company found it difficult to fit with customers’ needs because of the difficulties in understanding market conditions. The company then established alliances with other firms to overcome resource shortages. The results of the analysis demonstrate that the process of building these alliances was not linear; rather, it was iterative in nature. At a certain level, XT Square is required to undertake trial and error. At the end of the paper, a suggestion for further research is provided.","PeriodicalId":43250,"journal":{"name":"Foundations of Management","volume":"11 1","pages":"93 - 102"},"PeriodicalIF":1.1,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41370518","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. Halkin, K. Bliumska-Danko, Olena Smihunova, Elena Dudnyk, I. Balandina
Abstract The shopping service of the store plays an important role in shaping the opinions of customers in a store. Endless progress has been made on quality management of consumer services confirmed through numerous methods and standards that are based on consumers. A typical consumer receives a large amount of information in the shopping process. In the process of perception of this information, consumer must not only find necessary data, but also process, analyze, and evaluate this date, and weigh the pros and cons, relate it to his own needs, and at the end, make a decision: to buy or not to buy a certain product. All these reflect on consumer’s fatigue, stress, and other negative fallings obtained during any shopping. In this case, the buyer can make the wrong choice and the quality of his decisions would deteriorate. Therefore, investigation influence of store type on the emotional state of consumers in the urban purchase provides significant reserve for marketing development in this sphere. Research provides explanation of emotional fatigue on the type of stores. The regression models describing the shift in emotional state of the buyer in purchase process of different type of shops were obtained. Research was conducted in the residential area of Kharkiv, Ukraine. The presented model shows the average value of the indicator of the emotional system of buyers after shopping, which can be used to determine the likelihood of shopping on the basis of emotional fatigue.
{"title":"Investigation Influence of Store Type on Emotional State of Consumer in the Urban Purchase","authors":"A. Halkin, K. Bliumska-Danko, Olena Smihunova, Elena Dudnyk, I. Balandina","doi":"10.2478/fman-2019-0001","DOIUrl":"https://doi.org/10.2478/fman-2019-0001","url":null,"abstract":"Abstract The shopping service of the store plays an important role in shaping the opinions of customers in a store. Endless progress has been made on quality management of consumer services confirmed through numerous methods and standards that are based on consumers. A typical consumer receives a large amount of information in the shopping process. In the process of perception of this information, consumer must not only find necessary data, but also process, analyze, and evaluate this date, and weigh the pros and cons, relate it to his own needs, and at the end, make a decision: to buy or not to buy a certain product. All these reflect on consumer’s fatigue, stress, and other negative fallings obtained during any shopping. In this case, the buyer can make the wrong choice and the quality of his decisions would deteriorate. Therefore, investigation influence of store type on the emotional state of consumers in the urban purchase provides significant reserve for marketing development in this sphere. Research provides explanation of emotional fatigue on the type of stores. The regression models describing the shift in emotional state of the buyer in purchase process of different type of shops were obtained. Research was conducted in the residential area of Kharkiv, Ukraine. The presented model shows the average value of the indicator of the emotional system of buyers after shopping, which can be used to determine the likelihood of shopping on the basis of emotional fatigue.","PeriodicalId":43250,"journal":{"name":"Foundations of Management","volume":"11 1","pages":"7 - 22"},"PeriodicalIF":1.1,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47038740","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 conducts a detailed examination of the existing evaluative frameworks for microfinance institutions to gauge the differences and similarities. Efficiency evaluates how MFIs are meeting the performance standards considering time and budget constraints. Outreach evaluates the effectiveness of MFIs in reaching the beneficiaries. Relative efficiency scores were calculated using data envelopment analysis and outreach was measured in five different dimensions (pentagon model). Further, cluster analysis assisted in categorizing the MFIs into five value clusters. The study compares both outreach performance and relative efficiency scores employing ANOVA and correlation analysis. The study was conducted among the Indian context when the sector was hit by crisis during 2010. Paper brought out important insights about the sample. Indian MFIs were found to be more socially efficient, since the social dimension taken into consideration was number of female clients and majority of Indian MFIs has exclusive female focus. The correlation tests found that relative efficiency scores are positively related to depth (poor focus) and length (sustainability) outreach. The results showed that cluster analysis model basing outreach scores was more comprehensive and captured more information compared to the data envelopment model relative efficiency scores. The study is original in its approach in using cluster analysis for outreach performance and in the objective of comparing the two different models.
{"title":"Performance Evaluation Frameworks in the Context of Indian Microfinance Institutions","authors":"Aruna Balammal, R. Madhumathi, M. Ganesh","doi":"10.2478/fman-2019-0018","DOIUrl":"https://doi.org/10.2478/fman-2019-0018","url":null,"abstract":"Abstract The paper conducts a detailed examination of the existing evaluative frameworks for microfinance institutions to gauge the differences and similarities. Efficiency evaluates how MFIs are meeting the performance standards considering time and budget constraints. Outreach evaluates the effectiveness of MFIs in reaching the beneficiaries. Relative efficiency scores were calculated using data envelopment analysis and outreach was measured in five different dimensions (pentagon model). Further, cluster analysis assisted in categorizing the MFIs into five value clusters. The study compares both outreach performance and relative efficiency scores employing ANOVA and correlation analysis. The study was conducted among the Indian context when the sector was hit by crisis during 2010. Paper brought out important insights about the sample. Indian MFIs were found to be more socially efficient, since the social dimension taken into consideration was number of female clients and majority of Indian MFIs has exclusive female focus. The correlation tests found that relative efficiency scores are positively related to depth (poor focus) and length (sustainability) outreach. The results showed that cluster analysis model basing outreach scores was more comprehensive and captured more information compared to the data envelopment model relative efficiency scores. The study is original in its approach in using cluster analysis for outreach performance and in the objective of comparing the two different models.","PeriodicalId":43250,"journal":{"name":"Foundations of Management","volume":"11 1","pages":"209 - 228"},"PeriodicalIF":1.1,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43530811","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 Labor costs in Poland are relatively low in comparison to other European Union (EU) countries. After long period of functioning Poland in closed economy, conditions significantly weakened the level of its competitiveness in the international market. When the boards were opened in 1989, it became clear that cheap work force was one of the most important factors to attract foreign investments. At the same time, globalization and internationalization of production created opportunity for entrepreneurs to establish global value chains. Participation in global value chain (GVC) of Poland can extend international trade and increase gross domestic product (GDP). On the other hand, low wages attract investments in low-technology industries and, moreover, place Poland in the middle of value chains, where semi-products are assembled and new value added is exiguous. The aim of the article is: 1) to present polish participation in global value chain, 2) to analyze how much low labor costs contribute to degree of share in global value chain, and 3) to show how level of labor costs contribute to position in value chain and how does it influence on benefits from participating in GVC. In the article, the quantitative and qualitative assessment of Eurostat (European statistic) and Organisation for Economic Cooperation and Development (OECD) statistics data and research on labor costs carried out in Poland were analyzed. The research tools include a critical analysis of literature and descriptive analytical method. More than 50% of polish exports takes place within the global value chains. Low labor costs attract investors to allocate part of their production in Poland. Nevertheless, great part of export constitutes semi-products that do not create new value added so benefits from participation in GVC are not so considerable as expected. It is desirable to shift Poland toward beginning or the end of value chains, where profits are higher.
{"title":"Labor Costs and Localization in Global Value Chains: Comparative Analysis and Conclusions for Poland","authors":"M. Kapela","doi":"10.2478/fman-2019-0019","DOIUrl":"https://doi.org/10.2478/fman-2019-0019","url":null,"abstract":"Abstract Labor costs in Poland are relatively low in comparison to other European Union (EU) countries. After long period of functioning Poland in closed economy, conditions significantly weakened the level of its competitiveness in the international market. When the boards were opened in 1989, it became clear that cheap work force was one of the most important factors to attract foreign investments. At the same time, globalization and internationalization of production created opportunity for entrepreneurs to establish global value chains. Participation in global value chain (GVC) of Poland can extend international trade and increase gross domestic product (GDP). On the other hand, low wages attract investments in low-technology industries and, moreover, place Poland in the middle of value chains, where semi-products are assembled and new value added is exiguous. The aim of the article is: 1) to present polish participation in global value chain, 2) to analyze how much low labor costs contribute to degree of share in global value chain, and 3) to show how level of labor costs contribute to position in value chain and how does it influence on benefits from participating in GVC. In the article, the quantitative and qualitative assessment of Eurostat (European statistic) and Organisation for Economic Cooperation and Development (OECD) statistics data and research on labor costs carried out in Poland were analyzed. The research tools include a critical analysis of literature and descriptive analytical method. More than 50% of polish exports takes place within the global value chains. Low labor costs attract investors to allocate part of their production in Poland. Nevertheless, great part of export constitutes semi-products that do not create new value added so benefits from participation in GVC are not so considerable as expected. It is desirable to shift Poland toward beginning or the end of value chains, where profits are higher.","PeriodicalId":43250,"journal":{"name":"Foundations of Management","volume":"11 1","pages":"229 - 238"},"PeriodicalIF":1.1,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47475840","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. Purmiyati, Madeline Berma, B. Talib, M. S. Rakhima
Abstract This study examines the micro enterprises of industrial sectors that receive Kredit Usaha Rakyat (People’s Business Credit/KUR) or Commercial Credit (KK) in seven cities in East Java. Firstly, this study aims to measure the technical efficiency of micro enterprises in the industrial sector in East Java that accept KUR and KK using the Data Envelopment Analysis method; secondly, to examine the factors that influence the technical efficiency of micro enterprises, which receive KUR and KK with Tobit Regression. Unlike others’ researches, this paper attempts to determine the influence of technical efficiency and other factors on the poverty status of micro entrepreneurs using logistic regression. The average technical efficiencies of KUR and KK recipient micro businesses using the assumptions of the DEA VRS model are 0.94 and 0.77. While the average technical efficiencies of KUR and KK recipient micro businesses using the assumptions of the DEA CRS model are 0.88 and 0.71. The factors that influence the technical efficiency of micro enterprises recipients of KUR and KK are profit, experience, geographical location, amount of credit, KUR access, the credit realization period, and dummy variable of food and beverage products. The factors that influence the poverty status of micro-entrepreneurs are technical efficiency, income, KUR access, gender, number of household member, and geographical location. The results of this research can be a material consideration for the government in formulating policies.
摘要本研究调查了东爪哇七个城市获得Kredit Usaha Rakyat（人民商业信贷/KUR）或商业信贷（KK）的工业部门微型企业。首先，本研究旨在使用数据包络分析方法来衡量东爪哇工业部门接受KUR和KK的微型企业的技术效率；其次，用托比特回归检验了影响微观企业技术效率的因素，即接受KUR和KK的微观企业。与其他研究不同，本文试图通过逻辑回归来确定技术效率等因素对微型企业家贫困状况的影响。使用DEA VRS模型的假设，KUR和KK接受者微型企业的平均技术效率分别为0.94和0.77。而使用DEA CRS模型的假设，KUR和KK接受者微型企业的平均技术效率分别为0.88和0.71。影响KUR和KK微型企业技术效率的因素是利润、经验、地理位置、信贷金额、KUR准入、信贷实现期和食品饮料产品的虚拟变量。影响微型企业家贫困状况的因素是技术效率、收入、获得KUR的机会、性别、家庭成员数量和地理位置。这项研究的结果可以作为政府制定政策的物质考虑。
{"title":"The Role of Banking Capital in Industrial Sector Micro Enterprises for Poverty Alleviation: A Study in East Java, Indonesia","authors":"A. Purmiyati, Madeline Berma, B. Talib, M. S. Rakhima","doi":"10.2478/fman-2019-0011","DOIUrl":"https://doi.org/10.2478/fman-2019-0011","url":null,"abstract":"Abstract This study examines the micro enterprises of industrial sectors that receive Kredit Usaha Rakyat (People’s Business Credit/KUR) or Commercial Credit (KK) in seven cities in East Java. Firstly, this study aims to measure the technical efficiency of micro enterprises in the industrial sector in East Java that accept KUR and KK using the Data Envelopment Analysis method; secondly, to examine the factors that influence the technical efficiency of micro enterprises, which receive KUR and KK with Tobit Regression. Unlike others’ researches, this paper attempts to determine the influence of technical efficiency and other factors on the poverty status of micro entrepreneurs using logistic regression. The average technical efficiencies of KUR and KK recipient micro businesses using the assumptions of the DEA VRS model are 0.94 and 0.77. While the average technical efficiencies of KUR and KK recipient micro businesses using the assumptions of the DEA CRS model are 0.88 and 0.71. The factors that influence the technical efficiency of micro enterprises recipients of KUR and KK are profit, experience, geographical location, amount of credit, KUR access, the credit realization period, and dummy variable of food and beverage products. The factors that influence the poverty status of micro-entrepreneurs are technical efficiency, income, KUR access, gender, number of household member, and geographical location. The results of this research can be a material consideration for the government in formulating policies.","PeriodicalId":43250,"journal":{"name":"Foundations of Management","volume":"11 1","pages":"131 - 142"},"PeriodicalIF":1.1,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47686676","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 Today’s economy is experiencing serious economic and social problems affecting all world citizens. The earth seems to have become insufficient in meeting the standards of living that societies expect. The classic marketing approach is seen as the cause of many problems. It has contributed to the emergence of the behaviors that should be changed. With its indisputable impact on development, marketing has influence on degradation, but it can also build positive customers, organizations, and behaviors. Understood as a philosophy, a way of thinking and doing business, sustainable marketing, which we are interested in, promotes responsibility, conscious consumption, relationships, and sensible business. It is interesting to understand what the generation of young people thinks about the issue – the generation that will manage enterprises in the next few years and create global consumption. In this article, we present a research project aimed at answering the question “is today’s young generation ready to face the challenge of changing their lifestyle based on unlimited consumption for the one that will take sustainability into account as a basis for consumer behavior?”.
{"title":"Sustainable Behavior – The Need of Change in Consumer and Business Attitudes and Behavior","authors":"G. Gierszewska, M. Seretny","doi":"10.2478/fman-2019-0017","DOIUrl":"https://doi.org/10.2478/fman-2019-0017","url":null,"abstract":"Abstract Today’s economy is experiencing serious economic and social problems affecting all world citizens. The earth seems to have become insufficient in meeting the standards of living that societies expect. The classic marketing approach is seen as the cause of many problems. It has contributed to the emergence of the behaviors that should be changed. With its indisputable impact on development, marketing has influence on degradation, but it can also build positive customers, organizations, and behaviors. Understood as a philosophy, a way of thinking and doing business, sustainable marketing, which we are interested in, promotes responsibility, conscious consumption, relationships, and sensible business. It is interesting to understand what the generation of young people thinks about the issue – the generation that will manage enterprises in the next few years and create global consumption. In this article, we present a research project aimed at answering the question “is today’s young generation ready to face the challenge of changing their lifestyle based on unlimited consumption for the one that will take sustainability into account as a basis for consumer behavior?”.","PeriodicalId":43250,"journal":{"name":"Foundations of Management","volume":"11 1","pages":"197 - 208"},"PeriodicalIF":1.1,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49200755","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 valuation of risky debt is central to theoretical and empirical work in corporate finance. Although much is known on the returns and valuation of bonds, there is hardly a consensus on the risk components of the yield spreads. This article aims to investigate the effect of investor sentiment as a systematic risk factor on speculative bond yield spreads. After applying correlation analysis to determine the strength of linear association between these two variables, a vector autoregressive (VAR) analysis and impulse response tests are used to examine the relationship between these two variables. The sample period extends from January 1997 to August 2014. In the VAR models, speculative bond spreads and consumer confidence index are used as endogenous variables. The results show that sentiment covaries with the yield spread and have a negative effect on them. The spread level of the previous period seems to be a statistically significant determinant of the current period sentiment. Empirical findings imply that investor sentiment is a systematic risk factor in risky bond markets.
{"title":"Investor Sentiment and Speculative Bond Yield Spreads","authors":"Gozde Turkmen Muldur, S. Y. Kandır, Y. Onal","doi":"10.2478/fman-2019-0015","DOIUrl":"https://doi.org/10.2478/fman-2019-0015","url":null,"abstract":"Abstract The valuation of risky debt is central to theoretical and empirical work in corporate finance. Although much is known on the returns and valuation of bonds, there is hardly a consensus on the risk components of the yield spreads. This article aims to investigate the effect of investor sentiment as a systematic risk factor on speculative bond yield spreads. After applying correlation analysis to determine the strength of linear association between these two variables, a vector autoregressive (VAR) analysis and impulse response tests are used to examine the relationship between these two variables. The sample period extends from January 1997 to August 2014. In the VAR models, speculative bond spreads and consumer confidence index are used as endogenous variables. The results show that sentiment covaries with the yield spread and have a negative effect on them. The spread level of the previous period seems to be a statistically significant determinant of the current period sentiment. Empirical findings imply that investor sentiment is a systematic risk factor in risky bond markets.","PeriodicalId":43250,"journal":{"name":"Foundations of Management","volume":"11 1","pages":"177 - 186"},"PeriodicalIF":1.1,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44619284","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 aim of this study was to determine the contributions of the balanced scorecard (BSC) methods to identify the relationship between the objectives and activities and examine how the BSC should be formed in a manufacturing company. The BSC framework was examined via a case study in a yarn manufacturing company. The activities to be carried out by the company to achieve its objectives and how the appropriate measures are determined in evaluating the contribution of the activities to the achievement of objectives are explained under the BSC approach. The BSC implementation and adaptation have facilitated in a family owned company because of its fast decision-making process. Objectives are made clear in accordance with the company’s strategy and causal relationship between objectives and activities are linked by the strategy map. The BSC implementation shows that financial measures are not enough to evaluate the effects of all the activities on the objectives in a company. The cooperation between departments in the company and the efficiency of corporation meetings increases. The meetings have become more result-oriented due to clarifying objectives and responsibility of individual levels.
{"title":"The Determination of Performance Measures by Using a Balanced Scorecard Framework","authors":"İrem Kefe","doi":"10.2478/fman-2019-0004","DOIUrl":"https://doi.org/10.2478/fman-2019-0004","url":null,"abstract":"Abstract The aim of this study was to determine the contributions of the balanced scorecard (BSC) methods to identify the relationship between the objectives and activities and examine how the BSC should be formed in a manufacturing company. The BSC framework was examined via a case study in a yarn manufacturing company. The activities to be carried out by the company to achieve its objectives and how the appropriate measures are determined in evaluating the contribution of the activities to the achievement of objectives are explained under the BSC approach. The BSC implementation and adaptation have facilitated in a family owned company because of its fast decision-making process. Objectives are made clear in accordance with the company’s strategy and causal relationship between objectives and activities are linked by the strategy map. The BSC implementation shows that financial measures are not enough to evaluate the effects of all the activities on the objectives in a company. The cooperation between departments in the company and the efficiency of corporation meetings increases. The meetings have become more result-oriented due to clarifying objectives and responsibility of individual levels.","PeriodicalId":43250,"journal":{"name":"Foundations of Management","volume":"11 1","pages":"43 - 56"},"PeriodicalIF":1.1,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43581366","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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