The COVID-2019 pandemic has negatively affected all aspects of the socio-economic development of countries. Both Latvia and Ukraine were not spared from these trends. An important issue for the development of countries at the current stage, especially for Ukraine in the conditions of war, is the development of new technologies that give the possibility to manage the accounts online. The main research purpose is to explore the ability of FinTech companies to provide financial stability during a pandemic. This investigation becomes essential in the view of the other global challenges, such as war. Examination of technological innovation of FinTech development in the paper is carried out in the following logical sequence: studying the development of technological innovations of FinTech companies in Latvia and Ukraine; identifying the positive experience of Lithuania and Estonia in the development of the FinTech sector for Latvia and Ukraine; analyzing the capabilities of FinTech and EcoTech companies. Methodological tools of the research methods were literature analysis (a review of research in FinTech companies) and taxonomic methods used to determine the development and ability of FinTech to ensure financial stability. The research covers 1986-2020. The research object is the FinTech Index and Index of Economic Freedom of Ukraine and Latvia, Estonia, and Lithuania because Ukraine and Latvia lag behind Estonia and Lithuania in terms of their Global FinTech index and, in perspective, could use their positive experience of FinTech development. For this reason, the authors proposed tightening countries` positions according to the criteria of the legislative base, government intervention in the economy, the efficiency of regulation, and openness of the economy. The directions of the development of technological innovation of EcoTech were proposed. The research empirically confirms and theoretically proves the development of FinTech and EcoTech's innovative conception and tools. The research results and recommendations could be useful for transnational corporations to develop the FinTech system.
{"title":"The Technological Innovations of Fintech Companies to Ensure the Stability of the Financial System in Pandemic Times","authors":"Jurijs Baltgailis, A. Simakhova","doi":"10.21272/mmi.2022.2-05","DOIUrl":"https://doi.org/10.21272/mmi.2022.2-05","url":null,"abstract":"The COVID-2019 pandemic has negatively affected all aspects of the socio-economic development of countries. Both Latvia and Ukraine were not spared from these trends. An important issue for the development of countries at the current stage, especially for Ukraine in the conditions of war, is the development of new technologies that give the possibility to manage the accounts online. The main research purpose is to explore the ability of FinTech companies to provide financial stability during a pandemic. This investigation becomes essential in the view of the other global challenges, such as war. Examination of technological innovation of FinTech development in the paper is carried out in the following logical sequence: studying the development of technological innovations of FinTech companies in Latvia and Ukraine; identifying the positive experience of Lithuania and Estonia in the development of the FinTech sector for Latvia and Ukraine; analyzing the capabilities of FinTech and EcoTech companies. Methodological tools of the research methods were literature analysis (a review of research in FinTech companies) and taxonomic methods used to determine the development and ability of FinTech to ensure financial stability. The research covers 1986-2020. The research object is the FinTech Index and Index of Economic Freedom of Ukraine and Latvia, Estonia, and Lithuania because Ukraine and Latvia lag behind Estonia and Lithuania in terms of their Global FinTech index and, in perspective, could use their positive experience of FinTech development. For this reason, the authors proposed tightening countries` positions according to the criteria of the legislative base, government intervention in the economy, the efficiency of regulation, and openness of the economy. The directions of the development of technological innovation of EcoTech were proposed. The research empirically confirms and theoretically proves the development of FinTech and EcoTech's innovative conception and tools. The research results and recommendations could be useful for transnational corporations to develop the FinTech system.","PeriodicalId":45989,"journal":{"name":"Marketing and Management of Innovations","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67643313","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}
Online video streaming services have become popular. This study aims to examine subscribers’ sharing behaviour on online digital video platforms. In almost all online channels, sharing behaviour has gained importance. Platforms may more simply and successfully reach their target audiences or consumers through sharing. On the other hand, customers may attend to value creation due to the benefits they gain from using goods and services. Marketers must comprehend how value creation is affected by customer benefits. This study is among the first studies examining the relationships between customer benefits, value creation, and sharing behaviour. Questionnaire-based research was employed to examine the foundation and framework-related hypotheses. Data was collected through the online survey forms. The data was obtained from 363 online streaming service paid users. The Structural Equation Model was performed using SPSS Amos 20 to test hypotheses. The statistical significance of the model’s estimations was tested using a single-step mediator model with a bootstrapping procedure. According to the findings, there was a significant relationship between customer benefits and instrumental value. However, there were very weak relationships between functional and psychosocial benefits and instrumental value. Financial benefit and instrumental value had a stronger relationship. Significant relationships were found between the variables customer benefits and terminal value. There was no significant relationship between instrumental value and sharing behaviour. As a result, there was no instrumental value-mediated relationship between customer benefits and sharing behaviour. The relationship between customer benefits and sharing behaviour, on the other hand, has been found to be mediated by terminal values. Functional and financial benefits and sharing behaviour did not directly and significantly relate. But this relationship became significant through terminal values (indirect-only mediation). Psychosocial benefits and sharing behaviour were directly and significantly related. It has been noted, nonetheless, that this relationship was strengthened by terminal value. The findings were assessed in light of the prior studies in the discussion section. In this section, some potential directions were suggested for future research.
{"title":"Customer Benefits and Sharing Behaviour in Video Streaming Services: The Mediation Effect of Value Creation","authors":"Volkan Polat","doi":"10.21272/mmi.2022.3-03","DOIUrl":"https://doi.org/10.21272/mmi.2022.3-03","url":null,"abstract":"Online video streaming services have become popular. This study aims to examine subscribers’ sharing behaviour on online digital video platforms. In almost all online channels, sharing behaviour has gained importance. Platforms may more simply and successfully reach their target audiences or consumers through sharing. On the other hand, customers may attend to value creation due to the benefits they gain from using goods and services. Marketers must comprehend how value creation is affected by customer benefits. This study is among the first studies examining the relationships between customer benefits, value creation, and sharing behaviour. Questionnaire-based research was employed to examine the foundation and framework-related hypotheses. Data was collected through the online survey forms. The data was obtained from 363 online streaming service paid users. The Structural Equation Model was performed using SPSS Amos 20 to test hypotheses. The statistical significance of the model’s estimations was tested using a single-step mediator model with a bootstrapping procedure. According to the findings, there was a significant relationship between customer benefits and instrumental value. However, there were very weak relationships between functional and psychosocial benefits and instrumental value. Financial benefit and instrumental value had a stronger relationship. Significant relationships were found between the variables customer benefits and terminal value. There was no significant relationship between instrumental value and sharing behaviour. As a result, there was no instrumental value-mediated relationship between customer benefits and sharing behaviour. The relationship between customer benefits and sharing behaviour, on the other hand, has been found to be mediated by terminal values. Functional and financial benefits and sharing behaviour did not directly and significantly relate. But this relationship became significant through terminal values (indirect-only mediation). Psychosocial benefits and sharing behaviour were directly and significantly related. It has been noted, nonetheless, that this relationship was strengthened by terminal value. The findings were assessed in light of the prior studies in the discussion section. In this section, some potential directions were suggested for future research.","PeriodicalId":45989,"journal":{"name":"Marketing and Management of Innovations","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67643592","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}
V. Nazarov, J. Hajiyev, S. Mammadova, V. Ahadov, Shadiyye Amanova
The Covid-19 pandemic caused negative consequences for the economic growth and national wealth of countries worldwide. In 2020 the GDP per capita growth was -4,3% worldwide and -5% in Azerbaijan. However, in 2021, it was 4,8% and 5,1% in accordance, indicating Azerbaijan’s economic potential. At the same time, Azerbaijan takes only 80th place from 132 countries in the Global Innovation Index Rank, which is not sufficient and requires further innovation development of the country. Also, Azerbaijan is the 34th of 190 countries in the Ease of Doing Business rank. Still, according to the Enterprise Surveys made by the World Bank, 23,7% of firms in Azerbaijan choose access to finance as their biggest obstacle. At the same time, the average world indicator is 14,2%, and the average one in Europe and Central Asia is 9,4%. Therefore, this research aims to prove the hypothesis about the positive impact of entrepreneurship financial opportunities and the business environment on the country’s innovation development and national wealth. In the first stage, a bibliometric and analytical analysis was carried out using the tools of the Scopus database, the VOSviewer, and Google Trends. In the second stage, a sample of 20 countries was formed. It includes the top 10 leaders in the Global Innovation Index Rank with high-income economies (as benchmark countries for innovation development, according to which Azerbaijan should increase its position) and the top 10 leaders with upper-middle-income economies (similar to Azerbaijan). The informational base consists of data from the World Bank, the World Intellectual Property Organization, and the World Economic Forum for the last 10 available years. In the third stage, the correlation analysis was made to identify the relationship between the indicators of entrepreneurship financial opportunities and business environment (financing of SMEs, venture capital availability, domestic credit to the private sector, ease of doing business, ease of starting a business, ease of getting credit, ease of resolving insolvency, protecting minority investors, number of new limited liability companies, new business density) and the indicators of the country’s innovation development (Global Innovation Index) and national wealth (total wealth per capita). And at the fourth stage, the impact of entrepreneurship financial opportunities and business environment on the country’s innovation development and national wealth was determined based on regression modeling results. The obtained results could be useful for scientists in further research on this issue and for government officials in improving the state’s economic policy.
{"title":"The Impact of Entrepreneurship Financial Opportunities and Business Environment on the Country’s Innovation Development and National Wealth","authors":"V. Nazarov, J. Hajiyev, S. Mammadova, V. Ahadov, Shadiyye Amanova","doi":"10.21272/mmi.2022.4-10","DOIUrl":"https://doi.org/10.21272/mmi.2022.4-10","url":null,"abstract":"The Covid-19 pandemic caused negative consequences for the economic growth and national wealth of countries worldwide. In 2020 the GDP per capita growth was -4,3% worldwide and -5% in Azerbaijan. However, in 2021, it was 4,8% and 5,1% in accordance, indicating Azerbaijan’s economic potential. At the same time, Azerbaijan takes only 80th place from 132 countries in the Global Innovation Index Rank, which is not sufficient and requires further innovation development of the country. Also, Azerbaijan is the 34th of 190 countries in the Ease of Doing Business rank. Still, according to the Enterprise Surveys made by the World Bank, 23,7% of firms in Azerbaijan choose access to finance as their biggest obstacle. At the same time, the average world indicator is 14,2%, and the average one in Europe and Central Asia is 9,4%. Therefore, this research aims to prove the hypothesis about the positive impact of entrepreneurship financial opportunities and the business environment on the country’s innovation development and national wealth. In the first stage, a bibliometric and analytical analysis was carried out using the tools of the Scopus database, the VOSviewer, and Google Trends. In the second stage, a sample of 20 countries was formed. It includes the top 10 leaders in the Global Innovation Index Rank with high-income economies (as benchmark countries for innovation development, according to which Azerbaijan should increase its position) and the top 10 leaders with upper-middle-income economies (similar to Azerbaijan). The informational base consists of data from the World Bank, the World Intellectual Property Organization, and the World Economic Forum for the last 10 available years. In the third stage, the correlation analysis was made to identify the relationship between the indicators of entrepreneurship financial opportunities and business environment (financing of SMEs, venture capital availability, domestic credit to the private sector, ease of doing business, ease of starting a business, ease of getting credit, ease of resolving insolvency, protecting minority investors, number of new limited liability companies, new business density) and the indicators of the country’s innovation development (Global Innovation Index) and national wealth (total wealth per capita). And at the fourth stage, the impact of entrepreneurship financial opportunities and business environment on the country’s innovation development and national wealth was determined based on regression modeling results. The obtained results could be useful for scientists in further research on this issue and for government officials in improving the state’s economic policy.","PeriodicalId":45989,"journal":{"name":"Marketing and Management of Innovations","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67643729","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}
V. Grosu, M. Socoliuc, E. Hlaciuc, Ciubotariu Marius Sorin, Mihaela Mihaela Tulvinschi
The current global sanitary crisis determined consumers to use e-commerce in all its forms. It has led to an expansion of e-commerce activity and increased associated risk, as companies must adapt quickly to new market conditions and cope with all the risks that arise in such context. This paper aims to identify and assess the relevant risks specific to e-commerce activity and prevent unethical behavior that is often associated with entities operating in this sector by consumers. The review of a significant part of the literature confirms that e-commerce business directly impacts performance and sustainability, being positively associated with organizational innovation. However, investigating the nature and intensity of the risks associated with the operational activity is difficult to assess. It is the main reason for mistrust increasing among many consumers and stakeholders. This research also derives from the fact that it provides real tools to prevent, reduce and even eliminate risks specific to e-commerce activities. Therefore, it could directly contribute to increasing the sustainability of businesses and gaining the trust of consumers regarding online shopping activities. An investigation was conducted in the following logical sequence: identifying the main risk categories and triggers; establishing the link between working hypotheses and the minimum threshold argumentation associated with them. According to the above, it is possible to establish a specific risk function for each risk category. To determine the minimum threshold of risk influence, the unitary risk assessment methodology was applied using a scale of values from 1 to 5, depending on the impact on the operational activity, performance, and sustainability of the e-commerce business. The research methods are specific to quantitative research, the object of the research being a sample of 208 economic entities operating in the e-commerce sector. The statistical analysis regarding the behavior of the most relevant financial indicators was achieved by collecting data from financial reporting and other internal sources. The results serve as an empirical confirmation regarding the specific difficulties encountered in e-commerce activity that need to be solved. Therefore, a dashboard was developed to monitor triggers by risk segments. The designed dashboard is intended to support management in the decision-making process to ensure business sustainability and improve the business model in line with the adopted business strategies. At the same time, with the help of the risk functions developed by risk segments, management could monitor and control the threats to which the operational activity in the online environment is exposed, which will lead to business consolidation and penetration of new online markets.
{"title":"Design of an Innovative Dashboard for Assessment of Risks that are Specific to E-Commerce Activity","authors":"V. Grosu, M. Socoliuc, E. Hlaciuc, Ciubotariu Marius Sorin, Mihaela Mihaela Tulvinschi","doi":"10.21272/mmi.2022.1-14","DOIUrl":"https://doi.org/10.21272/mmi.2022.1-14","url":null,"abstract":"The current global sanitary crisis determined consumers to use e-commerce in all its forms. It has led to an expansion of e-commerce activity and increased associated risk, as companies must adapt quickly to new market conditions and cope with all the risks that arise in such context. This paper aims to identify and assess the relevant risks specific to e-commerce activity and prevent unethical behavior that is often associated with entities operating in this sector by consumers. The review of a significant part of the literature confirms that e-commerce business directly impacts performance and sustainability, being positively associated with organizational innovation. However, investigating the nature and intensity of the risks associated with the operational activity is difficult to assess. It is the main reason for mistrust increasing among many consumers and stakeholders. This research also derives from the fact that it provides real tools to prevent, reduce and even eliminate risks specific to e-commerce activities. Therefore, it could directly contribute to increasing the sustainability of businesses and gaining the trust of consumers regarding online shopping activities. An investigation was conducted in the following logical sequence: identifying the main risk categories and triggers; establishing the link between working hypotheses and the minimum threshold argumentation associated with them. According to the above, it is possible to establish a specific risk function for each risk category. To determine the minimum threshold of risk influence, the unitary risk assessment methodology was applied using a scale of values from 1 to 5, depending on the impact on the operational activity, performance, and sustainability of the e-commerce business. The research methods are specific to quantitative research, the object of the research being a sample of 208 economic entities operating in the e-commerce sector. The statistical analysis regarding the behavior of the most relevant financial indicators was achieved by collecting data from financial reporting and other internal sources. The results serve as an empirical confirmation regarding the specific difficulties encountered in e-commerce activity that need to be solved. Therefore, a dashboard was developed to monitor triggers by risk segments. The designed dashboard is intended to support management in the decision-making process to ensure business sustainability and improve the business model in line with the adopted business strategies. At the same time, with the help of the risk functions developed by risk segments, management could monitor and control the threats to which the operational activity in the online environment is exposed, which will lead to business consolidation and penetration of new online markets.","PeriodicalId":45989,"journal":{"name":"Marketing and Management of Innovations","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67642810","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}
One of the main reasons for failure in sustainable marketing and innovative products is the lack of an adequate understanding of consumer wants and needs. Understanding the issues of motivations for innovativeness and identity in young consumers can provide important evidence for both theory and practice on achieving sustainability. Despite the importance of gender and generation cohort differences on motivated consumer innovativeness and global identity, similarities/differences and links between these variables for each group are not precise and waiting for research that provides clear evidence, especially in the pandemic period. Therefore, this paper aims 1) to determine the differences/similarities in gender and generational cohorts regarding the motivated consumer innovativeness and global identity and 2) to examine the relationship between motivating consumer innovativeness and global identity in given cohorts. Data were collected from consumers in Y and Z generations on an emerging market in Turkey through an online questionnaire. The main results indicated no gender differences for both motivated consumer innovativeness and global identity, whereas there were some differences between generational cohorts. Moreover, some significant relationships were found for each gender and generational cohort. In this study, significant differences were demonstrated about the motivations that drive consumers to be innovative in the Z generation, which has limited knowledge reserve and could be seen as a strong challenge. The findings were discussed, and suggestions were presented for both literature and managerial implications. Thus, this study could contribute to the current literature by confirming the significance of generation-specific differences in consumer behavior and stressing some similarities between Y and Z generations and differences, especially in pandemic conditions. It could be helpful as a roadmap for global marketers engaging in innovative marketing, consumer innovativeness, development of innovative products, and psychological consequences of globalization in young consumers, especially in emerging markets.
{"title":"Consumer differences in motivated consumer innovativeness and global identity","authors":"Ceyda Tanrikulu","doi":"10.21272/mmi.2022.1-10","DOIUrl":"https://doi.org/10.21272/mmi.2022.1-10","url":null,"abstract":"One of the main reasons for failure in sustainable marketing and innovative products is the lack of an adequate understanding of consumer wants and needs. Understanding the issues of motivations for innovativeness and identity in young consumers can provide important evidence for both theory and practice on achieving sustainability. Despite the importance of gender and generation cohort differences on motivated consumer innovativeness and global identity, similarities/differences and links between these variables for each group are not precise and waiting for research that provides clear evidence, especially in the pandemic period. Therefore, this paper aims 1) to determine the differences/similarities in gender and generational cohorts regarding the motivated consumer innovativeness and global identity and 2) to examine the relationship between motivating consumer innovativeness and global identity in given cohorts. Data were collected from consumers in Y and Z generations on an emerging market in Turkey through an online questionnaire. The main results indicated no gender differences for both motivated consumer innovativeness and global identity, whereas there were some differences between generational cohorts. Moreover, some significant relationships were found for each gender and generational cohort. In this study, significant differences were demonstrated about the motivations that drive consumers to be innovative in the Z generation, which has limited knowledge reserve and could be seen as a strong challenge. The findings were discussed, and suggestions were presented for both literature and managerial implications. Thus, this study could contribute to the current literature by confirming the significance of generation-specific differences in consumer behavior and stressing some similarities between Y and Z generations and differences, especially in pandemic conditions. It could be helpful as a roadmap for global marketers engaging in innovative marketing, consumer innovativeness, development of innovative products, and psychological consequences of globalization in young consumers, especially in emerging markets.","PeriodicalId":45989,"journal":{"name":"Marketing and Management of Innovations","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67642856","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}
S. Lehenchuk, M. Tumpach, I. Vyhivska, V. Makarovych, S. Laichuk
In conditions of the knowledge economy and innovations, research and development activities are among the most important factors affecting companies' financial performance. This study aims to investigate the impact of research and development activities on the profitability of Slovak pharmaceutical companies. The panel dataset consists of 37 sample pharmaceutical companies for 2015-2019. Panel data regression analysis was used as the main research method of the study. Profitability was measured with the return on assets indicator, chosen as the dependent variable. The independent variables are leverage, research and development intensity, research and development intensity squared, size, and high-tech dummy. The empirical analysis includes descriptive statistics, normality test, autocorrelation test, and panel regression models (random effect model) followed by F-statistics test, Hausman test, and Breusch-Pagan test. The hypothesis that there is a significant positive impact of research and development activities on the profitability of knowledge-intensive enterprises has been partly confirmed. Only the research and development intensity squared has a significant positive impact on the profitability of Slovak pharmaceutical companies at a 1% level. On the contrary, the research and development intensity has a significant negative relation. According to the analysis results, control variables (leverage, size, and high-tech dummy) have no significant influence on profitability. The existence of an inverted-U relationship between research and development activities and the profitability of Slovak pharmaceutical companies has been established. Investing in innovations of Slovak pharmaceutical companies has a positive effect on profitability only from a certain amount and has an upper limit on the amount of profitable investment. Thus, to formulate recommendations on the adjustment of investment policy in research and development activities, it is necessary to conduct future research to determine the entry points and exit points from the area of best profitability on inverted-U function.
{"title":"The Impact of Innovation on the Profitability of Slovak Pharmaceutical Companies","authors":"S. Lehenchuk, M. Tumpach, I. Vyhivska, V. Makarovych, S. Laichuk","doi":"10.21272/mmi.2022.2-25","DOIUrl":"https://doi.org/10.21272/mmi.2022.2-25","url":null,"abstract":"In conditions of the knowledge economy and innovations, research and development activities are among the most important factors affecting companies' financial performance. This study aims to investigate the impact of research and development activities on the profitability of Slovak pharmaceutical companies. The panel dataset consists of 37 sample pharmaceutical companies for 2015-2019. Panel data regression analysis was used as the main research method of the study. Profitability was measured with the return on assets indicator, chosen as the dependent variable. The independent variables are leverage, research and development intensity, research and development intensity squared, size, and high-tech dummy. The empirical analysis includes descriptive statistics, normality test, autocorrelation test, and panel regression models (random effect model) followed by F-statistics test, Hausman test, and Breusch-Pagan test. The hypothesis that there is a significant positive impact of research and development activities on the profitability of knowledge-intensive enterprises has been partly confirmed. Only the research and development intensity squared has a significant positive impact on the profitability of Slovak pharmaceutical companies at a 1% level. On the contrary, the research and development intensity has a significant negative relation. According to the analysis results, control variables (leverage, size, and high-tech dummy) have no significant influence on profitability. The existence of an inverted-U relationship between research and development activities and the profitability of Slovak pharmaceutical companies has been established. Investing in innovations of Slovak pharmaceutical companies has a positive effect on profitability only from a certain amount and has an upper limit on the amount of profitable investment. Thus, to formulate recommendations on the adjustment of investment policy in research and development activities, it is necessary to conduct future research to determine the entry points and exit points from the area of best profitability on inverted-U function.","PeriodicalId":45989,"journal":{"name":"Marketing and Management of Innovations","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67643416","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 auditing of organizations’ activities plays a crucial role in ensuring the direction chosen by top management and identifying early signs of upcoming changes and threats. The audit assesses the efficient use of resources and processes and promotes corporate credibility, which is essential from investors’ perspectives, particularly in ecosystems of innovations. Meanwhile, little is known about lean auditing, which is crucial in achieving effective processes. This paper summarises the arguments and counterarguments within the scientific discussion on the issue of auditing. The research’s primary purpose is to identify types of waste in auditing and formulate the principles of lean auditing. The systematic literature review and approaches for solving the problem based on grounded theory and triangulation of methods enabled the resolving of research problems. This article analyses the internal auditing standards and guidelines and uses in-depth interviews with 19 internal auditors from different Polish public organizations from 2017 to 2020. The choice of a qualitative approach resulted from the research phenomenon’s open nature, with very few studies. It created a need for a reflective approach with respondents simultaneously being key informants and experts. The results of an empirical analysis showed that internal auditors little knew about the lean concept in audit processes. However, they noticed the benefits of using the lean concept in the audit. The research enabled the development of the model of lean auditing. It could help improve the audit process, which is particularly important from the innovation ecosystem perspective. Besides, one determined the waste of auditing and formulated the principles of lean auditing. The research results develop the audit theory and are helpful for practitioners. Improved internal audit better meets stakeholders’ expectations regarding the spending of funds and implementation of tasks.
{"title":"Innovative ecosystem: the role of lean management auditing","authors":"Zbysław Dobrowolski, L. Sulkowski, P. Adamišin","doi":"10.21272/mmi.2022.3-01","DOIUrl":"https://doi.org/10.21272/mmi.2022.3-01","url":null,"abstract":"The auditing of organizations’ activities plays a crucial role in ensuring the direction chosen by top management and identifying early signs of upcoming changes and threats. The audit assesses the efficient use of resources and processes and promotes corporate credibility, which is essential from investors’ perspectives, particularly in ecosystems of innovations. Meanwhile, little is known about lean auditing, which is crucial in achieving effective processes. This paper summarises the arguments and counterarguments within the scientific discussion on the issue of auditing. The research’s primary purpose is to identify types of waste in auditing and formulate the principles of lean auditing. The systematic literature review and approaches for solving the problem based on grounded theory and triangulation of methods enabled the resolving of research problems. This article analyses the internal auditing standards and guidelines and uses in-depth interviews with 19 internal auditors from different Polish public organizations from 2017 to 2020. The choice of a qualitative approach resulted from the research phenomenon’s open nature, with very few studies. It created a need for a reflective approach with respondents simultaneously being key informants and experts. The results of an empirical analysis showed that internal auditors little knew about the lean concept in audit processes. However, they noticed the benefits of using the lean concept in the audit. The research enabled the development of the model of lean auditing. It could help improve the audit process, which is particularly important from the innovation ecosystem perspective. Besides, one determined the waste of auditing and formulated the principles of lean auditing. The research results develop the audit theory and are helpful for practitioners. Improved internal audit better meets stakeholders’ expectations regarding the spending of funds and implementation of tasks.","PeriodicalId":45989,"journal":{"name":"Marketing and Management of Innovations","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67643475","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 study aims to analyse the effects of personality traits as antecedents of panic buying. In extraordinary periods, certain behavioural changes could be observed in individuals, and panic buying behaviour could occur for specific products or product groups. The theoretical framework of the concept of panic buying comprises various theories, including individual and socio-psychological backgrounds. In line with the main objective of this study, the concept of panic buying is addressed in the light of theories that elaborate on individual factors. Even though there are many factors affecting panic buying, there is a limited number of studies discussing the subject within the context of personality traits, which are among the individual factors. In this study, data were acquired from 852 participants in Turkey by applying the questionnaire technique as a quantitative research method. The Big Five Personality Traits, one of the significant theories in measuring personality traits, are selected as the baseline. This study used the «The Big Five Inventor» scale. On the other hand, the «Panic Buying Scale» was applied in the measurement of panic buying. Data analysis was conducted through confirmatory factor analysis and structural equation modelling. Upon evaluating the findings, it was concluded that agreeableness (one of the five major personality traits) has a statistically significant and negative impact on panic buying. In contrast, neuroticism has a significant and positive effect. The more individuals have high agreeableness personality traits, the more panic buying decreases. Besides, the trait of high neuroticism causes an increase in panic buying. No significant effect of extraversion, conscientiousness, and openness personality traits on panic buying was determined. The findings indicate the effects of personality traits on the individual causes of panic buying behaviour. It is anticipated that this study will fill the relevant gap in the literature concerning considering personality traits as an antecedent of panic buying in the context of Turkish participants and examining both individual characteristics and cultural effects. Understanding the basic motivations of individuals regarding panic buying behaviour is of utmost importance for correctly managing the processes for similar extraordinary periods that may occur again in the future and for taking the necessary precautions.
{"title":"The big five personality traits as antecedents of panic buying","authors":"Aysel Kurnaz","doi":"10.21272/mmi.2022.3-02","DOIUrl":"https://doi.org/10.21272/mmi.2022.3-02","url":null,"abstract":"This study aims to analyse the effects of personality traits as antecedents of panic buying. In extraordinary periods, certain behavioural changes could be observed in individuals, and panic buying behaviour could occur for specific products or product groups. The theoretical framework of the concept of panic buying comprises various theories, including individual and socio-psychological backgrounds. In line with the main objective of this study, the concept of panic buying is addressed in the light of theories that elaborate on individual factors. Even though there are many factors affecting panic buying, there is a limited number of studies discussing the subject within the context of personality traits, which are among the individual factors. In this study, data were acquired from 852 participants in Turkey by applying the questionnaire technique as a quantitative research method. The Big Five Personality Traits, one of the significant theories in measuring personality traits, are selected as the baseline. This study used the «The Big Five Inventor» scale. On the other hand, the «Panic Buying Scale» was applied in the measurement of panic buying. Data analysis was conducted through confirmatory factor analysis and structural equation modelling. Upon evaluating the findings, it was concluded that agreeableness (one of the five major personality traits) has a statistically significant and negative impact on panic buying. In contrast, neuroticism has a significant and positive effect. The more individuals have high agreeableness personality traits, the more panic buying decreases. Besides, the trait of high neuroticism causes an increase in panic buying. No significant effect of extraversion, conscientiousness, and openness personality traits on panic buying was determined. The findings indicate the effects of personality traits on the individual causes of panic buying behaviour. It is anticipated that this study will fill the relevant gap in the literature concerning considering personality traits as an antecedent of panic buying in the context of Turkish participants and examining both individual characteristics and cultural effects. Understanding the basic motivations of individuals regarding panic buying behaviour is of utmost importance for correctly managing the processes for similar extraordinary periods that may occur again in the future and for taking the necessary precautions.","PeriodicalId":45989,"journal":{"name":"Marketing and Management of Innovations","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67643540","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 empirical study aims to present a real case study in the form of drafting an effective communication strategy to implement the new digital waste management application, SOWA, for B2B customers. In the Czech Republic (and elsewhere) businesses still do not accept that if they do not start working systematically with their waste, they will not have anything to produce in the future. They will not have space for their production and priority business areas. Moreover, in the rules of the new green policy, this area would become more expensive soon. However, the management of companies does not often realize the importance of innovations in this area of social, economic, and environmental reality. To effectively appeal to businesses often fighting to survive only by their social responsibility may not be a sufficiently strong argument in the current climate. At the same time, companies engaging in waste management solve the problem of how to improve their competitiveness, strengthening their position in this very competitive market. These companies thus face a major decision to introduce new digital technologies and their applications and to persuade the customers in the B2B market that these innovations represent maximum time savings and automated service for their businesses. Therefore, these companies ask themselves which marketing communication tools to use and which target groups will effectively convince them that the digitization project would benefit them. In terms of communication, the B2B market has several specifics alongside it compared to a larger, more widespread B2C market in marketing communication theory. These differences are essential in terms of the effectiveness of addressing recipients. The new communication strategy’s draft rests on the authors’ research, which mostly concerns the different target groups of B2B customers. The literature review characterizes the state of current knowledge of the issue of modern waste management and the necessary theoretical base in the specific field of B2B communication. This paper provides the necessary data and information which form the starting point of the communication strategy for one of the fundamental innovations in the field of waste management regarding the introduction and rollout of the new multifunctional application in the Czech Republic. Further rollout of this innovation to other central European countries is considered and subject to serious reflection.
{"title":"B2B Communication Strategy: Introducing a New Multifunctional Application for the Waste Management Industry","authors":"Jaroslav Svetlik, Igor Lastuvka","doi":"10.21272/mmi.2022.3-14","DOIUrl":"https://doi.org/10.21272/mmi.2022.3-14","url":null,"abstract":"This empirical study aims to present a real case study in the form of drafting an effective communication strategy to implement the new digital waste management application, SOWA, for B2B customers. In the Czech Republic (and elsewhere) businesses still do not accept that if they do not start working systematically with their waste, they will not have anything to produce in the future. They will not have space for their production and priority business areas. Moreover, in the rules of the new green policy, this area would become more expensive soon. However, the management of companies does not often realize the importance of innovations in this area of social, economic, and environmental reality. To effectively appeal to businesses often fighting to survive only by their social responsibility may not be a sufficiently strong argument in the current climate. At the same time, companies engaging in waste management solve the problem of how to improve their competitiveness, strengthening their position in this very competitive market. These companies thus face a major decision to introduce new digital technologies and their applications and to persuade the customers in the B2B market that these innovations represent maximum time savings and automated service for their businesses. Therefore, these companies ask themselves which marketing communication tools to use and which target groups will effectively convince them that the digitization project would benefit them. In terms of communication, the B2B market has several specifics alongside it compared to a larger, more widespread B2C market in marketing communication theory. These differences are essential in terms of the effectiveness of addressing recipients. The new communication strategy’s draft rests on the authors’ research, which mostly concerns the different target groups of B2B customers. The literature review characterizes the state of current knowledge of the issue of modern waste management and the necessary theoretical base in the specific field of B2B communication. This paper provides the necessary data and information which form the starting point of the communication strategy for one of the fundamental innovations in the field of waste management regarding the introduction and rollout of the new multifunctional application in the Czech Republic. Further rollout of this innovation to other central European countries is considered and subject to serious reflection.","PeriodicalId":45989,"journal":{"name":"Marketing and Management of Innovations","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67643650","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 paper aims to measure the extent to which public companies at the Palestine Stock Exchange have adopted social responsibility according to international standards and concepts represented by the four dimensions of social responsibility (economic, legal, ethical, and human dimensions). Unlike previous Palestinian studies, this paper provides a theoretical and practical basis for the actual application of corporate social responsibility, as well as the relationship of variables related to the company’s work sector, age, classification in the market, and the adoption of social responsibility. To reach the aim, the applied study applied the descriptive analytical method by studying the content, percentages, mean, standard deviation, and relative weight, in addition to a t-test for one sample. The questionnaire was distributed to the study population as one for each company, as the study population consisted of 49 companies listed on the Palestine Stock Exchange. The study retrieved 38 questionnaires with a recovery rate of 77.6%. The findings showed a high degree of approval regarding «adopting social responsibility through the legal dimension», with a relative weight of 86.20%. There is a medium degree of approval regarding «adopting social responsibility through the ethical dimension» with relative weight. 82.58%, in addition to having a medium degree of approval regarding «adopting social responsibility through the economic dimension», with a relative weight of 78.53%. The results showed a lack of general approval regarding «adopting social responsibility through the human dimension», with a relative weight of 63.79%. The obtained results revealed that the public shareholding companies listed on the Palestine Securities Exchange adopt social responsibility programs through their four dimensions combined to a medium degree. There are no significant differences between the companies listed on the Palestine Stock Exchange and the leading and distinguished companies in their social responsibility practice, on the one hand, and between companies in terms of adopting social responsibility through its four dimensions, according to (work sector, company age), except for the company’s classification variable in the market, on the other hand. The paper recommended that companies work on making an integrative relationship with the local community and achieve their own goals through such a surrounding environment. Therefore, they must take serious steps to increase the level of development of their relationship with the local community and improve the special programs and policies for social responsibility in solving problems related to social, economic, and environmental aspects. The state must also have a positive attitude and practices toward companies that adopt social responsibility, through legislation or procedures such as exempting them from taxes or other facilities in return for their social contribution. The study also recommended the need for
{"title":"Corporate Social Responsibility and Public Shareholding Companies at Palestine Securities Exchange","authors":"Fathi J. Y. Eleyan","doi":"10.21272/mmi.2022.4-08","DOIUrl":"https://doi.org/10.21272/mmi.2022.4-08","url":null,"abstract":"This paper aims to measure the extent to which public companies at the Palestine Stock Exchange have adopted social responsibility according to international standards and concepts represented by the four dimensions of social responsibility (economic, legal, ethical, and human dimensions). Unlike previous Palestinian studies, this paper provides a theoretical and practical basis for the actual application of corporate social responsibility, as well as the relationship of variables related to the company’s work sector, age, classification in the market, and the adoption of social responsibility. To reach the aim, the applied study applied the descriptive analytical method by studying the content, percentages, mean, standard deviation, and relative weight, in addition to a t-test for one sample. The questionnaire was distributed to the study population as one for each company, as the study population consisted of 49 companies listed on the Palestine Stock Exchange. The study retrieved 38 questionnaires with a recovery rate of 77.6%. The findings showed a high degree of approval regarding «adopting social responsibility through the legal dimension», with a relative weight of 86.20%. There is a medium degree of approval regarding «adopting social responsibility through the ethical dimension» with relative weight. 82.58%, in addition to having a medium degree of approval regarding «adopting social responsibility through the economic dimension», with a relative weight of 78.53%. The results showed a lack of general approval regarding «adopting social responsibility through the human dimension», with a relative weight of 63.79%. The obtained results revealed that the public shareholding companies listed on the Palestine Securities Exchange adopt social responsibility programs through their four dimensions combined to a medium degree. There are no significant differences between the companies listed on the Palestine Stock Exchange and the leading and distinguished companies in their social responsibility practice, on the one hand, and between companies in terms of adopting social responsibility through its four dimensions, according to (work sector, company age), except for the company’s classification variable in the market, on the other hand. The paper recommended that companies work on making an integrative relationship with the local community and achieve their own goals through such a surrounding environment. Therefore, they must take serious steps to increase the level of development of their relationship with the local community and improve the special programs and policies for social responsibility in solving problems related to social, economic, and environmental aspects. The state must also have a positive attitude and practices toward companies that adopt social responsibility, through legislation or procedures such as exempting them from taxes or other facilities in return for their social contribution. The study also recommended the need for","PeriodicalId":45989,"journal":{"name":"Marketing and Management of Innovations","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67643683","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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