This paper investigates the role of firm-to-firm relationships in export market dynamics, documenting the following stylized facts for French exporters. First, exporters grow in a foreign market by expanding their customer base; the average French exporter doubles its number of buyers after 8 years. Second, sales to existing customers remain the predominant source of growth in a foreign market, with long-lasting relationships contributing to most export values. Third, as a mechanism driving firms' growth in a relationship, prices fall as a relationship ages. Fourth, I exploit the Brexit referendum as a quasi-natural experiment to examine how firm-to-firm relationships adjust in response to changes in market access. I find that French exporters with long-lasting relationships in the UK are less affected by the referendum shock and exhibit higher exchange rate pass-through. Overall, these findings indicate that long-lasting relationships represent a crucial margin for export market growth and in shielding exporters from changing market conditions.
{"title":"The role of firm-to-firm relationships in exporter dynamics","authors":"Davide Rigo","doi":"10.1111/ecca.12511","DOIUrl":"10.1111/ecca.12511","url":null,"abstract":"<p>This paper investigates the role of firm-to-firm relationships in export market dynamics, documenting the following stylized facts for French exporters. First, exporters grow in a foreign market by expanding their customer base; the average French exporter doubles its number of buyers after 8 years. Second, sales to existing customers remain the predominant source of growth in a foreign market, with long-lasting relationships contributing to most export values. Third, as a mechanism driving firms' growth in a relationship, prices fall as a relationship ages. Fourth, I exploit the Brexit referendum as a quasi-natural experiment to examine how firm-to-firm relationships adjust in response to changes in market access. I find that French exporters with long-lasting relationships in the UK are less affected by the referendum shock and exhibit higher exchange rate pass-through. Overall, these findings indicate that long-lasting relationships represent a crucial margin for export market growth and in shielding exporters from changing market conditions.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"91 362","pages":"569-587"},"PeriodicalIF":1.4,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecca.12511","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139423686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper discusses the historical and social origins of the bifurcation in the political institutions of China and Western Europe. An important factor, recognized in the literature, is that China centralized state institutions very early on, while Europe remained politically fragmented for much longer. These initial differences, however, were amplified by the different social organizations (clans in China, corporate structures in Europe) that spread in these two societies at the turn of the first millennium AD. State institutions interacted with these organizations, and were shaped and influenced by this interaction. The paper discusses the many ways in which corporate organizations contributed to the emergence of representative institutions and gave prominence to the Rule of Law in the early stages of state formation in Europe, and how specific features of lineage organizations contributed to the consolidation of the Imperial regime in China.
{"title":"Social organizations and political institutions: why China and Europe diverged","authors":"Joel Mokyr, Guido Tabellini","doi":"10.1111/ecca.12508","DOIUrl":"https://doi.org/10.1111/ecca.12508","url":null,"abstract":"<p>This paper discusses the historical and social origins of the bifurcation in the political institutions of China and Western Europe. An important factor, recognized in the literature, is that China centralized state institutions very early on, while Europe remained politically fragmented for much longer. These initial differences, however, were amplified by the different social organizations (clans in China, corporate structures in Europe) that spread in these two societies at the turn of the first millennium AD. State institutions interacted with these organizations, and were shaped and influenced by this interaction. The paper discusses the many ways in which corporate organizations contributed to the emergence of representative institutions and gave prominence to the Rule of Law in the early stages of state formation in Europe, and how specific features of lineage organizations contributed to the consolidation of the Imperial regime in China.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"91 362","pages":"347-382"},"PeriodicalIF":1.4,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecca.12508","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140063860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In a stochastic economy with uninsurable endowment risk, we establish a condition under which hyperbolic-discounting consumers commit to a future consumption path using both illiquid assets and borrowing constraints as commitment devices. There is the possibility that a state-dependent commitment can be adopted as an equilibrium consumption strategy. On a path leading to low future endowment, the current self can commit to its own optimal consumption path, which is undesirable for future selves. In contrast, along the path with a high future endowment, the current self cannot make a commitment and must accept a consumption allocation that future selves will revise. Thus, depending on what stochastic state will arise, people cannot fully utilize the available commitment devices in risky situations.
{"title":"Hyperbolic discounting and state-dependent commitment","authors":"Takayuki Ogawa, Hiroaki Ohno","doi":"10.1111/ecca.12507","DOIUrl":"10.1111/ecca.12507","url":null,"abstract":"<p>In a stochastic economy with uninsurable endowment risk, we establish a condition under which hyperbolic-discounting consumers commit to a future consumption path using both illiquid assets and borrowing constraints as commitment devices. There is the possibility that a state-dependent commitment can be adopted as an equilibrium consumption strategy. On a path leading to low future endowment, the current self can commit to its own optimal consumption path, which is undesirable for future selves. In contrast, along the path with a high future endowment, the current self cannot make a commitment and must accept a consumption allocation that future selves will revise. Thus, depending on what stochastic state will arise, people cannot fully utilize the available commitment devices in risky situations.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"91 362","pages":"414-445"},"PeriodicalIF":1.4,"publicationDate":"2023-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138567454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
While focusing on residual control rights, the property rights theory of the firm overlooks that the legal protection of each party's input shapes its ex post bargaining power. To evaluate this issue, we assume that the property rights on the inputs are selected by a legislator to maximize full investment and, conditional on this goal being reached, minimize inefficient deviations to intermediate investment profiles. Our model delivers three key novel implications. First, the strength of a party's property rights is related negatively to the strength of its residual control rights and determines entirely its ex ante incentives to invest. Second, the legislator tends to protect a firm less when its default payoff under its preferred ownership structure is larger and when its contribution to the relationship is the greatest. Finally, the extent of integration falls weakly with the default payoffs and displays an inverted U-shaped link with the intensity of the downstream firm's investment activity. Crucially, these predictions are consistent with the relationships between proxies for the strength of the downstream firms' property rights and firms' presence in the value chain, and measures of asset specificity and R&D intensity for 119 countries observed over the 2006–18 period.
企业产权理论的重点是剩余控制权,但忽略了对各方投入的法律保护会影响其事后议价能力。为了评估这一问题,我们假定立法者选择的投入产权能够最大限度地增加全部投资,并在实现这一目标的条件下,最大限度地减少对中间投资状况的无效偏离。我们的模型有三个关键的新含义。首先,一方产权的强度与其剩余控制权的强度成负相关,并完全决定了其事前的投资动机。其次,当一家公司在其优先所有权结构下的违约回报越大、对双方关系的贡献越大时,立法者对该公司的保护就越少。最后,一体化程度与违约报酬的关系微弱,与下游企业的投资活动强度呈倒 U 型关系。最重要的是,这些预测与 2006-18 年间在 119 个国家观察到的下游企业产权强度、企业在价值链中的存在、资产专用性和研发强度等代用指标之间的关系是一致的。
{"title":"Endogenous property rights and the nature of the firm","authors":"Carmine Guerriero, Giuseppe Pignataro","doi":"10.1111/ecca.12506","DOIUrl":"10.1111/ecca.12506","url":null,"abstract":"<p>While focusing on residual control rights, the property rights theory of the firm overlooks that the legal protection of each party's input shapes its <i>ex post</i> bargaining power. To evaluate this issue, we assume that the property rights on the inputs are selected by a legislator to maximize full investment and, conditional on this goal being reached, minimize inefficient deviations to intermediate investment profiles. Our model delivers three key novel implications. First, the strength of a party's property rights is related negatively to the strength of its residual control rights and determines entirely its <i>ex ante</i> incentives to invest. Second, the legislator tends to protect a firm less when its default payoff under its preferred ownership structure is larger and when its contribution to the relationship is the greatest. Finally, the extent of integration falls weakly with the default payoffs and displays an inverted U-shaped link with the intensity of the downstream firm's investment activity. Crucially, these predictions are consistent with the relationships between proxies for the strength of the downstream firms' property rights and firms' presence in the value chain, and measures of asset specificity and R&D intensity for 119 countries observed over the 2006–18 period.</p>","PeriodicalId":48040,"journal":{"name":"Economica","volume":"91 362","pages":"383-413"},"PeriodicalIF":1.4,"publicationDate":"2023-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecca.12506","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138560552","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-01DOI: 10.53486/econ.2023.125.078
Ion Partachi, M. Anghel, Alexandra Petre, Cristian Olteanu
In advanced economies there is a tendency to move to digitization and cashless financial economic activities. In this sense, the number of cryptocurrencies that contributed more to this trend increased. In this article the authors aim to highlight the functions of money in the modern economy taking into account these trends and developments. In this sense, Bitcoin and other digital currencies can cause a change in the functions of money. In the article we sought to demonstrate the extent to which digital currencies can be considered money, using a complex methodology, logical and interpretive analyses, starting from the comparative study of the situation of coins and the existing situation in the monetary mass of the money that exists in circulation.
{"title":"Money Functions in Modern Economy","authors":"Ion Partachi, M. Anghel, Alexandra Petre, Cristian Olteanu","doi":"10.53486/econ.2023.125.078","DOIUrl":"https://doi.org/10.53486/econ.2023.125.078","url":null,"abstract":"In advanced economies there is a tendency to move to digitization and cashless financial economic activities. In this sense, the number of cryptocurrencies that contributed more to this trend increased. In this article the authors aim to highlight the functions of money in the modern economy taking into account these trends and developments. In this sense, Bitcoin and other digital currencies can cause a change in the functions of money. In the article we sought to demonstrate the extent to which digital currencies can be considered money, using a complex methodology, logical and interpretive analyses, starting from the comparative study of the situation of coins and the existing situation in the monetary mass of the money that exists in circulation.","PeriodicalId":48040,"journal":{"name":"Economica","volume":"120 44","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138608941","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-01DOI: 10.53486/econ.2023.125.055
Eugeniu Litvin
The study of facility management is important, taking into consideration that this area has a significant impact on how organizations operate and meet their goals. An effective facilities management can optimize the business processes, that would reduce costs and increase the efficiency of the organization. Proper resources management, of premises and equipment helps to minimize losses and make their use more efficient. Well-managed facilities and workspaces can influence the quality of service offered to customers or users. A sustainable environment, properly equipped, can help increase customer satisfaction and improve their experience. Overall, studying facilities management is essential to ensure efficient operations, quality of service, and a safe and comfortable work environment, having a significant impact on the success and sustainability of organizations across a variety of sectors and industries.
{"title":"Facilities Management Implementation in Service Providing Organizations in the Republic of Moldova","authors":"Eugeniu Litvin","doi":"10.53486/econ.2023.125.055","DOIUrl":"https://doi.org/10.53486/econ.2023.125.055","url":null,"abstract":"The study of facility management is important, taking into consideration that this area has a significant impact on how organizations operate and meet their goals. An effective facilities management can optimize the business processes, that would reduce costs and increase the efficiency of the organization. Proper resources management, of premises and equipment helps to minimize losses and make their use more efficient. Well-managed facilities and workspaces can influence the quality of service offered to customers or users. A sustainable environment, properly equipped, can help increase customer satisfaction and improve their experience. Overall, studying facilities management is essential to ensure efficient operations, quality of service, and a safe and comfortable work environment, having a significant impact on the success and sustainability of organizations across a variety of sectors and industries.","PeriodicalId":48040,"journal":{"name":"Economica","volume":"97 3","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138623088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-01DOI: 10.53486/econ.2023.125.103
Vladimir Dolghi
The insurance industry has multidimensional functions in a modern economy, interacting with many aspects of business activities and daily human life. Insurance is also an important mechanism for redistributing funds in economy, providing compensation for unplanned losses that are the subject of insurance. At the same time, generally speaking, the insurance sector contributes to strengthening and stabilizing the business of other entities in the general economy. The issue of the quality of information presented to the decision-making process is studied at various levels and remains topical, as the relevance of managerial decisions is significantly influenced by the information provided by the managerial accounting information system. The research methodology of the article includes the study of materials published on the subject at national and international level, the analysis of the regulatory framework in the field, the study of business processes specific to the activity of the insurance company and the application of own experience in the managerial and financial field.
{"title":"Role of Accounting Information in the Decision-making Process of the Insurance Company","authors":"Vladimir Dolghi","doi":"10.53486/econ.2023.125.103","DOIUrl":"https://doi.org/10.53486/econ.2023.125.103","url":null,"abstract":"The insurance industry has multidimensional functions in a modern economy, interacting with many aspects of business activities and daily human life. Insurance is also an important mechanism for redistributing funds in economy, providing compensation for unplanned losses that are the subject of insurance. At the same time, generally speaking, the insurance sector contributes to strengthening and stabilizing the business of other entities in the general economy. The issue of the quality of information presented to the decision-making process is studied at various levels and remains topical, as the relevance of managerial decisions is significantly influenced by the information provided by the managerial accounting information system. The research methodology of the article includes the study of materials published on the subject at national and international level, the analysis of the regulatory framework in the field, the study of business processes specific to the activity of the insurance company and the application of own experience in the managerial and financial field.","PeriodicalId":48040,"journal":{"name":"Economica","volume":" 56","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138612251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-01DOI: 10.53486/econ.2023.125.007
Grigore Belostecinic, Eudochia Jomir
The universities in the Republic of Moldova face difficulties in promoting educational offers and attracting students, trying to find the best ways to interact with target audiences to improve and develop the institutional image and reputation, increasing notoriety, the attractiveness of study programs and stimulating enrolment under the conditions of intensifying competition, increasing costs and rapidly decreasing student numbers. Therefore, the issue of marketing strategies, policies and tactics becomes increasingly topical and of major interest to universities, moreover, an appropriate marketing strategy can provide them with future success in an increasingly competitive higher education market. At the same time, the studies conducted allow us to find that marketing remains one of the fields often ignored by universities, while the use of digital marketing channels become a necessity for any university marketing strategy. Online marketing strategies can positively influence the reviews among potential students by presenting its strengths, the characteristics that differentiates it from competitors, thus contributing to improving the image of the university and increasing the attractiveness for study applicants.
{"title":"Online Educational Marketing as a Means to Increase the Attractiveness of the University and Its Image","authors":"Grigore Belostecinic, Eudochia Jomir","doi":"10.53486/econ.2023.125.007","DOIUrl":"https://doi.org/10.53486/econ.2023.125.007","url":null,"abstract":"The universities in the Republic of Moldova face difficulties in promoting educational offers and attracting students, trying to find the best ways to interact with target audiences to improve and develop the institutional image and reputation, increasing notoriety, the attractiveness of study programs and stimulating enrolment under the conditions of intensifying competition, increasing costs and rapidly decreasing student numbers. Therefore, the issue of marketing strategies, policies and tactics becomes increasingly topical and of major interest to universities, moreover, an appropriate marketing strategy can provide them with future success in an increasingly competitive higher education market. At the same time, the studies conducted allow us to find that marketing remains one of the fields often ignored by universities, while the use of digital marketing channels become a necessity for any university marketing strategy. Online marketing strategies can positively influence the reviews among potential students by presenting its strengths, the characteristics that differentiates it from competitors, thus contributing to improving the image of the university and increasing the attractiveness for study applicants.","PeriodicalId":48040,"journal":{"name":"Economica","volume":" 359","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138610982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-01DOI: 10.53486/econ.2023.125.111
Ştefan Blanuţa, Boris Chumakov, Anatol Godonoagă
In the given article, according to the cybernetic approach, are analysed the production systems that focus on the following economic indicators: optimum profitability (maximum profit); minimum cost for the resources acquisition and transportation of; minimum cost for distributing and transporting goods to consumer markets; strict compliance with all production, transport and environmental pollution restrictions. All these four listed moments are reproduced in a systemic way through the economic-mathematical language. Previously, several variants of models of this kind were researched only in some simplified forms. The developed model can be used, for example, when evaluating certain solutions proposed in the debates, when analysing some sample of simulated scenarios, and, in symbiosis with the application of optimization methods, can be efficient in obtaining effective decisions.
{"title":"Design of a Mathematical Model on Production and Transport Problems with Restrictions on Environmental Pollution","authors":"Ştefan Blanuţa, Boris Chumakov, Anatol Godonoagă","doi":"10.53486/econ.2023.125.111","DOIUrl":"https://doi.org/10.53486/econ.2023.125.111","url":null,"abstract":"In the given article, according to the cybernetic approach, are analysed the production systems that focus on the following economic indicators: optimum profitability (maximum profit); minimum cost for the resources acquisition and transportation of; minimum cost for distributing and transporting goods to consumer markets; strict compliance with all production, transport and environmental pollution restrictions. All these four listed moments are reproduced in a systemic way through the economic-mathematical language. Previously, several variants of models of this kind were researched only in some simplified forms. The developed model can be used, for example, when evaluating certain solutions proposed in the debates, when analysing some sample of simulated scenarios, and, in symbiosis with the application of optimization methods, can be efficient in obtaining effective decisions.","PeriodicalId":48040,"journal":{"name":"Economica","volume":"43 s199","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138622736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-01DOI: 10.53486/econ.2023.125.095
Silvia Zaharco
Integrity, objectivity, the acquisition of specialized competence and professional behaviour are some of the fundamental elements of the professional ethics principles that must be considered by a future professional accountant. At the same time, he or she should encounter the challenges that are specific for this activity. These can be self-interest, self-review, representation, familiarity, intimidation, etc., which must be identified and handled with great care by a professional accountant, so as to ensure the credibility of the chosen profession. The aim of the research is to highlight the types of threats that can affect the work of accounting professionals, as well as the protective measures that could eliminate or reduce them to an acceptable level. In order to achieve the goal set, the author used the research, qualitative methods, in particular, observation, analysis and documentation.
{"title":"Threats and Safeguarding Measures Related to the Activity of Accounting Professionals","authors":"Silvia Zaharco","doi":"10.53486/econ.2023.125.095","DOIUrl":"https://doi.org/10.53486/econ.2023.125.095","url":null,"abstract":"Integrity, objectivity, the acquisition of specialized competence and professional behaviour are some of the fundamental elements of the professional ethics principles that must be considered by a future professional accountant. At the same time, he or she should encounter the challenges that are specific for this activity. These can be self-interest, self-review, representation, familiarity, intimidation, etc., which must be identified and handled with great care by a professional accountant, so as to ensure the credibility of the chosen profession. The aim of the research is to highlight the types of threats that can affect the work of accounting professionals, as well as the protective measures that could eliminate or reduce them to an acceptable level. In order to achieve the goal set, the author used the research, qualitative methods, in particular, observation, analysis and documentation.","PeriodicalId":48040,"journal":{"name":"Economica","volume":"2 10","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138623610","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}