Pub Date : 2019-01-28DOI: 10.17265/1537-1506/2019.01.002
A. Baldissera
Privileged information has significant importance to listed companies, given both the extent of the markets in which it is used and the relevant effects that it can produce on the prices of financial instruments. The term “privileged information” means information that has not yet been made known to the public, which, if disclosed, is able to affect significantly the prices of the securities of listed issuers. This article aims to prove that in many cases, the effects of privileged information can be adequately represented in financial statements, despite their “confidential” nature. For this purpose, this research proposes the existence of a relationship—which can be virtuous or vicious—between financial statements and privileged information. In order to demonstate this thesis, the author carried out an empirical survey concerning both the economic and the legal sector. For the first one, the research considered the price-sensitive information published by companies listed on the Italian Stock Exchange during the first half of 2018, and the result shows that a lot of privileged information is able to generate accounting effects; for the second one, the empirical survey analyzed some significant judgments passed by the Italian Court of Cassation in the 2000s which confirm the companies’ violation of the duty to present privileged information in financial statements. Shareholders are entitled to the residual real or physical capital of the firm. Valuation rules translate this entitlement into units of money, say dollars. All valuation rules are imperfect and vulnerable to manipulation. Fortunately, the choice of a valuation rule affects only one of the five functions of accounting. The data provided for the functioning of equity markets are based largely on valuation rules. The other four functions of accounting (measurement of inputs, determination of entitlements, contract performance, and provision of the common knowledge base) are largely independent of the valuation rules chosen to prepare financial statements. Valuation rules play no role in measuring inputs of agents because these are measured in physical units, nor do they determine the entitlement of any agent, except, partly, the top managers.
{"title":"Use and Abuse of Privileged Information in Italian Listed Companies","authors":"A. Baldissera","doi":"10.17265/1537-1506/2019.01.002","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.01.002","url":null,"abstract":"Privileged information has significant importance to listed companies, given both the extent of the markets in which it is used and the relevant effects that it can produce on the prices of financial instruments. The term “privileged information” means information that has not yet been made known to the public, which, if disclosed, is able to affect significantly the prices of the securities of listed issuers. This article aims to prove that in many cases, the effects of privileged information can be adequately represented in financial statements, despite their “confidential” nature. For this purpose, this research proposes the existence of a relationship—which can be virtuous or vicious—between financial statements and privileged information. In order to demonstate this thesis, the author carried out an empirical survey concerning both the economic and the legal sector. For the first one, the research considered the price-sensitive information published by companies listed on the Italian Stock Exchange during the first half of 2018, and the result shows that a lot of privileged information is able to generate accounting effects; for the second one, the empirical survey analyzed some significant judgments passed by the Italian Court of Cassation in the 2000s which confirm the companies’ violation of the duty to present privileged information in financial statements. Shareholders are entitled to the residual real or physical capital of the firm. Valuation rules translate this entitlement into units of money, say dollars. All valuation rules are imperfect and vulnerable to manipulation. Fortunately, the choice of a valuation rule affects only one of the five functions of accounting. The data provided for the functioning of equity markets are based largely on valuation rules. The other four functions of accounting (measurement of inputs, determination of entitlements, contract performance, and provision of the common knowledge base) are largely independent of the valuation rules chosen to prepare financial statements. Valuation rules play no role in measuring inputs of agents because these are measured in physical units, nor do they determine the entitlement of any agent, except, partly, the top managers.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46994127","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}
Pub Date : 2019-01-28DOI: 10.17265/1537-1506/2019.01.001
P. Mason, Akaret Tangsuwan
The rapid pace of technological change has seen information and communication technologies become the digital backbone of developed nations’ economies and a pre-requisite for global trade. Some enterprise systems are however more than mere facilitators, they provide the bedrock without which organizations could not function; we term these mandatory systems “non-volitional” (NVS). With hyper-growth in demand for connectivity, telecommunications are typical of sectors where NVS shape the fiercely competitive landscape. Among them, Billing & Revenue Management Systems (BRMS) are a form of credit, providers deliver a service and subscribers later pay for that service. As such, they are “business critical”, meaning failures may affect an organization’s ability to conduct its core business. Failures also impact user satisfaction, a key measure of information systems success. However, relatively few studies empirically test this notion; fewer still evaluate it at organizational (rather than individual) level, while there is a dearth of literature investigating non-volitional systems and, to the best of our knowledge, none whatsoever consider ways of predicting user satisfaction for BRMS. According to a renowned and widely cited conceptual model, user satisfaction is influenced by information, system, and service quality respectively. To test this theory for telecoms BRMS, we applied structural equation modelling to investigate which of these dimensions has the most effect. The results indicate that information quality, system quality, service quality, and user satisfaction are all valid measures of BRMS success. Hypothesized relationships between the four success dimensions were significantly substantiated. The study also identified five measures of information quality, four measures of system quality, four measures of service quality, and four measures of user satisfaction. Once the proposed model had been successfully validated, we tested the level of significance among user satisfaction and the three quality dimensions. Findings showed that service quality had the strongest influence on user satisfaction, with information quality second. This is quite different from other applications considered in our literature review which mostly have information quality as having the strongest impact (knowledge management systems apart).
{"title":"Predicting User Satisfaction of Non-volitional Enterprise Systems: An Example From Telecomunications","authors":"P. Mason, Akaret Tangsuwan","doi":"10.17265/1537-1506/2019.01.001","DOIUrl":"https://doi.org/10.17265/1537-1506/2019.01.001","url":null,"abstract":"The rapid pace of technological change has seen information and communication technologies become the digital backbone of developed nations’ economies and a pre-requisite for global trade. Some enterprise systems are however more than mere facilitators, they provide the bedrock without which organizations could not function; we term these mandatory systems “non-volitional” (NVS). With hyper-growth in demand for connectivity, telecommunications are typical of sectors where NVS shape the fiercely competitive landscape. Among them, Billing & Revenue Management Systems (BRMS) are a form of credit, providers deliver a service and subscribers later pay for that service. As such, they are “business critical”, meaning failures may affect an organization’s ability to conduct its core business. Failures also impact user satisfaction, a key measure of information systems success. However, relatively few studies empirically test this notion; fewer still evaluate it at organizational (rather than individual) level, while there is a dearth of literature investigating non-volitional systems and, to the best of our knowledge, none whatsoever consider ways of predicting user satisfaction for BRMS. According to a renowned and widely cited conceptual model, user satisfaction is influenced by information, system, and service quality respectively. To test this theory for telecoms BRMS, we applied structural equation modelling to investigate which of these dimensions has the most effect. The results indicate that information quality, system quality, service quality, and user satisfaction are all valid measures of BRMS success. Hypothesized relationships between the four success dimensions were significantly substantiated. The study also identified five measures of information quality, four measures of system quality, four measures of service quality, and four measures of user satisfaction. Once the proposed model had been successfully validated, we tested the level of significance among user satisfaction and the three quality dimensions. Findings showed that service quality had the strongest influence on user satisfaction, with information quality second. This is quite different from other applications considered in our literature review which mostly have information quality as having the strongest impact (knowledge management systems apart).","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42347607","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}
Pub Date : 2018-10-28DOI: 10.17265/1537-1506/2018.10.001
Massimiliano Kaucic, Giorgio Valentinuz
This research aims to compare different strategies that a non-professional investor in exchange-traded funds (ETFs) could employ to reach a good performance both from profits and from a risk perspective. In recent years, especially after the 2008 crisis, a new technique to evaluate the risk has become more popular, the so-called risk parity, which seeks to equalise the contributions to risk of the portfolio constituents. Our study analyses 17 variants of risk parity portfolio design for groups with the minimum variance strategy and equally weighted portfolio over a pool of 56 ETFs—listed on the Italian Stock Exchange—of eight different categories of specialisation. Empirical results confirm the usefulness of the group risk parity strategies in improving outcomes regarding diversification of risks among classes with good out-of-sample performance with respects to the target models.
{"title":"Group Risk Parity Strategies for ETFs Portfolios","authors":"Massimiliano Kaucic, Giorgio Valentinuz","doi":"10.17265/1537-1506/2018.10.001","DOIUrl":"https://doi.org/10.17265/1537-1506/2018.10.001","url":null,"abstract":"This research aims to compare different strategies that a non-professional investor in exchange-traded funds (ETFs) could employ to reach a good performance both from profits and from a risk perspective. In recent years, especially after the 2008 crisis, a new technique to evaluate the risk has become more popular, the so-called risk parity, which seeks to equalise the contributions to risk of the portfolio constituents. Our study analyses 17 variants of risk parity portfolio design for groups with the minimum variance strategy and equally weighted portfolio over a pool of 56 ETFs—listed on the Italian Stock Exchange—of eight different categories of specialisation. Empirical results confirm the usefulness of the group risk parity strategies in improving outcomes regarding diversification of risks among classes with good out-of-sample performance with respects to the target models.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67481335","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}
Pub Date : 2018-10-28DOI: 10.17265/1537-1506/2018.10.005
Francesco Zappia, Le Chen, Pietro Pavone, Roberta Pisani
Through an overview of developments in finance and in the energy sector, this work represents an analysis of the relationship of their trends. It is carried out through an interdisciplinary approach. From the original physical currency to electronic payment methods, digital currency is becoming a new concept. It’s still a fiat money which is only as good as the organization that issues it. Because Bitcoin is not issued by any central bank, there is no centralized management of the country; there is a great risk of losing control. Finance is not entirely a virtual economy. So, currency development trends must return to intrinsic value. There is the possibility for the energy currency also for its stability. As an energy currency, it is not necessary to print, not to apply the exchange rate, no corresponding pollution, and even better it will help to alleviate the existing environmental problem facing the challenges of global environmental degradation. The international unit of energy can be seen as the unit of energy money because of its intrinsic value. As stated by Scott, there are good reasons to consider energy as a potential currency. If the future integrates energy into the financial system and becomes a means of payment, it will not only eliminate the risk of currency depreciation, but also optimize energy saving and use to achieve environmental protection. The emphasis is given to the integration of the financial sector with the energy one. The aim is to develop a parametric numerical model able to foresee the possibility of combining finance and energy, allowing a sustainable development. This allows us to analyze the pros and cons of the existing energy cryptocurrencies. The last step consists in identifying the main characteristics that this cryptocurrency must have in order to achieve the desired results.
{"title":"A Model of Interaction Between the Financial Sector and the Energy Sector: The Hypothesis of Energy Currency","authors":"Francesco Zappia, Le Chen, Pietro Pavone, Roberta Pisani","doi":"10.17265/1537-1506/2018.10.005","DOIUrl":"https://doi.org/10.17265/1537-1506/2018.10.005","url":null,"abstract":"Through an overview of developments in finance and in the energy sector, this work represents an analysis of the relationship of their trends. It is carried out through an interdisciplinary approach. From the original physical currency to electronic payment methods, digital currency is becoming a new concept. It’s still a fiat money which is only as good as the organization that issues it. Because Bitcoin is not issued by any central bank, there is no centralized management of the country; there is a great risk of losing control. Finance is not entirely a virtual economy. So, currency development trends must return to intrinsic value. There is the possibility for the energy currency also for its stability. As an energy currency, it is not necessary to print, not to apply the exchange rate, no corresponding pollution, and even better it will help to alleviate the existing environmental problem facing the challenges of global environmental degradation. The international unit of energy can be seen as the unit of energy money because of its intrinsic value. As stated by Scott, there are good reasons to consider energy as a potential currency. If the future integrates energy into the financial system and becomes a means of payment, it will not only eliminate the risk of currency depreciation, but also optimize energy saving and use to achieve environmental protection. The emphasis is given to the integration of the financial sector with the energy one. The aim is to develop a parametric numerical model able to foresee the possibility of combining finance and energy, allowing a sustainable development. This allows us to analyze the pros and cons of the existing energy cryptocurrencies. The last step consists in identifying the main characteristics that this cryptocurrency must have in order to achieve the desired results.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":"145 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67481693","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}
Pub Date : 2018-10-28DOI: 10.17265/1537-1506/2018.10.003
Maria Rosaria Marcone
Attention to technological innovation is focused on the belief that aesthetic innovation can be either facilitated or inhibited within this open innovation setting where limited protection and dynamic knowledge flows occurring across organizations. The clothing industry in Italy was chosen as a target context, because many innovative pioneering medium sized enterprises (MSEs) were operating in the industry and we decided to adopt a research methodology based on the use of a qualitative analysis of business cases. The data were collected in three regions of Italy: Emilia Romagna, Marche, Umbria visiting investigated companies over six years (2010-2017). From a part of the necessity of deep organizational engagement with integrated stakeholders, the results imply that firms choose a multiple stakeholders integration strategy with particular attention to supply side relationships in the sense that they vary in their openness towards up-stream supply chain.
{"title":"Structural Innovation Processes in Medium-Sized Italian Firms: Case Analysis in the Fashion Industry","authors":"Maria Rosaria Marcone","doi":"10.17265/1537-1506/2018.10.003","DOIUrl":"https://doi.org/10.17265/1537-1506/2018.10.003","url":null,"abstract":"Attention to technological innovation is focused on the belief that aesthetic innovation can be either facilitated or inhibited within this open innovation setting where limited protection and dynamic knowledge flows occurring across organizations. The clothing industry in Italy was chosen as a target context, because many innovative pioneering medium sized enterprises (MSEs) were operating in the industry and we decided to adopt a research methodology based on the use of a qualitative analysis of business cases. The data were collected in three regions of Italy: Emilia Romagna, Marche, Umbria visiting investigated companies over six years (2010-2017). From a part of the necessity of deep organizational engagement with integrated stakeholders, the results imply that firms choose a multiple stakeholders integration strategy with particular attention to supply side relationships in the sense that they vary in their openness towards up-stream supply chain.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67481673","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}
Pub Date : 2018-09-28DOI: 10.17265/1537-1506/2018.09.001
Xiangqi Zhou, Jiawen Qi, Haiyue Liu
This study examines how the exogenous financing and state-ownership features affect the enterprises’ productivity by observing the financing data of 1,481 Chinese listed enterprises over the period 2001-2016. The result shows that long-term loan has a positive impact on enterprises’ productivity. Short-term loan and account payable have a negative impact on enterprises’ productivity. Also, we find that state-ownership features have a negative impact on enterprises productivity. Moreover, this paper investigates the relationship between enterprises’ productivity and the degree of regional economic development measured by GDP on provincial level. The result shows provincial economic development is positively related to the enterprises productivity. These findings are useful for both related authorities and enterprises for better understanding of the financial channels and constrains in China and the possible solutions to more diversified exogenous financing.
{"title":"Exogenous Financing, State-Ownership Features and Enterprises Productivity—An Empirical Analysis on Listed Chinese Manufacturing Enterprises","authors":"Xiangqi Zhou, Jiawen Qi, Haiyue Liu","doi":"10.17265/1537-1506/2018.09.001","DOIUrl":"https://doi.org/10.17265/1537-1506/2018.09.001","url":null,"abstract":"This study examines how the exogenous financing and state-ownership features affect the enterprises’ productivity by observing the financing data of 1,481 Chinese listed enterprises over the period 2001-2016. The result shows that long-term loan has a positive impact on enterprises’ productivity. Short-term loan and account payable have a negative impact on enterprises’ productivity. Also, we find that state-ownership features have a negative impact on enterprises productivity. Moreover, this paper investigates the relationship between enterprises’ productivity and the degree of regional economic development measured by GDP on provincial level. The result shows provincial economic development is positively related to the enterprises productivity. These findings are useful for both related authorities and enterprises for better understanding of the financial channels and constrains in China and the possible solutions to more diversified exogenous financing.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67481174","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}
Pub Date : 2018-08-28DOI: 10.17265/1537-1506/2018.08.002
Ziwei Zhao, Daojuan Wang
This study updates the source of innovation theories by investigating the relationship between demand- and supply-driven innovation through a study of a fresh Chinese case of Alipay credit renting platform. Based on the primary data collected via interview and focus group discussion, as well as the secondary data from the company’s website and media report, three main findings were obtained. First of all, from this case, we identify an unseparated relationship between demand- and supply-driven innovation and problems arose when one side is isolated and not given full attention. This adds new insights to the research on the source of innovation. Secondly, we propose that blue ocean strategical framework can help connect the demand side with the supply sides and facilitate the innovation. This provides some managerial guidelines to deal with the challenges as observed in this case. Lastly, this paper analyzes this new renting model (Alipay credit renting platform) from both lessors and lessees’ perspectives, representing the first study to investigate the credit renting market systematically.
{"title":"Demand- vs. Supply-Driven Innovation: A Case Study of Alipay Credit Renting Platform","authors":"Ziwei Zhao, Daojuan Wang","doi":"10.17265/1537-1506/2018.08.002","DOIUrl":"https://doi.org/10.17265/1537-1506/2018.08.002","url":null,"abstract":"This study updates the source of innovation theories by investigating the relationship between demand- and supply-driven innovation through a study of a fresh Chinese case of Alipay credit renting platform. Based on the primary data collected via interview and focus group discussion, as well as the secondary data from the company’s website and media report, three main findings were obtained. First of all, from this case, we identify an unseparated relationship between demand- and supply-driven innovation and problems arose when one side is isolated and not given full attention. This adds new insights to the research on the source of innovation. Secondly, we propose that blue ocean strategical framework can help connect the demand side with the supply sides and facilitate the innovation. This provides some managerial guidelines to deal with the challenges as observed in this case. Lastly, this paper analyzes this new renting model (Alipay credit renting platform) from both lessors and lessees’ perspectives, representing the first study to investigate the credit renting market systematically.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67481412","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}
Pub Date : 2018-08-28DOI: 10.17265/1537-1506/2018.08.004
Rafael G. Reyes-Morales, Alicia Sylvia Gijón-Cruz, Juan Luis Bautista-Martínez, Nadia Esteva-Duran
The Program Cocinas Comunitarias in the state of Oaxaca, Mexico benefits children aged 6 to 12 who attend primary education schools in low-income municipalities. It is hoped that this food assistance program will allow children to learn better and develop learning skills. In this way, a significant reduction in the grade failure rates and dropout rates is expected, which will be reflected in a higher graduation efficiency rates. In fact, the contribution of this work consists of a methodology for the analysis of the impact of the food subsidy on the academic performance of low-income primary education students. In this sense, a multivariate model was constructed to analyze the interrelationships between grade failure, dropout, graduation efficiency rates, food subsidy, and the socio-demographic characteristics of the population that attends primary education. The Mexican government expects from this program that the more low-income children complete primary education, the more likely that a higher number of adolescents will complete high school education. This scheme is very important for the country’s half population living in poverty and especially in Oaxaca State which is one of poorest states.
{"title":"Impact of the Food Subsidy on the Academic Performance of Low-Income Primary Education Students in Mexico","authors":"Rafael G. Reyes-Morales, Alicia Sylvia Gijón-Cruz, Juan Luis Bautista-Martínez, Nadia Esteva-Duran","doi":"10.17265/1537-1506/2018.08.004","DOIUrl":"https://doi.org/10.17265/1537-1506/2018.08.004","url":null,"abstract":"The Program Cocinas Comunitarias in the state of Oaxaca, Mexico benefits children aged 6 to 12 who attend primary education schools in low-income municipalities. It is hoped that this food assistance program will allow children to learn better and develop learning skills. In this way, a significant reduction in the grade failure rates and dropout rates is expected, which will be reflected in a higher graduation efficiency rates. In fact, the contribution of this work consists of a methodology for the analysis of the impact of the food subsidy on the academic performance of low-income primary education students. In this sense, a multivariate model was constructed to analyze the interrelationships between grade failure, dropout, graduation efficiency rates, food subsidy, and the socio-demographic characteristics of the population that attends primary education. The Mexican government expects from this program that the more low-income children complete primary education, the more likely that a higher number of adolescents will complete high school education. This scheme is very important for the country’s half population living in poverty and especially in Oaxaca State which is one of poorest states.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67481262","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}
Pub Date : 2018-07-28DOI: 10.17265/1537-1506/2018.07.003
Jasna Auer Antoncic, Bostjan Antoncic, Zhaoyang Li
Creativity is an element of the personality of entrepreneurs which can be important for the foundation, advance, and business performance of small and medium-sized enterprises (SMEs). Intrapreneurship can be developed in small and medium-sized enterprises where entrepreneurs have a sufficient level of creativity and it can influence the growth of enterprises. Hypotheses are specified and empirically tested based on responses to a structured questionnaire on a sample of small and medium-sized enterprises from China. The research results indicate positive relationships between the creativity of the entrepreneur and intrapreneurship and growth of the enterprise.
{"title":"Creativity of the Entrepreneur, Intrapreneurship, and the Growth of Small and Medium-Sized Enterprises: Evidence from China","authors":"Jasna Auer Antoncic, Bostjan Antoncic, Zhaoyang Li","doi":"10.17265/1537-1506/2018.07.003","DOIUrl":"https://doi.org/10.17265/1537-1506/2018.07.003","url":null,"abstract":"Creativity is an element of the personality of entrepreneurs which can be important for the foundation, advance, and business performance of small and medium-sized enterprises (SMEs). Intrapreneurship can be developed in small and medium-sized enterprises where entrepreneurs have a sufficient level of creativity and it can influence the growth of enterprises. Hypotheses are specified and empirically tested based on responses to a structured questionnaire on a sample of small and medium-sized enterprises from China. The research results indicate positive relationships between the creativity of the entrepreneur and intrapreneurship and growth of the enterprise.","PeriodicalId":64249,"journal":{"name":"中国经济评论:英文版","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67480837","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}
Pub Date : 2018-07-28DOI: 10.17265/1537-1506/2018.07.002
Selma Rapi, Ilia Kristo, Ina Tase
The success of each enterprise is finding, working on it, promoting, and obviously offering what the consumers really love and enjoy. Albania is very useful if you have this mission: Reconciling all the nature components with favorable weather conditions, we can really offer an adventure business, where everyone can discover the beauty of Albania through an unforgettable trip. The key word that summarizes all the elements mentioned is without a doubt “Rafting”. Introducing rafting both as a sport and as a touristic outdoor activity, in that way we develop a new touristic market and a strong promoter of sustainable adventure tourism in Albania. When a person takes pleasure but in an unhealthy extent, how does this affect his personality? The adrenaline as happiness, meaning and pleasure...The topics that this study is about, are two key terms that will guarantee the success of this “adventure project”: The first is the satisfaction of consumers, which gives us a feedback about the product/service and the second part deals with the term adrenaline (pleasure supreme customer); hedonic consumer features, part of their character, the main approaches and a study conducted with customers who have attended at least once rafting, customers attending characteristic of emotions, adrenaline, and adventure to take the pleasure of life. A company should always try and please its consumers. Usually, pleased consumers will always come back for more; they will also spread the word and bring new potential consumers into your business that will pay a fair amount of money for a new upcoming product that set company offers. The measurement of consumer satisfaction is a pure indicator of the consumers repurchases intentions, an indicator of the actual performance and differentiation from the current competition. The consumers mind will always remember the name of the company that they had a bad experience rather than the one they have been satisfied with. Often when we receive a fixed service, our mind tends to create a very close emotional connection to set service. Often we find that the smallest things bring the greatest joy, regardless of the price. For the majority part, following the adrenaline passion is more than just a need. Lately, the traditional notion of purchasing is left behind and everyone is focusing on providing themselves with pleasure and emotions. The definition of the word “hedonic” comes from Ancient Greece, meaning “taking the maximal pleasure from life” being our primary goal.
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