ERAZ 2022 / 8 - Knowledge-Based Sustainable Development – SELECTED PAPERS
ERAZ 2022 / 8 - Knowledge-Based Sustainable Development – SELECTED PAPERS
Contributor(s): Vuk Bevanda (Editor)
Subject(s): Economy
Published by: Udruženje ekonomista i menadžera Balkana
Series: ERAZ - International Scientific Conference
- Page Count: 0
- Publication Year: 2022
- Language: English
Risk Diversification in Central and Eastern European Capital Markets: Evidence from Russia’s Invasion of Ukraine
Risk Diversification in Central and Eastern European Capital Markets: Evidence from Russia’s Invasion of Ukraine
(Risk Diversification in Central and Eastern European Capital Markets: Evidence from Russia’s Invasion of Ukraine)
- Author(s):Rui Dias, Nicole Horta, Catarina Revez, Paulo Alexandre, Paula Heliodoro
- Language:English
- Subject(s):Social Sciences, National Economy, Financial Markets
- Page Range:1-10
- No. of Pages:10
- Keywords:Russian-Ukrainian invasion; Central-Eastern European markets; Arbitrage; Risk diversification
- Summary/Abstract:Following the Revolution of Dignity in Ukraine in 2014, Russia annexed Crimea, while separatist forces supported by the Russian government seized part of the Donbas region in south-eastern Ukraine. Since the beginning of 2021, a build-up of Russian military presence has occurred along the Russia-Ukraine border. The United States and other countries have accused Russia of planning an invasion of Ukraine. On February 24th, Putin announced a “special military operation,” supposedly to “demilitarize” and “denazify” Ukraine. In light of these events, the global economy and consequently the financial markets had significant structural breaks; based on these facts, this paper aims to analyze the synchronizations between the capital markets of Austria (Austrian Traded), Budapest (BUX), Bulgaria (SE SOFIX), Croatia (CROBEX), Russia (MOEX), Czech Republic (Prague SE PX), Romania (BET), Slovakia (SAX 16), and Slovenia (SBI TOP), in the period from January 2nd, 2017 to May 6th, 2022. To perform this analysis and to get more robust results we divided the sample into two sub-periods: The first from January 2nd, 2017, to December 31st, 2019, with the second sub-period called capital markets stress comprising the time lapse from January 1st, 2020, to May 6th, 2022. In order to answer the research question, we aim to find out, whether the Russian invasion of Ukraine accentuated interdependencies in Central/Eastern European financial markets. The time series do not show normal distributions, with the Russian market showing the highest risk; we find that the markets broke down significantly, mostly in March 2022 arising from instability in the global economy. The results obtained suggest very significant levels of integration during the stress period in the capital markets analyzed, and we see that during the quiet period the Slovakian market tends to be highly integrated (8 out of 8 possible), while the Slovenian market shows no integration with its regional peers, which shows that we are dealing with a segmented market. These findings suggest that markets tend toward integration in periods of extreme volatility, calling into question the implementation of efficient portfolio diversification strategies.
Contribution of the Institutions of the Regional Political System to the Preservation of the Level and Quality of Life of the Population in the Context of the COVID-19 Pandemic (The Case Study of the Trans-Baikal Territory)
Contribution of the Institutions of the Regional Political System to the Preservation of the Level and Quality of Life of the Population in the Context of the COVID-19 Pandemic (The Case Study of the Trans-Baikal Territory)
(Contribution of the Institutions of the Regional Political System to the Preservation of the Level and Quality of Life of the Population in the Context of the COVID-19 Pandemic (The Case Study of the Trans-Baikal Territory))
- Author(s):Yulia Matafonova, Tatyana Gordeeva
- Language:English
- Subject(s):Health and medicine and law, Socio-Economic Research
- Page Range:11-18
- No. of Pages:8
- Keywords:Level and quality of life of the population; Social efficiency; Level of administration; Sustainability of regional political systems; Sustainable development of the region; Method of dichotomous asse
- Summary/Abstract:The study of the activities of regional authorities to preserve the level and quality of life of the population in the context of the COVID-19 pandemic acquires scientific value due to the special conditions in which the regional community and the regional political institutions were placed. The article analyzes the impact of the conditions of the COVID-19 pandemic on the activities of the institutions of the regional political system to preserve the level and quality of life of the population within a particular subject of the Russian Federation – the Trans-Baikal Territory. As the main research method, a dichotomous assessment of the data obtained as a result of an expert survey in the fall of 2021 is used. The experts were the heads and specialists of the public authorities of the region and local authorities. The contribution of the institutions of the regional political system to the preservation of the level and quality of life of the population is considered through the categories of “social efficiency” and “level of administration”. As a result of the study, we defined the pandemic has a negative impact on the functioning of the institutions of the regional political system in the field of maintaining the level and quality of life of the population. The revealed trends do not allow us to consider the regional political system sufficiently effective and capable of providing the basic conditions for the sustainable development of the region.
COVID-19: A Story Told by Women Entrepreneurs about How to Survive by Turning a Crisis into an Opportunity
COVID-19: A Story Told by Women Entrepreneurs about How to Survive by Turning a Crisis into an Opportunity
(COVID-19: A Story Told by Women Entrepreneurs about How to Survive by Turning a Crisis into an Opportunity)
- Author(s):Tudor Tarbujaru, Petruta Ionela Stanca
- Language:English
- Subject(s):Health and medicine and law, Socio-Economic Research
- Page Range:19-26
- No. of Pages:8
- Keywords:Women entrepreneurs; COVID-19; Challenges; Crisis management; Financial pressure
- Summary/Abstract:The Covid-19 epidemic has generated an environment full of confusion and instability among global economies. It has put enormous strain on the governments and the economies, both on an international and national scale. No single day goes by without news about the consequences of the Covid-19 pandemic’s devastating economic, health, and emotional well-being. The intensity of its burnt is unprecedented since it is a humanitarian crisis that has generated shock to the global economic system. The crisis had a significant influence on economic activities all over the world, but on the other hand, it boosted the presence of women as entrepreneurs, resulting in a shift in the demographic features of business and economic processes. This research investigated how women entrepreneurs had to deal with all of this during Covid-19. The study exemplifies the difficulties that a female entrepreneur faces as a result of the crisis. Furthermore, it sheds light on the strategies used by female entrepreneurs to deal with the impacts of the crisis in order to safeguard their businesses. The focus of the paper is also on the associated obstacles, challenges, and potential solutions for the emergence of female entrepreneurs in this pandemic era. We provide a paradigm to aid in making sense of how gender and entrepreneurship research is currently framed and positioned. The possibilities in disguise and future potentials that will alter women’s choices and talents following the Covid-19 outbreak have been briefly examined. Women entrepreneurs have the potential to convert the Covid-19 critical point into an even better opportunity. This study is unique in that it will serve as the foundation for many future studies that will strive to investigate further the status of difficulties and opportunities for women entrepreneurs to manage and sustain their entrepreneurial endeavors effectively.
The Role of Women in Founding Top Startups Worldwide
The Role of Women in Founding Top Startups Worldwide
(The Role of Women in Founding Top Startups Worldwide)
- Author(s):Katia Giusepponi, Ernesto Tavoletti
- Language:English
- Subject(s):Gender Studies, Human Resources in Economy, Socio-Economic Research
- Page Range:27-33
- No. of Pages:8
- Keywords:Startup; Women co-founders; Founding team; Role of women in startups
- Summary/Abstract:The work investigates the role of women as co-founders of globally successful startups, particularly their impact on the company’s mission and vision. The authors’ initial research on entrepreneurial and organizational profiles in top startups worldwide underlined that the presence of women as co-founders of globally successful startups is very limited (Giusepponi, Tavoletti & Tosi, 2019). The study presented here highlights that a female presence in the founding team supports the sharing of the vision and the effectiveness of the mission, and these elements are reflected in the organizational culture, specifically in the sense of corporate belonging and cohesion. This study is based on secondary sources derived from advanced analyses in terms of connections between variables within the startups studied. From an advancement perspective, the research could be deepened by studying other impact profiles and, considering that it is here limited to 109 top global startups, extended to other entrepreneurial realities.
Financialization – Evidence from Dynamic Connectedness among Agricultural Index Futures
Financialization – Evidence from Dynamic Connectedness among Agricultural Index Futures
(Financialization – Evidence from Dynamic Connectedness among Agricultural Index Futures)
- Author(s):Neeti Jain, Niti Nandini Chatnani
- Language:English
- Subject(s):Social Sciences, Agriculture, Financial Markets
- Page Range:35-41
- No. of Pages:8
- Keywords:Agricultural commodity markets; TVP-VAR; Futures markets
- Summary/Abstract:The introduction of index futures was a landmark event for global commodity markets. It has been blamed by regulators and academicians for its role in food price surges from time to time. This paper examines the price discovery and volatility spillover relationship among agricultural index futures globally. Results from the study reveal that index futures play a dominant role in contributing to price discovery. The price leadership of the futures market, although found to be strong, is diminished in the presence of stringent regulatory trading curbs that were put in place as a response to the crisis. Furthermore, an improved Diebold & Yilmaz method based on TVP-VAR-SV model was used to analyze dynamic connectedness between the index and standalone contracts of agriculture commodity markets. The results show that the impacts on the net spillover of various indices are different. However, the evidence fails to support the argument that volatility is induced due to spillovers among the indices.
Financial Literacy of People Gaining Economic Education in the Context of Acquired Practical Experience
Financial Literacy of People Gaining Economic Education in the Context of Acquired Practical Experience
(Financial Literacy of People Gaining Economic Education in the Context of Acquired Practical Experience)
- Author(s):Josef Polák, Zuzana Kozubíková, Aleš Kozubík
- Language:English
- Subject(s):Vocational Education, Adult Education, Socio-Economic Research
- Page Range:43-55
- No. of Pages:14
- Keywords:Decision making; Economic education; Finance; Financial management; Financial market
- Summary/Abstract:Financial literacy affects numerous economic decisions of people on a daily basis, as well as the strategic financial management of corporations. In several previous studies, the authors confirmed a significant difference in the level of financial literacy between full-time and combined students. Based on these results, they hypothesized that practical experience has a positive effect on the level of financial literacy, but this needed to be verified. Therefore, a new survey was conducted with an extended version of the questionnaire with questions specifically related to the practical use of financial products and services. Students of economics who have access to education that supports the growth of financial literacy were interviewed. However, the distribution of the examined groups was not determined by age, a form of study and other common aspects, but the divider was in form of the experience gained, which provided a unique approach using an adequate statistical set of respondents. The results from primary research showed differences in knowledge and the way of solving tasks in the monitored groups of respondents. Using statistical analysis methods and hypothesis tests, the authors’ hypothesis was confirmed and it was shown that students using a wider range of services performed better. It provides usable interdisciplinary outputs for HRM, applied psychology, pedagogy and financial management. The level of financial literacy was tested by the personal finance index which is an innovative metric that analyses knowledge from the eight functional areas of financial literacy. Given that the research sample was drawn from a group of people studying financial management and entrepreneurship subjects, it was also confirmed that theoretical knowledge alone is not sufficient to significantly enhance financial literacy. Thus, the irreplaceability of practical experience for enhancing the level of financial literacy was demonstrated.
Preparation for the Career outside the Army: The View of Soldiers of the Czech Armed Forces
Preparation for the Career outside the Army: The View of Soldiers of the Czech Armed Forces
(Preparation for the Career outside the Army: The View of Soldiers of the Czech Armed Forces)
- Author(s):Renata Skýpalová, Kristyna Bikova
- Language:English
- Subject(s):Human Resources in Economy, Socio-Economic Research
- Page Range:57-71
- No. of Pages:16
- Keywords:Military organization; Sociology; Soldiers; Second career; Labor market; Transition; Czech Armed Forces
- Summary/Abstract:The paper focuses on the means of support during soldiers’ labor market integration after the termination of military contracts. To find out how the military personnel of the Czech Armed Forces cope with their training for a second career and whether they are interested in the support tools used abroad, the research included 176 students of military studies at the University of Defence and 284 soldiers in active military service. Broadening their knowledge and skills for a better opportunity in the labor market is the wish of 90 % of respondents. More than four-fifths of the respondents have not started training for their second career yet. According to the results, the respondents are interested in helping with preparation for a second career. However, compared to other NATO countries, a systematic approach is not being applied in the Czech Republic at this time.
The Impact of Personality Traits and Internal Locus of Control on Entrepreneurial Intention
The Impact of Personality Traits and Internal Locus of Control on Entrepreneurial Intention
(The Impact of Personality Traits and Internal Locus of Control on Entrepreneurial Intention)
- Author(s):Katarina Fotova Čiković
- Language:English
- Subject(s):Business Economy / Management, Human Resources in Economy
- Page Range:73-85
- No. of Pages:14
- Keywords:Personality traits; Internal locus of control; Entrepreneurship; Entrepreneurial intention; Literature review
- Summary/Abstract:A country’s economic growth and development are closely linked to entrepreneurship and innovation, which is why entrepreneurs are recognized as one of the key drivers of the economy. Moreover, job creation, employment and innovation of products and services not only affect the national economy but also the global economy. Having that in mind, it is comprehensible why the ability to understand and predict entrepreneurial intention (EI) turned into a central category that is widely researched in the literature. The main goal of this PRISMA-guided systematic literature review is to identify, present and qualitatively analyse relevant papers regarding entrepreneurial intention, personality traits and especially the internal locus of control. Moreover, other goals are to highlight the importance and influence of personality traits and the internal locus of control on entrepreneurial intentions and to present the findings regarding the interrelatedness of entrepreneurial intention, internal locus of control and personality traits. This article uses a systematic review according to the PRISMA statement guidelines with stringent selection criteria to include relevant articles on the impact of personality traits and internal locus of control on entrepreneurship (i.e. entrepreneurial intentions). The two largest scientific databases, i.e. Scopus and Clarivate Web of Science databases have been explored with the key phrases „PERSONALITY TRAITS“, “INTERNAL LOCUS OF CONTROL” and “ENTREPRENEURIAL INTENTION”. This PRISMA method led to a total of 9 relevant papers regarding the impact and influence of personality traits and internal locus of control on entrepreneurship (i.e. entrepreneurial intentions). The scientific contribution of this paper is mirrored in the presentation of these relevant articles, their findings and in raising awareness among academic members, researchers and governments across the globe regarding the traits that impact entrepreneurial intentions, with a special focus on the findings regarding the internal locus of control. This article provides practical implications for national governments regarding their entrepreneurial policies, support system and climate.
Barriers to Effective Interpersonal Communication in Retail
Barriers to Effective Interpersonal Communication in Retail
(Barriers to Effective Interpersonal Communication in Retail)
- Author(s):Petra Kovačova, Ondřej Drahotský
- Language:English
- Subject(s):Business Economy / Management, Human Resources in Economy
- Page Range:87-95
- No. of Pages:10
- Keywords:Employees; Communication partner; Organization
- Summary/Abstract:Communication is an inseparable part of our daily lives. Interpersonal communication appears between two and more people and consists not only of verbal communication by using words and consciously talking to others but also consciously or unconsciously by using non-verbal communication such as gestures, body movement and posture, facial expressions, haptics (touch), eye contact, proxemics (physical distance), paralanguage, etc. In verbal and non-verbal communication enter some issues that can cause misunderstandings in the communication process. People communicate everywhere and anytime, therefore it is natural that some difficulties and problems occur in interpersonal communication and are encountered in the workplace. There are different types of communication in the workplace, but this paper focuses mainly on interpersonal communication between managers and their team members. The way how they communicate influences the output of the entire communication process and has direct or side effects on performance, work environment, company goals and similar. The main goal of this paper is the identification of barriers to effective interpersonal communication in a selected branch of an international retail organization in Germany. Based on the research, it is possible to identify the barriers to the effective communication process between managers and their team members. Of a total of 187 employees working at this branch, 48 employees participated in this survey. This paper provides results from conducted research where some positive aspects and barriers were explored as well. Among positive results are that the employees do not afraid to address the company’s management directly, employees are not interrupted while speaking, do not get the information they do not understand, the managers do not use the terms their employees do not understand, employees are not often overwhelmed with the information, not facing a misunderstanding from manager’s side. On the other hand, the organization may support more communication between departments and provide more information to employees to feel well informed. This paper correlates with other research conducted in this field by different researchers in different countries and adds the missing barriers or confirmed already often occurring barriers to effective interpersonal communication.
Virtual vs. Live Conferences: Measuring the Participants Memorable Conference Experience
Virtual vs. Live Conferences: Measuring the Participants Memorable Conference Experience
(Virtual vs. Live Conferences: Measuring the Participants Memorable Conference Experience)
- Author(s):Dora Rašan, Marina Laškarin Ažić
- Language:English
- Subject(s):ICT Information and Communications Technologies, Socio-Economic Research
- Page Range:97-106
- No. of Pages:10
- Keywords:Virtual conference; Memorable conference experience; Behavioural intentions; Independent t-test
- Summary/Abstract:Due to Croatian government measures to prevent the spread of COVID - 19, Croatian citizens have been in several lockdowns, which causally affected the normal function of society as a whole. One of the most common consequences of such restrictions was the reduction in social contacts and reliance on virtual contacts in the online environment. The scientific community and any other sphere of business had to change its processes, particularly in organizing conferences. Virtual conferences from “rescue solution” became “pleasant with the useful solution” for organizing committees but also for participants. The purpose of this study is to detect the differences in the memorable experiences of participants concerning different quality elements in virtual and online environments. Furthermore, the aim is to detect predictors of behavioural intentions for both virtual and live conferences. For the purpose of this research, the authors have created a questionnaire, which was distributed online and onsite. The T-test and regression analysis were conducted on a sample of 256 respondents. Results confirmed significant differences between virtual and live conferences in ten variables. Furthermore, regression results revealed that only “Memorable experience” is the common predictor for both virtual and live conferences.
Typology of Social Paradigm: Literature Review of Tourist’s Gastronomic Experience
Typology of Social Paradigm: Literature Review of Tourist’s Gastronomic Experience
(Typology of Social Paradigm: Literature Review of Tourist’s Gastronomic Experience)
- Author(s):Dora Rašan, Kristina Pilko
- Language:English
- Subject(s):Tourism, Socio-Economic Research
- Page Range:107-119
- No. of Pages:14
- Keywords:Experience economy; Gastronomic experience; Paradigm; Content analysis
- Summary/Abstract:In an examination of the tourist’s gastronomic experience, scientific experts approach it in different ways, depending on the research paradigm to which they belong. In scientific literature, there are paradigms such as positivism, constructivism, criticism, postmodernism, and transmodernism. The purpose of this study was to analyze 55 scientific articles on the tourist’s gastronomic experience according to key terms (ontology, epistemology, and methodology) and thus determine their affiliation to the appropriate paradigm. The empirical research results indicate that there are no studies of postmodernism and transmodernism, but there are studies of positivist (70.91%), critical (18.18%), and constructivist (10.91%) research views. Therefore, in future research, scientists should direct their gaze precisely in the direction of these paradigms. Further research findings indicate that the largest number of analyzed studies published in the last three years is in Asia (40%), North America (34.55%), and Europe (18.18%) where the authors predominantly apply a quantitative research approach (69.09%). The contribution of this research is reflected in the improved theoretical knowledge of the researched issues as well as the application of the same in determining the papers with regard to the type of paradigm to which the authors of selected papers belong. Also, this study is the first in conducting a paradigmatic analysis of gastronomic tourism studies.
