{"title":"What Do We Know about Business Angels’ Decision Making Research Development? A Document Co-Citation Analysis","authors":"D. Vasić, Alenka Slavec Gomezel","doi":"10.15458/2335-4216.1295","DOIUrl":"https://doi.org/10.15458/2335-4216.1295","url":null,"abstract":"Business angels (BAs) mitigate the financial gap of early-stage ventures and get actively involved in ventures they invest in. Their crucial role in the start-up ecosystem is spurring interest in their decision-making processes when making investments. However, the research about their investment decision making is crumpled. So far, we know the knowledge base about BA decision making comes from a blend of interdisciplinary studies where psychology and finance had a significant impact in pushing the research to new levels. With this study, we review knowledge dyads in the BA decision-making field through bibliometric co-citation analysis.","PeriodicalId":30292,"journal":{"name":"Economic and Business Review","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83536092","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}
{"title":"Innovation and Productivity: Is Learning by Doing Over?","authors":"Ružica Bukša Tezzele","doi":"10.15458/2335-4216.1297","DOIUrl":"https://doi.org/10.15458/2335-4216.1297","url":null,"abstract":"Labour productivity is one of the key measures of economic performance. It represents the total volume of output produced per unit of labour. This paper examines the influence of business investments in research and development and education on labour productivity using system dynamics modelling. The results reveal that investments in education and training activities generate higher labour productivity growth. The impact of innovations largely depends on their diffusion and adoption that require educated and trained users. The new industrial era makes learning by doing quietly disappear and demand a great flexibility of workers and their ability to rapidly acquire new and master the","PeriodicalId":30292,"journal":{"name":"Economic and Business Review","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73871430","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}
Persida Cica Tofoska Apostolova, Tanja Istenič, Jože Sambt
{"title":"Life Cycle Surplus and Life Cycle Deficit of Immigrants versus Natives","authors":"Persida Cica Tofoska Apostolova, Tanja Istenič, Jože Sambt","doi":"10.15458/2335-4216.1296","DOIUrl":"https://doi.org/10.15458/2335-4216.1296","url":null,"abstract":"Recently, immigration and its socio-economic aspects have been in the centre of the European Union leaders’ agenda. In this paper, we apply the National Transfer Accounts (NTA) methodology to calculate the complete set of NTA results for immigrants and natives in five EU countries. We find that due to the lower labour income, which cannot be offset by the lower consumption, immigrants experience a shorter independence period and a much lower aggregate life cycle surplus than natives. The identified cross country differences between immigrants and natives could be used as a proxy of the achieved level of integration of immigrants.","PeriodicalId":30292,"journal":{"name":"Economic and Business Review","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84687350","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}
{"title":"The Effects of Institutions on Emerging Market Firms’ International Assignment Location Decisions","authors":"I. Koleša, Anže Burger, M. Dickmann","doi":"10.15458/2335-4216.1294","DOIUrl":"https://doi.org/10.15458/2335-4216.1294","url":null,"abstract":"We investigate international assignment (IA) location decisions of emerging market firms as determined by the institutional contexts of their home and host countries. Using an institutional perspective, assignment patterns of the entire firm population in Slovenia to either other emerging or developed host countries in Europe are analysed. The findings show that both institutional quality and distance influence expatriation flows in firms from a low quality institutional context. These firms expatriate more to markets with high quality institutions and choose host countries with higher rather than smaller institutional distance for their IAs. We refine institutional theory with respect to host and home country institutional determinants of expatriation decisions by taking into consideration the particular features of emerging markets and their firms e separately and compared to developed markets and their firms.","PeriodicalId":30292,"journal":{"name":"Economic and Business Review","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79818068","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}
{"title":"An Analysis of the Slovenian Tax Administration Response During COVID-19: Between Normative Measures and Economic Reality","authors":"P. Kovač, Maja Klun","doi":"10.15458/2335-4216.1289","DOIUrl":"https://doi.org/10.15458/2335-4216.1289","url":null,"abstract":"Tax administration plays a key role in tax collection, striving for maximum public finance revenue, while at the same time protecting the rights of the taxpayers in tax collection procedures. The search for this balance is particularly relevant in times of crisis, as shown by the COVID-19 pandemic, especially in the first wave between March and June 2020. The article deals with the legal and economic aspects of work of the Financial Administration of the Republic of Slovenia (FARS) based on comparable data on tax measures in other countries, provided by international organizations such as IOTA and OECD, i.e. the EU. The article finds that in Slovenia the measures under consideration were often questionable already at the formal level, which led to a gap in the implementation of ‘intervention laws’ despite the relatively agile response by FARS. Nevertheless, it can be concluded that Slovenia's public finance measures match the measures taken by other EUMember States. Also worth mentioning in such regard is that some of the measures, for example those regarding e-operation, were identified by both FARS and taxpayers as improvements to be preserved even after the pandemic, considering tax administration as a service for the state and taxpayers.","PeriodicalId":30292,"journal":{"name":"Economic and Business Review","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81864065","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}
{"title":"Tightening and Loosening of Macroprudential Policy, Its Effects on Credit Growth and Implications for the COVID-19 Crisis","authors":"Aida Ćehajić, Marko Košak","doi":"10.15458/2335-4216.1293","DOIUrl":"https://doi.org/10.15458/2335-4216.1293","url":null,"abstract":"In this study, we analyze the effects of macroprudential measures on bank lending in the European Union. We develop several dedicated macroprudential policy indices re fl ecting different policy actions taken by the authorities in individual member countries, with the aim to affect credit activity in national banking sectors. In our empirical model, we measure responsiveness of gross loans in banks to selected macroprudential policy indices, taking into account a set of bank level and macroeconomic control variables. We use the Fitch Connect bank level dataset with fi nancial statements for 3434 European banks with 18,616 observations and macroeconomic data provided by the World Bank and IMF statistics covering the period between 2000 and 2017. Information on the use of macroprudential instruments is taken from a new macroprudential policy database, MaPPED, gathered and published by European Central Bank, where we were able to extract the information on both timing and the direction of use of the macroprudential policy instruments. Our fi ndings show that macroprudential instruments can be used effectively for regulatory modulation of credit activity in banks, with some fl uctuations in the level of the effectiveness through the business cycles. Therefore, in loosening cycles, macroprudential measures are found to be strongly and positively associated with bank lending. On the other side, tightening actions are found to have a downward effect on bank lending, while these effects are less pronounced. These results are of great importance in the current crisis arising from the impact of COVID-19, as policymakers are trying to support the economy by easing macroprudential regulatory constraints to ensure lending to the real sector.","PeriodicalId":30292,"journal":{"name":"Economic and Business Review","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74804258","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}
{"title":"Exploring Consumer Resilience during COVID-19: Demographics, Consumer Optimism, Innovativeness and Online Buying","authors":"Ivana Kursan Milaković","doi":"10.15458/2335-4216.1291","DOIUrl":"https://doi.org/10.15458/2335-4216.1291","url":null,"abstract":"This study investigates the predictors and outcome of consumer resilience given the Covid-19 pandemic and retail context. Predictors are represented by demographic characteristics and underexplored protective factors of consumer optimism and innovativeness, while the outcome variable includes online buying. Empirical research was conducted on the convenience sample of 400 Croatian consumers. Research results show that, given demographic characteristics, gender plays an important role in consumer resilience. In terms of the individual protective factors, both consumer optimism and innovativeness positively in fl uence consumer resilience. In addition, consumer resilience negatively impacts online buying. Findings also have practical implications for companies ’ marketing strategies.","PeriodicalId":30292,"journal":{"name":"Economic and Business Review","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73411381","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}
{"title":"A First Peek at Firms’ Cash Flow Dynamics in the Pandemic Year: A Lesson Learned?","authors":"Ana Oblak","doi":"10.15458/2335-4216.1292","DOIUrl":"https://doi.org/10.15458/2335-4216.1292","url":null,"abstract":"Using a comprehensive database of financial data and data on public support, we aim at documenting the actual (and not predicted) effects of the Covid-19 pandemic on firms' liquidity. A drain of the non-financial corporations’ liquidity was unprecedented and highly asymmetric across sectors. A simple descriptive analysis enables us to evaluate (partially) the effectiveness of support measures and to provide insights on how well-targeted support measures were from the sectoral perspective. Acting in concert, the governments and the European Union (EU) institutions concerned seem to succeed in preventing massive illiquidity (for now). Crisis measures were targeted mostly at firms with positive cash flow in the prepandemic year and ensured additional 3.4 percent of firms from the analysed sectors to sustain positive cash flow and 0.6 percent of firms to recover. Strikingly, the share of inactive firms decreased in 2020 compared to 2019, which might indicate thatmeasures supported de facto dead companies. Considering the proportion offirms, themost vulnerable sector benefited most, but not when we think about a reduction in cash flow compensated for with direct grants. The approach “whatever is necessary” in a form of “flat” public support might thus lead to not optimally targeted beneficiaries.","PeriodicalId":30292,"journal":{"name":"Economic and Business Review","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89296256","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}
{"title":"An Increase in Racism during the COVID-19 Pandemic and the Ontology of Race: Intercultural Comparison of the European and Chinese Traditions","authors":"Jana S. Rošker","doi":"10.15458/2335-4216.1290","DOIUrl":"https://doi.org/10.15458/2335-4216.1290","url":null,"abstract":"","PeriodicalId":30292,"journal":{"name":"Economic and Business Review","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90449514","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}
{"title":"Logistics Outsourcing in Large Manufacturing Companies: The Case of Slovenia and Lessons from Other Countries","authors":"Marko Budler, M. Jaksic, Teja Vilfan","doi":"10.15458/2335-4216.1286","DOIUrl":"https://doi.org/10.15458/2335-4216.1286","url":null,"abstract":"Logistics outsourcing is a mode of operation for companies in global supply chains that have been increasingly devoting more attention to their core activities. This study examines the state-of-the-art in logistics outsourcing in the Slovenian manufacturing industry. Additionally, the authors benchmark the findings against a similar study from 2013. Finally, this study provides a discussion of logistics-outsourcing specifics in some countries with the use of secondary data. We identify transportation as a top-ranked logistics activity, and a general propensity for higher-level logistics outsourcing (e.g. 4 PL). The authors contribute to the supply-chain management society by identifying the drivers of, barriers to, and activities in logistics outsourcing.","PeriodicalId":30292,"journal":{"name":"Economic and Business Review","volume":"39 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80517912","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}