The Editor's Corner
Boštjan Antončič Full Text
Corporate Entrepreneurship: An Empirical Study of the Importance of Strategic Considerations in the Creation of Radical Innovation Astrid Heidemann Lassen
The recognition of the importance of entrepreneurial dynamics in corporate context is increasingly acknowledged in both entrepreneurship and strategic management literature, as firms today face a reality in which frame-breaking innovation is an important element of survival. From this understanding, the concept of Strategic Entrepreneurship (SE) has arisen, arguing a logic of focusing on the intersections between the two fields. This paper sets out to explore the SE construct empirically. Through seven case studies evolving around radical technological innovations, evidence is found of the importance of incorporation of strategic considerations taking place at several different levels of the organization, in order to obtain a desirable balance between entrepreneurial and strategic forces. An Integrative Model of Strategic Entrepreneurship is suggested based on this evidence.
Key Words: strategic entrepreneurship, radical innovation, case studies
JEL Classification: O31, O32 Full Text
The Use of Strategic Metaphors in Intercultural Business Communication Sophie Cacciaguidi-Fahy and James Cunningham
This paper contends that the use of strategic metaphors can help deliver the effective intercultural business communication necessary for global success. Using the Renault-Nissan Alliance as an example, the authors argue that an appropriate metaphor can help provide the global glue which captures the essence of the organisation’s activities, encapsulates its strategic intent, incorporates the national and global cultures, and portrays its ethical and business stance. Indeed, as is the case in the Renault-Nissan Alliance, the appropriate use of metaphor allowed the firm to bind a diverse group of stakeholders to a common goal by using the inherent ambiguity and multiplicity of meaning of the metaphor to overcome Asian and Western intercultural differences and at the same time maximise goal congruence.
Key Words: intercultural business communication, strategic metaphors, alliance relationships
JEL Classification: M12, M14 Full Text
Horizontal and Vertical Intra-Industry Trade between the Former CEFTA Countries and the European Union Stanislav Černoša
This paper analyses the production structure or intra-industry trade specialization (IIT) of the Czech Republic, Hungary, Poland, Slovenia and Slovakia in foreign trade with EU member states from 1995 to 2001 at the five-digit level of the SITC. The results confirmed that former CEFTA countries in general showed IIT specialization in the production of vertically differentiated products of lower quality either at the aggregate level of the manufacturing sectors (i.e. SITC 5–8) or at the level of the twenty chosen manufacturing activities (i.e. divisions 17–36 of the ISIC) and that differences also exist between IIT specializations of these countries.
Key Words: intra-industry trade, horizontal and vertical intra-industry trade, CEFTA countries
JEL Classification: F14 Full Text
Stock Prices and Resignation of Members of the Board: The Case of the Warsaw Stock Exchange Henryk Gurgul and Paweł Majdosz
In this paper we provide an empirical analysis of announcements of resignation of board members using data which comes from the Warsaw Stock Exchange. The market reaction to this information is tested at different time horizons by means of event study methodology. The results show that market reaction is rather positive immediately before the announcement release and negative over the following six-day-period starting on the event day. A possible explanation for this phenomenon is suggested. Besides the traditional examination of abnormal return behaviour, we also check whether or not resignation announcements induce increases in the variance of stock returns over the period under consideration. It turns out that a tendency towards increased stock return volatility can be observed in the whole period prior to the announcement release.
Key Words: managerial resignations, abnormal returns, event-induced variance, emerging stock market
JEL Classification: G14, C22 Full Text
Shadow Economy in Slovenia: The Labour Approach Bojan Nastav and Štefan Bojnec
The all-around notorious shadow economy phenomenon is subject to constant reshaping, regarding both time and place, which results in a somewhat unclear definition. We use the following definition: all productive activities, whose output is legal, but is deliberately concealed from the authorities, usually for gaining financial benefits. Different methods of quantifying the size of the shadow economy have been developed. We focus on the labour approach, with Slovenia as the case study during the last decade. The importance of such an analysis lies in the ambiguous effects of the shadow economy and their policy implications. We found that the shadow economy that relates only to the unemployment discrepancies in Slovenia amounts on average to around 6 percent of the official economy, and tends to slightly decline over the most recent years. On the other hand, employment discrepancy and more detailed activity-level results give much higher values and even an increase in the shadow economy: on average around 20 percent in the studied period.Complete Issue
Key Words: shadow economy, indirect methods, employment discrepancies, labour approach
JEL Classification: J21, E26 Full Text
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