Government Debt and the Long-Term Interest Rate: Application of an Extended Open-Economy Loanable Funds Model to Poland Yu Hsing
This paper examines the behavior of the long-term interest rate in Poland based on a sample during 2001.Q1–2009.Q1. Both the demand for and supply of loanable funds are considered. Extending the open economy loanable funds model, this paper finds that more government debt as a percent of GDP leads to a higher long-term interest rate in Poland and that a higher real Treasury bill rate, more percent change in real GDP, a higher expected inflation rate, a higher world long-term interest rate, and depreciation of the zloty would increase the long-term interest rate in Poland. In the standard open-economy loanable funds model including the net capital inflow, the coefficient of the net capital inflow is positive and insignificant at the 10% level. Hence, the incorporation of the world interest rate and the nominal effective exchange rate in the model may better capture the behavior of the long-term interest rate in Poland.
Key Words: loanable funds model, government debt, long-term interest rates, expected inflation rates, nominal effective exchange rates
JEL Classification: E43, E62 Full Text
Small Firms in a Small Country: Managerial Factors, Internationalization and Performance of Slovenian SMEs Mariola Ciszewska-Mlinarič and Franjo Mlinarič
International activities of small and medium enterprises (SMEs) constitute an important research area. To understand this phenomenon, researchers employ different theoretical perspectives. Among them, the resource-based theory has been given much attention. In this study three managerial factors: managerial attitude toward internationalization, internationalization knowledge and international experience, are seen as examples of the firm’s intangible assets. The objectives of this study are twofold. First, it aims to examine the significance of the mentioned managerial resources for SMEs’ internationalization. Second, it verifies the relationship between the level of the firm’s internationalization and performance. The study is based on a sample of highly-internationalized Slovenian companies. According to the findings, managerial attitudes towards internationalization and internationalization knowledge are significantly related to the level of SME internationalization. The statistical analysis also provides support for the relationship between the level of the firm’s internationalization and performance.
Key Words: internationalization, managerial factors, performance, SMEs
JEL Classification: M16, F23 Full Text
The Relationship between the Quality of the Idea and the Strategic Potential of a New Venture: A Longitudinal Study of Five Irish Campus Companies Patricia F. Kavanagh and Robert D. Hisrich
This paper explores the relationship between the quality of the idea and the strategic potential of five high potential UCD campus companies over a seven-year period. Based on previous research, a framework and model was created and employed as a base for company analysis and comparisons. The findings of this longitudinal study support the existence of a dynamic relationship between the quality of idea and the strategic potential, of new ventures. Over time, constant changing and exploitation of the quality of the idea by the entrepreneur to create systematic differentiation resulted in dramatic changes to the strategic potential of the business.
Key Words: quality of idea, strategic potential, entrepreneurial opportunities
JEL Classification: M13 Full Text
Influences of Implementing the Learning Organisation on Companies’ Financial and Non-Financial Performances Tone Češnovar
The learning organisation (LO) concept as one of the numerous management tools available has been significantly gaining in popularity around the globe. Yet few models have been implemented to assess the lo’s influences on companies’ non-financial and financial performances. Therefore, at the USP Institute a Learning Organisation Assessing Model (LOAM) was developed and implemented over a period of five years. The empirical research presented in this article reveals positive non-financial and financial effects on the performances of companies with a more developed LO concept according to the loam. Research findings reveal the critical success factors in the implementation of the LO and provide tangible advice to management in helping them to achieve the best results possible when applying the LO concept.
Key Words:management tools and techniques, learning organisation, financial and non-financial performances
JEL Classification: D83, M1, M5, O31 Full Text
The Use of Decision Making Information: A Comparative Exploratory Study of Slovene Hotels Gordana Ivankovič and Mateja Jerman
The paper aims to identify the use of decision making information, which will be provided by the management accounting system (MAS). The use of MAS information by general managers (GMS) and department managers (DMS) for measuring the performance of hotel enterprises will be investigated. The basis for the analysis is the contingence theory which was adapted to specific circumstances and conditions of the hotel industry. The analysis was performed on the basis of a questionnaire that was previously already used in the case of Australian hotels. The research is conducted on Slovene hotels that have more than 100 rooms. The results are the subject of comparison with the previous five year period. The results demonstrate that GMS actually differ from DMS with respect to their use of MAS information for making decisions. GMS and DMS do not use MAS information with the same frequency. Their satisfaction with MAS information is not equal and, furthermore, they do not use the financial and non-financial performance indicators with the same frequency.• Complete Issue
Key Words: decision making information, management accounting system, hotel industry
JEL Classification: M41, M21 Full Text
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