The Editor's Corner
Boštjan Antončič
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Corporate Ownership, Leadership and Job Charateristics in Russian Enterprises
Moshe Banai and Jacob Weisberg

This study tests the application of the Western theory of organization’s ownership in Russia, suggesting that ownership types – such as state owned and private – influence leadership style and employees’ jobs characteristics. A sample of 724 Russian employees in 15 service and manufacturing companies was surveyed. The results indicate that, contrary to Western theories, the leadership in Russian state-owned enterprises tends to be perceived as being more effective than the leadership in private enterprises. Similarly, jobs in state-owned enterprises are more enriched than in private companies. Explanations and implications are provided.

Key Words: leadership, job characteristics, state-owned enterprises, private organizations, Russia
JEL Classification: F, H, M
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Joint Dynamics of Prices and Trading Volume on the Polish Stock Market
Henryk Gurgul, Paweł Majdosz, and Roland Mestel

This paper concerns the relationship between stock returns and trading volume. We use daily stock data of the Polish companies included in the WIG20 segment (the twenty most liquid companies quoted on the primary market of the Warsaw Stock Exchange). The sample covers the period from January 1995 to April 2005. We find that there is no empirical support for a relationship between stock return levels and trading volume. On the other hand, our calculations provide evidence for a significant contemporaneous interaction between return volatility and trading volume. Our investigations reveal empirical evidence for the importance of volume data as an indicator of the flow of information into the market. These results are in line with suggestions from the Mixture of Distribution Hypothesis. By means of the Granger causality test, we establish causality from both stock returns and return volatility to trading volume. Our results indicate that series on trading activities have little additional explanatory power for subsequent price changes over that already contained in the price series.

Key Words: abnormal stock returns, return volatility, abnormal trading volume, GARCH-cum-volume, causal relations
JEL Classification: C32, G14
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Human Capital and Economic Growth by Municipalities in Slovenia
Matjaž Novak and Štefan Bojnec

This article presents the analysis of the nature of economic growth of the Slovenian economy at the aggregate level and at the level of Slovenian municipalities for the period 1996–2002. The aggregate cross sectoral time series dataset and the regional cross-sectional time series dataset are used to econometrically test the significance of labour reallocation between sectors and municipalities on the nature of economic growth of the Slovenian economy. For this purpose we compare estimates of average and marginal stochastic frontier production functions. The estimated parameters of these two groups of production functions clearly indicate an inefficient use of human capital in the Slovenian economy during the analysed period. The uncompleted process of sectoral labour reallocation is found as the main factor that has a negative impact on the growth of total factor productivity in the Slovenian economy.

Key Words: economic growth, sectoral reallocation of labour, total factor productivity, stochastic frontier model
JEL Classification: O15, O40
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Where is the Border Between an Information System and a Knowledge Management System?
Imandra Galandere-Zile and Viktorija Vinogradova

Both information systems and knowledge management systems are important in an organisation and often fulfil the same task. The aim of this paper is to identify the border between these two systems. The approach of the research is to analyse both systems in order to identify their role in an organisation, determine the problems, advantages, and opportunities, and discover common and uncommon features between them to find out when an information system becomes a knowledge management system and when it is useful to implement the latter.

Key Words: information system, knowledge management system, information, knowledge and knowledge management
JEL Classification: M1, L86, C88
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The Quality of Entrepreneurship Education and the Intention to Continue Education: Slovenia and Romania
Boštjan Antončič, Cezar Scarlat, and Barbara Hvalič Erzetič

Entrepreneurship and management education is important in developing knowledge and skills of entrepreneurs. In this paper, entrepreneurship education satisfaction and quality are compared between two countries: Slovenia and Romania, and the relationship between education quality and education continuation is assessed in both countries. Multi-item measures were used, questionnaire data were obtained in both countries, measurement scales were tested, and differences between the two countries were assessed by comparing means and regression analysis coefficients. We found that education content and process quality and education satisfaction of participants tend to be the strongest predictors of a subsequent decision to continue education in both countries. Room and equipment adequacy may also be important, but our findings showed this result only for Romania. Some other findings and recommendations are also presented.

Key Words: entrepreneurship, education, quality
JEL Classification: M10, M13
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