Advertising Decision Makers' and Consumers' Perceptions of Media Substitutability

The purpose of this article is to assess the perceptions of advertising media substitutability among consumers, media planners, and media providers. Data were collected from three different samples using structured questionnaires and CATI interviewing. The results suggest that some degree of substitution does indeed exist in all three groups. This means that if first media choices are unavailable all groups are likely to consider others as possibly providing the best buying information. This study adds to the scarce literature that focuses on perceptions of media substitutability and provides results for both demand and supply side of the media market. It also suggests that such perceptual studies may be helpful in a re-examination of current policy and advertising management decisions.     

Competitive Advantage and Human Resource Management in SMEs in a Transitional Economy

The article is based on data of the study of 151 small companies in Slovenia by J. Pranikar and others. The study is the first investigation of small firms in slovenia with a sufficiently large number of cases to enable conclusions about the ways in which SMEs are managing to cope with new opportunities and problems. The aim of this article is to investigate a link between competitive advantage and human resource management in SMEs in a transitional economy. Results indicate that a link indeed exists in that human resource efforts in SMEs to a certain degree contribute to the competitive advantage of companies.     

Estimating persistent and transient technical efficiency and their determinants in the presence of heterogeneity and endogeneity

We develop an estimation procedure that generates consistent estimates of the technology parameters, long-run (persistent) and short-run (transient) technical inefficiencies and the marginal effects of their determinants for the stochastic frontier model developed by Colombi et al. (2014, Journal of Productivity Analysis 42, 123) and Kumbhakar et al. (2014, Journal of Productivity Analysis 41, 321). Our approach accounts for three sources of potential endogeneity: (i) unobserved heterogeneity; (ii) simultaneity of input use with both types of technical efficiency; (iii) potential correlation of the noise term with the regressors. Using this approach we examine the effect of direct payments and farm size on the persistent and transient technical efficiency of French crop farms before and after the European Union's Common Agricultural Policy decoupling reform of 2003. Our results show that subsidy payments per hectare of utilised agricultural land had a significant positive effect on persistent technical efficiency and a significant negative effect on transient technical efficiency during the period before decoupling. For the period after the reform, the effect of subsidies is found to be significantly negative for persistent technical efficiency and insignificant for transient technical efficiency. The overall effect of subsidies on technical efficiency is found to be negative in both periods, albeit substantially lower in the period after decoupling. The effect of farm size on technical efficiency is found to be significant only for the period prior to the reform: it reduced persistent technical inefficiency but increased transient technical inefficiency during that period.     

The Status of Lobbying in Croatia

The positions of lobbying and the lobbyist, well established in developed democratic societies, are far less clear in transitional countries. The aim of this paper is to present the current status of lobbying in Croatia through a discussion of its reputation in the media, citizens’ attitudes and the perceptions of business sector representatives. For that purpose, three groups of research results are presented. (1) In order to characterize the reputation of lobbying in the media, the results of a quantitative content analysis of information published in daily and weekly newspapers, magazines and on Internet portals are given. (2) To understand the attitudes of citizens to lobbying, the views of the young are considered. (3) Finally, to define perceptions of lobbying in the public sector and business, the results of a survey conducted among 50 employees in government institutions and 50 in the enterprise sector are presented and analyzed.     

Entrepreneurial cognition and internationalization speed: towards a potential moderating effect of experiential and rational information processing

This study explores the influence that entrepreneurial cognition, in terms of the dichotomy in human information processing, has on the earliness of internationalization and post-entry speed. Entrepreneurial cognition is investigated through the lens of the dual-process theory, which posits that human information processing is formed of two systems, the experiential cognitive system (System 1) and the rational and analytical cognitive system (System 2). The speed of the entire internationalization process is analyzed in terms of earliness (how soon after inception a company enters its first international market) and post-entry speed (how fast it enters new markets after the first internationalization). Drawing on ten cases, we find that companies that internationalized earlier and faster were managed by entrepreneurs with higher levels of the experiential cognitive system. In contrast, companies that internationalized later and more gradually were managed by entrepreneurs with higher levels of the rational cognitive system. Thus, our study reveals that the speed of the entire process of internationalization is governed, at least partially, by the entrepreneur’s cognition. On the basis of our findings, we introduce three propositions on the moderation that the entrepreneur’s cognition exerts on the well-established relations between environmental signals and both earliness of internationalization and post-internationalization speed.

     

Comparison of Mean-Risk Efficient Portfolios in Asia-Pacific Capital Markets

In order to analyze the performance of mean-risk efficient portfolios, several methods of portfolio comparison have been developed. In this paper we analyze the second-order stochastic dominance efficiency of portfolios on the mean-risk efficient frontier assuming that the risk is represented by standard deviations and concordance matrices set up on the basis of Pearson's linear correlation, Spearman's rho, or Kendall's tau. Empirical analysis of the market returns of selected Asia-Pacific stock markets is carried out considering both the U.S. dollar and euro as reference currencies, and different periods: before and during the subprime crisis. Measures and portfolios on the mean-risk efficiency frontier that should be of interest to at least one risk-averse investor are empirically documented.     

What Drives Clarity of Central Bank Communication About Inflation?

This paper examines whether the clarity of central bank communication about inflation varies with the economic environment. Using readability statistics and content analysis, we study the clarity of communication on the inflation outlook by seven central banks across three continents during the recent decade. We uncover significant and persistent differences in clarity over time and across countries. However, identifying determinants of clarity that are robustly relevant across our sample of central banks proves elusive. Overall, our findings suggest that a single model for clarity of central bank communication is not appropriate. Rather, when studying clarity of communication, country-specific and institution-specific factors are highly relevant.     

Measurement scale for eco-component of hotel service quality

Growing acknowledgement of the need to achieve more sustainable forms of development has resulted in environmentally conscious tourists who have indicated a dissatisfaction with existing hotel service quality. The objective of this study was to investigate tourists’ ecological expectations referring to the quality of spas and wellness hotel services in order to develop and test a scale for measuring the ‘eco-component,’ a new component of hotel service quality. The findings revealed four dimensions of the eco-component: hotel staff's eco-behaviour; environmentally friendly and healthy equipment; efficient use of energy and water; and bio-food. Tourists also demonstrated a hierarchy of eco-dimensions, with the most important being hotel staff's eco-behaviour and the least important being bio-food. Tourists’ expectations about the level of eco-dimensions differ significantly with respect to their income, nationality, and the hotel certification. However, no significant difference emerged in their expectations due to different educational levels.     

SOA Adoption Phases

The paper argues that attitudes to SOA follow a typical hype cycle from Technological Trigger, Peak of Inflated Expectations, and a Trough of Disillusionment to the more recent realization that SOA is a concept that may offer certain benefits but has several limitations. The main research question studies how the attitude to SOA changes in various phases of the hype cycle, how the SOA implementation cycle and an increase in business process maturity (BPMa) are interconnected and which factors influence the transition between the hype cycle phases. The paper shows that an organization’s success with implementing SOA depends on its ability to match the SOA implementation with an increase in BPMa. The dual purpose of implementing SOA is shown in the first framework: to assure the coherence of IT assets and to assure business/IT alignment. In the second framework, the interconnection of SOA and BPMa and its role in transiting through the hype cycle phases is outlined. The findings are analyzed using a longitudinal case study of a large Slovenian company.