Theoretical underpinnings of consumers’ financial capability research

This paper investigates the multidisciplinary theoretical context of financial capability and provides a critical examination of 14 relevant theoretical frameworks. To this end, the paper defines financial capability and develops a new theoretical framework of financial capability termed the personal financial management system. Financial capability is defined as the capacity of consumers to undertake comprehensive financial activities and thereby achieve personal financial well-being. The exploration of financial capability includes the concepts of financial literacy and psychological financial capability, where the latter represents automatic and controlled mental processes. Recent advances in behavioural science have profoundly changed the realm of personal finances, and it is, therefore, essential to acknowledge the importance of the intuitive reasoning that shapes our financial decision making. As part of the financial management system's throughput, together with individual motivation and opportunity within the personal financial management system, financial capability forms financial behaviour. The framework identifies three groups of relevant antecedents of financial capability including sociodemographic factors, cognitive and affective factors and personality and values. By constructing a comprehensive theoretical model, this paper contributes to the literature by providing greater consistency in the definitions of capability and its related terms, encouraging academic discussion and affirming the much-needed directions for future research.     

Book Review

Tourist experiences are often profound and help to shape the social world of actors. Memories of travels become part of lived experiences to share with others. Experiences of travels or holidays achieve iconic status in everyday lives, and are communicated through the stories of life into lived identities. Accounts of touristic experiences in naturalistic everyday interaction have a story-like quality to them which become mythologised, fabled and flamboyantly and richly narrated to friends and relatives back home. However it is often extremely difficult to collect naturally occurring data of these storied experiences. Interviews in contrast appear to have a more structured and less naturalistic quality. This paper argues that using less structured interview situations, and a very close, fine-detailed analysis of interview data that draws upon socio-linguistic approaches, it is possible to reveal the underlying narrative structure of accounts for and of touristic experience. The paper argues that the natural attitude of the tourist is a ‘narrativistic’ attitude, that an account of touristic experience requires the development of a story, to define, describe and provide reasoned accounts for touristic events. Thus stories are crucial to the development of touristic accounts, and understandings of touristic experience must take account of these narrative structures in order to fully understand what tourists do when they talk about their experiences: they talk about their identities and their worlds. This paper explores how such narratives are constructed and what ‘things’ (other than the events themselves) they communicate.     

CEO mobility and corporate payouts

We examine how chief executive officer (CEO) mobility affects corporate payouts. We exploit US state courts’ staggered adoption of the inevitable disclosure doctrine (IDD) to obtain exogenous variation in mobility. We report several findings. First, we find that firms in IDD-adopting states increase dividend payouts, whereas the effect of IDD on share repurchases is insignificant relative to firms not in IDD-adopting states. Second, the increase in dividends is concentrated on firms run by CEOs having high ability. Third, CEOs increasing dividends are less likely to be forced to leave their jobs. Fourth, the increase in dividends is concentrated on firms run by early-career CEOs rather than retiring CEOs. Last, CEOs increasing dividends receive more favorable shareholders’ say on pay votes for higher pay. Our evidence supports the notion that restricted mobility induces CEOs to choose a dividend policy that enhances their positions with their shareholders.     

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Franchising in the Balkans: History,status, and challenges

Abstract

Since the Balkans have not been covered with regards to franchising in any comprehensive fashion in the past, this study represents a first look at the topic in this part of the world and contributes to the literature on franchising in emerging economies. This research contrasts the development of franchising in the ten Balkan countries of Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Macedonia, Montenegro, Romania, Serbia, and Slovenia. A comprehensive overview of the franchise industry and its history is created for each country, integrating economic and franchise infrastructure development. The study reveals severe deficiencies in the region with regards to the availability of official data and a lack of specific legislation with regards to franchising and disclosure mandates, as well as education about franchising and a reliable legal environment. Implications for researchers and policy makers conclude the study.     

Foreign Direct Investment Policy–Friendly Business Environment in R&D Sectors: Baltic States versus Visegrad Countries

This article examines the impact of foreign direct investment (FDI) policy on inward FDI in the Visegrad and Baltic countries. The analysis of business environment highlights that the countries in both regions attempt to create a friendly business environment by means of similar methods. However, the countries in both regions focus on fiscal incentives such as taxes, which do not play a major role in attracting inward FDI in R&D. The results of attracting FDI are better in the Visegrad countries, which implement financial incentives toward inward FDI along with fiscal incentives. According to empirical analysis, it is noticed that a higher intervention level and a higher support level guarantee the volume of inward FDI. The country's introduced FDI policy enables it to orient industry and to implement economic strategic targets. FDI policy does have an impact on promoting the development of the entire country.     

Approaches to Real Estate Taxation in the Czech Republic and the EU Countries

International Advances in Economic Research - Real estate taxes are not harmonized in the European Union. Individual states use different approaches when designing such taxes and the percentage of...     

Einige Bemerkungen zur Theorie der Planwirtschaft

Ohne ZusammenfassungDie folgenden Ausführungen stellen in erweiterter Form den Vortrag dar, den ich am 17. Februar 1938 in der Nationalökonomischen Gesellschaft in Wien gehalten habe.