Assessing the economic impact of entrepreneurship on a regional economy using social accounting matrices: the case of Andalusia

This article analyses the impact that entrepreneurial activity has, from the economic point of view, on a regional economy (Andalusia), based on a Social Accounting Matrix linear model. Moreover, to measure entrepreneurship at regional level, it is defined what can be considered an entrepreneurial initiative company from a quantitative point of view. The results obtained, in terms of Production, GDP and job creation, show how entrepreneurship, in the case of Andalusia, contributes to the sustainability of the economy, its growth and, above all, the reduction of unemployment in the short term.     

Cognition,Social Impulse,and the Principle of Adaptation: Insights into the Peirce-Veblen Connection

This article seeks to offer insights into the connections between Charles S. Peirce and Thorstein B. Veblen regarding their understanding of the logic of scientific thought and cognition. In this sense, this work explores how both Veblen and Peirce dismissed the Cartesian notion of unmediated cognition and how they sought to depict cognition as a process. Furthermore, this article presents Peirce’s concept of “social impulse” and Veblen’s “principle of adaptation” as complementary perspectives on science and cognition that have strong evolutionary content.     

On dichotomous choice contingent valuation data analysis: Semiparametric methods and Genetic Programming

The aim of this paper is twofold. Firstly, we introduce a novel semiparametric technique called Genetic Programming to estimate and explain the willingness to pay to maintain environmental conditions of a specific natural park in Spain. To the authors’ knowledge, this is the first time in which Genetic Programming is employed in contingent valuation. Secondly, we investigate the existence of bias due to the functional rigidity of the traditional parametric techniques commonly employed in a contingent valuation problem. We applied standard parametric methods (logit and probit) and compared with results obtained using semiparametric methods (a proportional hazard model and a genetic program). The parametric and semiparametric methods give similar results in terms of the variables finally chosen in the model. Therefore, the results confirm the internal validity of our contingent valuation exercise.     

Factors Affecting Motivation to Transfer Training

This study examines the relationship of motivation to transfer skills and knowledge learned in a computer-based training programme with five groups of variables: individual or general attitudes, situational specific attitudes, reactions, learning, and work environment factors. Hierarchical regression analysis produced a model which explained 60.5% of the variance in motivation to transfer. Individual attitudes and environmental variables explained most of the variance in motivation. A number of mediated relationships were suggested.     

Determinants of heterogeneity in European credit ratings

In this study, we empirically analyze the determinants of heterogeneity in rating assessments across different segments of the European loan market. We conduct a benchmarking analysis using rating information on European corporate obligors from nine major Austrian banks that have a large share of foreign lending, particularly in the Central and Eastern European region. We provide evidence that, generally, overall heterogeneity among rating outcomes for foreign markets is higher than for domestic markets. Furthermore, we show that heterogeneity increases in transition economies and those markets where Austrian bank involvement is relatively low. Our evidence supports the hypothesis that heterogeneity in the assessment of credit risk is determined not only by the objective quality of information, which is deemed to be lower in transition economies, but also by the subjective access to information about obligors measured by the level of domestic bank involvement in the respective foreign market. Furthermore, we quantify potential effects on regulatory capital requirements.     

Toward Consumption Reduction: An Environmentally Motivated Perspective

Faced with the threat of climate change, there is a challenge to promote more environmentally friendly consumption patterns. This work seeks to unearth psychographic and socio‐demographic factors that could trigger environmentally motivated reductions in consumption. The context of empirical investigation is the European Union (i.e., a large‐scale sample of European citizens), with a focus on two key types of environmentally motivated consumption reduction: domestic and “out‐of‐home” (purchasing) activities. The findings show the interrelated effects of environmental knowledge and ecological motivations (in both aggregated and disaggregated forms) on positive and negative environmental attitudes, which in turn influence consumption reduction. There is also evidence of significant moderating influences of perceived environmental threat, gender, age, education, and country value orientation—particularly on “environmental knowledge” links. The findings reported here contribute to theory and practice toward environmental sustainability.     

The evolving role of organisational and personal networks in international market venturing

In a study of 1304 Australian manufacturing industry SMEs, we investigate the relationships among networking (i.e., inter-personal and inter-organisational networks), international market venturing (i.e., export intensity), and family ownership. We find evidence that (1) inter-personal networking and inter-organisational networking positively influence SME international market venturing, but this relationship is contingent on a time lag effect, and (2) family ownership negatively moderates the effect of inter-organisational networking on international market venturing. Implications for managerial practice and public policy are discussed.     

The Effect of Market Regimes on Style Allocation

We analyse time-varying risk premia and the implications for portfolio choice. Using Markov Chain Monte Carlo (MCMC) methods, we estimate a multivariate regime-switching model for the Carhart (1997) four-factor model. We find two clearly separable regimes with different mean returns, volatilities, and correlations. In the High-Variance Regime, only value stocks deliver a good performance, whereas in the Low-Variance Regime, the market portfolio and momentum stocks promise high returns. Regime-switching induces investors to change their portfolio style over time depending on the investment horizon, the risk aversion, and the prevailing regime. Value investing seems to be a rational strategy in the High-Variance Regime, momentum investing in the Low-Variance Regime. An empirical out-of-sample backtest indicates that this switching strategy can be profitable, but the overall forecasting ability for the regime-switching model seems to be weak compared to the iid model.     

Workforce Diversity and Religiosity

Journal of Business Ethics - Workforce diversity has received increasing amounts of attention from academics and practitioners alike. In this article, we examine the empirical association between a...