Contagion of Capital Markets in CEE Countries: Evidence from Wavelet Analysis

We employed wavelets technology to investigate how and when contagion occurred on 10 Central and Eastern European financial markets in relation to Western European and US financial markets during 2000–2016 and their different reactions on the background of changes in their regulatory framework. We found that most of Central and Eastern European (CEE) capital markets showed contagion in relation to both Western European and US markets between 2005 and 2009, while Slovakian and Estonian markets showed no contagion. However, during 2010–2016, Croatian market showed de-contagion in relation to Western European market, while Bulgarian, Czech, Hungarian, and Polish markets showed de-contagion in relation to US market, increasing their independence.     

Efecto de las estrategias competitivas y los recursos y capacidades orientados al mercado sobre el crecimiento de las organizaciones

This study analyzes the relationships between market forces, competitive strategies, market orientation, innovation, technological resources and capabilities, and organizational performance. The study was made in small firms (SMEs) in the industrial sector in the State of Queretaro with a non-probabilistic convenience sampling. A structural model was designed to test the variable relationships, using Amos software. The sample size was 116 and interviews were applied to collect data. To measure market forces, competitive strategies and market orientation Kohli and Jaworsky (1990), Segev (1987) and Narver and Slater (1990) scales were used. The items to measure technological and innovation capabilities and organizational performance were designed. The results of the study show that market forces have a significant impact on the competitive strategy, a non-significant impact on resources and capabilities and a negative one on performance, this last one being measured by organizational growth. The effect of competitive strategy is significant on market orientation, technological and innovation resources and capabilities and non-significant on organizational performance. These resources and capabilities have a significant influence on organizational performance. The results of this research emphasize the implementation of prospecting and analyzing strategies that create resources and capabilities which give value such as market orientation, technology and innovation, with economical benefits for organizations.     

Viewing Responsible Consumption as a Personal Project

Previous research on “responsible consumption” (RC) has focused on the inconsistencies of responsible consumers and has used the term “gap” to refer to these inconsistencies. Observable difficulties, such as a lack of available responsible products and their higher associated costs, have been given as explanations for this gap. A much more complex explanation emerges when RC is seen holistically, a long‐term perspective is adopted, when consumers are studied in their daily life, and consumption is seen as a social activity. The argument developed in this paper draws fundamentally on psychology, in particular on the literature on personal projects. By using an inductive methodology (grounded theory), a case is made for treating responsible consumption as one of many personal projects that an individual may undertake. Since consumers have a project network and projects are not always aligned with one another, there is frequently a clash between projects. This clash can be interpersonal (with other projects of the same individual) or intrapersonal (with the projects, beliefs, norms of his/her significant others). The main contribution of this paper is that it puts forward a holistic, dynamic, and socially embedded view of RC which leads to questioning the notion of “gap.”     

E-WoM and 2.0 Opinion Leaders

The arrival of the World Wide Web has intensified word-of-mouth communication. Thanks to consumers, information flows without geographical or temporal boundaries. The influence of the mass media has receded and that of the Web 2.0 has emerged with force. Opinion leaders are individuals who have become points of reference in these social networks. They exert influence and disseminate information, and they are a source of new ideas. This article presents a methodological procedure that combines the research of opinion leader 2.0 features with advances in social network analysis. In addition, some findings, further research, and managerial implications are discussed.     

Towards a new approach of destination loyalty drivers: satisfaction,visit intensity and tourist motivations

This study explores the linear and non-linear effects of previous experiences in a tourist destination (satisfaction and visit intensity) on the intention to return and to make a positive recommendation to others. We also consider the external drivers or the appeal of the destination as well as individuals' internal drivers as moderating factors in intensity–loyalty and satisfaction–loyalty relations. The analysis conducted on a sample of 687 tourists in a UNESCO World Heritage Site in Spain supports a non-linear effect of satisfaction on the intention to return. Moreover, time intense and expenditure intense visits positively impact the intention to return when the motivation for the trip is internal, yet have a negative effect if tourist motives are external.     

No education,no good jobs? Evidence on the relationship between education and labor market segmentation

This paper assesses labor market segmentation across formal and informal salaried jobs and self-employment in three Latin American and three transition countries. It looks separately at the markets for skilled and unskilled labor, inquiring if segmentation is an exclusive feature of the latter. Longitudinal data are used to assess wage differentials and mobility patterns across jobs. To study mobility, the paper compares observed transitions with a new benchmark measure of mobility under no segmentation. It finds evidence of a formal wage premium relative to informal salaried jobs in the three Latin American countries, but not in transition economies. It also finds evidence of extensive mobility across these two types of jobs in all countries, particularly from informal salaried to formal jobs. These patterns are suggestive of a preference for formal over informal salaried jobs in all countries. In contrast, there is little mobility between self-employment and formal salaried jobs, suggesting the existence of barriers to this type of mobility or a strong assortative matching according to workers’ individual preferences. Lastly, for both wage differentials and mobility, there is no statistical difference across skill levels, indicating that the markets for skilled and unskilled labor are similarly affected by segmentation.     

A sensitivity analysis in a nonlinear Leontief model

Conclusion We have shown that in a nonlinear Leontief model where non-decreasing returns are allowed for, if some elements of the final demand vector are increased, then each activity level (i. e., gross output) goes up or remain unchanged and the maximum rate of increase in activity levels must be realized among those sectors for which the final demand is raised. It is also shown that this maximum rate of increase in activity levels is not greater than the maximum rate of increase in the final demands.It should be noted that we do not require the indecomposability ofA (x). WhenA (x) is indecomposable, the final demand vector can be allowed to be non-zero nonnegative, and we can derive a set of propositions similar to those presented in this article.     

High-performance work systems and firms' operational performance: the moderating role of technology

This paper analyses the moderating effect of technology on the potential impact of high-performance work systems (HPWS) on firms' operational performance. The paper distinguishes between production technology and the technological intensity of the industry. This potential effect is analysed in a sample of 965 Spanish manufacturing firms. Results support the moderating role of the technological intensity of the industry, while qualifying the hypothesized moderating effect of production technology.