Financial System Development and Economic Growth in Transition Economies: New Empirical Evidence from the CEE and CIS Countries

We examine the role of financial development in economic growth in the former Communist countries of Central and Eastern Europe and the Commonwealth of Independent States during the first two decades since the beginning of transition. These countries, which had undeveloped financial systems under Communism, provide an interesting test of the relationship between financial development and growth. Our study is the broadest in terms of coverage and time period. We find that measures of financial market efficiency and competitiveness are more important than the size of the market in terms of promoting economic growth.     

‘Brexit’ and International Insolvency Beyond the Realm of Mutual Trust

The outcome of the referendum held in the UK in June 2016 is of far‐reaching and unpredictable consequences. This article focuses on the particular field of international insolvency with a view to identifying some of them, all arising out of the fact that the UK will be leaving the EU area of justice and the strong cooperation based on mutual trust between member states. This will make UK–EU insolvency cases clearly less efficient and effective. The consequences of Brexit could be mitigated by the already existing coordination among the international instruments dealing with these matters, in particular the European Insolvency Regulation and the UNCITRAL Model Law on Cross‐Border Insolvency. However, not all EU member states have in place rules dealing with these issues as regards to third states. In order to lessen the impact of Brexit in this sensitive area of law, the implementation of the Model Law in order to deal with extra‐EU cross‐border insolvency could be of avail. Copyright © 2017 INSOL International and John Wiley & Sons, Ltd     

Alternatives to conventional crude oil: When, how quickly, and market driven?

We examine the effect of uncertainty concerning remaining supplies of conventional crude oil and its production path on: the date alternative fuels will be needed, the quantity of alternative fuels needed, and how this uncertainty affects firms' willingness to provide alternatives in a timely fashion. Despite large uncertainties about the quantity of oil that remains and its production path, the start date for replacements is likely to fall within a twenty-two year period that is narrower and earlier than previous estimates. The twenty-two year window represents considerable uncertainty about the date of the peak and this uncertainty creates an asymmetry in the strategy that maximizes the welfare of firms relative to total social welfare, which works against the market's ability to generate a smooth transition from oil to alternative fuels. The timeliness of this transition is critical—the production paths generated here suggest that 10 million barrels per day or more of alternative fuels will be needed within a decade of the peak in production of conventional crude oil.     

Socio‐demographical antecedents of responsible consumerism propensity

The paper analyses consumers’ propensity for socially and environmentally friendly products through socio‐demographic indicators. Although the topic has been object of a wide literature, most of the previous studies suffered from methodological or sampling limitations. Hence, the present work addresses such limitations and proposes a study based on a wide heterogeneous sample of 5098 consumers, observed in their real settings. Results show the most responsible consumers are older, well‐educated and wealthy, while gender is not a significant antecedent. The in‐depth analysis of findings thus confirms the usefulness of socio‐demographic variables to understand and determine the profile of responsible consumers. However, the study denies that the propensity to buy responsible products relates to the different sensitiveness of men and women, whereas it underlines that age, education and wealth have a positive relationship. Moreover, the analysis identifies four different profiles of consumer based on the different levels of propensity towards responsible products, which confirms the influence of the socio‐demographic variables. This also allows identifying relevant indications on consumers’ decision making, useful to draw indications on possible effective marketing strategies for responsible products.     

Sensory Experiences and Expectations of Italian and German Organic Consumers

We explore sensory experiences and expectations of Italian and German organic consumers when purchasing and eating organic food. Ten focus group interviews were performed and the results were analyzed using qualitative content analysis. Outcomes indicated that although sensory attributes are not the main purchase drivers, flavor and odor are the most important in driving consumers' choice. Findings also suggested that training consumers' sensory abilities offers new market opportunities to organic marketers. From a marketing perspective, Italian consumers seem to equally appreciate nonsubjective as well as subjective marketing information about organic products, whereas in Germany non subjective aspects appear to be predominant.     

Improving value transfer through socio‐economic adjustments in a multicountry choice experiment of water conservation alternatives

This study tests the transferability of the nonmarket values of water conservation for domestic and environmental purposes across three south European countries and Australia applying a common choice experiment design. Different approaches are followed to test the transferability of the estimated values, aiming to minimise transfer errors for use in policy analysis, comparing both single‐ and multicountry transfers, with and without socio‐economic adjustments. Within Europe, significant differences are found between implicit prices for environmental water use, but not for domestic water use. In the Australian case study, alleviating restrictions on domestic water use has no significant value. Pooling the three European samples improves the transferability of the environmental flow values between Europe and Australia. Results show that a reduction in transfer error is achieved when controlling for unobserved and observed preference heterogeneity in the single‐ and multicountry transfers, providing additional support for the superiority of socio‐economic adjustment procedures in value transfer.     

Adapting a book to make a film: how strategy is adapted through professional practices of marketing middle managers

Abstract

For an organisation to be competitive its strategy must be highly responsive to both environmental challenges and customers continuously shifting demands. Yet many organisations treat strategy making as an exclusively top management concern, even though the top management team is often remote from the daily interactions and communications taking place at the organisation, market, and customer interface. We challenge the assumption that strategy making ‘belongs’ to top managers and argue that marketing middle managers, possessing expert market and customer knowledge and insights, adapt top manager’s strategy to shifting customer demands in a changing environment. We explore this argument by adopting a strategy-as-practice perspective and analysing marketing middle manager’s practices across three case companies operating in a dynamic retail environment. Our research enables two key contributions. Our primary confirmation is to demonstrate that marketers are not passive implementers, but active adapters of top management strategy through three critical practices of sensing, challenging, and transmitting. We use the novel analogy of how adapting a book to make a film involves minor changes to the story line and characters to suit the new medium and to illustrate the strategically relevant and influential role marketing plays in adapting the strategy developed by the top management team for implementation. By demonstrating the value of the strategic practices of functional middle managers we also contribute to the growing debate of the need for greater inclusion and transparency in strategy making.