Analysis of Visitor Decision Making System When Visiting Natural Recreation Sites by Multinomial Logit Model

Multinomial Logit Model has analyzed the relationship between the frequency of visits to recreation areas and the motivational factors affecting the visits. Kastro Environment Preserving Site that is located in the Black Sea coast of Marmara region in Turkey, has been chosen as the site for this study. Kastro bay is a natural park that is visited only for recreational visits. The study has been conducted on a photogenic study group due to the proximity factor of Kastro bay close to Istanbul. Kastro bay is a popular recreational park due to its characteristic advantages such as a 200 m wide and approximately 2.5 km long beach and with its high quality vegetation. The vegetation type includes ash tree, oak tree, black pine, sand lily etc. Kastro bay is also the site for the Mediterranean seals (Monachus-monachus) which are at the level of extinction. Approximately 50,000 visitors visit the region during the months of July and August. It has been concluded that there is high direct correlation between the frequency of visits and the motivational factors. It has been determined that the visits are mostly based on the sea and the ecological tourism.Jel: O13, Q20, Q26, Q51, Q56, Q57     

OWNERSHIP STRUCTURE AND FIRM EXIT ROUTES

ABSTRACT

Our study presents empirical evidence about the role of ownership structure for firm exit probability by explicitly differentiating between distinct exit routes (bankruptcy and forced liquidation, voluntary liquidation, mergers and acquisitions – M&A, and removal from the court register). Based on the population of Slovenian firms in the 2006–2012 period and using multinomial probit, our findings support the predictions of agency theory. Ownership concentration, share of the largest owner, and the difference in shares between two largest owners all decrease the likelihood of exit for all studied exit routes but M&A. The magnitude of their impact is largest for exits, in which owners play a decisive role, i.e. voluntary liquidation and removal. The link between the number of primary owners and exit likelihood is U-shaped with the lowest exit probability for firms with around two owners.     

Problems and environment of small businesses in the Czech Republic

The impressive and spontaneous build-up of the private small and medium-sized enterprises (SMEs) in the Czech Republic in 1990–93 coincided with the similarly dramatic changes in the public administration and in the whole environment for decision-making. The resulting problems of SMEs in the Czech Republic seem to be common to all economies in transition. A lot of the problems are caused by the macroeconomic policy for which this sector is not the most important part of the national economy. The paper shows some conflicts between macroeconomic anti-inflationary (monetary and fiscal) policies, and interests of small businesses. The authors stress the importance of SMEs during the period of transition. Informal aspects of the functioning of small firms are discussed, especially their relation with banks and public administration. The paper offers some empirical evidence and available statistics on SMEs developments during 1990–94 focusing particularly on manufacturing.     

Export Sophistication: A Dynamic Panel Data Approach

In this article, we analyze export sophistication based on a large panel dataset (2001–2015; 101 countries) and using various estimation algorithms. Using Monte Carlo simulations, we evaluate the bias properties of estimators and show that GMM-type estimators outperform instrumental-variable and fixed-effects estimators. Based on our analysis we document that GDP per capita and the size of the economy exhibit significant and positive effects on export sophistication; weak institutional quality exhibits negative effect. We also show that export sophistication is path-dependent and stable even during a major economic crisis, which is especially important for emerging and developing economies.     

Does Foreign Direct Investment Induce Domestic Mergers?

This paper examines the impact of foreign firm entry on the industry consolidation process in a host country that operates through mergers and exits of incumbent firms. Using a three-stage oligopolistic model, the paper shows that foreign direct investment (FDI) may trigger consolidation via a merger since the approval of a domestic merger by the antitrust authority is more likely in the case a foreign firm enters via FDI and a firm’s incentive for a domestic merger is greater and that, in turn, the possibility to merge and become more efficient modifies the outcome of the game by making FDI compared to exports less likely.     

Does Twitter chatter matter? Online reviews and box office revenues

ABSTRACT

With a rapid rise of text-based social media and online Word-of-Mouth (WOM) activity, millions of people express their thoughts and opinions on a variety of topics. Considering that nowadays WOM is a most influential source of information when guiding consumers’ choice and purchase decisions, in this paper we look at the relationship between Twitter messages (tweets) and cinema box office revenues. Using static and dynamic panel data regression approaches, we show that the frequency, sentiment and timing of tweets posted about a film are correlated to different extent with the movie’s box office revenues, with negative tweets being particularly damaging to the box office revenues. From a managerial perspective, this is important to know, such that film production companies and distributors can adjust their strategy accordingly.     

Demographic changes and economic consequences: Demo-economic multiplier for Austria

"The aim of [this] paper is the development of the demo-economic accounting linkage (demo-economic multiplier) between population development and the production of goods and services in the context of a comparative static analysis." The demo-economic multiplier is derived to indicate the economic conseqences of different household types. The impact of population size and structure on the economy is evaluated. A model is derived based on the demographic pattern of the Austrian population for 1974