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.     

A multi-criteria assessment of tourist farm service quality

Farm tourism is a significant means of supplementing farmers' incomes. This paper presents a methodology for ranking tourist farms by using a multi-criteria model based on the qualitative multi-criteria modeling methodology, DEX, to assess service quality. The software tool DEXi was used to achieve this end. The model was then applied to seven tourist farms with data derived from questionnaires completed by tourist farm operators and guests. The results are shown as service quality assessments for individual farms. The potential of the model for assessing the farms is demonstrated with the aim of providing a comprehensive explanation and justification of the assessment technique. It also indicates potential improvements that farms can make through “what-if” analysis and visualization. Despite limitations, such as use of qualitative data only, the approach is proposed as being both appropriate and advantageous when compared with other means of ranking enterprises.     

The importance of EU-15 borders for CEECs agri-food exports: The role of tariffs and non-tariff measures in the pre-accession period

This paper assesses the evolution of the EU-15 market access for the agri-food products, originating from CEECs. A gravity model technique has been used to assess the overall trade resistance (border effect), and to weight its various components such as tariff and non-tariff measures (sanitary and phytosanitary standards, other quality measures) in the pre-accession period (1999–2004). The findings reveal, despite the undertaken integration and trade liberalisation processes, a persisting and significant trade resistance for the CEECs’ agri-food exports to the EU market, even just prior their accession in 2004. Still present difficulties in market access at the time are partially explained by tariff and non-tariff measures, while a large part of border effect remains in the domain of other, presumably non-trade policy related factors (home bias, consumer preferences, etc.). These results indicate that despite the accession process (customs union and adoption of the EU standards), the trade integration of the enlarged EU market was not yet completed in 2004.     

Obtaining indirect internet access: An examination how reasons for internet non-use relate to proxy internet use

Internet non-use is increasingly concentrated in vulnerable groups of people, especially among ageing populations and those with low socio-economic status. As participation in society becomes largely dependent on use of internet-enabled technologies, internet non-users may seek alternative ways of using the internet. Proxy internet use (PIU), where internet non-users ask internet users to perform online activities on their behalf, is a strategy for obtaining (indirect) internet access. This study examines factors for engagement in PIU, focusing specifically on how non-users’ reasons for disengagement relate to their engagement in PIU. The results from multivariate analyses of survey data from a nation-wide representative sample show that 47% of internet non-users in Slovenia who report having someone available for PIU in fact engage in PIU. In analysing four types of reasons for internet non-use—those related to interest, access, costs and skills—the results show that access issues are negatively related to engagement in PIU. Conversely, reasons related to skills issues are positively related to engagement in PIU. Considering that access to online services through PIU offers an important degree of digital inclusion, the results of this study have important policy implications. Policy initiatives tackling digital inequalities should be sensible to access and skills issues resulting in disengagement. For example, policies directed at providing and maintaining internet access at a household level may result in non-users’ increased opportunities for PIU. In contrast, skills policies should be directed at creating opportunities for informal and person-centred learning of digital skills, considering that non-users who are more aware of their deficiency in skills might be more aware of online opportunities.     

Prevalence of key developments in trade of agro-food producers in the new member states of the European Union

The ten new member states (NMS-10) of the European Union (EU) have contributed to an enhancement in the agro-food trade among the EU-25 members. Intra-industry trade (IIT) represents only a minor part of NMS-10 trade in agro-food products. Their trade in agro-food products is specialized to different countries in terms of economic distance, factor endowments and/or degree of competitiveness of their agro-food sectors. The borderless EU markets are likely to influence the increase of IIT with implications for the EU trade policy, since more than one-third of agro-food trade in the EU-25 members is represented by NMS-10.