GIKA 2018 Spain

Issues

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Volume 11 (2017) Volume 10 (2016) Volume 9 (2015) Volume 8 (2014) Volume 7 (2013) Volume 6 (2012) Volume 5 (2011) Volume 4 (2010) Volume 3 (2009) Volume 2 (2008) Volume 1 (2007)

Volume 11 Issue 4 (2017)

Special issue

Innovation, Knowledge, Judgment, and Decision-Making as Virtuous Cycles

Editorial letter original article

pp. 367-368 | First published in 31 December 2017 | DOI:10.5709/ce.1897-9254.249

Consolación Adame-Sánchez, Ana Zorio-Grima, Carla Martínez Climent

Abstract

Editorial letter



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Classes in Maximizing Shareholders’ Wealth: Irving Fisher’s Theory of the Economic Organization in Corporate Financial Economics Textbooks original article

pp. 369-382 | First published in 31 December 2017 | DOI:10.5709/ce.1897-9254.250

Tiago Cardao-Pito

Abstract

Corporate financial economic programs are almost universally featured in economics and management degrees and, therefore, are an essential component of the culture-building process for current and future economists and managers. Nevertheless, these programs are not restricted to financial affairs. A survey of contemporary academic textbooks in corporate financial economics shows that these books are based on promoting Irving Fisher’s (1906) specific theory of the organization, which advocates that organizations exist to create wealth for their owners/shareholders. This theory has three key premises. 1) The “correct” equity/stock prices are equal to future cash flows that are payable to the organizations’ owners/shareholders. 2) The purpose of the firm and its managers is to maximize the value of the equity/share prices. c) Hence, their purpose is to maximize the cash flows (wealth) payable to owners/shareholders. None of these premises has been clearly demonstrated empirically. Yet, economic and business schools deliver lectures based on this rhetoric every year to thousands of students who will later hold influential roles in society.

Keywords: financialisation, financial economics, finance, Irving Fisher, textbook, economic sociology

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Effects of Contract and Trust on Franchisor Performance original article

pp. 383-400 | First published in 31 December 2017 | DOI:10.5709/ce.1897-9254.251

Esther Calderon-Monge, Ivan Pastor-Sanz

Abstract

The franchisor-franchisee relationship is governed by contracts and trust. This paper analyzes how formal (contracts) and relational (trust) governance mechanisms affected franchisor performance in a service sector franchise for the period 2008¬2015. Using the SOM method in the empirical analysis, the results revealed that trust-based governance was more prominent than contract-based governance in the multi-unit franchise network and the cross-franchising network, negatively affecting franchisor performance in the multi-unit franchise network and positively affecting franchisor performance in the cross-franchising network. In contrast, contracts were more prominent than trust in single-unit franchising, negatively affecting franchisor performance. The primary practical implication is that the franchisor should prevent franchisees in the MUF network from opening new outlets in the same city and competing for the existing outlet’s customers.

Keywords: single-unit franchising, multi-unit franchising, cross-franchising, trust, contract

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Development of Non-Governmental Organizations in Poland original article

pp. 401-414 | First published in 31 December 2017 | DOI:10.5709/ce.1897-9254.252

Zbigniew Brodziński, Piotr Bórawski, James W Dunn

Abstract

The paper presents the results based on the survey about the development of non-governmental organizations (NGOs) in Poland. The authors present the owner’s opinions of NGOs managers. Moreover, the authors presented characteristics of the non-governmental organizations and the area of their activities, areas of intersectoral cooperation, difficulties in the operation, and other factors. We used: descriptive, tabular and graphic methods to describe the changes and opinions about factors of non-governmental organization development. The study was conducted via telephone interviews with representatives of computer-aided, non-governmental organizations active in rural areas. The survey found that organizations located in rural areas have their own traditional identity and specificity. Most of them work in the city (93.7%) and only (6.3%) in the village. These are small organizations that generally employ up to 9 people.

Keywords: NGOs, institutions, development, rural areas

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The Promise of Fintech in Emerging Markets: Not as Disruptive original article

pp. 415-430 | First published in 31 December 2017 | DOI:10.5709/ce.1897-9254.253

Tatiana Zalan, Elissar Toufaily

Abstract

Fintech innovations – innovations by financial services providers based on digital technology – are widely believed to have a disruptive effect on the financial services industry. The purpose of the paper is to investigate how financial services industry participants perceive the effect of digital disruption as well as to explore what strategies are being adopted by incumbents in the face of potential disruption from fintech challengers. Based on an exploratory study with stakeholders from the financial ecosystem in the Middle East and North Africa (MENA), the findings show that the fintech sector is still nascent, but is likely to be disruptive in selected product and customer segments. Multiple regulatory, structural, and cultural obstacles stand in the way of fintech adoption. Incumbents’ preferred strategy to face the future disruption is the bank-fintech collaboration, which will create new value for ecosystem partners and speed up innovation. Our study adds useful insights to the body of knowledge related to disruptive innovations in general and fintech in emerging markets in particular. Specifically, the collaborative response is inconsistent with the strategies usually recommended for incumbents in disruptive innovation theory. We hypothesize that our participants’ preference for partnering can be explained in the light of the distinctive characteristics of the digital economy. We propose a framework for creating a financial services platform embedded in a broader ecosystem to facilitate the bank-fintech collaboration.

Keywords: disruptive innovation, fintech, financial services industry; emerging markets; banks

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Environmental Sustainability and Product Portfolio Management in Biodiversity Firms: A Comparative Analysis between Portugal and Brazil original article

pp. 431-442 | First published in 31 December 2017 | DOI:10.5709/ce.1897-9254.254

Daniel Jugend, José Figueiredo, Marco Antonio Paula Pinheiro

Abstract

Although relevant research on environmental sustainability or product portfolio management is quite developed, few studies integrate the two areas. This research aims to shed light on the environmental sustainability practices adopted in product portfolio through a cross-country case study on leading biodiversity companies located in Portugal and Brazil. The results demonstrate that the pressure of government regulation and the tendency of markets to demand consumer products that do not harm biodiversity have changed the mindset of biodiversity companies, which have been trying to expand their environmentally sustainable product portfolio (ESPP). The results also indicate that tuning ESPP improves market performance and that the main barriers to integrate environmental sustainability into the product portfolio are technological.

Keywords: biodiversity companies; environmental sustainability; new product development; product portfolio management

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The Unintended Consequences of Accounting Harmonization in a Transition Country: A Case Study of Management Accounting of Private Czech Companies original article

pp. 443-458 | First published in 31 December 2017 | DOI:10.5709/ce.1897-9254.255

David Procházka

Abstract

The paper addresses the impact of adoption of International Financial Reporting Standards on the mutual relations between financial and management accounting of private Czech companies under foreign control. Being acquired by a parent company, a subsidiary loses its independence and faces institutional duality, as it must respond to the parent’s directives and is simultaneously confronted with local pressures. Using data from a survey, the logistic regression model provides evidence that subsidiaries under foreign control steadily integrate IFRS-based principles into their management accounting subsystems. The study extends current research on the integration of management and financial accounting by identifying a special case from a transition country where management accounting of subsidiaries converges with financial accounting of parents. A radical change in the traditional organization of management accounting is the strategic response of subsidiaries to the constraints of the local regulatory framework for financial reporting and taxation. However, aligning subsidiary practices with the parent’s goals is conditioned by the existence of a functioning compensation scheme of the subsidiary’s management with reference to IFRS-based results.

Keywords: IFRS adoption; Transition country; Private companies under foreign control; Parent-subsidiary links; Financial and management accounting

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An empirical investigation of the effects of moderating and mediating variables in business research: Insights from an auditing report original article

pp. 459-470 | First published in 31 December 2017 | DOI:10.5709/ce.1897-9254.256

Mohammad Namazi, Navid Reza Namazi

Abstract

This study examines the empirical impacts of moderating (MO) and mediating (ME) variables in business research, within the context of auditing reports. size, complexity of the operation, and risk of the firm were selected as the independent variable, moderating variable, and mediating variable, respectively. The selection was attempted over 15 years of research (1455 year-firm data) for the firms listed on the Tehran Stock Exchange (TSE). The following techniques were employed for testing the hypothesis: Pearson correlation, Levin, Lin, and Chu test, Hausman unit root, and multiple regression. The results revealed that there is a significant relationship between the size of the firm and the type of the auditing report. Moreover, a significant relationship between the size of the company and the type of auditing report is shown in the inventory value of the moderating variables. Furthermore, the same has been displayed in return on the assets and institutional ownership of the mediating variables. However, inventory and institutional ownership demonstrate a significant statistical relationship when moderating and mediating variables are considered simultaneously. The implication of this study is to demonstrate the moderating and mediating variables as significant impediments in the type of auditing report. This would change the design, theory, and implications of this research.

Keywords: Business research, Auditing reports, Size of the firm, Complexity of operations, Firm risk

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Sharing of Knowledge as a Condition of Rural Area Development – Fuzzy-Set Qualitative Comparative Analysis Approach original article

pp. 471-478 | First published in 31 December 2017 | DOI:10.5709/ce.1897-9254.257

Urszula Ziemiańczyk, Anna Krakowiak-Bal, Agnieszka Peszek

Abstract

One of the common challenges exist throughout Europe is to compiling knowledge ready for practice. A key element for development and progress is distributing and sharing the knowledge. With sharing of knowledge is related a number of issues, such as trust (the not surprising conclusion that people who trust one another are more willing to share information than those who do not), risk taking, well-being (increasing has an incremental effect on knowledge sharing behavior). Knowledge sharing behavior is affected by the complex interplay of well-being, social capital tendency and organizational culture. Authors have been used a fsQCA (fuzzy set Qualitative Comparative Analysis) as a methodological concept to examines the impact of identified behavior on the level of knowledge application in local level organization. This type of technique is ideal for this study for two reasons: on the one hand, in order to analyze whether identified behavior in organizations enables knowledge sharing or not. The second aspect regards the size of the sample. The advantage of this method is that it allows researchers to work with medium-sized samples. This type of technique allows a detailed analysis of how causal conditions contribute to a particular result, and is based on a configurational understanding of how a combination of causes leads to the same series of results. Based on a survey and interview of local level organisations in Poland involved in rural areas development, this study has examined the relationship between the impact of identified behavior on the level of knowledge application in local level organization. The findings reveal that the presence of regular meetings and openness, low level of subjective risk of losing position in the organization, presence of platform for sharing information and the care of the young workers determines the level of application of knowledge in organizations and community.

Keywords: rural areas development, local organizations, knowledge management, knowledge sharing, fuzzy-set Quality Comparative Analysis (fsQCA)

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10 

Creating Entrepreneurship through Social Innovation: The Case of I-Box Create original article

pp. 479-486 | First published in 31 December 2017 | DOI:10.5709/ce.1897-9254.258

Carolina Senent-Bailach, Andrea Rey-Martí

Abstract

Social innovation enriches cities and drives their development by enabling improvements to products, services, processes, and methods. In this article, we define the concept of social innovation and explain which factors are essential to the social innovation process. We also examine the stages of this process. To do so, we present findings from a case study of I-Box Create, a socially innovative company based in the Region of Valencia (Spain). We thus put into practice the theory that is presented in the literature. Finally, we present the conclusions and practical implications of the study.

Keywords: Social innovation, Case study, Social entrepreneurship, Region of Valencia, I-Box Create, Startup

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11 

Am I an Entrepreneur? Identity Struggle in the Contemporary Women Entrepreneurship Discourse original article

pp. 487-498 | First published in 31 December 2017 | DOI:10.5709/ce.1897-9254.259

Ludovico Bullini Orlandi

Abstract

Despite extensive research into their identity, women entrepreneurs still struggle to identify themselves as entrepreneurs and encounter role models. This study shows that one explanation for this struggle is misalignment in the discourses on women entrepreneurs’ identity. Misalignments and fragmentations in discourses on identity prevent women entrepreneurs from finding discursive material with which to lay solid foundations for the social construction of their identity. By comparing and contrasting the academic discourse with the discourse from interviews with women entrepreneurs between 2012 and 2017, this study provides evidence that the discourses on women entrepreneurs’ identity are misaligned. This misalignment may depend on the tendency in academia to address gaps in the literature and devote less attention to revisiting, in new empirical contexts, issues that have been considered in prior studies. This study also highlights several issues that are framed in widely divergent ways in the two discourses. The presence of several such misalignments helps explain current difficulties that women encounter in identifying themselves as entrepreneurs.

Keywords: women entrepreneurship, identity, discourse, misalignment

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