Search results for: debt crisis

Authors: Aharouay Soumaya

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Efficiency is a relative concept. It is measured by comparing the productivity obtained in what is intended as standard or objective criteria. The quantity and quality of output achieved and the level of service are also compared to targets or standards, to determine to what extent they could cause changes in efficiency. Efficiency improves when more outputs of a specified quality are produced with the same resource inputs or less, or when the same amount of output is produced with fewer resources. This article proposes a review of the literature on strategies adopted by firms in the age of the financial crisis to overcome these negative effects, and tracks progress chosen by the organization to remain successful despite the plight of firms.

Keywords: effectiveness, efficiency, organizational capacity, strategy, management tool, progress, performance

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Authors: Peter Nave Shirga

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Obadia Kehemen Orkor’s songs that focus on the predicament of the Tiv man in Taraba in North Central Nigeria handle themes such as poverty, social inequality, discrimination and tyranny perpetrated by Jukun against the Tiv. The major thrust of his focus in the songs is the overriding longing for mutual understanding between the Jukun and Tiv that would usher in love, equality, peace and harmonious co-existence for the two antagonistic ethnic groups. This paper examines Obadia’s hard-hitting lyrics that reveal the anger, frustration and boiling emotionalism of Tiv people in Taraba state of Nigeria.

Keywords: poet, crisis, emotionalism, frustration

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Authors: Aleksandar Savanović

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In this paper we will analyze the relationship between the neo-liberal concept of property rights and redistribution policy. This issue is back in the focus of interest due to the crisis 2008. The crisis has reaffirmed the influence of the state on the free-market processes. The interference of the state with property relations re-opened a classical question: is it legitimate to redistribute resources of a man in favor of another man with taxes? The dominant view is that the neoliberal philosophy of natural rights is incompatible with redistributive measures. In principle, this view can be accepted. However, when we look into the details of the theory of natural rights proposed by some coryphaei of neoliberal philosophy, such as Hayek, Nozick, Buchanan and Rothbard, we can see that it is not such an unequivocal view.

Keywords: economic neoliberalism, natural law, property, redistribution

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Authors: Ghadeer A.Al-Jabaree, Husam Aldeen Al-Khadash, M. Nassar

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This study aimed at investigating the effect of well-designed corporate governance system on the financial stability of insurance companies listed in ASE. Further, this study provides a comprehensive model for evaluating and analyzing insurance companies' financial position and prospective for comparing the degree of corporate governance application provisions among Jordanian insurance companies. In order to achieve the goals of the study, a whole population that consist of (27) listed insurance companies was introduced through the variables of (board of director, audit committee, internal and external auditor, board and management ownership and block holder's identities). Statistical methods were used with alternative techniques by (SPSS); where descriptive statistical techniques such as means, standard deviations were used to describe the variables, while (F) test and ANOVA analysis of variance were used to test the hypotheses of the study. The study revealed the existence of significant effect of corporate governance variables except local companies that are not listed in ASE on financial stability within control variables especially debt ratio (leverage),where it's also showed that concentration in motor third party doesn't have significant effect on insurance companies' financial stability during study period. Moreover, the study concludes that Global financial crisis affect the investment side of insurance companies with insignificant effect on the technical side. Finally, some recommendations were presented such as enhancing the laws and regulation that help the appropriate application of corporate governance, and work on activating the transparency in the disclosures of the financial statements and focusing on supporting the technical provisions for the companies, rather than focusing only on profit side.

Keywords: corporate governance, financial stability and solvency margin, insurance companies, Jordan

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Authors: Matthew Lee Turnbough

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In 2007 Spain began to experience the effects of a deep economic crisis, which would generate a situation characterised by instability and uncertainty. This has been an obstacle, especially acute for the youth of this country seeking to enter the workforce. As a result of the impact of COVID-19, the youth in Spain are now suffering the effects of a new crisis that has deepened an already fragile labour environment. In this paper, we analyse the discourses that have emerged from a precarious labour market, specifically from two companies dedicated to operating job portals and job listings in Spain, Job Today, and CornerJob. These two start-up businesses have developed mobile applications geared towards young adults in search of employment in the service sector, two of the companies with the highest user rates in Spain. Utilizing a discourse analysis approach, we explore the impact of individualization and how the process of psychologization may contribute to an increasing reliance on individual solutions to social problems. As such, we seek to highlight the expectations and demands that are placed upon young workers and the type of subjectivity that this dynamic could foster, all this within an unstable framework seemingly marked by chance, a context which is key for the emergence of individualization. Furthermore, we consider the extent to which young adults incorporate these discourses and the strategies they employ basing our analysis on the VULSOCU (New Forms of Socio-Existential Vulnerability, Supports, and Care in Spain) research project, specifically the results of nineteen in-depth interviews and three discussion groups with young adults in this country. Consequently, we seek to elucidate the argumentative threads rooted in the process of individualization and underline the implications of this dynamic for the young worker and his/her labour insertion while also identifying manifestations of the goddess of fortune as a representation of chance in this context. Finally, we approach this panorama of social change in Spain from the perspective of the individuals or young adults who find themselves immersed in this transition from one crisis to another.

Keywords: chance, crisis, discourses, individualization, work, youth

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Authors: Tafadzwa Shumba, Rose C. Nyatondo, Regret Sunge

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This research analyses the impact of budget deficits on the economic performance of Zimbabwe. The study employs the autoregressive distributed lag (ARDL) confines testing method to co-integration and long-run estimation using time series data from 1980-2018. The Augmented Dick Fuller (ADF) and the Granger approach were used to testing for stationarity and causality among the factors. Co-integration test results affirm a long term association between GDP development rate and descriptive factors. Causality test results show a unidirectional connection between budget shortfall to GDP development and bi-directional causality amid debt and budget deficit. This study also found unidirectional causality from debt to GDP growth rate. ARDL estimates indicate a significantly positive long term and significantly negative short term impact of budget shortfall on GDP. This suggests that budget deficits have a short-run growth retarding effect and a long-run growth-inducing effect. The long-run results follow the Keynesian theory that posits that fiscal deficits result in an increase in GDP growth. Short-run outcomes follow the neoclassical theory. In light of these findings, the government is recommended to minimize financing of recurrent expenditure using a budget deficit. To achieve sustainable growth and development, the government needs to spend an absorbable budget deficit focusing on capital projects such as the development of human capital and infrastructure.

Keywords: ARDL, budget deficit, economic performance, long run

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Authors: Muhittin Fatih Demirhan, Sibel Alapala Demirhan

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Agriculture, is also regarded as the primary activity area in all economies. When international comparisons are made Turkey has comparative advantages in agricultural potential. However, it is diffi cult to say that Turkey's agricultural productivity and use of technology is well developed in terms of sufficieny. Turkey, in terms of agricultural production, is one of the rare self-sufficient countries, but for supplying excessive demand of its domesticproduction to foreign markets to obtain the necessary income it is rather insufficient. On the basis of wrong policies implemented during the crisis and found that bottlenecks in agriculture and animal husbandry or agriculture policies of the IMF and World Bank are imposed on countries like Turkey. The IMF and the World Bank, the reduction of support in the agricultural and livestock Turkey, is known to put pressure for the abolition. Under these circumstances, our farmers, livestock producers and breeders of, not a chance to compete in the same market with EU producers. Animal products that capture the productivity levels of developed countries, seems to be our chance to compete with the quality and hygiene criteria. Thus, the discussion of the issue must be raised as for the sector's contribution to the economy in terms of further increasing production of the existing potential in mobilization.

Keywords: agricultural development, animal production, competition, economic crisis, food supply

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Authors: Isaac Kwabena Adubofour, Esther Serwaah Afreh

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Political speeches are structured in ways that ensure that the ideology of the leader is communicated in ways that the opinions of the audience are influenced towards certain lines of action, and in crisis situations like the outbreak of a global pandemic, public opinion and action are influenced through speeches. The foregoing explains the presence of metaphors in presidential speeches. Crises require, among other things, that the thoughts, emotions, and actions of the population are controlled in dealing with the problems at hand. The primary question this study assesses is how the use of metaphors in crisis situations, like the COVID-19 pandemic, influences thought, determines the policies a government adopts, and influences the reactions of the people. The study focused on twenty-four (24) addresses of the President of Ghana, Nana Addo Danquah Akuffo-Addo, on the COVID-19 pandemic and his government’s efforts to manage the crisis. The nature and relevance of presidential speeches and the presence of metaphors in such speeches have been investigated. However, there is a paucity of research on the connection between the presence of metaphors in presidential speeches and their influence on thought and action. Especially within the crisis of the COVID-19 pandemic, it is pertinent to investigate how the presence of metaphors in presidential addresses influences social thought and action. Thus, the current study sought to investigate the potential for metaphor use to influence thought and action on a national scale during the COVID crisis. The speeches were collected from the website of the presidency. The analysis was done using Metaphor Identification Process by the Praglejazz Group (2007) with conceptual metaphor theory (Lakoff & Johnson, 1980) as the theoretical foundation. The findings of the study show that the President’s adoption of war metaphors may not have been ideal since it triggered thoughts, policies, and social actions in line with war. For instance, the reference to health workers as heroes, heroines, and frontline workers praised the efforts of these workers over the efforts of the rest of the population, and that may have contributed to the apathy that arose among the citizens in dealing with the pandemic. This prioritization of the frontline workers explains why their taxes were forgiven for a considerable period. The government further absorbed utility bills of citizens during the pandemic. All these financial commitments may not have been advisable for a developing country like Ghana, but the authors argue that the actions may have been influenced by the metaphor that was adopted. Another finding that is explored is the problem of stigmatization in the country during the pandemic and its connection with the war metaphor. This investigation expands the research on metaphors, social thought and action, and crisis communication. Its contribution to metaphor use, thought, and action suggest its potential implication for education and other fields.

Keywords: conceptual metaphor theory, COVID-19, crisis communication, presidential addresses, risk communication

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Authors: A. Pascual Ramsay

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Accounts of the management of the economic and euro crisis in Spain have been dominated by an emphasis on external constraints. However, this approach leaves unanswered important questions about the role of domestic political factors. Using systematic qualitative primary research and employing elite interviewing and process tracing, this paper aims to fill this gap for the period of the Partido Socialista Obrero Español (PSOE) administration. The paper shows that domestic politics played a crucial role in the management of the crisis, most importantly by determining the shape of the measures undertaken. In its three distinct stages – downplaying/inaction, reaction/stimulus, and austerity/reform – the PSOE's response was certainly constrained by external factors, most notably EMU membership and the actions of sovereign-bond investors, the ECB and Germany. Yet while these external constraints forced the government to act, domestic political factors fundamentally shaped the content of key measures: the fiscal stimulus, the labour, financial and pension reforms, the refusal to accept a bailout or the reform of the Constitution. Seven factors were particularly influential: i) electoral and political cost, ii) party and partisanship, iii) organised interests, iv) domestic institutions, v) ideological preferences, vi) ineffective decision-making, and vii) judgement and personal characteristics of decision-makers. In conclusion, domestic politics played an important role in the management of the crisis, a role that has been underestimated by dominant approaches focusing on external constraints and weak domestic policy autonomy. The findings provide empirical evidence to support research agendas that identify significant state discretion in the face of international economic integration and an important role for domestic political factors such as institutions, material interests, partisanship and ideology in shaping economic outcomes.

Keywords: economic crisis, Euro, PSOE, Spain

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Authors: Leon C. Prieto, Simone T. A. Phipps

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There is a need to promote social entrepreneurship in order to solve some of the complex problems facing various countries in Africa (poverty, unemployment, crime, HIV, etc.). For example, one possible consequence of the HIV/AIDS crisis in Zimbabwe and elsewhere is a deterioration in the educational opportunities for orphans and other vulnerable children. Given that high returns are associated with education, the loss of education for a large segment of the population would likely worsen the already dire economic consequences of the HIV/AIDS crisis. Using a systems approach, this paper argues that social entrepreneurship can be used as a vehicle to promote national human resource development, which will assist in the alleviation of societal ills on the national level as well as throughout Africa.

Keywords: human resource development, pan-african, social entrepreneurship, social enterprise

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Authors: Friba Haidari

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The aim of the study is to identify Russia's role in managing the Nagorno-Karabakh conflict betweenArmenia and Azerbaijan during the years 1990 to 2020. The Nagorno-Karabakh crisis can not be considered a mere territorial conflict but also a crossroads of interests of foreign actors. Geopolitical rivalries and the access to energy by regional and trans-regional actors have complicated the crisis and created a security challenge in the region, which is likely to escalate into a full-blown war between the parties involved. The geopolitical situation of Nagorno-Karabakh and its current situation have affected all peripheral states in some way. Russia, as one of the main actors in this scene, has been actively involved since the beginning of the crisis. The Russians have always sought to strengthen their influence and presence in the Nagorno-Karabakh crisis. Russia's efforts to weaken the role of the Minsk Group, The presence of Western actors, and the deployment of Russian forces in the disputed area can be assessed in this context. However, this study seeks to answer the question of what role did Russia play in managing the Nagorno-Karabakh conflict between Armenia and Azerbaijan between 1990 and 2020? The study hypothesizes that Russia has prevented the escalation of the Nagorno-Karabakh conflict through mediation and some coercion. This study is divided into four parts, including conflict management as a theoretical framework; Examining the competition and the role of actors in the Caucasus region, especially the role of the Minsk Group, and what approach or tools and methods Russia has used in its foreign policy in managing the conflict, and finally what are the relations between the countries involved and what will be Russia's role in the future? Was discussed. This study examines the analysis and transfer of ideas and information using authoritative international sources with an explanatory method and shares its results with everyone.

Keywords: Russia, conflict, nagorno-karabakh, management

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Authors: Katarzyna Czarnota, Inga Hajdarowicz

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Political mechanisms of legal, social and economic segregation of refugees and migrants have reproduced and deepened existing hierarchies and inequalities in global labour relations. The consequences of these processes strengthened by current, so called, ‘refugee crisis’, tightening of border regimes, militarisation and closing of Balkan Route, will have a significant impact on future integration policies. One of the fields that require further research is limited access to labour rights of migrants and refugees. Although this phenomenon is experienced by a significant proportion of migrant population, these are the poorest who are also exposed to economic racism. The presentation will tackle the influence of current migration policies on increasing social and class inequalities between migrants, refugees, on the example of Syrian labours in Turkish textile factories. The authors will critically analyse examples of integration policies, especially planned changes in labour law as well as examples of violation of labour rights and exploitation of refugees and migrants in textile factories and industry. The presentation will be based on interviews with Syrian workers, conducted in Turkey and Greece in 2016.

Keywords: refugee crisis, economic racism, global labour relations, exploatation

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Authors: O. Colot, M. Croquet, L. Cultrera, Y. Fandja Collince

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The objective of our research is to evaluate the impact of the allowance for corporate equity (ACE) on the financial structure of Belgian SME in order to highlight the potential existence of a fiscal leverage. To limit the biases linked to the rationing of the capital further to the financial crisis, we compare first the dynamic evolution of the financial structure of the Belgian firms over the period 2006-2015 by focusing on three sub-periods: 2006-2008, 2009-2012 and 2013-2015. We give then an international size to this comparison by including SMEs from countries adjoining Belgium (France, Germany, Netherlands and the United Kingdom) and within which there is no ACE. This comparison allows better understanding the fiscal advantage linked to the ACE of firms evolving in a relatively unstable economic environment further to the financial crisis of 2008. This research is relevant given the economic and political context in which Belgium operates and the very uncertain future of the Belgian ACE. The originality of this research is twofold: the long study period and the consideration of the effects of the financial and economic crisis on the financing structure of Belgian SMEs. The results of this research, even though they confirm the existence of a positive fiscal leverage for the tax deduction for venture capital on the financing structure of Belgian SMEs, do not allow the extent of this leverage to be clearly quantified. The comparative evolution of financing structures over the period 2006-2015 of Belgian, French, German, Dutch and English SMEs shows a strong similarity in the overall evolution of their financing.

Keywords: allowance for corporate equity, Belgium, financial structure, small and medium sized firms

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Authors: Jordan Deliversky

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Unlike all conventional forms of migration, migration crisis and migratory processes provide pressure to governments and are being expressed as different phenomenon in relation to nature and forms. The objective of this paper is to present the migration and refugee crisis as revealing numerous challenges faced by authorities responsible for the social and economic stability in Bulgaria as well as those providing conditions for reinforcement of the high level of national security in Bulgaria. The analysis is focused on exploring the multiple origins of factors influencing migration processes in Europe, in the light of the measures provided by the Bulgarian state authorities. The main results show that the society itself is facing the challenge of integrating refugees and migrants, so to be able to comply with the principles and values associated with tolerance to social, religious and cultural differences, and not allowing migrants to become marginalized community. Migration pressure creates a number of risks and threats to the Bulgarian national security. Our country has the capacity and resources to meet these potential threats, as a main factor for minimizing the risks to national security is the improvement of coordination and coherence of actions between various actors serving to the security sector.

Keywords: legislation, migrants, refugees, security, terrorism

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Authors: Jim Shi, Jasmine Chang, Nesreen El-Rayes

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The world has been experiencing a steadily increasing trend in both the production and consumption of plastic. The global consumer revolution should not have been possible without plastic, thanks to its salient feature of inexpensiveness and durability. But, as a two-edged sword, its durable quality has returned to haunt and even jeopardized us. That exacerbating the plastic crisis has attracted various global initiatives and actions. Simultaneously, firms are eager to adopt new technology as they witness and perceive more potential and merit of Industry 4.0 technologies. For example, Blockchain technology (BCT) is drawing the attention of numerous stakeholders because of its wide range of outstanding features that promise to enhance supply chain operations. However, from a research perspective, most of the literature addresses the plastic crisis from either environmental or social perspectives. In contrast, analysis from the data science perspective and technology is relatively scarce. To this end, this study aims to fill this gap and cover the plastic crisis from a holistic view of environmental, social, technological, and business perspectives. In particular, we propose a mathematical model to examine the inclusion of BCT to enhance and improve the efficiency on the upstream and the downstream sides of the plastic value, where the whole value chain is coordinated systematically, and its interoperability can be optimized. Consequently, the Environmental, Social, and Governance (ESG) goal and Circular Economics (CE) sustainability can be maximized.

Keywords: blockchain technology, plastic, circular economy, sustainability

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Authors: Audu Aly Fada, Adejoh Apeh Matthew

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This research assesses the effects of social conflicts on tourism products in Plateau State. It was specifically set out to find out the major causes of social conflicts in Jos, evaluate the effects of social conflicts on the influx of tourists to Hill station hotel Jos, and the impact on revenue generation of the hotel. To achieve these objectives research questions were formulated and a sample of 30 hotel staff was selected as the respondents. Data collected were organized and analyzed using tables, percentages and mean statistics. It was found that the hospitality and tourism industry was adversely affected. The crisis brought about a decline in the number of tourist arrivals, increase in cancelled bookings, a decrease in the average length of stay of tourists and the average room occupancy. Peace is the best friend of travel and tourism, while war and insecurity are among its worst enemies. It is recommended that all stakeholders involved in tourism administration should device safer environment that supports continued patronage by providing modern security apparatus. In the same spirit, government as the main stake-holder in security provision should do more than paying lip service to guarantee security and safety of lives and properties.

Keywords: social conflict, crisis, security, tourism development

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Authors: Gultekin Gurcay

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It is known that the most crucial influence of the psychological, social and emotional factors that affect any human behavior is to corrupt the rational decision making mechanism of the individuals and cause them to display irrational behaviors. In this regard, the social context of human beings influences the rationality of our decisions, and people tend to display different behaviors when they were alone compared to when they were surrounded by others. At this point, the interaction and interdependence of the behavioral finance and economics with the area of social psychology comes, where intentions and the behaviors of the individuals are being analyzed in the actual or implied presence of others comes into prominence. Within the context of this study, the prevalent theories of behavioral finance, which are The Prospect Theory, The Utility Theory Given Uncertainty and the Five Axioms of Choice under Uncertainty, Veblen’s Hidden Utility Theory, and the concept of ‘Overreaction’ has been examined and demonstrated; and the meaning, existence and validity of these theories together with the social context has been assessed. Finally, in this study the behavior of the individuals in financial crisis situations where the majority of the society is being affected from the same negative conditions at the same time has been analyzed, by taking into account how individual behavior will change according to the presence of the others.

Keywords: conditional variance coefficient, financial crisis, garch model, stock market

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Authors: Evangelia-Matroni Tomara

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This thesis answers the question whether the media representations and reporting in 2015-2016 - especially, after the image of the drowned three-year-old Syrian boy in the Mediterranean Sea which made global headlines in the beginning of September 2015 -, the European Commission regulatory sources material and related reporting, have the power to challenge the conceptualization of humanitarianism or even redefine it. The theoretical foundations of the thesis are based on humanitarianism and its core definitions, the power of media representations and the relative portrayal of migrants, refugees and/or asylum seekers, as well as the dominant migration discourse and EU migration governance. Using content analysis for the media portrayal of migrants (436 newspaper articles) and qualitative content analysis for the European Commission Communication documents from May 2015 until June 2016 that required various depths of interpretation, this thesis allowed us to revise the concept of humanitarianism, realizing that the current crisis may seem to be a turning point for Europe but is not enough to overcome the past hostile media discourses and suppress the historical perspective of security and control-oriented EU migration policies. In particular, the crisis helped to shift the intensity of hostility and the persistence in the state-centric, border-oriented securitization in Europe into a narration of victimization rather than threat where mercy and charity dynamics are dominated and into operational mechanisms, noting the emergency of immediate management of the massive migrations flows, respectively. Although, the understanding of a rights-based response to the ongoing migration crisis, is being followed discursively in both political and media stage, the nexus described, points out that the binary between ‘us’ and ‘them’ still exists, with only difference that the ‘invaders’ are now ‘pathetic’ but still ‘invaders’. In this context, the migration crisis challenges the concept of humanitarianism because rights dignify migrants as individuals only in a discursive or secondary level while the humanitarian work is mostly related with the geopolitical and economic interests of the ‘savior’ states.

Keywords: European Union politics, humanitarianism, immigration, media representation, policy-making, refugees, security studies

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Authors: Hussain Bohra, Pradyuman Sharma

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This study highlights the significance of Balance Sheet Indicators on the corporate performance in the case of Indian manufacturing companies. Balance sheet indicators show the actual financial health of the company and it helps to the external investors to choose the right company for their investment and it also help to external financing agency to give easy finance to the manufacturing companies. The period of study is 2000 to 2014 for 813 manufacturing companies for which the continuous data is available throughout the study period. The data is collected from PROWESS data base maintained by Centre for Monitoring Indian Economy Pvt. Ltd. Panel data methods like fixed effect and random effect methods are used for the analysis. The Likelihood Ratio test, Lagrange Multiplier test and Hausman test results proof the suitability of the fixed effect model for the estimation. Return on assets (ROA) is used as the proxy to measure corporate performance. ROA is the best proxy to measure corporate performance as it already used by the most of the authors who worked on the corporate performance. ROA shows return on long term investment projects of firms. Different ratios like Current Ratio, Debt-equity ratio, Receivable turnover ratio, solvency ratio have been used as the proxies for the Balance Sheet Indicators. Other firm specific variable like firm size, and sales as the control variables in the model. From the empirical analysis, it was found that all selected financial ratios have significant and positive impact on the corporate performance. Firm sales and firm size also found significant and positive impact on the corporate performance. To check the robustness of results, the sample was divided on the basis of different ratio like firm having high debt equity ratio and low debt equity ratio, firms having high current ratio and low current ratio, firms having high receivable turnover and low receivable ratio and solvency ratio in the form of firms having high solving ratio and low solvency ratio. We find that the results are robust to all types of companies having different form of selected balance sheet indicators ratio. The results for other variables are also in the same line as for the whole sample. These findings confirm that Balance sheet indicators play as significant role on the corporate performance in India. The findings of this study have the implications for the corporate managers to focus different ratio to maintain the minimum expected level of performance. Apart from that, they should also maintain adequate sales and total assets to improve corporate performance.

Keywords: balance sheet, corporate performance, current ratio, panel data method

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Authors: Gulnara Galeeva, Yulia Kasperskaya

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The study deals with the relevant problem related to the formation of the efficient investment portfolio of an enterprise. The structure of the investment portfolio is connected to the degree of influence of intangible assets on the enterprise’s income. This determines the importance of research on the content of intangible assets. However, intangible assets studies do not take into consideration how the enterprise state can affect the content and the importance of intangible assets for the enterprise`s income. This affects accurateness of the calculations. In order to study this problem, the research was divided into several stages. In the first stage, intangible assets were classified based on their synergies as the underlying intangibles and the additional intangibles. In the second stage, this classification was applied. It showed that the lifecycle model and the theory of abrupt development of the enterprise, that are taken into account while designing investment projects, constitute limit cases of a more general theory of bifurcations. The research identified that the qualitative content of intangible assets significant depends on how close the enterprise is to being in crisis. In the third stage, the author developed and applied the Wide Pairwise Comparison Matrix method. This allowed to establish that using the ratio of the standard deviation to the mean value of the elements of the vector of priority of intangible assets makes it possible to estimate the probability of a full-blown crisis of the enterprise. The author has identified a criterion, which allows making fundamental decisions on investment feasibility. The study also developed an additional rapid method of assessing the enterprise overall status based on using the questionnaire survey with its Director. The questionnaire consists only of two questions. The research specifically focused on the fundamental role of stochastic resonance in the emergence of bifurcation (crisis) in the economic development of the enterprise. The synergetic approach made it possible to describe the mechanism of the crisis start in details and also to identify a range of universal ways of overcoming the crisis. It was outlined that the structure of intangible assets transforms into a more organized state with the strengthened synchronization of all processes as a result of the impact of the sporadic (white) noise. Obtained results offer managers and business owners a simple and an affordable method of investment portfolio optimization, which takes into account how close the enterprise is to a state of a full-blown crisis.

Keywords: analytic hierarchy process, bifurcation, investment portfolio, intangible assets, wide matrix

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Authors: Dominic Roulx

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Many scholars have in the past decade emphasized the relevance of Adorno’s criticism of the rationalized domination of nature (Naturbeherrschung) for thinking the environmental crisis. Beyond the intersubjective critical models of thinkers such as Habermas and Honneth, Adorno’s critical theory has the benefit, according to them, of disclosing the entwinement of social and natural domination in a critically productive way. The author will be arguing in this paper that Adorno’s model of critical theory displays a theoretical framework that is both original and relevant for thinking the ins and outs of the currentenvironmental crisis. To do so, he first construe Adorno’s understanding of the historical domination of nature and argue that Adorno’s method for its criticizing is immanent critique. He puts emphasis on how his understanding of the domination of nature implicitly implies an account of thedialectical relationship between reason and nature. In doing so, he presents a naturalistic understanding of his idea of the primacy of the object. Second, regarding Adorno’s concept of nature, he discusses what he sees as the shortcomings of many commentators’ understanding of the concept of nature in Adorno. He contends that they tend to fall short of Adorno’s concept of nature in failing to make sense of its thoroughly negative signification, thereby falling into an uncritical and fetichized comprehension of “nature. Third, he discusses the prospect for a possible “reconciliation” (Versöhnung) of nature with society. Highlighting how the domination of nature proves to produce the necessary conditions for its own overcoming, he contends that reconciliation with nature relies mainly on the subject’s capacity for critical self-reflection.

Keywords: german philosophy, adorno, nature, environmental crisis

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Authors: Jochen Edmund Kerschenbauer, Roman Salinger, Daniel Strametz

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Insufficient informal communication systems can lead to the first crisis (‘Crisis of Leadership’) for start-ups. Management Control Systems (MCS) are one way for high-technology start-ups to successfully overcome these problems. So far the literature has investigated the incubation of a start-up, but focused less on the post-incubation stage. This paper focuses on the use of MCS in post-incubation and, if failed start-ups agree, on how MCS are used. We conducted 14 semi-structured interviews for this purpose, to obtain our results. The overall conclusion is that the majority of the companies were closed down due to a combination of strategic, operative and financial reasons.

Keywords: closed down, high-technology, incubation, levers of control, management control systems, post-incubation, start-ups

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Authors: Lisdey Espinoza Pedraza

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Organised crime in Mexico evolves faster that our capacity to understand and explain it. Organised gangs have become successful entrepreneurs in many ways ad they have somehow mimicked the working ways of the authorities and in many cases, they have successfully infiltrated the governmental spheres. This business model is only possible under a clear scheme of rampant impunity. Impunity, however, is not exclusive to the PRI. Nor the PRI, PAN, or PRD can claim the monopoly of corruption, but what is worse is that none can claim full honesty in their acts either. The current security crisis in Mexico shows a crisis in the Mexican political party system. Corruption today is not only a problem of dishonesty and the correct use of public resources. It is the principal threat to Mexican democracy, governance, and national security.

Keywords: security, war on drugs, drug trafficking, Mexico, Latin America, United States

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Authors: Soumaya Ben Kheilifa, Dorra Mezzez Hmaied

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We propose two approaches to examine whether European hedge fund managers can time market liquidity. Using a sample of 1616 European hedge funds, we find evidence of liquidity timing. More importantly, this ability adds economic value to investors. Thus, it represents valuable managerial skill and a major source of European hedge funds’ performance. Also we show that the majority of these funds demonstrate liquidity timing ability especially during liquidity crisis. Finally, it emerged that our main evidence of liquidity timing remains significant after controlling for market timing and volatility timing.

Keywords: european hedge funds, liquidity timing ability, market liquidity, crisis

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Authors: Sang-Ju Yu

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This paper examines the changing essences and effects of ‘affective atmosphere’ during the COVID-19 pandemic crisis, which have been facilitated and shaped the ‘affective governance’ in Taiwan. Due to long-term uncertainty and unpredictability, the COVID-19 pandemic not only caused unprecedented global crisis but triggered the public’s negative emotional responses. This paper unravels how the shortage of Personal Protective Equipment and the proliferating fake news heightened people’s fear and anxiety and how specific affective atmospheres can be provoked and manipulated to harness emotional appeals of citizens strategically in Taiwan. Through the in-depth interviews with diverse stakeholders involved, it unfolds the dynamics and strategies of affective governance, wherein public emotions and concerns are now given significant consideration in both policy measures and the affective expression of leadership, spatial arrangement, service delivery, and the interaction with citizens. Addressing psychosocial and emotional needs has become the core of crisis response mechanisms suited to dynamic affective atmospheres and pandemic situation. This paper also demonstrates that epidemic prevention and control is not merely the production of neutral or rational policy-making processes, as it is dominated by multiple emotions resulted from unexpected and salient events at different moments. It provides explicit insight into how different prevention scenarios operated effectively through political and affective mobilisation to strengthen emotional bonding and collective identity which energises collective action. Basically, successful affective governance calls for both negative and positive emotions, for both scientific and political decision-making, for both community and bureaucracy, and both quality and efficiency of private–public collaboration.

Keywords: affective atmospheres, affective governance, COVID-19 pandemic, private-public collaboration

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Authors: Marina Benito-Parejo, Raul Perez-Lopez, Miguel Herraiz, Carolina Guardiola-Albert, Cesar Martinez

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Persistency, long-term memory and randomness are intrinsic properties of time-series of earthquakes. The Rescaled Range Analysis (RS-Analysis) was introduced by Hurst in 1956 and modified by Mandelbrot and Wallis in 1964. This method represents a simple and elegant analysis which determines the range of variation of one natural property (the seismic energy released in this case) in a time interval. Despite the simplicity, there is complexity inherent in the property measured. The cumulative curve of the energy released in time is the well-known fractal geometry of a devil’s staircase. This geometry is used for determining the maximum and minimum value of the range, which is normalized by the standard deviation. The rescaled range obtained obeys a power-law with the time, and the exponent is the Hurst value. Depending on this value, time-series can be classified in long-term or short-term memory. Hence, an algorithm has been developed for compiling the RS-Analysis for time series of earthquakes by days. Completeness time distribution and locally stationarity of the time series are required. The interest of this analysis is their application for a complex seismic crisis where different earthquakes take place in clusters in a short period. Therefore, the Hurst exponent has been obtained for the seismic crisis of Alhoceima (Mediterranean Sea) of January-March, 2016, where at least five medium-sized earthquakes were triggered. According to the values obtained from the Hurst exponent for each cluster, a different mechanical origin can be detected, corroborated by the focal mechanisms calculated by the official institutions. Therefore, this type of analysis not only allows an approach to a greater understanding of a seismic series but also makes possible to discern different types of seismic origins.

Keywords: Alhoceima crisis, earthquake time series, Hurst exponent, rescaled range analysis

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Authors: Joanna Stawska

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The main objective of this article is to examine the impact of interest rates on investments in Poland in the context of financial crisis. The paper also investigates the dependence of bank loans to enterprises on interbank market rates. The article studies the impact of interbank market rate on the level of investments in Poland. Besides, this article focuses on the research of the correlation between the level of corporate loans and the amount of investments in Poland in order to determine the indirect impact of central bank interest rates through the transmission mechanism of monetary policy on the real economy. To achieve the objective we have used econometric and statistical research methods like: econometric model and Pearson correlation coefficient. This analysis suggests that the central bank reference rate inversely proportionally affects the level of investments in Poland and this dependence is moderate. This is also important issue because it is related to preparing of Poland to accession to euro area. The research is important from both theoretical and empirical points of view. The formulated conclusions and recommendations determine the practical significance of the paper which may be used in the decision making process of monetary and economic authorities of the country.

Keywords: central bank, financial crisis, interest rate, investments

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Authors: Corina E. Niculaescu, Ivan Sangiorgi, Adrian R. Bell

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The COVID-19 pandemic has been life-changing in many aspects of people’s daily and social lives, but has it also changed attitudes towards investments? This paper explores the effect of the COVID-19 pandemic on retail investors’ levels of investments in the U.S. during the first COVID-19 wave in summer 2020. This is an unprecedented health crisis, which could lead to changes in investment behavior, including irrational behavior in retail investors. As such, this study aims to inform policymakers of what happened to investment decisions during the COVID-19 pandemic so that they can protect retail investors during extreme events like a global health crisis. The study aims to answer two research questions. First, was the level of investments affected by the COVID-19 pandemic, and if so, why? Second, how were investments affected by retail investors’ personal experience with COVID-19? The research analysis is based on primary survey data collected on the Amazon Mechanical Turk platform from a representative sample of U.S. respondents. Responses were collected between the 15th of July and 28th of August 2020 from 1,148 U.S. retail investors who hold mutual fund investments and a savings account. The research explores whether being affected by COVID-19, change in the level of savings, and risk capacity can explain the change in the level of investments by using regression analysis. The dependent variable is changed in investments measured as decrease, no change, and increase. For this reason, the methodology used is ordered probit regression models. The results show that retail investors in the U.S. increased their investments during the first wave of COVID-19, which is unexpected as investors are usually more cautious in crisis times. Moreover, the study finds that those who were affected personally by COVID-19 (e.g., tested positive) were more likely to increase their investments, which is irrational behavior and contradicts expectations. An increase in the level of savings and risk capacity was also associated with increased investments. Overall, the findings show that having personal experience with a health crisis can have an impact on one’s investment decisions as well. Those findings are important for both retail investors and policymakers, especially now that online trading platforms have made trading easily accessible to everyone. There are risks and potential irrational behaviors associated with investment decisions during times of crisis, and it is important that retail investors are aware of them before making financial decisions.

Keywords: COVID-19, financial decision-making, health crisis retail investors, survey

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Authors: B. Waked Najar

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Since the spread of Covid- 19, Israel and other countries suffer from lockdowns and social distance, which impose different kinds of restrictions. On the one side, many organization closed and unemployment increased, bringing about economic problems and distress. On the other side, family ties were damaged due to inability to sustain close relations with some family members and too frequent interactions with others. Unfortunately, conflicts within families, controlling behavior and domestic violence appear more often. Purpose: to examine the phenomenon of domestic violence and its expansion during the Covid-19 crisis, to propose and classify strategies of dealing with it, including encouragement of public systems providing more information and support to domestic violence victims. Methodology: the author strives to reveal methods of supporting domestic violence victims through public and private treatment organizations. The author interviewed battered women and families who experienced violence during the Covid-19 crisis. Findings: victims of domestic violence often feel isolated and helpless. It is a real challenge to track and support them, especially in the traditional minorities’ communities. Research limitations: Many families refused to be interviewed because they did not want to be exposed to the community, especially religious families. Originality: research is aimed to examine a phenomenon of domestic violence during the Covid-19 crisis and methods of help and support the victims, which is not a common theme of research during the pandemic.

Keywords: violence, coronavirus, domestic violence, influence

Procedia PDF Downloads 98

Authors: Geumchan Hwang

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Professional sport leagues in Europe and North America are shut down due to novel coronavirus disease (COVID-19) outbreak. Football leagues in Europe (e.g., La Liga, English Premier League, Bundesliga, Serie A, and Ligue 1) and big four professional sport leagues in North America (e.g., National Football League, Major League Baseball, National Basketball Association, and National Hockey League) are indefinitely suspended or delayed. COVID-19 outbreak has a growing negative impact on economics of sport leagues. For example, loss of revenue in Europe’s top five leagues due to the COVID-19 pandemic was estimated at € 4 billion and loss of revenue in the NBA was estimated at $650 million as of March 2020. In the unprecedented difficult situation, sport teams and leagues try to communicate with sport fans through diverse media platforms. In sport, however, very few studies have been done regarding how sport organizations effectively communicate with sport fans during pandemics, such as COVID-19 outbreak. Understanding sport organizations’ crisis communication is important to develop effective crisis management strategies for sport organizations. Therefore, the purpose of the study is to examine how sport organizations communicate with sport fans via online platforms in COVID-19 outbreak and how sport fans evaluate their communication strategies. 9 official sport league sites (i.e., five major football leagues in Europe and four major sport leagues in North America) and COVID-19 news articles published between January and June in 2020 will be analyzed in terms of coronavirus information, teams and players’ live update, fan interaction, fan support, and community engagement. In addition, comments posted on social media sites (i.e., Facebook and Twitter) of major sport leagues will be also analyzed to examine how sport fans perceive online messages provided by sport leagues as an effective communication strategy. To measure the effectiveness of crisis communication performance, five components (i.e., prompt, compassionate, honest, informative, and interactive) of crisis communication will be collected from leagues’ official websites information and social media posts. Upon completing data collection, content analysis method will be used to evaluate effectiveness of crisis communication among 9 professional sport leagues. The results of the study will provide athletic directors, administrators, and public relations managers in sport organizations with practical information regarding how athlete celebrities and sport organizations should interact with their fans in pandemic situations. In particular, this study will contribute to developing specific crisis management plan for sport organizations. For instance, football teams and leagues in Europe will be able to create standard manuals to minimize damages caused by disease outbreak, such as COVID-19 outbreak.

Keywords: COVID-19, communication, sport leagues, fans

Procedia PDF Downloads 138