2018 Issue No. 27 /September
Table of Contents
1. Jacques BAZEN: MIGRATION PATTERNS OF UNIVERSITY SPIN-OFFS: CASE STUDY OF REGION TWENTE, A NON-CORE REGION IN THE NETHERLANDS
This paper is a case study about location and migration patterns of university spin-offs. In this case study 1179 spin-offs of the University of Twente in the eastern part of The Netherlands have been identified and classified according to the definition of Pirnay et al. (2003) into four different types. These spin-offs have been longitudinally tracked throughout their existence, so that developments and migration patterns can be observed. There are interesting differences between different types of spin-offs in terms of their location: The spin-offs that received more explicit support from the university (for example in terms of coaching, providing of finance, IP protection, introduction into networks etc.) are more likely to stay in the region Twente, compared to the spin-offs of which the entrepreneur only got some implicit support (for example a general entrepreneurship course or maybe got in touch with inspiring entrepreneurs from existing spin-offs). Another issue explored in this paper is the often mentioned “brain drain” of spin-offs from non-core regions, as an analogy of brain drain of higher educated people from such regions. Even though firms in general are less mobile than people, it is indeed striking to see differences in firm growth in number of employees, among companies which migrate from economic non-core regions to core-regions. Migrating spin-offs from Twente to large agglomerations in The Netherlands grow on average three times faster than companies that stay in the region of origin. Still, knowledge intensive patent-based spin-offs tend to stay close to the parent university, likely because of knowledge spill-overs from the university. These findings can help university administrators to increase effectiveness of their entrepreneurship support systems, by investing in supporting different types of spin-offs with access to regional business networks, to help also less visible and lower tech spin-offs to root more in the region.
- Keywords: spin-offs, university, entrepreneurship.
2. Yuriy BILAN, Serhiy LYEONOV, Tetiana VASYLIEVA, Yaryna SAMUSEVYCH: DOES TAX COMPETITION FOR CAPITAL DEFINE ENTREPRENEURSHIP TRENDS IN EASTERN EUROPE?
The article deals with the analysis of relationships between tax competition and entrepreneurship development in Eastern European and Baltic countries during 2006-2017. Incomplete nature of tax systems reforming in these countries forms preconditions for their participation in cross–country tax competition in investment flows reallocation. The main instrument of the tax competition includes tax rates, which are defined by convergence tendencies in the studied countries. Other factors of the research are tax burden levels on the enterprise, tax administration indices and macroeconomic indicators. The entrepreneurship development at the country’s level is characterized by a number of new businesses, the duration of their life cycle and their liquidation indices. The calculations results show that higher levels of absolute tax rates for enterprises lead to the reduction of their creation volumes in the country’s economy. High level of the tax burden partially restrains entrepreneurial activity. Tax administration plays a significant role in the provision of the country’s tax competition. Time to pay taxes and the number of tax payments have a great impact on entrepreneurship development at different stages. The hypothesis is proved that tax factors impact on the entrepreneurial activity is reasonable to be observed within the context of the country’s macroeconomic conditions.
- Keywords: tax competition, entrepreneurship tendencies, tax rates, new businesses, tax administration.
3. Ágnes CSISZÁRIK-KOCSÍR, Mónika GARIA-FODOR: MOTIVATION ANALYSING AND PREFERENCE SYSTEM OF CHOOSING A WORKPLACE AS SEGMENTATION CRITERIA BASED ON A COUNTRY WIDE RESEARCH RESULT FOCUS ON GENERATION OF Z
In accordance with the current challenges of the Hungarian labour market there is a very strong competition for the proper employees. There is more and more difficult to manage a success recruiting process manly in case of the “new generation”. The fact that the generation of Z shall enter the world of work much sooner than the generations ahead of them means that domestic employers will begin to meet more and more gen Z employees. As a result, it is important to understand how the young people of today choose their workplace. What kind of incentives work for them and how, where would they prefer to work, and what kind of a workplace and career they dream about. As the attitude and value system of the Z’s differ from the previous generations from several aspects, it is worth taking note of their peculiar characteristic as employees. The study focuses on the generation Z‘s preferences in case of workplace selection process. In the frame of quantitative research I examined the segmentation criteria with the help of cluster analysing process. We believe that the findings of the research provide useful information for future employers, to understand the values, motivation tools and expectations of their potential employees and their approach towards the world of work.
- Keywords: Z generation, workplace selection, quantitative research, segmentation.
4. Florin DUMA, Raluca GLIGOR: STUDY REGARDING ROMANIAN STUDENTS’ PERCEPTION AND BEHAVIOUR CONCERNING THE FINTECH AREA WITH A FOCUS ON CRYPTOCURRENCIES AND ONLINE PAYMENTS
Fintech, which is a shorthand expression for financial technology, is basically referring to all the technological innovations in the financial sector that started to develop exponentially, especially in the second decade of the 21st century, in the era of the mobile internet revolution. The Generation Z, also called Gen Tech, who was growing up using the internet and especially the mobile internet on a daily basis, will probably be the larger adopter and beneficiary of these innovative financial technologies. The current generation of students, born about twenty years ago, is part of this cohort and this is why we decided to initiate a study regarding their perception and behavior concerning the fintech area with the help of a questionnaire applied on some of the students of the Faculty of European Studies from Babeș-Bolyai University. Because the fintech is covering financial innovations from a very broad area (including cryptocurrency, online payments, financial transfers, openbanking, investments, regtech, insurtech, etc.) we decided to focus in this preliminary study, only on the blockchain technology and cryptocurrencies and in relation to these, on the online payments.
- Keywords: Fintech, blockchain, cryptocurrencies, Bitcoin, online payments, cyber security.
5. Mónika GARIA-FODOR, Ágnes CSISZÁRIK-KOCSÍR: THE VALIDITY OF VALUE-BASED CONSUMER BEHAVIORAL MODELS IN THE FINANCIAL CONSCIOUSNESS OF THE Z GENERATION
The theoretical background of our study is based on three bases: one of the pillars is value-based consumer behavior models, the other is generation marketing, and the third is financial culture and financial competence. The purpose of our research was to investigate whether the basic context of value-based consumer behavior theory – that is, the relationship between individual value orientation and the exact consumer decision – is valid in the context of money-related decisions. In addition to the relevant secondary sources, we use primary research results in quantitative data collection. The focus was on young people (Y and Z generations). Our choice has fallen to these two target groups because we believe that exploring young people’s money-related knowledge and understanding their financial decisions has useful information for financial service providers, as they are about the potential of their target markets. The values and the way of thinking of the chosen generations are distinct from the previous generations. That is why we think that instead of standard solutions, choosing a differentiated toolkit can be a successful solution to develop the financial culture and successfully position financial services. In addition, the results of the research can also show the direction of those involved in education, how to improve the financial knowledge of young people, how to shape their attitude towards money efficiently and target-oriented.
- Keywords: value-based behavioral model, financial consciousness.
6. Ladislav MURA, Michal MAZÁK: INNOVATIVE ACTIVITIES OF FAMILY SMES: CASE STUDY OF THE SLOVAK REGIONS
Building a competitive economy is based on the existence of competitive regions whose essential element in terms of sustainable development is the effectively functioning business sector. Typical representatives of the regional economy are the small and medium enterprises that often have the character of family businesses. The challenging competitive environment requires proactive responses to turbulent changes, and innovative activities have to be pursued in order to maintain activities and development on the market. Innovation is the driving force behind the development; it is a key issue to survive in a competitive business environment. Despite their quarter-century presence, family business in Slovakia are not addressed enough attention. This was the basic motif to review the current situation on the market. 330 business entities were involved in the first phase of our research. The aim if this article is to explore the innovative activity of small and medium enterprises having a character of family businesses in the regions of Slovakia, and also identify those important determinants that influence the innovation ability of the family businesses. The Chi-Square Test of Independence, the Pearson correlation coefficient and the mean value statistics were applied in the research. The findings of our case study aimed to reveal the trends linked to the innovation activity of family businesses.
- Keywords: Innovation activity, small and medium enterprises, family businesses, sustainable and competitive regions.
7. Ana Monica POP: THE EVOLUTION OF THE ROMANIAN SMEs AFTER ROMANIA’S INTEGRATION IN THE EUROPEAN UNION STRUCTURES
The analysis of the evolution of SMEs has become a distinct field of research and even of utmost topicality in the light of the latest scientific approaches developed on this matter, which is based on the fact that the Europe 2020 strategy and the European economy focus on harnessing the potential of small and medium-sized enterprises (SMEs). They are the backbone of the economy in all countries, and the European Union’s experience shows that the SME sector can make an essential contribution to the gross domestic product (GDP) and reduce unemployment (60% of the GDP and about 70% of the total labor force). In the last period, entrepreneurship has created a unique context that offers to all those interested a favorable environment for the development of entrepreneurial activities that go beyond institutional barriers. This paper presents a specific situation based on the evolution of the Romanian SMEs in the context of the integration into the European Union sphere of influence, and implicitly a systematic centralization of the main indicators and the activity sectors of SMEs, in a comparative manner, according to the European model described in the literature. With the integration of Romania into the European Union, new opportunities have been created, focusing on increasing the competitiveness of SMEs through research and innovation, and implicitly the access to non-reimbursable financing.
- Keywords: entrepreneurship, Romanian SMEs, structural funds, indicators, European Union.
8. Nicoleta Dorina RACOLTA-PAINA: CHALLENGES FOR THE DEVELOPMENT OF SOCIAL ENTREPRENEURSHIP IN ROMANIA
Social entrepreneurship is a complex phenomenon with various meanings and approaches, its main features being to create social value through social innovation, to satisfy diverse social needs at systemic level, from poverty to unemployment, from social exclusion to population aging, and so on. Social entrepreneurship activities are influenced by environmental factors that are part of the so-called entrepreneurial ecosystems, and consist of components whose interdependence and interaction have a major impact on this sector. The purpose of this exploratory research (the sources used are secondary, which leads to a desk research) is to analyze the challenges faced by social entrepreneurship in Romania from an evolutionary perspective. The analysis focuses on the legislative framework and some of the components of the ecosystem of social entrepreneurship.
- Keywords: social entrepreneurship, environmental factors, Romania.
9. Elif UÇKAN DAĞDEMİR: QUO VADIS EXTERNAL TRADE POLICY OF THE EUROPEANUNION? EXPORTING ITS OWN VALUES OR BEING A POINT-GUARD WITHIN THE MULTILATERAL TRADING SYSTEM?
European Union (EU) has a very distinctive status within the multilateral trading system and thus is found worthwhile to examine in many respects. It has been not only a prominent actor and a contributor of the multilateral trading system since the fundamentals of the system were set by the General Agreement on Tariffs and Trade (GATT) but also the chief executer of its own preferential trade relations compatible with the GATT and its successor, World Trade Organization (WTO). External trade policy has always been one of the privileged common policies of the EU and commitment to the multilateral trading system has constituted the core of it.
Upon the pending of the Doha Development Agenda (DDA), the EU has paved the way to deepen its trade relations with the other prominent actors of the multilateral trading system, namely the US, Canada, Japan and South Korea. These nouveau trade relations do not simply embrace trade but also investments, services, competition, etc. and thus favorably referred to new-age partnerships. Essentially, they constitute the pillars of the EU’s new-born Trade for All Strategy.
Then, here come two inter-linked, substantial questions: Does the new external trade policy of the EU that is figured out by the Trade for All Strategy in general and the new-age partnerships in particular, compatible with the multilateral trading system? Would the EU by-pass the multilateral trading system and export its own values via new-age partnerships or be a point guard in the enhancement of the system? The aim of this paper is to make a contribution in responding these substantial questions.
- Keywords: European Union and World Trade Organization; European Union and Multilateral Trading System; European Union and Doha Development Agenda; External Trade Policy of the European Union.