JOURNAL OF ENTREPRENEURSHIP, MANAGEMENT AND INNOVATION (JEMI)
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The JOURNAL OF ENTREPRENEURSHIP, MANAGEMENT AND INNOVATION is the official scientific journal published quarterly by Nowy Sacz School of Business – National-Louis University in Poland.
JEMI is an interdisciplinary, double blind-reviewed journal, emphasizing theoretical and empirical articles in entrepreneurship, management, innovation and related fields. The journal is published both in printed form and on-line at www.jemi.edu.pl
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Pozycja Assessing Ukrainian Banking Performance Before and After the Crisis(Nowy Sacz School of Business – National-Louis University, 2011) Shkura, Iryna; Peitsch, BarbaraThe main goal of this paper is to analyze the impact of the 2008 global financial crisis on the Ukrainian financial system, and on Ukrainian bank performance. Our analysis is based on key bank performance indicators from 2003-2011. Bank assets, liabilities and capital are analyzed, and changes in bank management are taken into consideration. Special attention is paid to changes in bank stock prices of two of the largest banks, following the crisis.Pozycja A Coherent Model of DCF Valuation(Nowy Sacz School of Business - National-Louis University, 2011) Patena, WiktorBusiness valuation through DCF is recognized as one of the most popular valuation approaches. DCF valuation models, however, have become extremely complex. Modeling requires plenty of input data to be processed, the process is done in many stages, and the data obtained on each of the stages may be interrelated. The process then is not simply a chain of tasks. The modern models work via sophisticated mechanisms of loops being triggered whenever a new piece of information is revealed and the whole model needs updating. Technically speaking, in the spreadsheets environment, this may only be done with the use of iterations. The valuation model should also be subjected to the sensitivity analysis, which is able to quantify the impact of every single assumption made on the final company value. The analysis points out the set of critical assumptions, which have the major impact on the calculated company’s value. Apart from quantifying the impact of the assumptions, the analysis runs qualitative checks on the assumptions assessing the robustness of the arguments standing behind the critical factors for valuation. Consequently, the sensitivity analysis improves the objectivity of the model and mitigates the exposure for the possible results manipulation. The sensitivity analysis reveals its critical role in the valuation process and proves that it should be considered as the standard step in every DCF valuation.Pozycja Development of Intercultural Learning: New Challenges for Higher Education in Ukraine(Nowy Sacz School of Business – National-Louis University, 2011) Sikorskaya, IrinaThe paper depicts the new challenges facing higher education institutions in Ukraine in the context of necessity of developing proper intercultural knowledge, skills, and competences of contemporary graduates. It also provides the background for the increasing role of higher education in respect of enhancing intercultu ral learning. The paper emphasizes the importance of introducing changes in curriculum design, improvement of teaching qualifications, and growing students’ intercultural socialization. Finally the paper proposes some recommendations for achieving positive transformations of higher education in Ukraine in regards of addressing the challenges of modern pluralistic society.Pozycja The Transformation of Basic Research Into Commercial Value: Economics Aspects and Practical Issues(Nowy Sacz School of Business – National-Louis University, 2011) Levy, Haim V.Basic research may be considered as the first step in the knowledge generation or innovation process. Knowledge is probably recognized as the most important factor in the development of national economies. Governments therefore have a role in ensuring and subsidizing the basic science to generate knowledge aimed to improve social welfare. Since basic research is conducted mainly at universities nowadays, they should set to support all aspects of knowledge generation and transfer - from basic research (invention) to innovation and ultimately, to commercialization. The transformation of knowledge or innovation into commercial value depends primarily on efficient pathway(s) of technology transfer by universities’ technology transfer organizations. Ideally, universities should seek to transfer technology to the private sector in order to capture the benefits of commercialization of their innovation. However, in circumstances where the innovation is at an early or premature stage, consequently far from materializing to a product, licensing to industrial enterprises is not (always) plausible, hence feasible alternatives should be sought. In this short review, we argue possible modi operandi to achieve these goals.Pozycja From Problem Conceptualization to Simulation. The Application of the Systems Dynamics to Water Management Problem(Nowy Sacz School of Business – National-Louis University, 2011) Śliwa, KazimierzThe article continues previous text published in "Management Business Innovation" (no. 6, 2010) under the title Stock-And-Flow Thinking In Decision Making. Towards Systemic Procedure of Problem Solving. The methodology presented there is shown in the practical context of water supply management problem in one of the largest cities in Mexico. Basic methodological implications for computer supported problem modeling and simulation are shown, beginning with the Partitioning&Tearing Method, causal diagram of the problem as well as the computer simulation model structure drawn with the VensimTMsoftware.Pozycja Declining Innovation Performance of the Hungarian Economy: Special Focus on Organizational Innovation the Example of the European Community Innovation Survey (CIS)(Nowy Sacz School of Business – National-Louis University, 2012) Makó, Csaba; Illéssy, Miklós; Csizmadia, PéterIn this paper the authors intend to examine the innovation performance of the Hungarian firms before and following the period of the global financial crisis and economic downturn. Contrary to the mainstream approach non-technological innovation, more precisely workplace innovation is put into the focus of the analysis. The authors argue that this is a neglected dimension of firms’ innovation activities which may become an important source of competitiveness at company level and thus it deserves more attention. The analysis of empirical data of the various waves of the European Community Innovation Survey (CIS) on non-technological innovation shows that the innovation performance of the Hungarian firms is declining. The authors complement this statistical analysis with the results of the European Working Conditions Survey demonstrating that there are significant differences in the innovation performance of such country groups as the EU-27, the Nordic and the Post-Socialist countries. Beside the country-specific comparison, the authors evaluate the performance of the Hungarian and Slovakian knowledge-intensive business service sector identified as a driver playing a “benchmark” role in speeding up workplace innovations. Finally, some key lessons are drawn indicating the need for a map on the distribution of different work organization forms in order to better understand the companies’ innovation activity and skill requirements.Pozycja Female Entrepreneurship – An Appropriate Response to Gender Discrimination(Nowy Sacz School of Business – National-Louis University, 2012) Ascher, JacquesThis study aims to discuss one of the most significant economic and social developments in the world – the rise of the female entrepreneurship phenomenon. Women entrepreneurship needs to be studied as a separate field for two main reasons: (a). Female entrepreneurship is an important source of economic growth in creating new jobs and by being genetically different: women provide different solutions to management and business issues; (b). Female entrepreneurship has been neglected, particularly in business research. Although equal opportunity for men and women in the entrepreneurial field is not a reality in the short range, the progress towards its achievement could be facilitated by better understanding of the impact of female entrepreneurship on society and its contribution to economic growth. This study addresses the growth in female entrepreneurship in the developed and developing countries, explores primary motivational and other factors that influence female entrepreneurship, reviews the main obstacles facing the female entrepreneur, and finally makes recommendations to policy-makers to encourage and support such activity.Pozycja Job Design and Innovative Work Behavior: One Size Does Not Fit All Types of Employees(Nowy Sacz School of Business – National-Louis University, 2012) De Spiegelaere, Stan; Van Hootegem, Geert; Van Gyes, GuyAs innovative employees become imperative for an organizations’ success, research identified job design as a crucial variable in promoting innovative work behavior (IWB) (Hammond et al., 2011). Using the Job Demands-Resources (JD-R) model of Bakker & Demerouti (2007), this article contributes to the literature as it uses recent insights on the distinction between job challenges and job hindrances (Van den Broeck et al., 2010) and distinguishes between blue- and white-collar employees. Using survey data of 893 employees of various organizations the findings generally confirm the JD-R model, although important differences were found between blue-collar and white-collar employees regarding the relation of organizing and routine tasks with IWB. Job content insecurity further was found to be very detrimental for blue-collar IWB. These findings have important HR and political implications as they show that there is no ‘one size fits all’ HR solution for innovation.Pozycja Political perspective on technology alliances – the cases of Microsoft and Google(Nowy Sacz School of Business – National-Louis University, 2012) Klincewicz, KrzysztofThe article presents technological alliances as political activities, helping establish coalitions, co-opt supporters and eliminate rivals. Using the example of Microsoft’s and Google’s partner ecosystems, it discusses specific partnership techniques and their relevance for technology companies. The article offers a rich picture of developments of Microsoft Windows and Google Android platforms, combined with the steps taken by both companies to ensure support from partner firms. The effectiveness of financial, marketing and technological incentives as well as of deterrents depends on expected outcomes (such as: decreasing transaction costs, creating lock-ins, stimulating innovativeness or restricting development of competitive products) and technology life cycle stages. The article helps shape partnership strategies and optimize investments, needed to motivate and control partners.Pozycja A Genetic Algorithm to Minimize the Total Tardiness for M-Machine Permutation Flowshop Problems(Nowy Sacz School of Business – National-Louis University, 2012) Chung, Chia-Shin; Flynn, James; Walter, Rom; Staliński, PiotrThe m-machine, n-job, permutation flowshop problem with the total tardiness objective is a common scheduling problem, known to be NP-hard. Branch and bound, the usual approach to finding an optimal solution, experiences difficulty when n exceeds 20. Here, we develop a genetic algorithm, GA, which can handle problems with larger n. We also undertake a numerical study comparing GA with an optimal branch and bound algorithm, and various heuristic algorithms including the well known NEH algorithm and a local search heuristic LH. Extensive computational experiments indicate that LH is an effective heuristic and GA can produce noticeable improvements over LH.Pozycja Ownership Structure, Earnings Management and Investment Opportunity Set: Evidence from Mexican Firms(Nowy Sacz School of Business – National-Louis University, 2012) San Martin-Reyna, Juan M.; Durán-Encalada, Jorge A.This paper analyses the influence of ownership, board of directors, and financial leverage on companies’ performance when these either face, or do not face, profitable growth opportunities. Towards that end we examined a sample of 83 listed Mexican firms during the period 2005-2011. The results confirm the relevance of debt and board of directors in terms of firm market value by showing a negative relationship between performance and both, board of directors and leverage, in the presence of growth opportunities. In contrast, the relationship between debt and performance becomes positive when firms have no profitable investment projects. The results also demonstrate that the relevance of controlling shareholders on firm value is different when firms have or not growth opportunities. Therefore, our results show that ownership structure, composition and size of board and the level of leverage play a dual role on performance (increase or decrease the firm value) and determinewhether the firms have profitable investment projects.Pozycja A Research Proposal to Examine Entrepreneurship in Family Business(Nowy Sacz School of Business – National-Louis University, 2012) Durán-Encalada, Jorge A.; San Martin-Reyna, Juan M.; Montiel-Campos, HéctorThis paper builds on existing theoretical and empirical studies in the areas of family business and entrepreneurship. It uses Dubin ́s theory building framework to propose a model for conducting research of family businesses and its linkage to entrepreneurial activities in Mexico. This works starts by describing the concepts of family business and explains the importance that these definitions can have on the variables to be included in the research. After that, the paper explains how the concept of “familiness” relates to the essence definition of family business. Using the resource-based view (RBV), agency theory, and social capital theories we describe how social capital resources are the basis for building firm capabilities and competitive advantages that influence firm’s performances. Based on this perspective, a theoretical model, laws of interaction, a set of propositions and suggestions for further research are provided.Pozycja Languages in Problem Solving and Modeling(Nowy Sacz School of Business – National-Louis University, 2012) Śliwa, KazimierzThe article concerns the problem of languages used in modeling and solving problems. Its framework stems from the distinction between two problem solving approaches – expert and interactive approach. The language choice is particularly important for the latter; we cannot solve a problem using a language that has not been used for the problem description. The text presents some arbitrarily chosen problem modeling languages, including computer supported ones. Special attention is paid to the SEQUAL and System Dynamics language.Pozycja Matching Imitative Activity of High-Tech Firms with Entrepreneurial Orientation(Nowy Sacz School of Business – National-Louis University, 2012) Najda-Janoszka, MartaAs pointed by numerous scholars high technology sectors are very apt for studying entrepreneurial activities due to their high levels of innovativeness. However, taking into account the highly dynamic and substantially hostile environment in those sectors, innovation may often not be the best strategic choice for market entry. In fact, the business practice confirms the extensive utilization of imitation strategy by technology entrepreneurs Meanwhile, the literature on entrepreneurship focuses almost exclusively on original innovators, underestimating the importance of imitation in the growth process and indicating shortage of research on imitative activities of entrepreneurs. Therefore this article presents discussion on the applicability of entrepreneurial orientation to imitators from the high-tech industries.Pozycja How to Strengthen Positive Organizational Behaviors Fostering Experiential Learning? The Case of Military Organizations(Nowy Sacz School of Business – National-Louis University, 2012) Lis, AndrzejThe aim of the paper is to study the challenges concerning organizational behaviors crucial for Lessons Learned capabilities in military organizations as well as to indentify the solutions and recommendations to develop and strengthen positive organizational culture, climate and behaviors fostering experiential learning. The attention is focused around positive behaviors recognized by NATO as the key success factors for Lessons Learned capabilities such as: the engagement of leaders, positive mindset, willingness to share information and stakeholder involvement. The contents of the paper are mainly based on the interviews with Lessons Learned experts and practitioners representing both NATO commands, bodies and national Lessons Learned military organizations. Moreover, the outcomes of the analysis of selected military documents and the literature survey contributed to the study.Pozycja Affective Management and its Effects on Management Performance(Nowy Sacz School of Business – National-Louis University, 2012) Authayarat, Waratta; Umemuro, HiroyukiAffective management is a new concept which suggests that top managers should take stakeholders’ affective experiences into account when making their management decisions. To show that this concept could contribute to the improvement of management performance in organizations, this study investigated the correlations between the affectiveness of top management and management performance indices. Our questionnaire based on the Affective Management Scorecard was employed to assess top managers’ recognition of the importance, as well as the actual practices of affective management. Top managers from 43 Thai organizations participated in the study. A correlation analysis was conducted to observe whether affective management indices would correlate with management performance indices, such as return on equity, return on assets, price to earnings ratio, and price to book value ratio. The findings showed that the results for organizations practicing affective management were positively correlated with their management performance in both profitability and good perceptions by investors.Pozycja Global Business Networks and Cooperation within Supply Chain as a Strategy of High-Tech Companies’ Growth(Nowy Sacz School of Business – National-Louis University, 2012) Ratajczak-Mrozek, MilenaThe specificity of the operation profile of high-tech companies, including the necessity of operating at the international scale may account for the fact that these companies may find in network relationships, business networks and cooperation an essential determinant for growth and competitiveness. Foreign entities should be especially interesting business partners for high- tech companies, as they are often seen as representing more advanced knowledge, resources and experience. The aim of the article is to point out to global business networks (i.e. including both local and foreign entities), and especially to cooperation within supply chain, as an important basis for a growth strategy of a high-tech company. The article adopts assumptions of the network approach as a concept of companies cooperation. An analysis of the author’s own as well as secondary empirical research, with the focus on high- tech companies located in Poland is presented. In particular, the data from own research of 62 high-tech companies in Poland conducted in the first half of 2011 is analysed. It shows that the high-tech companies placing great importance on cooperation within supply chain demonstrate a higher growth and level of competitiveness than the companies which do not ascribe such importance (bearing in mind that supply chain forms an important part of a business network).Pozycja Innovation Capital and its Measurement(Nowy Sacz School of Business – National-Louis University, 2012) Kijek, TomaszInnovation capital regarded as an element of intellectual capital reflects the ability of an organization to create and commercialize the new knowledge (innovations). The aim of this study is twofold. Firstly, an attempt is made to give a concise review of innovation capital concept and its measures in selected intellectual capital – IC –models. Secondly, this paper sets out to extend the current models and introduce a new valuation method of innovation capital. Moreover, the paper provides empirical evidence about the use of the proposed method.Pozycja Transferability and Commercialization of Patent Rights: Economic and Practical Perspectives(Nowy Sacz School of Business – National-Louis University, 2012) Levy, Haim V.The transformation of innovation into commercial value depends primarily on appropriate protection of the intellectual property, usually by patents, and efficient pathway(s) of its transferability as well as the transfer of the protected knowledge. The key features of patents, from an economic perspective, are that they encompass new knowledge and confer monopoly rights to the owner. The exclusiveness of patent rights is generally conceived as a necessary mechanism to ensure further innovation, stimulate advanced research and facilitate efficient market transactions with patent rights. The patent holder can transfer the technology embodied by way of granting to others a license to use the patented invention in return for a share of the revenues, usually royalties. Patent rights transferability has been proven to be efficient and profitable to the industry as well as beneficial to the welfare of society. The economic and practical perspectives of the transferability and commercialization of patent rights are discussed.Pozycja The Role of the Internet in Overcoming Information Barriers: Implications for Exporting SMEs of the East African Community(Nowy Sacz School of Business – National-Louis University, 2012) Mori, Neema; Munisi, GibsonSmall and medium-sized enterprises play a significant role in the East African Community, contributing highly to the national income and employing a significant number of people. Exportation provides a great opportunity for these enterprises to expand their businesses and improve their performance. However, they encounter a number of information- related barriers before and during exportation. Based on literature, this paper identifies these barriers and discusses how the internet could be used to reduce them. Based on the internet, international business and small business literature, the paper provides propositions and develops a model that will be useful for future studies in this area.