Eurasian Business and Economics Perspectives

Table of Contents

1. Frontmatter

2. Eurasian Business Perspectives: Human Resources Management

   1. Frontmatter

   2. The Effect of HR Practices on the Fulfillment of a Psychological Contract in the Context of the Polish Organizational Culture

      Anna Rogozińska-Pawełczyk

      Abstract

      The article identifies and analyzes Polish organizations’ HR practices that have the strongest effect on the development of employees’ expectations relating to psychological contracts. The data were collected using semi-structured individual in-depth interviews (IDI) during a qualitative survey of 56 employees representing medium and large firms. The IDI transcripts were thoroughly analyzed to capture the details of respondents’ opinions on how they felt about the fulfillment of their psychological contracts, as well as specific examples illustrating their relations with employers in cases when the obligations they had toward each other were met or unmet. The survey questions also aimed to determine which HRM practices have the strongest effect on the perception of psychological contracts as being fulfilled. The analysis of respondents’ subjective narrations indicated five key HR practices that may influence employees’ expectations regarding the fulfillment of their psychological contracts. Five culturally meaningful HR practices were identified, focusing on organizational climate, employees’ identification with the organization, fair pay, professional development, and work–life balance. The article is a contribution to the literature on psychological contract formation in organizations. Its empirical part was designed to advance the understanding of the process in the environment of Polish companies.

   3. A Seat at the Table: Exploring 4.0 Leadership Attributes Using a Thematic Approach

      Salina Daud, Wan Noordiana Wan Hanafi

      Abstract

      As we are transforming towards the fourth industrial revolution, in the era of technological change and competitive world, organizations need to employ a leadership style that could help the organization to survive. Fourth industrial revolution leadership is defined by the ability to rapidly align, engage, and empower networked teams with clarity of purpose and powerful resolution to win. The objectives of the study are to capture the indicators that will assist in confirming the indicators for the 4.0 leadership in the manufacturing industry in Malaysia. The data collection for this study includes a preliminary observation of company practices, focus group discussions, in-depth interview, and an expert opinion interview. Fifteen themes emerged from the data; idealized influences, inspirational motivation, innovative, visionary, courage, passion, strategic thinking, focus, collaborative, flexible, communication, accountable, tech savvy, entrepreneurial, and agile. There is no doubt that Malaysia’s manufacturing industry is under pressure to maintain organizational effectiveness and efficiency. The emphasis on human capital and productivity is critical for going forward and remaining competitive in such a challenging environment. Thus, the findings from this study could provide insights on leadership attributes that leaders could use to sustain their operations for the longer term in the fourth industrial revolution.

   4. Are Co-Working Spaces Communitarian and Open? Organizational Values from the Dynamic Perspective

      Zehra Oruç, Onur Ünlü

      Abstract

      This study investigates whether the values of collaboration, openness, and community, which are used to define co-working spaces (CWS), are supported by user and manager statements. It also categorizes different forms of these organizational values based on the dynamic perspective proposed by Bourne and Jenkins. Results revealed that the degrees to which the collaboration, openness, and community values are shared as an organizational value that defines CWS were high, moderate, and loose, respectively. It has been observed that each value is expressed in different organizational value types in the relevant CWS. For instance, collaboration is categorized as a value that is espoused and shared by the managers and users, as well as an attributed value that allows CWS to be defined within society. The community value, by contrast, is espoused by the top managers through written statements and formal documents (and sometimes through sanctions), but it is not shared by the users at the same level, and it is used at a very limited level to define the organization. Based on the dynamic perspective of the organizational values, it has been concluded that there is a high overlap in the collaboration value; moreover, there is a leadership gap in terms of community and openness values.

3. Eurasian Business Perspectives: Industrial Organization

   1. Frontmatter

   2. Sources of Finance and In-House R&D: A Study of Electronic Firms in India

      Richa Shukla

      Abstract

      The study attempts to examine the association between sources of finance and R&D decision of electronic firms operating in India. Based upon the availability of financial information relevant to our study, the random effects estimation is performed for a sample of 101 electronic firms obtained from the CMIE Prowess database for the time period 2002 to 2015. The price-cost margin turns out to be an important determinant of R&D expenditure and R&D intensity. Following the extant literature, the sensitivity of investment decision to an internal source of finance indicates the presence of financing constraints. Given the risk associated with R&D projects, the government may provide tax subsidy since the cost of outside finance is high for such investments. The significance of cash holdings indicates that firms deploy cash holdings for R&D smoothing. As a major portion of R&D expenses is made as payments to skilled manpower, firms tend to smooth their R&D expenses. Among the sources of external finance, access to equity finance is important for R&D. The small start-up in this sector with insufficient reserves and assets may not have access to external finance. Hence, their R&D decision turns out to be sensitive to external equity financing. Tobin’s q is found to be positively related to R&D investment suggesting the possibility of R&D investment by firms envisaging growth opportunities. Firm size captured by total assets appears with a positive and significant coefficient.

   3. Empirical Evidence on how Smart Connected Products’ Capability Maturity Impacts Players’ Portfolio Strategy: A Case Study on Siemens

      Diana Cozmiuc, Ioan Petrișor

      Abstract

      Prominent authors predict smart connected products on all industries will usher a new era in digital transformation, with several degrees of digital transformation capability maturity. The goal of the article is to test this predictive theory via a pioneering case example. The methodology is an intrinsic explanatory case study with Siemens case subject. The explanatory case study seeks causal relationships between the smart connected products capability maturity index and Siemens’ portfolio strategy. The empirical data pertains to a wide body of Siemens’ public statements. The causal relationships are sought via intermediary variables, the dimensions of portfolio strategy. The finding is that the capability maturity index adds two dimensions, the core technology dimension and the customer account dimension, to Siemens’ traditional matrix portfolio made up of vertical industries and geographical locations. Siemens analyzes and aggregates sales on each of these dimensions. The core technology dimension comprises research and pre-development activities related to the technologies in the smart connected products’ capability maturity index named explicitly. Sales organizations may be key account managers as well as the internal digital transformation management consultant Advanta. At Advanta, the digital maturity index is sine qua non to the digital transformation consulting process that decides the marketed solutions’ architecture.

   4. Transition Toward a Low-Carbon Economy: The Contribution of Italian Listed Utilities

      Luisa Bosetti

      Abstract

      Climate change is the most urgent environmental crisis we are facing today and the fact that it threatens the survival of communities that are affected by natural disasters, as well as the prosperity of their businesses means that it also raises social and economic concerns. Several international agreements and programs describe the transition toward a low-carbon economy as a necessary step to combat climate change. The utilities sector should assume great responsibility in this process. This chapter seeks to understand how Italian listed utilities are contributing to the transition to a carbon-free economy. Specifically, the study examines how strategic they deem the fight against climate change as a condition for their long-term growth. The study is qualitative and adopts the content analysis method. Data are collected from nonfinancial statements, other corporate documents, and websites. The results of the investigation show that the Italian listed utilities have embarked on a virtuous path, which is strongly inspired, guided, and monitored at board level. In particular, the actions undertaken by the companies analyzed in this study appear not only capable of strengthening their image as sustainable companies but also of benefitting the entire economic system, society, and the environment.

4. Eurasian Business Perspectives: Management

   1. Frontmatter

   2. Business Ecosystem: More Than a New Name for Supply Chain?

      Vanessa Felch, Eric Sucky, Leonie Schwartz

      Abstract

      Already in the 1990s, it was stated that the concept of the business ecosystem (BE) overlaps with that of supply chain management (SCM). Despite initial doubts about the novelty of the BE concept, the publication rate has increased without making a clear distinction between the two concepts. Similar to the discussion on the distinction between logistics and SCM, the following question arises: Is the BE more than a new name for the supply chain? First, this article analyzes the literature to identify elements for distinguishing the concepts. Second, the literature-based findings were validated and further completed using expert interviews. As a result, we present a list of 20 elements grouped into five dimensions: (1) actors, (2) the relations between actors, (3) the structure of the network, (4) the product, and (5) the platform. Third, we empirically investigate whether these elements are actually perceived by national and international researchers focused on BEs and/or SCM. The results suggest that some differences between these concepts, e.g., mutual dependence among actors, are not necessarily recognized. Differentiation by relationship type, the variety of actors within the network, and the product can be considered. Based on the insights gained, implications for BE management can be derived.

   3. What Affects the Strategy Type of the Biggest Russian Corporations?

      Dmitri Pletnev, Ekaterina Nikolaeva

      Abstract

      The chapter aims analysis of the factors influencing the selection of the declared strategy type of the biggest Russian corporations. The research focuses on institutional factors: industry, ownership, amount, and composition of the board of directors. The chapter uses data on the 40 largest Russian corporations’ strategies in terms of sales proceeds, independently collected and systematized by the authors, and information on the factors studied. The combined approach is developed to identify the strategy type, based on two approaches: Reeves-Love-Tillmanns and Mintzberg-Waters. Four types of strategy are identified: classical planned, classical process, classical ideological, and formation strategy. Chi-squared testing is used to analyze the influence of factors on the choice of a strategy type. Classical planned and classical process strategies are more frequent than others, while classical ideological and formation strategies are encountered only in 3–4 cases. As a result of empirical research, the dependence between strategy type and three factors (industry, ownership, the share of independent directors in the board of directors) is confirmed. The board of directors’ size and women’s share in it did not significantly influence the strategy type. State-owned companies often use the classic planned strategy, while private companies use the classic process strategy. Metallurgical corporations’ adherence to the classical process strategy and financial companies and banks to the formation strategy is also revealed.

   4. Data Envelopment Analysis on Relative Efficiency Assessment and Improvement: Evidence from Chinese Bank Branches

      Meifen Chu, Guangyuan Zhou, Wenfeng Wu

      Abstract

      By creating credits commercial banks contribute to the national economy and their branches are the catalysts of depositing, lending, and other associated activities. To comprehend the efficiency of commercial banks their branches must be brought under the microscope. The purpose of this chapter is to analyze the comparative efficiency of the bank branches from a micro point of view by introducing environmental changes. Firstly, we utilize Data Envelopment Analysis (DEA) to micro-analyze 18 bank branches of a Chinese commercial bank. Secondly, we decompose the effectiveness into efficiency and productivity to estimate the bank branches’ relative efficiency and productivity. To add, we also examine overall productivity along with average efficiency that assists in understanding each staff’s performance; this is a rarely investigated territory. Thirdly, we employ operating environment factors—a novel approach—with three dimensions (business conditions, competitiveness, and future development) to further detect and rank bank branches efficiency. We found that some branches performed efficiently (inefficiently) even in lower (higher) external environments; hence, locations and individual performance are vital influencers of bank branches’ efficiency. We recommend practical measures to improve the efficiency of inefficient branches in the areas of expense, revenue, and management; this will be beneficial for any commercial bank’s policy-making efforts.

   5. Sustainability of the Hungarian Social Cooperatives

      Sándor Bozsik, Katalin Lipták, Judit Szemán, Zoltán Musinszki

      Abstract

      In 2016, the Hungarian Government launched a new subsidiary programme to promote the establishment and operation of social cooperatives—called Focus programme. This paper examines the financial sustainability of Hungarian social cooperatives based on the financial report of 2961 entities. The key question was how effectively they used the state subsidies to reach a financial sustainable status. Three major subsidisation programmes were analysed. By our results, the effectiveness of the programmes proved better during the time, however the effectiveness inside the framework of the unique programmes decreased, which indicated a serious dilution of the late applicants. Considering the sectorial distribution of the surviving social cooperatives, some industrial sectors like Metallurgy, Building materials manufacturing, Roofing, Toy manufacturing, Building industry proved to be the most successful while the most populated sectors like agriculture, retail trade, communal activities are more likely ceased to exist after the maturity of the applications. Some financial ratios were tested to predict the sustainability of a social cooperative and the discriminant analysis was used to highlight the importance of these ratios. The result of the analysis was that the Operational Sustainability has got far better predictive nature than the rest ones.

   6. ICT as an Employee Engagement Driver: Evidence from Russian Firms

      Dmitri Pletnev, Elena Kozlova

      Abstract

      Digital technologies are becoming more and more critical in the modern employee and manager’s practice. Today employers use not only a computer, but often intelligent sensors, complex information systems, and big data. Is an employee ready to accept and enhance the role of information and communications technologies (ICT) in modern production? The study aims to identify the relationship between the use of information technology in the professional activities of the Russian firm’s employers and their engagement, measured through the alienation degree and behavioral opportunism level. The work used data from a survey of 300 employees of Russian firms conducted in September 2020. The employees represent firms operating in various sectors of the economy in 18 cities of Russia, aged 18 to 65 years. Integral indicators transform the survey results into quantitative scales to assess the alienation degree and behavioral opportunism level. Z-test and two-way ANOVA are used to process the data. The research shows that using ICT in work and everyday life affects employees’ alienation and behavioral opportunism in Russian firms. More frequent use of ICT leads to less alienation and opportunism in firms (including its components: opportunism willingness and conditions for opportunism). The research results only one insignificant relationship: between the frequency of ICT use in everyday life and opportunism willingness.

   7. Analysis of the Textile Supply Chain from a Circularity Perspective: A Case Study

      Sara Alonso-Muñoz, Rocío González-Sánchez, Cristina Siligardi, Fernando E. García-Muiña

      Abstract

      Circular economy practices and its implementation is paramount to drive the design of circular and reverse supply chains, thus enabling products to enter the chain again through recycling and reuse. The main purpose of the research is to analyze the importance of the supply chain in the transition to a circular economy, focusing on the textile industry. So-called “fast fashion” and the linear supply chains followed by the large fashion multinationals are a serious problem. The textile closed supply chain and its harmful effects have been examined, as well as the boosters and barriers associated with their transformation under the circularity paradigm. The implementation of circularity in this industry implies a systemic rethinking of the entire supply chain. A case study of “Teemill” company which produces and sells circular T-shirts is analyzed. The main results showed that Circular Supply Chains in the textile sector are based on two fundamental pillars for their development. On the one hand, the development of new technology that reduces waste and increases efficiency in productivity, using renewable energy and circular principles in all phases of their supply chain through reverse logistics. On the other hand, based on this technological development, the establishment of long-term agreements that allow developed a cloud-connected supply chain. Coordination and cooperation between suppliers and manufacturers are essential to achieve more sustainable products. In addition, customers play a key role in their participation in the recycling and recovery of products.

   8. Government Relations Management: A Specific Form of Interaction Between Business and State in the Republic of Moldova

      Cociug Victoria, Afteni Laura

      Abstract

      The progress of any society is largely determined by how its economic activity is organized as a result of the efficient functioning of its political institutions in ensuring a competitive business environment. Thus, the efficiency of cooperation between the public and private sectors is one of the most significant markers of any modern state development. Management of business-state relations (GR-management) is a special type of management activity located at the intersection of three sectors of society: government, business, and non-profit organizations, including business associations. In the process of evolution, the relations between business and state have changed, currently developing on three levels—corporate GR, GR-consulting, and GR through business associations. This article aims to identify which of these forms of GR-management is the most effective in an emerging country based on the experience of the Republic of Moldova. In this paper, we analyze how GR-management works in the Republic of Moldova through its component—business associations, by conducting a survey and analyzing the data obtained. The survey helped us to deduce that business in the Republic of Moldova needs to represent its interests before the state through associations, and the most important elements of the state/business environment relationship refer to the promotion of partnership development, extension of foreign economic and international relations, promoting the image of the business in the media and training activities.

5. Eurasian Business Perspectives: Marketing

   1. Frontmatter

   2. Digital Marketing Adoption Framework for Small Businesses in Egypt: A Grounded Theory Approach

      Ghadir Fareed, Passent Tantawi

      Abstract

      Although the adoption of digital marketing technologies for Micro, Small, and Medium Enterprises (MSMEs) is an essential step in today’s digital disrupted markets, the literature is still lacking a practical framework to measure the degree of digital marketing technology adoption and its impact on business performance. Provided that there is a continuous economic development caused by MSMEs in Egypt, along with the emerging technology tools, it is essential to study their performance in the digital era. Also, limited research linked technology adoption with marketing management in specific. Based on distinctively advantaged access to the Egyptian entrepreneurship ecosystem, this study is exploratory in nature which seeks to contribute to the digital technology adoption literature by building on the gathered insights from the previous studies and literature review to develop a proper framework. Using a classical grounded theory approach, over nine months’ period, 10 Egyptian MSMEs’ marketing activities and performances have been continuously observed and their owners have been interviewed. Data were analyzed using themed analysis in which initial coding and then detailed themes were generated. The research is contributing to literature by introducing a new and dynamic digital marketing adoption model for MSMEs covering previous models’ flaws. The proposed model helps policymakers and MSMEs’ owners better evaluate the digital marketing technology impact on business performance, thus they can use it to evaluate the effectiveness of various technologies implementation.

   3. Islamic Advertising Revisited: Implications of Islamic Principles in Advertising

      Nurzahidah Haji Jaapar, Anis Husna Abdul Halim, Sharifah Fadylawaty Syed Abdullah, Mohd Faiz Mohamed Yusof, Mohd Dani Muhamad

      Abstract

      The survival in the current market is severe because many manufacturers compete in offering various kinds of products and services. An effective strategy in product positioning can improve business sales. The application of advertising is a promoting tool to introduce and encourage potential consumers to purchase products and brands. However, it is found that advertising is charged with many adverse effects includes promoting unsafe and harmful products, wasteful spending and exploiting women and kids. Therefore, this research attempt to analyze the implication of Islamic principles in advertising and discuss outcomes on how Islamic advertising is important in the marketing area. This research methodology is based on content analysis of the literature by reviewing related fiqh books on advertising, namely as references. The results indicate that the advertising practices should be based on four Islamic advertising principles comprising of truthfulness, unbiased comparison, protect modesty, and prohibition on offensive content. It is hoped that the findings may contribute to recognition on the importance of Islamic advertising for social, economic, and commercial outcomes for contemporary practices.

6. Eurasian Economic Perspectives: Accounting/Audit

   1. Frontmatter

   2. Analysis of Nonfinancial Reporting and Integrated Reporting Application: The Case of State-Owned Companies in Croatia, Slovenia, and Serbia—Some Initial Evidence

      Nives Botica Redmayne, Vesna Vašiček, Josip Čičak

      Abstract

      Integrated reporting and nonfinancial reporting are becoming prominent matters in financial reporting in the last two decades. Practical implications in this field are conceptualized in the IR Framework and other nonfinancial reporting standards. However, the application of the standards varies in different jurisdictions and in different sectors. Some public sector reporting entities have embraced more recently the integrated reporting as an alternative to traditional public sector reporting. The objective of this chapter is to examine application of nonfinancial reporting by the state-owned companies in southeast Europe, specifically Croatia, Slovenia, and Serbia. Data is collected on large state-owned companies from the region. The data is collected from publicly available financial reports. The information collected is evaluated for the disclosure quality against the IR Framework Content Elements. This chapter shows that Serbian state-owned companies generally do not have at all any nonfinancial reporting in their reports. The best application of nonfinancial reporting is in Slovenia, while in Croatia analyzed companies nonfinancial reporting exists, however, often such reporting is not in the form of the IR Framework. There is a correlation between each country’s EU membership and related EU directives on the public sector reporting and the quality of nonfinancial reporting by researched state-owned companies. This chapter provides informative comparison and insights into the emerging nonfinancial reporting practice in public sector and provides support for regulation to encourage and improve such reporting in public sector.

   3. Position and Strategy of Constituents in the IFRS 16 Project on Lease with Special Attention to Large Audit Firms’ Comment Letters

      Lucía Mellado, Laura Parte

      Abstract

      This chapter examines the position and strategy of groups of constituents in IFRS 16 on leases through a content analysis of comment letters submitted in the last consultation period. The chapter also focuses on large audit firms to understand their influence in the final standard because they have been submitting extensive comment letters to the two Exposure Drafts and Discussion Paper in the IASB lease accounting due process. Specific objectives of the chapter include the following: i) to examine the position and the strategy developed by constituents to persuade regulators in the lease standard setting process, looking for measures of quality, lobbying effort or style, among others; ii) to understand the arguments of Big 4 audit firms and their reflection on final standard. Findings show differences in content analysis variables among constituents (groups of participants, US respondents vs non-US respondents, and signatories’ gender), suggesting different positions and strategies to persuade regulators. The study also provides a deeper understanding of the large audit firms’ motivations to be involved in the lease standard setting process and their influence on final decisions. Understanding the role of players in the decision process may help the accounting community to improve the standard setting.

   4. The Effect of Performance Accountability Reporting on Public Trust for NPOS in Qatar

      Yaseen Al-Janadi, Rashid Murad

      Abstract

      Public trust is one of the main pillars in the continuous of Non-profit Organizations (NPOs). In order for an NPO to build public trust, they need to provide accountability. Thus, the study examines the performance accountability in the Qatari NPOs and the extent to which this accountability affects the public trust. The study used the survey to collect the data from the public who deal with NPOs in Qatar. The survey was developed to focus mainly on examining the relationship between public trust and NPOs’ performance. Furthermore, the survey focuses on measuring the public trust toward the activities provided by NPOs to society. Based on 77 responses, the results find that there is a sufficient level of accountability reporting among NPOs in Qatar. Furthermore, the relationship between accounting performance and public trust is significantly positive. The findings provide the implication that accountability reporting is important to build public trust in Qatar as one of the Middle East countries which most of these developing countries depend more on charities to help governments in social responsibility.

7. Eurasian Economic Perspectives: Political Economy

   1. Frontmatter

   2. The Economic Policy Uncertainty Spillovers of the UK on its top Trading Partners

      Thi Ngoc Lan Dinh

      Abstract

      The paper investigates on the spillovers effect of the Economic Policy Uncertainty of the UK (UK’s EPU) on its top trading partners by applying panel regression with robustness checks and Vector Error Correction Model with causality test. The paper aims to clarify the UK’s EPU impact compared to the USA in a lot of empirical research to fill in the research gap of EPU spillovers from UK’s perspective, which is neglected in the past despite its meaningfulness. By considering an updated data over 1997Q1–2019Q4 covering the UK’s significant events, for instance, Brexit, the paper found that UK’s EPU has a robust positive impact on the trading partners’ EPU; However, the impact ratio is lower than the empirical research of USA, just about one-third. This result is ensured by causality test and several robustness checks, including an introduction of a novel instrument for the main interest, UK’s EPU. Assessing the previous UK’s EPU and adjusting the trade openness can alleviate the volatility of trading partners’ EPU caused by UK’s EPU. Interestingly, more trade openness to the UK helps stabilize the host countries’ economic policy and reduce the unique effects of UK’s EPU on the host countries’ EPU.

   3. A Contribution to General Equilibrium Theory

      Truong Hong Trinh

      Abstract

      This paper explores the value concept to formulate economic surplus and gross domestic product (GDP) that are the base to define the aggregate demand–aggregate supply (AD–AS) relationship. The structure of the economy is the starting point to define a general equilibrium mechanism that explains the interrelation between the commodity market and resource market. The mechanism of general equilibrium and its adjustment process are defined upon theories of rational expectation, nominal rigidity, and the real business cycle. The research indicates that steady-state equilibrium and steady-state growth rely on the scale and structure of the AD–AS in the markets. From the relationship between general equilibrium and economic growth, the steady-state growth path and inflation-unemployment tradeoff are explained upon changes in the structure of the AD–AS under economic policies (or economic shocks). The paper contributes to the general equilibrium theory that provides a solid microfoundation for further researches on economic growth and economic crisis in the real-world economy.

8. Eurasian Economic Perspectives: Regional Studies

   1. Frontmatter

   2. Soft Skills Acquisition for the Knowledge Economy: A Research Strategy for Policy Evolution in Technical and Vocational Education and Training (TVET) in Intermediate and Emergent Economies

      Nasrullah K. Khilji, Stephen A. Roberts

      Abstract

      This paper explores aspects of ‘soft skills acquisition for the knowledge economy’ and explores a research strategy for policy evolution in technical and vocational education and training (TVET) in intermediate and emergent economies. Evidence from Pakistan as an emergent, intermediate economy is reviewed, with respect to preparing potential entrants to the workforce for substantive engagement with a knowledge-based economy. Technical and occupational skills continue to underpin economic capacity. However, the knowledge economy requires enhanced personal and social capacities exploiting all aspects of human communication and interaction. The ability to use digital technologies to explore, exploit and use sources of data, information, intelligence and knowledge is essential in deploying soft skills to exploit the knowledge economy. Human capacities accented towards soft skills interacting with technologies and knowledge are foundations for future economic success. The review identifies the need for a research strategy for policy evolution in TVET in Pakistan, whose experience can provide a template for other emergent economies. Key parameters are identified by the authors which need to be incorporated and monitored to assist policy evolution. In parallel, the nature of curricula for soft skills development will have to be seriously reviewed and reformed. These need to be developed in practice in a variety of settings. Organisations entering the knowledge economy have had to accept the need for cultural changes. In the same manner, the pathway to soft skills acquisition for the knowledge economy requires a similar level of cultural change.

   3. Discovering an Entrepreneurial Intention among Youngsters

      Hasliza Hassan, Muhammad Sabbir Rahman, Abu Bakar Sade

      Abstract

      Tremendous efforts have been made to urge young people to wander into business venture. Nevertheless, the consequences are still vague. As an initiative, this research intends to discover the entrepreneurial intention among youth in Malaysia based on the theory of planned behavior, which is adapted for the Malaysian entrepreneurship intention context. The data were collected through a survey questionnaire that was distributed to tertiary students. Descriptive analysis, confirmatory factor analysis, and structural equation modeling were used to analyze the collected data. The entrepreneurship intention among youth has been influenced by subjective norms and perceived behavioral control. It is also discovered that there is a correlation relationship among attitude, subjective norms, and perceived behavioral control. Nevertheless, the attitude alone may not directly influence the particular individual to venture into entrepreneurship. In line with the findings, entrepreneurship encouragement should be based on the surrounding community with an individual’s behavioral control to venture into entrepreneurship. Strong encouragement from the surrounding community and individual behavioral control may also inspire and shape the attitudinal tendency towards entrepreneurship. This research embarks on discovering the entrepreneurship intention among youngsters in Malaysia. It is expected that further discoveries will be found through this research.

   4. Slovakia’s Year in the COVID-19 Pandemic

      Zuzana Stoličná, Loretta Pinke

      Abstract

      The COVID-19 pandemic has paralyzed so far not only the world economy but also the domestic environment. This study analyses the numerous economic impacts of the Coronavirus pandemics. The focus is being directed on the consumption behaviour of households. Several macroeconomic indicators will be compared, which enables us to see the differences between current and past data. Discussing consumption, quarterly GDP data at current prices of Slovak Republic are going to be compared. Simultaneously, the financial support from the European Union and its implementation by the governments are going to serve as a good example of how differently countries are using their financial resources. Slovak Republic managed to negotiate a financial aid in the amount of EUR 631 million, which represents the third-lowest financial aid being provided for 16 EU member states. This chapter aims to outline the current condition of the consumption and the reaction of respective countries to the financial aid. The result will be an output in the form of an article named A year in the COVID-19 pandemic, that might be used as a useful guideline for those countries, which struggle with the impact of the COVID-19 pandemic.