Vol.49, No 2 (2016)

Olaf Kranz

University of Regensburg, Faculty of Business, Economics and Management Information Systems, Germany

Thomas Steger

University of Regensburg, Faculty of Business, Economics and Management Information Systems, Germany

Ronald Hartz

Independent researcher, Germany

Abstract

Background/Purpose: Although employee share ownership (ESO) deserves of a long tradition, we still know little about employees’ perspectives about ESO. The lack of knowledge about the employees’ attitudes towards ESO is discursively filled in the ESO debate. This paper challenges that deficit by carrying out a semantic analysis of the literature with the aim to identify the various actor constructions used implicitly in the ESO discourse. Design/Methodology/Approach: We conduct a semantic analysis of the ESO discourse. To unfold the order of this discourse we draw on the distinction between surface and underlying structure of communication in the sense of Michel Foucault. We interpret some semantic lead differences, a term coined by Niklas Luhmann, to constitute the underlying structure of communication. Results: We can identify six different streams on the ESO discourse’s surface level each defined by the ends pursued. The discourse’s underlying structure is made up of the distinctions production-consumption, capital-labour, and own­ership-control that also determine the actor models implicitly in use. Conclusion: We can identify five different actor models implicit in the ESO discourse. While the CEE discourse differs on the surface level in as far as it is more concerned with questions of political legitimation of the privatisation process than with questions of economic efficiency, thus introducing political distinctions in the discourse rather missing in the west, it shares the underlying semantic lead differences with the Western discourse as well as the actor models anchored in those differences.

Ricardo B. Machado

Porto Polytechnic, School of Management and Industrial Studies (ESEIG), Vila do Conde, Portugal

Abstract

Background/Purpose: Kelso’s quest to identify the economic counterpart of political democracy and, as a cor­ollary, his concern about the nature of the economic system’s organisation needed to support the institutions of a politically free society, contributed two important terms: economic power and democracy. Following Kelso’s reasoning, my research study aims to understand the determinants of the implementation of economic democracy, measured by the incidence of employee share ownership plans, within European Union countries. Methodology: Setting out with the theory of one of the founding fathers of employee stock ownership plans, I perform a cross-country analysis spanning five years (2008–2012) to explain the incidence level of employee ownership by independent variables operationalizing the political, legal, socio-educational and economic structures of twenty Euro­pean Union countries. Using secondary data from the European Federation of Employee Share Ownership, I explain the determinants’ pertinence, while accounting for severe data limitations. Results: I report a strong correlation between employee ownership incidence and the index of economic freedom. However, the labour market’s freedom, the trustworthiness of and confidence in financial markets and the quality of secondary and tertiary education do not deliver clear-cut results. Conclusion: Further research should comprehensively scrutinise country-specific factors regarding corporate gov­ernance issues and cross-cultural controls. Employee ownership researchers should consider this field of research to understand why countries that are so-called employee ownership champions are experiencing widening income inequality.

Mitja Stefancic

Via Frescobaldi, 31 – 34148 Trieste, Italy

Abstract

Background/Purpose: The aim of this paper is to empirically investigate the performance of different types of Italian banks before and during the recent credit crisis with an emphasis on the behaviour of cooperative banks. It is well established in theory that cooperative banks follow more conservative business strategies and care more for stakeholders in comparison to commercial banks. On this background, the paper tries to show the empirical effects of those characteristics on the cooperative bank’s performance during financial distress compared to commercial banks. In fact, the paper can prove that Italian cooperative banks were less exposed to the shocks of the crisis and showed a better performance. Methodology: In order to assess whether cooperative banks performed differently at all from commercial banks during the 2005–2012 period, return on average assets (ROAA), cost efficiency and loan quality have been investigat­ed by means of a sample of 594 Italian banks, pooled OLS and (when possible) a fixed effects estimator. Results: Overall, Italian cooperative banks performed better than other Italian banks during the financial crisis. The quality of loans deteriorated less in these banks than in others, while no significant differences have been observed in terms of ROAA and cost efficiency between these and other banks. Conclusion: My paper provides empirical evidence for a well established theoretically derived hypothesis: Italian cooperative banks operate differently than standard commercial banks which is especially noticeable during times of crisis. The fact empirically demonstrated that different banking models have shown different reactions to the financial crisis and economic downturn has important policy implications. Due to both characteristics of cooperative banks and severe limitations in the financial policies by the Italian government during the credit crisis an ironical pattern has emerged: While Italian cooperative banks were less exposed to the shocks of the crisis, they would have been less able to adjust to them since the financial rescue program was designed primarily for commercial banks.

Andrej Srakar

Institute for Economic Research and University of Ljubljana, Kardeljeva pl. 17, 1000 Ljubljana, Slovenia

Rok Hren

Institute of Mathematics, Physics and Mechanics, Jadranska 19, 1000 Ljubljana, Slovenia

Valentina Prevolnik Rupnik

Institute for Economic Research, Kardeljeva pl. 17, 1000 Ljubljana, Slovenia

Abstract

Background/Purpose: Chronic diseases and associated co-morbidities are highly prevalent among elderly and are associated with an increase in health services utilization which in turn raises health care expenditures throughout industrialized societies. However, health care utilization in elderly is still inadequately understood, particularly regard­ing the differences among European jurisdictions. In our article, we use dataset of Wave 5 of SHARE survey to study the utilization of health care in older Europeans in 15 European countries. Design/Methodology/Approach: We investigate relationships between factors such as age, gender, income, educa­tion and health variables and the utilization of various types of health services. We apply regression modeling to study the determinants of health utilization (different socioeconomic and health variables) of older people. Results: We show some significant differences between determinants of health utilization in terms of probability and frequency of usage. We also explore patterns between welfare regimes, taking Eastern European jurisdictions as a reference category. Finally, we show that in a simple causal model the provision of formal and/or informal homecare serves as a complement to utilization of health care services. Conclusion: Results of our article are important for the management of health care facilities in terms of health care usage by older people, and can be of value to health care providers and policy makers in the field

Aleksandar Marković

University of Belgrade, Faculty of Organizational Sciences, Jove Ilića 154, 11000 Belgrade, Serbia

Sava Čavoški

MDS informatički inženjering, Bulevar Milutina Milankovića 7d, 11000 Belgrade, Serbia

Andrej Novović

University of Belgrade, Faculty of Organizational Sciences, Jove Ilića 154, 11000 Belgrade, Serbia

Abstract

Background/Purpose: This paper discusses the application of ABMS – agent-based modelling and simulation in the analysis of customer behaviour on B2C e-commerce websites as well as in the analysis of various business decisions upon the effects of on-line sales. The continuous development and dynamics in the field of e-commerce requires application of advanced decision-making tools. These tools must be able to process, in a short time period, a large amount of data generated by the e-commerce systems and enable the use of acquired data for making quality busi­ness decisions. Methodology: The methodology of the agent-based simulation used in this paper may significantly enhance the speed and quality of decision making in electronic trade. The models developed for the needs of this research aim to improve the use of practical tools for the evaluation of the B2C online sales systems in that they allow for an inves­tigation into the outcomes of varied strategies in the e-commerce site management as regards customer behaviour, website visits, scope of sales, income earned, etc. Results: An agent-based simulation model developed for the needs of this research is able to track the interactions of key subjects in online sales: site visitors – prospective consumers, sellers with different business strategies, and suppliers. Conclusion: Simulation model presented in this paper can be used as a tool to ensure a better insight into the prob­lem of consumer behavior on the Internet. Companies engaged in the B2C e-commerce can use simulation results to better understand their consumers, improve market segmentation and business profitability and test their business policies.

Brigita Gajšek

University of Maribor, Faculty of Logistics, Mariborska cesta 7, 3000 Celje, Slovenia

Jure Kovač

University of Maribor, Faculty of Organizational Sciences, Kidričeva cesta 55a, 4000 Kranj, Slovenia

Abstract

Background/Purpose: Companies are increasingly specializing and developing those key areas with which they can compete on the global market and are linking in clusters that are ingredient of territorial competitiveness. Clusters can play a competitive role in global value chains but once being successful, they may decline. For this reason, re­searching key factors for the successful operation of clusters in Slovenia is beneficial. Methodology: This study is based on an extensive review of scientific literature. Theoretical findings are tested by a study of clustering in Slovenia. In practice, we determine the number of operating clusters fifteen years after they were initiated by the institutional environment with help of web pages, e-mails and telephone calls. Using interviews, we determine reasons for the cessation of operations on the part of former directors and factors of successful operations with directors of successful clusters. Results: The institutional environment initiated start-up processes of creating clusters in Slovenia. After the termi­nation of institutional financial support, Slovenian clusters, which have failed to develop their own financing system, ceased operation. Directors of still operating clusters confirmed that trust between cluster members is the most import­ant success factor in the operation of clusters. Conclusion: The institutional environment in Slovenia adopted cluster policy and successfully leveraged the es­tablishment of clusters using start-up financing. Less than half of these clusters continue to prosper under their own stream after policy retreatment. Clusters were not prepared for a dramatically different way of working. Trust has be­come a major driving force of adjusting to new conditions.

Olaf Kranz

University of Regensburg, Faculty of Business, Economics and Management Information Systems, Germany

Thomas Steger

University of Regensburg, Faculty of Business, Economics and Management Information Systems, Germany