JOURNAL OF ENTREPRENEURSHIP, MANAGEMENT AND INNOVATION (JEMI)

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https://repozytorium.wsb-nlu.edu.pl//handle/11199/130

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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Assessing Ukrainian Banking Performance Before and After the Crisis
(Nowy Sacz School of Business – National-Louis University, 2011) Shkura, Iryna; Peitsch, Barbara
The 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.
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, Kazimierz
The 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.
A Coherent Model of DCF Valuation
(Nowy Sacz School of Business - National-Louis University, 2011) Patena, Wiktor
Business 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.
Development of Intercultural Learning: New Challenges for Higher Education in Ukraine
(Nowy Sacz School of Business – National-Louis University, 2011) Sikorskaya, Irina
The 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.
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.
Female Entrepreneurship – An Appropriate Response to Gender Discrimination
(Nowy Sacz School of Business – National-Louis University, 2012) Ascher, Jacques
This 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.
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, Piotr
The 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.
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.
Matching Imitative Activity of High-Tech Firms with Entrepreneurial Orientation
(Nowy Sacz School of Business – National-Louis University, 2012) Najda-Janoszka, Marta
As 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.
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, Péter
In 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.
Languages in Problem Solving and Modeling
(Nowy Sacz School of Business – National-Louis University, 2012) Śliwa, Kazimierz
The 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.
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, Héctor
This 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.
Affective Management and its Effects on Management Performance
(Nowy Sacz School of Business – National-Louis University, 2012) Authayarat, Waratta; Umemuro, Hiroyuki
Affective 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.
How to Strengthen Positive Organizational Behaviors Fostering Experiential Learning? The Case of Military Organizations
(Nowy Sacz School of Business – National-Louis University, 2012) Lis, Andrzej
The 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.
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, Guy
As 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.
The Spanish cod fishing industry: Radical production changes without significant changes in the innovation system
(Nowy Sacz School of Business – National-Louis University, 2012) González-López, Manuel
This paper studies the changes which have occurred in the Spanish cod fishing industry in the last few years. We also aim to understand the dynamics of industrial change and its relation to institutions, understood here as both formal and informal rules and conventions. Our results suggest that sometimes industries, in order to maintain their competitive position, need something more than incremental changes in their products or in the technologies that they use. As we can see with the Spanish cod fishing industry, major changes are needed which affect the institutional set-up of their production system. Nevertheless, even when major changes happen in the production sphere, this does not mean that major alterations happen in the way companies innovate, i.e. in their innovation system.
Innovation Capital and its Measurement
(Nowy Sacz School of Business – National-Louis University, 2012) Kijek, Tomasz
Innovation 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.
Relevance of Discretionary Accruals Information (DAI) in Ohlson model: the case of Mexico
(Nowy Sacz School of Business – National-Louis University, 2012) Durán-Vázquez, Rocío; Lorenzo-Valdés, Arturo; San Martín-Reyna, Juan Manuel
This study applied the modified Jones ́ model (1991) for selected companies of Mexico. This model aims to assess the impact of Discretionary Accrual Information (DAI) on financial reporting statements, in order to identify the value relevance of “earnings quality”. We applied methodological criteria of Chung et al (2005) and Mukit & Iskandar (2009). We analyzed financial information of the 35 stock included in the Index of Prices and Quotations (IPC) of the Mexican Stock Exchange (BMV) for the period 2000 to 2011. 19 companies met the specifications of the model, for 48 quarters of information. The analysis was done in three parts: first, an analysis of the modified Jones ́ model under panel data considerations by using fixed effects and adjustments of performing autocorrelation of order 1; second, a correlation analysis between the residuals of the modified Jones ́ model and the return of stock price in 3 annual closings years of study: 2007, 2008 and 2009; and third, we incorporated this variable (DAI) in the Ohlson model (of the financial and corporate accounting literature) and we tested it with panel data analysis, under fixed effects, throughout the study period.
Regional Determinants of Efficiency Growth of Small and Medium-Sized Enterprises. Evidence from Poland
(Nowy Sacz School of Business – National-Louis University, 2012) Łuczka, Teresa; Przepióra, Paweł
SMEs sector plays a vital role in modern economies. Therefore, the interest in its functioning among economists is in fact quite natural. This article is a part of a current research on regional factors contributing to the development of enterprises in this category. The first section examines earlier studies in this field conducted globally and in Poland. According to them, many elements enable the SME’s development. It is not surprisingly that the specified set of pro-growth factors does not exists. Next section describes the results of the author’s own studies in the fields. These studies relate to regional factors contributing to the efficiency growth of micro, small and medium-sized enterprises in Poland. Data used in the study was collected from GUS [1] and EUROSTAT and encompassed 16 provinces for the years 2003-2008. The model prepared included 11 independent variables on labor force, social mobility, living standard and R&D policy. The authors would have gladly considered more than 11 explanatory variable, but the inaccessibility of such data made it impossible. In the next step, using GRETL software, equations of regression were defined. On this basis it was concluded that the most important factors contributing to efficiency growth of SMEs are the amount of spending on R&D and the level of wages.
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, Milena
The 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).

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