Showing papers in "Business and Economic Research in 2014"

A Business Success Versus Failure Prediction Model for Small Businesses in Israel

Abstract: With the great discrepancy in the literature as to which variables do in fact lead to success or failure of small businesses there is no theory; the Lussier 15 variable business success versus failure prediction model stands out in its accuracy that has been tested and validated already in three very different parts of the world. This study further contributes by testing the model in Israel with a sample of 205 small businesses - 101 failed and 104 successful. Results support the model’s validity in Israel, reinforcing its global validity and moving toward a theory; while demonstrating similarity of SMEs in Israel to those in other economies.

Macroeconomic Variables and the Kenyan Equity Market: A Time Series Analysis

Abstract: The study investigates the dynamic relationship between stock prices and four macroeconomic variables in Kenya using cointegration and vector autoregressive framework. The VAR and VECM analysis reveals that macroeconomic variables drive equity market in the long run. The variables in the VAR model are co integrated with 3.8% disequilibrium being corrected quarterly. Notably, inflation has a negative effect on equity market suggesting that policy authorities in Kenya should design polices that mitigate inflation for stock market to develop. The results confirm that stock market is not an avenue for perfect hedge against inflation.

The Effect of the Financial Leverage on the Profitability in the Tourism Companies (Analytical Study- Tourism Sector- Jordan)

Abstract: This study aims to identify the financial leverage ratio and the rate of return on investment on profitability for sources of the funding in tourism companies which operating in Jordan. And to achieve this study the researcher use some companies related to the Tourism sector from the firms that listed in Amman Stock Exchange. The study finds the existence of a statistically significant impact for the independent variables (financial leverage and ROI) of the Tourism companies on the Profitability. Moreover, this study concluded that the independent financial variables explain the 4.4% percentage of changes occurring in the Profitability since they are considered as the dependent variable. Furthermore, the results indicate the presence of a statistically significant impact for the financial leverage on the Profitability of the Tourism companies listed in the Amman Exchange.

Impact of Intangible Assets on Profitability of Hong Kong Listed Information Technology Companies

Abstract: The objective of our study is to find out the relationship between intangible assets and financial performance of the listed technology firms in Hong Kong exchange market. Through reviewing the listed firms’ annual reports for a five year period (from 2008 to 2012), we have collected data of three kinds of intangible assets, which are research and development cost, employee benefit expense, and sales training. Meanwhile, we have used total assets and net profit as control variables in analyzing the relationship between intangible assets and financial performance, represented by return on assets (ROA) of firms. Using lagged RD our results suggested that research and development investment and sales training are beneficial to firms’ financial performance while employee benefit expense is not.

The Impact of Economic Crisis in Greece: Key Facts and an Overview of the Banking Sector

Abstract: Nowadays, the global economic crisis (GEC) highly influences organizations through its macroeconomic causes and effects, which account for a significant impact on firms’ human resources (HR) practices and labor relations (IR) as well. Of greatest concern is the extent to which the actual impacts of the crisis may be hoarding future problems for organization’s operations. Owing to the dynamic nature of contemporary business, its complexity, along with the increasing need for expertise, strategic HR interventions are highly required in an attempt of creating mature and resilient, in HR terms, organizations which will be able to assure their competitiveness, survival, change and growth. However, most organizations (banks) failed to adequately finance their daily operations, accompanied by their failure to finance national economies as well. In that event, the straightaway effects of GEC have resulted into a collapse of most financial systems and in major shortages at financial institutions around the globe. The purpose of this paper is to highlight the impact of GEC through demonstrating key facts related to the current economic crisis in Greece, and more precisely for Greek banking organizations.

Determinants of Success Factors of Women Entrepreneurs in Bangladesh- A Study Based on Khulna Region

Abstract: Being about half of the total population in Bangladesh, women are still lagging behind. Encouraging them for entrepreneurship would not only lead to economic prosperity but would also improve their standard of living. With the growing importance of women entrepreneurs, there is practical value in being able to identify factors contributing to their success. The objective of this study is to identify those factors important for women entrepreneur success and also to identify whether there is any relationship between age, marital status, education level and the success factors. A structured questionnaire, containing 25 variables, has been used to collect data by survey and the target populations are women entrepreneur in Khulna city. Total sample size is 150. Statistical tools like Factor Analysis have been used to identify the success factors. The study has identified 8 key factors that are critical for women entrepreneur’s success. Those are Access to technology, Interpersonal Skill, Business Feature, Training and Motivation, Social security and freedom, Assistance and easy regulation, Family support and quality assurance, Risk encountering. The findings of this study is instrumental for the women SME owners as well as researchers in the area of women entrepreneurs to study further with the new variables found from this research.

Performance Evaluation of the Banking Sector in Bangladesh: A Comparative Analysis

Abstract: Banking sector plays an important role in the economic development of a country especially for Bangladesh, a sound and efficient banking system is one of the most important preconditions to achieve economic development. At present, a total of 47 banks (4 SCBs, 4 DFIs, 30 PCBs and 9 FCBs) having 7246 branches are operating in Bangladesh with Tk. 4411.98billion total assets and Tk. 3329.08 billion deposits. The performance of 4types of banks needs to be compared with each other as well as the overall performance of banking sector needs to be compared with other countries. Quantitative comparison can be done on the basis of CAMEL ratio. CAMEL ratios mainly indicate the adequacy of the risk based capital, non-performing loan position, expenditure-income ratio, return on assets (ROA), return on equity (ROE), net interest income (NII), writing of debt, liquid assets, excess liquidity, etc. The study compares the 4 types of bank's time series performance on the basis of selected CAMEL ratios. This thesis paper is divided into five chapters. Chapter one comprises introduction. Chapter two includes overview of banking sector of Bangladesh. Performance of banking sector is contained in chapter three. Chapter four covers analysis and interpretation. The last chapter is about findings and conclusion.

Identifying the Components and Importance of Intellectual Capital in Knowledge-Intensive Organizations

Abstract: Intellectual capital is considered as one of the vita strategic assets for the success and sustainability of the organization in a competitive business environment. Intellectual capital is also recognized as the most crucial asset for the survival of knowledge intensive organizations. The aim of this study is to explore the components of intellectual in order to comprehend the concept and applications of intellectual capital indepth. Subsequently, to fulfill the objective of this study a comprehensive related literature review was performed. The related literature showed that there are six components of intellectual capital namely human capital, customer capital, structural capital, social capital, technological capital and spiritual capital have been identified.

Does Ownership Structure Matter for Dividend Yield? Evidence from the Hong Kong Stock Exchange

Abstract: A research framework is developed to identify the key factors that would influence corporate dividend yield of Hong Kong listed companies. This study examines how ownership structure affects dividend yield using firm size, profitability, leverage, and firm development opportunities as control factors. The result reveals that ownership structure and profitability has the most important effect on divided yield. Firm size also determines the dividend payout but in negative relationship. It is suggested that firm leverage and market-to-book showed no significant influence on dividend policy. The findings in this study are useful for investors to understand what are the determinants of corporate dividend payout in Hong Kong so they can make wise and suitable choice.

Remittances and Economic Growth in Mexico: An Empirical Study with Structural Breaks, 1970-2010

Abstract: This paper investigates remittance flows to Mexico during the 1980-2010 period in absolute terms, relative to GDP, in comparison to FDI inflows, and in terms of their regional destination. Next, the paper reviews the growing literature that assesses the impact of remittances on investment spending and economic growth. Third, it presents a simple endogenous growth model that explicitly incorporates the potential impact of remittance flows on economic and labor productivity growth. Fourth, it presents a modified empirical counterpart to the simple model that tests for both single- and two-break unit root tests, as well as performs cointegration tests with an endogenously determined level shift over the 1970-2010 period. The error-correction model estimates suggest that remittance flows to Mexico have a positive and significant effect, albeit small, on both economic growth and labor productivity growth. The concluding section summarizes the major results and discusses potential avenues for future research on this important topic.

Personal Attributes and Motivation of Female Micro-Entrepreneurs in Ghana: A Case of Fishmongers in Central Region

Abstract: The research was carried out among women micro entrepreneurs who engage in fish mongering, one of the well known entrepreneurial activities of women in Ghana. The purpose of the study was to explore the personal and business characteristics as well as the motives behind the women’s entrepreneurial activities to provide a baseline data based on which policy and support programs could be devised to aid women’s economic development. The study revealed that majority of women fishmongers had an average age of 42 years old, were married with large families; had no formal education but had acquired training for their businesses through apprenticeship. The study also revealed that majority of the women had received start –up capital from family members as gift and have been able to build up sizable businesses through which they are able to employ other people, cater for their families and reinvest. They do have a positive attitude for their businesses and therefore employ several strategies to maximize their profits. The study further identified family circumstances and economic pressure, economic independence, and need for social recognition as the motives for their entrepreneurial activities. The study therefore concludes that the women’s participation and performance in entrepreneurial activities are stimulated and shaped by socio-cultural, and socio- economic factors. As such, any intervention programs and policies for the entrepreneurial development of these particular women should take into consideration their identified characteristics and the unique impart they have on women’s entrepreneurial behaviors.

Strategy and Structure: A Learning Perspective and Analysis

Abstract: This paper integrates the strategy and structure constructs using organizational learning theory. Learning theory is refined by arraying strategic and structure constructs along a path dependent, concatenated, continuum that is congruent with the original model of strategy and structure originally proposed by Chandler. The model also enhances methodological rigor by increasing congruence between theory and statistic application. Findings indicate that a single construct of strategy and structure can be employed effectively in management research.

Exchange Rate Model Approximation, Forecast and Sensitivity Analysis by Neural Networks, Case Of Iran

Abstract: This paper investigates the model estimation and data forecasting of exchange rate using artificial neural network. Recent studies have shown the classification and prediction power of the neural networks. It has been demonstrated that a neural network can approximate any continuous function. Here, in a technical approach, it has been used ARIMA and neural network for a short-term forecast of daily USD to Rial exchange rate. ANN is employed in training and learning processes and thereafter the forecast performance measured making use of two common loss functions. The comparison demonstrates that neural network is far better than ARIMA, the error is about the half. Thereafter, in a fundamental approach via another neural network the effects of some of the most important economic variables on exchange rate prediction in a long-term sense are studied. By sensitivity analysis, the importance and the weight of each economic variable on exchange rate has determined. The results show that it is possible to estimate a model to forecast the value of exchange rate even by having access to a limited subset of data.

Beneficial Images: Batik handicraft tourism in Yogyakarta, Indonesia

Abstract: The purpose of this study was to respond Philologist arts practitioner’s statements, by exploring the performance of beneficial images of batik handicraft tourism in Yogyakarta. This one year's quantitative research was conducted from July 2013 – July 2014 in Yogyakarta. The data were collected randomly, stratified sampling, triangulation, and based on the content analysis, by distributing 300 questionnaires to 100 respondents. This study found that batik handicraft tourism performance has beneficial image strength for tourists. It’s indicated that most of the tourists consider going to Yogyakarta because of the beneficial impact of the City of the World Batik of Yogyakarta. Every part of the experience of tourists became very important and be a part of beneficial image attributes: a sense of place, infrastructure, culture, types and standards of service, and impressions. The main beneficial image of tourists about the batik handicraft tourism: Social tourism become the first point which attracting the tourists; the Uniqueness of batik handicraft, which expressing a philosophy and interpretation; the Conditional; and the Emotional influence their decision.

Effectiveness of Loan Portfolio Management in Rural SACCOS: Evidence from Tanzania

Abstract: This article uses 496 loans from ABC rural SACCOS located in the Northern zone of Tanzania to describe the effectiveness of loan’s portfolio management. The data analysis is done by using the multivariate regression, descriptive and qualitative methods. The data for this study was collected at the end of May 2013. The findings reveal that women constituted 52.6% of the loan portfolio. Also the doubtful and bad loans were 51 and 31 million TZS which was more than 10% of the loan portfolio. The findings show loans were aged into 4 classes and the loans aging was not very effective because loans of different ages were classified in a single class. The results from the regression analysis reveal that the quality of loan portfolio was positively influenced by the loan size while the influence of gender and location of the borrowers were not significant. Moreover, ABC rural SACCOS used portfolio diversification, collateral, guarantors, letter from the village/ward government offices and the affidavit from the lawyer as credits risk mitigation techniques. The findings also revealed that fluctuation of the price of agricultural produce threatened the quality of loan portfolio. This article recommends that ABC rural SACCOS should seek the effective insurance services, use the effective software for loan portfolio management, search the market for agriculture produce, write off non repaid loans, enhance the repayment of overdue loans and revise the loan classes and maturity in order to improve the quality of the loan portfolio in the SACCOS.

A Qualitative Study of the Software Adoption of Building Information Modelling Technology in the Hong Kong Construction Industry

Abstract: Building Information Modelling (BIM) technology is a powerful technology but is rather new to Hong Kong The impacts and adoption of BIM in the context of Hong Kong building and construction industry requires an in depth study in order to provide insights for industry to leverage its power The aim of this research was therefore to identify barriers that affect the adoption of BIM technology in the Hong Kong building and construction industry A qualitative analysis was conducted on five professionals and experts in Hong Kong building and construction industry to study the effects of the variables of adoption of Building Information Modelling technology The research results support the research questions and also bring contributions to both academia and the professional environments in the body of knowledge in the BIM field about major factors affecting user adoption of BIM software technology in the Hong Kong building and construction industry

Cultural Awareness, a Form of Risk Management in International Business: Case Study of China

Abstract: Mutual awareness of cultural references is essential in international business as levels of formality vary greatly among cultures. The emergence of capitalism into China induces international firms’ investment in the country. This resulted to creation of a production base to explore the inexpensive factors of production, particularly low-cost labour. The study examines cultural awareness as a form of risk management in international business, using China as a case study. The study uses ‘XYZ International’, with western cultural background, as a hypothetical international business that operates in China market. The study explores international trade and global organisations; considers barriers to international business; outlines cultural awareness as a form of risk management in international business; highlights Chinese business culture; outlines the impact of culture on negotiation; appraises Chinese businessman culture and its impact in the Chinese market; and justifies reasons to support conducting trade with China. The study findings indicate that mutual awareness of cultural references is essential in international business, and levels of formality vary greatly among cultures. The implication for practice is that culture induces each country societal prevailing life-styles because culture and life-style influence patterns of consumption, manufacturing, agriculture, service, distribution and investment.

The Business Competitiveness of Thailand in the ASEAN Region

Abstract: Thailand is playing a vital role in the ASEAN region as a developing nation. The World Bank alsoreported that in 2011Thailand had the 17 th rank globally in terms of ease of doing business. This present study attempted to investigate the major factors which influence the overall national competitiveness of Thailand. Moreover, due to the considerable improvement of the business environment, Thailand has been an attractivedestination for foreign investors, therefore, mobilized by many multinational companies (MNCs) from all over the world. This study sought to analyze the economic environment of the country and to detect what factors influence most Thailand’s national competitiveness, thus, to explain how Thailand becomes an attractive destination for global FDI inflowsand can contribute to the global prosperity.

Assessment of Internal Migration Policies in Developing Countries: Evidence from Tanzania

Abstract: The objective of this study was to determine the relationship of national policy and internal migration with the aim to provide some useful determinants in developing migration policies in Tanzania. The study used the multinomial logistic regression model to examine the internal migration factors which are very important in developing migration policies. Secondary data extracted from the National Bureau of Statistics was used for analysis. The study found out that gender, wage differentials, level of education, marital status and age are significant factors in developing migration policy in Tanzania. The study also revealed that more single male with less education make more movements than female. The study suggests that the government and policy makers to review some laws and regulations governing migration. In addition, it suggests that before imposing any restrictive policy, the government authorities are recommended to develop policies that reflect opportunities available in the country with the aim to reduce the negative effects of migration.

Analysis of Quality Leadership in Reviving Economies and Politics in Muslim Countries

Abstract: It has been observed that there is a crisis of quality leadership in Muslim world for decades. Erosion of moral values among leaders contributes to the instability and poor economic performance for many Muslim countries. This study investigates factors that contribute to the deterioration of quality leadership in Muslim world. The study also investigates the role of quality leadership for unifying the Muslim Ummah. Descriptive and analytical research methods have been applied in this study to analyze the interviews as well as prior studies. The findings indicate that lack of sufficient education, dishonesty, lack of knowledge and dedication for country’s development, absence of trustworthiness and responsibility, lack of moral values and avoidance of teaching of Al-Qur'an and As-Sunnah are the main factors that cause the deterioration of quality leadership in Muslim world. The study also concludes that honest and responsible leadership can contribute significantly to the economic development, political stability, peace and harmony of the Muslim world. This study recommends possible initiatives in order to produce quality leadership skills in society, government and NGOs citizens.

Convertibility of Capital Account: A Comparative Analysis

Abstract: Convertibility of capital account – the complete elimination of all capital controls – was often treated in the 1990s as an integral element of the market liberalization that was being urged on emerging markets. In the middle of the decade there was even talk of making it an objective of international policy that would be embodied (as a long-term target) in the IMF Articles. This study attempts to focus on issues and experiences of other countries regarding capital account convertibility and figures out lessons for Bangladesh. Fischer (1998, p.2) wrote, “capital account liberalization is an inevitable step on the path of international development, which cannot be avoided and should be embraced. After all, the most advanced economies have open capital accounts.” Until the Asian Crisis, discussion of capital account convertibility focused on sequencing issues, and speed. In the aftermath of the crisis, the emphasis has shifted to caution regarding capital account convertibility. In our country Capital Account is not convertible. However, experiences from Latin America (Mexico, Chile etc.) and very recently from Asia (Indonesia, South Korea, Malaysia, Thailand, Philippine etc.) showed that financial opening involves substantial risks and can be ended in financial crash. A lot of improvement and precautionary measures are required before going for Capital Account convertibility. Bangladesh Taka has been declared convertible on current account transaction since 20th October, 1993 and accordingly on the 11th April, 1994 Bangladesh has been awarded with Article VIII status of International Monetary Fund (IMF) Articles of Agreement. Convertibility of Taka in Current Account has a lot of impacts on Balance of Payment position. Right after the reform measures, exports show an increasing trend at an increasing rate from the year 1994-95 to 1997-98. After the convertibility of Bangladesh Taka in different currencies, the export volume takes a rising trend due to flexibility in exchange rate regulation.

Theory and Empirical Evidence on Corporate Governance from Banking Sector of Pakistan

Abstract: Economic system appears to be best if they provide according to what people want. The purpose of this study is to investigate the effectiveness of corporate governance on financial efficiency of banks in Pakistan. The time period of this study is 2007 to 2012, and sample of 17 listed banks are selected and data is taken from their financial reports from their websites and Lahore Stock Exchange. Financial efficiency is measured by fix& random effects model techniques, for the measurement of dependent variable financial efficiency two proxies return on asset (ROA) and return on equity (ROE) are used. The independent variable includes Board size, Board meeting, Non-Executive directors, Bank size and leverage. The result of this research is consistent with the research conducted on corporate governance that shows significant positive impact on the financial efficiency of the bank. This study is contributed to the literature towards the corporate governance effect on financial performance of banks. Corporate governance provides rules & regulations to monitor and manage bank affairs, and it provide guidelines to board of directors how to run the affairs and how to increase shareholder values and increase bank efficiency. For the calculation of results STATA is used.

Communication Technology and Exchanging Financial Assets: A Historical Perspective

Abstract: In recent years high frequency trading (HFT) in the financial markets has gained the attention of practitioners, regulators and even the general public. The existence of this type of trading is the direct result of the development of computer technology that permits information to be processed and trades made faster than humans can think. The purpose of this paper is to place the discussion of the role of this type of trading in a historical context. We accomplish this task by examining two abrupt technological changes that dramatically increased the speed at which information can be communicated and acted upon, i.e., the change of transportation based communication to telegraphy (electromagnetic) and telegraphy to computer (electronic). This examination permits us to consider more broadly the role of financial markets in society. We argue that, as they have in the past when confronted with extreme change, high frequency traders and investors will learn to co-exist but only if new rules of the game are established and new data analysis and risk management techniques developed.

Factors that Determines the Success of Business Demon Value Added Management

Abstract: The purpose of this paper is to provide a comprehensive indication of the Business Demon Value Added Management (BDVAM) as a form of Politics Governance Responsibility (PGR). This paper is to achieve its objectives by reviewing some relevant literature related to the five main areas of Business Demon Value Added Management (BDVAM) i.e revenue management, cost management, resource management, capital investment management, and sustainability. Through the above critical review of the existing literature, this paper on feature five factors that should be met as a condition for the successful practice of BDVAM, namely:(1) the amount of the commitment of business demon as a minority shareholder to suppress the majority shareholder of the company to solve operational problems, financial, political, social and environment with the help of the media, (2) the strength of militarist paradigm adopted by the business demon, (3) the ability of business demon to do coopetition, which is able to provide added value for shareholders and stakeholders, (4) the ability of business demon meet its working capital with an unlimited source of funds, (5) the ability of business demon builds mutual benefits with government bureaucrats and suppliers. From the previous paper discussed more success in the role of business angel in providing added value for the company. This paper focuses on the business demon by introducing five prepositions that can improve the performance of the company. This literature is limited only to answer five fundamental questions: (1) why the business demon success or failure in applying BDVAM? (2) what are the internal and external factors that are needed to qualify at the time of applying BDVAM, (3) how to improve and discrepancies in stock prices, while the growing political rents, interest in working at the company worker’s is reduced because of the inability of the business demon? (4) the opinion of the author, which one is better between business demon and business angel in adding value? (5) how to improve the model BDVAM that this model does not become BDVDM (Business Demon Value Destruction Management), where business demon has dominant rols in setting the company’s stock price. The previous paper discussed more on the role of business angel in providing value added and nothing that specifically addresses the business demon who has political connections with government. The first contribution of this paper to the existing literature can be found that the relationship BDVAM with operational performance, financial, political,social and environment is still not widely studied. Second, this paper adds to the literature on entrepreneurial finance in particular how BDVAM could be an alternative strategy for the business demon in the plan will be to invest in the company. Also in this paper introduces Business Demon Value Destruction Management (BDVDM), which is a management concept that states that the business demon success is providing value to the business angel and other shareholder to buy an existing company or merged with other similar companies, as well as influencing stakdeholders to close the company if there is a discrepancy in a process that could harm customers in the long term.

Do Corporate Social Responsibility Initiatives Favorable for Banks? Customer's Perceptions

Abstract: The main purpose of this research is to investigate the response of Pakistani banking customers towards corporate social responsibility initiatives. This study also seeks to investigate the importance level of each initiative as per the customers’ perceptions. The sample includes 300 banking customers of Rawalpindi and Islamabad in Pakistan. The data has been collected by survey methodology from banking customers of Habib Bank Limited and United Bank Limited through the use of a structured questionnaire. Regression and correlation have been employed as data analysis techniques. After the data analysis, it has been concluded that banking customers are entirely in the favor of taking CSR initiatives in the banking industry. The results also show that banking customers have given the highest priority to customer centric initiatives, with the philanthropic initiatives at the 2 nd and, environmental initiatives at the last.

Welfare Effects of Social Cash Transfers in Chipata and Kazungula Districts of Zambia

Abstract: This study uses the odds-weighted regression approach and data from two spatially separated social cash transfer (SCT) programs in Zambia to determine the impact of cash transfers on household welfare. The same analytical framework was also applied on sub-samples of poor and relatively less poor households, where the wealth ranking was done using an asset-based index derived through principal components analysis. The results confirm positive SCT effects on per capita consumption expenditure and that the sizes and relative significance of these effects vary by program design and by the household's asset wealth. The effects were especially unambiguously positive and significant for non-food consumption. While the impact on food expenditure was positive and significant in the rural Kazungula SCT program, the impact on

Multinomial Logit Model of Choices of Internet Modes in Iraq

Abstract: Iraq is a country that has the potential to explode onto the Internet market due to the fact that much of Iraq is still largely without access to the Internet. Iraq’s market has much room for corporate and individual investments in Internet technology, mainly, Internet access. However, this requires a deep understanding of the user with regards to the Internet and the market characteristics involved. This study is concerned with the users’ choice of Internet mode connections in Iraq. There are several determinants of Internet use, namely, age, education, employment, utilization, and location. Through use of the multinomial logit models, these variables are analysed to define their numerical values and relevance to the Internet modes of choice in Iraq.

What factors Influence Internal migration and Wage Growth? an Empirical Analysis of Private Formal Sector in Bolgatanga-Ghana

Abstract: The primary aim of this study is to explore the determinants of wage growth velocity in personal formal sector of Bolgatanga Municipality. A primary data collection technique was used and sample size of 345 individuals interviewed using a well structured interview schedule and questionnaire by convenient sampling. Ordinary least square method was applied to study the dependency of growth rate of wage on different variables in Bolgatanga Municipality. Findings reveal that education, gender, experience, household area and marital status of the respondents absolutely affect growth of wages at less than 1% level of significance.

How Young People Communicate-A Czech Perspective

Abstract: There appears to be a relationship between the latest communications technology and how effectively young people communicate. It is a world-wide phenomenon. This research investigates how young people in the Czech Republic communicate today in an era of increased use of social media and mobile technology. The research was limited to the city of Olomouc. Results suggest that face to face communications by and amongst young people are diminishing fast at the expense of social media such as Facebook and What’s App and sending SMS text messages. This trend could have adverse affects in future on how well young and older people live and work together within their communities. The outcome of this research suggests that proactive steps should be taken now to educate young people in the appropriate use of mobile technology and social media. It would ensure that they retain their ability to communicate effectively not just with their peer groups but also with other age groups and with people from other cultures. Social \Psychology/Psychology needs to take a much more proactive role to address this issue so that the lives of people at all ages can be improved. The outcomes of this research should be of interest to other countries, too, as this phenomenon is not limited to the Czech Republic.

Evaluation of High Educational Institutes economic impact with Satellite Accounting: an empirical application in Greece

Abstract: The purpose of this article is to show how to evaluate the various economic impacts generated by the establishment and operation of high educational institutes (HEIs) on a local economy and how HEIs affect the national economy, particularly that of Greece. The methodological framework used in this paper is the Satellite Account for Education (SAE) which has not been yet developed in Greece and therefore consists of a proposed methodological framework based on international human accounting rules and principles. The empirical application concerns the effect of the Technological Educational Institute (TEI) of Epirus on the local economy of the Preveza prefecture through measuring the effect on consumption, GDP, local income, value added tax, and employment. The outcomes of the research are important to the government and education policymakers, especially since Greece faces enormous public finance problems and problems with the transformation of the tertiary education system.