158 research outputs found

    Key Determinants of Innovation in the Algerian SMEs

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    Innovation has been considered as a key element for the growth of small and medium sized enterprises (SMEs) for a long time. Though this field of research has been subject to numerous studies, the links between the factors that affect innovation within SMEs still need to be clarified and investigated (Leghima, 2014). Several studies have suggested that there are many factors that lead to innovation, including individual, organizational and environmental factors as well as those related to—or are considered to be—innovation attributes (Saunière et al. 2012). They have, moreover, underlined the importance of recognizing that most of these factors can influence unevenly the process of innovation, in that they are not of equal strength nor all act in the same direction (Ducaux, 2013). In Algeria, however, very few researches have dealt with this subject (Metaiche M. & Benhabib A. 2013). The aim of this paper is to understand the entrepreneur, its human skills, financial capacity and collaboration with the external environment, the competition as well as R&D on capacity innovation of the SMEs. The choice of variables is based on a study that has regrouped several researches undertaken in 23 countries. For the purpose of this study, we have developed a conceptual model that has been tested empirically using data from 118 Algerians SMEs. After an exploratory analysis followed by a confirmatory analysis and using structural equation modeling, we have come to the following results: the capacity of innovation of the Algerian SMEs depends mainly upon entrepreneur’s attributes as well as his/her financial capacity

    The Impact of Oil Prices on Macroeconomic Fundamentals, Monetary Policy and Stock Market for eight Middle East and North African Countries

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    The objective of this study is to investigate the impact of oil prices on macroeconomic fundamentals as well as monetary policy and stock market for eight oil-exporting and non-oil exports countries in the Middle East and North African region,namely Algeria,Egypt,Iran,Kuwait,Morocco, Saudi Arabia,Tunisia and Turkey. Using quarterly data for the period 1994Q4-2015Q2,with a Panel-ARDL, we may conclude that there are short run dynamic cross section relationships between,first,oil prices and macroeconomic variables such as growth rate and consumer price index, second, oil prices and money market rate and, third, market capitalization and oil prices. In the long run, dependent variables such as consumer price index and market stock exhibit a cointegration relationship with oil prices. However, no cointegration relationships could be established between oil price variations, monetary policy and growth rate. In this context, we apply a multivariate VAR model to examine responses of all variables to oil price shocks. Results show a relatively high elastic response of economic growth in oil-exporting countries except for Kuwait and, conversely, in oil-importing economics, GDP response to oil prices appear reasonably stable, close to zero. Similarly, the same results can be captured for each oil-importing and exporting country as far as the negative sign exhibited by market response to oil price during the first period caused by financial crisis contagion. The next macroeconomic variable, CPI, shows a positive response to oil.In addition, oil prices appear to have a negligible response on money market rates in the Middle East and North Africa except for Turkey and Egypt
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