Market Mobilised Capital, Legal Rules and Enforcement

A number of authors have used these measures of legal institutions in work which relates growth or development to the existence of a healthy financial sector which is in turn a function of legal institutions. This has become known as the ‘Law and Finance’ literature. King and Levine (1993), Levine (1999), Levine and Zervos (1998) and Levine (2003) demonstrate the relationship between growth and various measures of the financial sector. Levine (1999) extends this to show that the measures of financial sector development are themselves functions of creditor protection laws, the risk of government contract modification and accounting regulations. The latter are however seen primarily as instrumental variables to overcome the endogeneity of the financial sector variables. Levine (2003) extends this to an analysis of stock-market development and shareholders' rights. Azfar, Matheson and Olson (1999) as part of a programme on 'market augmenting government' developed the concept of 'Market-Mobilised Capital' (MMC) which they claim plays a central role in economic growth. MMC is the sum of stocks of debt and equity as a proportion of GDP. Azfar and Matheson (2003) in a development of this work deal with issues of endogenity and causality by the use of measures of investor protection, creditor protection and enforcement of laws as instruments on market mobilised capital. The present paper seeks to extend the work reported in Azfar and Matheson (2003) on the significance of market mobilised capital for growth by examining more closely the role played by investor and creditor protection laws and their enforcement on the components of market mobilised capital and thus growth

Innovación digital y transformación de las organizaciones: implicaciones sociales y laborales

En este capítulo describimos el efecto del progreso técnico en las organizaciones y en la coordinación de las actividades económicas en la empresa y en los mercados. La transformación de los mercados y empresas ha resultado en una trasformación de las competencias y habilidades de los puestos de trabajo, en consecuencia, los empleos cognitivos no rutinarios verán incrementada su demanda a consecuencia de la automatización de los empleos cognitivos rutinarios. Finalmente, analizamos su posible efecto en la distribución la masa salarial y proponemos cambios sociales y legales necesarios para asegurar al empleado del despido y de los abusos de las economías de plataforma y colaborativas

Leadership Styles and Innovative Entrepreneurship: An International Study

This research attempts to empirically examine the relationship between leadership styles and innovative entrepreneurship through regression analysis, using a sample of 43 countries and data from Global Entrepreneurship Monitor and Global Leadership and Organizational Behavior Effectiveness. In light of institutional approaches and specifically based on the normative dimension, the main findings of the study indicate that participative leadership and higher education represent the strongest explanatory factor in the variance of the current rates of innovative entrepreneurship. This study has contributions for both researchers and policymakers on new firm creation (entrepreneurship) and on the generation of innovation within organizations (intrapreneurship).Stefan van Hemmen acknowledges the financial resources from ECO2013-48496-C4-4-R (Spanish Ministry of Economy & Competitiveness) and 2014-SGR-1259 (Economy & Knowledge Department -Catalan Government-). Marta Peris-Ortiz acknowledges support from the Universitat Politecnica de Valencia through the project Paid-06-12 (Sp 20120792). Claudia Alvarez and David Urbano acknowledge the financial support from the Projects ECO2013-44027-P (Spanish Ministry of Economy & Competitiveness) and 2014-SGR-1626)Economy & Knowledge Department -Catalan Government-).Van Hemmen, S.; Alvarez, C.; Peris-Ortiz, M.; Urbano, D. (2015). Leadership Styles and Innovative Entrepreneurship: An International Study. Cybernetics and Systems. 46(3-4):271-286. https://doi.org/10.1080/01969722.2015.1012896S271286463-

Investor intention in equity crowdfunding: Does trust matter?

Equity crowdfunding (ECF) is becoming a convenient alternative instrument for investing in entrepreneurs' projects in many countries. The purpose of this study was to investigate the factors that affect the investor's intentions toward ECF platforms in Saudi Arabia, where they have not been introduced until very recently. This context offers a unique opportunity to test the role of investors' perceived trust in the context of ECF. The proposed framework builds on two critical layers: (1) trust in the platform (intermediary) and (2) trust in the fundraiser. Structured equation modelling was applied to examine the factors that affect investors' trust and intentions. The framework was analysed using survey data from 216 users of Manafa, one of the largest ECF platforms in Saudi Arabia. Our findings showed that both fundraiser and platform trust have a significant effect on the investor's intentions. In particular, trust in the platform substantially impacts the fundraiser's trust, showing the importance of the fundraiser's reliance on trusted institutions. On the other hand, to build investors' trust, fundraisers must deliver high-quality information for their projects

Factors affecting customers' attitude towards Islamic banking in UAE

Purpose: The purpose of this paper is to investigate the effects of the following factors: image, awareness, Shariah compliance and individualism, on the attitude and intention of customers to use Islamic banking among Bank customers in UAE, and the mediating role of attitude in that model, using a theoretical model based on the multi-attribute attitude model, the theory of reasoned actions and the theory of planned behaviour. Design/methodology/approach: The research will focus on surveying bank customers living in UAE. The researcher will use structural equation modelling to analyse the data. Findings: Results show that attitude and awareness affect intention directly, while image, awareness, Shariah compliance and individualism affect attitude directly and intention indirectly mediated by attitude. Research limitations/implications: The sample size includes 178 bank customers living in three cities in UAE, hence, the rest of the country is not included. Practical implications: The research shows the importance of Shariah compliance, individualism and image on attitude and intention and provides suggestions for banks to benefit from these aspects to widen their customer base. Social implications: The study provides an insight into individuals' decision making and the importance of a social approach by banks when advertising. Originality/value: The research is the first empirical attempt to test new factors affecting attitude towards Islamic banking in UAE

Charismatic leadership and entrepreneurial activity: An empirical analysis

Entrepreneurship literature frequently identifies entrepreneurs as possessing a charismatic personality. Charisma is broadly defined as a combination of the talent to foresee market opportunities and the ability to motivate other people in the materialization of these opportunities. Business organizations also provide the context for developing skills and knowledge, which is particularly valuable for potential entrepreneurs who identify business opportunities. Using a sample of 41 countries, we show that higher rates of charismatic leadership at the country level are positively associated with entrepreneurial activity. This outcome suggests that both business-oriented and educational organizations that promote charismatic leadership play a significant role in the development of entrepreneurial incubators