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The nonlinear relationship between financial flexibility and enterprise risk-taking during the COVID-19 pandemic in Taiwan's semiconductor industry

100%
Chang B.-G., Wu K.-S.
Oeconomia Copernicana
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2021
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vol. 12
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issue 2
307-333
EN
Research background: Risk-taking is the basis for sustainable development of enterprise. It was clear that the influence COVID-19 epidemic on the global market economy has increased operational risks for businesses. The semiconductor industry has high operating risks and financial risks. Moderate financial flexibility (FF) can improve the ability of semiconductor enterprises to acquire financial resources in real time, calmly cope with the impact of uncertainties in operation, improve investment opportunities, and enhance sustainable operation. It is therefore interesting to study the influence of FF on enterprise risk-taking (ERT). Purpose of the article: The aim of the contribution is to explore the effect of FF on ERT within Taiwan's semiconductor industry amid the COVID-19 pandemic period, and investigate whether ERT varies with semiconductor industry characteristic. Methods: Data from first three quarters of 2020, from multinational semiconductor firms listed on the Taiwan Stock Exchange (TSE), were collected and analyzed. Fixed effects regression with heteroscedasticity adjustment used to evaluate the influence of FF on the ERT of Taiwan's semiconductor industry. Furthermore, in order to corroborate and support the reliability of the results, this research also used the different measures of ERT and Quantile regression (median regression) in the research model to check the robustness. Findings & value added: Empirical results indicate that FF has a U-shaped effect on ERT for multinational semiconductor firms listed on the TSE, particularly within the integrated circuits (IC) manufacturing industry. Additionally, FF also has a U-shaped effect on ERT for the asset-light semiconductor and IC manufacturing industries. This article also suggests that for the asset-light semiconductor and IC manufacturing industries, the optimal inflection points are 1.1397 and 0.9729, respectively. Based on the consequences of this study, it is suggested that Taiwan?s semiconductor industry should reasonably maintain FF and focus on the liquidity risk management for the long term value added, even after the COVID-19 pandemic period.
2

Implications of the Level of Dogmatism and Selected Psychosocial Conditions for a Propensity for Risky Behaviour among the Soldiers of the Polish Army Land Forces

88%
Fijałkowska S.
Journal for Perspectives of Economic Political and Social Integration
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2010
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vol. 16
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issue 1-2
155-172
EN
The article presents the results of a study concerning a propensity for risky behaviour, conducted on regular soldiers of the Polish Army Land Forces. Its aim was to verify whether a level of dogmatism and selected psychosocial (socio-professional) conditions were related to a propensity for risky behaviour among the soldiers. The research partially confirmed the hypothesis of psychosocial determinants of a propensity for such behaviour. Young and shortserving soldiers appeared to be more inclined to undertake risky behaviour than older and long-serving ones. A tendency to avoid risky behaviour was displayed by soldiers from small towns (up to 20 000 inhabitants) as compared to groups of respondents from larger towns. The results of the research did not indicate a significant relationship between the propensity for risky behaviour and the level of dogmatism, education, personal corps, professional position.
3
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Developing Entrepreneurial Skills. An Educational and Intercultural Perspective

88%
Leon R.-D.
Journal of Entrepreneurship, Management and Innovation
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2017
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vol. 13
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issue 4
97-121
EN
The research aims to determine how the economic and business administration faculties within the European Union member states are contributing to the development of students’ entrepreneurial skills. Therefore, a case study strategy is employed which concentrates on the most important business schools from the European Union member states; thus, 267 syllabuses from 21 higher education institutions are identified and analyzed. The results prove that European business schools manage to develop most of the required entrepreneurial skills among their students. Their graduates are both task and people oriented. On the one hand, they value performance, are capable of solving problems and taking calculated risks. On the other hand, they know how to communicate and collaborate within a team. Besides, it may be stated that the analyzed educational programs are combining the “about entrepreneurship” approach with “for entrepreneurship” perspective; they focus on developing cognitive, functional, and behavioral competences by combining lectures with active learning techniques. These actions are influenced by cultural specificity and have an impact on a country’s capacity to be a top performer, in terms of entrepreneurship development. These findings have both theoretical and practical implications. On a theoretical level, they extend the literature regarding the development of entrepreneurial skills by providing concrete information about the skills on which the academic curricula focus. On a practical level, they provide valuable insights regarding the skills that the future entrepreneurs will have; these will influence their behavior in a business environment no matter whether they will choose to be the owner of a business or an enterprising employee.
4

Rola orientacji przedsiębiorczej w kształtowaniu wyników mikro-, małych i średnich przedsiębiorstw

51%
Suder M.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2022
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issue 4(998)
53-72
PL
Cel: Celem artykułu jest określenie konfiguracji wymiarów orientacji przedsiębiorczej (gotowość do podejmowania ryzyka, innowacyjność i proaktywność), które prowadzą do osiągania przez przedsiębiorstwa wysokich wyników i wskazywania w tym zakresie różnic pomiędzy mikro-, małymi i średnimi przedsiębiorstwami. Metodyka badań: Przeprowadzone badanie ma charakter ilościowy, wykorzystano w nim rozmytą jakościową analizę porównawczą (fsQCA). Metoda ta została zastosowana oddzielnie dla trzech typów przedsiębiorstw, tj. mikro-, małych i średnich. W badaniu wykorzystano dane pozyskane od 430 firm działających na terenie Małopolski. Wyniki badań: Przeprowadzona analiza wykazała, że w przypadku małych przedsiębiorstw do poprawy wyników mogą prowadzić dwie kombinacje czynników – gotowość do podejmowania ryzyka z proaktywnością oraz proaktywność z innowacyjnością. W przypadku średnich przedsiębiorstw jako wynik badania uzyskano jedną kombinację złożoną z proaktywności i innowacyjności. Jedno rozwiązanie prowadzi również do wysokiego wyniku dla mikroprzedsiębiorstw – jest ono oparte na ryzyku i proaktywności. Wnioski: Rezultaty badań potwierdzają znaczenie orientacji przedsiębiorczej i jej wymiarów w kontekście poprawy wyników. Ponadto wskazują, że kombinacje czynników prowadzące do wysokich wyników dla różnej wielkości przedsiębiorstw są różne. Wkład w rozwój dyscypliny: Przeprowadzone badania przyczyniają się do lepszego zrozumienia wpływu orientacji przedsiębiorczej na wyniki przedsiębiorstw oraz poprawy funkcjonowania przedsiębiorstw sektora MŚP.
EN
Objective: To identify the configuration of the dimensions of entrepreneurial orientation (risk-taking, innovativeness and proactiveness), which lead to high enterprise performance; to identify differences in this regard between micro, small and medium-sized enterprises. Research Design & Methods: The study employed a fuzzy-set qualitative comparative analysis (fsQCA). This method was applied separately for three types of enterprises – micro, small and medium-sized. The research used data obtained from 430 companies operating in Poland’s Małopolska region. Findings: The results showed that two combinations of factors – risk-taking with proactivity and proactiveness with innovativeness – can lead to improved performance in small enterprises. In medium-sized enterprises, the combination of proactiveness and innovativeness can improve results. The combination of risk-taking and proactiveness leads to higher results in micro-enterprises. Implications / Recommendations: The results confirm the importance of an entrepreneurial orientation and its various dimensions in improving company performance. In addition, the results indicate that the combinations of factors leading to high performance differ depending on company size. Contribution: The study contributes to a better understanding of the impact of entrepreneurial orientation on a firm’s performance and the functioning of SMEs.
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