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JEM Vol. 38(4), 2019


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Moruf Akanni Adebakin  , Samuel Essien Okon
2019; 38(4): 5-25;

Aim/purpose – This study aims at investigating the incidence of procedural justice, job satisfaction, and organisational citizenship behaviour (OCB) of employees within small and medium scale enterprises (SMEs) in Nigeria. The main thrust of the study is to provide justification for the possible link between these behavioural factors with a view to establishing their roles in fostering SMEs.
Design/methodology/approach – A cross-sectional survey design was employed to elicit information from 1420 employees randomly selected from 71 surveyed companies. The responses from the questionnaire were analysed employing correlation and hierarchical regression analysis.
Findings – The result showed a significant relationship between procedural justice, job satisfaction, and OCB after controlling for age and gender. The study, therefore, concludes that procedural justice, job satisfaction and citizenship behaviour of SMEs employees are imperative for the success and ultimate survival of SMEs.
Research implications/limitations – Understanding the impediments to the growth of SMEs in developing nations require an indebt understanding of some behavioural factors. The study was limited to SMEs in Lagos, Nigeria.
Original/value/contribution – The study recommends the need for managers of SMEs to monitor these three behavioural outcomes in other to ensure the sustainability of their businesses. This would in the long run, improve an employment, and reduce poverty. It also provides statistical norms for researchers.

Keywords: procedural justice, job satisfaction, organisational citizenship behaviour (OCB), small and medium scale enterprises.
JEL Classification: I31, J28, J81, M12.


Witold Chmielarz  , Marek Zborowski
2019; 38(4): 26-45;

Aim/purpose – The main aim of this paper is to analyse and compare implementation of two methods of websites assessment: the conversion method and the scoring method. The secondary goal is to identify the best e-banking websites in Poland in 2017 from the point of view of an individual client.
Design/methodology/approach – Based on the previous experiences in internet banking sphere authors take into account two methods – the most popular for this purpose – the scoring method and the author’s conversion method. Data for research are collected using original questionnaire, verified by a pilot study. To participate in the survey, those interested had to visit a special website containing a questionnaire. The research was carried out on over 700 people from the university environment in the end of 2017.
Findings – The results obtained with both methods turned out to be similar. The study found that an economic criteria, a simplicity or an intuitiveness of navigating the website and a number of access channels are the most important factors for choosing the e-banking services by customers. Moreover, anticrisis measures undertaken by bank (security of operations including) currently become of less importance to them.
Research implications/limitations – The main implication for researchers is the proved possibility for using the conversion method, which combines the advantages of simplicity of the gathering data with the objectivity of such methods as, for example, AHP/ANP, or PROMETHEE, ELECTRE and its usefulness for the evaluation of the bank websites. The main restrictions were of two types. The first one concerned the selection of only those two methods for comparison in this study. The second limitation – was the selection of a research sample from the academic community only.
Originality/value/contribution – The scope of this paper fills in the research gap that exists in the methods of website evaluation from the point of view of methods trying to solve this problem from a client’s point of view. The next research steps will go in the direction of comparison based on the same sample of the conversion method with other popular assessment methods to identify its advantages and disadvantages for the potential user. Furthermore, a research sample now requires extension beyond the academic community that the results of the study could be fully generalised.

Keywords: electronic banking, websites’ evaluation, scoring method, conversion method, website development factors.
JEL Classification: O32, M15.


Dariusz Filip 
2019; 38(4): 46-66;

Aim/purpose – This paper focuses on establishing whether investment fund performance is related to managerial characteristics, such as a manager’s gender and professional credentials.
Design/methodology/approach – The investigation was conducted on a relatively large study sample covering 275 managers of 98 domestic equity funds operating in Poland in the period 2000-2017. The verification of the hypotheses was based on three groups of research tools, including tests for differences in the mean values and distributions of rates of return in two samples of funds, where a gender and Chartered Financial Analyst (CFA) were grouping variables, and regression models, where a gender or CFA were dummy factors implemented into asset pricing models.
Findings – The obtained results show that there are no disproportions in the performance achieved by funds managed by men and funds (co-)managed by women or managers with or without CFAs. However, the findings related to the latter variable are ambiguous, in particular when regression methods are employed or basic measures of return are used.
Research implications/limitations – In order to clarify the influence of some managerial characteristics on fund performance further research in this field is needed. Nevertheless, the results may be of interest to both individual investors and fund families.
Originality/value/contribution – To our knowledge, it is the first paper to evaluate the performance of Polish investment funds in relation to managerial characteristics. Moreover, what contributes to the originality of the research is the application of a relatively extensive set of measures of return and the use of a proprietary database with unique variables describing a fund manager’s profile.

Keywords: mutual funds, performance, managerial characteristics, portfolio managers.
JEL Classification: G23, J24, M12.


Bożena Frączek  , Piotr Dąbrowski
2019; 38(4): 67-88;

Aim/purpose – The paper examines the level of investment activity among the last semester master’s degree students of economics fields, including investment in stocks and in forex (FX) in comparison to a poker game.
Design/methodology/approach – The paper presents the exploration of similarities and differences of stock trading, forex trading and poker playing (a critical analysis of the literature), and questionnaire research among 613 students of the last semester of studies at the University of Economics in Katowice.
Findings – A decreasing level of a participation of individuals in financial markets refers to different financial segments like capital markets and trading on, e.g. the Warsaw Stock Exchange (WSE) or the foreign exchange market (forex, FX). The current market situation does not constitute favourable conditions to increase commitment of individual investors on the WSE. In addition, other form of investment among young people is being observed, e.g. poker. The results of the research stress the role of an effective financial education and its influence on a changing the attitudes towards investments.
Research implications/limitations – The research sample is limited to the students of one university.
Originality/value/contribution – So far, there has not been conducted any research among potential important participants of financial markets which takes into account the listed alternatives: investments on the Warsaw Stock Exchange and in forex, or a poker game.

Keywords: financial investment, stock exchange, forex (FX), poker game, trading.
JEL Classification: G11, G23, G40, I22.


Sebastian Gnat
2019; 38(4): 89-106;

Aim/purpose – General real estate taxation is a process regulated, inter alia, by the Real Estate Management Act. It is intended to establish a tax base for real estate in the event of a change in real estate tax base. General taxation is one of several applications of mass valuation of real estate, which enables valuation of many properties at the same time and with a uniform approach. One of the methods of mass valuation of real estate already applied in practice is the Szczecin Algorithm of Real Estate of Mass Appraisal (SAREMA). One of the immanent features of general taxation and the algorithm itself is the division of a selected area into possibly homogeneous areas called taxing zones within the general taxation terminology and, more broadly, elementary areas, according to the nomenclature used in the SAREMA. The paper presents the results of the studies on the measurement of elementary areas homogeneity on the example of land plots located in Szczecin. It is important to assess whether the designated sub-areas of valua-tion cover properties similar to each other in terms of their specific characteristics. If so, it will help to obtain more accurate mass valuation results.
Design/methodology/approach – The paper proposes to use a modified entropy meas-ure to establish whether the designated areas are homogeneous in terms of the specified properties of real estate. The database of real estate includes more than 1.5 thousand urbanised land plots located in Szczecin. The measurement of entropy will be preceded by the specification of elementary areas. The available methods include the application of an expert approach, under which land boundaries will be indicated by property valuers.
Findings – The main conclusion of the study is that a modified measure of entropy ensures a better indication of the degree of indefiniteness of valued sub-areas and thus it offers a better way of supporting the delimitation of these sub-areas in comparison to the classical measure of entropy.
Research implications/limitations – The delimitation of valuation sub-areas constitutes an important element of mass valuation. Proper execution of this process enables obtaining much more precise valuations. An objective measure of homogeneity gives a chance to compare different approaches to the creation of the above-mentioned sub-areas and to choose the best of them.
Originality/value/contribution – The main achievement of the study is a proposal to modify the classical entropy measure, thanks to which it better reflects the specificity of the assessment of homogeneity of the areas valued in terms of property market analysis.

Keywords: property mass valuation, entropy, property market analysis.
JEL Classification: C51, R52.


Monika Mościbrodzka  , Magdalena Homa
2019; 38(4): 107-128;

Aim/purpose – The aim of this paper is to evaluate the efficiency of an investing in investment funds with different risk levels in times of a future life expectancy increase. For this purpose, it was analysed how future prices of the investment funds’ entities behave, depending on the window function and the age of the investors, in particular people of retirement age, for whom an investment income may be a supplementary way of raising additional capital.
Design/methodology/approach – Based on the historical data of the funds chosen from the different risk groups, a simulation of their price behaviour in the window function was carried out covering investor’s further life expectancy. Then, based on the result, the distribution of prices was analysed and the efficiency of investing in investment funds according to risk exposure was evaluated.
Findings – According to the conducted analyses, the funds with the lowest efficiency were share funds. The best funds, in terms of efficiency, were bond and money funds.
Research implications/limitations – The study was conducted on a limited number of funds, but this analysis can help take investment decisions.
Originality/value/contribution – In this study, the investment in investment funds is treated as a long-term project which expires after 25-30 years, and therefore it may be problematic to use standard methods of evaluation for the purpose of this paper. As a result, the NPV (Net Present Value) method was applied as a measure of the investment’s efficiency. In the literature, this approach to the evaluation of investment funds is unique.

Keywords: efficiency, longevity, investment funds, simulation methods.
JEL Classification: C15, G23, E22.


Isiaq O. Oseni, Ibrahim A. Adekunle  , Mumeen O. Alabi
2019; 38(4): 129-156;

Aim/purpose – This paper examines the relationship between exchange rate volatility and industrial output growth in Nigeria. In spite of the massive revenue emanating from oil wealth, Nigeria has wallowed in intergenerational poverty due to the inability to grow its industrial sector. The dilemma of exchange rate allowed growth of the industrial sector to become enormous. As such, this paper attempts a quantitative analysis of industrial output growth in Nigeria as predicted by an exchange rate volatility using a time series data from the exchange rate and the industry value added from 1986 through 2017.
Design/methodology/approach – This paper adopts a quantitative analysis of exchange rate volatility as a predictor of changes in industrial output in Nigeria. Monthly Data on exchange rate from 1986 through 2017 were first analysed to show for their clustering behaviour. Thus, ascertaining whether they are volatile or not. The study employs AR(k)-EGARCH(p,q) models for the calculation of volatility in the growth rate of nominal exchange rates. Then the paper adopts the Auto-Regressive Distributed Lag Approach to account for the long-run and short-run dynamics of industrial output in Nigeria as induced by volatility in the exchange rate for different regimes under the scope.
Findings – The findings reveal that the real exchange rate volatility determines industrial production as well as availability of foreign exchange increments arising from the various export drives contributing tremendously to the increase in the industrial output in Nigeria. It is further revealed that the capacity utilisation ratio was low.
Research implications/limitations – Established evidence of low capacity utilisation may be due to the epileptic power supply, inadequate technological know-how. As such, the government should maintain a flexible exchange rate system to maximally harness the benefits of growth emanating from the industrial sector.
Originality/value/contribution – The paper specifically offers an experimental proof to the underlying relationship between industrial output and exchange rate volatility in Nigeria. Previous studies reviewed in the literature have mostly focused on the growth effect of the exchange rate neglecting the important nexus it shares with the industrial sector (a bedrock of sustainable development).

Keywords: Exchange Rate Volatility, industrial output, GARCH, ARDL, Nigeria.
JEL Classification: C32, F43.


Francesca Vessia 
2019; 38(4): 157-184;

Aim/purpose – This paper aims at investigating the existence of Consumer Social Responsibility (CSR), legally based on the second-generation EU consumerist legislation, which affects companies deeply in fulfilling socially responsible choices of business.
Design/methodology/approach – The method followed-up of CSR is a bottom-up perspective inspired by matching corporate social responsibility with consumer social responsibility. Among consumers a strategic role is entrusted to the ‘state’ that is named in this paper ‘superconsumer’.
Findings – It is argued that a juridical consumer responsibility may be affirmed as part of a European strategy to inspire voluntary sustainable choices by corporations, imposing a social responsibility for consumers from the bottom. Pieces of evidence are collected throughout three sectors of EU legislation: financial market, energy environment and public procurement.
Research implication/limitation – The implication of this research consists in drawing a path of inference from the well-known rights of consumers to their duties including consumers’ social responsibilities. The most significant limitation of the study is its restriction on investigating only three sample domains among larger sectors within EU consumer law and preferably Italian law. A subsequent development of this research will fill this gap by broadening the investigation field.
Originality/value/contribution – There are no previous studies in Italy and in European literature concerning the role of consumer law in affecting CSR and, more generally, in the European juridical literature on CSR about the influence of consumers’ legal responsibility on socially responsible choices of companies. In addition, it leads on to the original idea of the existence of juridical consumers’ duties inferred by consumers’ rights as the inseparable effect of consumers’ empowerment.

Keywords: CSR, citizen-consumer, Consumer Social Responsibility, energy savings, ethics and sustainable financial products, environment and green procurement law.
JEL Classification: K20.

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