IJBED 2051-848X 2051-8498 https://doi.org/10.24052/IJBED/ 8 Volume 03 Issue 2 2015-07-01 https://ijbed.org/cdn/issue_file/content_98438_18-02-20-10-18-40.pdf

80 https://ijbed.org/details&cid=80 2015-09-02 Entrepreneurship research concerning networks has largely focused on network structure, content and governance. We believe that further research is required in order to gain a richer understanding of why specific network forms and types originated. The purpose of this paper is to explore the existence, importance, values and meanings of both the informal and formal networks and networking behaviours of small-scale hotel owner-managers embedded in the socio-economic context of Croatia. In order to gain richer and more detailed understanding of entrepreneurial networks and to understand the influence of socio-economic setting on entrepreneurial networking, we have employed qualitative, in-depth study with small hotel owners. Results suggest that entrepreneurs do not establish strong personal and firm-to-firm ties, but rather focus on formal associations. Reported findings identify socio-cultural factors apparently unique to the context of former socialist economy which have the potential to explain the reported networking behaviour. The adopted research approach brings another dimension to existing theoretical underpinnings, which can encourage researchers to extend or revise theories with new contextual variables. Ahmed, Z. and Krohn, F. (1994.) Developing a strategic marketing plan for a small tourism firm. Journal of Professional Services Marketing 10(2): 111-128. Birley, S., Cromie, S. and Meyers, A. (1991). Entrepreneurial networks: their emergence in Ireland and overseas.  International Small Business Journal 9(4): 56-74. Campbell, D. (1975). ‘Degree of freedom’ and the case study. Comparative Political Studies 8(2): 178–193. Curran, J. and Storey, D.J. (1993). Small Firms in Urban and Rural Locations. London, Routledge. Denzin, N.K. and Lincoln, Y.S. (2000). The Discipline and Practice of Qualitative Research. In N.K. Denzin and Lincoln, Y.S. (Eds) Handbook of Qualitative Research. Thousands Oaks, CA, Sage: 1-28. Drakopoulou-Dodd, S. (1997). Social network membership and activity rates: some comparative data. International Small Business Journal 15(4): 80-87. Eisenhardt, K. (1989). Building theories from case study research. Academy of Management Review 14(4): 532–550. Greve, A, and Salaff, J. (2003). Social networks and entrepreneurship. Entrepreneurship Theory and     Practice 28(1): 1-22. Hite, J. (2005). Evolutionary process and paths of relationally embedded network ties in Emerging entrepreneurial firms. Entrepreneurship Theory and Practice 29(1): 113- 144. Hite, J. and Hesterly, W. (2001). The evolution of firm networks: From emergence to Early growth of the firm. Strategic Management Journal 22(3): 275-286. Hoang, H. and Antoncic, B. (2003). Network-based research in entrepreneurship: A critical review. Journal of Business Venturing 18(2):165-187 Jack, S. (2005). 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81 https://ijbed.org/details&cid=81 2015-09-02 Poverty is a universal phenomenon which does not go well with the progressive 21st century and hence the worldwide efforts to overcome the problem. At the beginning of the 21st century (2002), the late professor C.K. Prahalad had propounded a path breaking theory of poverty alleviation called the bottom of the pyramid business theory, which is not only making MNCs investments (FDI) in underdeveloped countries and promoting their growth and employment generation and increase in incomes and thereby consumption and expenditure but also producing goods and services needed by the poor households at the bottom of the economic and business pyramid. The paper is devoted to the consideration of the theory in the emerging market economy of India where poverty is a biggest problem and the situation is not found significant for the BOP business. Can there be a market solution to it? Ahmed, G., 2008. India’s New Growth Rate. 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Government of India 2012. Twelfth Five Year Plan 2012-17, Planning Commission, Delhi. Vol. 1, pp. 1-10. Jose, P.D., 2008. Rethinking the BOP: New Models for the New Millennium – Academic    Perspective. IIMB Management Review, 20(2), 198-202. Karnani, A., 2007. Doing Well By Doing Good. Case Study: ʻFair & Lovelyʼ Whitening Cream. Strategic Management Journal 28(13), 1351-1357. Karnani, A., 2011. CSR Stuck in a Logical Trap. California Management Review, 53(2), 69-86. Karnani, A., 2012. Markets of the Poor: Opportunities and Limits. International Journal of Rural Management. 8 (1&2), 7-17. Nurske, R., 1971. Problems of Capital Formation in Underdeveloped Countries, Oxford University Press, Delhi. Paul, J. 2008. Business Environment, New Delhi. 47-48, McGraw-Hill Prahalad, C. K. and Hart, S. L., 2002. The Fortune at the Bottom of the Pyramid. Strategy + Business, 26. Prahalad, C. K., 2005, The Fortunes at the Bottom of the Pyramid: Eradication Poverty through profits, Upper Saddle River, NJ: Wharton School Publishing. Prahalad, C.K. & Hammond, A., 2002. Serving the World’s Poor, Profitably. Harvard Business Review, September.  80(9), 48-57. Rao, J.S. N., 2010. Mahatma Gandhi’s Discovery of India. Ailaan, 1(6), 14-18 Rapoza, K., 2012. India the Next Shopaholic Nation. Forbes, [Accessed June 2015], Available at               http://www.forbes.com/sites/kenrapoza/2012/02/16/india-the-next-shopaholic-nation/ Sharma, Y., 2015. Center Sets up Task Force to Define Poverty. The Economic Times, 20 March, p. 13. The Economic Times, 2015. 20 March, p.6. The Financial Express, 2011. Growth target of 9% for 12th plan gets approval,Sept.16,p.9. The Hindu, 2011. December 8, P.1. Walsh, James P., Kress, Jeremy C.  & Beyerchen, K.W., 2005. 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82 https://ijbed.org/details&cid=82 2015-09-03 This study aims to study the entrepreneurial competencies, international outsourcing relationship components and SME performance factors, and to develop a model to test the relationship between entrepreneurial competencies and Psychological contracting of outsourcing, between outsourcing relationship and Small and medium enterprises performance. Finally, it seeks to identify the effect of Psychological contracting on the relationship between the entrepreneurial competencies and Small and medium enterprises Performance. The Study was conducted on SMEs in IT sector, which constitute the whole bulk of the industry. A questionnaire was administrated and the results did a relationship between the above-mentioned variables with varying degrees of importance. Bolton, J.E. (1971). ‘Report of the Committee of Enquiry on small firms’. Bolton Report Cmnd. 4811. London: HMSO. Watson, J. Everett, J. (1993), ‘Defining Small Business Failure’, International Small Business Journal, Vol.11, No.3, pp. 35-48. Hughes, Cosh, A. and Weeks M. (2000), ‘The Relationship between Training and Employment, Growth in Small and Medium-sized Enterprises’, Centre for Business Research and Dept of Applied Economics, University of Cambridge. Campell, K. (2003), Smarter Ventures: a survivor’s guide to venture capital through the new cycle, London: FT-Prentice hall. Mccloy, U.A., Campbell, J. P. and Cudeck, R. (1994), ‘A confirmatory test of a model of Performance. Determinants’, Journal of Applied Psychology, Vol. 79, pp. 493 – 503. Baum, J.R. and Locke, E.A. (2004), ‘The relationship of entrepreneurial traits, skills and motivation to subsequent venture growth’, Journal of Applied Psychology, Vol. 83, No.4, pp.587-89. Man T., Lau, C. and Chan, T. (2002) the competitiveness of small and medium enterprises: A conceptualization with focus on entrepreneurial competencies, Journal of Business Venturing, Vol. 17, and No.2. pp. 123–142 Gottschalk, P., and Solli-Sæther, H.  (2006),’Maturity model for IT outsourcing relationships’, Industrial Management & Data Systems, Vol. 106, No.2 . pp. 200 – 212. Christine, K. Soon, Ang., and Detmar W, S. (2004),   ‘IT Outsourcing Success: A Psychological Contract Perspective Information Systems Research’, Information Systems Research, Vol 15, No. 4, pp. 356–373. Hudson, M., Smart, A., and Bourne, M. (2001),’Theory and practice in SME: performance measurement systems’, International Journal of Operations & Production Management, Vol. 21, No.8, pp. 1096-1115. Kim, R, D. Cheon, J, M. Beugré, D, C. and Coverdale, K, T. (2003) ‘Information Systems Outsourcing: Exploration on the impact of Outsourcing service Providers’ service quality’. IACIS 2003, p. 143 – 148. Lu, Jane, W. and Beamish, Paul, W. (2001), ‘The internationalization and performance of SMEs’, Strategic Management Journal, Vol. 22, No.6-7, pp. 565–586. https://ijbed.org/cdn/article_file/i-8_c-82.pdf Noha. A. Bendary Aisha El Minyawi Entrepreneurial competencies SMEs Psychological contract Outsourcing Egypt 5313 8 0

83 https://ijbed.org/details&cid=83 2015-09-03 This study examines the dynamic interaction between inflation and credit rationing in the case of Nigeria for the period 1970-2011. It uses time-series data obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin in its analysis of examining the long run and causal relationship between inflation and credit rationing. In doing so, it employs the Autoregressive Distributed Lag (ARDL) bounds testing procedure suggested by Pesaran et al. (2001) and the Granger causality test suggested by Toda and Yamamoto (1995). Empirical findings reveal that although there is an evidence of a long run relationship between credit rationing and inflation, no pattern of such long run relationship is established. The results reveal further that there is no evidence of causality in either direction between inflation and credit rationing in Nigeria. Consequently, the study recommends, among other policy implications, that financial reforms may be pursued without adversely affecting the purchasing power of the citizenry. Berger, A. N., and Udell, G. F. (1992). Some Evidence on the Empirical Significance of Credit Rationing. University of South Carolina Faculty Publications. Boyd, J. H., Levine, R., Smith, B. D. (2000). The Impact of Inflation on Financial Sector Performance. Journal of Economic Literature. Craigwell, R., and Kaidou-Jeffery, D. (2010). Lending Behavior and Credit Rationing in Barbados: A Regime Switching Model. Central Bank of Barbados Working Paper. Driscoll, M. (1991). Deregulation, Credit Rationing, Financial Fragility and Economic Performance. Organization for Economic Co-operation and Development, Department of Economics and Statistics Working Papers, No. 97. Druck, P., and Garibaldi, P. (2000). Inflation Risk and Portfolio Allocation in the Banking System. GAO, Q., GU, J., Hernandez-Verme, P. (2012). A Semiparametric Time Trend Varying Coefficients Model: With an Application to Evaluate Credit Rationing in U.S. Credit Market. Annals of Economics and Finance, 13-1, 195-216. Giles, D. (1997). Causality between the Measured and Underground Economics in New Zealand. Applied economics Letters, 4, 63-7. Huybens, E., and Smith, B. (1999). Inflation, Financial Markets and Long-run Real Activity. Journal of Monetary Economics, 43, 283-315. Keho, Y. (2009). Inflation and Financial Development: Cointegration and Causality Analysis for the UEMOA Countries. International Research Journal of Finance and Economics, 27, 118-123. Lee, C., and Wong, S. Y. (2005). Inflationary Threshold Effects in the Relationship between Financial Development and Economic Growth: Evidence from Taiwan and Japan. Journal of Economic Development, 30(1), 49-68. Mavrotas, G., and Kelly, R. (2001). Old Wine in New Bottles: Testing causality between Savings and Growth. The Manchester School, 69, 97-105. Mendicino, C. (2011). Credit Rationing in Business Cyles. Pesaran, H. M., and Shin, Y., Smith, R. J. (2001). Bounds Testing Approaches to the Analysis of Level Relationship. Journal of Applied Econometrics, 16, 289-326. Rousseau, P. L., and Wachtel, P. (2002). Inflation Thresholds and the Finance-Growth Nexus. Journal of International Money and Finance, Elsevier, 21(6), 777-793. Wahid, A. N. M., Shahbaz, M., and Azim, P. (2011). Inflation and Financial Sector Correlation: The Case of Bangladesh. International Journal of Economics and Financial Issues, 1(4), 145-152. Yigit, T. M. (2002). Effects of Inflation Uncertainty on Credit Markets: A Disequilibrium Approach. Journal of Economic Literature. https://ijbed.org/cdn/article_file/i-8_c-83.pdf Akinkoye Ebenezer Y Sanusi Kazeem A Moses Peter O Inflation Credit Rationing Nigeria ARDL Toda and Yamamoto 5824 5 0

84 https://ijbed.org/details&cid=84 2015-09-03 In contrast to the traditional mindset (TMS)—the conscious awareness, controlled mental processes, and analytical-logical manipulation of symbols—an alternative mindset (AMS) is viewed as the pre-conscious mental processes (i.e. associative, imaginative, intuitive) and holistic thinking. Since Plato, the West has considered TMS as the hallmark of intelligence and simply of any cognition. Yet, in recent decades various research explored complementary and/or alternative to analytical-logical cognition mental. Alternative mindsets were primarily explored for their individual benefits, while our research focuses on organisational benefits. To do this, we used a bi-weekly meditative practice to induce an AMS in organisational actors. We hypothesized that following the shift from TMS to AMS, organisational actors will benefit from enhanced creative production and well-being. Empirical experiments were conducted with 144 self-selected participants within three organisations, measuring well-being and creativity, consisting of eight 20 minute mindfulness meditation sessions, with a “placebo” relaxation technique for control groups. Statistical analysis showed significant increase in well-being and creativity for experimental compared to control groups as of six sessions. As AMS organisational benefits span from enhanced well-being and creative production, as our experiments show, to potentially higher employee engagement, health and relaxation, AMS could potentially aid i Amabile, T., Barsade, S., Mueller, J. & Barry M. (2005). Affect and Creativity at Work. Administrative Science Quarterly, 50(3), 367-403. Amabile, T., Conti, R., Coon, H., Lazenby, J. & Herron, M. (1996). Assessing the work environment for creativity. Academy of Management Journal, 39(5), 1154-1184. Baer, R. A., Smith, G. T., Hopkins, J., Krietemeyer, J., & L. Toney. (2006). 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85 https://ijbed.org/details&cid=85 2015-09-03 This study uses a partial equilibrium model to analyse the impact of East African Community elimination of import duty on imports of manufactured products from the European Union on preferential basis under the proposed EAC-EU Economic Partnership Agreement. Results show possibility of a 9% increase of manufactured goods imports from EU into the EAC region. Imports from EU found to be likely to increase the most are those with higher tariffs of 25% or 10%. EAC tariff elimination is found to be likely to lead to lower prices for manufactured goods, leading to small consumption gains of about 0.03% of the regions GDP. We recommend that EAC countries take measures to improve the competiveness of their manufactured goods in order to compete with EUs manufactured products once the EAC-EU EPA comes into effect. Bhagwati, J. 2008. Termites in the Trading System, Oxford University Press, Oxford. Bhagwati, J. and A. Panagariya. 1999. “Preferential Trading Areas and Multilateralism: Strangers, Friends or Foes?” Regionalism in Trade Policy: Essays on Preferential Trading, Singapore; River Edge, N.J. and London: World Scientific, (1999): 47-111. Bhagwati, J.1993. Regionalism and Multilateralism: an Overview." In: Panagariya A., De Melo J. (Eds.), New Dimensions in Regional Integration. Oxford University Press, Oxford. Busse, M., Borrmann, A., and Großmann, H. 2004. The Impact of ACP/EU Economic Partnership Agreements on ECOWAS Countries: an Empirical Analysis of the Trade and Budget Effects. Technical Report, Hamburg Institute of International Economics. Report Prepared for the Friedrich-Ebert-Stiftung. Clausing, K. A. 2001.  Trade Creation and Trade Diversion in the Canada- United States Free Trade Agreement. The Canadian Journal of Economics, 34(3): 677-696. EAC. 2008. Agreement Establishing a Framework for an Economic Partnership Agreement between the European Community and its Member States, on the One Part, and the East African Community Partner States on the other Part. Arusha. CE/EAC/en 1. EAC. 2012. East African Community Industrialisation Policy 2012 – 2032. EAC, Arusha. Fontagné, L., Laborde, D. and Mitaritonna, C. 2008. An Impact Study of the EU-ACP Economic Partnership Agreements (EPAs) in the Six ACP Regions. CEPII, Working Paper No. 2008 – 04.  CEPII, Brussels. Institute of Economic Affairs. 2008. Preference Erosion under NAMA: the Case for Kenya. Institute of Economic Affairs, Nairobi. Jachia, L. and Teljeur, E. 1999. Free Trade between South Africa and the European Union: a Quantitative Analysis. UNCTAD/OSG/DP/141. Karingi and Fekadu. 2009. Beyond Political Rhetoric – the Meaning of the Grand Eastern and Southern Africa FTA. Conference Paper Presented at the 12th Annual Conference on Global Economic Analysis, Santiago, Chile. Khorana, S., Kimbugwe, K., and Perdikis, N. 2007. Regional Integration under the East African Community: An Assessment of the Trade and Welfare Effects for Uganda. Paper Prepared for the International Conference on Policy Modelling (EcoMod2007). Krugman, P. R., Obstfeld, M., Melitz, M. J. 2012. International Economics; Theory & Policy, Ninth Edition. Pearson Education, Inc, ISBN 10: 0-13-214665-7; ISBN 13: 978-0-13-214665-4. Makochekanwa, A. 2012. COMESA-EAC-SADC tripartite Free Trade Area; Implication on Welfare and Food Security, USAID Southern Africa Trade Hub, Gaborone, Botswana. Milner, C., Morrissey, O., & McKay, A. 2005. Some Simple Analytics of the Trade and Welfare Effects of Economic Partnership Agreements. Journal of African Economies, 14(3):327–358. Ndlela, D. and Tekere, M. 2003. Impact Assessment of Economic Partnership Agreements on Southern African Development Community and Preliminary Adjustment Scenarios. Trade and Development Studies Centre: Harare, Zimbabwe. UNECA. 2005. Assessment of the Impact of the Economic Partnership Agreement between the ECOWAS Countries and the European Union. African Trade Policy Centre, Work in Progress, No. 29. Viner, J. 1950. The Customs Union Issue, New York: Carnegie Endowment for International Peace. Yeats, A. J. 1994. What are OECD Trade Preferences Worth to Sub Saharan Africa? Policy Research Working Paper 1254. The World Bank, International Economics Department, International Trade Division. https://ijbed.org/cdn/article_file/i-8_c-85.pdf Mary Lucia Mbithi Seth Omondi Gor Kennedy Otwori Osoro East African Community EU EPA manufacturing products imports welfare 5517 8 0

86 https://ijbed.org/details&cid=86 2015-09-03 The use of celebrities such as movie stars, sports heroes, entertainers, music experts and all the likes as endorsers by marketers in promoting brand awareness, recognition, and preferences, has become the order of the day in advertising practices both in developed and developing economies. It therefore behooves on marketing professionals to design possible techniques to enhance its effective use by companies. This instigated the researchers to theoretically examine what celebrity endorsement is all about, celebrity-worship relationship and endorser effects, risks associated with the use of celebrity endorsement and celebrity endorsement selection criteria. A critical review of extant literature revealed that celebrity endorsement makes advertisement more memorable and the company in the short-run generates high brand awareness as well as an increase in market share. 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87 https://ijbed.org/details&cid=87 2015-09-03 This paper investigates the short-run and long-run relationships between three main macroeconomic variables in Oman using the Johansen multivariate co-integration techniques as well as the stationary VAR for the period between 1971 and 2013. The results indicate that there is a long-run relationship between these three macroeconomic variables; the real GDP, the real government expenditure and the real oil revenues. The estimated coefficients for the real oil revenues and the real government expenditure are correctly signed and statistically significant at 5% level. Both variables depict positive relationship with GDP which are 0.672 and 0.872 respectively. The impulse response functions and the variance decomposition from the stationary VAR show that these variables are very important to the short-run dynamics of the Omani economy. 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Government Spending, Taxation, and Oil Revenues in Mexico. Review of Development Economics, 7(1), pp. 152-164. Van der Ploeg, F. & Poelhekke, S., 2009. Volatility and the natural resource curse. Oxford Economic Papers, 61(4), pp. 727-760. Villafuerte, M. & Lopez-Murphy, P., Fiscal Policy in Oil Producing Countries during the Recent Oil Price Cycle. Williams, A., 2011. Shining a Light on the Resource Curse: An Empirical Analysis of the Relationship between Natural Resources, Transparency, and Economic Growth. World Development, 39(4), pp. 490-505. https://ijbed.org/cdn/article_file/i-8_c-87.pdf Ahmad Hassan Ahmad Saleh Masan Oil revenue Government spending economic growth macroeconomic variables Oman 5182 11 0

89 https://ijbed.org/details&cid=89 2015-09-03 This paper provides statistical evidence in support of the view, widely held in the dry industry, that there is a lead-lag relationship between Chinese steel production and dry bulk freight rates. Furthermore, this raises an important question about the direction of their relationship. Despite the plethora of studies on micro and macro economic determinants of freight rates, there have been no studies addressing these issues. Hence, this paper undertakes such an investigation using Co-integration analysis, VAR based Granger Causality tests and Impulse Response analysis. Another contribution is that we apply our methodology separately to the spot and period freight markets, and empirically examine and analyze the differences among the causal relationships of four different vessel categories. The results are generally in line with industry expectations and contribute to the understanding of commodity and freight market movements. Bagchi, P. and Virum, H. (1996), European logistic alliances: a management model, International Journal of Logistics Management 7(1): 93-108. Beenstock, M. and Vergottis, A . R. (1989) “An econometric model of the world tanker market” Journal of Transport Economics and Policy, 23 (2), 263- 280. Beenstock, M. and Vergottis, A. (1993) “Econometric Modelling of World Shipping”  London, Chapmann &Hall. Clarkson  Research  Services  Limited  (2013)  Sources  and  Methods  for  the  Shipping  Intelligence  Weekly. Dikos, G., Markos, H. S., Papadatos, M. P., and Papakonstantinou, V., (2006) “Niver Lines: A System-Dynamics Approach to Tanker Freight Modeling” Interfaces, Vol. 36, No. 4, pp. 326–341. Haigh, M. S., Nomikos, N. K., & Bessler, D. A. (2004). Integration and causality in international freight markets: modeling with error correction and directed acyclic graphs. Southern Economic Journal, 145-162. Johansen,  S.  (1991)  Estimation  and  hypothesis  testing  of  cointegration  vectors  in  Gaussian  vector  autoregressive  models.  Econometrica:  Journal  of  the  Econometric  Society,  1551-1580. Johansen,  S.  (1995)  Likelihood-based inference in cointegrated vector autoregressive models.  OUP Catalogue. Kavussanos, M. G., & Nomikos, N. K. (2003). Price discovery, causality and forecasting in the freight futures market. Review of Derivatives Research, 6(3), 203-230. Poulakidas, A., & Joutz, F. (2009). Exploring the link between oil prices and tanker rates. Maritime Policy & Management, 36(3), 215-233. Strandenes, S. P.  (1984) “Price determination in the time-charter and second-hand markets,” Working paper No 06, Centre for Applied Research, Norwegian School of Economics and Business Administration Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of econometrics, 66(1), 225-250. Yu, T. H. E., Bessler, D. A., & Fuller, S. W. (2007). Price dynamics in US grain and freight markets. Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, 55(3), 381-397. Zannetos, Z. S. (1966). The theory of oil tankship rates. Massachusetts Institute of Technology. https://ijbed.org/cdn/article_file/i-8_c-89.pdf Vangelis Tsioumas Stratos Papadimitriou Freight market Commodities Granger causality Impulse Response analysis Shipping 5852 5 0