Annals of Spiru Haret University. Economic Series

Economic Investigation of Lagrange Multiplier if Cost of Inputs and Budget Size of a Firm Increase: A Profit Maximization Endeavor

Haradhan Kumar Mohajan, Devajit Mohajan — Wed, 06 Sep 2023 00:00:00 +0300

In this study method of Lagrange multiplier is considered to investigate profit maximization policy. In the twenty first century global economy faces serious complexities. Sensitivity analysis of economic firms becomes essential part of sustainable economic environment. The method of Lagrange multiplier is a very useful and powerful technique in multivariable calculus that is applied in economic models to obtain higher dimensional unconstrained problem from the lower dimensional constrained problems. This paper proceeds with Cobb-Douglas production function, where 6×6 bordered Hessian and 6×6 Jacobian are used to examine sensitivity analysis efficiently and elaborately.

Consumer dining duration and spending: The role of emotional labour practice in the restaurant industry

Tue, 05 Sep 2023 00:00:00 +0300

This paper centres on examining the link between emotional labour and dinning duration within the restaurant industry. In this study emotional labour practice was modelled as one of the crucial predictors of dining duration. This study adopted a multiple case study using a cross sectional design approach. The target population was 480 dyads encounters in 6 of the most popular fast food restaurant chains in Harare. Some 214 seat-in customers were the unit of analysis while wait staff were the unit of observation. In terms of responses, 200 responses were attained and were deemed sufficient for meaningful Structural Equation Modelling. The quantitative approach employed a self-completed structured questionnaire in collecting data. A structural equation modelling was run to test the direct effects, a multi-group structural equation modelling was run to test the moderating effects of categorical variables, and a moderated multiple regression was run to test the moderation effects of the latent variables. The study revealed various factors that influence the connection between emotional labour and dinning duration such as the gender factor of the people involved, the rate and strength of the interaction between restaurant employees and the clients. The outcome directed that emotional labour is positively associated with consumer dining duration. The consumer dining duration is in turn associated with consumer expenditures within the restaurant. However, all the hypothesised moderators had no statistically significant effect. The study recommended the use of emotional labour as one of the predictors for increased revenue in the restaurant industry through increased consumer spending as mediated by the dining duration under the scenario of excess capacity and limited demand.

A DECONSTRUCTION OF FRUSTRATION-AGGRESSION THEORY OF POLITICAL VIOLENCE IN NIGERIA

Frank Etim, Wilfred Ukpere; Foluso Adekanmbi — Tue, 05 Sep 2023 00:00:00 +0300

The work set out to deconstruct and reconstruct Ted Roberts Gurr’s (1970) theory of relative deprivation, frustration-aggression as contained in his work ‘Why Men Rebel’ (1970). The study used descriptive research design and evaluated the capacity of the theory, which was created to explain political violence in Africa and Asia in the colonial era, to also explicate why intense relative deprivation, frustration and aggression arising from the avalanche of poor governance in postcolonial African states such as Nigeria and many others, have not culminated into political violence and rebellion. The study presented numerous data obtained through observation and analysis of events in Nigeria, Africa and case-studies of American, French, English and Russian rebellions and distilled qualitative data which indicated lack of association between the variables. The application of the study design revealed first the state as the source of relative deprivation, frustration and aggressions of the citizenry when they are denied access to public values, which they feel entitled to. Secondly, it further discovered that there are no direct correlations between relative deprivation, frustration and aggression as initially conveyed by the theory since 1970. Furthermore, it exposed that there is an intervening variables identified as ‘Social Movements’ or ‘Civil Society Organizations (CSOs), which harness relative deprivation, intense frustration and aggressions from the sufferers and convert them to other set-of-action, which may not be political violence and rebellions but could be advocacy towards the expansion of the mechanism for supply of public good or values and to make it accessible to many as a means of addressing relative deprivation. The study concluded in the light of its findings, that the initial theory requires deconstruction and reconstruction to include ‘Social Movement’ as a principal component. It is only then that it could be applied in the analysis of issues in postcolonial African and Asian states

TOURIST MАRKET IN THE CURRENT POST-PANDEMIC CONTEXT

Mariana Dragut, Elena GURGU — Tue, 05 Sep 2023 00:00:00 +0300

The negаtive effects of the COVID -19 pаndemic on the tourist trаffic аnd the tourism sector hаve been felt globаlly, but to different extents, depending on the tourism regions аnd countries.

In Romаniа, the decreаse recorded in tourist trаffic during the pаndemic period hаs been severe, but within the limits of the аverаge recorded in Europeаn Union Member Stаtes аnd with considerаbly different vаlues, depending on the cаtegories of tourist destinаtions in the country.

The mаin chаllenge for Romаniа remаins cаrrying out а lаrge-scаle promotion cаmpаign on the foreign mаrkets relаted to its tourist offer, given the modest results obtаined so fаr in аttrаcting foreign tourists, despite the tourism potentiаl thаt it hаs. The post-COVID-19 period could represent а reset of tourism in Romаniа.

PERCEIVED EMPLOYEE FINANCIAL WELL-BEING IN THE BANKING INDUSTRY IN THE 4IR PERIOD: ASSESSING PREDICTORS’ IMPACTS

Foluso Adekanmbi, Wilfred Ukpere — Tue, 05 Sep 2023 00:00:00 +0300

This paper evaluates the influences of financial behavior, work engagement, and work engagement on financial well-being within Nigeria’s Banking Industry. Its sample was taken from four (4) banks in the Nigerian states of Lagos and Oyo. They include First Bank of Nigeria, First City Monument Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc. The present researcher dispersed the questionnaires at random for this cross-sectional survey. Nevertheless, 382 of the 400 questionnaires sent met the criteria for investigation and were examined using SPSS version 28. The present investigation conducted standard multiple regression and zero-order correlation analyses to test the stated hypotheses and conclude that positive financial behaviors and employee work engagement considerably increase financial well-being. In Nigeria's banking industry, financial stress, on the other hand, worsens financial well-being in the 4IR period. It further establishes a link between financial behavior and financial stress and a good correlation between financial behavior and work engagement. Furthermore, the study discovered a negative association between financial stress and work involvement in Nigeria's banking industry during the 4IR period. It also confirms that work engagement, financial stress, and financial behaviors substantially determine financial well-being. Consequently, this paper advocates banks helping employees become more financially literate and responsible by offering financial education to their staff. Also, employers must take action to reduce financial stress among employees. Resources and assistance can help reduce financial stress and enhance employee well-being in the present 4IR period. Moreover, banks may use tactics including offering chances for employee growth, encouraging work-life balance, and cultivating a positive work environment to boost engagement in the banking industry.

Community perceptions of tourism development in rural area of Tsatsane Lesotho

Tue, 05 Sep 2023 00:00:00 +0300

This paper investigated community perceptions of tourism development and identified the relationship between tourism development projects and business opportunities in Tsatsane community, Lesotho. This investigation was done using a qualitative research method to understand the relationship between respondents’ perceptions of tourism development projects and associated business opportunities. Using purposive random sampling techniques, 30 respondents comprising of 19 community members, 2 community leaders, and 9 stakeholders were chosen and interrogated. After the choice, qualitative data were gathered using an open-ended semi-structured interview guide. Thematic analysis was used to organize the themes that emerged from the responses after they were transcribed. Using Atlas Ti.8, similar themes were gathered and transferred. The study found a significant relationship between tourism development projects and recurrent themes like new knowledge of tourism-related business opportunities, job creation, increase in trade, and education. Although few respondents have different opinions

THE INCIDENCE OF THE PANDEMIC CONTEXT ON THE SOCIAL EXCLUSION AND MATERIAL DEPRIVATION IN ROMANIA

Antonia Mandalac, Mariana Iatagan — Tue, 05 Sep 2023 00:00:00 +0300

In Romania, social exclusion highlights a reality that removes the perspectives of sustainable development of social equity and economic stability. The pandemic context caused a major discrepancy between national socio-economic environments, placing Romania first in the European ranking regarding the level of social exclusion and material deprivation. The insufficient space of the labor market, the intensity of unemployment, the government restrictions imposed to limit the pandemic context argue the alarming statistics of social exclusion, while the policies and strategies implemented to ensure an honorable standard of living for the Romanian population do not show notable results, limiting the possibilities reducing the level of poverty. The purpose of the article is to measure the level of social exclusion and material deprivation in Romania, formulating sustainable proposals for improving the quality of life of people whose socio-economic status is at the limit of existence.

MODELLING THE ECONOMIC INFLUENCE OF TRANSPORT SYSTEM ON TOURISM PERFORMANCE. THE EXPERIENCE FROM LAGOS STATE, NIGERIA

Umar Obafemi SALISU, Professor Samuel ODEWUMI, Forson Ibraheem ABDUL-AZEEZ — Tue, 05 Sep 2023 00:00:00 +0300

Globally, travel and tourism opportunities are highly sought-after by most nations, but very few developing nations, including Nigeria, play good supporting roles to benefit from the profitable and lucrative industry. The reasons for this are not unconnected to the poor investment in tourism infrastructure, especially transport, to support tourism activities and sustain tourism performance. It is against this background that this study modeled the economic influence of the transport system on tourism performance using Nigeria’s Lagos State experience. This study is anchored on an ex-post facto research design and relies on quantitative data from the relevant ministries of the Lagos State Government. Both descriptive (charts and graphs) and inferential (multiple linear regression analysis) statistics were methods of data analysis. Major findings revealed that only the annual revenue from transport system services out of the nine (9) evaluated performance indicators showed internal consistency and a positively increasing growth pattern. Furthermore, research found that the level of transport investment has a statistically significant relationship with the performance of the tourism industry (. Meanwhile, findings also revealed that there is a statistically significant relationship between the transport system’s revenue and tourism performance (. Given these, this study affirmed that the tourism performance greatly depends on the transport system’sinvestment and revenue and concluded that the fluctuating and poor tourism performance in Lagos State, Nigeria, is a function of the transport system's economic influence. Thus, this study recommends, among others, consistent investment and improvement in the transport system, most especially the infrastructure that will support tourism activities and increase tourism revenue.

Resetting the Human Resource strategy for organizational performance in Zimbabwe Urban Councils

Samuel Sixpence, Julius Tapera, Wilfred Ukpere; Foluso Adekanmbi — Tue, 05 Sep 2023 00:00:00 +0300

While literature is awash with evidence that links strategic human resource management to organizational performance, little is known on sustaining the relationship dynamics within a public sector context that is operating under polarized conditions. This study explores the challenges faced in implementing the human resource strategy within urban councils in Zimbabwe to unearth solutions that are sensitive to a polarized work environment. A case study approach was used to collect data from the 32 urban councils in Zimbabwe, which are classified into four categories namely, cities, municipalities, towns and local boards. Stratified sampling was used to identify nine urban local authorities for data collection and purposive sampling identified the participants for interviews. The point of saturation was reached after interviewing 18 participants and the data was analysed using the atlas.ti. This study revealed, a misalignment of the human resource function and the organizational goals, a serious financial resource crisis and a lack of trust between key stakeholders. The study contributes to the development of human resource competencies that respond to the organizational needs in a polarized environment. Further, it incorporates the adoption of technology in the human resource strategy and the need to foster a culture of supporting soft skills such as teamwork and collaboration from the level of elected officials down to the entire workforce.

A STUDY OF HUMAN RESOURCE MANAGEMENT POLICIES AND PRACTICES AND EMPLOYEE COMMITMENT: EVIDENCE FROM NIGERIAN SMALL AND MEDIUM ENTERPRISES (SMES)

Babalola Oginni — Tue, 05 Sep 2023 00:00:00 +0300

The study investigated HRM policies and practices on employee commitment to determine their relationship and effects on employee commitment using the SMEs in the South-West, Nigeria as the unit of analysis. The study identified recruitment and selection, training and development, compensation and reward systems, performance appraisal, working conditions, and employee participation as the prevailing HRM policies and practices in the SMEs and singled out compensation and reward systems, working conditions, and employee participation. A multi-sampling technique and survey research method was adopted while copies of questionnaires were administered to 369 respondents. It was found that there exists a positive relationship between HRM policies and practices and employee commitment while compensation and reward systems, working conditions, and employee participation in decision-making have more effects than other variables and R² of 76% can also explain the variation on employee commitment. It was concluded that among all the activities embarked upon by the SMEs, in South-West, Nigeria towards the attainment of business objectives, HRM policies, and practices have a more significant effect on employee commitment most especially compensation and reward systems, working conditions, and employee participation. Thus, recommended that reward systems should be made competitive through environmental surveys and objectivity should prevail in the practice of the HRM policies.

THE IMPACT OF EMPLOYER BRANDING ON ORGANIZATIONAL PERFORMANCE: A COMPREHENSIVE ANALYSIS

Elena Gurgu, Valentin Kuleto — Tue, 05 Sep 2023 00:00:00 +0300

This article investigates the relationship between employer branding and organisational performance, identifying the underlying mechanisms contributing to enhanced performance. Next, we analyse various aspects of employer branding, including its influence on talent attraction, employee engagement, retention, and overall productivity. Finally, we provide insights on how organisations can strengthen their employer brand to optimise performance.

In the competitive labour market, employer branding plays a crucial role in an organisation's ability to attract and retain top talent, directly influencing organisational performance. This article examines the relationship between employer branding and organisational performance by exploring its effects on talent attraction, employee engagement, retention, and overall productivity. It also offers insights on strengthening an organisation's employer brand to optimise performance.

Employer branding, an organisation's reputation as an employer, can provide a competitive advantage by creating a motivated, engaged, and productive workforce. A strong employer brand attracts high-quality candidates, reducing recruitment time and cost and ensuring a diverse and talented candidate pool. Organisational culture, work environment, compensation and benefits, growth opportunities, and corporate social responsibility contribute to developing a strong employer brand. Effective employer brand communication across multiple channels, such as corporate websites, social media, and job advertisements, is essential to attract top talent. Employer branding events and employee advocacy can further strengthen the brand. Assessing the employer brand's strength can help organisations identify areas of improvement and gauge their attractiveness in the job market.

Employee engagement and satisfaction are closely linked to an organisation's employer brand. Factors such as leadership, job design, recognition and rewards, work environment, and opportunities for growth and development contribute to employee engagement and satisfaction. Assessing employee engagement and satisfaction can provide valuable insights into their perceptions of the organisation and commitment to its goals. Engaged and satisfied employees exhibit higher performance, productivity, and innovation levels, leading to improved organisational outcomes.

CONDITIONS AND FACTORS AFFECTING POSITIVE INVESTMENT CLIMATE IN THE KYRGYZ REPUBLIC

Bakyt Kapakov — Wed, 06 Sep 2023 00:00:00 +0300

Abstract: In the context of globalization, the investment attractiveness of a country is essential for the economy of the country. The purpose of this paper is to explore the factors affecting the inflow of foreign direct investment in the example of the Kyrgyz Republic as a member of the Eurasian Economic Union (EAEU). The paper introduces the ways and changes in the country’s investment activities and explains how the country attempts to attract investors and improve state legislation, ideology, and economic policy to create a favorable investment climate. The investment climate discussed in this paper as a set of factors plays a decisive role in attracting investment to the country's economy. In addition, this paper identifies the factors determining investment climate that depend on political stability, the transparent legal framework, the tax coefficient, and the attractive benefits, and concludes by emphasizing that all of these factors create a favorable climate for investors and help the Kyrgyz Republic to form a positive investment image.

Keywords: the Kyrgyz Republic, investment attractiveness, investment climate, state investment policy.

DIGITALISATION OF WORK PROCESSES IN THE NIGERIAN UNIVERSITY SYSTEM UNDER THE NEW NORMAL

Dorcas D. Otto, Wilfred Ukpere; Foluso Adekanmbi — Tue, 05 Sep 2023 00:00:00 +0300

The global spread of the coronavirus (COVID-19) has left a world with changing work situations in its trail. What started as some innovative electronic processes (e-processes) to enhance workflow and ensure effective service delivery in the Nigerian University System (NUS) gained momentum during the COVID-19 period and has opened new and bright opportunities for e-processes in the aftermath of COVID-19. However, inspite of the numerous advantages of a progressive digitalisation of work processes in the NUS, the perceived challenge has been that of mixed reactions from the workforce. While a few of the workforce appear to be equipped and favourably disposed to the new normal, a larger proportion seem unprepared and somewhat apathetic to the present demands for a 21st Century efficient and effective service delivery methods in the NUS. The objective of the paper is to appraise the introduction, benefits and challenges of e-processes in the NUS especially in post COVID-19 era. It relied on primary (participant observation) and secondary (documents) sources of data and was guided by the Innovation Diffusion Theory. The paper explored critical issues of e-processes and result-oriented management under the new normal in the NUS and made appropriate recommendations for both management and staff. In view of its flexibility and benefits, the paper concludes that, so far, digitalisation of work processes in the NUS has expanded the speed and efficiency of processing documents, thereby, enhancing the welfare of stakeholders

SOCIO-ECONOMIC AND INNOVATIVE PERSPECTIVES OF THE HOSPITALITY INDUSTRY IN ROMANIA UNDER THE INCIDENCE OF GLOBAL CHALLENGES AND RISKS

Mihaela AGAGIU, Mariana Iatagan — Tue, 05 Sep 2023 00:00:00 +0300

The hospitality industry in Romania is faced with a number of factors that unbalance the sustainable prospects of this industry, mentioning: the incidence of the pandemic context, the increase in inflation, the general increase in prices, the increase in electricity and heat tariffs, as well as the increase in the salary level of employees integrated in the activity the hospitality industry. Starting from 2020, tourist operators face the decrease in the number of tourists, as well as the exponential increase in costs resulting from the provision of tourist activity. Looking from this perspective, organizations operating in the hospitality industry are exposed to global socio-economic risks, limiting the innovative perspectives necessary for the development of this industry. Through the article, the incidence of negative socio-economic perspectives on the hospitality industry is measured, identifying the main factors that determined the decrease in the activity and profitability of economic organizations. The content of the article focuses on the innovative perspectives of the hospitality industry, presenting rural tourism and psychotherapeutic tourism as a pillar of tourism recovery and resilience identified in the national context.

FROM TRADITIONAL TO MODERN FORMS OF CRISES – A BRIEF ANALYSIS OF HUMAN CRISES

Elitsa Stoyanova Petrova — Tue, 05 Sep 2023 00:00:00 +0300

This article presents the variety of types of crises in human society. The reader is briefly introduced to the essence and content of the concept of crisis, as well as the concept of the human security, which emphasizes that in addition to traditional security threats, the world nowadays faces a number of modern forms of global threats. The crises caused by military conflicts; crimes against humanity; usage of weapons of mass destruction; terrorism and organized crime; natural crises and environmental degradation; economic crises and poverty; social crises; health and infectious disease crises; crises caused by globalization and by a change in the value system and morality of people; political and governance crises are presented in more detail in order to fully achieve the informative goal of the article.

THE EFFECTIVENESS OF HEALTH AND SAFETY PROGRAMMES IN ADDRESSING OCCUPATIONAL DISEASES AND INJURIES AT MANUFACTURING FACILITIES IN IBADAN SOUTHWEST LOCAL GOVERNMENT OF OYO STATE, NIGERIA

Tue, 05 Sep 2023 00:00:00 +0300

People now spend many years of their adult lives at jobs where they are exposed to various hazardous chemicals, unsafe acts, and other diseases because of population growth and rapid technological advancements. Occupational diseases and injuries may arise because of risk factors in the workplace. The study examined the effectiveness of health and safety programmes in addressing occupational diseases and injuries at manufacturing in Ibadan South-West Local government of Oyo state, Nigeria. The sample size was 250 respondents selected using simple and multi-stage sampling techniques to cover the forty-eight manufacturing companies in the area. A self-structured questionnaire was employed for data, which were analysed using frequencies, percentages, and chi-square at 0.05 alpha level. It was found that the prevalence rate of occupational diseases in the facility had (x2=81.94, p<0.05), the extent to which occupational health and safety programs was promoted had (x2=71.51, p<0.05), the effectiveness of occupational health and safety programs had (x2=64.94, p<0.05). Based on the findings, health education is a panacea to occupational diseases and injuries in Ibadan South-West Local government of Oyo state, Nigeria. It was therefore recommended that Government should provide regular health training programs to review, promote, and maintain occupational health strategies. Manufacturing companies/facilities should employ adequate qualified health educators to enlighten the workers on the risks associated with occupational diseases and injuries

SCAN YOUR LIFE IN THE DIGITAL ERA

Roxana-Daniela Paun — Tue, 05 Sep 2023 00:00:00 +0300

"Distance doesn't separate people, silence does!" Artificial intelligence is a reality and it evolves every day, it simplifies life where it is used in the human’s interest, being already applied in many fields. Is there any risk of moving away from the noble goal of being at the service of the collective good and of being used against people to limit fundamental rights and freedoms? Is there any risk that the totalitarian society will re-establish itself, this time on a global level? The current study presents, in summary, a first analysis of the latest developments in this field, starting from the Chinese experience, as far as it is known and popularized regarding facial recognition made by artificial intelligence for monitoring citizens for the social credit system.