International Journal of Applied Research in Management and Economics <p>The International Journal of Applied Research in Management and Economics is a platform for scientific discussion and knowledge sharing open for all researchers worldwide. The abbreviation for the Journal is IJARME. It provides a forum for both academics and decision-makers to advance theory and application in the fields of Management and Economics. All submitted articles should report original, previously unpublished research results, experimental or theoretical, and will be peer-reviewed. Articles submitted to the journal should meet these criteria and must not be under consideration for publication elsewhere. Manuscripts should follow the style of the journal and are subject to both review and editing.</p> Mokslinės Leidybos Deimantas (Diamond Scientific Publication) en-US International Journal of Applied Research in Management and Economics 2538-8053 Causality between financial development, economic growth, and income inequality in EU countries <p>This study investigates the causality between financial development, economic growth, and income inequality using panel data for 23 European Union countries over the period 1987-2017. Various proxies of financial development are chosen to represent the depth, efficiency, and stability of the banking system and stock markets. For the empirical analysis, the study performs the Granger non-causality test in heterogeneous panels. The findings are contradictory and sensitive to the measures of financial development. Most importantly, the results reveal a one-way causality from financial development to economic growth when private credit, stock market capitalization, net margin interest rate, and Z-score are chosen as financial development indicators. In addition, a two-way causality exists between bank assets, liquid liabilities, non-performing loans, and economic growth, and a one-way causality from economic growth to value traded and turnover ratio. However, the results show no causality between stock price volatility and economic growth. The results indicate a one-way causality running from income inequality to economic growth. Finally, a one-way causality runs from income inequality to financial development for most measures of financial development except for a one-way causality running from private credit to income inequality, a two-way causality between bank assets and inequality, and an absence of causality between income inequality and turnover ratio, Z-score and stock price volatility.</p> Theodora Sotiropoulou Antonios Georgopoulos Stefanos Giakoumatos Copyright (c) 2022 International Journal of Applied Research in Management and Economics 2022-03-20 2022-03-20 5 1 1 13 10.33422/ijarme.v5i1.759 The Financial Data Services Domain: From Taxonomies to Ontologies <p>There are many different types of instruments and hundreds of different markets for investment, leading to an extremely large and hard-to-define universe of financial data. The related commercial offer is extremely heterogeneous and complex. In this scenario, it is difficult to source the most appropriate financial services providers. In the past, eProcurement was mainly focused on the use of ERP management tools to record and examine previous buying decisions and expenditure data. In recent years, machine learning and artificial intelligence have been applied to procurement workflows, introducing computation of external or third party unstructured data to achieve a higher level of market knowledge and decision automation. In order to exploit the possibilities provided by these new technologies to the full extent possible, theoretical models for understanding large amounts of unstructured data are essential. In this research-in-progress paper we propose a taxonomy of financial data services and depict the related prototype ontological model, providing a possible conceptualisation and specification of the domain of interest potentially useful for the development of applications based on semantic technologies.</p> Dario Russo Gianluca Mura Copyright (c) 2022 International Journal of Applied Research in Management and Economics 2022-03-20 2022-03-20 5 1 14 26 10.33422/ijarme.v5i1.747 Interactive Effect of Export Strategic Orientations on Export Market Learning Ambidexterity: A Study of Turkish Export SMEs <p>The interactive effect of export strategic orientations on export market learning ambidexterity has been studied in this paper. Export market orientation and export entrepreneurial orientation, as strategic orientations, have a complement feature among them, while ambidexterity itself is a complement form of exploration and exploitation. In this study, the relationship between these two complement effects was examined by using 291 export SMEs located in Turkey which is an emerging economy. According to the results, a great impact from interactive effect of strategic orientations to ambidexterity is examined. Also, in line with the previous researches, the results confirmed that export strategic orientations individually have impact on exploration and exploitation. The findings help provide a more complete understanding of how export strategic orientations might be related to export market learning dimensions. It is revealed that both types of orientations provide different managerial efforts individually and interactively to develop and foster exploration, exploitation and ambidexterity in export markets.</p> Nesibe Nur Unal Copyright (c) 2022 International Journal of Applied Research in Management and Economics 2022-03-20 2022-03-20 5 1 27 50 10.33422/ijarme.v5i1.770 Holistic leader: discussing the emerging challenges <p>In today's environment the leader is already faced with changes in the status quo of the field of work. Changes such as automation and digitization of work, changing forms of employment and the constant demand for further specialization make up an explosive context that could not easily be considered productive and psychologically likable for humans. There has been a great demographic shift, therefore different generations of employees need to be led properly within the organization. On the threshold of the 4.0 industrial revolution, leaders need to balance variables such as technological advances and the generational differences and/or clashes. To properly lead the organization, leaders must have abilities and skills that fall within all four capitals, economic, human, social and positive psychological capital. The ever-evolving theory of leadership highlights the characteristics that leaders must have for the organization to prosper and subordinates/followers as well. The paper discusses the leadership theory and the emergence of e-leadership. The new mentality and the differences within different generations are analyzed as well. The paper proposes the concept of the ‘holistic’ leader and discusses the gap regarding the leadership theories and the need for the higher education programs to be modified for the new leaders to be trained more effectively.</p> Lina A. Stavrou Aikaterini Galanou Copyright (c) 2022 International Journal of Applied Research in Management and Economics 2022-03-28 2022-03-28 5 1 51 60 10.33422/ijarme.v5i1.760 Business Model Innovation through customer co-creation – a literature overview <p>Today's world is extremely fast moving, and customer requirements as well as the customer expectations are changing unpredictably day by day. Firms need to continuously innovate their business model in order to keep up with the dynamic environment. All these changes affect the role of the customer in the supply chain and the relationships between partners, customers, and companies. Furthermore, it disrupts firms' strategies as well as their organizational structures, which forces companies to transform digitally as soon as possible. To respond to these changes and to remain competitive, firms need to adapt their existing business models and create value in new ways. To meet the new requirements, firms need to stay closer to their customers and identify new opportunities by creating value together with the customer (<em>customer co-creation</em>). This process can be supported by the digitalization and the usage of digital technologies, such as Big Data, Internet of Things and Artificial Intelligence. The goal of this paper is to give an overview of the combined research areas business model innovation and customer co-creation. A literature review has been performed to explore the emerging and undiscovered new field. Especially in the customer-centric, digital world, the value creation together with the customer plays a major role. Based on the literature future research avenues are identified and introduced.</p> Shabnam Tahiri Copyright (c) 2022 International Journal of Applied Research in Management and Economics 2022-03-24 2022-03-24 5 1 61 73 10.33422/ijarme.v5i1.798