Business Angel and risk capital： The impact on innovation

The aim of the analysis is to understand if the risk capital carried by Business Angels （B.A.） could affect firms with high innovation propensity in creating more innovations than receiving risk capital from other financial operators. Innovation is a critical factor for the competitiveness of national system especially when the economy of the latter has come to maturity. For realizing ＂the successful exploitation of ideas, into new products, processes, services or business practices, and the critical process for achieving two complementary business goals of performance and growth, which in turn will help to close the productivity gap＂ （DTI＇s Innovation Report, 2003, p. 8）, firms have to understand which are the right competences to increase. In this context, the authors have developed a framework that measures the propensity to innovate in the firms. The model considers the firm＇s competences （grouped into four macro areas as management, organization, ITC and marketing） to improve the creation, development and diffusion of the innovation. The work is structured as an empirical analysis as follows： （1） The authors analyzed a sample of 12 business plans （choices for high level of innovation in their business） that received risk capital from B.A. and other financial operators; （2） For each firm, their innovation propensity is measured through the author＇s model during their start-up period （the data analyzed are business plan＇s data）; （3） After a period of time （3 years）, the authors checked if the firms with high innovation propensity have created real innovation and if a correlation exists between risk capital origin （from Business Angels or not） and innovation propensity. The conclusion of the work is the finns with B.A.＇s risk capital have a high innovation propensity and create after a medium term period more innovation compared with the others.     

Integrating Rijeka into socialist Yugoslavia: the politics of national identity and the new city’s image (1947–1955)

This article investigates the politics of national identity implemented in Rijeka after World War II, when the city was integrated into socialist Yugoslavia. These national and political transitions posed various challenges to the consolidation of the Yugoslav Communists’ power. The nationalities policy embedded in the slogan “Brotherhood and Unity” was the official answer to the national question, promoting collaboration among the Croatian majority, the Italian minority, and other national communities in the city. This article focuses on the definition of postwar Rijeka’s image, investigating the relationship between Yugoslav socialism and national identities in everyday political practice. The negotiation of the representation of national identities in a socialist society led to ambivalences, contradictions, and contentions expressed in and through Rijeka’s public spaces, highlighting the different orientations of cultural and political actors. The process of building socialist Yugoslavia in this specific borderland context reveals the balance and tension between the multinational framework and the integrative tendencies pertaining to the legitimization and consolidation of the socialist system.     

Perilous presidentialism or precarious power-sharing? Hybrid regime dynamics in Myanmar

ABSTRACT

Although Myanmar's transition from military rule has been thoroughly studied, research into the evolving presidential system is lacking. This article maps Myanmar's unique hybrid form of presidentialism and characterises executive-legislative relations between 2012 and 2017. It not only examines institutions themselves but also explores how actors within them have acted and shifted strategically. It is argued that elite-behaviour determines how institutions work. Myanmar's 2008 constitution imposed by the military established a hybrid presidential system with a formally powerful president. The first phase under President Thein Sein saw competitive yet cooperative executive-legislative relations between President Thein Sein and the ambitious House Speaker Shwe Mann, both members of the former military regime. However, this power-sharing arrangement of former members of the military regime became increasingly fragile with the rise of Aung San Suu Kyi and her attempt to change the 2008 constitution. After the election victory of the National League for Democracy (NLD) and the passage of the state counsellor law, a de facto semi-presidential system was established – Burmese style. Since then, the frontline has been between the civilian and military parts of the administration.     

A Responsibility to Profit? Social Impact Bonds as a Form of “Humanitarian Finance”

ABSTRACT

Recent years have seen the emergence of social impact bonds (SIBs), geared toward funding social interventions while earning financial returns. The article proposes to conceive of SIBs as a practice of contemporary humanitarianism. In an effort to trace the politics of such humanitarian finance, the article analyzes a SIB that sought to improve outcomes for homeless persons in London. It argues that, instead of relying on sentimental stories, the project was animated by a results-oriented, technocratic culture geared at solving social problems (rather than just alleviating suffering). Its mode of reasoning, however, directed attention to highly vulnerable individuals – and away from the structural conditions that perpetuate poverty. But at the same time, the scheme reworked exclusionary constellations “from within.” Thus, such humanitarian finance simultaneously performs a relation of inequality and a relation of assistance. The article makes the case for an ongoing engagement with both dynamics.     

FIFA’s Hegemony: Examples from World Cup Hosting Countries

The hegemonic power of FIFA over countries hosting its capstone World Cup tournament is worth examining in the context of hegemony theory in International Relations literature. To understand FIFA’s hegemonic role on the global stage, it is best to place it within the context of two major shifts in the international system—power transition and diffusion. This study provides an insight into the dispute between transnational and national law in sports, which FIFA has used to strengthen its hegemony. This has empirical support as seen in four World Cup cases: previous Cups in Brazil (2014) and South Africa (2010) and the forthcoming tournaments in Russia (2018) and Qatar (2022). These cases reveal FIFA’s hegemonic power both through the overruling of national law in favour of transnational law, and by the questionable bidding processes to host the games in Qatar and the Russian Federation. In addition, this study examines whether Switzerland is capable of regulating or restricting FIFA’s hegemonic power. While removing FIFA’s legal status as a non-profit organisation seems not to be an option, the executed amendment of the Swiss anti-corruption law is a step forward. Furthermore, FIFA needs to continue its recently initiated internal reforms.     

Measuring state fragility: a review of the theoretical groundings of existing approaches

State fragility has become a resonant term in the development discourse over the past decade. In its early days it served as a catch-all phrase used by donor organisations to draw attention to the need to assist ‘fragile states’. In response to the call for a better understanding of how to deal with these countries, there was a surge in measures of fragility. However, it was not long before academics pointed to the murkiness and fuzziness of the term, and identified several caveats to most of the proposals for quantification. This paper reviews existing approaches to operationalise this concept, distinguishing between those that offer no ranking or only partial rankings of fragile states, and those providing ordinal lists of countries. The examination of their theoretical underpinnings lends support to the critical view that most existing approaches are undermined by a lack of solid theoretical foundations, which leads to confusion between causes, symptoms and outcomes of state fragility.     

Optimal Central Bank Conservativeness in an Open Economy

This paper develops a graphical method to determinethe optimal degree of central bank conservativeness inan open economy. Unlike Rogoff (1985a), the upper andlower bounds of the interval containing the optimaldegree of conservativeness are expressed in terms ofthe structural parameters of the model. It is shownthat optimal central bank conservativeness is higher,the higher the natural rate of unemployment, thegreater the benefits of unanticipated inflation, theless inflation-averse society, the smaller thevariance of productivity shocks, the smaller realexchange rate variability and the smaller the opennessof the economy. These propositions are tested fornineteen industrial countries for the period1960–1993. In testing the model we employ a latentvariables method (LISREL) in order to distinguishbetween actual and optimal monetary regimes.     

Leader Effects and Voting for the Populist Radical Right in Western Europe

Charismatic leaders are often assumed to drive the electoral success of populist radical right parties. Yet, little attention is given to how voter evaluations of leaders influence individual voting behavior. To our knowledge, no systematic and comparative tests of this empirical question exist. In this paper, we test to what extent voters’ support for populist radical right parties is fueled by leaders' appreciation. In order to examine leader effects on the populist radical right vote, we rely on an original dataset pooling 29 National Election Studies from ten established West European parliamentary democracies (1985‐2018). Our analysis finds that: (1) voters’ evaluation of party leaders is significantly associated with voting for populist radical right parties; (2) leader evaluations are more important than left‐right self‐placement when it comes to voting for the populist radical right, and (3) leader effects are more important for populist radical right voters than for other voters.