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Conference Proceedings ! International Joint Cross-Border PhD Programme in International Economic Relations and Management Academic Scientific Committee for Research and Doctoral Studies University Juraj Dobrila of Pula, Croatia; University of Economics in Bratislava, Faculty of International Relations, Slovak Republic; University of Sopron, Alexandre Lamfalussy Faculty of Economics , Sopron, Hungary; University North, Varaždin, Croatia; University of Mostar; Czech University of Life Sciences, Prague; University of Applied Sciences Burgenland (UAS), Eisenstadt, Austria CONFERENCE PROCEEDINGS !"#$ 4th INTERNATIONAL SCIENTIFIC CONFERENCE FOR DOCTORAL STUDENTS AND EARLY-STAGE RESEARCHERS Eisenstadt, Austria © 2018 University of Applied Science Burgenland All rights reserved. No part of this book may be reproduced in any form by any electronical or mechanical means (including photocopying, recording or information storage and retrieval) without a written permission from the publisher. The authors are responsible for all of the content that has been published in the book. Publisher: University of Applied Science Burgenland FACHHOCHSCHULE BURGENLAND GmbH EISENSTADT, Campus 1 A-7000 Eisenstadt Tel.: +43 5 7705 Editor: Prof.dr.sc. Marinko Škare Conference Proceedings of the Third International Scientific Conference for Doctoral Students and Young Researchers Editorial board: Prof. Dr. Dr. h.c. Csaba Székely (Hungary) Dr.h.c. Prof. Ing. Ludmila Lipková, CSc. (Slovakia) Dr. Mgr. Boris Mattoš,PhD (Slovakia) Prof. Dr. Sc. Valter Boljuncic (Croatia) Prof.Dr.Sc.Marinko Škare (Croatia) Dr. habil Csilla Obádovics, PhD (Hungary) Prof. Dr. László Kulcsár, PhD. (Hungary) Assoc. Prof. Ing. Martin Grešš, PhD. (Slovakia) Univ.-Prof. Dr. Sc. Dr.h.c. Irena Zavrl, PhD. (Austria) Reviewers Board: Univerza na Primorskem, Slovenia | University of Economics in Katowice, Poland | University of Castilla-La Mancha, Spain | Juraj Dobrila University of Pula, Croatia | University of Cantabria, Spain | Koszalin University of Technology, Poland | Manchester Metropolitan Univrersity, UK | Biyalstock University of Technology, Poland | University of Novi Sad, Serbia | Ondrej Cástek, Masaryk University, Czech Republic | University of Teramo, Italy | University of Maribor, Slovenia | Wrocław University of Economics, Poland | Institute of Business Management, Pakistan Organisational board: Klaudija Hašaj Marijana Tadić ISBN: 978-3-9519937-0-6 Online: https://*burgenland.contentdm.oclc.org/digital/collection/p16083coll2 CONTENTS RELATIONS BETWEEN ACADEMIC EDUCATION AND SELECTED BEHAVIORAL FINANCE EFFECTS ! AUSTRIAN PERSPECTIVE 5 Reinhard Furtner DOES CONTINUOUS IMPROVEMENT REALLY MATTER FOR THE BUSINESS: A REVIEW 25 Vesna Sesar* and Anica Hunjet HOW DIGITALIZATION CHANGES CONTROLLING 45 Brigitta Kovacs INNOVATIONS FOR MANAGING OVERHEAD COSTS 57 Wolfram Irsa MAKING AMERICA ATTRACTIVE AGAIN FOR INVESTORS ! DONALD J. TRUMP’S REFORMS AND THE POSSIBLE OUTCOME OF INCREASED PRODUCTION!OUTPUT IN TRADE 75 Hoffer, Thomas OPPORTUNITIES AND RISK CONTROLLING IN SMALL ENTERPRISES 103 Philipp Klein MA QUALITATIVE IDENTIFICATION OF ACCEPTANCE CRITERIA FOR CRM!SYSTEMS IN THE PACKAGING INDUSTRY 117 Ing. Martin A. Moser, MA MSc TRANSFORMATION OF VET IN LESS DEVELOPED REGIONS ! CHALLENGES AND OPPORTUNITIES 145 Anton Aufner MICROECONOMIC MODEL: GMM MODEL CONVENTIONAL BANKS VERSUS ISLAMIC BANKS PERFORMANCE 167 Manuel Benazić Ines Karagianni Ladašić AN ANALYSIS OF CHANGING REQUIREMENTS IN RISK MANAGEMENT IN AUSTRIAN BANKS: A MIXED METHODS STUDY 199 Victoria Petsch DATA PREPARATION AND HARMONIZATION FOR CONSISTENT AND COMPREHENSIVE ESTIMATE OF ICT SECTORS CONTRIBUTION TO NATIONAL ECONOMY 217 Damira Keček Valter Boljunčić HRM AND CULTURAL CAPITAL " INNOVATIVE APPROACH FOR THE DEVELOPMENT OF CULTURAL TOURISM ON THE EXAMPLE OF THE REGION OF ISTRIA 227 Doris Cerin Otočan BLOCKCHAIN IN A NUTSHELL " AN INTRODUCTION TO COMMUNITY BASED DECENTRALIZED OPEN LEDGER TECHNOLOGIES 247 Markus Schindler BACK!RESHORING & INDUSTRY 4.0 " A RELATIONSHIP FOR THE FUTURE? 269 Gerald Seidler 5 Reinhard Furtner RELATIONS BETWEEN ACADEMIC EDUCATION AND SELECTED BEHAVIORAL FINANCE... (5 - 24) ARTICLE INFO Received: 21.9.2018. Accepted: 28.4.2019. JEL classification: D14, D91, G41 Keywords: framing; investment decision; loss aversion; mental accounting; sunk cost effect RELATIONS BETWEEN ACADEMIC EDUCATION AND SELECTED BEHAVIORAL FINANCE EFFECTS ! AUSTRIAN PERSPECTIVE Reinhard Furtner 1719001129@!-burgenland.at 5 !TH INTERNATIONAL SCIENTIFIC CONFERENCE FOR DOCTORAL STUDENTS AND YOUNG RESEARCHERS ABSTRACT Behavioral finance literature and research results indicate that investment deci- sions, among other factors, are influenced by cognitive (behavioral) factors. So far little attention has been paid to the relationship of academical background and behavioral effects in the investment decision-making process. $e current quantitative study examines relations between academic education and four selected behavioral finance effects (behavioral finance knowledge) in the con- text of investment decisions (mental accounting, loss aversion, sunk costs, framing) in a sample of Austrian (prospective) academics (n = 134). Further-more, one sub-sample consists of (prospective) academics of economic related studies and the other of (pro- spective) academics with non-economic related study-background. Data were tested using descriptive and inductive methods (frequency distributions, contingency tables, Chi-square test, Cramer V). Results show that the behavioral effects appear in both subsamples. In addition, results differ among the subsamples of (prospective) academics with economic related study back-ground and those with non-economic related study background. Addi- tional research would be necessary to explore the underlying psycho-logical process in investment decision-making - particularly in the context of different educational or academical background. 6 Reinhard Furtner RELATIONS BETWEEN ACADEMIC EDUCATION AND SELECTED BEHAVIORAL FINANCE... (5 - 24) I. INTRODUCTION Regularly, individuals have to choose among different investment alterna- tives. In that context, personal investment decisions with huge financial im- pacts have to be made every now and then. %ese decisions are, for example, the purchase of a new home or the suitable investment selection for one’s pension provision. Against this backdrop, the relevance of the investment process, its understand- ing and optimization is evident. Previous research has identified various relevant factors (e.g. demographic factors or cognitive factors) which influence investment decisions. Research results indicate that financial behavior (particular in context with finan- cial literacy and income) has a significant effect on investment decisions. Especially, knowledge regarding behavioral finance should improve financial behavior and lead to better investment decisions. %us, it is important that persons understand the psycho- logical, sociological and financial aspects in that context.1 %erefore, it is recommended to implement financial education (including behavioral finance knowledge) as an edu- cational part in college and university curricula.2 %e current situation is that tertiary educational institutes especially fail to include behavioral elements in their educational programs.3 %is also seems to be true for the situation of Austrian (economical) ter- tiary educational institutes. For example, the curricula of the Vienna University of Eco- nomics and Business do not explicitly show elements of behavioral finance.4 However, it can be assumed that those elements are taught - as least rudimentary - in economical courses at Austrian economical universities. Hence, the main aim of the paper is to show whether or not an (behavioral) economical academical background changes investment decision results of stu- dents in Austria. Indications should be gained, if (behavioral) education leads to better (or at least different) investment decisions.5 1 Baiq F. Arianti, “%e influence of financial literacy, financial behavior and income on investment decision,” Economics and Accounting Journal 1, no. 1 (2018): 4–8. 2 Brenda Cude et al., “College students and financial literacy: What they know and what we need to learn,” Proceedings of the Eastern Family Economics and Resource Management Association 102, no. 9 (2006): 107–8. 3 Randall Peteros and John Maleyeff, “Application of behavioural finance concepts to investment decision-making: Suggestions for improving investment education courses,” International Journal of Management 30, no. 1 (2013): 249. 4 Vienna University of Economics and Business, “Curricula for the study programs,” Vienna University of Economics and Business, accessed April 19, 2019, https://www.wu.ac.at/en/students/my-program/ bachelors-programs/business-economics-and-social-sciences/curricula. 5 Maria Silgoner, Bettina Greimel-Fuhrmann, and Rosa Weber, “Financial literacy gaps of the Austrian population,” Monetary Policy & the Economy Q 2 (2015): 45. 7 !TH INTERNATIONAL SCIENTIFIC CONFERENCE FOR DOCTORAL STUDENTS AND YOUNG RESEARCHERS %erefore, in this paper results of an empirical study which investigat- ed behavioral effects in a sample group of Austrian (prospective) academics (n=134)6. In that context, it has to be mentioned that one sub-sample consists of (prospective) academics with economic related study-background and the other of (prospective) academics with a non-economic related study-back- ground. %us, the sample was divided in two sub-samples and four behavioral effects (mental accounting, loss aversion, sunk costs,
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