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And Economic Development in the Modern Macroeconomic Debates (Aleksandra Prascevic)

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And Economic Development in the Modern Macroeconomic Debates (Aleksandra Prascevic) Proceedings of the 11th INTERNATIONAL CONFERENCE of ASECU “OPENNESS, INNOVATION, EFFICIENCY AND DEMOCRATIZATION AS PRECONDITIONS FOR ECONOMIC DEVELOPMENT” Organized by Cracow University of Economics On the occasion of the 90th Anniversary of Cracow University of Economics Foundation September 10-11, 2015 Cracow, POLAND Honorary Patronage Rector of Cracow University of Economics - prof. dr hab. inż. Andrzej Chochół Cracow 2015 Editors: Carmen Pintilescu, Bogdan Wierzbiński, Grigoris Zarotiadis Conference Proceedings include papers that reflect results of theoretical and practical research of university faculty, staff of academic and scientific industrial organizations and institutions as well as of the banking and corporate sector of Southern and Eastern Europe. The proceedings have not been amended or proofread and editors are not responsible for the language used in paper SCIENTIFIC Committee Prof. Grażyna ŚMIGIELSKA, Cracow University of Economics Poland - Chairman of the Scientific Committee Prof. Yannis TSEKOURAS - President of ASECU, University of Macedonia, Thessaloniki, Greece Prof. Oleg BODYAGIN, Rostov State University of Economics, Russia Prof. Bozidar CEROVIĆ, University of Belgrade, Serbia Prof. Vesna KARADZIĆ, University of Montenegro, Montenegro Prof. Dumitru MATIS, “Babes Bolyai” University of Clui Napoca, Romania Prof. Carmen PINTILESCU, “Alexandru Ioan Cuza” University of Iasi, Romania PhD Zbigniew STAŃCZYK, Cracow University of Economics, Poland Prof. Bobek SUKLEV, “St Cyril and Methodius” University, Skopije, FYROM PhD Bogdan WIERZBIŃSKI, University of Rzeszow, Poland Prof. Grigoris ZAROTIADIS, Aristotle University of Thessaloniki, Greece ORGANIZING Committee Karolina ORZEŁ, M.Sc., Cracow University of Economics, Poland - Chairman of the Organizing Committee Tomasz BOBER, M.Sc., Cracow University of Economics, Poland Paweł KONKOL, M.Sc., Cracow University of Economics, Poland Katarzyna ŚWIETLA, PhD, Cracow University of Economics, Poland ISBN 978-83-65173-36-2 (CD-ROM) 978-83-65173-37-9 (HTML) Year of publishing: 2015 Number of pages: 426 Publishing House: Foundation of the Cracow University of Economics Rakowicka 27, 31-510 Cracow, Poland 2 TABLE OF CONTENTS Introductory notes ........................................................................................................................ 6 Chapter I – CHALLENGES OF THE CONTEMPORARY ECONOMY ............................. 10 The “Austerity Myth” and Economic Development in the Modern Macroeconomic Debates (Aleksandra Prascevic) .............................................................................................................. 11 “Green Product”: Where We Are and Where to Go? (Evangelia Sdrolia, Grigoris Zarotiadis) .... 24 Chapter II – MACROECONOMICS: FACTORS OF GROWTH ......................................... 35 European Union Efforts to Create Green Growth through Green Innovation (Dorota Murzyn, Paulina Szyja) ............................................................................................................................ 36 Bulgaria’s Economic Growth: Supply-Side Dimensions (Desislava Stoilova, Ivan Todorov) .... 50 Impact of Openness and Economic Freedom on Economic Growth in the Transitional Economies of European Union (Yılmaz Bayar) ......................................................................... 61 Macro-Level Efficiency of the EU National Quality Infrastructure by Data Envelopment Analysis Assessment (Vasileios Mavroeidis, Katarzyna Tarnawska) ....................................... 74 Chapter III – CORPORATE SOCIAL RESPONSIBILITY AND GREEN ECONOMY .... 86 Corporate Social Responsibility and Social Dialogue in Human Resources Management in the Banking Sector in Greece: A Case Study of Elder Bank Employees (Miltiadis Staboulis, Grigoris Zarotiadis) ................................................................................................................... 87 The Social Responsibility in Romanian Business Area: Mechanism and Pathways for Orientation to a Sustainable Society (Mioara Borza, Costică Mihai, Mihai Talmaciu) .......... 112 Social and Solidarity Economy: Towards Inclusive and Sustainable Development (Rana Eşkinat) .......................................................................................................................... 124 Green Supply Chain Management as an Organizational Innovation (Tomasz Surmacz) ........ 143 Characteristics of Behaviour of the Organic Food Consumers (Tomasz Hermaniuk) ............. 152 Chapter IV – MACROECONOMICS: POLICY ANALYSIS .............................................. 163 A Comparison of Macroeconomic Performance in a Context of Conflicting Policy Objectives (Antonio Pavone, Paola Pianura) ............................................................................................ 164 3 11th International Conference of ASECU September 10-11, 2015 Credit Rating Agencies’ Decisions and I.S.D.A.’s Credit Events: Effects on Banking Liquidity and Legal Contracts (Athanasios G. Panagopoulos, Thomas Chatzigagios) .......................... 176 Reaching the Objectives of Sustainable Development on the Basis of the Creative Industries - A South and Eastern European Analysis (Costică Mihai, Mioara Borza, Mihai Talmaciu) ...... 190 Fostering Economic and Social Innovativeness to Address Development Challenges in Latin America (Joanna Gocłowska-Bolek) ....................................................................................... 201 The Reasons of Underground Economy, Its Results, Methods and The Turkish Case (Zeynep Erdinç) ........................................................................................................................ 210 Chapter V – INSTITUTIONS AND ECONOMIC CHANGES............................................. 221 Proximate and Fundamental Factors of Growth: Culture and Institutions – Case of Serbia (Miomir Jakšić, Milica Jakšić) ................................................................................................. 222 The Impact of Environmental Tax Policy on Sustainable Development of the EU Economies. DEA Approach (Janusz Rosiek) ............................................................................................... 233 The Case Of Turkey: Is The Export-Led Industrialization Strategy Only Way? (Funda Râna Adaҫay) .............................................................................................................. 246 Political Risks of Western Companies in a Transforming County. Evidence from Russia under the Third Term of Putin (Ewa Martyna-David) ............................................................. 259 The Role of Trust and Culture in Building Mutual Relations in Business Competitive Market (Grażyna Śmigielska, Bogdan Wierzbiński) ............................................................................. 271 Chapter VI – INNOVATION AND SUSTAINABLE DEVELOPMENT............................. 282 Sustainable Innovation of Technology and Business Models: Steps Toward Rethinking Technology and Business Strategy (Maja Levi Jaksic) ........................................................... 283 Modeling of the Modern Organization Innovation and Sustainable Development on the Base of the Process Approach (Karina F. Mekhantseva). .................................................................... 293 Collectivism and Innovation Towards Self-reliance and Sustainability: Lessons from some Asian Small and Medium-sized Enterprises’ Experiences (Tomoko Oikawa) ........................ 303 Does Engaging Customers support SMEs’ Innovation? A Survey of Polish Manufacturing and Service Companies (Piotr Zaborek, Jolanta Mazur) ........................................................ 315 Sustainable Tourism in Times of Crises – Romanian Tourism Perspective (Mihai Talmaciu, Mioara Borza, Costică Mihai) ................................................................................................. 327 4 11th International Conference of ASECU September 10-11, 2015 Chapter VII – THE RETAIL SECTOR ANALYSIS ............................................................. 338 Smartphones and Mobile Applications as Shopping Tools – Attitudes of Young Retail Consumers in Croatia (Blaženka Knežević, Mia Delić, Nikola Knego) ................................... 339 Inter-Sectoral and Sub-Sectoral IT Business Ecosystem vs. Systemic Relationships Profile in Selected Cases (Izabela Sztangret) ...................................................................................... 354 The Role of Knowledge Diffusion in Innovations in Retail Chains (Katarzyna Bilińska-Reformat, Barbara Kucharska) ................................................................................................................. 362 Sustainable Development in the Retail Sector – a Local Perspective (Magdalena Stefańska, Barbara Borusiak) .................................................................................................................... 370 City Centres as Places for Strategic Cooperation through Active City Management – the Signi- ficance of Trade Entities (Sebastian Brańka, Andres Coca-Stefaniak, Jarosław Plichta) ............ 382 Innovations in Retail Sector and their Influence on the Market (Grażyna Śmigielska, Karolina Orzeł) ........................................................................................................................ 393 Chapter VIII – TEACHING AND E-LEARNING ................................................................. 403 Teaching Entrepreneurship in Innovative Ways (Vasileios Dagdilelis,
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