Scientific Annals of Economics and Business <p><a data-target="crossmark"><strong>Call for papers</strong></a></p> <p><strong><a href="" target="_self"><span style="float: right; font-size: 20px; color: #600; border-bottom: 1px dotted #660000; animation: blinker 1s linear infinite;">Online Submission</span></a></strong></p> <p>On behalf of the editorial board of the<span class="apple-converted-space"> </span><em><strong>Scientific Annals of Economics and Business</strong></em>, we are pleased to inform you that <strong>we are continuously accepting manuscripts for the next issues</strong>.</p> <p>The Journal, founded in 1954, is <strong>published four times a year (</strong>in <strong>March, June, September</strong><strong>, and December)</strong><em>,</em> under the sponsorship of the Alexandru Ioan Cuza University of Iasi, the oldest higher education institution in Romania, a place of excellence and innovation in education and research established in 1860. Until 2015 the journal was published under the name <em>Analele ştiinţifice ale Universităţii "Al.I. Cuza" din Iaşi. Ştiinţe economice</em>.</p> <p class="Default"><strong>The journal is indexed by Clarivate Analytics (formerly Thomson Reuters) </strong><strong>Web of Science Core Collection – <a href=";Full=*SCIENTIFIC%20ANNALS%20OF%20ECONOMICS%20AND%20BUSINESS">Emerging Sources Citation Index</a>, </strong><strong><a href="">Scopus</a>, <a href="">EBSCO</a> and <a href="">EconLit</a> </strong>(The American Economic Association’s electronic bibliography), is fully available at the Research Papers in Economics (RePEc), Directory of Open Access Journals (<a href="">DOAJ</a>), <a href="">ERIH PLUS</a>, Central and Eastern European Online Library (<a href="">CEEOL</a>), and Scirus. In addition, the Journal is included in <a href="">Cabell's Directories</a>, Index Copernicus, Online Catalogue of the ZBW - German National Library of Economics (ECONIS), International Consortium for Advancement of Academic Publication (ICAAP), Electronic Journals Library, The Knowledge Base Social Sciences in Eastern Europe, Scientific Commons, The ZDB, Intute: Social Science (SOSIG - Social Science Information Gateway), New Jour, GESIS SocioGuide, Genamics Journalseek, Catalogo Italiano dei Periodici (ACNP), Google Scholar, and ResearchGate.</p> <p>Authors are invited to submit manuscripts to be reviewed for possible publication in the Journal. It publishes articles in all areas of economics, business and related disciplines. The paper must be an original unpublished work written in English (British or American) that is not currently under review by other journals.</p> <p><strong>There are no submission or publication costs for authors.</strong></p> <p>Manuscripts should follow the format <a href="">style</a> of the journal. The papers should not exceed 30 pages including figures and references, and an author is only allowed to publish one paper per issue. Detailed background information on the submission of papers and review process can be found in the <a href=""><em>Submission section</em></a>.</p> <p class="Default">The manuscripts are to be submitted electronically, via Journal’s <a href="">website</a>, which offers a fully <strong>online manuscript submission and tracking system</strong>. Following submission, the author(s) track and check the latest status of the article quite easily by the help of the system.</p> <p class="Default">Submitted manuscripts will receive an initial screening from the editorial board before entering the double-blind review process. The Journal maintains a rapid electronic submission, review and publication process. On average, the double-blind review process (from submission to first editor decision) takes around 12 weeks and from acceptance to appearance online around 2-4 weeks.</p> <p>Accepted papers will be available on the journal website soon after acceptance, in a special section, <em><a href="">Early Bird</a></em>. This “advance access” system enables us to publish papers online well ahead of their appearance in the printed journal. It also allows authors to obtain citations earlier, due to the use of 'Digital Object Identifier' (DOI).</p> <p><strong>Type of publication</strong>: scientific/academic; <strong><em>open access</em></strong>, <em><strong>peer-reviewed</strong></em> journal.</p> <p><strong>Publication frequency: </strong>four issues per year (March, June, September, and December)</p> <p><strong>Language</strong>: English<br />ISSN-L: 2501-1960 <br />ISSN: 2501-1960 (printed edition)<br />e-ISSN: 2501-3165 (online edition)</p> <p> <img style="float: left;" src="" alt="" /> <a title="SCImago Journal &amp; Country Rank" href=";tip=sid&amp;exact=no" target="_blank" rel="noopener"><img style="margin-left: 300px;" src="" alt="SCImago Journal &amp; Country Rank" border="0" /></a></p> <div style="height: 100px; width: 180px; margin-left: 110px; font-family: Arial, Verdana, helvetica, sans-serif; background-color: #ffffff; display: inline-block; margin-top: -100px;"> </div> <div style="height: 100px; width: 180px; font-family: Arial, Verdana, helvetica, sans-serif; background-color: #ffffff; display: inline-block;"> <div style="padding: 0px 16px;"> <div style="padding-top: 3px; line-height: 1;"> <div style="float: left; font-size: 28px;"><span id="citescoreVal" style="letter-spacing: -2px; display: inline-block; padding-top: 7px; line-height: .75;">1.4</span></div> <div style="float: left; font-size: 14px; padding-top: 3px; text-align: right;"><span id="citescoreYearVal" style="display: block;">2022</span> CiteScore</div> </div> <div style="clear: both;"> </div> <div style="padding-top: 3px;"> <div style="height: 4px; background-color: #dcdcdc;"> <div id="percentActBar" style="height: 4px; background-color: #007398;"> </div> </div> <div style="font-size: 11px;"><span id="citescorePerVal">46t</span>h percentile</div> </div> <div style="font-size: 12px; text-align: right;">Powered by <img style="width: 50px; height: 15px;" src="" alt="Scopus" /></div> <div style="font-size: 12px; text-align: right;"> </div> <div style="font-size: 12px; text-align: right;"> <div class="flexAlignedContainer"> <h3 id="citescoreTrack"><a href="">CiteScoreTracker 2023</a>: 1.4</h3> </div> </div> </div> </div> <div style="clear: both;"> </div> Editura Universitatii „Alexandru Ioan Cuza” din Iasi / Alexandru Ioan Cuza University of Iasi Publishing House en-US Scientific Annals of Economics and Business 2501-1960 <p><strong>All accepted papers are published on an Open Access basis</strong>. </p> <p>The <strong>Open Access License</strong> is based on the Creative Commons license. </p> <p>The non-commercial use of the article will be governed by the <strong>Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License </strong>as currently displayed on <a href=""></a></p> <p>Under the Creative Commons Attribution-NonCommercial-NoDerivatives license, the author(s) and users are free to share (copy, distribute and transmit the contribution) under the following conditions:</p> <p>1. they must attribute the contribution in the manner specified by the author or licensor,</p> <p>2. they may not use this contribution for commercial purposes,</p> <p>3. they may not alter, transform, or build upon this work.</p> Time-Series Momentum in a Small European Stock Market: Evidence from a New Historical Financial Dataset <p>In this paper, we examine the Portuguese stock market for indication of time-series momentum effects using a new historical financial dataset that covers about 120 years of data. We find strong time-series momentum effects that cannot be explained by conventional risk factors. The positive return continuation seems to last for a period of 12 months, being heavily concentrated at the first month. At longer investment horizons, returns tend to mean-revert. The market exhibited significant time-series momentum for all look-back and holding periods of 12 months or less. A strategy with a 1-month look-back period and a 12-month holding period is shown to be the most profitable yielding a Sharpe ratio roughly 5.4 times that generated by a passive strategy. Time-series momentum strategies tend to perform best during extreme up-market periods and deliver the worst returns during down markets. This suggests that the strategy may not offer significant diversification benefits. Our findings add to the evidence that time-series momentum effects are not a product of data mining and are difficult to reconcile with the assertion that stock markets follow a random walk.</p> Júlio Lobão Ana Rosário Copyright (c) 2022 Júlio Lobão, Ana Rosário 2023-09-20 2023-09-20 70 3 335 352 10.47743/saeb-2023-0021 Audit Quality Review: An Analysis Projecting the Past, Present, and Future <p>Literature on audit quality remains plenteous, with researchers contemplating the area for 'forever and a day’. The present study proposes synthesising the existing literature on audit quality, discerning the prominent themes and providing future research avenues. This paper attempts to analyse and synthesise the dynamics of audit quality research by employing the diminuendos of systematic literature review with bibliometric and content analysis. Scopus database has been gleaned to systematically retrieve the literature on audit quality from 1981-2022. Analysing the 1101 relevant articles under review makes the USA the highest contributor. It is, however, enthralling to note that developing countries have also registered increased interest in the topic. Apart from the other documented findings, the study concluded that research has witnessed impeccable growth over the years under various lenses, which have been precisely synthesised into six clusters. While various reviews have been conducted using innumerable qualitative methods, this study attempts to employ quantitative methods to synthesise the extant literature, which is a rarity.</p> Niva Kalita Reshma K. Tiwari Copyright (c) 2022 Niva Kalita, Reshma K. Tiwari 2023-09-25 2023-09-25 70 3 353 377 10.47743/saeb-2023-0032 Resilience to Online Privacy Violation: Developing a Typology of Consumers <p>This study examines which segments of population with similar resilience to online privacy violation, severity of online privacy violation, and attitudes towards online privacy concern exist in Croatia, and whether they can be differentiated by demographic characteristics and attitudes towards other online constructs. Research is performed on a representative sample of Croatian Internet users who experienced online privacy violation. The survey data were analyzed using factor analysis, k-means cluster analysis, chi-square test and ANOVA. The findings indicate three groups of consumers with: (1) low-resilience, (2) moderate-resilience, and (3) high-resilience; who differ in age, income, and online buying habits.</p> Jelena Budak Edo Rajh Bruno Škrinjarić Copyright (c) 2022 Jelena Budak, Edo Rajh, Bruno Škrinjarić 2023-09-25 2023-09-25 70 3 379 398 10.47743/saeb-2023-0028 The Economic Impact of the LEADER Program in the Rural Communities of Romania <p>The sustainable development of rural areas is one of the European Union’s objectives. LEADER program contributes to its fulfillment by offering financial support to disadvantaged rural areas. The purpose of this paper is to assess the LEADER program’s economic impact in the Romanian rural communities. Econometric methods of impact assessment were used to analyze the evolution of economic indicators in the beneficiary communities. Propensity Score Matching and Difference in Differences were the methods applied in order to meet the objectives of the paper: analysis of the spatial distribution of projects submitted and funds allocated to LAGs (1), and of the economic evolution of LAG and non-LAG communities, before and after LEADER funding (2). The results indicate a stronger economic growth for the beneficiary rural communities, confirming in all cases the initial hypothesis. LEADER seems to have acted in these directions: the creation of new jobs and increasing the local businesses performance. However, the contribution made was minimal and insignificant. Conclusions of the study highlight that the contribution of the LEADER program to the economic development of rural communities can be at most one of supporting the current level of development, but not of reaching a much higher level. LEADER can be considered, from a quantitative point of view, only an instrument with a positive effect on rural areas, but not an instrument of impact. This is because LEADER did not bring significant changes and didn’t ensure that critical mass that could trigger the economic development of rural communities.</p> Ana-Maria Opria Lucian Roșu Corneliu Iațu Copyright (c) 2022 Ana-Maria Opria, Lucian Roșu, Corneliu Iațu 2023-06-29 2023-06-29 70 3 399 420 10.47743/saeb-2023-0026 The Infancy of the Esports Industry as a Risk to its Sponsors <p>In less than 10 years, esports have turned into a global phenomenon with a large following that rivals the audience size of popular established sports. This has resulted in a massive influx of esports sponsors. However, because it appeared and evolved so rapidly, sponsors have no idea of what esports really are nor of what risks they may face. Ergo, this research aimed to determine what issues are being caused by the infancy of the esports industry that is threatening sponsors. Hence, this exploratory research used a convergent-parallel mixed method with equal status. Empirical data was obtained through interviews with 22 experts in esports sponsoring and the application of a survey to 5,638 esports fans. Quantitative data was analysed with SPSS 25 and qualitative data with NVIVO 10. The results showed that the majority of experts considered that the problems associated with the infancy of the esports industry are a risk to esports sponsors and almost all esports fans reckon that the competitive gaming market has infancy-related issues to solve. Esports are not like general sports, so sponsors must holistically study this industry to mitigate the dangers of suffering from the problems of this new and unknown market.</p> Bruno Duarte Abreu Freitas Copyright (c) 2022 Bruno Duarte Abreu Freitas 2023-09-18 2023-09-18 70 3 421 458 10.47743/SAEB-2023-0030 A Comprehensive Bibliometric Analysis of fNIRS and fMRI Technology in Neuromarketing <p>The aim of this study is to perform a comprehensive bibliometric analysis of functional near-infrared spectroscopy (fNIRS) and functional magnetic resonance imaging (fMRI) tools. To achieve this aim, we adopted the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) protocol and bibliometric analysis (VOSviewer) for extracting the relevant papers (articles and reviews) from the Scopus database between 2002 and 2022. A total of 86 papers were included in the analysis. The results showed an increasing trend in publications over the years—the top countries in terms of publication outcome were the United States, Germany, Spain, and Australia. The analysis also identified the most influential authors and institutions in the field. In addition, we analyzed the most frequently cited articles, journals, and keywords related to fNIRS and fMRI tools. This bibliometric analysis provides insights into the current state of research on fNIRS and fMRI tools. It also provides insights into the direction of future research in this field. In this study, we will provide general insights and details about current trends in neuromarketing research using fNIRS and fMRI.</p> Ahmed Alsharif Nor Zafir Md. Salleh Lina Pilelienė Copyright (c) 2022 Ahmed Alsharif, Nor Zafir Md. Salleh, Lina Pilelienė 2023-09-19 2023-09-19 70 3 459 472 10.47743/saeb-2023-0031 Government Support During COVID-19 and Corruption <p>We analyze the allocation and effectiveness of government support in response to the COVID-19 outbreak across a nationally representative sample of firms in 32 countries representing different levels of institutional transparency. The probability of receiving government support is higher for larger firms, firms belonging to business support groups and innovative firms in low corruption countries. In high corruption, countries firms competing against unregistered establishments, with lack of internationally recognized quality certification and no formalized business strategy are more likely to receive government support. Using the panel structure of the data to address reverse causality, selection bias and unobserved heterogeneity, we then find that government support improves firm-level outcomes more strongly in low corruption countries. Among different types of government support, we find wage subsidies to be more effective in high corruption countries while technical assistance for adoption of digital technologies in low corruption countries. In addition, social distancing and lockdown policies do not seem to be as effective in improving firm-level outcomes in high-corruption countries most likely because of weaker capacities to enforce such policies. These results show the importance of enhancing systems of accountability and enforcement procedures that will ensure that fiscal stimulus aid is deployed to benefit those who need it the most.</p> Zana Beqiri Luma Rilind Ademi Copyright (c) 2022 Zana Beqiri Luma, Rilind Ademi 2023-09-25 2023-09-25 70 3 473 497 10.47743/saeb-2023-0029