To what extent does financial development determine economic growth? Despite the obvious relationship between the level of financial development and economic growth rates, there is still no consensus on the significance and focus of this relation. Is there a directed impact of the level of financial development on economic growth, or does the development of a financial sector follow economic growth? Or is the relation between financial development and economic growth bidirectional? The aim of the research is to analyze the causal relationship between quantitative and dynamic differences in financial development and economic growth in the EU countries in the period 1995 -2017. The period of the research from 1995 to 2017 is determined by the availability of financial development indicators for the EU countries. In order to prove the directed impact of the level of financial development on economic growth in the EU countries in the period 1995-2017, the average values of growth in the financial development index with the lag forwarding by one year, with the lag falling behind by one year, without the lag, and average values of the GDP growth per capita were analyzed.
The aim of the research is to determine the impact of openness and political stability which characterize the state of political rights and civil liberties; financial state regulation; the determinant of legal traditions which determines judicial independence, impartiality of the courts, protection of property rights, etc., the determinant of financial institutions, as well as the impact of certain macroeconomic indicators on the financial development of the EU countries in the period 1995 -2017.
The authors investigate what factors impact employee attitude and how employee attitude shapes their behavior. They admit that pro-social behavior (PSB) is a consequence of internal market and learning orientation since it affects the attitude of front-line employees. Therefore, the article focuses on the internal market and learning orientation, enabling an organization's culture via employee attitudes. A survey was conducted to collect the data from managers and front-line employees at higher educational institutes in Pakistan. The findings of the study are that (1) the internal market orientation (IMO) has a positive influence on the pro-social behavior of front-line employees (FLE); (2) employee attitude mediates the effect of IMO on PSB, and (3) employee attitude mediates the effect of learning orientation (LO) on PSB. Implications of the obtained results and further research directions are also mentioned.
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