Levels Of Technological Intensity Research Articles

Digital inclusive finance and digital transformation of Chinese enterprises: Perspectives on company technology intensity and financialization

AbstractThis study explores the role of digital inclusive finance in company digital transformation within China, particularly examining the variances among companies with differing levels of technological intensity and financialization. Using A‐share Chinese data from 2011 to 2022, we find that regions with superior digital inclusive finance exhibit enhanced corporate digital transformation, regardless of the provincial or municipal level. Subindexes, including the coverage breadth, use depth, and degree of digital inclusive finance, confirm that they are all significantly positively related to digital transformation. These effects are more pronounced in companies with lower technological intensity, and corporate financialization serves as a mediating factor.

Organizational ambidexterity, open innovation and innovation outputs: How do followers and low-flyer EU countries innovate?

This study analyses the role played by organizational ambidexterity and open innovation in innovation outputs, considering business units with different levels of technological intensity (medium-high and high tech, and medium-low and low tech) for countries with different innovation profiles. The countries considered in this paper are i) Estonia and Slovenia as innovation followers; ii) Slovakia, Hungary, Spain, Czech Republic, Italy, Portugal, Norway, and Croatia as moderate innovators; and iii) Bulgaria, Lithuania and Romania as modest innovators. In the empirical approach, the research hypotheses arise from the literature review and are tested using secondary data collected from the Community Innovation Survey (CIS) 2010. The conceptual model is tested using the logistic regression method, which indicates suitable accuracy and reliability for empirical testing purposes. The evidence reveals that for innovation followers, ambidexterity has a greater influence on the practice of eco-innovation, marketing innovation, and product innovation. For moderate innovators, ambidexterity has a greater influence on the practice of product innovation, process innovation, and eco-innovation. Concerning modest innovators, ambidexterity has a greater influence on the practice of product innovation, process innovation, and eco-innovation. With regard to open innovation, for innovation followers, this has a negative influence on product innovation in medium-high and high-tech companies. For moderate innovators, open innovation has a greater influence in process, organizational, and eco-innovation. In the case of modest innovators, open innovation is more significant for innovation outputs in product, organizational, and marketing innovation. Size is not always positively related to innovation outputs.

The Reduction of the Gender Gap Through Global Value Chains: Political Commitment or Perpetuation of Gender Roles?

The relationship between international trade and the gender gap is complex. On one hand, foreign insertion can generate economic opportunities for women in the export sector. On the other hand, it can also result in heightened competition and the relocation of jobs, especially in the context of global value chains (GVCs). The study on the gender gap through GVCs examines the mechanisms within production networks that contribute to enhance women's economic empowerment and gender equality. The paper analyzes the relationship between the gender gap, GVCs, technological intensity of exports, and female empowerment in the EU-27, investigating whether GVCs could reduce or worsen gender disparities. The aim of this paper is to expand the gender gap studies incorporating the effects of trade in value added in the European Union. The study used a panel of data from various sources, including Eurostat, Trade in Employment (TiM), and the World Bank. The results suggest that an increase in exports, regardless of the level of technological intensity, tends to exacerbate the gender gap in export sectors by increasing the proportion of male workers relative to female workers. However, a higher female participation rate in medium-low technology sectors could reduce the gender gap in export sectors. The study identified obstacles to female insertion in export markets, including the need to improve education and training for women in high-demand areas, promote STEM (science, technology, engineering and mathematics) education and labor participation for women. This paper makes significant contributions to the literature by incorporating global value GVCs and considering the European context. Additionally, it provides an in-depth analysis of socioeconomic factors that are crucial for designing policies aimed at addressing gender inequality.

Economic and energetic analysis of cactus pear biomass production systems with increasing levels of technological intensity

The forecasted expansion of arid and semi-arid lands worldwide due to climate changes requires alternatives for economically viable agricultural cropping systems to produce biomass for food and energy purposes under water-limited environments and with low emissions of greenhouse gases (GHG). The cultivation of cactus pear (Opuntia cochenillifera) may be a viable alternative for biomass production in water-limited environments, to be used as animal fodder, or for energy purposes. Usually, cactus pear is cultivated using low technological inputs, such as mechanization and fertilization, but a growing number of farmers have been adopting management practices with greater inputs. Thus, the study aims to analyze the economic and energetic viability of the biomass production of cactus pear biomass production systems with increasing levels of technological inputs in the semiarid region of northeast (NE) Brazil. The research was carried out with primary data covering seven states in NE Brazil, under three levels of cropping system technological intensity: A) low; B) medium; and C) high technological intensity, based on the different inputs of mechanization, fertilization, irrigation, and other variables. A semi-structured questionnaire was applied to 54 farmers to collect data about crop management practices and biomass productivity of cactus pear production systems. Energy balances were carried out using the energy return on investment (EROI) method, and the economic analysis used a deterministic approach based on the criteria of Net Present Value (NPV), Internal Rate of Return, and Discounted Payback. The risk was analyzed through sensitivity and stochastic Monte Carlo simulation analysis. System A had the lowest energy expenditure and biomass productivity, resulting in an EROI of 4.42, and the lowest NPV return, with a 94.7% probability of economic viability. System B had an EROI of 3.60, therefore, the lowest economic viability (90.1%). System C stood out with the highest energy expenditure and biomass productivity, resulting in the highest EROI (5.26), economic return, and probability of viability (99.4%). Energy return of high intensity systems reached maximum values when chemical fertilization and irrigation were included (EROI of 6.14). Therefore, the high-intensity production system proved to be the most economically and energetically efficient and the most viable alternative for large-scale biomass production, regardless of the use of biomass for animal feed (fodder) or the production of biofuels. However, less productive, low-intensity systems are also energetically and economically viable and are easily accessible to small rural producers, which is an important result that supports the use of this crop in regions prone to desertification. The study contributes to the development of sustainable practices in the production of biomass in the semiarid region of Brazil and offers policymakers and stakeholders in the energy sector novel and useful information about the potential of cactus biomass as a renewable feedstock for biofuel production in the Brazilian semiarid region and other dry regions around the globe.

Does Technological Intensity Matter for Global Cross‐Border Mergers and Acquisitions in Manufacturing, 1998–2018?

AbstractDespite being a key feature of the globalising world since the 1980s, the patterns and relationships between acquirer and target firms in cross‐border mergers and acquisitions (M&As) have only gained attention in recent years. By examining the data between 1998 and 2018 through multinomial logistic regression models, this paper investigates the goodness of match on technological intensity (the closeness of technological capabilities) between acquirer and target firms and the effects of geographical, cultural and institutional proximity in global cross‐border M&As in manufacturing sectors. Our results suggest that firms are more likely to acquire overseas counterparts with similar levels of technological intensity in manufacturing. Moreover, geographical proximity is significant in the M&As of target firms in low‐tech and medium‐low‐tech sectors, while cultural and institutional proximity matter for cross‐border M&As among medium‐high‐tech and high‐tech firms. High‐tech acquirer firms in advanced economies tend to acquire their high‐tech counterparts located in larger economies, while technological intensity is more important for high‐tech acquirer firms based in non‐advanced economies, as the closeness of technological knowledge with potential target firms allows them to generate potential synergies and overcome cultural gaps and foreignness in distant host countries.

Export reprimarization and the role of small business: an analysis of the Brazilian case (2003-2015)

Abstract This paper assesses the phenomenon of “reprimarization” of Brazilian exports in the 2003-2015 period from a firm size perspective. Export “reprimarization” has been an important worldwide issue but more accentuated in Brazil. In this regard, the paper reveals important differences between exports of large and small firms regarding the proportion of exporting companies, total amount exported and, especially, export composition according to levels of technological intensity and product categories. It shows that the Brazilian export dynamics were deeply associated with the exporting behavior of large firms in the period. Responsible for the greatest part of total Brazilian exports, they presented exports relatively more concentrated in primary goods, benefiting more from the boom of commodities. Smaller firms tend to face bigger challenges to start exporting or to become successful exporters. Despite this fact, micro and small firms showed an export composition relatively less dependent on commodities and more dependent on higher technology-intensive products, therefore with important policy implications in favor of supporting their international activity. Keywords: exports; Brazil; “reprimarization”; firm size; technological intensity. JEL Classification: F14; L25; O54.

Estimation of sectoral maladjustments linked to the need for innovative transformation of the Ukrainian entrepreneurial sector

The importance of supporting and promoting entrepreneurship development is due to its positive impact on economic growth, innovation processes, and the population welfare, the ability to contribute to the solution of modern challenges. In Ukraine, the entrepreneurial sector – the totality of large, medium, small, and micro-enterprises that carry out entrepreneurial activities in the country – faces problems of premature deindustrialization, slowing down innovation processes and their consequences in the form of a structurally weak, resource-based economy, which are further exacerbated in wartime conditions, when the country suffers from huge destruction and losses. Solving these problems requires a deep economic restructuring – from raw materials to industrial-innovative economy – in which the entrepreneurial sector will play a key role. The article aims to assess sectoral maladjustments of the Ukrainian entrepreneurial sector related to the need for innovative transformation as a basis for economic restructuring in modern and post-war conditions. The assessment was performed based on a set of proposed scientific and methodological foundations using indicators reflecting the level of investment in innovation and proving the effectiveness of enterprises' innovative activities, as of the pre-war period, to further (if relevant statistical information is available) compare the obtained estimates with the structural characteristics of the entrepreneurial sector during the war and post-war periods. It has been established that there are sectoral maladjustments linked to enterprises' economic opportunities in the technological sectors of the manufacturing and high-tech knowledge-intensive services, when it comes to implementing innovative transformation. Sectoral maladjustments in the levels of technological intensity of the sold innovative products in the entrepreneurial sector have been identified. It has been revealed that there are sectoral maladjustments in the levels of the entrepreneurial sector innovative effectiveness by types of economic activities (TEA), which vary significantly by industries depending on their specifics, economic status and other conditions. A grouping of TEA according to the level of innovative effectiveness (IE) has been made. It has been revealed that most of them belong to the group with a low level of IE, which indicates the unbalanced investment and innovation development of the Ukrainian entrepreneurial sector. A comparative analysis of the entrepreneurial sectors of Ukraine, innovatively developed countries, and peer countries in terms of indicators characterizing the state of technology-intensive industries development showed that the national economy lags behind both groups of countries and the need for its restructuring in the direction of increasing the share of gross value added of the manufacturing of high-technology and medium-high-technology industries. This research forms a scientific basis for substantiating and including appropriate actions in state policies to create favorable conditions for the modern and post-war recovery of the Ukrainian economy on a fundamentally new, competitive and innovative, basis.

Exploring the role of dynamic capabilities in digital circular business model innovation: Results from a grounded systematic inductive analysis of 7 case studies

There is already extensive literature that focuses on the leading role of digital technologies in fostering circular business model innovation. However, little attention has been paid so far to the dynamic capabilities involved in the digitally enabled transition from linear to circular. We contribute to reducing this gap by proposing an empirically grounded theoretical framework on the role of dynamic capabilities in digital circular business model innovation. Our contribution is grounded on the systemic inductive analysis based on the Gioia methodology of 7 in-depth semi-structured interviews with managers in charge of digital circular business model innovation. Companies were selected for their SASB materiality index and levels of technological intensity. Our findings highlight the role of dynamic capability in sensing and seizing digital circular business model innovation and, in particular, supply chain collaboration, lean methodologies, and project management.

The Use of Internal Resources for the Creation of Innovation: An Empirical Analysis of Portuguese Companies Benefiting From Tax Incentives for Research and Development

Comparing companies solely based on tax incentives for R&D activities can be misleading. Hence, this research aims to assess how Portuguese companies that make use of tax incentives for R&D activities on an ongoing basis behave in terms of promoting and appropriating value through innovation. From an initial population of 3,156 companies, a final database with 339 Portuguese companies that made use of fiscal credits from 2013 to 2016 was analyzed. The tax incentive program targeted was the Fiscal Incentive System supporting R&D in Enterprises (SIFIDE). Using the analysis of variance (one-way ANOVA), the main results suggest that, considering the internal resources, there are no statistically significant differences between the promotion and appropriation of value through innovation according to the size and age of companies. The data indicate that good management regarding the generation and implementation of innovations may occur independently of size and age of firms, in the Portuguese case. Albeit the averages of the indicators of value appropriation of the intangible (e.g. patents, trademarks, and new processes), and the efficiencies of assets and liabilities for the promotion of the intangible are different according to the level of technological intensity. These results point to the need to reevaluate the tax incentives for R&D activities, since its generic nature may not meet the different innovation needs arising from the distinctive characteristics of these enterprises and their technological dynamics. Implications and future research directions are provided.

Technologiochłonność chińskiego eksportu dóbr w latach 1995–2019

Purpose – The purpose of the article is to examine if over the last 25 years the technology intensity of China’s export of goods has improved along with the increase of its value and, therefore, if the share of technology-intensive goods in the structure of Chinese export of goods has increased. Research method – The article reviews the literature and conducts empirical research on the structure of export of goods from China in the years 1995–2019 using the Lall classification and foreign value added statistics. Results – In the years 1995–2019 technological intensity of Chinese export of goods improved. High technology products have become the main export category. However, China relies – to a large extent – on the imported intermediate goods in its production of medium and high technology products, which confirms the higher share of foreign value added in the export of medium and high technology goods than in total export. This indicates that the level of technology intensity of Chinese export of goods is lower than it would appear from the physical structure of export according to the Lall classification. Originality /value /implications /recommendations – The physical structure of China’s export was analysed using the Lall classification and statistics on the content of foreign value added in export, which are relatively innovative and not widely used in Polish literature.

Capacidad tecnológica, capacidad transaccional y fronteras de las firmas

Although there is research pertaining to the boundaries of firms, this field of study still requires more development. The objective of this paper is to analyse firm boundaries considering technological and transactional capabilities. The method chosen was that of multiple case studies conducted in firms having different technological intensity levels. The main results are contained in three propositions. Firstly, all industrial firms have technological and transactional capability. Secondly, firms with more developed capabilities (technological and transactional) expand their boundaries. Thirdly, the firms are able to expand their boundaries by means of the accumulation of technological capability, transactional capability, or both. As a conclusion to this paper, technological and transactional capabilities are essential for expanding the boundaries of firms at any level of technological intensity.

Learning processes and knowledge transfer in the upward spiral model: an empirical assessment of springboard multinational enterprises

PurposeThe springboard theory for multinational enterprises and the upward spiral model address the expansion of emerging countries’ multinational enterprises (MNEs) abroad as a set of resource-building stages. This paper aims to analyze this model by qualifying knowledge flows in three domains: learning effects, transfer flows and global connections.Design/methodology/approachThe authors use 2018 data from the ORBIS database to identify evidence concerning the springboard MNE (SMNE) phenomenon. The authors select MNE firms from 93 emerging economies with presence in 71 developed and 93 developing countries. In addition, the authors differentiate between the levels of technological intensity of emerging market MNEs’ sectors.FindingsThe results highlight the existence of learning processes taking place in subsidiaries and feeding back into parent firms, as well as the existence of capability transfer from home to host units.Originality/valueThe main contribution is the addition of empirical evidence on the SMNE and specifically the upward spiral model, considering the micro-level and the productivity differences between parent firm and subsidiaries.

Performance Dissimilarities in European Union Manufacturing: The Effect of Ownership and Technological Intensity

Our paper addresses the relevance of a set of continuous and categorical variables that describe industry characteristics to differences in performance between foreign versus locally owned companies in industries with dissimilar levels of technological intensity. Including data on manufacturing sector performance from 20 European Union member countries and covering the 2009–2016 period, we used the random forests methodology to identify the best predictors of EU manufacturing industries’ a priori classification based on two main attributes: ownership (foreign versus local) and technological intensity. We found that EU foreign-owned businesses dominate locally owned ones in terms of size, which gives them an edge in obtaining higher profits, cash flow and investments and coping with higher personnel costs. Furthermore, ownership is a more important differentiator of performance at the industry level than the industry’s technological level. The performance of foreign-owned high-tech manufacturing industry units across the EU is the most heterogeneous compared to the other four categories, indicating particularities linked to technological level, ownership, and even location. Our findings suggest that multinational enterprises in high-tech industries transfer to eastern EU countries’ activities and processes with lower technological intensity and higher labour intensity, but also that locally owned businesses, even within high-tech industries, have lower technological levels.

Factors Influencing China’s Outward Foreign Direct Investment

The main purpose of this study is to explore factors determining China’s outward FDI (OFDI), with particular emphasis on the unique characteristics of China’s economy during the period of institutional transformation. The empirical results obtained in the present study show that Chinese enterprises tend to invest in countries that have a mature economy. Exports have a significantly positive effect on China’s OFDI, with the relationship between OFDI and exports in China being a complementary one. The relationship between imports and OFDI for China is one of substitution, as Chinese enterprises have often relied upon the importation of key components as a means of acquiring the technology they need. Exchange rates, monopolistic advantage, foreign exchange reserves and the level of technology intensity, all have a significant impact on China’s OFDI, while the GDP growth rate and geographical distance have not had a significant impact. JEL Classification: F200, O160, P450

Perceptions of barriers to innovate in Colombian manufacturing firms: an analysis by technological intensity

PurposeThe purpose of this study is to investigate the factors that impede innovation in Colombian manufacturing firms, as measured by the level of technological intensity.Design/methodology/approachThe authors used data from 1,850 firms to determine the barriers associated with information and internal capabilities, risks and environment.FindingsThe main results of this study confirm that potentially innovative firms of low technological intensity are more likely to ascribe high importance to obstacles associated with information and internal capabilities, when compared with innovative firms. The abandonment of innovative projects, family-operated enterprises and investment in R&D are all related to an increased perception of obstacles to innovation, while investments in information and communication technologies have an opposite effect. Variables as partnerships and export behaviour, have different effects depending on the level of technological intensity.Originality/valueThis study investigates the obstacles to innovation of a firm as determined by its characteristics and as measured against its level of technological intensity. Previous studies have investigated barriers to innovation in technologically advanced sectors (Lachman and López, 2019) and technology-based SMEs (De Moraes Silva et al. 2020) or how the technological intensity of the firm determines access to university knowledge for overcoming barriers (Kanama and Nishikawa, 2017). The only study to analyse barriers to innovation by measuring a firm’s technological intensity was conducted into Mexican manufacturing and services sector companies by Santiago et al. (2017).

Business recovery in the European Union after the global financial crisis: lessons for the Coronavirus pandemic

The present paper undertakes an analysis of the manufacturing sector performance in the European Union after the 2007-2009 Global financial crisis, with the aim of discovering the lessons to be learned for the post-pandemic world. We employ aggregate data at industry level and use a methodology based on mean difference tests and two-samples Kolmogorov-Smirnoff tests. We find a varied panorama of industry recovery in EU after the 2007-2009 crisis, albeit with different paces depending on size, ownership, and level of technological intensity. There is evidence of a higher flexibility of smaller companies, reflected mostly in productivity gains, and a focus of larger businesses on profitability, supported by their size. Moreover, better personnel cost management has led to a drop in the importance of personnel costs in turnover. Our results are valuable for businesses that needed to survive during the pandemics, as they show that higher business flexibility might support a quicker recovery.

Principles of differentiation of the system of machines for harvesting fiber flax, taking into account the level of technology intensity

Relevance and methods . The main problem of the flax industry is its insufficient technical support. This does not allow performing technological operations for the cultivation and harvesting of flax in the established agrotechnical terms, which leads to significant losses and damage to the crop. One of the ways to ensure the growth of production efficiency and the competitiveness of flax products is to increase the level of technical equipment of the industry through the use of high-performance energy-rich machines, progressive and intensive technologies. Results. The article proposes innovative technical solutions for harvesting flax and processing flax, a promising system of machines for the use of intensive technologies is presented. It is established that the use of new technical means increases productivity by up to 50% or more for individual machines, reduces the cost of performing technological operations by 30–35% and the cost of production of seeds and flax.

Competitive capabilities in knowledge-intensive services firms: strategic advantages of born globals in a peripheral region

PurposeWhile the born global (BG) phenomenon has been well established in the literature, studies on accelerated internationalization of firms in the service sector have been scarce, particularly for the specific case of knowledge-intensive services (KIS). The purpose of this paper is to explore which competitive characteristics differentiate KIS BGs from other KIS firms in the context of a peripheral region.Design/methodology/approachThe empirical focus of this study comprehends primary survey data from 250 Spanish KIS firms (Andalusia) that have been internationalized and analyzed through ordinal and ordinary least squares regressions. The authors address the “born-global effect” on five features of interest, namely, entry mode, technological capabilities, qualification of staff, external resources and quality of services.FindingsResults suggest that KIS BGs in Andalusia perceive exports as a more relevant form of internationalization than its non-BG peers. Also, KIS BGs in Andalusia present higher levels of technological intensity. Differences in terms of staff qualification, access to extramural R&D resources and the quality of services could not be identified.Research limitations/implicationsThe main limitation of this research concerns its cross-sectional character, thus hindering the evaluation of developmental trajectories taking place in the cohort under scrutiny. Such an approach would allow a better comprehension of the competitiveness dynamics in internationalized KIS firms. Also, because this assessment is geographically restricted to Andalusia, Spain, the authors recommend caution in establishing direct comparisons and appropriation of results for other regional/national contexts.Practical implicationsRecommendations for public policy include establishing the necessary infrastructures to encourage the technological development of KIS companies and provide support – through export promotion agencies, for instance – for early approximation with foreign markets. Taking into account the contributions of KIS firms for the development of a peripheral economy, this involves the need to establish instruments that provide strategic information to internationalize, as well as lines of funding for these companies.Originality/valueEmpirical evidence on KIS BGs is needed to fully grasp its differences to other internationalized service firms. The analysis within this specific domain represents an advance in the literature on this subject. Also, the context of peripheral regions – considering their economic differences to core areas – has been understudied. The elaboration and application of the survey have allowed the authors to have access to primary in-depth data and, therefore, to build a better understanding of KIS BGs in Andalusia, Spain.

Trade, innovation and agglomeration. A case study for Colombia

This paper focuses on the relationship between imports, innovation and population agglomeration within regions in Colombia. The main aim is to identify the source of trade that shapes the relationship between innovation and agglomeration, by distinguishing imports ac­cording to levels of technological intensity. This study attempts to bridge two factors that have been studied separately: trade on the one hand; science, technology and innovation activity (STI), on the other. To control for unobserved heterogeneity, the Least Square Dummy Variable estimator with robust standard errors was employed. The results show that the technological intensity of imports has an impact on the agglomeration effect of STI activity. Moreover, the effect of STI activity on intra-regional agglomeration conditioned by imports varies according to regional characteristics.

Evaluation of Russian Economic Sectors’ Sensitivity to Tax Burden

This study tests the hypothesis that Russia’s economic sectors have different sensitivity to tax burden. Econometric models are built to explore the relationship between production in different sectors and the tax burden on these sectors. We use employment growth, labour productivity growth and world oil prices growth as control variables; to neutralize crisis effects we introduced a binary dummy variable. A peculiar feature of our models is that we build a certain a priori non-linear fiscal aggregate, which appears as one variable in an econometric dependency and comprises one or two exogenous parameters. This enables us to test the hypothesis about the non-linear impact of tax burden on production and to avoid the multicollinearity problem. The parameter of the non-linear fiscal aggregate can take different values as we build the econometric dependency, which means that we can conduct a lot of computational experiments to choose the most adequate model. The econometric models use statistical data of Rosstat and the Federal Tax Service of Russia for the period of 1996–2019 for the whole economy and for the period of 2006–2019 for specific sectors. For this study we have chosen the manufacturing and extractive industries, manufacture of coke and refined petroleum products, chemical industry and electrical engineering. To gain a bigger picture, we have also considered the public service sector– education and health care. Model calculations have shown that the main indicator reflecting the sectors’ sensitivity to tax regulation is the width of the corridor of permissible values of the tax burden in the parabolic dependency (permissible in the meaning that such tax burden provides a positive production growth in the sector): ∆q = q00 – q0. The lower is ∆q, the more sensitive is this sector to any tax increase. The use of additional indicators – q (effective tax burden), q* (optimal tax burden) and l* (potential production growth if the tax burden is optimal)– has shown that the more technologically advanced is the sector, the more sensitive it is to the tax burden. Moreover, the more technologically advanced is the sector and the more sensitive it is to fiscal regulation, the faster its development can be, provided that the tax rates are optimal. Thus, a possible solution is to apply a differentiated taxation system for economic sectors. All developed countries apply progressive personal income tax scales, which shows awareness of the differences in income groups’ sensitivity to taxes. Theoretically, nothing could be said against applying a similar principle to economic sectors with different levels of technological intensity and innovation and with a different sensitivity to tax burden. A differentiated tax system can be applied for economic sectors if certain conditions are met and specific procedures are established and followed. For citation Balatsky E.V., Ekimova N.A. Evaluation of Russian Economic Sectors’ Sensitivity to Tax Burden. Journal of Tax Reform. 2020;6(2):157–179. DOI: 10.15826/jtr.2020.6.2.080. Article info Received June 22, 2020; Revised July 14, 2020; Accepted July 21, 2020