Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517441_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ferit Kula Author-X-Name-First: Ferit Author-X-Name-Last: Kula Author-Name: Alper Aslan Author-X-Name-First: Alper Author-X-Name-Last: Aslan Author-Name: Mete Feridun Author-X-Name-First: Mete Author-X-Name-Last: Feridun Title: Purchasing Power Parity In Mena Revisited: Empirical Evidence in the Presence of Endogenously Determined Break Points Abstract: This paper re-examines the Purchasing Power Parity hypothesis in which the endogenously determined break points are incorporated in 13 major MENA countries by using official and black market exchange rates data over 1970-1998. We utilize Lagrange Multiplier unit root test that endogenously determines structural breaks in level. We find evidence of PPP for eight of the thirteen countries at the 10% level or better. We also construct the half lives to investigate the persistence of deviations from PPP. The point estimates of the half lives for both OREX and BMREX in the seven countries are lower than range of the consensus of 3-5 years in the literature. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-12 Issue: 1 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517441 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517441 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:1:p:1-12 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517442_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Osama D. Sweiden Author-X-Name-First: Osama D. Author-X-Name-Last: Sweiden Title: Interest Rate Pass-Through: The Case Of Jordan Abstract: The paper seeks to explore empirically the long-run relationship between short-term policy interest rate and deposit and lending rates in Jordan. Technically, we examine the speed of adjustment and pass-through from policy rate to deposit and lending rates. The empirical evidence of the Jordanian economy shows deposit and lending rates adjust primarily in response to the previous period’s departure from the long-run equilibrium. Further, retail interest rates follow a symmetric movement for their deviations from the long-run equilibrium. Accordingly, the CBJ has the power to control the spread between deposit and lending rates. Furthermore, deposit rate adjusts larger and faster than lending rate for a deviation from the long-run equilibrium. As a result, Jordan’s monetary policy action needs approximately 11 quarters to be effective. Journal: Economic Research-Ekonomska Istraživanja Pages: 13-27 Issue: 1 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517442 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517442 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:1:p:13-27 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517443_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Matjaz Irsic Author-X-Name-First: Matjaz Author-X-Name-Last: Irsic Title: How Qualitative Elements Of Relational Exchanges Influence an Implementation of Purchasing Marketing Strategies – A Case Of Service Companies In Slovenia Abstract: The author examines a relationship between the qualitative elements of relational exchanges and the implementation of relationship marketing strategies vs. transactional marketing strategies from the buyer’s perspective in business-to-business exchanges. Therefore, four groups of qualitative relational exchange’ factors have been determined: attractiveness of supplier, attractiveness of total purchasing market for the buyer, competitive position of the buyer on the purchasing market, and the bargaining orientation of the buyer toward its strategic supplier. Drawing on emerging perspectives on service companies with more than 200 employees in Slovenia and their relationship with strategic suppliers, the author proposes that a buyer’s perception of qualitative elements of relational exchanges influences employment of particular marketing strategies towards its strategic supplier. Results of empirical study show some correlation between the groups of variables investigated. The influence of measured factors on the implementation of particular group of marketing strategies exists, although the strongest impact is prevailed especially by factors, which are characteristic for short-term relationships. Hence the surveyed companies are oriented much more toward achieving short-term efficiency instead of long-term effectiveness. This research makes a contribution to the strategy literature and to the practitioners, and has important implications for purchasing managers by offering guidelines for mixing the various aspects of partnering according to their objectives and strategies in order to improve the level of their relational approach to their strategic suppliers. Journal: Economic Research-Ekonomska Istraživanja Pages: 28-48 Issue: 1 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517443 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517443 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:1:p:28-48 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517444_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ariana Nefat Author-X-Name-First: Ariana Author-X-Name-Last: Nefat Author-Name: Dragan Benazić Author-X-Name-First: Dragan Author-X-Name-Last: Benazić Title: Parents’ Perceptions Of Food Advertising Aimed At Children On Television: Exposure, Influence And Regulations Abstract: The purpose of this work is to investigate the perceptions of parents about advertising of food to children on television. The theoretical research includes a review of marketing to children, the analysis of influential factors, the influence of food advertising aimed at children, the perceptions of the parents and the issue of regulation of this area of advertising. The empirical research conducted via a questionnaire to the parents does not confirm the connection between the time spent in front of the television and the behaviour of children, but it does indicate at the negative attitudes of parents about advertising of food that influence their moderately restrictive attitude on the prohibition of such advertising. Journal: Economic Research-Ekonomska Istraživanja Pages: 49-67 Issue: 1 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517444 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517444 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:1:p:49-67 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517445_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jože Kocjančič Author-X-Name-First: Jože Author-X-Name-Last: Kocjančič Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Dynamics In Wood Industry In Slovenia Abstract: This paper investigates the dynamics of large wood industry enterprises on the dynamics of micro and small wood industry enterprises using firm-level survey data and time-series data. In addition, entry and exit of micro and small wood industry enterprises is explained by factors of demand, value-added, and profitability of capital. The empirical results show relatively modest impact of the dynamics of large enterprises on the dynamics of micro and small enterprises in the wood industry. The rate of value-added per employee and the rate of capital profitability are significantly associated with investments, particularly investments into new technological equipment. Easier access to financial means for micro and small enterprises at acceptable guarantees and reduction in costs of financing of capital are among possible measures to improve wood industry enterprise performance and entry into foreign markets as well as to efficiently reduce imports of wood raw materials and low value-added wood semi-products and to increase exports of higher value-added products and services. Journal: Economic Research-Ekonomska Istraživanja Pages: 68-81 Issue: 1 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517445 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:1:p:68-81 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517446_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Theodore Tsekeris Author-X-Name-First: Theodore Author-X-Name-Last: Tsekeris Author-Name: Charalambos Tsekeris Author-X-Name-First: Charalambos Author-X-Name-Last: Tsekeris Title: Demand Forecasting in Transport: Overview and Modeling Advances Abstract: The main purpose of this paper is to comprehensively explore and productively overview the growing research field of demand forecasting in transport. In this analytic context, it seeks to describe, critically discuss and fruitfully elaborate on relevant mechanisms and models of demand forecasting, as well as on the particular development and implementation of systematic (or system-wide) approaches. The overview of various theoretical and methodological developments in current prediction models eventually advocates the use of consumer demand models (of dynamic character) to predict demand shares among alternative modes of transport. Journal: Economic Research-Ekonomska Istraživanja Pages: 82-94 Issue: 1 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517446 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517446 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:1:p:82-94 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517447_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bojan Pecek Author-X-Name-First: Bojan Author-X-Name-Last: Pecek Author-Name: Andrej Kovacic Author-X-Name-First: Andrej Author-X-Name-Last: Kovacic Title: Business Process Management: Use of Simulation in the Public Sector Abstract: Methods and techniques of business process management as known in the private sector are being used more and more in the public sector. This paper demonstrates their applicability to systems where the human factor is more important. It describes a case study of filling unoccupied capacities in an old people's home. The simulation techniques are used as a replacement for the exact deterministic planning. Our research shows that by using the simulation it is possible to predict the effects of the renovation and the duration of the processes and bottlenecks and to thereby avoid bad decisions. Journal: Economic Research-Ekonomska Istraživanja Pages: 95-106 Issue: 1 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517447 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517447 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:1:p:95-106 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517448_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marko Paliaga Author-X-Name-First: Marko Author-X-Name-Last: Paliaga Author-Name: Željko Strunje Author-X-Name-First: Željko Author-X-Name-Last: Strunje Title: Research Of Implementation of Internal Marketing in Companies in the Republic of Croatia Abstract: Marketing has a strong role in creating products and services offered in the market in today’s particularly dynamic and turbulent business environment marked by daily struggle to keep market positions and realise competitive advantages. Unlike external marketing, internal marketing is still insufficiently researched and used in Croatian companies. Internal marketing comprises marketing know-how, skills, tools, methods and techniques used on the internal market (within the company) with the objective of achieving synergistic effect of all employees in conformity with basic targets, the mission and strategies of the company. The focus of this paper is the research of characteristics of internal marketing of companies working in the Croatian market. The aim of the research was to determine, by means of a preliminary research, the implementation of principles and internal marketing concept in Croatia and its representation within Croatian companies. Previous works and experiences published in foreign publications indicate advantages of implementation of this concept within companies in addition to a great impact on creation of competitive advantages, particularly in terms of services, customer satisfaction and loyalty of both customers and companies’ own employees. Journal: Economic Research-Ekonomska Istraživanja Pages: 107-121 Issue: 1 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517448 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517448 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:1:p:107-121 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517449_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gordana Kordiဗ Author-X-Name-First: Gordana Author-X-Name-Last: Kordiဗ Author-Name: Igor Živko Author-X-Name-First: Igor Author-X-Name-Last: Živko Title: Monetary Sovereignty in Context of European Integrations Abstract: Monetary sovereignty allows control over national monetary policy, exchange rate and currency circulation and is a sign of national central banks’ independence. It is an instrument for fulfilling national economy goals and, especially in small countries, is an ultimate part of national sovereignty (like the hymn or national flag).On the other hand, the process of (European) monetary unification requires from member countries to transfer their national sovereignty to a supranational level. The monetary policy than becomes a “one-size-fits-all” and is oriented towards common goals, putting national interests to the second place. The common opinion, especially in transition countries, is that entering European economic and monetary union is their final and ultimate goal that requires long term, committed fulfilling of rigorous criteria. But, the recent crises throughout European monetary union can be discouraging for accession countries, while the common monetary policy is confronting serious difficulties.This paper analyses recognition on monetary sovereignty in context of European integrations on a sample of student population for the final years of undergraduate study at Faculties of Economics and Business in Zagreb (Croatia) and Mostar (Bosnia and Herzegovina). Our aim was to explore their perception of both monetary sovereignty and European integrations in turbulent circumstances of global financial crisis. The study was based on a questionnaire and, oriented primary to the qualitative explanations, included also the ranking of given (dis)advantages of the sovereignty and integrations on a given scale. Journal: Economic Research-Ekonomska Istraživanja Pages: 122-133 Issue: 1 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517449 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517449 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:1:p:122-133 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517450_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Camelia Surugiu Author-X-Name-First: Camelia Author-X-Name-Last: Surugiu Author-Name: Nuno Carlos Leitão Author-X-Name-First: Nuno Carlos Author-X-Name-Last: Leitão Author-Name: Marius Răzvan Surugiu Author-X-Name-First: Marius Răzvan Author-X-Name-Last: Surugiu Title: A Panel Data Modelling of International Tourism Demand: Evidences for Romania Abstract: This paper analysis the determinants of international tourism demand for Romania and it quantifies their influences. The authors elaborate two models, a fixed-effects model and the Tobit model, to estimate tourist inflow data from twenty-three European countries, for the period 1997-2008. In the fixed effects static panel model, we find that GDP per capita, bilateral trade, population, prices are the main determinants of tourism flows to Romania. For the Tobit model, all the variables taken into consideration, GDP per capita, bilateral trade, population, geographical distance, prices are influencing the international tourism demand. Both models indicate that trade, population, and income are more important determinants than relative prices or geographical distance between Romania and countries of origin. Journal: Economic Research-Ekonomska Istraživanja Pages: 134-145 Issue: 1 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517450 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517450 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:1:p:134-145 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517506_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihaela Bratu Author-X-Name-First: Mihaela Author-X-Name-Last: Bratu Title: The Reduction of Uncertainty in Making Decisions by Evaluating the Macroeconomic Forecasts Performance in Romania Abstract: The evaluation of macroeocnomic forecasts performance does not include only the calculating of some statistical measures, rather controversial in literature, like root mean squares error or absolute mean error. In theory and economic practice, three directions have been traced regarding the evaluation of forecasts performance: the analyse of accuracy, bias and efficiency. Using the forecasted values on medium run of inflation rate and unemplyment rate through theperiod from 2004-2010 in Romania, we get a better degree of accuracy and a lower efficiency for forecasts made by National Commission of Forecasting comparing to those based of Dobrescu model used by Institute of Economic Forecasting. Following the international tendency, the forecasts are, in all cases, biased because of difficulties in precise anticipation of shocks which affect the economy. Forecasts performance is indestructible related by their uncertainty, RMSE, the measure of evaluating the accuracy being used in building forecast intervals based on historical errors. For forecasted values of inflation rate published by National Bank of Romania we propose a new way of building forecast interval in order to take into account the economic shocks. Journal: Economic Research-Ekonomska Istraživanja Pages: 239-262 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517506 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517506 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:239-262 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517507_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mehmet EryiĞit Author-X-Name-First: Mehmet Author-X-Name-Last: EryiĞit Title: The Dynamical Relationship between Oil Price Shocks and Selected Macroeconomic Variables In Turkey Abstract: In many empirical studies, the dynamic relationship among energy sector variables (such as, oil, electricity, gasoline, coal, renewable energy, etc.) and economic variables (such as; financial markets, real economy and the overall economy) are studied. Oil price changes may affect the economic variables more of oil importer countries then oil exporter countries especially emerging markets. In addition to this, oil price changes and shocks may be an important device to explain stock market index return. In this paper, Istanbul stock exchange market index (ISE-100), interest rates, exchange rates and oil price are analyzed by using a vector autoregressive (VAR) approach for Turkey. The results suggest that there is a dynamic relationship among oil price shocks, Istanbul stock market index, exchange rate and interest rate. Journal: Economic Research-Ekonomska Istraživanja Pages: 263-276 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517507 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517507 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:263-276 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517508_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: A. Nazif Çatik Author-X-Name-First: A. Nazif Author-X-Name-Last: Çatik Author-Name: Mehmet Karaçuka Author-X-Name-First: Mehmet Author-X-Name-Last: Karaçuka Title: Oil Pass-Through to Domestic Prices in Turkey: Does the Change in Inflation Regime Matter? Abstract: This paper investigates the existence of oil pass through to inflation under different inflation regimes in Turkey. In order to compare the difference between the oil pass-through effects in the low and high inflation periods we employ Markov Regime Switching Vector Autoregressive (MS-VAR) model as a non-linear estimation framework. The regime-dependent impulse responses do not indicate strong pass through from crude oil prices to inflation in both regimes. However, this channel is working through refined petroleum product prices. The results show that there is a substantial decline in pass-through from refined petroleum prices to inflation as the economy moves from high to low inflation regime. These findings support the hypothesis of Taylor (2000) suggesting that low inflationary environment leads to a low pass-through. Journal: Economic Research-Ekonomska Istraživanja Pages: 277-296 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517508 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517508 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:277-296 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517509_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vladimir Njegomir Author-X-Name-First: Vladimir Author-X-Name-Last: Njegomir Author-Name: Bogdan Stojić Author-X-Name-First: Bogdan Author-X-Name-Last: Stojić Title: Determinants Of Nonlife Insurance Market Attractiveness For Foreign Investments: Eastern European Evidence Abstract: The aim of this paper is to investigate factors that influence the attractiveness of nonlife insurance market for foreign insurers in Eastern Europe. We use country-specific effects models for panel data that covers fifteen countries during the period 2004-2009, allowing each cross-sectional unit to have a different intercept term serving as an unobserved variable that is potentially correlated with the observed regressors. The research results indicate that the main forces affecting market attractiveness are insurance demand, entry barriers, market concentration and the return on investment. These findings provide significant implications for local governments and for both foreign and domestic insurers. Journal: Economic Research-Ekonomska Istraživanja Pages: 297-310 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517509 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517509 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:297-310 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517510_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vanja Dragićević Author-X-Name-First: Vanja Author-X-Name-Last: Dragićević Author-Name: Dobrica JovičIć Author-X-Name-First: Dobrica Author-X-Name-Last: JovičIć Author-Name: Ivana BlešIć Author-X-Name-First: Ivana Author-X-Name-Last: BlešIć Author-Name: UglješA Stankov Author-X-Name-First: UglješA Author-X-Name-Last: Stankov Author-Name: Desimir BošKović Author-X-Name-First: Desimir Author-X-Name-Last: BošKović Title: Business Tourism Destination Competitiveness: A Case of Vojvodina Province (Serbia) Abstract: The main purpose of this article is to create model of business tourism destination competitiveness and test it on the example of Vojvodina Province, tourist cluster in Serbia, where business tourism is defined as one of key tourist products. The paper aims to examine in which areas Vojvodina Province is more competitive as a business tourism destination and where it is less competitive compared to“competitive set” of three chosen destinations. Also, this paper aims to test relationships between destination competitiveness determinants in order to determine the weakest point of Vojvodina Province business tourism competitiveness, and specifically the position of destination management. The study results indicate that two determinants: destination management and destination policy, planning and development are the weakest points of Vojvodina Province competitiveness, while highest ratings are assigned to core resources and attractors determinant. The results will be most valuable in assisting destination management organizations, tourism policy creators and tourism practitioners to better understand identified destination advantages and problems in business tourism and general tourism development in Vojvodina Province, and to formulate strategies to effectively manage destination disadvantages. Journal: Economic Research-Ekonomska Istraživanja Pages: 311-331 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517510 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517510 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:311-331 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517511_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hans Ruediger Kaufmann Author-X-Name-First: Hans Ruediger Author-X-Name-Last: Kaufmann Author-Name: Haritini Tsangar Author-X-Name-First: Haritini Author-X-Name-Last: Tsangar Author-Name: Demetris Vrontis Author-X-Name-First: Demetris Author-X-Name-Last: Vrontis Title: Innovativeness of European SMEs: Mission not yet accomplished Abstract: The paper aims to contribute to the discussion on the catalytic role of SMEs in generating innovation as a basis for a competitive economy. It focuses on six European countries, representing both established and transitional settings (United Kingdom, Cyprus, Spain, Italy, Greece and Lithuania). The statistical methods used included ANCOVA, multiple regression analysis and chi-square tests. The factors explaining the innovation levels were provided. Innovation and corporate culture indices were created and found to be correlated. Four variables were shown to explain innovation management in the six countries: corporate culture, formal processes/innovation department, company size and review of products. The respective SME perceptions, key factors and levels of innovation management were thus differentiated for the six countries. This comprehensive differentiated approach is an innovative contribution to the field. Journal: Economic Research-Ekonomska Istraživanja Pages: 333-359 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517511 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517511 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:333-359 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517512_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ciprian Necula Author-X-Name-First: Ciprian Author-X-Name-Last: Necula Author-Name: Alina-Nicoleta Radu Author-X-Name-First: Alina-Nicoleta Author-X-Name-Last: Radu Title: Long Memory in Eastern European Financial Markets Returns Abstract: The paper examines the long memory property of stock returns and its implications using daily index returns for eight CEE emerging markets: Romania, Hungary, Czech Republic, Poland, Slovenia, Bulgaria, Slovakia, and Croatia. Several nonparametric methods for testing for long memory are employed, as well as parametric long memory models. The ARFIMA-FIGARCH model seems the most appropriate specification since the nonlinearity tests can not reject the null of independent and identically distributed residuals, implying that this specification accounts for the nonlinearity in the data. The estimated fractional differencing parameter is statistically significant in seven of the eight emerging economies employed in the study, suggesting the presence of long memory in the returns in these financial markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 316-377 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517512 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517512 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:316-377 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517513_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Silvo Dajčman Author-X-Name-First: Silvo Author-X-Name-Last: Dajčman Author-Name: Mejra Festić Author-X-Name-First: Mejra Author-X-Name-Last: Festić Title: Interdependence between the Slovenian and European Stock Markets – A DCC-Garch Analysis Abstract: This paper examines the comovement and spillover dynamics between the Slovenian and some European (the UK, German, French, Austrian, Hungarian and the Czech) stock market returns. A dynamic conditional correlation GARCH (DCC-GARCH) analysis is applied to returns series of representative national stock indices for the period from April 1997 to May 2010 to answer the following questions: i) Is correlation (comovement) between the Slovenian and European stock markets time-varying; ii) Are there return and volatility spillovers between European and Slovenian stock markets; iii) What effect did financial crises in the period from April 1997 to May 2010 have on the comovement between the investigated stock markets? Results of the DCC-GARCH analysis show that comovement between Slovenian and European stock markets is time-varying and that there were significant return spillovers between the stock markets. Financial crises in the observed period increased comovement between Slovenian and European stock markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 379-395 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517513 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517513 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:379-395 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517514_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana Rašić Bakarić Author-X-Name-First: Ivana Rašić Author-X-Name-Last: Bakarić Title: A Proposal for A New Administrative-Territorial Division of the Republic of Croatia Abstract: he article deals with a proposal of a new administrative-territorial division at regional self-government level in the Republic of Croatia. The main aim of the paper is to obtain optimal administrative -territorial division of the country which would provide optimal performance of public tasks and responsibilities at the regional level. The proposal is obtained through use of multivariate statistical methods, and it is based on a wide number of demographic, economic, and public functions indicators measured on 20 Croatian counties. The main grouping criterion is importance and representatives of identified public functions’ dimensions. As a result of the analysis, seven new regions are created and they should replace the existing 20 counties. Each of the obtained regions contains counties with similar characteristics and similar capacity for public function completition. Journal: Economic Research-Ekonomska Istraživanja Pages: 397-411 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517514 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517514 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:397-411 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517515_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana DražIć Lutilsky Author-X-Name-First: Ivana DražIć Author-X-Name-Last: Lutilsky Author-Name: Vesna Vašiček Author-X-Name-First: Vesna Author-X-Name-Last: Vašiček Author-Name: Davor Vašiček Author-X-Name-First: Davor Author-X-Name-Last: Vašiček Title: Cost Planning and Controlin Croatian Public Sector Abstract: To examine the state of managerial accounting use in Croatian public sector, the survey based on the questionnaire made was conducted in 2006 and 2011. The questionnaire was sent to 150 organizations and units in public sector and it consisted of 24 questions. The total of 123 units responded to the questionnaire in 2006, while 88 public sector units and organizations returned the answered questionnaire in 2011. In this paper the authors present empirical results of the research conducted. The results prove that cost management for purposes of cost planning and control in Croatian public sector is still undeveloped and still not sufficiently used in the process of determining budgetary spending. Also, the authors provide possible solutions for better usage of managerial accounting in Croatian public sector. Journal: Economic Research-Ekonomska Istraživanja Pages: 413-434 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517515 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517515 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:413-434 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517516_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Davor Filipović Author-X-Name-First: Davor Author-X-Name-Last: Filipović Title: Impact of Company’s Size on Takeover Success Abstract: Respecting the fact that vast number of M&As do not achieve planed synergies and results and that M&A success is affected by different organizational variables like management, strategy, structure, corporate culture, company size etc., the main aim of this paper is to analyze the impact of company’s size on takeover success. Successful takeover is defined as takeover in which target company performs better in the period after the takeover than in the period before the takeover. Hypothesis according to which the smaller the relative ratio of the size of target company compared to the acquirer, the more successful is target company’s performance after the takeover was tested and confirmed on the 43 companies that were acquired in the Republic of Croatia. Journal: Economic Research-Ekonomska Istraživanja Pages: 435-444 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517516 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517516 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:435-444 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517517_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marjan Odar Author-X-Name-First: Marjan Author-X-Name-Last: Odar Author-Name: Slavka Kavčič Author-X-Name-First: Slavka Author-X-Name-Last: Kavčič Author-Name: Mateja Jerman Author-X-Name-First: Mateja Author-X-Name-Last: Jerman Title: Performance Measurement Systems: Empirical Evidence from Slovenia Abstract: The present study aims to analyze the use of performance measurement systems within Slovene large, medium-sized, and small companies. The study was performed on the basis of a questionnaire which was distributed to the management of Slovene firms in 2007, analyzing the use of performance measurement techniques in the post-transition period. Slovene companies mainly use traditional performance measurement techniques. Contemporary performance measurement systems were used only occasionally. Moreover, the study demonstrates that performance measurement techniques differ between companies of different size. Small companies have less developed performance measurement systems that are based almost solely on traditional measurement techniques, while large companies have more developed performance measurement systems and also use some more contemporary techniques. Future research should analyze the design of management accounting systems in economies that have completed the transition period to provide evidence about the changes that occur afterwards. Journal: Economic Research-Ekonomska Istraživanja Pages: 445-464 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517517 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517517 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:445-464 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517518_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maja Konecnik Ruzzier Author-X-Name-First: Maja Konecnik Author-X-Name-Last: Ruzzier Author-Name: Nusa Petek Author-X-Name-First: Nusa Author-X-Name-Last: Petek Title: Country Brand I Feel Slovenia:First Response from Locals Abstract: The paper analyses the concept of country branding. The focus is placed on influential stakeholders who should participate in country brand development and implementation. Specifically, the important role of local inhabitants is stressed. The paper focuses on the country branding in Slovenia and investigates the residents’ first response to the new brand I feel Slovenia. The research was conducted half a year after the new brand was born. The results imply that the brand has great potential to become successful, since it is generally well recognised and perceived by its largest internal stakeholder group – local inhabitants. Journal: Economic Research-Ekonomska Istraživanja Pages: 465-484 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517518 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517518 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:465-484 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517519_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tanja Armenski Author-X-Name-First: Tanja Author-X-Name-Last: Armenski Author-Name: Doris O. Gomezelj Author-X-Name-First: Doris O. Author-X-Name-Last: Gomezelj Author-Name: Branislav Djurdjev Author-X-Name-First: Branislav Author-X-Name-Last: Djurdjev Author-Name: Nevena Ćurčić Author-X-Name-First: Nevena Author-X-Name-Last: Ćurčić Author-Name: Aleksandra Dragin Author-X-Name-First: Aleksandra Author-X-Name-Last: Dragin Title: Tourism Destination Competitiveness-between Two Flags Abstract: The study aims to provide a better understanding of destination competitiveness and elements that affect competitive position of a tourism destination. The research is design as a comparative study of Slovenia and Serbia. For analysing a competitiveness of mentioned destinations, the Integrated model of destination competitiveness was used. The results showed that both destinations are considered to be more competitive in its natural, cultural, and created resources, but less competitive in the destination management and, according to the Integrated model, demand conditions. Based on these findings, relevant proposals are made in order to improve competitive positions of destinations. Journal: Economic Research-Ekonomska Istraživanja Pages: 485-502 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517519 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517519 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:485-502 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517520_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jasmina Dlačić Author-X-Name-First: Jasmina Author-X-Name-Last: Dlačić Author-Name: Vesna žabkar Author-X-Name-First: Vesna Author-X-Name-Last: žabkar Title: Relationship Commitment, Relational Equity and Company Image in Customer Loyalty Development Abstract: his paper explores the relationship between customer loyalty and its seldom researched antecedents: relationship commitment,relational equity and company image. The proposed conceptual model is tested with data gained from customers of mobile telephone operators. The results show that relationship commitment and relational equity have a statistically significant positive influence on customer loyalty. In addition, the results of hierarchical multiple regression analysis reveal that the number of different mobile operators a person uses is not related to customer loyalty when relationship commitment, relational equity and company image are included in the model. Drawing on the results, the paper offers implications for managing customer loyalty. Journal: Economic Research-Ekonomska Istraživanja Pages: 503-523 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517520 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517520 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:503-523 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517521_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Niko Koncul Author-X-Name-First: Niko Author-X-Name-Last: Koncul Title: Wellness: A New Mode of tourism Abstract: Like all other sectors of the world economy, tourism is also feeling the pinch of the crisis that has resulted from the global economic turmoil. World economic situation since 2007/2008 has put an extra pressure on people’s psycho-physical state of health. People are increasingly looking forward to new ways of relaxation and re-energizing themselves. Some modes of tourism, globally, due to the economic downturn, have slowed down, but the tourism sector itself has done remarkably well during the last two-three years by offering the new model i.e. facility generally called Wellness. Within tourism, wellness is relatively a new trend that has registered an impressive growth rate. World-wide more and more people are traveling to destinations that provide wellness facilities. The rise of ‘wellness’ concept can be attributed to two factors. First, the WHO has now long been pushing forward an integrated concept of «well-being» and «fitness» into its global health policy. Second, the overall education of people has increased the human awareness of personal health. Tourism service providers, especially the luxury hotels were quick to cash upon these facts and created a palette of wellness services such as spa and health treatments, occupational health therapy, beauty treatments, sports’ facilities, spiritual activities, massages, and rehabilitation programs, etc.Since sufficient data on the subject have not yet emerged, the paper basically discusses some conceptual aspects of wellness tourism only. Journal: Economic Research-Ekonomska Istraživanja Pages: 525-534 Issue: 2 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517521 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517521 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:2:p:525-534 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_995895_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sarfaraz Hashemkhani Zolfani Author-X-Name-First: Sarfaraz Author-X-Name-Last: Hashemkhani Zolfani Author-Name: Maedeh Sedaghat Author-X-Name-First: Maedeh Author-X-Name-Last: Sedaghat Author-Name: Reza Maknoon Author-X-Name-First: Reza Author-X-Name-Last: Maknoon Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Title: Sustainable tourism: a comprehensive literature review on frameworks and applications Abstract: This paper aims to study the progress of research on Sustainable Tourism and to outline and identify the key disciplines, journals, articles and authors. This is carried out through a wide, in-depth, and structured examination of published scholarly papers. In recent decades, sustainable tourism has been one of the most significant subjects among academics and practitioners. In this paper, a classification scheme and a comprehensive literature review are presented in order to clarify, categorise, and interpret the current research on sustainable tourism definitions and applications. The classification scheme for this review contains 132 scholarly papers from 47 journals since the year 1993 up to 2013 categorised into 14 application areas. The five major topics are Paradigm, Sustainable Tourism Development, Market research and Economic, Policy-making, and Infrastructure. The scholarly papers are also sorted by (we suggest using the exact order used later in the paper) (1) year of publication; (2) publication journal; (3) subject area citations. It is hoped that this paper provides the needs of researchers and practitioners with easy references for sustainable tourism and its definitions and applications, and also presents future research opportunities. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-30 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2014.995895 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.995895 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1-30 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_995963_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Justas Nugaras Author-X-Name-First: Justas Author-X-Name-Last: Nugaras Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Title: The strategic assessment of networking of a higher education institution Abstract: The development of economy in the region is highly dependent on the effective management of higher education institutions (HEIs). The effective incorporation of networking in the strategies of HEIs is one of the core issues in the development of current HEIs. This incorporation raises two major issues: the lack of tools to monitor the progress of networking and the lack of ability to generate needed and network-related insights for strategy. The aim of this article is to suggest a networking assessment tool and to apply it empirically. This tool consists of multi-criteria evaluation and evaluation with network pictures. It adapts simple additive weighting (SAW) – data normalisation and Social Network Analysis methods (SNA). The empirical application of the tool showed the possibility to assess and monitor the institution’s networking performance and support strategising in the fields of research and studies. Journal: Economic Research-Ekonomska Istraživanja Pages: 31-44 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2014.995963 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.995963 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:31-44 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1022389_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nikša Alfirević Author-X-Name-First: Nikša Author-X-Name-Last: Alfirević Author-Name: Jurica Pavičić Author-X-Name-First: Jurica Author-X-Name-Last: Pavičić Author-Name: Matilda Dorotić Author-X-Name-First: Matilda Author-X-Name-Last: Dorotić Author-Name: Danijela Križman Pavlović Author-X-Name-First: Danijela Author-X-Name-Last: Križman Pavlović Title: Local civil-mindedness on the Internet as the basis for fundraising segmentation: sociological, marketing determinants and the empirical analysis Abstract: The purpose of this article is to introduce a new practice, i.e. tools for online fundraising in nonprofit organisations, based on the assessment of Internet-induced local civic mindedness (INLCM) as a segmentation approach. We suggest that this novel approach to fundraising segmentation can be performed as the extension to the already existing analyses, utilising the demographic and psychographic profiles. Based on nationally representative survey results of Croatian households, we develop an analytical procedure. It might help managers of community nonprofit organisations to target the relevant individuals by applying Internet marketing tools (such as Google Analytics) and approaches. Our analysis allows prediction of how likely it is that an individual (based on his or her demographic/psychographic profile) could be identified as INLCM (i.e. successfully targeted for fundraising efforts). Empirical results from Croatia demonstrate that such individuals do not have a lengthy Internet experience and do not use it frequently. The reported level of community belonging for these prospects is rather high, while their relevant Internet activities are related to maintaining the existing social ties and obtaining information about local organisations. It is interesting that they might be living in multi-generational households, either without their own underage children, or with a single child. Journal: Economic Research-Ekonomska Istraživanja Pages: 45-62 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1022389 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1022389 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:45-62 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1022390_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivan-Damir Anić Author-X-Name-First: Ivan-Damir Author-X-Name-Last: Anić Author-Name: Edo Rajh Author-X-Name-First: Edo Author-X-Name-Last: Rajh Author-Name: Sunčana Piri Rajh Author-X-Name-First: Sunčana Author-X-Name-Last: Piri Rajh Title: Exploring consumers’ food-related decision-making style groups and their shopping behaviour Abstract: The purpose of this research is to develop consumer typology, classify consumers by using food-related decision-making styles and link the resulting typology with consumer shopping behaviour. A modified Sproles and Kendall’s CSI instrument was used to identify decision-making styles in food-product context in Croatia. The data obtained from the survey was analysed using factor, cluster and ANOVA analyses. Three groups of consumers were identified: Recreational, Novelty-driven and Economic consumers. The study confirms that food-related consumers’ decision-making (CDM) styles can be used for market segmentation. Significant differences among groups were found for monthly food expenditure, expenditure at main retailers and expenditure on major trips. Marketers should take into account the characteristics of the identified groups while developing marketing programmes. Journal: Economic Research-Ekonomska Istraživanja Pages: 63-74 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1022390 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1022390 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:63-74 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1022388_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Cosmin Enache Author-X-Name-First: Cosmin Author-X-Name-Last: Enache Author-Name: Laura Raisa Miloş Author-X-Name-First: Laura Raisa Author-X-Name-Last: Miloş Author-Name: Marius Cristian Miloş Author-X-Name-First: Marius Cristian Author-X-Name-Last: Miloş Title: Pension reform and capital market development in Central and Eastern European countries Abstract: The paper provides new empirical evidence for the connection between pension reform and capital market development using a sample of ten Central and Eastern European countries. Using a single equation Error Correction Model, the results confirm the existence of a strong positive short-term effect, as well as a lower magnitude positive long-term effect of the pension funds’ assets on the market capitalisation. Journal: Economic Research-Ekonomska Istraživanja Pages: 75-84 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1022388 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1022388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:75-84 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1022401_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zekeriya Yildirim Author-X-Name-First: Zekeriya Author-X-Name-Last: Yildirim Title: Relationships among labour productivity, real wages and inflation in Turkey Abstract: The main purpose of this paper is to examine the interrelationships among productivity, real wages and inflation in the Turkish manufacturing industry for the period of 1988:1 to 2012:2. To that end, this paper employs both cointegration analysis and a Granger causality test. This paper finds that inflation has a greater effect on labour productivity than do real wages. Furthermore, the Granger causality test shows that there is a strong feedback between labour productivity and inflation, suggesting policy makers targeting inflation should follow labour productivity. This test suggests that there is no causal link running from productivity to real wages in the Turkish manufacturing industry. This absence of a link is largely due to lower bargaining power and structural problems, including high unemployment, a huge tax burden on wages and the large share of the informal sector. Journal: Economic Research-Ekonomska Istraživanja Pages: 85-103 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1022401 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1022401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:85-103 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1028240_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pelin Öge Güney Author-X-Name-First: Pelin Author-X-Name-Last: Öge Güney Author-Name: Erdinç Telatar Author-X-Name-First: Erdinç Author-X-Name-Last: Telatar Author-Name: Mübariz Hasanov Author-X-Name-First: Mübariz Author-X-Name-Last: Hasanov Title: Time series behaviour of the real interest rates in transition economies Abstract: Stationarity properties of real interest rates are examined for 21 transition economies. Owing to transaction costs and other frictions, it is quite plausible that we are dealing with potential non-linearities in the real interest rate. Therefore we examine stationarity of the real interest rate allowing for non-linearities and asymmetric adjustment with smooth structural change in the data generating process. Our findings suggest that taking account of non-linearities in the data generating process results in a rejection of the unit root null hypothesis for some countries which seem to be non-stationary according to conventional unit root tests. This finding points to the importance of allowing for both structural breaks and asymmetric adjustment in the real interest rate series of transition countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 104-118 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1028240 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1028240 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:104-118 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1028241_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maja Trošt Author-X-Name-First: Maja Author-X-Name-Last: Trošt Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Causality between public wage bill, exports and economic growth in Slovenia Abstract: This article aims to investigate the causal relationship between economic growth, exports and public wage bill spending, using the Johansen cointegration, Granger causality test, variance decomposition (VDC) and impulse response function (IRF). The empirical investigation focuses on the case of a small open and export-oriented Slovenian economy, where public wage bill spending accounts for a sizable share of public expenditure. The results show a significant impact of public wage bill spending on exports. Reduction of public wage bill spending should be adapted to the circumstances in the economy to assure financial consolidation. Journal: Economic Research-Ekonomska Istraživanja Pages: 119-131 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1028241 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1028241 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:119-131 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1028243_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mirjana Miletic Author-X-Name-First: Mirjana Author-X-Name-Last: Miletic Author-Name: Sinisa Miletic Author-X-Name-First: Sinisa Author-X-Name-Last: Miletic Title: Performance of Value at Risk models in the midst of the global financial crisis in selected CEE emerging capital markets Abstract: The aim of this paper is to investigate the performance of Value at Risk (VaR) models in selected Central and Eastern European (CEE) emerging capital markets. Daily returns of Croatian (CROBEX), Czech (PX50), Hungarian (BUX) and Romanian (BET) stock exchange indices are analysed for the period January, 2000 – February, 2012, while daily returns of the Serbian (BELEX15) index is examined for the period September, 2005 – February, 2012. In recent years there has been much research conducted into VaR in developed markets, while papers dealing with VaR calculation in CEE are rare. Furthermore, VaR models created and suited for liquid and well-developed markets that assume normal distribution are less reliable for capital markets in emerging economies, such as Central and Eastern European Union member and candidate states. Since capital markets in European emerging economies are highly volatile, less liquid and strongly dependent on the unexpected external shocks, market risk estimation based on normality assumption in CEE countries is more problematic. This motivates us to implement GARCH-type methods that involve time varying volatility and heavy tails of the empirical distribution of returns. We test the hypothesis that using the assumption of heavy tailed distribution it is possible to forecast market risk more precisely, especially in times of crisis, than under the assumption of normal distribution or using historical simulations method. Our backtesting results for the last 500 observations are based on the Kupiec POF and Christoffersen independence test. They show that GARCH-type models with t error distribution in most analysed cases give better VaR estimation than GARCH type models with normal errors in the case of a 99% confidence level, while in the case of a 95% confidence level it is the opposite. The results of backtesting analysis for the crisis period (after the collapse of Lehman Brothers) show that GARCH-type models with t-distribution of residuals provide better VaR estimates compared with GARCH-type models with normal distribution, historical simulations and RiskMetrics methods. The RiskMetrics method in the most cases underestimates market risk. Journal: Economic Research-Ekonomska Istraživanja Pages: 132-166 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1028243 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1028243 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:132-166 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1028244_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Damir Piplica Author-X-Name-First: Damir Author-X-Name-Last: Piplica Title: Legal central bank independence and inflation in various phases of transition Abstract: The transition environment of 11 EU member countries has created an exceptional opportunity for research on the influence of legal central bank independence (LCBI) on inflation within significantly different circumstances in comparison to developed Western countries. I construct my own transformed GMT (TGMT) model for estimation of the LCBI, researching transition in its early stages and later on, thus comprising the total period of transition. Even in early stages of the transition LCBI has significantly negative effects on inflation. In later phases all the countries show evidently high levels of the LCBI and low inflation rates, but in this phase increasing the LCBI would not result in decreasing the inflation rate. Only studying the entire period of the transition would show that LCBI has significant negative influence on inflation, clearly showing different levels of the LCBI and inflation, which was not so obvious in shorter intervals. Moreover, negative influence of the LCBI on inflation does not change even if I add budget deficit as an independent variable to my research. Journal: Economic Research-Ekonomska Istraživanja Pages: 167-186 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1028244 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1028244 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:167-186 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1028245_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Boris Tušek Author-X-Name-First: Boris Author-X-Name-Last: Tušek Title: The influence of the audit committee on the internal audit operations in the system of corporate governance – evidence from Croatia Abstract: The activities of the internal audit and audit committee in a company are of exceptional importance for the good practice of corporate governance. For the audit committee, performing numerous roles and responsibilities of are not possible without the appropriate interactions with the internal audit department. On the other hand, the quality of the internal audit operations in a company is largely determined by the cooperation with the audit committee. This research analyses the influence of the audit committee on the internal audit operations in the sense of achieving the numerous roles and tasks of modern internal auditing in the system of corporate governance. On the basis of the conducted empirical research, using a questionnaire, the following hypothesis was tested: the efficiency of the internal audit function increases through its inclusion in the activities of the audit committee. Before the analysis and discussion on the results of the conducted empirical research on the influence of the audit committee on the improvement of internal audit activity, obtained by using methods of analysis and synthesis, induction, deduction and comparative method, some relevant aspects are researched regarding the relation between the internal audit function and the audit committee in the system of corporate governance. Journal: Economic Research-Ekonomska Istraživanja Pages: 187-203 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1028245 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1028245 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:187-203 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1028242_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mercedes Mareque Author-X-Name-First: Mercedes Author-X-Name-Last: Mareque Author-Name: Francisco López-Corrales Author-X-Name-First: Francisco Author-X-Name-Last: López-Corrales Author-Name: Gloria Fiestras Author-X-Name-First: Gloria Author-X-Name-Last: Fiestras Title: Do auditors make mistakes when they write audit reports? An empirical study applied to Spanish non-listed firms Abstract: The objective of this paper is to analyse whether auditors comply with the standards currently in force when writing audit reports in Spain. We try to obtain evidence for the relationship of the errors contained in the report with the type of opinion figuring in it, and with the auditor issuing it. This study is based on a sample of 1236 reports selected by the stratified random sampling method, for the period 2004–2007. Once we had defined the dependent variable, the number of errors committed in the report, the independent variables, the type of auditor and type of opinion, we tested the hypotheses by means of a regression analysis with the aim of estimating the average number of errors that can be found in a report according to the variables described. The results obtained permit us to conclude that reports with a qualified opinion contain a greater number of errors, and that they are committed to a greater extent by individual auditors than by companies and by multinationals. Journal: Economic Research-Ekonomska Istraživanja Pages: 204-225 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1028242 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1028242 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:204-225 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1041775_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ana Perić Hadžić Author-X-Name-First: Ana Author-X-Name-Last: Perić Hadžić Author-Name: Alen Jugović Author-X-Name-First: Alen Author-X-Name-Last: Jugović Author-Name: Marko Perić Author-X-Name-First: Marko Author-X-Name-Last: Perić Title: Criteria for the management partnership model in Croatian seaports Abstract: The aim of this article is to define the relevant criteria for the evaluation of public–private partnerships (PPP) for the implementation of the management partnership model in Croatian seaports. Previous studies have indicated a number of effects that PPPs need to achieve in order to ensure sustainable development. However, partnership in seaports in the Republic of Croatia is a poorly researched issue and the relevant criteria required for positive effects have not yet been defined. We have defined five groups of criteria: economic-financial, organisational, technical-technological, social criteria and criteria aimed at harmonisation with European Union policies (currently characteristic for Croatia). To determine the relevance and importance of these criteria, it was necessary to collect data by using the method of interviewing experts from different scientific areas and of diverse professional competences. Regarding the relevant stakeholders (public interest, private interest and the interest of the broader community), research analysis has provided multiple research results which have pointed out that technical-technological and organisational development are the key criteria for a successful partnership model. The results obtained in the research can be applied to future management models in Croatian seaports that will be based on PPPs. Journal: Economic Research-Ekonomska Istraživanja Pages: 226-242 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1041775 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1041775 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:226-242 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1041776_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Brina Buh Author-X-Name-First: Brina Author-X-Name-Last: Buh Author-Name: Andrej Kovačič Author-X-Name-First: Andrej Author-X-Name-Last: Kovačič Author-Name: Mojca Indihar Štemberger Author-X-Name-First: Mojca Author-X-Name-Last: Indihar Štemberger Title: Critical success factors for different stages of business process management adoption – a case study Abstract: Many organisations fail in their attempt to adopt business process management (BPM). Although general critical success factors (CSFs) are well understood, we argue that CSFs are not the same for all stages of BPM adoption. The purpose of this article is to identify the CSFs in different stages of BPM adoption. A case study approach was used to analyse a successful BPM adoption in a public company. The article provides empirical insights about CSFs in individual stages of BPM adoption. We find that the guidance of external consultants was very important, although this factor is not commonly recognised in the literature. The article shows that the identification of well-known CSFs of BPM adoption gives only a limited view since the factors change between stages. Organisations need to carefully identify the stage and prepare a roadmap for their BPM adoption. Journal: Economic Research-Ekonomska Istraživanja Pages: 243-258 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1041776 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1041776 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:243-258 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1041769_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Slaven Smojver Author-X-Name-First: Slaven Author-X-Name-Last: Smojver Author-Name: Damir Blažeković Author-X-Name-First: Damir Author-X-Name-Last: Blažeković Title: Information systems outsourcing in Croatian banks: developments 2005–2012 Abstract: Outsourcing of banks’ information systems has become well established and globally spread, but beyond benefits, it carries risks which are of importance to banks and their clients as well as to banking regulators and supervisors. This article briefly presents reasons, risks and regulatory provisions related to banks’ information systems outsourcing in Croatia. Based on two surveys conducted by the Croatian National Bank (CNB), the article explores changes in the scope of information systems outsourcing, perception of risks related to outsourcing and outsourcing reasons in Croatian banks in the period 2005–2012. The article also provides an insight into locations of applications’ and information technology (IT) infrastructure processing. Analysis and conclusions stated in the article should facilitate a better understanding of the subject matter. Journal: Economic Research-Ekonomska Istraživanja Pages: 259-270 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1041769 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1041769 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:259-270 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1041777_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Burcu Ozcan Author-X-Name-First: Burcu Author-X-Name-Last: Ozcan Author-Name: Ayse Ari Author-X-Name-First: Ayse Author-X-Name-Last: Ari Title: Does the Fisher hypothesis hold for the G7? Evidence from the panel cointegration test Abstract: The aim of this study is to investigate the validity of the Fisher hypothesis by assessing the relationship between the nominal interest rate and the inflation rate. To this end, we analyse the G7 countries over the period January 2000 to November 2012 by employing the panel unit root and panel cointegration tests. The analysis reveals that the adjustment in nominal interest rates to changes in inflation is significantly lower than unity, which implies the existence of a partial Fisher effect. Journal: Economic Research-Ekonomska Istraživanja Pages: 271-283 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1041777 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1041777 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:271-283 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1041778_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maja Pervan Author-X-Name-First: Maja Author-X-Name-Last: Pervan Author-Name: Iva Pelivan Author-X-Name-First: Iva Author-X-Name-Last: Pelivan Author-Name: Josip Arnerić Author-X-Name-First: Josip Author-X-Name-Last: Arnerić Title: Profit persistence and determinants of bank profitability in Croatia Abstract: The aim of this research was to determine the persistence of profit in an emerging banking sector of the Republic of Croatia. Most developing countries have experienced common changes within restructuring of the banking system and therefore, this issue has become crucial, especially after comparing poor empirical findings in these countries to the findings of developed countries. However, research related to this issue is non-existent in the Croatian banking sector. Moreover, among the few studies that were carried out on the territory of the Central and Eastern European banking markets, none of the studies have analysed the persistence of profit in terms of the Markov Chain stochastic process. In addition to the profit persistence analysis, authors defined and estimated a model that would enable the identification of the profitability determinants of Croatian banks. In this sense, the model incorporated three groups of profitability determinants: bank-specific, industry-specific and macroeconomic. The variables with a statistically significant impact on the profitability of banks were identified using a dynamic panel model, while the application of the Markov Chains stochastic process revealed that profit persistence was less likely to occur in banks with higher profit. Journal: Economic Research-Ekonomska Istraživanja Pages: 284-298 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1041778 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1041778 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:284-298 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1043780_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marko Primorac Author-X-Name-First: Marko Author-X-Name-Last: Primorac Title: The effectiveness of fiscal equalisation in Croatia Abstract: The main objective of this paper is to examine the effectiveness of fiscal equalisation instruments in Croatia. Fiscal equalisation policy in Croatia is conducted through the personal income tax revenue sharing and the distribution of current grants from the central government budget to regional and local government units. However, the application of these instruments often relies on criteria that are not economic in nature. Therefore, this paper tests the hypothesis of the ineffectiveness of fiscal equalisation system in Croatia. The Gini coefficients are used to measure inequalities in fiscal capacities of local government units before and after the application of fiscal equalisation instruments. If the value of the Gini coefficient after the application of certain equalisation instrument is lower than before, that instrument is effective in alleviating fiscal inequalities and vice versa. It is found that the Croatian fiscal equalisation system mitigates local fiscal inequalities, but with the negligible effect. Journal: Economic Research-Ekonomska Istraživanja Pages: 299-311 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1043780 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1043780 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:299-311 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1043778_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Žana Čivre Author-X-Name-First: Žana Author-X-Name-Last: Čivre Author-Name: D. Gomezelj Omerzel Author-X-Name-First: D. Author-X-Name-Last: Gomezelj Omerzel Title: The behaviour of tourism firms in the area of innovativeness Abstract: Innovativeness in companies in the tourism sector can reasonably be considered to be one of the most important factors of performance. This paper highlights the importance of two determinants of tourism firms’ innovativeness – namely, market and entrepreneurial orientation – focusing on the tourism sector. A conceptual model was developed and empirically tested based on 91 Slovenian tourism SMEs. The results of the study reveal the positive impact of a market and entrepreneurial orientation on innovativeness, the positive relationship of innovativeness with firm performance, and the importance of antecedents of innovativeness and their impacts on performance. Thus, tourism firms should be encouraged to introduce more entrepreneurial and marketing activities to increase innovativeness, which fosters better firm performance. On this basis, a greater competitive advantage can be reached. Journal: Economic Research-Ekonomska Istraživanja Pages: 312-330 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1043778 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1043778 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:312-330 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1043777_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marijana Bađun Author-X-Name-First: Marijana Author-X-Name-Last: Bađun Author-Name: Josip Franić Author-X-Name-First: Josip Author-X-Name-Last: Franić Title: The importance of government incentives for housing savings in Croatia Abstract: This article analyses the determinants of housing savings (the contractual saving scheme) in Croatia by applying Vector Autoregression (VAR) methodology on monthly data for the period 2000–2013. The results show that the selected macroeconomic indicators (wages, interest rate, stock exchange index-CROBEX, availability of loans and unemployment rate) do not influence the housing savings market dynamics. Moreover, the housing savings system proves to be resilient to economic downturn. On the other hand, the findings are that the system primarily depends on government incentives (GI) (premiums), as confirmed by the intervention analysis. Each of the three interventions in the structure of incentives (reductions in 2005 and 2013 and the decision to freeze the payment of premiums for 2014) resulted in a significant decline in the number of new housing savings contracts. Since the findings differ from empirical research on determinants of private savings, this article emphasises that housing savings are a specific financial product, very sensitive to institutional changes. Therefore, frequent regulatory modifications, especially regarding government incentives, can easily destabilise the whole system. Journal: Economic Research-Ekonomska Istraživanja Pages: 331-353 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1043777 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1043777 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:331-353 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1043776_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Monika Harčariková Author-X-Name-First: Monika Author-X-Name-Last: Harčariková Author-Name: Anna Bánociová Author-X-Name-First: Anna Author-X-Name-Last: Bánociová Title: Analysis of using options to the express certificates formation Abstract: This article analyses the express certificates formation on the financial market. Express certificates are one type of modern structured products suitable for individual investors, the return of which is derived from the return of the underlying asset. There are detailed descriptions of these products with the aim of showing the nature of the express certificates formation. It is proved that the payoff of the express certificates is engineered from a combination of traditional financial instrument with the derivative products, especially vanilla and barrier options. Theoretical price of vanilla and barrier options are calculated through option pricing models. The main aim of this article is to provide an analysis of the express certificates formation on the shares (Daimler AG and Allianz SE) issued by Deutsche Bank AG. The objective of the analysis is to contribute to the intellectualisation of all investors. Journal: Economic Research-Ekonomska Istraživanja Pages: 354-366 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1043776 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1043776 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:354-366 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1043779_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tanja Mihalič Author-X-Name-First: Tanja Author-X-Name-Last: Mihalič Author-Name: Daniela Garbin Praničević Author-X-Name-First: Daniela Garbin Author-X-Name-Last: Praničević Author-Name: Josip Arnerić Author-X-Name-First: Josip Author-X-Name-Last: Arnerić Title: The changing role of ICT competitiveness: the case of the Slovenian hotel sector Abstract: The purpose of the article is to survey the role of information and communication technology (ICT) for hotel firm’s competitiveness. Based on competitive advantage factor (CAF) and resource theory, this article empirically tests ICT as one of several possible competitiveness factors. The research is focused on analyse of ICT competitiveness position over time, with special attention to different generations of ICT technologies. An electronic survey instrument has been used to collect Slovenian hotel manager’s opinion on competitiveness resources in 2000 and 2010. Hypothesis testing and cluster analyses has been applied, SPSS was also used. The article's findings indicate that hotels need time to recognise the competitiveness potential of every new resource, and once they start to implement it its importance may change over time. Some firms might be slower in implementing new ICT resources, yet, over time, the resource use converges among the firms. The process is repeated with every new ICT generation. The study informs firms and researchers on practical and research issues forthcoming with ICT progression. Research results directly benefits hotel managers by providing actual information on how to employ different generations of ICT. This contribution is a novel way of connecting a firm’s competitiveness with different web generations over time. Journal: Economic Research-Ekonomska Istraživanja Pages: 367-383 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1043779 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1043779 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:367-383 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1043781_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Martina Basarac Sertić Author-X-Name-First: Martina Author-X-Name-Last: Basarac Sertić Author-Name: Valentina Vučković Author-X-Name-First: Valentina Author-X-Name-Last: Vučković Author-Name: Blanka Škrabić Perić Author-X-Name-First: Blanka Author-X-Name-Last: Škrabić Perić Title: Determinants of manufacturing industry exports in European Union member states: a panel data analysis Abstract: This paper aims to provide analysis on the determinants of export performance on the extensive data-set of the 27 European Union member states’ total manufacturing and high tech manufacturing industry. Hence, this paper adds to the existing empirical work by specifying an export performance equation not only as a function of income and price, as is traditionally done, but also industrial production and labour cost. For that purpose, dynamic panel data models are estimated by utilising the system GMM estimator for the period from 2000 to 2011. The obtained results indicate that both industrial production and domestic demand have a positive and statistically significant impact on total and high tech manufacturing exports. On the other hand, it is proven that foreign demand also has an impact on total manufacturing exports. Thus, the paper’s contribution is reflected in the acknowledgement that a stable macroeconomic environment (contained in the significance of a dummy variable for the economic crisis in both models), boosting production capacity and domestic demand, is essential for better export performance and the competitiveness of the manufacturing industry in an increasingly competitive global economic climate. Finally, from the perspective of policy-making, the paper concludes that recovery in the manufacturing industry could be the much needed push from crisis to economic development. Journal: Economic Research-Ekonomska Istraživanja Pages: 384-397 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1043781 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1043781 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:384-397 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1041779_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Piotr Krajewski Author-X-Name-First: Piotr Author-X-Name-Last: Krajewski Author-Name: Michał Mackiewicz Author-X-Name-First: Michał Author-X-Name-Last: Mackiewicz Author-Name: Katarzyna Piłat Author-X-Name-First: Katarzyna Author-X-Name-Last: Piłat Title: The optimal fiscal rule in the context of accession to the Eurozone Abstract: The aim of the paper is to compare the macroeconomic effects of fiscal rules that can be applied in the context of the future full participation of Poland in the Economic and Monetary Union. The results of our analyses show that we observe the smallest changes in the structural balance when fiscal policy is aimed at both GDP stabilisation and business cycles synchronisation. Unfortunately, when we analyse the characteristics of the fiscal rule we discover that the possibility of effective practical application of such a rule is very limited. The reason for this may be the lack of transparency and delays we face in publishing macroeconomic data, which is indispensable for fiscal rule application. Journal: Economic Research-Ekonomska Istraživanja Pages: 398-406 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1041779 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1041779 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:398-406 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1059073_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tomislav Ćorić Author-X-Name-First: Tomislav Author-X-Name-Last: Ćorić Author-Name: Hrvoje Šimović Author-X-Name-First: Hrvoje Author-X-Name-Last: Šimović Author-Name: Milan Deskar-Škrbić Author-X-Name-First: Milan Author-X-Name-Last: Deskar-Škrbić Title: Monetary and fiscal policy mix in a small open economy: the case of Croatia Abstract: In this article we use a structural vector autoregression (VAR) model to analyse the possibilities of monetary and fiscal policy in achieving main economic policy goals, namely price stability and economic growth, in Croatia from 2004 to 2012. Our main results indicate that expansionary monetary and fiscal policies both have positive effects on economic activity. On the other hand, fiscal expansion leads to nominal exchange rate appreciation while monetary expansion has depreciation effects on nominal exchange rate. Thus the main conclusion of the article is that coordinated measures of monetary and fiscal policies could achieve both goals, i.e. that fiscal and monetary authorities can stimulate economic growth without endangering price stability. Journal: Economic Research-Ekonomska Istraživanja Pages: 407-421 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1059073 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1059073 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:407-421 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1059104_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Predrag Bejaković Author-X-Name-First: Predrag Author-X-Name-Last: Bejaković Title: A revision of the shadow economy in Croatia: causes and effects Abstract: The shadow economy encompasses all areas of economic activity, which are officially considered inconsistent in comparison to the ideological prevalent form of economic organisation. The definition of ‘shadow’ or ‘underground’ economy is not firmly fixed but subject to change and varying criteria. There is a whole range of measuring methods adopted according to various principles. The text shows the connection between the shadow economy and economic policy, what stimulates growth of the shadow economy and what measures can be taken to influence the way it develops. After a short introduction, definition and measuring are explained. Section 3 is dedicated to the situation in Croatia, where various methods are explained followed by section 4 which explains the links between the shadow economy and economic crisis. The article finishes with conclusions and recommendations for improvement. Journal: Economic Research-Ekonomska Istraživanja Pages: 422-440 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1059104 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1059104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:422-440 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1075415_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jolita Vveinhardt Author-X-Name-First: Jolita Author-X-Name-Last: Vveinhardt Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Title: The questionnaire for diagnosing mobbing in employees’ relationships Abstract: The purpose of this article is to form the original questionnaire to identify intensity of the expression of mobbing in employees’ relationships. Mobbing in the context of the paper is the bullying of an individual by a group at the work place. The article presents only the statistical analysis of psychometric features of the formed questionnaire without elaborating on the results of the empirical research on the intensity of mobbing expression in employees’ relationships in Lithuanian organisations. The advantage of the questionnaire is that it is relatively short; however, it covers all features which are characteristic of the mobbing phenomenon and provides the opportunity to analyse the attack that does not fall under the definition of mobbing. It can be used both for mass and local research at the level of single organisations. Economic losses are also revealed by the questionnaire through the assessment of damage experienced by employees, generated expenses and lost revenues. Journal: Economic Research-Ekonomska Istraživanja Pages: 441-466 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1075415 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1075415 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:441-466 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1075138_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nildag Basak Ceylan Author-X-Name-First: Nildag Basak Author-X-Name-Last: Ceylan Author-Name: Burak Dogan Author-X-Name-First: Burak Author-X-Name-Last: Dogan Author-Name: M. Hakan Berument Author-X-Name-First: M. Hakan Author-X-Name-Last: Berument Title: Three-factor asset pricing model and portfolio holdings of foreign investors: evidence from an emerging market – Borsa Istanbul Abstract: This article contributes to the asset pricing literature by offering an alternative missing factor: the excess holdings of foreign investors. To incorporate this factor, we mimic the portfolio of foreign investors in Borsa Istanbul (BIST) with respect to portfolio preferences (foreign ownership) using the Fama and French’s three-factor model. Our findings suggest that market factor, size, and book-to-market (B/M) variables are still statistically significant and Jensen’s alpha is still not significant, and we obtain a statistically significant negative relationship between the excess return of foreign investors’ ownership and the return variation of a given portfolio. Journal: Economic Research-Ekonomska Istraživanja Pages: 467-486 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1075138 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1075138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:467-486 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1082434_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Audrius Kabašinskas Author-X-Name-First: Audrius Author-X-Name-Last: Kabašinskas Author-Name: Ingrida Vaičiulytė Author-X-Name-First: Ingrida Author-X-Name-Last: Vaičiulytė Author-Name: Asta Vasiliauskaitė Author-X-Name-First: Asta Author-X-Name-Last: Vasiliauskaitė Title: Accounting and governance risk forecasting in the health care industry Abstract: Previous authors have proved the advantage of commercial Accounting and Governance Risk (AGR) evaluation methods over academic methods. However, the information used in commercial methods is not readily available to an investor. Therefore, the most important features used in academic methods and the AGR was forecast by Random Forests. It found a weak relation between the AGR rating and share price data (Close and Volume), using a skew t-distribution. For visualisation we used the Kohonen map, which identified three clusters. Clusters revealed AGR increasing, decreasing trendsetting and cluster-based companies which appear to have no clear trend. A self-organised map (SOM) used the AGR history of alpha-stable distribution parameters, which were calculated from the stock data (Close and Volume). Also, the test sample (companies rating data), following from skew t-distribution, has been simulated by maximum likelihood method, and parameters of the skew t-distribution have been estimated. Journal: Economic Research-Ekonomska Istraživanja Pages: 487-501 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1082434 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1082434 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:487-501 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1082435_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Manuela Tvaronavičienė Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičienė Author-Name: Alminas Mačiulis Author-X-Name-First: Alminas Author-X-Name-Last: Mačiulis Author-Name: Toma Lankauskienė Author-X-Name-First: Toma Author-X-Name-Last: Lankauskienė Author-Name: Jurgita Raudeliūnienė Author-X-Name-First: Jurgita Author-X-Name-Last: Raudeliūnienė Author-Name: Ignas Dzemyda Author-X-Name-First: Ignas Author-X-Name-Last: Dzemyda Title: Energy security and sustainable competitiveness of industry development Abstract: The article deals with an urgent contemporary issue of sustainable development by tackling controversy and incompatibility of economic aims: to combine energy security, economic growth, steward environmental health and maintain long-term competitiveness. A discussion about perception of energy security, future trends of energy consumption, economic growth and mode of impact of energetically secure economic growth on environment and level of international competitiveness is elaborated on. The authors suggest conceptual approaches towards formulating measurable aims for sustainable and internationally competitive economic developments, which would allow us to achieve comparative compatibility of unrestricted energy availability and development of industrial constitute of countries economies, which would not lead to gradual degradation of environment and decline of international competitiveness in the long run. Journal: Economic Research-Ekonomska Istraživanja Pages: 502-515 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1082435 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1082435 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:502-515 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1075139_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abbas Mardani Author-X-Name-First: Abbas Author-X-Name-Last: Mardani Author-Name: Ahmad Jusoh Author-X-Name-First: Ahmad Author-X-Name-Last: Jusoh Author-Name: Khalil MD Nor Author-X-Name-First: Khalil Author-X-Name-Last: MD Nor Author-Name: Zainab Khalifah Author-X-Name-First: Zainab Author-X-Name-Last: Khalifah Author-Name: Norhayati Zakwan Author-X-Name-First: Norhayati Author-X-Name-Last: Zakwan Author-Name: Alireza Valipour Author-X-Name-First: Alireza Author-X-Name-Last: Valipour Title: Multiple criteria decision-making techniques and their applications – a review of the literature from 2000 to 2014 Abstract: Multiple criteria decision-making (MCDM) is considered as a complex decision-making (DM) tool involving both quantitative and qualitative factors. In recent years, several MCDM techniques and approaches have been suggested to choosing the optimal probable options. The purpose of this article is to systematically review the applications and methodologies of the MCDM techniques and approaches. This study reviewed a total of 393 articles published from 2000 to 2014 in more than 120 peer reviewed journals (extracted from Web of Science). According to experts’ opinion, these articles were grouped into 15 fields. Furthermore, these articles were categorised based on authors, publication date, name of journals, methods, tools, and type of research (MCDM utilising research, MCDM developing research, and MCDM proposing research). The results of this study indicated that in 2013 scholars have published articles more than in other years. In addition, the analytic hierarchy process (AHP) method in the individual tools and hybrid MCDM in the integrated methods were ranked as the first and second methods in use. Additionally, the European Journal of Operational Research as the first journal with 70 publications was the significant journal in this study. Finally, energy, environment and sustainability were ranked as the first areas that have applied MCDM techniques and approaches. Journal: Economic Research-Ekonomska Istraživanja Pages: 516-571 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1075139 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1075139 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:516-571 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1083458_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gordan Družić Author-X-Name-First: Gordan Author-X-Name-Last: Družić Author-Name: Martina Basarac Sertić Author-X-Name-First: Martina Author-X-Name-Last: Basarac Sertić Title: A roadmap of actions aiming at ensuring furniture industry production growth: panel analysis Abstract: This paper investigates European Commission necessary conditions for competitive industry in the context of furniture manufacturing. Namely, in the Industrial Strategy of the Republic of Croatia 2014–2020, the manufacture of furniture was assigned a strategic role. However, Croatia continues to underperform in comparison with the European Union member states in terms of return to pre-crisis levels. Accordingly, using the system of generalised method of moments estimators in two steps with robust standard errors, the panel model was estimated. Econometric analysis indicates that a better access to markets, higher investment, and stable macroeconomic environment are significant conditions for achieving production growth. Moreover, the results suggest that a furniture manufacturing sector would profit from lower energy prices. Journal: Economic Research-Ekonomska Istraživanja Pages: 572-582 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1083458 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1083458 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:572-582 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1083876_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marcin Staniewski Author-X-Name-First: Marcin Author-X-Name-Last: Staniewski Author-Name: Katarzyna Awruk Author-X-Name-First: Katarzyna Author-X-Name-Last: Awruk Title: Motivating factors and barriers in the commencement of one’s own business for potential entrepreneurs Abstract: This paper aims to recognise the factors that motivate potential entrepreneurs in the commencement of one’s own business activity and to determine factors that hamper potential entrepreneurs in starting up their own businesses. The study was conducted by surveying 255 people who planned to start their own business. The author’s questionnaire was administered to all participants. Respondents recognised three main factors that motivate people to the commencement of one’s own business activity: self-realisation and self-satisfaction, the possibility of higher earnings and independence in decision-making. Among the factors that hamper the commencement of one’s own business, respondents cited lack of experience, lack of capital and risk of failure. There was no difference between women and men with regard to motives and barriers. Younger entrepreneurs perceived more barriers than older entrepreneurs. There was no discernible relationship between age and motive to the commencement of one’s own business. Institutions handling financial aid should pay particular attention to the motives behind setting up a business. Deciding to aid a company should be preceded by an in-depth analysis of what the entrepreneur perceives to be the barriers to starting his/her own business as lack of funds is frequently not the only, or even the key, obstacle. Journal: Economic Research-Ekonomska Istraživanja Pages: 583-592 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1083876 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1083876 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:583-592 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1084888_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana Mamić Sačer Author-X-Name-First: Ivana Author-X-Name-Last: Mamić Sačer Author-Name: Nikolina Dečman Author-X-Name-First: Nikolina Author-X-Name-Last: Dečman Author-Name: Ivana Sever Author-X-Name-First: Ivana Author-X-Name-Last: Sever Title: The influence of accounting regulation simplification on the financial reporting of micro entities – the case of Croatia Abstract: The specifics of the business of micro entities highlight, in particular, the complexity of the problem of accounting regulations for this segment of the economy. The paper starts from the basic research question of whether the simplification of accounting regulations is necessary or not, particularly for those micro entities where ownership and management functions are integrated into the same person. In order to achieve the research objectives, the effects of accounting regulations simplification on decision-making processes in micro entities were tested. Empirical research has confirmed that the simplification of accounting regulation is justified, because it would have effects on the cost reduction, while the information quality base will not be diminished. Journal: Economic Research-Ekonomska Istraživanja Pages: 593-607 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1084888 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1084888 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:593-607 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1085809_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marcin Waldemar Staniewski Author-X-Name-First: Marcin Waldemar Author-X-Name-Last: Staniewski Author-Name: Tomasz Szopiński Author-X-Name-First: Tomasz Author-X-Name-Last: Szopiński Title: Student readiness to start their own business Abstract: Micro firms are more important in Poland than in other European Union (EU) member states because Polish micro firms represent a larger share of the total number of Polish firms and contribute more to total turnover and gross value added than EU micro firms. Polish students exhibit substantial interest in starting their own businesses. This paper presents the results of a study examining the entrepreneurial attitudes of 458 students. The goal of the study was to identify relationships between academic majors and academic programme and the extent to which students were ready to start their own business. The analysis revealed that although the choice of academic major did not influence student readiness to start a business, there was an association between academic programme and student readiness to start their own business. Respondent gender influenced the extent to which students were prepared to start their own business due to gender differences in access to business start-up financing. Journal: Economic Research-Ekonomska Istraživanja Pages: 608-619 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1085809 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1085809 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:608-619 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1086886_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Evgeny Lisin Author-X-Name-First: Evgeny Author-X-Name-Last: Lisin Author-Name: Wadim Strielkowski Author-X-Name-First: Wadim Author-X-Name-Last: Strielkowski Author-Name: Ivan Garanin Author-X-Name-First: Ivan Author-X-Name-Last: Garanin Title: Economic efficiency and transformation of the Russian energy sector Abstract: This paper considers the issues of economic transformation, reconstruction, and technical re-equipment of the energy sector in the Russian Federation. The sector is struggling with economic inefficiency and post-transformation legacy. Energy sector transformation represents a key element in ensuring the energy security and it one of the most troubling questions of energy economics nowadays. It is expected that by 2020 more than half of the energy equipment in Russia would exceed its economic life. Our results show that the main goals of reconstruction might include life extension, increasing production efficiency, and output. We demonstrate that these goals can be achieved through partial replacement of the most worn parts of equipment (e.g. replacement of blades in the turbine), the combination of new and old equipment (such as add-in steam and gas cycle), and full replacement of equipment. Journal: Economic Research-Ekonomska Istraživanja Pages: 620-630 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1086886 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1086886 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:620-630 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1087327_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: You-hua Chen Author-X-Name-First: You-hua Author-X-Name-Last: Chen Author-Name: Pu-yan Nie Author-X-Name-First: Pu-yan Author-X-Name-Last: Nie Author-Name: Xiao-wei Wen Author-X-Name-First: Xiao-wei Author-X-Name-Last: Wen Title: Analysis of innovation based on financial structure Abstract: This paper examines the interaction between innovation and financial structure under monopoly. We characterise the effects of debt levels on innovative investment by considering a limited liability effect. On one hand, higher debt levels promote both innovative investment and the outputs. On the other hand, shareholders’ net benefits are reduced by higher debt levels and net profit per debt is correspondingly reduced by higher debt level under positive net profit. More importantly, this study captures the interaction between financial structure and industrial organisation without restriction of the interior point. Journal: Economic Research-Ekonomska Istraživanja Pages: 631-640 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1087327 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1087327 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:631-640 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1083874_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Florian Marcel Nuţă Author-X-Name-First: Florian Marcel Author-X-Name-Last: Nuţă Author-Name: Neculai Tabără Author-X-Name-First: Neculai Author-X-Name-Last: Tabără Author-Name: Alina Cristina Nuţă Author-X-Name-First: Alina Cristina Author-X-Name-Last: Nuţă Author-Name: Carmen Creţu Author-X-Name-First: Carmen Author-X-Name-Last: Creţu Title: An assessment upon the environmental policy in Romania Abstract: The global issues related to greenhouse emissions put pressure on decision-makers to include the environment in their priorities. Decision-makers around the world seek to assess their nation’s ecological footprint and discover methods to improve it. Governments must find ways to achieve the national targets and improve environment quality. It is widely known that one of the major polluting sources today is the urban agglomeration of tvehicles. This is the main reason for European policies regarding the renewal of a national automotive fleet and taxation per emissions volume.Our study assesses whether there is any significant correlation between the Junk programme’s direct effects (volume of scrapping) and the measure of national vehicles fleet renewal, and if so we wish to deploy a general model describing the correlation. If the evaluation results show no significant correlation we may assume there are public policy flaws to be investigated in future research. Also we bear in mind the indirect but affirmed target: environmental health improvement – the reduction of greenhouse emissions. Given the fact there are only a few studies regarding the Romanian case, the research may constitute a basis for future developments. Journal: Economic Research-Ekonomska Istraživanja Pages: 641-649 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1083874 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1083874 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:641-649 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1083878_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eunil Park Author-X-Name-First: Eunil Author-X-Name-Last: Park Author-Name: Sang Jib Kwon Author-X-Name-First: Sang Jib Author-X-Name-Last: Kwon Title: Examining the effects of information sources on individual earning rates in the South Korean stock market Abstract: Since the introduction of the Korea Stock Exchange, individual investors have been some of the most important players in the stock market. With the subsequent introduction of the Internet and online trading systems in South Korea in 1997, the participation of individual investors in the Korean stock market has greatly expanded. However, few studies have investigated their activities and earning rates. To address this research shortcoming, this study investigates the antecedents of individual investors’ earning rates in the Korea stock market by employing multiple constructs of information channels and perceived usefulness. Structural equation modelling (SEM) analysis of survey data collected from 1555 individual investors reveals that the information quality of online trading systems and of companies’ public announcements largely determines the individual investors’ perceptions of their usefulness, whereas the information quality of two Internet channels (Internet news and other web pages) only moderately affects perceived usefulness. Additionally, the information quality of two TV channels significantly affects perceived usefulness, but the effects are weaker than for the other channels. In addition, our findings confirm a close relationship between the perceived usefulness of information and individual investors’ earning rates. Last, we discuss the implications and present suggestions for future research. Journal: Economic Research-Ekonomska Istraživanja Pages: 650-667 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1083878 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1083878 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:650-667 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1081828_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Radulescu Magdalena Author-X-Name-First: Radulescu Author-X-Name-Last: Magdalena Author-Name: Banica Logica Author-X-Name-First: Banica Author-X-Name-Last: Logica Author-Name: Tatiana Zamfiroiu Author-X-Name-First: Tatiana Author-X-Name-Last: Zamfiroiu Title: Forecasting public expenditure by using feed-forward neural networks Abstract: In this paper, we analyse the correlation of the public expenses by functions with real GDP growth, elaborating a model of estimating and forecasting the main public expenses in some selected Central and Eastern European (CEE) countries: Hungary, Poland, the Czech Republic, Bulgaria and Romania. These countries have not adopted the euro yet. This paper presents several forecasting models for the CEE countries public expenditures, during 2015–2016. The models offer a base for the analysis of the potential budgetary implications of the government policies for the target countries. A short- and mid-term forecast for public expenditure is an important part of the modern methods of governmental management for the Central and Eastern European countries. This involves taking into account a wide range of factors, from GDP, inflation, demographic evolution and age share, to public expenditure type correlation. Such a forecast can be obtained with the help of artificial neural networks (ANNs), using the application GMDH Shell, which proved its ability to create complex and accurate forecasts for the economic, social and financial domains. Journal: Economic Research-Ekonomska Istraživanja Pages: 668-686 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1081828 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1081828 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:668-686 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1084890_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alka Obadić Author-X-Name-First: Alka Author-X-Name-Last: Obadić Author-Name: Tomislav Globan Author-X-Name-First: Tomislav Author-X-Name-Last: Globan Title: Household debt as a determinant of retail and personal consumption – the case of Croatia Abstract: The main goal of this paper is to determine the main characteristics and determinants of retail trade in Croatia over the last 20 years, and to analyse its retail turnover in comparison with other EU countries, especially during the last economic crisis. Using a regression model, the paper econometrically tests the hypothesis that the speed of the post-crisis recovery in retail turnover can be explained by the debt levels accumulated in the pre-crisis period. The results of the analysis indicate the negative correlation between variables, which means that the countries that had the lowest levels of accumulated private debt, on average experienced the fastest recovery of retail turnover in the post-crisis period, and vice versa. The weaker correlation has been found in case of retail sales of food, beverages and tobacco products, which leads us to the conclusion that its consumption was not mainly financed by borrowing and, also, that its recovery does not depend primarily on the level of household debt. The analysis for the non-food sector indicated a very high dependence of this type of consumption on household debt, which remains one of the main impediments to its recovery. Journal: Economic Research-Ekonomska Istraživanja Pages: 687-702 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1084890 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1084890 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:687-702 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1087872_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tuyen Quang Tran Author-X-Name-First: Tuyen Quang Author-X-Name-Last: Tran Title: Nonfarm employment and household income among ethnic minorities in Vietnam Abstract: This study examines the determinants of nonfarm participation and the effect of nonfarm employment on household income among ethnic minorities in the Northwest Mountains, Vietnam. The logistic regression analysis shows that education and the availability of local enterprises or trade villages, notably among other factors, have a significantly increasing impact on the likelihood of taking up wage employment, while the presence of paved roads gives households more chance to engage in nonfarm self-employment. Using a propensity score matching analysis, the study found that households that participated in wage or nonfarm self-employment have higher levels of per capita income than those without nonfarm employment. The findings imply that nonfarm employment offers a pathway out of poverty for ethnic minorities. Journal: Economic Research-Ekonomska Istraživanja Pages: 703-716 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1087872 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1087872 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:703-716 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1084476_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sami Fethi Author-X-Name-First: Sami Author-X-Name-Last: Fethi Author-Name: Salih Katircioglu Author-X-Name-First: Salih Author-X-Name-Last: Katircioglu Title: The role of the financial sector in the UK economy: evidence from a seasonal cointegration analysis Abstract: This article empirically investigates the relationship between stock market/banking sector development and economic growth by controlling for the effects of human and physical capital factors in a seasonal cointegration framework. We use a sample of quarterly and seasonally unadjusted data which covers the period 1965Q1–2011Q4. The results suggest that: (1) the UK financial sector development is a good promoter of the domestic economy both in the long- and the short-run; (2) the supply-leading hypothesis that causality runs from stock market capitalisation and stock market volatility to real GDP per worker is confirmed; (3) stock market volatility has a negative influence on the UK’s output, which may reflect economic ambiguity but may also reflect a well-functioning and efficient stock market; (4) if a country has a good infrastructure and a well-educated nation, it enhances economic growth as well as betters the financial sector (i.e. markets and banks); and (5) if a new global financial meltdown is formed, this can easily devastate the UK economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 717-737 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1084476 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1084476 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:717-737 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1083875_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marija Ham Author-X-Name-First: Marija Author-X-Name-Last: Ham Author-Name: Marina Jeger Author-X-Name-First: Marina Author-X-Name-Last: Jeger Author-Name: Anita Frajman Ivković Author-X-Name-First: Anita Author-X-Name-Last: Frajman Ivković Title: The role of subjective norms in forming the intention to purchase green food Abstract: The purpose of this article is to analyse the specific role of two types of subjective norms in forming the intention to purchase green food. Based on the outcomes of a questionnaire completed by a sample of 411 household primary shoppers from a transitional country in the Southeast Europe region, we developed three models that depict the predictive power of attitudes, perceived behavioural control and subjective norms, and confirmed a significant positive relationship between green food purchasing intention and all three antecedents. Furthermore, regression analysis revealed two important theoretical insights: (1) descriptive norms represent statistically significant predictors of green food purchase behaviour; and (2) incorporating both social and descriptive norms increases the variance explained in intention. The latter also empirically proves that the meaning behind the two variables (social and descriptive norms) is different. These results contribute to the strengthening of the theory of planned behaviour in the part which has so far been referred to as the weakest link. Journal: Economic Research-Ekonomska Istraživanja Pages: 738-748 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1083875 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1083875 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:738-748 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1084889_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yuan-Ming Lee Author-X-Name-First: Yuan-Ming Author-X-Name-Last: Lee Author-Name: Kuan-Min Wang Author-X-Name-First: Kuan-Min Author-X-Name-Last: Wang Title: Dynamic heterogeneous panel analysis of the correlation between stock prices and exchange rates Abstract: This article uses quarterly data from 29 countries, during the period from the first quarter of 2000 to the second quarter of 2011, and the Pooled Mean Group (PMG) method to estimate the dynamic heterogeneous panel data model and to verify the correlation between stock prices and exchange rates. According to empirical results, the stock market and the foreign exchange market have a long-run co-integration relationship. In the short-run, the stock market and the foreign exchange market are negatively correlated, supporting the viewpoints of the portfolio approach. However, using the error-correction adjustment process, the long-run relationship between the two is positive, supporting the results of the traditional approach. This study suggests that the viewpoints of both the portfolio approach and the traditional approach can co-exist through long- and short-run adjustments. Journal: Economic Research-Ekonomska Istraživanja Pages: 749-772 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1084889 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1084889 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:749-772 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1084238_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Josef Abrhám Author-X-Name-First: Josef Author-X-Name-Last: Abrhám Author-Name: Yuriy Bilan Author-X-Name-First: Yuriy Author-X-Name-Last: Bilan Author-Name: Aliona Krauchenia Author-X-Name-First: Aliona Author-X-Name-Last: Krauchenia Author-Name: Wadim Strielkowski Author-X-Name-First: Wadim Author-X-Name-Last: Strielkowski Title: Planning horizon in labour supply of Belarusian small entrepreneurs Abstract: Our article focuses on testing the intertemporal substitution hypothesis (ISH) that predicts a positive relationship between hours worked and transitory changes in wages for the owners of Belarusian small and medium enterprises (SMEs). Our results demonstrate that Belarusian entrepreneurs are willing to work a fixed number of hours regardless of their businesses’ performance. Additionally, it appears that females have larger labour supply elasticity than males (it should be noted that male labour supply elasticity becomes even more insignificant when we use robust standard errors). Our results are consistent with the similar findings in USA, Africa, UK and Poland, however, they cannot be generalised for larger companies, since the nature of ISH testing largely depends on the size of the company and its decision-making processes. Our findings suggest that the complicated business environment in Belarus (e.g. difficulties in establishing and running an enterprise, tight bureaucratic control and slow business dynamics) and worsening conditions of the Belarusian economy make small Belarusian entrepreneurs plan their time horizons in a uniquely short-sighted way. Journal: Economic Research-Ekonomska Istraživanja Pages: 773-787 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1084238 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1084238 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:773-787 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1087326_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gheorghe Săvoiu Author-X-Name-First: Gheorghe Author-X-Name-Last: Săvoiu Author-Name: Vasile Dinu Author-X-Name-First: Vasile Author-X-Name-Last: Dinu Author-Name: Laurenţiu Tăchiciu Author-X-Name-First: Laurenţiu Author-X-Name-Last: Tăchiciu Title: Services and structural patterns of a post-transition Romanian economy Abstract: The present paper reflects a first step in exploring in a systematic way the manner in which services are embedded in the economic life in Romania. The authors believe that service industries, in particular knowledge intensive services, are at the core of this transformational process and economic transitions. This article presents the input–output tables and their role for the real GDP and real growth estimations, the importance of correlation between goods and services, an econometrical analysis of some major matrix of correlation developed from data, and a set of conclusions describing the impact of goods-services correlation on the Romanian economic growth. The three sections are the distinct research objectives: (a) the input–output descriptive images, emphasising statistical characteristics of goods-services liaisons; (b) the evaluation of these correlations with the dynamics of real Romanian GDP, based on the R-squared matrix; (c) the identification of the impact on the real growth of goods-services liaisons for the Romanian economy as a specificity of its stage of development. Journal: Economic Research-Ekonomska Istraživanja Pages: 788-806 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1087326 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1087326 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:788-806 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1084475_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiaohui Jia Author-X-Name-First: Xiaohui Author-X-Name-Last: Jia Author-Name: Minghui Jiang Author-X-Name-First: Minghui Author-X-Name-Last: Jiang Author-Name: Tao Ma Author-X-Name-First: Tao Author-X-Name-Last: Ma Title: The dynamic impact of industrial cluster life cycle on regional innovation capacity Abstract: We discuss the dynamic impact of industrial cluster on regional innovation capacity from the view of life cycle. To identify an industrial cluster, we propose the location quotient composite indexes with technological innovation as the major consideration. Meanwhile, the entire life cycle evolution of industrial clusters is divided into emerging, growth, maturity and decline stages with the graphical index theory and the agglomeration degree measurement. Referring to Cobb-Douglas production function model and conduction process of ‘industrial cluster, innovation network, regional innovation’, we develop a mathematical model to measure the dynamic impact. The model is quantitatively verified using the general equipment manufacturing industrial cluster of Yangtze River Delta area as empirical study and is deemed to have been validated. Journal: Economic Research-Ekonomska Istraživanja Pages: 807-829 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1084475 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1084475 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:807-829 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1088791_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yong-Cong Yang Author-X-Name-First: Yong-Cong Author-X-Name-Last: Yang Author-Name: Pu-Yan Nie Author-X-Name-First: Pu-Yan Author-X-Name-Last: Nie Title: R&D subsidies under asymmetric Cournot competition Abstract: With a three-stage game model, this article theoretically assesses the effectiveness of different research and development subsidy strategies under asymmetric duopoly. The findings indicate that subsidising the small firm instead of the large is the optimum for the maximisation of social welfare in general. Meanwhile, if the initial marginal costs of the two firms are close to each other, providing subsidies to the small firm leads to more social R&D investment and higher aggregate production, but lower consumer surplus. Conversely, while the cost gap of the duopoly is large, subsidising the big firm becomes the preferable option for the authority to stimulate both R&D investment and total output of the industry, while sacrificing consumer surplus. Journal: Economic Research-Ekonomska Istraživanja Pages: 830-842 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1088791 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1088791 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:830-842 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1087328_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marija Penava Author-X-Name-First: Marija Author-X-Name-Last: Penava Author-Name: Marko Družić Author-X-Name-First: Marko Author-X-Name-Last: Družić Title: Croatian industrial policy in the context of deindustrialisation Abstract: The lack of structural changes and rapid deindustrialisation are the main reasons behind Croatia’s failure in achieving its industrial potential. One of the aims of this article is to show that the process of deindustrialisation that occurred in Croatia is characterised by factors different that those in developed countries. This is shown using econometric analysis. In our opinion those differences should be taken into account when considering new industrial strategies after 2008. Furthermore we explore if, in light of this specificity, the proposed Croatian industrial strategy is a suitable answer to modern economic challenges. After a detailed analysis and review of the industrial strategy, we offer potential solutions. Journal: Economic Research-Ekonomska Istraživanja Pages: 843-852 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1087328 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1087328 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:843-852 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1092308_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Živa Juriševič Brčić Author-X-Name-First: Živa Juriševič Author-X-Name-Last: Brčić Author-Name: Katarina Katja Mihelič Author-X-Name-First: Katarina Katja Author-X-Name-Last: Mihelič Title: Knowledge sharing between different generations of employees: an example from Slovenia Abstract: Knowledge is increasingly being recognised as a valuable asset within organisations since it is an important building block of their competitive advantage. However, unless knowledge is shared among employees, organisations may fail to make the most of their intellectual capital. Of particular interest is the sharing of knowledge between employees belonging to different generational cohorts, since each of them possesses unique competencies. The study investigates how selected individual factors (i.e. willingness, motivation, communication, collaboration) impact upon the sharing of own knowledge with co-workers. In addition, it analyses the perceptions of the amount of knowledge shared through cross-generational mentoring relationships. A web-based survey was used to obtain the data from 268 employees. Findings indicate that while motivation and willingness significantly influence knowledge sharing, communication and collaboration exhibit insignificant relationships. Furthermore, respondents, both younger and older, report that the amount of knowledge received in mentoring processes is less than what is desired. Journal: Economic Research-Ekonomska Istraživanja Pages: 853-867 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1092308 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1092308 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:853-867 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1092309_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Predrag Mimović Author-X-Name-First: Predrag Author-X-Name-Last: Mimović Author-Name: Jelena Stanković Author-X-Name-First: Jelena Author-X-Name-Last: Stanković Author-Name: Vesna Janković Milić Author-X-Name-First: Vesna Author-X-Name-Last: Janković Milić Title: Decision-making under uncertainty – the integrated approach of the AHP and Bayesian analysis Abstract: In situations where it is necessary to perform a large number of experiments in order to collect adequate statistical data which require expert analysis and assessment, there is a need to define a model that will include and coordinate statistical data and experts’ opinions. This article points out the new integrated application of the Analytic Hierarchy Process (AHP) and Bayesian analysis, in the sense that the Bayes’ formula can improve the accuracy of input data for the Analytical Hierarchy Process, and vice versa, AHP can provide objectified inputs for the Bayesian formula in situations where the statistical estimates of probability are not possible. In this sense, the AHP can be considered as the Bayesian process that allows decision-makers to objectify their decisions and formalise the decision process through pairwise comparison of elements. Journal: Economic Research-Ekonomska Istraživanja Pages: 868-878 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1092309 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1092309 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:868-878 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1092703_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tanja Broz Author-X-Name-First: Tanja Author-X-Name-Last: Broz Author-Name: Goran Buturac Author-X-Name-First: Goran Author-X-Name-Last: Buturac Author-Name: Marina Tkalec Author-X-Name-First: Marina Author-X-Name-Last: Tkalec Title: To what extent does Croatia really cooperate with SEE countries in the fields of foreign trade, direct investment and tourism? Abstract: The aim of this research is to gain new insights into the extent of economic cooperation between Croatia and countries in the region. We also aim to find out which countries and economic sectors cooperate the most and to establish whether there is a trend to their economic cooperation. The research methodology is based on the construction and implementation of a harmonised cooperation index (HCI), with data on economic cooperation in foreign trade, foreign direct investment and tourism among the countries in the region serving as a basis for index calculation. The article introduces a harmonised index of cooperation for post-transition countries, using a broader base than is traditionally found in the literature. Research results show that the greatest cooperation progress has been achieved in foreign trade, while the potential in two other sectors has not yet been sufficiently exploited. Journal: Economic Research-Ekonomska Istraživanja Pages: 879-906 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1092703 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1092703 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:879-906 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1083877_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gheorghe Săvoiu Author-X-Name-First: Gheorghe Author-X-Name-Last: Săvoiu Author-Name: Vasile Dinu Author-X-Name-First: Vasile Author-X-Name-Last: Dinu Author-Name: Marian Ţaicu Author-X-Name-First: Marian Author-X-Name-Last: Ţaicu Title: A classical German view of public debt and investment in Romania and other ex-socialist economies Abstract: The article uses the angle, and it is placed under the influence of the contributions of the representatives of German classical financial economic school, from Carl Dietzel and Lorenz von Stein to Adolph Wagner, whose works, reassessed by Carl-Ludwig Holtfrerich in 2013, are comparable, through their originality, to the English and other European classical schools of economics. The section devoted to the literature review is based on the contributions of the three German economists; the section devoted to method critically analyses the ratio of public debt to GDP, highlighting both the positive aspects of this convergence indicator, and its negative sides, as a relative indicator constructed from comparing two completely different statistical indicators, i.e. stock and flow. The results and discussions focus on the evolution, over the last two decades, of the debt in Romania and other ex-socialist economies, emphasising the need to prioritise the quality of debt management through the agency of the investment factor derived from the overall impact of public debt, and the final conclusions emphasise the need for relativisation of thresholds, taking into account the behaviour of the economies analysed, placing relative emphasis on the case of Romania. Journal: Economic Research-Ekonomska Istraživanja Pages: 907-923 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1083877 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1083877 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:907-923 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1087325_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Emmanuel Innocents Edoun Author-X-Name-First: Emmanuel Innocents Author-X-Name-Last: Edoun Author-Name: Roland Azibo Balgah Author-X-Name-First: Roland Azibo Author-X-Name-Last: Balgah Author-Name: Charles Mbohwa Author-X-Name-First: Charles Author-X-Name-Last: Mbohwa Title: The impact of effective management of natural disasters For Africa’s development Abstract: The escalation of natural disasters in the last two decades or so and their devastating effects on developing countries in general and Africa in particular, has been frequently mentioned in the topical literature. Devastating impacts in African and other developing countries have often been attributed to the failure of formal (state and market) institutions for risk management, frequent in these countries. While the predominance of informal response mechanisms has been acknowledged in these countries, they are presumed to disintegrate in the face of covariate shocks. This article argues that an overly ambitious emphasis on states and markets and a negligence of the role of informal, socially embedded institutions in the effective management of natural disasters is grossly responsible for the negative effects of natural disasters and their perverse implications on Africa’s development. A multi-sector framework that can be used for modelling natural disaster management in Africa which has the potential of reducing the negative consequences of disasters is suggested. This is based on the premise that natural shocks must be perceived as social phenomena that are best managed with the participation of those involved. Empirical evidence is included, and the implications of a multi-stakeholder approach to managing disasters to enhance development in Africa are discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 924-938 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1087325 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1087325 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:924-938 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1084237_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dina Korent Author-X-Name-First: Dina Author-X-Name-Last: Korent Author-Name: Ksenija Vuković Author-X-Name-First: Ksenija Author-X-Name-Last: Vuković Author-Name: Ruža Brčić Author-X-Name-First: Ruža Author-X-Name-Last: Brčić Title: Entrepreneurial activity and regional development Abstract: There are many global and national analyses that provide conclusive scientific support to various theses which stress the importance of entrepreneurship. In this article, based on the relevant data from Croatian counties, we specifically examine the mutual dependence and dual causality of the concepts of regional development and entrepreneurial activity. We apply correlation and dynamic panel data analysis on the set of data from Croatian counties with levels and relative changes of the selected regional growth indicators (GDP per capita, registered unemployment rate, development index) and the indicators of entrepreneurial activity (the number of entrepreneurs per 100 residents).The results of these analyses show the complexity and ambiguity of impact of level of regional development and economic growth on the growth of entrepreneurial activity Croatian counties, depending on the studied indices and the manner of observing them either through their particular levels or their relative changes in time. Results of testing the impact of level and growth of entrepreneurial activity on economic growth are however consistent and robust to different indicators reflecting economic growth. Showing that there exists a significant positive impact of entrepreneurial activity on economic growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 939-958 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1084237 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1084237 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:939-958 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1087873_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vahid Baradaran Author-X-Name-First: Vahid Author-X-Name-Last: Baradaran Author-Name: Maryam Keshavarz Author-X-Name-First: Maryam Author-X-Name-Last: Keshavarz Title: An integrated approach of system dynamics simulation and fuzzy inference system for retailers’ credit scoring Abstract: The assessment of retailers’ credit risk is a complex task in which financial risks enable different behaviour mechanisms and this adds to the complexity of the problem. The modelling approach of this article incorporated behavioural styles of retailers in repayment of their liabilities into an integrated fuzzy system dynamics model of retailers’ credit scoring. This study introduces an integrated system dynamics model to study credit risk of retailers. To this end, first the influencing factors on the retailers’ credit risk should be determined. Then the relation between these variables should be specified in the system dynamics model. The fuzzy uncertainty also is dealt with using the integration of system dynamics model and fuzzy inference system (FIS). The contribution of this article is twofold. First, this is the first study that proposes a system dynamics model to analyse credit risk of the retailers. Second, the proposed model of this study integrates system dynamics model with FIS modelling concept to address the fuzzy uncertainty and non-linearity in the modelling environment. Journal: Economic Research-Ekonomska Istraživanja Pages: 959-980 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1087873 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1087873 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:959-980 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1095110_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vlad Diaconita Author-X-Name-First: Vlad Author-X-Name-Last: Diaconita Title: Processing unstructured documents and social media using Big Data techniques Abstract: Big Data technologies can be very useful when it comes to storing and processing using sophisticated algorithms, terabytes or petabytes of data. With the latest advancements, such as Hadoop YARN, processing can be done not only in batch but also in real time. In this paper, we detail a methodology followed by a case study that investigates the power of machine learning algorithms used in a Hadoop environment in classifying unstructured data. We also investigate how to capture geolocated messages from social networks and how kriging can be used to see if there is a strong relationship between two or more such datasets. Journal: Economic Research-Ekonomska Istraživanja Pages: 981-993 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1095110 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1095110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:981-993 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1101960_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Daniel Zdolšek Author-X-Name-First: Daniel Author-X-Name-Last: Zdolšek Author-Name: Timotej Jagrič Author-X-Name-First: Timotej Author-X-Name-Last: Jagrič Author-Name: Marjan Odar Author-X-Name-First: Marjan Author-X-Name-Last: Odar Title: Identification of auditor’s report qualifications: an empirical analysis for Slovenia Abstract: An auditor’s report qualifies a company’s financial statements if the management’s representation of the company’s financial affairs is not in accordance with nationally generally accepted accounting pronouncements. The present research studies the qualification of auditors’ reports in relation to the circumstances in the company’s economic situation that lead to the qualification. Qualifications have been analysed on a sample of 293 large Slovenian companies. The results reveal that companies with qualified auditors’ reports have high indebtedness, low liquidity, low efficiency and poor profitability in comparison with companies with unqualified auditors’ reports. From a statistical viewpoint, a logistic model can distinguish between companies that received a qualified auditor’s report and companies that received an unqualified auditor’s report on a sample of Slovenian large companies. Journal: Economic Research-Ekonomska Istraživanja Pages: 994-1005 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1101960 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1101960 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:994-1005 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1100841_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dubravka Sinčić Ćorić Author-X-Name-First: Dubravka Author-X-Name-Last: Sinčić Ćorić Author-Name: Domagoj Jelić Author-X-Name-First: Domagoj Author-X-Name-Last: Jelić Title: Applicability of Keller’s brand equity model in the B2B chemical market Abstract: A B2B (business-to-business) brand is a distinctive identity that differentiates a relevant, enduring and credible promise of value associated with a product, service or organisation, as well as indicating the source of that promise. The concept of B2B brand equity is one of the most intriguing concepts connected to B2B brands. Although there have been some attempts to conceptualise and measure B2B brand equity in the literature, in practice no consensus about the concept has been reached so far. Unlike previous studies, this study examines the applicability of Keller’s brand equity model in a specific industry and market – the B2B chemical market. For that purpose, a series of semi-structured face-to-face interviews were conducted with buyers of specific industrial chemical products in the South and Eastern European B2B chemical market. The results show that the Keller’s brand equity model can be applicable in the B2B chemical market, however, the six brand building blocks – salience, performance, imagery, judgements, feelings and resonance – as well as subdimensions that assemble the blocks, need arrangements in different ways in order to meet the logic of the B2B marketing philosophy. As a result, the respondents perceive corporate brands to be more important than product brands. They also point to the significance of the relationship with sales representatives in building brand equity. At the top block of the pyramid respondents set partnership relations, and cooperation in developing solutions oriented towards improvement of customers’ production processes. Journal: Economic Research-Ekonomska Istraživanja Pages: 1006-1017 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1100841 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1100841 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1006-1017 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1100839_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ioannis Filippidis Author-X-Name-First: Ioannis Author-X-Name-Last: Filippidis Author-Name: Constantinos Katrakilidis Author-X-Name-First: Constantinos Author-X-Name-Last: Katrakilidis Title: Finance, institutions and human development: Evidence from developing countries Abstract: The paper aims to examine the role of institutions and human development in financial development at early and developing stages of economic development, using data from 52 developing economies during 1985–2008. In order to provide a more comprehensive assessment, especially of the finance-institutions link, we decompose institutions into economic, political and social; and economic institutions into quality of government, intervention of government, and quality of the legal system. The results demonstrate that: (i) institutional quality can explain international differences in the level of banking sector development; (ii) economic institutions and human development are extremely significant for banking sector development; (iii) the legal system is the dominant dimension of economic institutions; and (iv) the combined reforms of economic institutions matter more than separate institutional reforms. Journal: Economic Research-Ekonomska Istraživanja Pages: 1018-1033 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1100839 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1100839 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1018-1033 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1100840_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dušan Marković Author-X-Name-First: Dušan Author-X-Name-Last: Marković Author-Name: Mirjana Radović-Markovic Author-X-Name-First: Mirjana Author-X-Name-Last: Radović-Markovic Author-Name: Jelena Minović Author-X-Name-First: Jelena Author-X-Name-Last: Minović Title: A new virtual team competence defining model Abstract: Virtual team members need to acquire specific competencies to ensure team success. In line with this, by establishing standards for selection the virtual team members can provide their successful performance that achieves organisational goals. The article focuses on a variety of factors that affect the professional competencies in virtual teams. It also suggests models for measuring such competencies. The authors also present an example of how the model may be applied. Namely, in case study this article focuses upon the capacities of a virtual organisation to form the project team the members of which will come from a virtual university, on the basis of knowledge and collaboration. Conclusion and recommendation are made for further research and improvements in this area. Journal: Economic Research-Ekonomska Istraživanja Pages: 1034-1045 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1100840 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1100840 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1034-1045 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1100842_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Josip Tica Author-X-Name-First: Josip Author-X-Name-Last: Tica Author-Name: Ivan Kožić Author-X-Name-First: Ivan Author-X-Name-Last: Kožić Title: Forecasting Croatian inbound tourism demand Abstract: The aim of this paper is to present a forecasting model for the overnight stays of foreign tourists in Croatia. Tourism is one of the most important parts of the Croatian economy. It is particularly important in the context of the services sector. Regular and significant surpluses and the consumption of foreign guests are an important element of budget revenues, especially VAT. The ability to forecast the development of inbound tourism demand in a timely manner is crucial for both business decisions and policy-making. We combine the Granger causality test for identifying leading indicators with a grid search of the weights used to construct a composite indicator. An endogenous grid search for data driven weights was employed to minimise the mean absolute percentage error (MAPE) of the out-of-sample forecast. In total, we carried out 7.7 billion out-of-sample regressions in order to find the optimal combination of leading indicator weights. Results indicate that only four out of the 12 identified leading indicators are relevant in explaining variations in inbound tourism demand. The most important leading indicators are: real GDP and imports in Poland and gross wages in the Czech Republic and Slovakia. Journal: Economic Research-Ekonomska Istraživanja Pages: 1046-1062 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1100842 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1100842 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1046-1062 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1084239_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vladislav Flek Author-X-Name-First: Vladislav Author-X-Name-Last: Flek Author-Name: Martin Hála Author-X-Name-First: Martin Author-X-Name-Last: Hála Author-Name: Martina Mysíková Author-X-Name-First: Martina Author-X-Name-Last: Mysíková Title: Duration dependence and exits from youth unemployment in Spain and the Czech Republic Abstract: We estimate the impact of unemployment duration on exits from unemployment, along with a set of individual and other explanatory variables. The analysis is based on EU-SILC longitudinal data for the period 2007–2010 and involves Spain and the Czech Republic as examples of the two EU countries with remarkably different labour market performance but similar in their totalitarian past, post-transition economies and recent EU entry. Survival functions estimates point uniformly to prolonged unemployment duration and increasing long-term unemployment. However, both these tendencies apply relatively more to the young unemployed. Estimations of hazard models indicate that shorter unemployment spells are more likely to be terminated by finding a job in comparison with spells lasting for more than one year. The hazard ratios are usually higher for prime age unemployed. Finally, we examine education, gender, household size, etc., as determinants of exits from unemployment, with uniform evidence found for university graduates only. Journal: Economic Research-Ekonomska Istraživanja Pages: 1063-1078 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1084239 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1084239 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1063-1078 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1092704_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihaela Grubišić Šeba Author-X-Name-First: Mihaela Author-X-Name-Last: Grubišić Šeba Title: Mandatory shares listing effect on further capital raising in the Croatian capital market from 2002–2010 Abstract: This article investigates regulatory impact on decisions of companies to go public and raise capital in the Croatian capital market. It questions the regulatory decision of mandatory shares listing, brought in 2002, whose aim was to encourage companies of certain size of shareholders’ equity to enter the capital market. The effect of mandatory shares listing on further capital raising in public by companies has been analysed by means of secondary data and survey-based answers of their chief financial officers. Financing policies of voluntarily and mandatorily listed firms were compared for statistical differences. The research results have shown that mandatory listing of shares in the capital market has not spurred public companies to issue securities and raise funds in the capital market thereafter. Journal: Economic Research-Ekonomska Istraživanja Pages: 1079-1095 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/15021149.2015.1092704 File-URL: http://hdl.handle.net/10.1080/15021149.2015.1092704 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1079-1095 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1087676_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Halyna Trishch Author-X-Name-First: Halyna Author-X-Name-Last: Trishch Author-Name: Vladislavas Petraškevičius Author-X-Name-First: Vladislavas Author-X-Name-Last: Petraškevičius Title: Quantitative assessment of quality management systems’ processes Abstract: Based on the particularities of assessment of quality management systems, we have developed an aggregate of dependencies between the singular indicators of process quality and their values, on a dimensionless scale. The application of the aggregate allows a quantitative quality assessment of processes to be obtained and takes into account a diversity of indicators and the significance of processes in the enterprise. The application of the said dependencies allows to assessment of quality indicators and interval assessment of quality indicators. Taking into account changes of process quality over time, coefficients are developed. We have proved the use of the tests of non-parametric characteristics for the analysis of the dynamic characteristics of process quality. The results of the application of the developed methods of qualitative quality assessment in the mechanical engineering enterprises are presented. Journal: Economic Research-Ekonomska Istraživanja Pages: 1096-1110 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1087676 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1087676 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1096-1110 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1102404_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mohammad Reza Ghorshi Nezhad Author-X-Name-First: Mohammad Reza Author-X-Name-Last: Ghorshi Nezhad Author-Name: Sarfaraz Hashemkhani Zolfani Author-X-Name-First: Sarfaraz Hashemkhani Author-X-Name-Last: Zolfani Author-Name: Fathollah Moztarzadeh Author-X-Name-First: Fathollah Author-X-Name-Last: Moztarzadeh Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Mohsen Bahrami Author-X-Name-First: Mohsen Author-X-Name-Last: Bahrami Title: Planning the priority of high tech industries based on SWARA-WASPAS methodology: The case of the nanotechnology industry in Iran Abstract: Decision-making and planning at the top level is highly complicated. One important duty of each government and of policy makers is planning at different levels for future problems. This research addresses such a concern. Planning for the future is the aim of this research. Moreover, the importance of the topic is discussed. The case study focused on is the nanotechnology industry and its development in Iran. Nanotechnology is one of the main and strategic industries in Iran. The important criteria for such a development are determined based on a literature review and the experiences from other countries. The different alternatives are selected based on the different applications of nanotechnology in other industries. The alternatives are: agriculture, transportation, construction, oil and gas, textile products, food industry, defence industry, health and medicine, nano electronics, nano energy and environment and water. The methodology employed is Multiple Criteria Decision Making (MCDM). In addition, SWARA-WASPAS is the hybrid MADM model employed in which SWARA is applied to evaluate the criteria and WASPAS is utilised to evaluate and rank the alternatives. Journal: Economic Research-Ekonomska Istraživanja Pages: 1111-1137 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1102404 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1102404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1111-1137 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1100838_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gordana Savić Author-X-Name-First: Gordana Author-X-Name-Last: Savić Author-Name: Aleksandar Dragojlović Author-X-Name-First: Aleksandar Author-X-Name-Last: Dragojlović Author-Name: Mirko Vujošević Author-X-Name-First: Mirko Author-X-Name-Last: Vujošević Author-Name: Milojko Arsić Author-X-Name-First: Milojko Author-X-Name-Last: Arsić Author-Name: Milan Martić Author-X-Name-First: Milan Author-X-Name-Last: Martić Title: Impact of the efficiency of the tax administration on tax evasion Abstract: In this paper, we analyse the performance of the tax administration using data envelopment analysis (DEA) and regression analysis in 13 European countries. In the first phase, a DEA input- oriented model with the three input and two output parameters for the efficiency evaluation has been used. The influence of selected independent variables on the grey economy, which represents an approximation of tax evasion and efficiency of tax administration, was conducted by regression analysis in the second phase. The main goal is to investigate the influence of the relative efficiency and number of employees in tax administration as well as country employment rate on the grey economy level. Journal: Economic Research-Ekonomska Istraživanja Pages: 1138-1148 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1100838 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1100838 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1138-1148 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1100836_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tine Stanovnik Author-X-Name-First: Tine Author-X-Name-Last: Stanovnik Author-Name: Predrag Bejaković Author-X-Name-First: Predrag Author-X-Name-Last: Bejaković Author-Name: Agnieszka Chłoń-Domińczak Author-X-Name-First: Agnieszka Author-X-Name-Last: Chłoń-Domińczak Title: The collection of pension contributions: a comparative review of three Central European countries Abstract: This article presents a comparative review of systems of collection of pension contributions in three Central European countries. We discuss some basic requirements for successful contribution collection and show how these three countries fare in that regard. The changing role of the social security institutions is described. The broad trend toward integrated collection systems, with an enhanced role of the tax authority is clearly discerned, although with some country-specific features. Contribution compliance is analysed for the largest group of insured persons – employees, using the indicator: covered wage bill (as percentage of GDP). The value of this indicator has mostly been decreasing in the 2000s. This is not a satisfactory development and could contribute to the deteriorating financial sustainability of public pension systems. Journal: Economic Research-Ekonomska Istraživanja Pages: 1149-1161 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1100836 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1100836 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1149-1161 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1100837_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Drahoslav Lančarič Author-X-Name-First: Drahoslav Author-X-Name-Last: Lančarič Author-Name: Juraj Chebeň Author-X-Name-First: Juraj Author-X-Name-Last: Chebeň Author-Name: Radovan Savov Author-X-Name-First: Radovan Author-X-Name-Last: Savov Title: Factors influencing the implementation of diversity management in business organisations in a transition economy. The case of Slovakia Abstract: With increasing internationalisation of business, diversity management has emerged as an important issue, even in traditionally non-diversified companies. This research seeks to examine the effect of size, legal form and share of the foreign capital in the ownership structure of the organisation on the implementation of diversity management. An empirical survey was carried out that examined the state of the implementation of diversity management in the Slovak Republic. Using non-parametric statistical methods and post-hoc testing by data analysis, the research survey revealed that the evaluated factors significantly influenced the attitudes of respondents towards the diversity management implementation. The respondents working in large business organisations generally perceive the diversity management concept more positively when compared with respondents working in smaller organisations. The respondents working in business organisations where the share of foreign capital in the ownership structure exceeds 80% are more positively inclined towards the implementation of diversity management. The legal form of the business organisation does not influence the attitudes of the respondents in any significant way. We recommend domestic business organisations and SMEs focus on the diversity issues, especially on supporting the diversified work teams. This can preferably be done by diversity training, using formalised HRM procedures and mentoring initiatives. Diversity management is not solely a domain of subsidiaries and large business organisations. The organisations are able to benefit from diversity management regardless of their size and country of origin. Journal: Economic Research-Ekonomska Istraživanja Pages: 1162-1184 Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1100837 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1100837 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:1162-1184 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1115638_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: Corrigendum Journal: Economic Research-Ekonomska Istraživanja Pages: (i)-(i) Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2015.1115638 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1115638 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:(i)-(i) Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1140479_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: Editorial Board Journal: Economic Research-Ekonomska Istraživanja Pages: (ebi)-(ebI) Issue: 1 Volume: 28 Year: 2015 Month: 1 X-DOI: 10.1080/1331677X.2016.1140479 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1140479 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:28:y:2015:i:1:p:(ebi)-(ebI) Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517429_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mirjana Čižmešija Author-X-Name-First: Mirjana Author-X-Name-Last: Čižmešija Author-Name: Petar Sorič Author-X-Name-First: Petar Author-X-Name-Last: Sorič Title: Assessing Croatian GDP Components Via Economic Sentiment Indicator Abstract: This paper is an attempt of applying Business Survey results in creation of a holistic macroeconomic model for Croatia. Since the BUSY model (1982.), there exists an aspiration for forming a statistical business survey model that will forecast main GDP components for individual EU countries in the short run. However, the idea hasn’t yet been applied in practice in Croatia. Therefore the statistical relationship between the Economic Sentiment Indicator (ESI) and corresponding official statistics series will be analyzed in order to see how the changes in ESI reflect on various segments of economic activity in Croatia. On the basis of two VAR models it can be seen that ESI can help in short-run forecasting of Croatian GDP and private consumption as its main component. It was shown that other GDP components don’t exhibit a strong statistical connection with ESI. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-10 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517429 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517429 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:1-10 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517430_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mete Feridun Author-X-Name-First: Mete Author-X-Name-Last: Feridun Title: Capital Reversals and Exchange Market Pressure: Evidence from the Autoregressive Distributed Lag (ARDL) Bounds Tests Abstract: This article examines the relationship between capital reversals and exchange market pressure in Turkey within an autoregressive distributed lag (ARDL) bounds testing and Granger causality framework using monthly data from 1991:12 to 2006:08. The results suggest that capital reversals are in a long-run equilibrium relationship with exchange market pressure. Granger causality tests indicate that there exists short-run and long-run causality running from capital reversals to exchange market pressure, but not vice versa. These findings lend empirical support to the Sudden Stop theory. Journal: Economic Research-Ekonomska Istraživanja Pages: 11-21 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517430 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517430 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:11-21 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517431_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Uroš Klanšek Author-X-Name-First: Uroš Author-X-Name-Last: Klanšek Author-Name: Mirko Pšunder Author-X-Name-First: Mirko Author-X-Name-Last: Pšunder Title: Cost Optimization of Time Schedules for Project Management Abstract: The paper presents the cost optimization of the time schedules for project management. The nonlinear programming (NLP) model for the cost optimization of the time schedules under the generalized precedence relations between the project activities was developed and applied. The existing NLP optimization models have focused on the cost optimal solution of the project scheduling problems which include simplifying assumptions regarding the precedence relationships among the project activities. In this way, this research work aims to propose the NLP optimization model for making optimal time-cost decisions applicable to actual projects in project management. The generalized reduced-gradient method was used for the NLP optimization. The obtained results include the minimum total cost project schedules and the optimal project time-cost curves. The proposed optimization approach enables the insight into the interdependence between the project duration and the total project cost. The decision-maker can more effectively estimate the effect of the project deadline on a total project cost before the submission of a tender. An application example and an example of the time-cost trade-off analysis are presented in the paper to demonstrate the advantages of the proposed approach. Journal: Economic Research-Ekonomska Istraživanja Pages: 22-36 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517431 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517431 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:22-36 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517432_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Igor Stubelj Author-X-Name-First: Igor Author-X-Name-Last: Stubelj Author-Name: Primož Dolenc Author-X-Name-First: Primož Author-X-Name-Last: Dolenc Title: Fiscal Sustainability of Eu Member States in the Context of Current Financial Crisis Abstract: This paper tackles the question of fiscal sustainability in current times of financial/economic crisis. Our literature review leads us to conclusion that when fiscal sustainability is being considered, putting fixed limit to public debt-to-GDP and budget balance-to-GDP ratio is a too simplified solution and that sustainable fiscal policy might be defined with public debt-to-GDP and budget balance-to-GDP ceilings, but taking into account some underlying country specific parameters. Our empirical analysis shows that most EU Member States entered year 2008 with healthy public finances. However, most EU Member States now face fiscal difficulties. Even more: almost all EU Member States would have to decrease budget deficit in 2009 and 2010, in order to achieve sustainable budget position. The extensive jumps in fiscal deficits in 2009 and 2010, compared to 2007 (before crisis), are mainly due to lower fiscal incomes as a consequence of lower economic growth and policy measures for tackling financial/economic crisis. We argue that these changes in fiscal deficits are not sustainable. Our analysis shows that in 2009 about 2/3 of the economies in question should have budget surplus, taking into consideration other relevant macroeconomic variables, such as economic growth, etc. In 2010, however, a more loosened fiscal policy would be possible, but still significantly lower fiscal deficit than forecasted would be sustainable. Journal: Economic Research-Ekonomska Istraživanja Pages: 37-62 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517432 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517432 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:37-62 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517433_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tajana Barbič Author-X-Name-First: Tajana Author-X-Name-Last: Barbič Author-Name: Iva Čondic-Jurkič Author-X-Name-First: Iva Author-X-Name-Last: Čondic-Jurkič Title: Equity Investment Strategies: The Case of Croatia Abstract: This paper aims to analyze an investment strategy employed by particular equity investment fund in Croatia, i.e. to detect the fraction of passive funds which claim to be active. In order to test for bilateral long-run co-movements between fifteen selected mutual funds and CROBEX in time period from their start to the end of 2009, we use bivariate Johansen cointegration procedure. Results reveal that most of the Croatian equity funds share long run comovements with benchmark equity market index, representing the "closet indexers". Obtained results are to some extent unexpected given spotted inefficiencies on Croatian equity market that should have been exploited by active stock pickers. Journal: Economic Research-Ekonomska Istraživanja Pages: 63-77 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517433 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517433 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:63-77 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517434_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abd Hair Awang Author-X-Name-First: Abd Hair Author-X-Name-Last: Awang Author-Name: Rahmah Ismail Author-X-Name-First: Rahmah Author-X-Name-Last: Ismail Author-Name: Zulridah Mohd Noor Author-X-Name-First: Zulridah Author-X-Name-Last: Mohd Noor Title: Training Impact on Employee’S Job Performance: A Self Evaluation Abstract: Nurturing a high-quality, knowledgeable and innovative human capital with strong moral and ethical values has become a new source of driving the nation’s productivity growth and competitiveness. Therefore, Human Resource Development Council (HRDC) was established in 1992 to generate lifelong learning in workplace setting to improve labor productivity, technology transfer and innovation. In 2002 it was renamed as Human Resource Development Limited (HRDL). All registered employers with HRDL are eligible for the employees training grants. The total approved training places and disbursement of training grants had increased over the years. This paper investigates to what extent the training programs improve employee knowledge, skills, works behavior and job performance, and what are the significant training related factors influencing job performance. The paper is based on data collected through self-reported survey on 1200 employees (458 responded) at hotels, resorts and ICTs companies in four selected states. Out of the responses, 73 percent attended various training programs coordinated by HRDL. The result shows that, in general, the training programs improve knowledge, skills and positive work behavior of employees. Multiple linear regression analysis supports the hypothesis that training related variables have positive impact on employees’ job performance except cognitive competence. Journal: Economic Research-Ekonomska Istraživanja Pages: 78-90 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517434 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517434 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:78-90 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517435_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andrej Bertoncelj Author-X-Name-First: Andrej Author-X-Name-Last: Bertoncelj Title: Managers’ Competencies Framework: A Study of Conative Component Abstract: This paper aims to study the conative component of competencies of managers in the posttransition economy of Slovenia. A conceptual framework of the tripartite components of competencies is developed and a sample of 183 managers in 11 small and medium enterprises from different sectors of industry is analyzed. The eventual disparity with the managers` conative component of competency and their job-related self-expectations and level of adaptation is analyzed. The results of the study suggest that Slovene managers are not aggressive initiative-takers but do not resist opportunities when they arise. However, the conative component of managers reveals that they might have problems coping with market and economic challenges because they will most likely shy away from taking the initiative in finding new opportunities. Journal: Economic Research-Ekonomska Istraživanja Pages: 91-101 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517435 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517435 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:91-101 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517436_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivan-Damir Anič Author-X-Name-First: Ivan-Damir Author-X-Name-Last: Anič Author-Name: Anita-Ciunova Suleska Author-X-Name-First: Anita-Ciunova Author-X-Name-Last: Suleska Author-Name: Edo Rajh Author-X-Name-First: Edo Author-X-Name-Last: Rajh Title: Decision-Making Styles of Young-Adult Consumers in the Republic of Macedonia Abstract: The purpose of this research is to examine decision making styles and to test the Sproles and Kendall’s (1986) CSI instrument (Consumer Style Inventory) among young-adult consumers in the Republic of Macedonia. It segments young-adult consumers by their decision-making styles and determines the differences among segments relative to their decision-making styles. The empirical analysis is based on data obtained from consumer survey. The data were analyzed using Cronbach alpha coefficients, exploratory factor analysis and k-means cluster analysis. Research results confirmed eight-factor model. Two homogeneous segments of consumers were identified: Economic consumers and Recreational consumers. Significant gender differences were found on four factors of consumer-decision making styles (brand consciousness, novelty-fashion consciousness, recreational-hedonistic consumer and habitual, brand-loyal consumer). Marketing strategies should be tailored to the specific characteristics of consumers in the Republic of Macedonia. Journal: Economic Research-Ekonomska Istraživanja Pages: 102-113 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517436 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517436 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:102-113 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517437_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alen Jugovič Author-X-Name-First: Alen Author-X-Name-Last: Jugovič Author-Name: Ante Bistričić Author-X-Name-First: Ante Author-X-Name-Last: Bistričić Author-Name: Borna Debelić Author-X-Name-First: Borna Author-X-Name-Last: Debelić Title: Economic Effects of Privatisation of Public Services Sector in the Republic of Croatia Emphasising Maritime-Passenger Traffic Abstract: Economic effects of every strategic decision on national economy level are important aspect of total economic policy and are strong determinant of generating future economic prosperity and development from the microeconomic, thru mezoeconomic pending to macroeconomic level of observing competitive performances. In this scientific work the analysis of economic effects of privatization is carried out in dependence on the particularities of the public services sector. The methodology of scientific work includes the comparison of specific sensitivity of these sectors caused by specific long-term position, which are a strong determinant and limiting factor in adoption of optimal decisions about their privatization. The purpose of this scientific work is, in the context of complex issues about selection of time frame and the model of privatization in case that privatization is final decision, to modulate basic parameters to make optimal decisions. The results of the research show that the economic outputs of privatization of the public services sector depend primarily on the chosen model of privatization and the implementation time framework, what indicates that privatization of such sector requires a sui generis approach to determinants of the privatization process since they incorporate important characteristics of a public good, and the problem extends from the pre-phase elements of privatization and market position consolidation of the privatization object to the care for the creation of preconditions for successful accomplishment of microcompetitiveness in the sector and institutional environment to promote growth and competitiveness. Journal: Economic Research-Ekonomska Istraživanja Pages: 114-126 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517437 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517437 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:114-126 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517438_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aleksandra Dragin Author-X-Name-First: Aleksandra Author-X-Name-Last: Dragin Author-Name: Dobrica Jovičći Author-X-Name-First: Dobrica Author-X-Name-Last: Jovičći Author-Name: Desimir Bošković Author-X-Name-First: Desimir Author-X-Name-Last: Bošković Title: Economic Impact of Cruise Tourism along the Paneuropean Corridor VII Abstract: This paper provides some tentative estimates of the economic impact of cruise tourism in receptive countries and regions along the Pan-European Corridor VII. Examples are provided to illustrate the potential benefit to Vojvodina Region (Case study).The results of the analysis have shown that the Corridor VII cruises have positive impact on Vojvodina Province, primarily the riparian area of the Danube (only Novi Sad - the “Port of Vojvodina for cruisers”). Although the benefits exclude accommodation and food expenditure, they are noticeable within the following segments: tourism promotion (broadening the scopes of Vojvodina Province as a receptive area for the foreign market through its cultural heritage and natural values); increase in foreign tourist turnover, visitor’s expenditures; new job opportunities (adequate infrastructure and superstructure – rendering services to ships, crew and passengers) – harbors, carriers, souvenir shops, etc. / new products, business net, exchange money, invisible export, etc.The results of the research may initiate further studies on the cause and effect connections between this type of travelling and resources of receptive countries, upon which the travels are based, both aiming at adequate design and launching of the tourist offer, i.e. the optimal development of receptive countries through sustainable tourism. Also, the discussion provides potentially useful information to the different stakeholders in the evolving cruise tourism industry, particularly regarding expected (private or social) returns on investment. Journal: Economic Research-Ekonomska Istraživanja Pages: 127-141 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517438 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517438 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:127-141 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517439_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Merima Činjarević Author-X-Name-First: Merima Author-X-Name-Last: Činjarević Author-Name: Kasim Tatić Author-X-Name-First: Kasim Author-X-Name-Last: Tatić Author-Name: Armin Avdić Author-X-Name-First: Armin Author-X-Name-Last: Avdić Title: An Integrated Model of Price, Service Quality, Satisfaction and Loyalty: An Empirical Research in the Banking Sector of Bosnia and Herzegovina Abstract: The relationship between service quality, price, customer satisfaction and customer loyalty is the subject of interests of researchers for several decades. Despite many publications on perceived quality, the position of the construct relative to the other key constructs in marketing remains vague. This research tries to bring conceptual clarity with regard to the relationship between perceived service quality, perceived price, customer satisfaction and customer loyalty. The proposed model is defined in line with the existing theoretical findings. Besides, this research is conducted to examine the sustainability of service quality dimensions and service price dimensions in Bosnia and Herzegovina’s retail banking. In order to test the defined model and research hypotheses empirical research was conducted on the sample of 300 retail bank customers of three leading banks in Bosnia and Herzegovina. Research results indicate that the defined model has an acceptable level of fit to the empirical data. This paper contributes to the existing literature by identifying the effects of different service quality and price quality dimensions on customer satisfaction and loyalty. A dimensionspecific approach used in this study can help bank managers to gain useful insight regarding the relative contribution of each dimension to the management of customer satisfaction and loyalty. This research has several limitations that need to highlight. The sample size was relatively small (n= 300) and the survey was conducted in a single service setting with a few banks under investigation. Thus, future research with a larger sample and tested in other service setting is needed to enhance the generalizability of the findings. Journal: Economic Research-Ekonomska Istraživanja Pages: 142-161 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517439 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517439 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:142-161 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517440_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ševala Isaković-Kaplan Author-X-Name-First: Ševala Author-X-Name-Last: Isaković-Kaplan Title: Consolidated Financial Statements – Means and Purpose of Preparation: Reasons of Not Announcing of consolidated Financial Statements in Bosnia and Herzegovina Abstract: Consolidated financial statements represent systematic preview of financial position and business performance of more legally independent entities that act either as a unique business entity, or as a group. Preparation and presentation of consolidated financial statements is a key factor for forming and expression of opinion about financial condition and business performance of a group of firms. Regardless of value and importance of their announcement, consolidated financial statements in Bosnia and Herzegovina (hereinafter BH) are not presented publicly. The work goal is to review reasons of (no) preparation and (no) announcement of consolidated financial statements from side of entities that act on BH territory. This work analyzed financial reporting problems in BH, and reviewed possible solutions for overrunning of problems in creation, presentation and interpretation of consolidated financial statements in BH. Journal: Economic Research-Ekonomska Istraživanja Pages: 162-171 Issue: 4 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517440 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517440 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:4:p:162-171 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517522_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Melike Elif Bildirici Author-X-Name-First: Melike Elif Author-X-Name-Last: Bildirici Author-Name: Fazıl Kayıkcı Author-X-Name-First: Fazıl Author-X-Name-Last: Kayıkcı Title: Economic Growth and Electricity Consumption in Emerging Countries of Europa: An Ardl Analysis Abstract: The structure of energy intensity is not only important for the economists but also for the policymakers since it contributes to the policy debate on the link between energy use and economic growth and co-movement of the energy supply and growth policies. This study estimates the causal relationship between energy consumption and economic growth at per capita and aggregate levels for some transition countries in Europe; Albania, Belarus, Bulgaria, Czech Republic, Hungary, Lithuania, Poland, Romania and Slovakia.. The study also presents the income elasticities of total energy demand by using the ARDL (Auto Regressive Distributed Lag) method. Journal: Economic Research-Ekonomska Istraživanja Pages: 538-559 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517522 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517522 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:538-559 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517523_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mohammad Reza Mohammadvandnahidi Author-X-Name-First: Mohammad Reza Author-X-Name-Last: Mohammadvandnahidi Author-Name: Nasim Jaberikhosroshahi Author-X-Name-First: Nasim Author-X-Name-Last: Jaberikhosroshahi Author-Name: Davoud Norouzi Author-X-Name-First: Davoud Author-X-Name-Last: Norouzi Title: The Determinants of Foreign Direct Investment in Iran: Bounds Testing Approach Abstract: Foreign direct investment (FDI) is counted to be an important variable to increase capital for domestic investors and improvement of capital formation in host country so almost all countries want to attract FDI. This paper attempted to investigate the impact of openness, exchange rate and infrastructures on FDI in Iran using the bounds testing (ARDL) approach to co integration. The data span is from 1975 to 2007. The results indicated that when FDI is the dependent variable there is co integration. We found all variables have positive and significant impact on Iran’s FDI in long-run and short-run, except openness that has no impact on. Journal: Economic Research-Ekonomska Istraživanja Pages: 560-579 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517523 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517523 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:560-579 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517524_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hrvoje Jošić Author-X-Name-First: Hrvoje Author-X-Name-Last: Jošić Author-Name: Mislav Jošić Author-X-Name-First: Mislav Author-X-Name-Last: Jošić Title: Testing The Validity of the Feldstein-Horioka Puzzle For Croatia Abstract: The relationship between savings and investment is one of the fundamental issues in international economics. This topic comes in the centre of attention after pioneering work of Feldstein and Horioka (1980). The aim of the paper is testing of the Feldstein-Horioka puzzle in the case of Croatia since 1994. Johansen’s cointegration approach and Granger causality test were used. In order to determine the dynamics of the savings-investment relation econometric VAR model was introduced. Using innovation analysis impulse response functions and variance decomposition analysis of the observed variables were given. Journal: Economic Research-Ekonomska Istraživanja Pages: 580-599 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517524 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517524 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:580-599 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517525_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Congming Ding Author-X-Name-First: Congming Author-X-Name-Last: Ding Author-Name: Yanling Xi Author-X-Name-First: Yanling Author-X-Name-Last: Xi Author-Name: Zhongchang Chen Author-X-Name-First: Zhongchang Author-X-Name-Last: Chen Title: Impacts of Price Fluctuation on Resource Allocation Efficiency Abstract: This paper develops a dynamic model to analyze the effects of different levels of price fluctuations on resource allocation efficiency. The model shows two different strategies that enterprises adopt when they confront different levels of price fluctuations. In respond to small fluctuations, enterprises might adopt a conservative strategy of maintaining the ratio of factor inputs and leaving production plans unchanged of the adjustment cost. As a result, allocation inefficiency is unavoidable. However, greater fluctuations which increase the opportunity cost of a conservative strategy induce enterprises to accept an adjustment strategy; they must change the ratio of factor inputs and the production plans passively. This transformation indicates that a threshold effect exists in the price fluctuations’ influence on resource allocation inefficiency. Using stochastic frontier analysis (SFA) and China’s provincial panel data of 1978 to 2007, this paper confirms that price fluctuation has a nonlinear effect on allocation efficiency loss, and concludes that traditional analyses underestimate the adverse impacts of price fluctuation on China’s economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 600-619 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517525 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517525 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:600-619 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517526_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Borut Milfelner Author-X-Name-First: Borut Author-X-Name-Last: Milfelner Author-Name: Jernej Belak Author-X-Name-First: Jernej Author-X-Name-Last: Belak Title: Integral Aproach to Enterprise Culture as One of the Enterprises’Key Success Factors Abstract: Enterprise culture is judged by many acknowledged scientists and researchers now as a major determinant of any enterprise’s success. The present article shows the research cognitions on the impact of enterprise culture to the success of the enterprises observed. It investigates the impact of customer and employee oriented enterprise culture on market and financial performance of the enterprise. Results suggest that enterprises, which are more customer (externally) oriented, show better market performance as well as better financial performance. The cognitions also show that more employee (internally) oriented enterprises, show positive impact to their market as well as to their financial performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 620-643 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517526 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517526 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:620-643 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517527_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Osman M. Karatepe Author-X-Name-First: Osman M. Author-X-Name-Last: Karatepe Title: Job Resources, Work Engagement, and Hotel Employee Outcomes: A Time-Lagged Analysis Abstract: This study develops and tests a research model that investigates work engagement as a mediator of the effects of coworker and supervisor support on career satisfaction, service recovery performance, job performance, and creative performance. Data were obtained from frontline hotel employees with a time lag of one month and their immediate supervisors in Cameroon. The relationships were tested using LISREL 8.30 through structural equation modeling. The results demonstrated a better fit for the fully mediated model when compared to the partially mediated model. The results further revealed that work engagement fully mediated the effects of coworker and supervisor support on the previously mentioned outcomes. Implications of the results and their future research directions are offered. Journal: Economic Research-Ekonomska Istraživanja Pages: 644-665 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517527 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517527 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:644-665 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517528_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Borut Kodric Author-X-Name-First: Borut Author-X-Name-Last: Kodric Author-Name: Lea Bregar Author-X-Name-First: Lea Author-X-Name-Last: Bregar Title: The Sensitivity Of Capital Services Index on Construction Price Indices Abstract: Measuring capital is a challenging task due to numerous conceptual dilemmas and practical problems. In this paper, we focus on the production side of capital measurement where the reliable measurement of capital services is of vital importance for derived production measures, such as multifactor productivity. While there has been a lot of debate regarding the choice of expected rate of return, the choice of expected capital gain, and the treatment of taxes in the user cost estimation when estimating capital, not much attention has been paid to the issues of appropriate price indices of assets. The use of inappropriate asset price indices results in a biased estimate of capital services index and, consequently, influences the estimate of the impact of capital on economic growth. The purpose of this paper is to develop a framework of the impact of asset price indices on capital services and to test the impact by the sensitivity analysis. The sensitivity analysis was carried out for the impact of construction prices on capital service index for the Slovenian manufacturing for the period 1995-2008. Journal: Economic Research-Ekonomska Istraživanja Pages: 666-689 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517528 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517528 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:666-689 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517529_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pu-Yan Nie Author-X-Name-First: Pu-Yan Author-X-Name-Last: Nie Author-Name: Peng Sun Author-X-Name-First: Peng Author-X-Name-Last: Sun Title: Monopoly Innovation with Exhaustible Resource and Labor Input Abstract: This paper focuses on the propensity to innovate for a monopolist with two inputs, an exhaustible resource and labor. When this exhaustible resource is used up, the monopolist quits this industry. This paper characterizes the relationship between the two types of elasticity of innovation. With this relationship, the equilibrium is captured. This study argues that the lower the marginal cost incurred by innovation, the longer it takes for the monopolist to quit the industry and the higher the profits. Journal: Economic Research-Ekonomska Istraživanja Pages: 690-705 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517529 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517529 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:690-705 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517530_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anthony Enisan Akinlo Author-X-Name-First: Anthony Enisan Author-X-Name-Last: Akinlo Title: Firm Size-Profitability Nexus: Evidence from Panel Datafor Nigeria Abstract: The paper investigates the long run relationship and causality issues between firm size and profitability in 66 firms in Nigeria by using the panel cointegration method for the period 1999 –2007. The empirical results show that there is long run steady-state relationship between firm size and profitability. The short run causal relationship shows that there is bidirectional relationship between firms’ size and profitability. This implies that firm size Granger causes profitability and profitability Granger causes firm size. The results clearly refute the general assumption that causation runs from only firm size to profitability on which most existing studies have been based. Journal: Economic Research-Ekonomska Istraživanja Pages: 706-721 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517530 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517530 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:706-721 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517531_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Slobodan Malinić Author-X-Name-First: Slobodan Author-X-Name-Last: Malinić Author-Name: Mirjana Todorović Author-X-Name-First: Mirjana Author-X-Name-Last: Todorović Title: How Does Management Accounting Change under the Influence of ERP? Abstract: Given the intensive application of Enterprise Resource Planning Systems (ERP), the focus of this study was to assess the ERP influence on management accounting of industrial enterprises. That is, the objectives are the identification and analysis of the ERP impacton the management accounting and management accountants. In order to realize these goals,nine Serbian companies of difl erent industry, which use SAP as a liding ERP software, have been surveyed. The conclusions are that SAP reduces the time required for the traditional tasks of management accounting, while increasing the time required for the activitiesof data analysis, performance measurement and subtle strategic reporting. Also, there is a significant change in the role of management accountants. Journal: Economic Research-Ekonomska Istraživanja Pages: 722-751 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517531 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517531 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:722-751 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517532_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Author-Name: Gazi Salah Uddin Author-X-Name-First: Gazi Salah Author-X-Name-Last: Uddin Title: Causality Among Carbon Emissions, Energy Consumption and Growth Inindia Abstract: This study attempts to investigate the long-run Granger causality relationship between energy consumption, carbon dioxide emission and economic growth in India over the period 1971-2007. The augmented Dickey– Fuller test (ADF), Phillips-Perron test (PP) and KPSS test are used to test for Granger causality in cointegration models which take account of the stochastic properties of the variables. The most important result is that there is feedback causal relationship between energy consumption and economic growth in India which implies that the level of economic activity and energy consumption mutually influence each other; a high level of economic growth leads to a high level of energy consumption and vice versa. The value of the error correction term confirms the expected convergence process in the long-run for carbon emissions and growth in India which Journal: Economic Research-Ekonomska Istraživanja Pages: 752-775 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517532 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517532 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:752-775 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517533_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jelena Z. Minovic Author-X-Name-First: Jelena Z. Author-X-Name-Last: Minovic Title: Liquidity of the Croatian Stock Market: An Empirical Analysis Abstract: In this paper we analysed liquidity of the Croatian stock market. Low level of liquidity is one of the key problem areas facing this small market. As the measures of liquidity we used the Zero Rates return by Lesmond et al. (1999), Price Pressure of non-trading as in Bekaert et al. (2007), and Turnover. For calculating the Zero Rates return, and Price Pressure measures we used prices of all stocks listed at the the Zagreb Stock Exchange in the period: 2005 - 2009. Results showed that the level of liquidity for the Croatian market is very low. For this market the least illiquid year was 2007 (the pre-crises year), and most illiquid year for Croatia was 2009. We showed that illiquidity is persistent in this market. The first measures of correlation between all illiquidity measure are given. Particularly, we demonstrated that the Croatian market is less illiquid than the Serbian market. Journal: Economic Research-Ekonomska Istraživanja Pages: 776-802 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517533 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517533 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:776-802 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517534_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivo Šperanda Author-X-Name-First: Ivo Author-X-Name-Last: Šperanda Title: Firm Valuation - New Methodological Approach Abstract: Valuating theory and practice recognize numerous methods of firm valuation, but one of the most frequent one is DCF method of valuation. Mentioned method is based upon two essential attributes: recognizing time value of money and calculating firm value as a sum of presumptive future net incomes discounted by the discretionary hurdle rate. On the opposite, the CCF (Compounded Cash Flow) method is based upon historical Financial Statements and historical data as well as reliable and publicly published data used for revising certain data in Balance Sheets and P&Ls and deflating the Cash Flow. This method, basically leaned on real and actual data, assures valuation much more reliable and positive. Journal: Economic Research-Ekonomska Istraživanja Pages: 803-824 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517534 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517534 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:803-824 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517535_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Carlotta del Sord Author-X-Name-First: Carlotta Author-X-Name-Last: del Sord Author-Name: Rebecca L. Orelli Author-X-Name-First: Rebecca L. Author-X-Name-Last: Orelli Author-Name: Emanuele Padovan Author-X-Name-First: Emanuele Author-X-Name-Last: Padovan Title: Accounting practices in italian higher education system Abstract: The aim of this paper is to investigate whether the accounting systems and techniques in use in higher education system in Italy allow key users to have useful information for a rational decision-making process. The paper develops on a specific case, the Italian context of state and non-state universities. The research is conducted through a survey addressed to all Italian universities and investigates accounting conditions during the academic year 2008-2009. It reveals the most common approach to the building of the accounting information system and the level of diffusion and development of cost accounting techniques, identifying areas of improvement. Journal: Economic Research-Ekonomska Istraživanja Pages: 825-845 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517535 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517535 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:825-845 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517536_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sabrina Gigli Author-X-Name-First: Sabrina Author-X-Name-Last: Gigli Author-Name: Marco Tieghi Author-X-Name-First: Marco Author-X-Name-Last: Tieghi Title: The Purposes of Social Accounting in Italian Public Health Organizations Abstract: In recent years, within the panorama of Italian public organization, information and management tools are making their mark. Public health organization find themselves as part of those organization mentioned above, and the number of subjects who have decided or who have been fiforcedfl to adopt the social report – or tools similar to it – is, by now, noteworthy. The current work aims to analyse the fimission statementfl project carried out by the Emilia-Romagna Region for the purpose of verifying how it shapes out not just as an accountability tool, but also (or perhaps especially) as a tool whose aim is to support the mechanisms of governance within the regional health system. Journal: Economic Research-Ekonomska Istraživanja Pages: 846-868 Issue: 3 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517536 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517536 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:3:p:846-868 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1421992_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sun Jide Author-X-Name-First: Sun Author-X-Name-Last: Jide Author-Name: Wang Xincheng Author-X-Name-First: Wang Author-X-Name-Last: Xincheng Author-Name: Shen Liangfa Author-X-Name-First: Shen Author-X-Name-Last: Liangfa Title: Research on the mobility behaviour of Chinese construction workers based on evolutionary game theory Abstract: The Chinese construction industry is characterised by the frequent job changes of lower-level workers, which has been identified as one of the principal causes of poor performance, quality and safety accidents, and high technology loss in the construction industry. Assuming that each party has incomplete market information about the other, we can thus define a dynamic game relationship between employers’ incentives to retain workers and workers’ mobility behaviour. By using evolutionary game theory, in this study we analyse various conditional evolutionary stable strategies and explore how employer behaviour influences the mobility of the workers in this industry in China. The results show that under the prevailing employment model, construction workers are bound to change jobs regardless of whether their employers adopt incentives to retain them or not. This finding suggests that the government, as the market regulator, should reform its employment model to ensure that construction workers switch jobs in an orderly and rational manner. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-14 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2017.1421992 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1421992 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1-14 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1421989_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xinyu Wu Author-X-Name-First: Xinyu Author-X-Name-Last: Wu Author-Name: Hailin Zhou Author-X-Name-First: Hailin Author-X-Name-Last: Zhou Author-Name: Shouyang Wang Author-X-Name-First: Shouyang Author-X-Name-Last: Wang Title: Estimation of market prices of risks in the G.A.R.C.H. diffusion model Abstract: In this paper we propose an estimation procedure which uses joint data on the underlying asset and option prices to extract market prices of return and volatility risks in the context of the G.A.R.C.H. diffusion model. The procedure is flexible and simple to implement. Firstly, a quasi-closed form pricing formula for European options in the G.A.R.C.H. diffusion model is derived. This result greatly eases the computational burden for computing option prices, and well suited for our model estimation. Then, based upon the joint data, we develop an efficient importance sampling-based maximum likelihood (E.I.S.-M.L.) estimation method for the objective and risk-neutral parameters of the G.A.R.C.H. diffusion model and a particle filter algorithm for latent state variable. Hence, this allows us to infer the market prices of risks that link the objective measure and the risk-neutral measure. Finally, we illustrate our approach using actual data on the Hang Seng Index (H.S.I.) and index warrant prices. The results show that both the return and volatility risks are priced by the market. Moreover, an option pricing study demonstrates that the market price of the volatility risk plays an important role in fitting option prices. Journal: Economic Research-Ekonomska Istraživanja Pages: 15-36 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2017.1421989 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1421989 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:15-36 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1421991_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Antonio F. Di Narzo Author-X-Name-First: Antonio F. Author-X-Name-Last: Di Narzo Author-Name: Marzia Freo Author-X-Name-First: Marzia Author-X-Name-Last: Freo Author-Name: Marco Maria Mattei Author-X-Name-First: Marco Maria Author-X-Name-Last: Mattei Title: Estimating accruals models in Europe: industry-based approaches versus a data-driven approach Abstract: Accruals models have been estimated using a variety of approaches, but the industry-based cross-sectional approach currently seems to be the standard method. This estimation approach cannot be easily used in the vast majority of European countries where several industry groups do not have sufficient yearly observations. Using data from France, Germany, Italy and the UK, we artificially induce earnings manipulations to investigate how the ability to detect those manipulations through accruals models is affected by the use of different industry classifications. Moreover, we propose an alternative estimation approach based on a data-driven statistical procedure that provides an optimal choice of estimation samples. Our analyses show that enlarging the industry classification and/or pooling observations across years reduces the probability of discovering earnings manipulations but allows for the estimation of abnormal accruals (AA) for more firms. The data-driven approach, however, in most cases outperforms the industry-based estimation approaches without sample attrition. This result suggests that there is still ample room for improving the accruals model estimation process for capital markets of European countries. Furthermore, the analysis documents which accruals model outperforms the others in each of the four countries and the probabilities to detect earning management in a high variety of circumstances. Journal: Economic Research-Ekonomska Istraživanja Pages: 37-54 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2017.1421991 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1421991 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:37-54 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1421998_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ovidiu-Ioan Moisescu Author-X-Name-First: Ovidiu-Ioan Author-X-Name-Last: Moisescu Title: From perceptual corporate sustainability to customer loyalty: a multi-sectorial investigation in a developing country Abstract: The purpose of this paper is to investigate the impact of customer-based perceptual corporate sustainability on customer loyalty in a comparative manner, in four important industries (mobile telecommunications services, retail banking services, dairy products and personal care products) in a developing country. A consumer survey was implemented among a sample of 1464 consumers from the urban area of a developing European country. Our research reveals that customer-based perceptual corporate sustainability significantly and positively impacts customer loyalty in all investigated industries, with a stronger impact in retail banking services and a lower one in the case of personal care products. The research identifies those perceptual corporate sustainability dimensions which significantly impact customer loyalty and on which companies should focus within their marketing communication in order to increase customer loyalty. The paper brings relevant multi-sectorial insights, filling a regional knowledge gap, in the particular socio-cultural and economic context of a developing country, and thinking forward the general theoretical knowledge regarding the relationship between customer loyalty and perceptual corporate sustainability as complex constructs. Moreover, by using a quasi-exhaustive manner to conceptualise corporate sustainability, this paper complements previous research on the topic, in which corporate sustainability was constructed narrowly, within limited conceptual frameworks. Journal: Economic Research-Ekonomska Istraživanja Pages: 55-72 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2017.1421998 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1421998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:55-72 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1421997_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ausrine Lakstutiene Author-X-Name-First: Ausrine Author-X-Name-Last: Lakstutiene Author-Name: Aida Barkauskaite Author-X-Name-First: Aida Author-X-Name-Last: Barkauskaite Author-Name: Justyna Witkowska Author-X-Name-First: Justyna Author-X-Name-Last: Witkowska Title: The importance of systemic risk assessment in a risk-based common European Union deposit insurance system: case of Lithuania Abstract: The financial crisis has shown that the deposit insurance system did not help to maintain depositors’ confidence and financial stability for the whole banking sector. In order to ensure equal protection to depositors in all European Union countries, the European Commission presented the common European Union risk-based deposit insurance system model in 2015. In this model, the individual risk of each bank should be measured. However, there are discussions in scientific literature that the amount of systemic risk of the banks should be measured. In the current economy it is very important to measure the arising amount of systemic risk in the banking sector, but even the new E.U. common deposit insurance system model of 2015 does not take systemic risk assessment into account. The aim of the research is to evaluate the risk-based common European deposit insurance system impact on deposit insurance premiums to Lithuanian banks: not only individual banks’ risks, but the systemic risk as well. The most appropriate systemic risk assessment method was selected according to different scientific researchers and strong Lithuanian banking sector concentration. The results showed that inclusion of the systemic risk assessment in risk-based deposit insurance system helps to have more accurate bank risk assessment. Journal: Economic Research-Ekonomska Istraživanja Pages: 73-86 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2017.1421997 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1421997 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:73-86 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1421994_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vlatko Cingoski Author-X-Name-First: Vlatko Author-X-Name-Last: Cingoski Author-Name: Biljana Petrevska Author-X-Name-First: Biljana Author-X-Name-Last: Petrevska Title: Making hotels more energy efficient: the managerial perception Abstract: The boom of the tourism industry has led to a huge interest in investing largely in hotel lodgings. Tourists have become aware and started considering new and far from ordinary tourist issues, like environmental protection, waste treatment measures, energy efficiency, renewable energy, green-house gas emissions, etc. The aims of the study are three-fold: (i) to assess the application of energy efficiency practices in the hotel industry; (ii) to explore the determinants of energy consumption; and (iii) to pose valuable recommendations for boosting development of eco-friendly hotels. The research was conducted in Macedonia for the purpose of identifying the impacts of several factors of managing environmental protection practices, in the first line by measuring their current level of influence. The data were obtained by an online survey conducted among managers of three-, four- and five-star hotels and processed by descriptive statistics. The results showed that managers have high positive perceptions on environmental protection issues and pose high awareness of the benefits produced by this concept, thus supporting the European environmental impact assessment regulation. The study recommends new approaches in challenging the hotel industry to decrease the operating costs and suggests that managers are in need for better understanding of the importance of energy efficiency. Journal: Economic Research-Ekonomska Istraživanja Pages: 87-101 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2017.1421994 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1421994 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:87-101 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1421996_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: You-hua Chen Author-X-Name-First: You-hua Author-X-Name-Last: Chen Author-Name: Qinying He Author-X-Name-First: Qinying Author-X-Name-Last: He Author-Name: Krishna P. Paudel Author-X-Name-First: Krishna P. Author-X-Name-Last: Paudel Title: Quality competition and reputation of restaurants: the effects of capacity constraints Abstract: Capacity constraints have major effects on restaurant competition. This article captures the impact of capacity constraints on quality and quantity competition of restaurant industry by employing a two-stage asymmetric capacity constraints model. There are several findings from this study. First, results of this study indicate that reputation difference increases total outputs and quality in equilibrium. Second, capacity constraints decrease the consumer surplus (CS) as well as social welfare (SW), but restaurants benefit from capacity constraints sometimes. Third, capacity reduces both the quality and quantity of the competitor. Furthermore, restaurants raise their prices if consumers are quality-sensitive or lower the quality if consumers are price-sensitive under capacity constraints. Fourth, this study compares the total quality, CS, and SW under four cases: no restaurant faces constraints, small restaurant faces constraints, big restaurant faces constraints, and both small and big restaurants face constraints. The total quality investment, CS, and SW are highest if a small restaurant faces capacity constraints while the larger one does not. Journal: Economic Research-Ekonomska Istraživanja Pages: 102-118 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2017.1421996 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1421996 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:102-118 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1421995_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Barbara Doric Author-X-Name-First: Barbara Author-X-Name-Last: Doric Author-Name: Vlado Dimovski Author-X-Name-First: Vlado Author-X-Name-Last: Dimovski Title: Managing petroleum sector performance – a sustainable administrative design Abstract: Countries all around the world use energy policy to achieve access to energy resources, such as natural gas and oil, which can lead to energy security and self-sufficiency as well as economic growth and geo-political advantages. As oil and gas exploration and production continues to be a priority within national energy politics in producer countries around the world, oil and gas companies and government bodies are implementing regulations to help enhance the sustainability of the industry. One of the challenges of twenty-first century is to meet demand and provide the world with enough energy in a safe and sustainable way. A range of case study data is used, from which a sample of 10 countries within Europe with similar institutional quality, political stability and regulatory platform was selected. Recommendations for petroleum sector governance and sustainable administrative design, respectively, which will positively impact petroleum sector performance and meet stakeholders’ expectations, were defined. This study indicates that a country implementing separate functions in administrative design will improve petroleum sector performance and address identified key success factors which will correspondingly meet stakeholders’ expectations, but most importantly, it will manage the petroleum sector in order to create wealth for the nation and ensure sustainability. Journal: Economic Research-Ekonomska Istraživanja Pages: 119-138 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2017.1421995 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1421995 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:119-138 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1421990_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dragana Bešlić Obradović Author-X-Name-First: Dragana Author-X-Name-Last: Bešlić Obradović Author-Name: Dejan Jakšić Author-X-Name-First: Dejan Author-X-Name-Last: Jakšić Author-Name: Ivana Bešlić Rupić Author-X-Name-First: Ivana Author-X-Name-Last: Bešlić Rupić Author-Name: Mirko Andrić Author-X-Name-First: Mirko Author-X-Name-Last: Andrić Title: Insolvency prediction model of the company: the case of the Republic of Serbia Abstract: In this article, the authors analyse the existing foreign insolvency prediction models of the company and on the basis of the sample of solvent and insolvent companies they aim to develop a new model to predict insolvency of a company by binomial logistic regression (LR), which will be suitable for the business environment in the Republic of Serbia. The research seeks to determine statistically most important financial ratios in predicting insolvency of Serbian companies. As a result of research, a model for the prediction of bankruptcy was created, which accurately classifies 82.9% of solvent (‘healthy’) Serbian companies and 93.3% of Serbian companies which have undergone bankruptcy proceedings (Serbian insolvent companies), while the average (total) accuracy of the prediction model is 88.4% of the cases. Journal: Economic Research-Ekonomska Istraživanja Pages: 139-157 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2017.1421990 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1421990 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:139-157 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1421993_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wajid H. Rizvi Author-X-Name-First: Wajid H. Author-X-Name-Last: Rizvi Author-Name: Emrah Oney Author-X-Name-First: Emrah Author-X-Name-Last: Oney Title: The influence of emotional confidence on brand attitude: using brand belief as mediating variable Abstract: The direct influence of emotional responses on thinking is firmly established in the literature. The assumption that emotion has primacy over cognition challenges conventional wisdom that both attitude and confidence are primarily cognitive in nature. In order to examine this particular assumption, an alternative conceptualisation has been introduced, called ‘emotional confidence’ (EC). This study is the first attempt to measure EC as a separate construct and to test whether EC can be a determinant of brand attitude (BA) and this relationship can be mediated by brand beliefs. The data was collected from Swansea University Students in context of car buying (N = 197) and analysed through Structural Equation Modelling (SEM). The results indicated that EC can be primary determinant of BA and the relationship between the two is mediated by brand beliefs. Theoretical and managerial implications of the findings are discussed in the light of the study’s limitations and areas for further research indicated. Journal: Economic Research-Ekonomska Istraživanja Pages: 158-170 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2017.1421993 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1421993 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:158-170 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1424557_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ling Tian Author-X-Name-First: Ling Author-X-Name-Last: Tian Author-Name: Shi-Jie Jiang Author-X-Name-First: Shi-Jie Author-X-Name-Last: Jiang Author-Name: Guochen Pan Author-X-Name-First: Guochen Author-X-Name-Last: Pan Author-Name: Ning Zhang Author-X-Name-First: Ning Author-X-Name-Last: Zhang Title: Non-life insurance price dynamics: evidence from the Chinese insurance market Abstract: Non-life insurance prices may fluctuate due to economic and/or institutional factors; occasionally, the changes are cyclical. While the majority of previous studies relating to insurance price dynamics adopt data from developed economies, this paper uses data from China to provide new evidence. This study tests the long-term and short-term effects of real gross domestic product (GDP), interest rate and rate of stock market return on the prices of different lines of non-life insurance, i.e., property-liability insurance and personal accident insurance. The results indicate that the price dynamics of property-liability insurance are generally similar to those of developed countries, except for the effect of GDP, while price determination of personal accident insurance seems to be affected by a wider range of economic and institutional variables and has its own features. The price dynamics of non-life insurance in China have been identified as being connected to the country-specific economic and institutional environments. Journal: Economic Research-Ekonomska Istraživanja Pages: 171-187 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1424557 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1424557 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:171-187 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1426479_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tanja Istenič Author-X-Name-First: Tanja Author-X-Name-Last: Istenič Author-Name: Irena Ograjenšek Author-X-Name-First: Irena Author-X-Name-Last: Ograjenšek Author-Name: Jože Sambt Author-X-Name-First: Jože Author-X-Name-Last: Sambt Title: The gender gap in economic dependency over the life cycle: some theoretical and practical considerations Abstract: Economic analysis usually defines the period of dependency with arbitrary age limits that are independent of country, year, gender and other factors. This paper uses the National Transfer Accounts methodology, which defines dependency by the life cycle periods in which individuals’ consumption exceeds their labour income. The novelty of the paper is the decomposition of the results by gender, as well as the retrospective pre- and post-crisis analysis for the 2000–2012 period. Slovenia, an ageing European society with a small, open economy, is used as a showcase. The findings indicate that, in Slovenia in 2012, women were able to finance their consumption through their labour income for 29.0 years, compared to 35.9 years for men, with a significant decrease in the gender gap in economic dependency over time, from 7.9 years in 2000 to 6.9 in 2012. It would seem that the economic crisis interrupted the path to equal periods of economic dependency for both genders. However, overall, the gender gap tends to decrease, despite the economic crisis. Journal: Economic Research-Ekonomska Istraživanja Pages: 188-205 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1426479 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1426479 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:188-205 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1429288_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Evangelina Aranda Author-X-Name-First: Evangelina Author-X-Name-Last: Aranda Author-Name: Víctor J. Martín Author-X-Name-First: Víctor J. Author-X-Name-Last: Martín Author-Name: Jesús Santos Author-X-Name-First: Jesús Author-X-Name-Last: Santos Title: Competitive convergence in retailing Abstract: This article’s objective is to study the influence of a new hybrid format in the retail distribution sector and this emerging market context is defined as competitive convergence. To attain this objective, 1150 surveys of retail distribution professionals were conducted. These surveys aid in distinguishing retail formats and indicate their competitive position allowing us to generate positioning maps of the Spanish retailing. In addition, Cramer’s coefficient V was used as an association measure between qualitative variables and latent class analysis (LCA) modelling was used to build a segmentation analysis of the competing offer. This analysis shows how retail formats evolve and adapt their competitive variables, even adopting characteristics from different formats (competitive convergence). Supermarkets dominate the Spanish retailing and a hybrid retail format’s better competitive position in aspects commonly associated with other formats supports. Spanish retailing provides an example of the non-static nature of retail formats and business models. Journal: Economic Research-Ekonomska Istraživanja Pages: 206-227 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1429288 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1429288 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:206-227 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1429296_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marcos Vizcaíno-González Author-X-Name-First: Marcos Author-X-Name-Last: Vizcaíno-González Author-Name: Julio Navío-Marco Author-X-Name-First: Julio Author-X-Name-Last: Navío-Marco Title: Influence of shareholders’ support over mergers and acquisitions in US banks Abstract: Using data about the US banking industry, the study investigates how the support disclosed by funds in corporate meetings influences the success of the completion of mergers and acquisitions (M&A). The methodological approach relies on the use of instrumental variables with the generalised method of moments (GMM). The results indicate that the voting support exercises a negative influence over the success of M&A, validating the probable presence of agency-driven behaviour in explaining M&A completion, and indicating that low governance and activism inspires independent behaviour of managers, proceeding against the wishes, position or interests of shareholders. Considering that voting performance has been reported as a proxy for reputational harm, the results provide some understanding about how the success in M&A in the US banking industry may be related to reputational consequences infiltrated through voting decisions. Journal: Economic Research-Ekonomska Istraživanja Pages: 228-239 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1429296 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1429296 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:228-239 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1429292_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shaobo Long Author-X-Name-First: Shaobo Author-X-Name-Last: Long Author-Name: Jun Liang Author-X-Name-First: Jun Author-X-Name-Last: Liang Title: Asymmetric and nonlinear pass-through of global crude oil price to China’s PPI and CPI inflation Abstract: With China’s expanding import demand of crude oil and the gradually relaxing regulation of domestic oil prices, the global oil price is likely to affect China’s price level more closely. Based on an augmented Phillips curve framework, this article employs both the autoregressive distribution lag (ARDL) and nonlinear and asymmetric autoregressive distribution lag (NARDL) model to investigate pass-through effects of crude oil price on China’s producer prices index (PPI) and consumer prices index (CPI) in China. It is found that the impact of global oil price fluctuations to China’s PPI and CPI are asymmetrical in the long-run, and the long-term impacts of the rise in global oil prices on PPI and CPI are greater than the global oil price decline on PPI and CPI. However, the symmetric ARDL model fails to diagnose the impact of oil price to China’s PPI and CPI. Therefore, it is necessary to consider asymmetric relationship in the study of global oil price’s influence on China’s domestic prices. Journal: Economic Research-Ekonomska Istraživanja Pages: 240-251 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1429292 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1429292 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:240-251 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1426480_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Krzysztof Kompa Author-X-Name-First: Krzysztof Author-X-Name-Last: Kompa Author-Name: Dorota Witkowska Author-X-Name-First: Dorota Author-X-Name-Last: Witkowska Title: Factors affecting men’s and women’s earnings in Poland Abstract: The situation of women in the labour market is subject to European Union policy. This is due to prevention of discrimination and promotion of sustainable growth and development. There is a large body of literature describing national and regional labour markets; however, research on the situation in post-communist countries is not provided so often. The goal and contribution to the existing literature is to fill the gap concerning investigation for the Polish labour market. The aim of the research is to identify determinants influencing wages in Poland and to find out if wages obtained by men and women depend on the same factors. Analysis is provided applying statistical analysis and ordered logit models based on the individual data from the Polish Labour Force Survey. The main determinants of wages in Poland are: gender, age or job seniority, level of education, size of firm and occupation. However, the influence of these factors in the following periods and samples (containing all, female and male employees) may be different. Women earn less than men in all education classes and in all NACE branches (NACE - Statistical Classification of Economic Activities in the European Community) branches and this disparity has increased over time. The most important factor of gender income inequality is female segregation into low-wage jobs. Journal: Economic Research-Ekonomska Istraživanja Pages: 252-269 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1426480 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1426480 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:252-269 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1429944_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eva Ivanová Author-X-Name-First: Eva Author-X-Name-Last: Ivanová Author-Name: Jana Masárová Author-X-Name-First: Jana Author-X-Name-Last: Masárová Title: Performance evaluation of the Visegrad Group countries Abstract: The objective of economic success is not only to achieve positive developments in economic indicators, but to ensure a high living standard and quality of life for the population. It is therefore necessary to measure economic success in terms of social and socio-economic indicators, which indicate the quality of life of the population. A relevant indicator of economic development and economic performance is the gross domestic product (GDP) per capita. Although this indicator is the most widely used, it has recently been subject to a wave of criticism. Therefore it is necessary to evaluate the economic success, taking into account other variables, which in themselves imply social indicators: net economic welfare, Human Development Index (HDI), Index of Competitiveness, Index of Economic Freedom (IEF), Prosperity Index, Corruption Perception Index and others. The subject of this article is to evaluate the economic performance of the Visegrad Group countries using GDP per capita and selected socio-economic indicators. We use the method of time series analysis to examine the development of selected indicators. To compare their development we use the method of comparison, and to formulate the findings we use the method of synthesis. In order to evaluate the performance of the Visegrad countries we use scoring method. Journal: Economic Research-Ekonomska Istraživanja Pages: 270-289 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1429944 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1429944 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:270-289 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1426478_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Khyzer Bin Dost Author-X-Name-First: Muhammad Author-X-Name-Last: Khyzer Bin Dost Author-Name: Ch. Abdual Rehman Author-X-Name-First: Ch. Abdual Author-X-Name-Last: Rehman Author-Name: Shahram Gilaninia Author-X-Name-First: Shahram Author-X-Name-Last: Gilaninia Author-Name: Kamariah Bte Ismail Author-X-Name-First: Kamariah Bte Author-X-Name-Last: Ismail Author-Name: Muhammad Wasim Akram Author-X-Name-First: Muhammad Author-X-Name-Last: Wasim Akram Title: The impact of knowledge management’s practices on supply chain performance of the dairy sector in Central Punjab: a mediating role of decentralization Abstract: In this study an attempt has been made to solve a problematic phenomenon regarding how a decentralised environment mediates the effect on supply chain performance (SCP) – by taking various dimensions of knowledge management (KM) – specifically in the dairy sector of Lahore, Pakistan. This study also explores the relationship between KM practices and SCP in the presence of a general system theory; the theory claims that every system is has sub-parts, and every sub-part is surrounded by other sub-parts. Decentralisation has a mediating role which influences the relationship between KM practices and SCP in the dairy sector of Pakistan. A self-administered questionnaire was developed, and data were collected through a random sampling of 355 supply chain members of different dairy organisations in central Punjab. The data was analysed by AMOS software and through structure equation modelling (SEM). The underlying study reveals that the hypothesis is accepted, that decentralisation mediates the relationship between KM practices and SCP at a 1% level of significance; it also reveals that KM practices (with the exceptions of knowledge creation and knowledge sharing) have a direct relationship with SCP. Meanwhile, statistical analysis also indicates that KM practices (with the exception of knowledge creation) have a significant positive relationship with decentralisation at the 1% significance level. Journal: Economic Research-Ekonomska Istraživanja Pages: 290-312 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1426478 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1426478 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:290-312 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1429291_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Homayoun Ebrahimian Author-X-Name-First: Homayoun Author-X-Name-Last: Ebrahimian Author-Name: Saeed Barmayoon Author-X-Name-First: Saeed Author-X-Name-Last: Barmayoon Author-Name: Mohsen Mohammadi Author-X-Name-First: Mohsen Author-X-Name-Last: Mohammadi Author-Name: Noradin Ghadimi Author-X-Name-First: Noradin Author-X-Name-Last: Ghadimi Title: The price prediction for the energy market based on a new method Abstract: Regarding the complex behaviour of price signalling, its prediction is difficult, where an accurate forecasting can play an important role in electricity markets. In this paper, a feature selection based on mutual information is implemented for day ahead prediction of electricity prices, which are so valuable for determining the redundancy and relevancy of selected features. A combination of wavelet transform (WT) and a hybrid forecast method is presented based on a neural network (NN). Furthermore, an intelligent algorithm is considered for a prediction process to set the proposed forecast engine free parameters based NN. This optimisation process improved the accuracy of the proposed model. To demonstrate the validity of this model, the Pennsylvania-New Jersey-Maryland (PJM) electricity market is considered as a test case and compared with some of the most recent price forecast methods. These comparisons illustrate the effectiveness of the proposed strategy. Journal: Economic Research-Ekonomska Istraživanja Pages: 313-337 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1429291 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1429291 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:313-337 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1426471_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jeroen Buysse Author-X-Name-First: Jeroen Author-X-Name-Last: Buysse Author-Name: Muhlis Can Author-X-Name-First: Muhlis Author-X-Name-Last: Can Author-Name: Giray Gozgor Author-X-Name-First: Giray Author-X-Name-Last: Gozgor Title: Globalisation outcomes and the real output in the sub-Saharan Africa LICs: a cointegration analysis Abstract: This article examines the effects of trade openness, foreign direct investment (FDI), and product diversification of exports to the real gross domestic product (GDP) per capita in 11 sub-Saharan Africa Low Income Countries (LIC): Benin, Burkina Faso, the Democratic Republic of Congo, Kenya, Liberia, Madagascar, Malawi, Niger, Rwanda, Sierra Leone and Zimbabwe over the period 1970–2010. We consider time series analysis, including structural break(s) and cointegration modelling. The results indicate that long-run relationships only exist in Kenya, Liberia, Malawi and Sierra Leone. We also document that (1) FDI spurs the real GDP per capita in Kenya; (2) trade openness positively contributes to the real output in Liberia; (3) trade openness is negatively associated with the real GDP per capita in Malawi in the short-run; and (4) product diversification of exports promotes the real GDP per capita in Sierra Leone. Journal: Economic Research-Ekonomska Istraživanja Pages: 338-351 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1426471 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1426471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:338-351 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1432395_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Blagica Petreski Author-X-Name-First: Blagica Author-X-Name-Last: Petreski Author-Name: Marjan Petreski Author-X-Name-First: Marjan Author-X-Name-Last: Petreski Title: Does motherhood explain lower wages for women in Macedonia? Abstract: The objective of the paper is to estimate the motherhood wage gap and its contribution to the gender wage gap in Macedonia, after considering workers’ characteristics and selectivity bias into the labour market for the childbearing-age population. In particular, it aims to disentangle the extent to which the natural role of women to have and raise children affects the gender wage gap. Due to the large female inactivity in Macedonia, we employ a repeated imputation technique, which imputes the wages of those who are unemployed or inactive. Imputed samples are used to decompose the gaps by weighing and by using a re-centred influence function. The Survey of Income and Living Conditions (2010) is used in the analysis. The results suggest that the motherhood wage gap in Macedonia is fully explained by characteristics and, hence, it does not contribute to the potential reducing of the gender wage gap. The selection is also irrelevant, i.e., its consideration does not alter these conclusions. Journal: Economic Research-Ekonomska Istraživanja Pages: 352-375 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1432395 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1432395 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:352-375 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1432405_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Juan Pineiro-Chousa Author-X-Name-First: Juan Author-X-Name-Last: Pineiro-Chousa Author-Name: Marcos Vizcaíno-González Author-X-Name-First: Marcos Author-X-Name-Last: Vizcaíno-González Author-Name: Jérôme Caby Author-X-Name-First: Jérôme Author-X-Name-Last: Caby Title: Linking market capitalisation and voting pattern in corporate meetings Abstract: This research seeks to investigate the connection between market capitalisation and the voting pattern related to proposals about executive compensation and directors’ election, using data about banks from the U.S.A. concerning the 2003–2013 period. Our findings indicate that there is a direct relationship between voting pattern and market capitalisation, suggesting that they are mutually interdependent. When the market value of the bank increases (decreases), the support given by shareholders through their votes in meetings increases (decreases) as well. Also, when the approval showed by shareholders to managerial proposals through their voting decisions gets higher (lower), the market value of the bank gets higher (lower) too. Journal: Economic Research-Ekonomska Istraživanja Pages: 376-385 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1432405 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1432405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:376-385 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1427610_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Melike Bildirici Author-X-Name-First: Melike Author-X-Name-Last: Bildirici Author-Name: Fulya Özaksoy Author-X-Name-First: Fulya Author-X-Name-Last: Özaksoy Title: An analysis of biomass consumption and economic growth in transition countries Abstract: In this paper, the relationship between biomass energy consumption and economic growth was analysed for some European Transition Countries. Two econometrical methods, which are time series (Autoregressive Distributed Lag (A.R.D.L.) bounds testing approach and Granger Causality) and Panel data methods (Pedroni test, Panel Johansen test and Panel Causality test) were used to determine the cointegration relationship between the variables. A.R.D.L. and Granger Causality methods were practiced for Albania, Bulgaria and Romania for the 1981–2014 period. Panel Cointegration and Causality methods were applied for Bosnia and Herzegovina, Czech Republic, Hungary, Macedonia and Slovak Republic for the 1991–2014 period; and Croatia, Estonia, Latvia and Slovenia for the 1995–2014 period. According to the results, while short-run and long-run causality results demonstrate that the conservation hypothesis is valid for Albania and the countries in group 1, evidence of the growth hypothesis is supported for Bulgaria, Romania and the countries in group 2. In strong causality results, evidence of bidirectional causality for all countries is found. Journal: Economic Research-Ekonomska Istraživanja Pages: 386-405 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1427610 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1427610 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:386-405 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1429289_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Huey-Cherng Tsai Author-X-Name-First: Huey-Cherng Author-X-Name-Last: Tsai Author-Name: I-Chun Tsai Author-X-Name-First: I-Chun Author-X-Name-Last: Tsai Title: Market depth in the UK housing market Abstract: This study uses regional data from the UK housing market to analyse market depth. Market depth is the trading volume required to move market prices by one unit. Two methods are applied in this study to analyse the depth of the housing market. First, the responsiveness of housing prices to changes in volume is measured. Second, the relationships between the housing price deviations from the fundamental level and the trading volume are estimated. The results of this article show that a thinner housing market indicates more housing price deviations caused by temporary changes in volume. Journal: Economic Research-Ekonomska Istraživanja Pages: 406-427 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1429289 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1429289 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:406-427 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1432373_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mingqing Xing Author-X-Name-First: Mingqing Author-X-Name-Last: Xing Title: The impact of spillovers on strategic R&D under uncertainty Abstract: This study examines the impact of technological spillovers on competitive and cooperative R&D investments under uncertainty. It assumes that the innovation size is given and an increase in R&D expenditure increases the probability of success. It focuses on the symmetric equilibrium and finds that: (i) the equilibrium R&D expenditure under R&D competition (resp. R&D cooperation) may increase (resp. decrease) with the degree of spillovers if the spillovers are sufficiently small, the innovation size is big enough and the probability of success is high (resp. low) enough; (ii) under R&D competition the privately optimal R&D expenditure may overshoot the social optimum if the spillovers are sufficiently small; (iii) under R&D cooperation the private optimum is socially insufficient regardless of the size of spillovers. Journal: Economic Research-Ekonomska Istraživanja Pages: 428-439 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1432373 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1432373 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:428-439 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1429943_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kuan-Min Wang Author-X-Name-First: Kuan-Min Author-X-Name-Last: Wang Author-Name: Yuan-Ming Lee Author-X-Name-First: Yuan-Ming Author-X-Name-Last: Lee Title: The impacts of life insurance asymmetrically on health expenditure and economic growth: dynamic panel threshold approach Abstract: This study examines the impacts of life insurance asymmetrically on health expenditure and economic growth. Using the dynamic panel threshold model, we find that life insurance growth has a regime switch factor that may change the relationship between health expenditure growth and economic growth. Our results show that the asymmetrical information of life insurance growth affects the causal relationship between health expenditure growth and economic growth. In a low life insurance growth regime, the negative growth of life insurance can stimulate health expenditure and economic growth, which can have a positive feedback effect. However, in the interval of high life insurance growth, the growth does not affect health expenditure or economic growth; there is an adverse feedback effect between economic growth and health expenditure growth, whereby economic growth stimulates health expenditure growth, but health expenditure growth reduces economic growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 440-460 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1429943 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1429943 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:440-460 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1432371_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bogdan Dima Author-X-Name-First: Bogdan Author-X-Name-Last: Dima Author-Name: Flavia Barna Author-X-Name-First: Flavia Author-X-Name-Last: Barna Author-Name: Miruna-Lucia Nachescu Author-X-Name-First: Miruna-Lucia Author-X-Name-Last: Nachescu Title: Does rule of law support the capital market? Abstract: By using data for 45 countries, for a time span between 2009 and 2014, the present paper supports the thesis of a positive and significant correlation between the rule of law and capital market development. In order to achieve this goal, the Rule of Law variable reported by Worldwide Governance Indicators is considered. The relationship remains robust even if control variables such as other legal system variables, including protection of minority investors, enforcing contracts or strength of legal rights of borrowers and lenders as well as initial levels of market development, economic growth, market liquidity, domestic credit to private sector and foreign direct investments are considered. Journal: Economic Research-Ekonomska Istraživanja Pages: 461-479 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1432371 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1432371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:461-479 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1432374_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Suleyman M. Yildiz Author-X-Name-First: Suleyman M. Author-X-Name-Last: Yildiz Title: An empirical analysis of the leader–member exchange and employee turnover intentions mediated by mobbing: evidence from sport organisations Abstract: Despite the existence of numerous important factors that affect organisations’ efficiency and productivity, including leader–member exchange, mobbing, and employee turnover intentions, studies analysing the relationships among these variables are scarce in the sports literature. Hence, the purpose of this study was to investigate the relationships between leader–member exchange and turnover intentions, focusing primarily on the mediating role of mobbing. The sample for the study was collected from participants who worked in a public organisation providing sports and physical activity services. The results of the study showed statistically significant relationships among leader–member exchange, mobbing, and employee turnover intentions. More specifically, leader–member exchange was found to have a significant negative relationship with mobbing and employee turnover intentions. Mobbing, on the other hand, had a significant positive relationship with employee turnover intentions and mediated the relationship between leader–member exchange and employee turnover intentions. Managerial and research implications and contributions of the study were discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 480-497 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1432374 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1432374 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:480-497 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1438909_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Luminita Popescu Author-X-Name-First: Luminita Author-X-Name-Last: Popescu Author-Name: Anica Iancu Author-X-Name-First: Anica Author-X-Name-Last: Iancu Author-Name: Tomita Vasile Author-X-Name-First: Tomita Author-X-Name-Last: Vasile Author-Name: Virgil Popescu Author-X-Name-First: Virgil Author-X-Name-Last: Popescu Title: Stress and burnout of human resources at the level of Mehedinti County – Romania organisations Abstract: The evolution of human society as a whole has generated, in addition to the positive aspects (growth of living standards, improving communication, easy access to breakthrough technologies and information, etc.), a number of negative aspects (multiplication of economic crimes, amplification and increase of diseases that can affect the human body). The object of this article is represented by one such negative consequence of human development under the impact of economic, political and social factors, namely stress and burnout. The study presented by the authors covers the employees of organisations operating in the Mehedinti county in 2015. The study has been conducted based on the Maslach Burnout Inventory (MBI) distributed to a sample, the size of which has been chosen based on statistical methods allowing the determination of the optimum sample size. Journal: Economic Research-Ekonomska Istraživanja Pages: 498-509 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1438909 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1438909 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:498-509 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1438908_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zeki Bayramoglu Author-X-Name-First: Zeki Author-X-Name-Last: Bayramoglu Author-Name: Cennet Oguz Author-X-Name-First: Cennet Author-X-Name-Last: Oguz Author-Name: Zuhal Karakayaci Author-X-Name-First: Zuhal Author-X-Name-Last: Karakayaci Author-Name: Hasan Arısoy Author-X-Name-First: Hasan Author-X-Name-Last: Arısoy Title: Identification of the income level needed for agricultural enterprises to achieve economic sustainability Abstract: This study aims to identify the income level required for agricultural enterprises to achieve economic sustainability. The theory behind the equation used to calculate a sustainable income is explained. The ecological, technical, social and economic components of sustainability in agricultural enterprises have been identified and discussed and the importance of economic sustainability in terms of achieving total sustainability has been emphasised. Economic sustainability was divided into three components incorporating the income needed to meet the cost of living and to address depreciation and interest costs for the enterprise. Those enterprises that achieved this income level were determined to be economically sustainable. For this purpose, data was collected by using a face-to-face survey method with 181 agricultural enterprises operating in Konya and analysed in line with the purpose of the study. According to the results of our analysis, it was observed that more than 150 enterprises were not sustainable. Journal: Economic Research-Ekonomska Istraživanja Pages: 510-520 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1438908 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1438908 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:510-520 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1439396_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anna Blajer-Gołębiewska Author-X-Name-First: Anna Author-X-Name-Last: Blajer-Gołębiewska Author-Name: Dagmara Wach Author-X-Name-First: Dagmara Author-X-Name-Last: Wach Author-Name: Maciej Kos Author-X-Name-First: Maciej Author-X-Name-Last: Kos Title: Financial risk information avoidance Abstract: Availability of information is one of the most important factors for financial decision-makers. Having complete information about the probability of losing money should always leave decision-makers better off. However, in some situations financial decision-makers prefer to know less than more. In this study we investigated the impact of selected characteristics of financial threats on individuals’ decisions to avoid risk information in an incentivised online experiment. We found that threat severity, relative risk, and effectiveness of threat prevention alone do not influence decisions to avoid risk information. However, we did find an interaction effect between the first two treatments. Furthermore, our data suggest that coping style, locus of control, and anticipated emotional response are statistically significant predictors of financial risk information avoidance. Journal: Economic Research-Ekonomska Istraživanja Pages: 521-536 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1439396 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1439396 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:521-536 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1441046_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Melike E. Bildirici Author-X-Name-First: Melike E. Author-X-Name-Last: Bildirici Author-Name: Fulya Ozaksoy Sonustun Author-X-Name-First: Fulya Author-X-Name-Last: Ozaksoy Sonustun Title: Backward bending structure of Phillips Curve in Japan, France, Turkey and the U.S.A. Abstract: This work aims to analyse the cointegration and the causality relationship between inflation and unemployment by using nonlinear A.R.D.L. and two popular nonlinear causality tests for the period from 1960 to 2016 in Japan, Turkey, the U.S.A. and from 1970 to 2016 in France. This study complements the previous empirical papers. However, it differs from the existing literature with simultaneous use of nonlinear A.R.D.L. and causality methods. Nonlinear A.R.D.L. determined that there is a long run relationship between inflation and unemployment; between economic growth and unemployment for Japan, France, the U.S.A. and Turkey. Journal: Economic Research-Ekonomska Istraživanja Pages: 537-549 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1441046 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1441046 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:537-549 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1429293_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: M. M. Fonseka Author-X-Name-First: M. M. Author-X-Name-Last: Fonseka Author-Name: R. L. Theja N. Rajapakse Author-X-Name-First: R. L. Theja N. Author-X-Name-Last: Rajapakse Author-Name: Gao-Liang Tian Author-X-Name-First: Gao-Liang Author-X-Name-Last: Tian Title: Competitors’ stock price reactions in response to private equity placements: evidence from a transitional economy Abstract: This paper examines whether information conveyed by private equity placement decisions transfers to non-applying companies within the same industry. In particular, it investigates the impact of a company’s announcements of the application for, withdrawal, rejection, approval and completion of private equity placement, while examining the cross-sectional differences of the market performance of their industry counterparts, both in the short- and long-term. It was found that an intra-industry reaction exists; competitors experience a decrease in stock prices in response to the announcement of the application for, approval and completion of private equity placement and an increase in stock prices around the announcement of the withdrawal or rejection of applications. Further, it was found that competitors experience a decrease in their long-term stock performance following private placements. A higher discount on private equity placement is detrimental for private equity (P.E.) issuing companies in the long-term. This study, therefore, provides evidence of the existence of a contagion effect in the long-term while a competitive effect dominates in the short-term. Journal: Economic Research-Ekonomska Istraživanja Pages: 550-575 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1429293 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1429293 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:550-575 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1442232_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Corina Rădulescu Author-X-Name-First: Corina Author-X-Name-Last: Rădulescu Author-Name: Oana Simona (Caraman) Hudea Author-X-Name-First: Oana Simona (Caraman) Author-X-Name-Last: Hudea Title: Econometric modelling of the consumer’s behaviour in order to develop brand management policies Abstract: Assuming that the value of a powerful brand lies in its capacity to decrypt the consumers’ preference and fidelity, we undertake, in the present study, to analyse the important criteria used when selecting a shampoo brand, to outline the profile of such products and to capture the dependence of the endogenous variable (the shampoo brand selected by consumers), on the exogenous variables (Product characteristics, Personal experience, Brand and Price) that the consumer had in view when deciding to purchase an optimum product. This paper, based on multiple regression equations, outlines the direction and intensity of the dependence, using data arising from an opinion poll, covering an 8-year period, carried out on an average population of 8921 individuals. In essence, the present application reveals, an appropriate method for acquiring a higher market share, to its largest extent, the orientation towards consumer and product, price being a subsidiary instrument, specific only to companies trying to maintain themselves in the market. In contrast, a leader, a challenger or a pursuing company should be highly flexible, ready to continuously adapt their brand to the ever-changing consumers’ needs. Journal: Economic Research-Ekonomska Istraživanja Pages: 576-591 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1442232 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1442232 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:576-591 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1429294_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tie-Ying Liu Author-X-Name-First: Tie-Ying Author-X-Name-Last: Liu Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Hsu-Ling Chang Author-X-Name-First: Hsu-Ling Author-X-Name-Last: Chang Author-Name: De-Ping Xiong Author-X-Name-First: De-Ping Author-X-Name-Last: Xiong Title: Does the Law of One Price hold? A cross-regional study of China Abstract: This study considers the price convergence in different regions of China, which is the largest developing country in the world and a country in which the regional difference is much larger between provinces. Whether there is price convergence between regions in one country is an important economic issue according to the Law of One Price (LOP) theory. Compared to previous studies, this article operates with the Sequential Panel Selection Method (SPSM) to explore the non-stationary properties of the LOP in China’s regions. We provide robust evidence to specify that the LOP holds true for two-thirds of the provinces in China, mainly in the Western and Central regions. This means that the Eastern region’s price fluctuation is non-stationary and that the consumer price index (CPI) levels of the Western, Central and Northeastern regions are relatively convergent in China. The conduction path of the CPI level is from the Eastern region to the other regions. It shows that prices can converge with each other by LOP and the values of the same goods in the Western and Central regions are equal and if there is a price difference, then it can be eliminated by interregional trade. Journal: Economic Research-Ekonomska Istraživanja Pages: 592-606 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1429294 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1429294 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:592-606 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1432380_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sanghoon Lee Author-X-Name-First: Sanghoon Author-X-Name-Last: Lee Title: Growth, profits and R&D investment Abstract: This study uses firm-level panel data from Korea over the period 1990–2012 to examine the relationship between growth, profitability and R&D investment. The empirical results show that (i) the effect of profits on growth is negative, which, however, isy significant only after the financial crisis; (ii) the effect of growth on profits is insignificant, but a positive relationship is found before the crisis and for old firms; and (iii) there is an inverse U-shaped relationship between R&D investment and cash flow, and the effect of cash flow on R&D investment is positive before the crisis and for non-group firms. The empirical results reflect the institutional setting and historical context of Korea. Theoretical and practical implications are discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 607-625 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1432380 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1432380 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:607-625 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1438906_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihaela Peres Author-X-Name-First: Mihaela Author-X-Name-Last: Peres Author-Name: Waqar Ameer Author-X-Name-First: Waqar Author-X-Name-Last: Ameer Author-Name: Helian Xu Author-X-Name-First: Helian Author-X-Name-Last: Xu Title: The impact of institutional quality on foreign direct investment inflows: evidence for developed and developing countries Abstract: This study examines the impact of institutional quality on foreign direct investment (F.D.I.) by categorising the countries as developed or developing. We measured institutional quality by the sum of control of corruption and rule of law indicators. We provide evidence that institutional quality positively and significantly impacts F.D.I. in developed countries; specifically, we find that a one standard deviation change in governance significantly affects F.D.I. by a factor of 0.2225 (using common law and the lagged values of the independent variables as instruments). Ceteris paribus, the results for the developing countries demonstrate that the institutional quality impact is insignificant because of the weak structure of institutions. Result findings strongly support the significance of governance indicators in attracting F.D.I. inflows. From our results, we infer that the relevance of governance indicators tends to be a key point in attracting F.D.I. inflows. Journal: Economic Research-Ekonomska Istraživanja Pages: 626-644 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1438906 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1438906 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:626-644 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1438910_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nataša Vrh Author-X-Name-First: Nataša Author-X-Name-Last: Vrh Title: What drives the differences in domestic value added in exports between old and new E.U. member states? Abstract: Domestic value added in exports has lately become a key measure of a country’s global competitiveness. This paper analyses the potential drivers of the differences in domestically generated value added in exported goods between ‘new’ (CEE-10) and ‘old’ (EU-15) countries. The analysis focuses on the role played by intangible investments, human capital and foreign direct investment. By studying export performance at the industry level for the period 2000–2011, this paper finds that differences in the share of domestically generated value added depend on investments in intangible capital, in particular investments in research and development. CEE-10 countries suffer from a distinct lack of investments in intangible capital, which is currently only sufficient to enable their mere participation in global value chains. Further, inward F.D.I. causes a reduction in demand for domestic inputs for both groups of countries and hence lowers D.V.A. in exports, while CEE-10 countries are also found to be upgrading global value chains by undertaking outward F.D.I. Journal: Economic Research-Ekonomska Istraživanja Pages: 645-663 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1438910 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1438910 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:645-663 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1438907_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Faisal Faisal Author-X-Name-First: Faisal Author-X-Name-Last: Faisal Author-Name: Turgut Tursoy Author-X-Name-First: Turgut Author-X-Name-Last: Tursoy Author-Name: Nil Gunsel Resatoglu Author-X-Name-First: Nil Author-X-Name-Last: Gunsel Resatoglu Author-Name: Niyazi Berk Author-X-Name-First: Niyazi Author-X-Name-Last: Berk Title: Electricity consumption, economic growth, urbanisation and trade nexus: empirical evidence from Iceland Abstract: This study empirically investigates the relationship between economic growth, electricity consumption, trade and urbanisation in Iceland, covering the period 1965–2013. The A.R.D.L. bounds testing approach to co-integration is applied to investigate the existence of the long-run relationship. The causality was investigated among the variables using Granger causality under the V.E.C.M. framework. The A.R.D.L. bounds testing approach to co-integration confirms a long-run relationship between electricity consumption and its regressors. The empirical estimation indicates the existence of a positive and statistically significant impact of economic growth, trade and urbanisation on electricity consumption for Iceland, not only in the long-run, but also in the short-run. Furthermore, electricity consumption converges to its long-run position by 45.63% speed of adjustment using the channels of urbanisation, trade and economic growth. The results of Granger causality imply the presence of a feedback causal relationship between urbanisation and electricity consumption in the long-run, thus validating the feedback hypothesis. However, economic growth is causing trade, thus validating the growth-led trade hypothesis in the short-run. Additionally, no causal relationship was found between electricity usage and economic growth, which confirms the neutrality hypothesis. Implementing the energy conservation policy will have no damaging effect on economic growth for Iceland. Journal: Economic Research-Ekonomska Istraživanja Pages: 664-680 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1438907 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1438907 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:664-680 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1426472_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Komeil Shaeri Author-X-Name-First: Komeil Author-X-Name-Last: Shaeri Author-Name: Salih Katircioğlu Author-X-Name-First: Salih Author-X-Name-Last: Katircioğlu Title: The nexus between oil prices and stock prices of oil, technology and transportation companies under multiple regime shifts Abstract: This study investigates the interaction between crude oil prices and the stock prices of oil, technology and transportation companies listed on U.S. stock exchanges, using weekly data covering the period from 2 January 1990 to 3 February 2015. Considering the importance of regime shifts or structural breaks in econometric analysis, this study employs the Carrion-i-Silvestre, Kim, and Perron unit root tests and the Maki cointegration tests, allowing for multiple breaks. Cointegration results confirm the existence of long-run equilibrium relationships between these stock indices, crude oil prices, short-term interest rates and the S&P 500. These findings indicate that crude oil prices and the other explanatory variables are long-run determinants of the stock prices of oil, technology and transportation firms. Stock prices of oil companies are positively affected by crude oil prices to a greater degree than that of technology and transportation stocks. Time-varying causality results show that West Texas Intermediate crude oil (WTI) is relatively more likely to affect the stock prices of these companies rather than to be affected by them. Evidently, it is confirmed that financial crises have a substantial ability to intensify the causal linkages between WTI and the stock indices of these companies. Journal: Economic Research-Ekonomska Istraživanja Pages: 681-702 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1426472 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1426472 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:681-702 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1441045_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Adam Zaremba Author-X-Name-First: Adam Author-X-Name-Last: Zaremba Title: The momentum effect in country-level stock market anomalies Abstract: The paper investigates the momentum effect in country-level anomalies in global equity markets. By using a sample of 78 countries for the period from 1995 to 2015, we test a set of potential 40 cross-sectional inter-market anomalies, some of which had never been examined before. Based on the findings, according to which half of these return patterns serve as reliable and robust sources of returns, we provide convincing evidence that the anomalies with good performance over the past 6–12 months tend to outperform in the future. Furthermore, returns on individual country-level strategies are weakly correlated. Consequently, developing a portfolio consisting of past top-performing strategies may constitute a valuable approach for international investors. Journal: Economic Research-Ekonomska Istraživanja Pages: 703-721 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1441045 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1441045 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:703-721 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1442236_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Author-Name: Rizwan Raheem Ahmed Author-X-Name-First: Rizwan Author-X-Name-Last: Raheem Ahmed Author-Name: Jolita Vveinhardt Author-X-Name-First: Jolita Author-X-Name-Last: Vveinhardt Author-Name: Saghir Pervaiz Ghauri Author-X-Name-First: Saghir Pervaiz Author-X-Name-Last: Ghauri Author-Name: Sarwar Zahid Author-X-Name-First: Sarwar Author-X-Name-Last: Zahid Title: Forecasting tax revenues using time series techniques – a case of Pakistan Abstract: The objective of this research was to forecast the tax revenue of Pakistan for the fiscal year 2016–17 using three different time series techniques and also to analyse the impact of indirect taxes on the working class. The study further analysed the efficiency of three different time series models such as the Autoregressive model (A.R. with seasonal dummies), Autoregressive Integrated Moving Average model (A.R.I.M.A.), and the Vector Autoregression (V.A.R.) model. In any economy, tax analysis and forecasting of revenues is of paramount importance to ensure the economic and fiscal policies. This study is important to identify significant variables affecting tax revenue specifically in Pakistan. The data used for this paper was from July 1985 to December 2016 (monthly) and focused on forecasting for 2017. For the forecasting of total tax revenue, we used components of tax revenues such as direct tax, sales tax, federal excise duty and customs duties. The results of this study revealed that among these models the A.R.I.M.A. model gives better-forecasted values for the total tax revenues of Pakistan. The results further demonstrated that major tax revenue is generated by indirect taxes, which cause more inflation that directly hits the working class of Pakistan. Journal: Economic Research-Ekonomska Istraživanja Pages: 722-754 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1442236 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1442236 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:722-754 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1442235_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhenshan Yang Author-X-Name-First: Zhenshan Author-X-Name-Last: Yang Author-Name: Gaojian Hao Author-X-Name-First: Gaojian Author-X-Name-Last: Hao Author-Name: Zhe Cheng Author-X-Name-First: Zhe Author-X-Name-Last: Cheng Title: Investigating operations of industrial parks in Beijing: efficiency at different stages Abstract: Industrial parks enjoy significant importance in many countries and regions. This study presents a multi-stage operational process to evaluate the efficiency of parks at each stage using an empirical study of Beijing. The study finds that only three of 22 parks were efficient overall during 2006–2008 and two of 22 were efficient during 2009–2012. The promotion of business, facilitation of production, and rewards of economic returns are highly correlated stages for efficiency performance. The results suggest that Beijing’s government should expend more effort developing the potential to generate outputs given current land and investment inputs. In addition, it provides a tool to strengthen the organisational capacity development of industrial parks by emphasising their multi-dimensions in inputs and outputs, selecting the right competitors at the right organisational stage, locating sources of efficiency and inefficiency, and understanding progression and balance of internal stages during operation. Journal: Economic Research-Ekonomska Istraživanja Pages: 755-777 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1442235 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1442235 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:755-777 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1442233_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ming-Jen Chang Author-X-Name-First: Ming-Jen Author-X-Name-Last: Chang Author-Name: Meng-Chao Liu Author-X-Name-First: Meng-Chao Author-X-Name-Last: Liu Title: Accounting for monetary and fiscal policy effects in a simple dynamic general equilibrium model Abstract: We construct a simple dynamic general equilibrium model to examine several important macroeconomic issues in the study. The active monetary and passive fiscal (AM/PF) policy may induce the raising of both interest rates and inflation rates. We find that there is a positive relationship between shopping time and inflation because higher inflation causes agents to reduce their money holdings so as to take more time for shopping. In addition, shopping time and output move in opposite ways due to the fact that higher shopping time results in lower working hours, so as to decrease production. Finally, this model fails to capture liquidity effect, but rather identify price puzzle through an expansion of monetary policy shock. Journal: Economic Research-Ekonomska Istraživanja Pages: 778-795 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1442233 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1442233 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:778-795 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456347_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Igor Ivašković Author-X-Name-First: Igor Author-X-Name-Last: Ivašković Author-Name: Tomaž Čater Author-X-Name-First: Tomaž Author-X-Name-Last: Čater Title: The influence of public funding on the strategies and performance of non-profit basketball clubs from South-Eastern Europe Abstract: The purpose of this study is to examine how private funding affects non-profit sport clubs in terms of their strategic decisions and organisational performance. Data for the study were collected from a survey of 73 basketball clubs’ managers from four South-east European countries. Explorative factor analysis and structural equation modelling were employed. The results show that stronger influence of public institutions, reflected in a higher proportion of clubs’ funding from public resources, affects clubs’ strategies so that clubs with a greater percentage of public funds: (1) emphasise risk reduction more than fast results; (2) emphasise local community aims more than top sport results; and (3) emphasise organisational growth more than cost reduction. The study empirically verified the thesis that clubs with a larger proportion of public funds are less successful in terms of sport and financial results, which is partially a consequence of their different strategic focus. The study offers a better understanding of the relationships among the structure of clubs’ funding and its direct (clubs’ strategic conduct) and indirect (clubs’ performance) consequences. Journal: Economic Research-Ekonomska Istraživanja Pages: 796-810 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456347 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456347 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:796-810 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456351_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lukrecija Djeri Author-X-Name-First: Lukrecija Author-X-Name-Last: Djeri Author-Name: Predrag Stamenković Author-X-Name-First: Predrag Author-X-Name-Last: Stamenković Author-Name: Ivana Blešić Author-X-Name-First: Ivana Author-X-Name-Last: Blešić Author-Name: Snežana Milićević Author-X-Name-First: Snežana Author-X-Name-Last: Milićević Author-Name: Milan Ivkov Author-X-Name-First: Milan Author-X-Name-Last: Ivkov Title: An importance-performance analysis of destination competitiveness factors: case of Jablanica district in Serbia Abstract: The principal aim of this paper was to explore destination competitiveness factors of Jablanica District (Serbia), by examining the attitudes of tourists. For research purposes, 32 attributes of destination competitiveness were rated with two parallel five-point Likert type scales – one by which tourists rated the importance of the attribute and the other by which they expressed their satisfaction with the same. A total of 378 validly completed questionnaires were collected and served as a basis for data analysis. By using a factor analysis, the most important destination competitiveness factors were extracted. Based on this factor solution, Importance-Performance Analysis (I.P.A.) was performed. Using I.P.A., this article examines the efficiency of the resources allocation based on isolated factors, and the possibility of creating management strategies to improve the competitiveness of this destination. The results of this study indicate that the factors of food and environment are of primary importance for tourists when choosing this tourism destination. Research results will be of great importance for tourism managers in the destination, as well as for authorities of local governments in the district, to better understand strengths and weaknesses of identified competitiveness factors and utilise them as a starting point for tourism development. Journal: Economic Research-Ekonomska Istraživanja Pages: 811-826 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456351 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456351 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:811-826 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456346_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana Tomic Author-X-Name-First: Ivana Author-X-Name-Last: Tomic Author-Name: Zdravko Tesic Author-X-Name-First: Zdravko Author-X-Name-Last: Tesic Author-Name: Bogdan Kuzmanovic Author-X-Name-First: Bogdan Author-X-Name-Last: Kuzmanovic Author-Name: Milos Tomic Author-X-Name-First: Milos Author-X-Name-Last: Tomic Title: An empirical study of employee loyalty, service quality, cost reduction and company performance Abstract: The focus of this study was on investigating the relationships among employee loyalty, service quality, cost reduction and company performance, with the aim to investigate the impact of employee loyalty to company performance. The research model was developed and empirically tested on the sample of 100 service companies with 317 questionnaire surveys conducted in the Republic of Serbia and Bosnia and Herzegovina. Using different statistical analysis (the Kolmogorov-Smirnovljev statistic, Path analysis, A.M.O.S. statistic software and lavaan software) leads to the conclusion that employee loyalty is significantly related and has a positive influence on company performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 827-846 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456346 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456346 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:827-846 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1426473_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Miroslav Huđek Author-X-Name-First: Miroslav Author-X-Name-Last: Huđek Author-Name: Zoran Savić Author-X-Name-First: Zoran Author-X-Name-Last: Savić Author-Name: Robert Kelemen Author-X-Name-First: Robert Author-X-Name-Last: Kelemen Title: Model of the influence of expense item ‘energy’ on excellence of school operation Abstract: This paper aims to investigate the influence of expense item ‘Energy’ on excellence of school operation. The study was conducted on a sample of 33 primary and 13 secondary schools established by the County of Varaždin, in the area of financing decentralised functions. The following study task was set: ‘Determine the Model of influence of expense item “Energy” on excellence of school operation’. Based on research that incorporated the Pareto Principle and descriptive statistics in the area of quartile, correlation and regression analysis, a model for determining the influence of expense item ‘Energy’ on excellence of school operation in primary and secondary education was provided for the area covered by local government. Based on the results and the generated model, suggestions were made for the improvement of the primary and secondary education system at local government level of operation. Journal: Economic Research-Ekonomska Istraživanja Pages: 847-859 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1426473 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1426473 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:847-859 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456348_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mei-Ping Chen Author-X-Name-First: Mei-Ping Author-X-Name-Last: Chen Author-Name: Dai-Tzung Chung Author-X-Name-First: Dai-Tzung Author-X-Name-Last: Chung Author-Name: Yu-Hui Lin Author-X-Name-First: Yu-Hui Author-X-Name-Last: Lin Title: Assessing international financial integration: do industry and firm-specific characteristics matter? Evidence from the Japanese market Abstract: International financial integration has received much attention among professional investors. The purpose of this study is to investigate the relationship between financial integration and industry and firm-specific characteristics through analysing cross-listing premiums (determined by the price difference between American Depositary Receipts (A.D.R.s) and their underlining stocks) in Japan. Employing autoregressive models to examine convergence speeds of a shock to the price difference and non-linear Band-threshold autoregressive models to identify non-arbitrage bands, we find that firms integrate well when they are larger in size, sales growth, turnover, performance, institutional holdings, or marked by merger activity, overseas subsidiaries, industrial or consumer goods industries, and a longer history of A.D.R. listing. That is, the A.D.R. with the abovementioned characteristics tends to have less scope for arbitrage. However, cross-market premiums for firms which have large shareholders and a larger extent of earnings management converge more slowly and have longer half-lives, implying more arbitrage opportunities exist. The explanatory variables applied explain over 35% of variance of premium, and most of the variables remain significant determinants of half-lives whether autoregressive or threshold autoregressive modules are used, but firm leverage is not. The results show that the metals and mining industry converges notably slower than other industries, indicating arbitrage is possible. Journal: Economic Research-Ekonomska Istraživanja Pages: 860-879 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456348 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456348 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:860-879 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456350_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Michal Plaček Author-X-Name-First: Michal Author-X-Name-Last: Plaček Author-Name: František Ochrana Author-X-Name-First: František Author-X-Name-Last: Ochrana Title: A comparison of selected characteristics of the senior civil service of the Czech Republic and the United Kingdom: a lesson for effective management of bureaucracy Abstract: This research focuses on the comparison of selected characteristics of senior officials from ministries in the Czech Republic and the United Kingdom. It compares two countries with different systems of bureaucracy and with different legal backgrounds but with a common mission among officials within the civil service in the countries surveyed – to perform their duties effectively. Based on the findings, the authors have submitted recommendations for public policy as well as for streamlining of the bureaucratic apparatus. Journal: Economic Research-Ekonomska Istraživanja Pages: 880-898 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456350 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456350 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:880-898 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456352_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jeong-Yoo Kim Author-X-Name-First: Jeong-Yoo Author-X-Name-Last: Kim Author-Name: Joon Yeop Kwon Author-X-Name-First: Joon Author-X-Name-Last: Yeop Kwon Title: ‘Guaranteed lowest prices: do they facilitate collusion?’: Revisited Abstract: We examine the effect of guaranteed lowest price clauses (G.L.P.). First, we correct the proof of Logan and Lutter’s main result that it is the unique equilibrium outcome for firms adopting G.L.P. to charge collusive prices in a simultaneous pricing game, if one uses the trembling-hand perfect equilibrium as the solution concept. Second, we extend their argument to a sequential pricing game in which one firm chooses its price before the other, given that both firms adopt G.L.P. We show that collusive prices is the unique equilibrium outcome in this game even without resorting to any stringent refinement like the trembling-hand perfect equilibrium. Journal: Economic Research-Ekonomska Istraživanja Pages: 899-907 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456352 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456352 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:899-907 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456354_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mei-Ping Chen Author-X-Name-First: Mei-Ping Author-X-Name-Last: Chen Author-Name: Chien-Chiang Lee Author-X-Name-First: Chien-Chiang Author-X-Name-Last: Lee Author-Name: Yu-Hui Lin Author-X-Name-First: Yu-Hui Author-X-Name-Last: Lin Author-Name: Wen-Yi Chen Author-X-Name-First: Wen-Yi Author-X-Name-Last: Chen Title: Did the S.A.R.S. epidemic weaken the integration of Asian stock markets? Evidence from smooth time-varying cointegration analysis Abstract: The purpose of this study is to examine the effect of the Severe Acute Respiratory Syndrome (S.A.R.S.) epidemic on the long-run relationship between China and four Asian stock markets. To this end, we first employ the advanced smooth time-varying cointegration model to investigate the existence of a time-varying cointegration relation among these markets and then employ the difference-in-differences approach to analyse whether or not the S.A.R.S. epidemic impacted the long-run relation between China and these four markets during the period 1998–2008, covering 5 years before and after the S.A.R.S. outbreak. Our results support the existence of a time-varying cointegration relation in the aggregate stock price indices, and that the S.A.R.S. epidemic did weaken the long-run relationship between China and the four markets. Therefore, stockholders and policy makers should be concerned about the influence of catastrophic epidemic diseases on the financial integration of stock market in Asia. Journal: Economic Research-Ekonomska Istraživanja Pages: 908-926 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456354 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456354 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:908-926 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1442234_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Huda A. Megeirhi Author-X-Name-First: Huda A. Author-X-Name-Last: Megeirhi Author-Name: Hasan Kilic Author-X-Name-First: Hasan Author-X-Name-Last: Kilic Author-Name: Turgay Avci Author-X-Name-First: Turgay Author-X-Name-Last: Avci Author-Name: Bilal Afsar Author-X-Name-First: Bilal Author-X-Name-Last: Afsar Author-Name: A. Mohammed Abubakar Author-X-Name-First: A. Mohammed Author-X-Name-Last: Abubakar Title: Does team psychological capital moderate the relationship between authentic leadership and negative outcomes: an investigation in the hospitality industry Abstract: The recent theoretical advances in positive organisational variables like authentic leadership and collective psychological capital (PsyCap) provide the credo to test the possible moderating effect of collective psychological capital in the form of team PsyCap. The purpose of this study is to test a model linking authentic leadership with employee cynicism, tolerance to workplace incivility and job search behaviour at the group level. A sample of 331 employees (45 teams) from the hospitality industry in the Arab Middle Eastern context was utilised (Jordan). The findings indicated that authentic leadership was significantly related to the aforementioned variables; and team psychological capital moderated the relationship between authentic leadership and tolerance to workplace incivility. Implications for practice and theory are discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 927-945 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1442234 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1442234 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:927-945 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1436450_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Paweł Mielcarz Author-X-Name-First: Paweł Author-X-Name-Last: Mielcarz Author-Name: Dmytro Osiichuk Author-X-Name-First: Dmytro Author-X-Name-Last: Osiichuk Author-Name: Adam Behr Author-X-Name-First: Adam Author-X-Name-Last: Behr Title: The influence of capital expenditures on working capital management in the corporate sector of an emerging economy: the role of financing constraints Abstract: Relying on firm-level panel data from an emerging economy, this study explores the impact of fixed capital expenditure on working capital management practices. When facing insufficient internally generated cash flows and external funds for accommodating capital investments, companies are found to finance capital expenditure by primarily depleting cash reserves and increasing trade payables. Corroborating the postulates of the financing constraints theory, working capital investments are found to be inversely related to the degree of financing constraints, and positively sensitive to operating cash flow fluctuations and availability of external finance. For financially constrained companies, capital expenditures are found to more likely exercise a negative impact on working capital investments. Contributing to the discussion on the nature of business cycles, we document that the negative cash flow shocks are likely to be transmitted to firms’ counterparties through the trade credit channel rather than through the reduction of investment demand. The empirical findings also suggest that financial managers fail to properly account for capital expenditures in short-term liquidity planning, which, under conditions of limited access to imperfect capital markets, may induce the recurrence of costly working capital adjustments. Journal: Economic Research-Ekonomska Istraživanja Pages: 946-966 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1436450 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1436450 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:946-966 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1436451_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alberto Urueña Author-X-Name-First: Alberto Author-X-Name-Last: Urueña Author-Name: Álvaro E. Arenas Author-X-Name-First: Álvaro E. Author-X-Name-Last: Arenas Author-Name: Antonio Hidalgo Author-X-Name-First: Antonio Author-X-Name-Last: Hidalgo Title: Understanding workers’ adoption of productivity mobile applications: a fuzzy set qualitative comparative analysis (fsQCA) Abstract: Mobile devices such as smartphones and tablets become more present in our lives every day. Most of these devices use the Android operating system (O.S.), becoming the most popular O.S. for mobile devices. For these devices, there is a huge offer of application software that provides answers to users’ different needs. This study aims to analyse how combinations of personality factors, sociodemographic variables and Internet use influence the adoption of productivity mobile apps by workers. To achieve this, a combination of these variables is analysed using fuzzy set Qualitative Comparative Analysis (fsQCA.) that allows us to analyse complex complementarities among factors. The results show the importance of distinct personality traits – extraversion and agreeableness – to understand the adoption of these services. Our study also provides relevant insight for software developers to target segments interested in the use of productivity software in their mobile devices. Journal: Economic Research-Ekonomska Istraživanja Pages: 967-981 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1436451 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1436451 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:967-981 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1436452_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andrzej Cieślik Author-X-Name-First: Andrzej Author-X-Name-Last: Cieślik Author-Name: Jan Jakub Michałek Author-X-Name-First: Jan Jakub Author-X-Name-Last: Michałek Title: Firm-level determinants of direct and indirect exports: empirical evidence for C.E.E. and M.E.N.A. countries Abstract: In this paper, we study the determinants of the direct and indirect export performance of firms in Central and Eastern European (C.E.E.) and Middle Eastern and North African (M.E.N.A.) countries, both jointly and separately. In particular, we address three research questions: (i) Do the firms that export indirectly display the same characteristics as those that directly export their products?; (ii) Is the role of innovation, research and development (R&D) and human capital in export performance the same for firms that export directly and indirectly? and (iii) Is there geographical differentiation between C.E.E. and M.E.N.A. countries at the firm-level determinants of export performance? The analysis is based on a firm-level database (B.E.E.P.S. V) and covers the period between 2011 and 2014. We estimate the probability of exports, controlling for country and sector-specific effects using the probit model. We find that product innovations are more important than process innovations in determining direct export performance for the whole sample of countries. In addition, we find that the level of firm productivity, spending on R&D, human capital, foreign licences and foreign ownership are important in determining the export performance of the firms that export directly but not in the case of indirect exporters. Journal: Economic Research-Ekonomska Istraživanja Pages: 982-996 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1436452 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1436452 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:982-996 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1436453_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shakirat Adepeju Babatunde Author-X-Name-First: Shakirat Adepeju Author-X-Name-Last: Babatunde Title: Government spending on infrastructure and economic growth in Nigeria Abstract: This study aims to investigate government spending on infrastructure. Both primary and secondary data are used for the study. The secondary data comprise of reported annual spending on selected infrastructure and annual Gross Domestic Products for 1980 to 2016 for Nigeria. The data treatments used for the secondary data are unit root and co- integration tests using Augmented Dickey–Fuller and Phillip–Perron model. Weighted least square was used to test the sample of 37-year annual time series using vector error correction model. For the primary data, a sample of 242 respondents is utilised for the study. Statistical random sampling was used for the sample selection. The data analysis was done with descriptive statistics. Findings from the study indicate that government spending on transport and communication, education and health infrastructure has significant effects on economic growth; spending on agriculture and natural resources infrastructure recorded a significant inverse effect on economic growth in Nigeria. An element of fiscal illusion was observed in the government spending on agriculture and natural resources indicating that government is not contributing as much as the private sector in spending on agriculture and natural resources infrastructure in Nigeria. Journal: Economic Research-Ekonomska Istraživanja Pages: 997-1014 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1436453 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1436453 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:997-1014 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1436454_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: C. José García Martín Author-X-Name-First: C. José Author-X-Name-Last: García Martín Author-Name: Begoña Herrero Author-X-Name-First: Begoña Author-X-Name-Last: Herrero Title: Boards of directors: composition and effects on the performance of the firm Abstract: This paper analyses the structure of boards of directors and its impact on business performance, which is approximated by economic profitability and the Tobin’s Q ratio. We focus on three basic aspects of boards that have been reviewed in the recent reform of the Good Governance Code: the size of boards, their independence and their diversity. For the study of diversity, we use an index that integrates not only the gender of board members, but also their age and nationality, since these are factors that can influence the knowledge, experience and skills of the directors. The results confirm a high degree of compliance with the recommendations of the Good Governance Code, and suggest that the performance of the advisory and monitoring functions are factors that determine the composition of boards. With respect to the performance of the company, we note that there is a negative and significant relationship with the independence of boards. However, the results are sensitive to the performance measure employed. Journal: Economic Research-Ekonomska Istraživanja Pages: 1015-1041 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1436454 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1436454 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1015-1041 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1436455_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jerónimo García-Fernández Author-X-Name-First: Jerónimo Author-X-Name-Last: García-Fernández Author-Name: Pablo Gálvez-Ruiz Author-X-Name-First: Pablo Author-X-Name-Last: Gálvez-Ruiz Author-Name: Luisa Vélez-Colon Author-X-Name-First: Luisa Author-X-Name-Last: Vélez-Colon Author-Name: Jaime Ortega-Gutiérrez Author-X-Name-First: Jaime Author-X-Name-Last: Ortega-Gutiérrez Author-Name: Jesús Fernández-Gavira Author-X-Name-First: Jesús Author-X-Name-Last: Fernández-Gavira Title: Exploring fitness centre consumer loyalty: differences of non-profit and low-cost business models in Spain Abstract: A number of studies have placed at the forefront variables that predict the loyalty of clients in fitness centres. In fact, no study has analysed the differences between these variables according to business models. The objective of this study was to analyse the relationship between quality, value, satisfaction and the future intentions of clients of public and private low-cost fitness centres and their differences. A questionnaire was administered to a sample of 1805 fitness centre clients. A confirmatory factor analysis and multi-group analysis was performed to test the difference between two invariance models. The findings indicate a greater weight in facilities and employees of the quality perceived from private low-cost fitness centres and a greater weight in programmes from public fitness centres. Furthermore, the relationship between the variables’ overall quality, perceived value, satisfaction and future intentions had a greater influence in private low-cost fitness centres than in public centres. Journal: Economic Research-Ekonomska Istraživanja Pages: 1042-1058 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1436455 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1436455 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1042-1058 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1436456_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fang-Yi Lo Author-X-Name-First: Fang-Yi Author-X-Name-Last: Lo Author-Name: Kletsova Alena Author-X-Name-First: Kletsova Author-X-Name-Last: Alena Title: Entry timing into international markets: evidence from the Taiwanese service industry Abstract: The aim of this study was to explain the determinants of service industry firms’ entry timing into new international markets. On the basis of the relevant literature, a framework was proposed comprising firm-specific, experience and industry factors. Linear regression analysis was conducted to examine the relationships between the factors, entry timing and subsequent performance. This study also investigated the timing of initial investment in a foreign market. The final sample contained 174 listed companies from various service industries in Taiwan. The latest financial data collected were from the year 2015. Based on the entry information of listed Taiwanese companies, the empirical results indicated that older firms exhibiting higher levels of internationalisation, having lower debt ratios and originating from more competitive sub-industries tend to enter new international markets earlier than other firms. Service industry companies exhibit superior performance if they enter the markets later. Furthermore, the study results support the idea that entry timing is a mediator between the factors and international performance, which helps companies achieve greater performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 1059-1077 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1436456 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1436456 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1059-1077 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1436457_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: J. Augusto Felício Author-X-Name-First: J. Augusto Author-X-Name-Last: Felício Author-Name: Ricardo Rodrigues Author-X-Name-First: Ricardo Author-X-Name-Last: Rodrigues Author-Name: Hugh Grove Author-X-Name-First: Hugh Author-X-Name-Last: Grove Author-Name: Adam Greiner Author-X-Name-First: Adam Author-X-Name-Last: Greiner Title: The influence of corporate governance on bank risk during a financial crisis Abstract: Using agency theory, we explore the relationship between corporate governance mechanisms and bank risk. We employ panel data analysis to study the 97 largest European listed banks between 2006 and 2010, thereby covering the most recent international financial crisis. The results show that corporate governance mechanisms influence bank risk. During the financial crisis, different governance mechanisms can minimise or accentuate the agency conflict between shareholders and managers. In our model, bank size and G.D.P. per capita also exert a considerable influence. Journal: Economic Research-Ekonomska Istraživanja Pages: 1078-1090 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1436457 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1436457 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1078-1090 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456355_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marina Trkman Author-X-Name-First: Marina Author-X-Name-Last: Trkman Author-Name: Peter Trkman Author-X-Name-First: Peter Author-X-Name-Last: Trkman Title: A framework for increasing business value from social media Abstract: Organisations are investing heavily in various social media applications. Several case studies show that such undertakings may be promising at first glance, but often amount to little. More attention has to be paid to the factors that influence the business value of a social media application. The paper proposes a framework which argues that the business value of a social media activity depends on having a correctly identified purpose of its implementation (scope and targeted benefits), on the technological solution and also on user involvement (user groups, users’ motivation and skills). The framework is evaluated with a longitudinal case study of a wiki in a software development company where an assessment of the business value of the wiki at two different points in time was made. The case study shows how the interplay of components led to failure at one time point and success at the other. Journal: Economic Research-Ekonomska Istraživanja Pages: 1091-1110 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456355 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456355 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1091-1110 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456356_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gratiela Georgiana Noja Author-X-Name-First: Gratiela Georgiana Author-X-Name-Last: Noja Title: Flexicurity models and productivity interference in C.E.E. countries: a new approach based on cluster and spatial analysis Abstract: The research conducted within this paper focuses on the basic coordinates of flexicurity models for ten E.U. Member States in Central and Eastern Europe (C.E.E.), both through the efforts performed nationally within the framework of flexibility and security as well as by the flexicurity states, and effects on workers and the overall economic activity. The aim is to form clusters that will group the analysed countries according to their performances achieved under three basic flexicurity dimensions: external numerical flexibility, income security, and employment security. The results show that the C.E.E. countries have adopted different flexicurity models and associated measures, some focusing on improving flexibility by softening the employment protection legislation or designing flexible working arrangements, while others are concentrating more on employee protection with tight employment regulations (associated with relatively high degrees of income security) with different performances in terms of flexicurity output (states and effects) and labour market outcomes. The impact of various flexicurity measures upon labour productivity in C.E.E. countries is also extremely significant, being largely discussed within the paper. Journal: Economic Research-Ekonomska Istraživanja Pages: 1111-1136 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456356 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456356 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1111-1136 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1457967_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hanan Ishaque Author-X-Name-First: Hanan Author-X-Name-Last: Ishaque Title: Revisiting income and price elasticities of electricity demand in Pakistan Abstract: In view of a more than decade-long power crisis in Pakistan, several studies have estimated income and price elasticities of electricity demand. These estimates are based on electricity consumption data that do not reflect actual demand due to an electricity supply shortfall of up to 6000 megawatts (MW). Moreover, previous studies accounted for power consumption data of only one of the two electric power companies, Pakistan Electric Power Company (P.E.P.C.O.), ignoring the other company K-Electric, with a share of over 15% in country’s electricity consumption. This study attempts to revisit electricity demand elasticities in Pakistan at the aggregate and sectoral level by including both P.E.P.C.O. and K-Electric and adjusting the consumption series for load shedding to reflect actual electricity demand. By employing an Autoregressive Distributive Lag model, the study finds electricity demand to be income elastic at aggregate level and in the agriculture sector in the long run, and relatively inelastic in the industrial sector. However, unlike previous studies, the electricity demand is price inelastic at all levels, which is an expected outcome in an economy facing electricity shortages. The coefficients of short-run income and price elasticities are smaller than their long-run counterparts. No evidence of cointegration is found for the commercial sector. Journal: Economic Research-Ekonomska Istraživanja Pages: 1137-1151 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1457967 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1457967 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1137-1151 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456951_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aylin Ataay Author-X-Name-First: Aylin Author-X-Name-Last: Ataay Title: Performance sensitivity of executive pay: the role of ownership structure, board leadership structure and board characteristics Abstract: This study first investigates the effect of firm performance on executive pay in listed firms in Turkey, an emerging market from 2009 to 2013. The results reveal a positive and significant link between firm profitability and executive pay: executive pay is sensitive to performance. The question of whether internal corporate control mechanisms play a significant role in the association between executive pay and firm profitability is revisited. Executive pay is weakly tied to profitability when the ownership concentration is high. We expected that, following the managerial power propositions, leadership duality and board size will weaken performance sensitivity of executive pay, with the impact of board independence on this sensitivity being the opposite. However, it was found that only board leadership duality and board size negatively affect the association between return on equity and executive compensation. This study concludes that the performance sensitivity of pay is weaker when executives have more control over decisions, especially those related to their compensation, and when the board of directors’ monitoring effectiveness is relatively low. Journal: Economic Research-Ekonomska Istraživanja Pages: 1152-1168 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456951 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456951 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1152-1168 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456353_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maciej Malaczewski Author-X-Name-First: Maciej Author-X-Name-Last: Malaczewski Title: Complementarity between energy and physical capital in a simple model of economic growth Abstract: Energy is one of the most important factors of growth, needed to power physical capital. This implies complementarity between these two factors, but in most theoretical papers, substitutability is assumed. In this paper, the main question is if complementarity between energy and physical capital hampers balanced growth or not. In order to answer this question, we consider the simple economic growth model with two sectors – output production and energy production – where energy is complementary to physical capital. Two forms of capital – physical and human – are distributed in this model between two sectors to maximise output. We consider the equilibrium state of this model, analyse comparative statics and derive necessary conditions for balanced growth. We also analyse some of the effects of technological progress. The analysis brings us to the conclusion that, in general, it leads to an increase in output, but that changes in technology of production have an ambiguous influence on output. We also derive explicit paths of growth for all macroeconomic variables. We find that, in general, if the obtained conditions are fulfilled then complementarity is not an obstacle to economic growth, subject to our assumptions which are quite standard in this kind of research. Journal: Economic Research-Ekonomska Istraživanja Pages: 1169-1184 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456353 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456353 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1169-1184 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456357_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: D. Jacimovic Author-X-Name-First: D. Author-X-Name-Last: Jacimovic Author-Name: R. Dragutinović Mitrović Author-X-Name-First: R. Author-X-Name-Last: Dragutinović Mitrović Author-Name: P. Bjelić Author-X-Name-First: P. Author-X-Name-Last: Bjelić Author-Name: K. Tianping Author-X-Name-First: K. Author-X-Name-Last: Tianping Author-Name: M. Rajkovic Author-X-Name-First: M. Author-X-Name-Last: Rajkovic Title: The role of Chinese investments in the bilateral exports of new E.U. member states and Western Balkan countries Abstract: This paper explores the economic relations between China and new E.U. member states and Western Balkan countries. China is an important trade partner for these countries, but in recent years the cooperation has been extended to include Chinese foreign direct investments (F.D.I.) inward investment. Using the Poisson pseudo-maximum likelihood (P.P.M.L.) method to estimate a gravity model of bilateral trade, this study analysed the export flows of these countries as a function of total inward F.D.I. and Chinese F.D.I. as well. The results imply that F.D.I. inflows from China significantly increase the bilateral exports of the investigated countries, where F.D.I. has a greater impact on the exports of new E.U. member states than on Western Balkan countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 1185-1197 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456357 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456357 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1185-1197 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456358_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rizwan Raheem Ahmed Author-X-Name-First: Rizwan Raheem Author-X-Name-Last: Ahmed Author-Name: Jolita Vveinhardt Author-X-Name-First: Jolita Author-X-Name-Last: Vveinhardt Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Author-Name: Zahid Ali Channar Author-X-Name-First: Zahid Ali Author-X-Name-Last: Channar Title: Mean reversion in international markets: evidence from G.A.R.C.H. and half-life volatility models Abstract: The objective of this research is to examine and compare the mean reversion phenomenon in developed and emerging stock markets. An important aim is to measure and compare the speed of mean reversion and half-life of volatility shocks of emerging and developed markets. For this purpose, we have selected five developed and seven emerging markets, and used daily market indices for the period of 1 January 2000 to 30 June 2016. We employed autoregressive conditional heteroskedasticity – Lagrange multiplier (A.R.C.H.-L.M.), generalised autoregressive conditional heteroskedasticity (G.A.R.C.H.) (1, 1), and half-life volatility shock techniques to carry out this research. The results of the study confirmed the mean-reverting process in developed and emerging markets. The South Korean market has the slowest mean reversion, and thus has the highest comparative volatility over a longer period of time. However, the Pakistan stock exchange exhibited the fastest mean reverting process. It is also concluded that the relative volatilities are higher in emerging markets, whereas the comparative volatilities are higher in developed markets. Therefore, it is further concluded that the mean reversion process is much faster in emerging indices except the South Korean and Chinese markets. The study recommends that if investors want higher returns in a shorter period of time then they should invest in emerging markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 1198-1217 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456358 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456358 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1198-1217 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456359_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Milan Deskar-Škrbić Author-X-Name-First: Milan Author-X-Name-Last: Deskar-Škrbić Author-Name: Saša Drezgić Author-X-Name-First: Saša Author-X-Name-Last: Drezgić Author-Name: Hrvoje Šimović Author-X-Name-First: Hrvoje Author-X-Name-Last: Šimović Title: Tax policy and labour market in Croatia: effects of tax wedge on employment Abstract: In this paper we empirically test the importance and the effects of labour taxation on employment in Croatia. The motivation for this analytical inquiry stems from the fact that Croatia is one of the countries with the lowest employment rates in the European Union while at the same time it has relatively high labour tax burden compared to peers and ranks among the countries with most negative perceived effects of taxation on incentives to work. As fiscal policy is the main economic policy instrument in Croatia, it is important to analyse whether fiscal measures can directly affect labour market performance. Our results show that tax policy has significant effect on employment in Croatia which has important policy implications. Journal: Economic Research-Ekonomska Istraživanja Pages: 1218-1227 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456359 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1218-1227 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1458638_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Danjel Bratina Author-X-Name-First: Danjel Author-X-Name-Last: Bratina Title: Elasticities and dynamics of on-line price promotions and advertising Abstract: Our paper deals with short and long-term effects of price promotions and advertising using experimental research on a web shop sales and page clicks. We try to assess how promotions and advertising elasticities are affected by different combinations of marketing activities. We also determine dynamic behaviour of web sales and page-clicks using category aggregated daily time series with various marketing activities as intervention pulses. Findings show higher elasticities for increased marketing efforts, peaking at highest discounts and maximum levels of advertising. Price elasticities have been found to be 0.32 to −2.64, while advertising elasticities were between 0 and 0.32. Analysis of dynamics of both marketing activities and carryover effects confirm an immediate effect of discounting on sales and a lagged effect of 1 period of advertising. The decay of advertising effect is faster than discounting and neither of the two has a carryover effect. Journal: Economic Research-Ekonomska Istraživanja Pages: 1228-1239 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1458638 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1458638 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1228-1239 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1482224_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aleksa Š. Vučetić Author-X-Name-First: Aleksa Š. Author-X-Name-Last: Vučetić Title: Differences in perception of the importance of generic competencies among destination regions Abstract: This paper focuses on establishing the level of the gap in the perception of the importance of generic competencies among respondents from different regions within a tourism destination in transition. Montenegro and its tourism sector are taken as an example, with its three geographical regions: coastal, central and northern region. The research is based on a survey of respondents (employees in the tourism sector and students on internship) in hotels, travel agencies, tourism organisations, museums, national parks, ports of nautical tourism and business units of airline companies. The study seeks to establish the level of the gap in the perception of the importance of generic competencies of respondents among the aforementioned regions in the destination. In addition to identifying the differences, the study seeks to identify the strength of links between certain aggregate and individual generic competencies, among and within the coastal, central and northern region of Montenegro, a country whose tourism sector is in the transitional process of accession to the European Union. This survey can serve as a good example for future practical and theoretical research in the field of generic competencies and regional affiliation of human resources. Journal: Economic Research-Ekonomska Istraživanja Pages: 1240-1257 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1482224 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1482224 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1240-1257 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1482225_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sebastian Lazăr Author-X-Name-First: Sebastian Author-X-Name-Last: Lazăr Author-Name: Costel Istrate Author-X-Name-First: Costel Author-X-Name-Last: Istrate Title: Corporate tax-mix and firm performance. A comprehensive assessment for Romanian listed companies Abstract: The paper investigates the impact of overall firm-specific tax-mix on firm performance for Romanian listed companies during the 2000–2011 period. By overall tax-mix, we mean all public finance-related liabilities borne by a company, thus including not only profit taxes, but also non-profit taxes (i.e., real-estate taxes) and labour-related taxes (social security charges borne by companies). Developed around the corresponding tax wedge, the variable of interest is a firm-specific effective tax rate that aggregates all public finance liabilities, based on a unique set of hand-collected data from publicly available corporate reports. Using a fixed-effect model, the results show that one percentage point increase in overall firm-specific tax rate triggers 0.15 percentage points decrease in return on assets. Moreover, tangibles, leverage and size have a negative effect on Romanian listed companies’ performance, while liquidity, growth and lagged profitability have a positive effect. Journal: Economic Research-Ekonomska Istraživanja Pages: 1258-1272 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1482225 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1482225 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1258-1272 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1456349_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andrius Jaržemskis Author-X-Name-First: Andrius Author-X-Name-Last: Jaržemskis Author-Name: Ilona Jaržemskienė Author-X-Name-First: Ilona Author-X-Name-Last: Jaržemskienė Title: Upgraded data envelopment analysis model application for total productivity comparison in major airports of the European Union Abstract: In order to compare the productivity of airports different scientific approaches are used by various authors. Previous research has shown wide application of the data envelopment analysis (D.E.A.) model for productivity comparison. The D.E.A. model may be used to compare both partial and total factor productivity. However, aggregation of the separate partial factors into a single D.E.A. model is still not sufficiently investigated. The purpose of this paper is to suggest the integration of two methods – DEA and Delphi Expert Panel – to solve this problem. A model was developed and experimentally tested with 15 major European Union airports. The results show that the suggested model could be efficiently used to compare the airports’ productivity, which is expressed by a large set of attributes. The main conclusion is that model can be successfully used to compare airports by different criteria through integrating the DEA and Delphi Expert Panel techniques. The model can be used for any set of airports to compare productivity. The research could be useful to airport managers and investors, as well as to researchers in the area of D.E.A. application. Journal: Economic Research-Ekonomska Istraživanja Pages: 1273-1288 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1456349 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1456349 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1273-1288 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1476169_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Victoria Bogdan Author-X-Name-First: Victoria Author-X-Name-Last: Bogdan Author-Name: Ioana Teodora Meșter Author-X-Name-First: Ioana Teodora Author-X-Name-Last: Meșter Author-Name: Diana Matica Author-X-Name-First: Diana Author-X-Name-Last: Matica Title: Insights into some psychological triggers that affect judgements, decision-making and accounting choices Abstract: The main objective of the study is to identify and qualitatively investigate the links between the universe of accounting options, managerial decisions, creative accounting and irrational behaviour. We have recognised five different aspects affecting human decisions and which are likely to influence the behaviour of a future professional accountant or a manager. Masters students in accounting from three significant Romanian universities were questioned about their perception regarding creative accounting and were investigated about their personality traits. The results of our experimental study have shown that, according to the M.A. students in accounting, the risk aversion of individuals influences the expressions of the creative accounting phenomenon, but it is not correlated with the interest pursued by the managers in choosing accounting policies. Also, in their perception, the act of managerial decision-making in accounting is not influenced by the individual capacities of the decision-maker to take decisions. Respondents believe that the disposition effect is correlated with the choice of accounting policy to maximise or minimise the company’s income and that there is a link between the financial incentives granted by the managers to the accounting professionals in order to beautify the financial statements and the creative accounting practices. Journal: Economic Research-Ekonomska Istraživanja Pages: 1289-1306 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1476169 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1476169 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1289-1306 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1477612_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Piotr Gabrielczak Author-X-Name-First: Piotr Author-X-Name-Last: Gabrielczak Author-Name: Tomasz Serwach Author-X-Name-First: Tomasz Author-X-Name-Last: Serwach Title: The links between firm-level productivity and modes of international expansion of firms from the Lodz Voivodeship Abstract: The paper investigates the link between firm-level productivity and internationalisation (through exports, imports and foreign direct investment (F.D.I.)) in the Lodz Voivodeship, Poland. The Olley–Pakes algorithm was used to estimate firm-level productivity. Two hypotheses were then tested – self-selection hypothesis (stating that internationalisation is only possible at sufficiently high productivity levels) and learning hypothesis (claiming that engaging in international activity facilitates productivity growth). It has been found that productivity may affect firms’ decisions about engaging in import and F.D.I., while there is no evidence of such an effect regarding exports. At the same time, there is no proof for learning, suggesting that within the timeframe of the analysis firms from the Lodz Voivodeship did not experience productivity gains due to international trade or investment. Journal: Economic Research-Ekonomska Istraživanja Pages: 1307-1329 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1477612 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1477612 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1307-1329 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1484786_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Petr Suchánek Author-X-Name-First: Petr Author-X-Name-Last: Suchánek Author-Name: Maria Králová Author-X-Name-First: Maria Author-X-Name-Last: Králová Title: Customer satisfaction and different evaluation of it by companies Abstract: The aim of this article is to evaluate customer satisfaction from the perspective of companies in comparison with the perspective of the customers themselves. From the perspective of the company it is necessary to know customer satisfaction, as it is reflected in the company’s performance. The research shows that there are significant differences in the evaluation of customer satisfaction from the perspective of companies and from the perspective of their customers, and that these differences are also reflected in the differences in the performance of the companies. The self-evaluation of companies tends to be overestimated in relation to the evaluation of companies by their customers, regardless of whether the companies are high-performing or low-performing. Customers are better able to distinguish the high-performing companies from the low-performing ones, since the high-performing companies received better evaluation from customers. In contrast, in the self-evaluation of companies, there were no statistically significant differences between the high-performing and low-performing companies. Companies evaluate customer satisfaction incorrectly regardless of their level of performance. Even if the evaluation of customer satisfaction from the company’s perspective is generally overestimated in comparison with the view of customers, some factors of satisfaction are, at least concerning the trends, in agreement with both perspectives, that is, those of the customers and the companies. Journal: Economic Research-Ekonomska Istraživanja Pages: 1330-1350 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1484786 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1484786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1330-1350 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1484789_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Paweł Gajewski Author-X-Name-First: Paweł Author-X-Name-Last: Gajewski Title: Patterns of regional inflation persistence in a C.E.E. country. The case of Poland Abstract: This paper investigates patterns of regional inflation persistence in Poland, a representative Central and Eastern European (C.E.E.) country. This study first argues that the C.E.E. perspective is relevant in the context of this study, due to the recent transitions, incomplete processes of forming forward-looking inflation expectations and pronounced spatial inequalities. Using individual and panel regressions on disaggregate data, this study provides evidence of the aggregation bias and marked differences in inflation persistence across product categories. Furthermore, it shows that cross-regional differences in inflation persistence remain, even after controlling for the product category. While this study generally confirms the earlier finding of Vaona and Ascari that more backward regions exhibit higher consumer price index inflation persistence, we also show that the picture is more nuanced at the product category level. Journal: Economic Research-Ekonomska Istraživanja Pages: 1351-1366 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1484789 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1484789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1351-1366 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1481445_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pelin Öge Güney Author-X-Name-First: Pelin Author-X-Name-Last: Öge Güney Title: Asymmetries in monetary policy reaction function and the role of uncertainties: the case of Turkey Abstract: We analyse the effects of inflation and growth uncertainty on the monetary policy reaction function of the Central Bank Republic of Turkey (C.B.R.T.), considering possible asymmetries in the reaction function over the business cycle. We follow Bec, Salem, and Collard’s approach in order to specify an asymmetric reaction function suggesting that central banker interventions are influenced by business cycles. Our results reveal that the C.B.R.T. has asymmetric preferences. We find that the C.B.R.T. targets inflation stabilisation, both in recession and expansion periods. Moreover, the C.B.R.T. reacts more aggressively to any inflation gap during recessions than it does during expansions. On the other hand, the C.B.R.T. tries to smooth fluctuations in output, both during recessions and expansions. We further discover that the C.B.R.T. reacts to inflation and growth uncertainties more aggressively in expansion periods. Journal: Economic Research-Ekonomska Istraživanja Pages: 1367-1381 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1481445 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1481445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1367-1381 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1484783_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chee-Yin Yip Author-X-Name-First: Chee-Yin Author-X-Name-Last: Yip Author-Name: Hock-Eam Lim Author-X-Name-First: Hock-Eam Author-X-Name-Last: Lim Author-Name: Hongbo Duan Author-X-Name-First: Hongbo Author-X-Name-Last: Duan Title: Difference or not to difference an integrated time series? An empirical investigation Abstract: This paper uses the gross domestic product growth rates of Malaysia, Thailand, Indonesia and China in an empirical examination to determine whether an integrated time series should be differenced before it is used for forecasting. The results reveal that Mallows model combination (M.M.A.) of original and differenced series is a better choice than just differencing the series only if the perturbation instability measure is more than 1.25 for autoregressive (A.R.) model, and 1.105 for moving average (M.A.) model and autoregressive fractional integrated moving average (A.R.F.I.M.A.) model. Furthermore, it is found that M.M.A. performs better in forecasting with better model stability for the case of M.A. and A.R.F.I.M.A. than A.R. However, M.M.A. is very sensitive in financial crisis. Journal: Economic Research-Ekonomska Istraživanja Pages: 1382-1403 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1484783 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1484783 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1382-1403 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1484788_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yu-Hui Lin Author-X-Name-First: Yu-Hui Author-X-Name-Last: Lin Author-Name: Wen-Yi Chen Author-X-Name-First: Wen-Yi Author-X-Name-Last: Chen Title: Does unemployment have asymmetric effects on suicide rates? Evidence from the United States: 1928–2013 Abstract: This study applied the recently developed asymmetric causality test and asymmetric generalised impulse-response method to demonstrate the dynamic relationship between unemployment and suicide rates in the U.S. over the period of 1928–2013. The results suggest that there exist asymmetric effects of unemployment on suicide rates. An economic recession (in terms of an increase in unemployment rate) is more likely to increase the suicide rate among an old age group (55–64 years old) than among other age groups, while an economic expansion (in terms of a decrease in unemployment rate) is more likely to reduce the suicide rate of young (15–24 and 25–34 years old) and middle age groups (35–44 and 45–54 years old) than their counterpart. Therefore, policy implications generated from our results include the following: that intervention to prevent suicidal behaviour should be directed more towards the older age group during economic recession and that we may expect that an economic expansion may not result in a great reduction of suicide rates for the old age (55–64 years) group. Journal: Economic Research-Ekonomska Istraživanja Pages: 1404-1417 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1484788 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1484788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1404-1417 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1477611_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gina Ionela Butnaru Author-X-Name-First: Gina Ionela Author-X-Name-Last: Butnaru Author-Name: Amanda Miller Author-X-Name-First: Amanda Author-X-Name-Last: Miller Author-Name: Valentin Nita Author-X-Name-First: Valentin Author-X-Name-Last: Nita Author-Name: Mirela Stefanica Author-X-Name-First: Mirela Author-X-Name-Last: Stefanica Title: A new approach on the quality evaluation of tourist services Abstract: This paper emphasises how the quality of tourist services can be evaluated. The first part presents the best known models developed by specialists for service quality evaluation, then the authors created their own model. According to this model, a global quality evaluation indicator of tourist services was proposed, based on certain aspects of quality aimed by both the provider and the customer/consumer of tourist services. The calculus of this indicator was exemplified in the case of a Romanian tourist area, Vatra Dornei. Journal: Economic Research-Ekonomska Istraživanja Pages: 1418-1436 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1477611 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1477611 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1418-1436 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1483836_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kao-Yi Shen Author-X-Name-First: Kao-Yi Author-X-Name-Last: Shen Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Gwo-Hshiung Tzeng Author-X-Name-First: Gwo-Hshiung Author-X-Name-Last: Tzeng Title: Updated discussions on ‘Hybrid multiple criteria decision-making methods: a review of applications for sustainability issues’ Abstract: A recent review discussed a variety of hybrid multiple criteria decision-making (HMCDM) methods on the subject of sustainability issues. Some soft computing techniques, such as the fuzzy set, have contributed significantly to HMCDM studies, emulating the imprecise or uncertain judgments of experts/decision makers in a complex environment. Nevertheless, a new rising trend in HMCDM, known as multiple rule-based decision-making (MRDM), which has the advantage of revealing understandable knowledge for supporting systematic improvements based on influential network relation maps (INRM), was not discussed in the review. This study therefore attempts to extend the review by introducing recent developments and the associated work on MRDM for solving practical problems, updating the discussion. Journal: Economic Research-Ekonomska Istraživanja Pages: 1437-1452 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1483836 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1483836 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1437-1452 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1478321_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pejic Bach Mirjana Author-X-Name-First: Pejic Bach Author-X-Name-Last: Mirjana Author-Name: Aleksic Ana Author-X-Name-First: Aleksic Author-X-Name-Last: Ana Author-Name: Merkac-Skok Marjana Author-X-Name-First: Merkac-Skok Author-X-Name-Last: Marjana Title: Examining determinants of entrepreneurial intentions in Slovenia: applying the theory of planned behaviour and an innovative cognitive style Abstract: The aim of this paper is to present research on determinants of entrepreneurial intentions through the framework of the theory of planned behaviour and an individual innovative cognitive style. By employing the theory of planned behaviour, the authors evaluate how personal attitudes, subjective norms and perceived behavioural control can affect one’s intentions to become an entrepreneur. Additionally, the innovative cognitive style is tested as a potentially significant determinant of entrepreneurial intentions. A questionnaire survey was done using the sample of 330 bachelor and master students in economics and business from Slovenia. Research propositions were tested using linear hierarchical regression modelling. The results suggest that personal attitudes towards entrepreneurship, subjective norms and perceived behavioural control are positively related to one’s entrepreneurial intentions. The innovative cognitive style has also been found to be significant in creating one’s intention to become an entrepreneur. The paper extends the current knowledge on entrepreneurial intentions by analysing the exclusive and mutual influence of different factors recognised by the theory of planned behaviour and the innovative cognitive style on entrepreneurial intentions, as well as providing useful insights into antecedents of entrepreneurial intentions in the Slovenian context. Journal: Economic Research-Ekonomska Istraživanja Pages: 1453-1471 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1478321 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1478321 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1453-1471 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1484784_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Blanka Tacer Author-X-Name-First: Blanka Author-X-Name-Last: Tacer Author-Name: Mitja Ruzzier Author-X-Name-First: Mitja Author-X-Name-Last: Ruzzier Author-Name: Tine Nagy Author-X-Name-First: Tine Author-X-Name-Last: Nagy Title: User-driven innovation: scale development and validation Abstract: In dynamic business environments entrepreneurs increasingly strive to customise new products/services to displayed and latent user needs. User-driven innovation (U.D.I.) aims to incorporate user needs by giving users an active role in the innovation process. Despite the growing interest of researchers in U.D.I., empirical evidence remains scarce, because of a lack of a psychometrically sound instrument to enhance insight into U.D.I. This paper derives an integrative definition of U.D.I. from different U.D.I. research streams and proposes a model with three distinctive dimensions of U.D.I.: user involvement, searching feedback and design orientation. Three consecutive studies result in a 13-item U.D.I. scale with appropriate reliability, dimensionality, convergent and discriminant validity. Pilot studies include researchers, entrepreneurs and practitioners. The main study comprises data of 357 S.M.E.s. The analyses confirm the multidimensionality of the proposed construct. This study contributes to existing research of U.D.I. in entrepreneurship by addressing the multidimensional nature of U.D.I. with a new research instrument. The proposed U.D.I. scale can be used in future investigations of U.D.I. The construct is informative also for practitioners in introducing U.D.I. to their companies. Journal: Economic Research-Ekonomska Istraživanja Pages: 1472-1487 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1484784 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1484784 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1472-1487 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1486722_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Massoud Alam Dad Mohammadi Author-X-Name-First: Massoud Alam Dad Author-X-Name-Last: Mohammadi Author-Name: Abbas Mardani Author-X-Name-First: Abbas Author-X-Name-Last: Mardani Author-Name: Mohd Noor Azli Ali Khan Author-X-Name-First: Mohd Noor Azli Ali Author-X-Name-Last: Khan Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Title: Corporate sustainability disclosure and market valuation in a Middle Eastern Nation: evidence from listed firms on the Tehran Stock Exchange: sensitive industries versus non-sensitive industries Abstract: This article has received the considerable critical attention that seeking to enhance sustainability disclosure may essentially make progress firms’ market valuation. It aims to provide the corporate sustainability disclosure level organized according to the ‘7 + 1’, seven core subjects of the International Organization for Standardization (ISO) 26000 and the energy disclosure items, then set out to assess the effectiveness of sustainability reporting on the listed firms’ market valuation during the period 2010–2015. To achieve this objective, data were collected from a sample of 98 Iranian manufacturing and service organizations from various industry sectors at the Tehran Stock Exchange and generalized method of moments (GMM) approach was conducted for a dynamic panel data to evaluate the effect of the sustainability reporting level on the listed firms’ market valuation. As can be seen from the results, the overall extent of sustainability disclosure arranged in accordance with the low rate of sustainability reporting for listed firms in TSE. It was also found that the sensitive firms have a greater level of corporate sustainability disclosure than the other firms. Moreover, sustainability reporting has been shown to be related to market valuations in which firms activating in sensitive industries environmentally with sustainability reporting had higher market valuations than firms activating in non-sensitive industries with sustainability reporting. Our ‘7 + 1’ sustainability disclosure practice aspects all together with their basic measurement items can be applied as a checklist for assessing how well sustainability disclosure practices are performed at TSE. Journal: Economic Research-Ekonomska Istraživanja Pages: 1488-1511 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1486722 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1486722 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1488-1511 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1496845_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nizam Ud Din Author-X-Name-First: Nizam Author-X-Name-Last: Ud Din Author-Name: Xinsheng Cheng Author-X-Name-First: Xinsheng Author-X-Name-Last: Cheng Author-Name: Shama Nazneen Author-X-Name-First: Shama Author-X-Name-Last: Nazneen Title: Women’s skills and career advancement: a review of gender (in)equality in an accounting workplace Abstract: This paper examines the effects of organizational culture, society, and masculinity on women’s skills in accounting workplaces and the influences of workplace norms, culture, and organizational structure on women’s leadership qualities and behaviours towards their work. Based on previous studies, we link the theory with professional skill and career advancement of women. We argue that a gender imbalance has prevailed for centuries affecting women’s careers; and, the transformation of accounting technologies, corporate structures, and the amalgamation of cultures have exacerbated gender inequality. Women’s lack of self-motivation and men’s dominance in accounting contexts keep women subordinate to men in accounting workplaces. We propose that offering courses on gender issues to business and accounting disciplines taught at university would subsequently shift the paradigm of hegemony and subordination in an accounting workplace. Journal: Economic Research-Ekonomska Istraživanja Pages: 1512-1525 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1496845 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1496845 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1512-1525 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1498008_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sang Won Yoon Author-X-Name-First: Sang Won Author-X-Name-Last: Yoon Author-Name: Chang-Ho Yoon Author-X-Name-First: Chang-Ho Author-X-Name-Last: Yoon Title: On the impossibility of sustainable growth in a manufacturing based economy Abstract: This paper investigates a possibility of sustainable growth in a multi-output endogenous growth framework where the capital accumulation takes place mainly through the production of the dirty manufactured goods. It is shown that in a closed economy, economic growth is not environmentally sustainable, even under an optimal pollution tax unless the consumption elasticity of substitution between clean and dirty goods approaches infinity as in a small open economy which exports dirty goods. There exists a minimal threshold level of the ratio of clean to dirty capital that ensures sustainable growth in a closed economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 1526-1538 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1498008 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1498008 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1526-1538 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1498009_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Goran Popović Author-X-Name-First: Goran Author-X-Name-Last: Popović Author-Name: Ognjen Erić Author-X-Name-First: Ognjen Author-X-Name-Last: Erić Title: Economic development of the Western Balkans and European Union investments Abstract: Long-run economic growth represents a precondition for the development of the Western Balkans countries. Continuous investments are required to achieve high rates of economic growth, while investments sources are national savings and foreign investments. The national savings level in the Western Balkans (W.B.) is not sufficient to finance radical changes, so external sources, in particular foreign direct investment (F.D.I.), are necessary for the development, as well as the official development assistance (O.D.A.). In view of the European intentions for the Western Balkans Region and the level of economic relations with the European Union, this paper seeks to explore the European Union (E.U.) investments and W.B. development. Results of the panel analysis and V.A.R. model show a statistically significant relationship between G.D.P. per capita and the length of the road network and E.U. investments. This confirms the significance of these development variables for the inflow of investment from the E.U. Panel analysis, explanatory variables of trade openness and signing of the Stabilisation and Association Agreement with the E.U. did not prove to be significant for E.U. investments inflow. A statistically significant relationship does not exist between the unit labour costs and investments from the E.U. when applying a causality test. Journal: Economic Research-Ekonomska Istraživanja Pages: 1539-1556 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1498009 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1498009 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1539-1556 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1504689_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jaharudin Padli Author-X-Name-First: Jaharudin Author-X-Name-Last: Padli Author-Name: Muzafar Shah Habibullah Author-X-Name-First: Muzafar Shah Author-X-Name-Last: Habibullah Author-Name: Abdul H. Baharom Author-X-Name-First: Abdul H. Author-X-Name-Last: Baharom Title: The impact of human development on natural disaster fatalities and damage: panel data evidence Abstract: Countries with high levels of human development should be able to reduce the impact of natural disasters in terms of the total numbers of people killed and affected, and damage. In this study we investigate the impact of human development indicators such as income per capita and human capital (education level) on natural disaster fatalities (total deaths, total affected and total economic losses) in 79 selected countries. Using dynamic panel data analysis, we found that the level of economic development plays an important role in mitigating the impact of natural disasters such as droughts, earthquakes, extreme temperatures, floods, storms, volcanoes, landslides and wildfires. Other factors that are found to determine the number of natural disaster fatalities include population, population density, unemployment, investment, government consumption, openness, education and corruption. Using the dynamic panel data model, we found that education, investment, government consumption and openness display an inverse relationship, while population and population density have a direct positive relationship. Journal: Economic Research-Ekonomska Istraživanja Pages: 1557-1573 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1504689 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1504689 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1557-1573 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1505532_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aurelija Burinskienė Author-X-Name-First: Aurelija Author-X-Name-Last: Burinskienė Author-Name: Vida Davidavičienė Author-X-Name-First: Vida Author-X-Name-Last: Davidavičienė Author-Name: Jurgita Raudeliūnienė Author-X-Name-First: Jurgita Author-X-Name-Last: Raudeliūnienė Author-Name: Ieva Meidutė-Kavaliauskienė Author-X-Name-First: Ieva Author-X-Name-Last: Meidutė-Kavaliauskienė Title: Simulation and order picking in a very-narrow-aisle warehouse Abstract: The revolution of information brought new possibilities for the business organisations: new management methods for managing supply chains, logistic processes and warehouses appear as well as innovative process management methods in the sense of knowledge management. The order picking process in the warehouse should be emphasised as one of the most laborious activities, since it consumes ∼55% of the warehouse labour activities. This study pays special attention to the order picking process in a very-narrow-aisle (V.N.A.) warehouse, with the aim to identify solutions for the reduction of total travel distance and costs. The methods of the scientific literature analysis and synthesis simulation were applied. The results of the simulation confirmed the application of a pick-by-article strategy that is implemented with ‘seed’ sorting by order solution in low-income countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 1574-1589 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1505532 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1505532 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1574-1589 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1506707_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Roberta Kontošić Pamić Author-X-Name-First: Roberta Author-X-Name-Last: Kontošić Pamić Author-Name: Alen Belullo Author-X-Name-First: Alen Author-X-Name-Last: Belullo Title: Investments’ background of entrepreneurial zones in Croatia Abstract: The topic of this paper is entrepreneurial zones as a part of entrepreneurial infrastructure in Croatia as a tool for gaining economic development. The purpose of this paper is to analyse different sources of investments in entrepreneurial zones in counties/municipalities on different development levels; who invests more: the state, the county itself, the municipality or the private sector. The research is carried out using the development index for municipalities and counties of the Ministry of Regional Development and European Union Funds and investments data of the State Audit Office. The paper is the first, not only in Croatia, to deal with investment distribution in entrepreneurial zones. The authors found that within groups of poorer counties, more developed municipalities invested more in their entrepreneurial zones, but also, they received more money from the state and county. That is not the case within the group of most developed counties, where there is no link between the development index of their local government units and investments by the county, the state and other sources. Further, municipalities in more developed counties on average received fewer investments from municipality and the state than they would have to get based on their development index. Journal: Economic Research-Ekonomska Istraživanja Pages: 1590-1606 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1506707 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1506707 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1590-1606 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1515644_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mile Bošnjak Author-X-Name-First: Mile Author-X-Name-Last: Bošnjak Title: Governments spending and growth nexus with nonlinear adjustments: re-examining the Croatian and Slovenian case Abstract: The objective of this paper is to analyze the governments spending - economic growth nexus and examine the asymmetries in the adjustment process between the two in the Croatian and Slovenian economy. The baseline relationship model between the variables of interest is grounded on the assumption of Wagner's Law and Keynesian hypothesis. A possible nonlinear asymmetric effect of governments spending and GDP toward their long-run equilibrium is tested for each case. The test results indicate the presence of nonlienarity in the relationship between public spending and GDP in Croatia and Slovenia as well. Eventually, country specific threshold cointegrating relationship between the considered variables are estimated and tested. The results reveal well suited threshold vector error correction model with significantly different error correction adjustments in normal and stress regimes for each of the two sample country. Journal: Economic Research-Ekonomska Istraživanja Pages: 1607-1618 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1515644 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1515644 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1607-1618 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1484787_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yi Zhao Author-X-Name-First: Yi Author-X-Name-Last: Zhao Author-Name: Baiqing Sun Author-X-Name-First: Baiqing Author-X-Name-Last: Sun Author-Name: Binqing Xiao Author-X-Name-First: Binqing Author-X-Name-Last: Xiao Author-Name: Fu Cheng Author-X-Name-First: Fu Author-X-Name-Last: Cheng Title: Selecting a better valuation model to measure bubble level of stocks price: empirical study from internet-based finance stocks in A-share market Abstract: As a star of emerging industries in China, internet-based finance has been developing rapidly. This paper, considers selecting a more suitable valuation model to measure the intrinsic value and price bubble of Internet-based Finance stocks. By comparing the relative valuation accuracy of the Kim et al. model with the Frankel-Lee model and the F-O model applied in the prior studies, this study finds that the Kim et al. model highlights the industry-specific features and outperforms other models in interpreting stocks price variation. Especially, under the circumstance of soaring and slumping stocks price variation (e.g. 2015), it is essential to study the price bubbles of internet-based finance stocks at different points of Shanghai Stock Exchange Composite Index. Surprisingly, our empirical results suggest that the internet-based finance stocks have negative bubbles at the whole average level, and about half of them are undervalued. Moreover, there are positive correlations between the bubble level and three key factors including the trading volume, the price to book ratio and whether to do cross-industry business on internet-based finance. These findings imply that the Kim et al. model contributes to improving valuation accuracy of internet-based finance stocks and explainability of the price bubbles in A-share market. Journal: Economic Research-Ekonomska Istraživanja Pages: 1619-1640 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1484787 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1484787 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1619-1640 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1506706_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dragan S. Pamucar Author-X-Name-First: Dragan S. Author-X-Name-Last: Pamucar Author-Name: Snezana Pejcic Tarle Author-X-Name-First: Snezana Pejcic Author-X-Name-Last: Tarle Author-Name: Tanja Parezanovic Author-X-Name-First: Tanja Author-X-Name-Last: Parezanovic Title: New hybrid multi-criteria decision-making DEMATEL-MAIRCA model: sustainable selection of a location for the development of multimodal logistics centre Abstract: The paper describes the application of a new multi-criteria decision-making (MCDM) model, MultiAtributive Ideal-Real Comparative Analysis (MAIRCA), used to select a location for the development of a multimodal logistics centre by the Danube River. The MAIRCA method is based on the comparison of theoretical and empirical alternative ratings. Relying on theoretical and empirical ratings the gap (distance) between the empirical and ideal alternative is defined. To determine the weight coefficients of the criteria, the DEMATEL method was applied. In this paper, through a sensitivity analysis, the results of MAIRCA and other MCDM methods – MOORA, TOPSIS, ELECTRE, COPRAS and PROMETHEE – were compared. The analysis showed that a smaller or bigger instability in alternative rankings appears in MOORA, TOPSIS, ELECTRE and COPRAS. On the other hand, the analysis showed that MAIRCA and PROMETHEE offer consistent solutions and have a stable and well-structured analytical framework for ranking the alternatives. By presenting a new method MCDM expands the theoretical framework of expertise in the field of MCDM. This enables the analysis of practical problems with new methodology and creates a basis for further theoretical and practical upgrade. Journal: Economic Research-Ekonomska Istraživanja Pages: 1641-1665 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1506706 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1506706 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1641-1665 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1488600_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abbas Mardani Author-X-Name-First: Abbas Author-X-Name-Last: Mardani Author-Name: Ahmad Jusoh Author-X-Name-First: Ahmad Author-X-Name-Last: Jusoh Author-Name: Katarzyna Halicka Author-X-Name-First: Katarzyna Author-X-Name-Last: Halicka Author-Name: Joanna Ejdys Author-X-Name-First: Joanna Author-X-Name-Last: Ejdys Author-Name: Andrzej Magruk Author-X-Name-First: Andrzej Author-X-Name-Last: Magruk Author-Name: Ungku Norulkamar U. Ahmad Author-X-Name-First: Ungku Norulkamar Author-X-Name-Last: U. Ahmad Title: Determining the utility in management by using multi-criteria decision support tools: a review Abstract: The multiple criteria decision-making (MCDM) utility-determining techniques are considered to be new development techniques that have been recently presented, extended and used by some scholars. In the current work, an attempt is made to present a systematic review of methodologies and applications of the MCDM utility-determining techniques discussed in recent years. The researchers reviewed 86 papers, describing the use of the MCDM utility-determining techniques, which were published in the period 2004–2015 in more than 42 scientific journals. They mainly refer to the area of management and are extracted from online databases, such as Web of Science, Scopus and Google Scholar. According to the classification used by the researchers, the papers were grouped based on the five main MCDM utility-determining techniques, including stepwise weight assessment ratio analysis (SWARA), the weighted aggregated sum product assessment (WASPAS), the additive ratio assessment (ARAS), the method of complex proportional assessment (COPRAS), multi-objective optimisation by ratio analysis (MOORA) and MULTIMOORA (MOORA plus a full multiplicative form). Furthermore, the papers were categorised taking into account their authors, publication date, journal name, the technique and method used, research objectives, research gap and problem, solution and modelling and, finally, the results and findings. The results of this study show that, in 2013, scholars published more papers on the MCDM utility-determining techniques than in other years. It is also worth noting that a group of COPRAS methods (COPRAS-Grey and COPRAS-Fuzzy) was ranked number one among the methods used in this area. With regard to journals, the Journal of Civil Engineering and Management was ranked first in the list of journals, which contributed to this review. Journal: Economic Research-Ekonomska Istraživanja Pages: 1666-1716 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1488600 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1488600 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1666-1716 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1515642_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Luqman Author-X-Name-First: Muhammad Author-X-Name-Last: Luqman Author-Name: Sui Peng Author-X-Name-First: Sui Author-X-Name-Last: Peng Author-Name: Shaoan Huang Author-X-Name-First: Shaoan Author-X-Name-Last: Huang Author-Name: Amina Bibi Author-X-Name-First: Amina Author-X-Name-Last: Bibi Author-Name: Najid Ahmad Author-X-Name-First: Najid Author-X-Name-Last: Ahmad Title: Cost allocation for the problem of pollution reduction: a dynamic cooperative game approach Abstract: This paper studies CO2 emissions at a global level. The authors use Dynamic Optimisation to derive the minimum penalty cost on countries every single time. They then use an Imputation Distribution Procedure to allocate the minimum penalty cost among countries. Their work provides the extension of the Shapley value cost allocation as a penalty to reduce CO2 emissions. The paper has implications for how to provide initiatives to improve cooperation on reducing CO2 emissions at an international level. Results show that a reduction in cost of only one country can be harmful for other countries. In this way, some countries can end up or worse off in a case where all countries experience a uniform decrease in their penalty cost. Therefore, the findings of this work suggest a low penalty-cost scenario that helps the countries fight for pollution reduction and provide fruitful links for policy-makers. They show that the Clean Development Mechanism (CDM) of the Kyoto Protocol could be implemented by the Shapley value cost allocation. Journal: Economic Research-Ekonomska Istraživanja Pages: 1717-1736 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1515642 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1515642 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1717-1736 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1480402_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: J. Iñaki De La Peña Esteban Author-X-Name-First: J. Iñaki Author-X-Name-Last: De La Peña Esteban Author-Name: Noemí Peña-Miguel Author-X-Name-First: Noemí Author-X-Name-Last: Peña-Miguel Title: Rethinking social welfare in Spain: a basic pension for everyone Abstract: This study proposes a general aid system based on a mixed financing model in Spain. To that end, it proposes that the different aids available be merged into a single scheme to avoid duplications. The proposed financial model factors in the tax base of the unified aids on the one hand and the contributory part of social insurance on the other. The main conclusion is that the proposal is feasible, so long as a reform of the contributory aid system is undertaken. Journal: Economic Research-Ekonomska Istraživanja Pages: 1737-1757 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1480402 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1480402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1737-1757 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1484785_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Małgorzata Renigier-Biłozor Author-X-Name-First: Małgorzata Author-X-Name-Last: Renigier-Biłozor Author-Name: Andrzej Biłozor Author-X-Name-First: Andrzej Author-X-Name-Last: Biłozor Author-Name: Maurizo d’Amato Author-X-Name-First: Maurizo Author-X-Name-Last: d’Amato Title: Residential market ratings using fuzzy logic decision-making procedures Abstract: The recent global financial crisis has highlighted the important role that the real estate market plays in the global economy. The specific character of the real estate market, the availability of market information and the sudden, unpredictable changes that often occur in that market, as well as investments, are affected by considerable risks and uncertainties. Objective monitoring of the real estate market is a requirement to maintain balance, increase security and minimise the risk of crises in urban spaces. One solution is to analyse and monitor the markets continuously, using comprehensive classification. In this paper, the authors propose the creation of a decision-making support system based on an analysis of the condition of real estate markets using ratings. The proposed procedure employs decision-making theory, data mining technology (Rough Set Theory and Value Tolerance Relation fuzzy theory) and rating scoring analysis. Journal: Economic Research-Ekonomska Istraživanja Pages: 1758-1787 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1484785 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1484785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1758-1787 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1498007_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Khalid Khan Author-X-Name-First: Khalid Author-X-Name-Last: Khan Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Ran Tao Author-X-Name-First: Ran Author-X-Name-Last: Tao Author-Name: Chien-Chi Chu Author-X-Name-First: Chien-Chi Author-X-Name-Last: Chu Title: Is there any relationship between producer price index and consumer price index in the Czech Republic? Abstract: This article tests the expenditure-switching model in the Czech Republic to inspect the causal link between the Producer Price Index (P.P.I.) and Consumer Price Index (C.P.I.). The results of the co-movement between the P.P.I. and C.P.I. in the period indicate a positive relationship across the chosen period. We notice that in the frequency domain, the two variables have a relationship in higher spectrums (short-term). The results also show that co-movements exist during structural reforms and financial crises, which in turn supports the expenditure-switching model. The C.P.I. and P.P.I. are sensitive to variations in exchange rates, which pass through prices at the domestic level. Exchange rate shocks lead to inflationary pressure; therefore, long-term oriented intervention policies of the central banks will be more efficient. This article provides substantial information to exporters about price adjustments to exchange rate fluctuation. Journal: Economic Research-Ekonomska Istraživanja Pages: 1788-1806 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1498007 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1498007 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1788-1806 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1515643_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Linh Bui Khac Author-X-Name-First: Linh Author-X-Name-Last: Bui Khac Author-Name: Huyen Hoang Thi Nhat Author-X-Name-First: Huyen Author-X-Name-Last: Hoang Thi Nhat Author-Name: Hang Bui Thanh Author-X-Name-First: Hang Author-X-Name-Last: Bui Thanh Title: Factor substitution in rice production function: the case of Vietnam Abstract: Vietnamese rice production has achieved remarkable success over the last couple of decades. This is due to land and market reforms, known as ‘Doi Moi’. There were noticeable changes in policies, such as land and production systems, which were transformed from a collective to an individual contract system in the 1980s. Vietnam made progress in rice production through the legalisation of the privatisation of farm properties and a huge investment in irrigation systems. The country not only ensured its domestic demand, but also started exporting rice and gradually became the second largest exporter in the world. An estimate of the Constant Elasticity of Substitution function (CES) for Vietnam’s rice production is essential for the government to design effective policy on agricultural production. This study makes the first attempt to estimate the nested CES model for Vietnamese rice production in 2012. The paper finds that the elasticity of substitution of Vietnam's nested CES model lies between 0.44 and 0.46. The results indicate the weak substitutability between land and the capital-labour composite in the nested CES model. This also suggests that it is impossible to take labour as the substitutable factor for land and capital. Journal: Economic Research-Ekonomska Istraživanja Pages: 1807-1825 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1515643 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1515643 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1807-1825 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1516154_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lorena Škuflić Author-X-Name-First: Lorena Author-X-Name-Last: Škuflić Author-Name: Valentina Vučković Author-X-Name-First: Valentina Author-X-Name-Last: Vučković Title: The effect of emigration on unemployment rates: the case of EU emigrant countries Abstract: This paper analyses the effects of emigration on emigrant countries’ unemployment rates (short-term effect) in selected EU emigrant countries. The panel data analysis (fixed-effects model) covers the period from 2004 to 2015, and a total of nine EU countries: Bulgaria; Estonia; Greece; Croatia; Latvia; Lithuania; Poland; Portugal; and Romania. The obtained results show that emigration increases the unemployment rate in emigrant countries confirming that, besides generally expected positive effects in terms of a fall in unemployment, emigration could also have an adverse effect on emigrant countries’ labour markets. Such results point to structural issues in the labour market caused by emigration, i.e., an increase in the labour supply and demand mismatch, which is discussed in the paper through the descriptive analysis of Job Vacancy Rate (JVR) data. Journal: Economic Research-Ekonomska Istraživanja Pages: 1826-1836 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1516154 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1516154 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1826-1836 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1521295_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Predrag Bejaković Author-X-Name-First: Predrag Author-X-Name-Last: Bejaković Author-Name: Željko Mrnjavac Author-X-Name-First: Željko Author-X-Name-Last: Mrnjavac Title: The danger of long-term unemployment and measures for its reduction: the case of Croatia* Abstract: Long-term unemployment (when a person is jobless for more than 12 months) can have serious negative consequences for the individual, society and its economic system. People who are unemployed for a long-term period find it more difficult to be employed as time goes by. Long-term unemployed persons often have limited employability, due to their low level of educational attainment, loss of skills and the substantial expenditures that are necessary to restore these skills. They also face significantly lower earnings and restricted career prospects. The participation rate of the long-term unemployed in employment programmes is usually very low. The article considers the significance of long-term unemployment in Croatia and measures for its reduction. Journal: Economic Research-Ekonomska Istraživanja Pages: 1837-1850 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1521295 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1521295 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1837-1850 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1516153_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Stjepan Srhoj Author-X-Name-First: Stjepan Author-X-Name-Last: Srhoj Author-Name: Ivan Zupic Author-X-Name-First: Ivan Author-X-Name-Last: Zupic Author-Name: Marko Jaklič Author-X-Name-First: Marko Author-X-Name-Last: Jaklič Title: Stylised facts about Slovenian high-growth firms Abstract: The paper analyses high-growth firms in Slovenia over two three-year periods: 2007–2010 and 2011–2014. The analysis has been carried out for four stylised facts on high-growth firms established in the literature: (1) growth-rate distributions are heavy-tailed; (2) different growth indicators select different high-growth firms; (3) a small share of high-growth firms generates a large share of jobs; and (4) high-growth firms are not more common in high-tech industries. The results find the growth-rate distributions to be heavy-tailed, but also somewhat asymmetric and thicker than the Laplace tails. The paper shows that different indicators indeed select different high-growth firms, which is especially evident when comparing employment- and revenue-based selected firms. Furthermore, Slovenia has a smaller share of high-growth firms compared to more developed countries like the United Kingdom and Sweden; however, this smaller share of firms does contribute to a large share of jobs created, but the effect is not as large as in more developed countries. The analysis also confirms the significant effect of micro, small and medium-sized enterprises on overall job creation. Finally, only a small portion of high-growth firms can be found in high-tech sectors in Slovenia. Journal: Economic Research-Ekonomska Istraživanja Pages: 1851-1879 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1516153 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1516153 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1851-1879 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1495571_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ahsen Maqsoom Author-X-Name-First: Ahsen Author-X-Name-Last: Maqsoom Author-Name: Abdul Mughees Author-X-Name-First: Abdul Author-X-Name-Last: Mughees Author-Name: Umar Safdar Author-X-Name-First: Umar Author-X-Name-Last: Safdar Author-Name: Bilal Afsar Author-X-Name-First: Bilal Author-X-Name-Last: Afsar Author-Name: Badar ul Ali Zeeshan Author-X-Name-First: Badar ul Author-X-Name-Last: Ali Zeeshan Title: Intrinsic psychosocial stressors and construction worker productivity: impact of employee age and industry experience Abstract: This paper aims to study the impact of employee age and industrial experience on intrinsic psychosocial stressors of construction workers. Using an integrated theoretical approach, this study examines the intrinsic (top management, career development, social support, motivation and work stress) psychosocial stressors that influence the productivity of Pakistani construction contracting firms workers having varied ages and industry experiences. Data were collected through a postal questionnaire survey. A comparative analysis of these data was undertaken for employees of varied ages and industrial experiences. Findings show that employees of varied ages did not concur over several top management, career development, social support, motivation and work stress related psychosocial stressors, whereas employees of varied industrial experience were in disagreement over some work stress related psychosocial stressors. Due to the need to overcome intrinsic psychological stresses, firm support is direly needed, especially for the less-experienced employees that are more susceptible to demotivation, mental stress and health and safety risks at the sites. The study provides valuable insights into worker productivity by showing how employee varied age and diverse industry experience are associated with the intrinsic psychosocial stressors that influence worker productivity. This study will help regulatory bodies to deal with the critical psychosocial stressors and devise such policies that improve the worker productivity of their construction contracting firms. Journal: Economic Research-Ekonomska Istraživanja Pages: 1880-1902 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1495571 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1495571 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1880-1902 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1504690_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nicoleta Bărbuţă-Mişu Author-X-Name-First: Nicoleta Author-X-Name-Last: Bărbuţă-Mişu Title: Analysis of factors influencing managerial decision to use trade credit in construction sector Abstract: Trade credit is one of the most flexible short-term funding sources for companies and covers a significant part of the financial resources used by firms. Trade credit received makes available financial resources to achieve other economic objectives of the company. The managerial decision to increase or reduce trade credit offered and received or the collection and credit period is influenced by the company’s financial performance. The aim of this paper is to analyse the correlation between trade credit receivable/payable and collection/credit period and six measures of financial performance and find if these variables have any impact on the decision to use trade credit. To achieve this aim, we used a sample of 958 European firms from the construction sector which were analysed using correlation and OLS regression, separately on developed and emerging countries. The main results found are: trade credit offered/received is directly correlated with return on equity and firm size, and inversely correlated with return on assets; trade credit offered is directly correlated with current liquidity and long-term banking loans; trade credit received is directly correlated with liquidity ratio and inversely correlated with current liquidity and long-term banking loans; and trade credit offered is inversely correlated with liquidity ratio. Journal: Economic Research-Ekonomska Istraživanja Pages: 1903-1922 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1504690 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1504690 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1903-1922 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1530607_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tea Šestanović Author-X-Name-First: Tea Author-X-Name-Last: Šestanović Author-Name: Josip Arnerić Author-X-Name-First: Josip Author-X-Name-Last: Arnerić Author-Name: Zdravka Aljinović Author-X-Name-First: Zdravka Author-X-Name-Last: Aljinović Title: Non-structural approach to implied moments extraction Abstract: Moments of future prices and returns are not observable, but it is possible to measure them indirectly. A set of option prices with the same maturity but with different exercise prices are used to extract implied probability distribution of the underlying asset at the expiration date. The aim is to obtain market expectations from options and to investigate which non-structural model for estimating implied probability distribution gives the best fit. Non-structural models assume that only dynamics in prices is known. Mixture of two log-normals (MLN), Edgeworth expansions and Shimko’s model (representatives of parametric, semiparametric and nonparametric approaches respectively) are compared. Previous researches are inconclusive about the superiority of one approach over the others. This article contributes to finding which approach dominates. The best fit model is used to describe moments of the implied probability distribution. The sample covers one-year data for DAX index options. The results are compared through models and maturities. All models give better short-term forecasts. In pairwise comparison, MLN is superior to other approaches according to mean squared errors and Diebold-Mariano test in the observed period for DAX index options. Journal: Economic Research-Ekonomska Istraživanja Pages: 1923-1939 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1530607 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1530607 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1923-1939 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1498010_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yilmaz Bayar Author-X-Name-First: Yilmaz Author-X-Name-Last: Bayar Author-Name: Hakki Odabas Author-X-Name-First: Hakki Author-X-Name-Last: Odabas Author-Name: Mahmut Unsal Sasmaz Author-X-Name-First: Mahmut Unsal Author-X-Name-Last: Sasmaz Author-Name: Omer Faruk Ozturk Author-X-Name-First: Omer Faruk Author-X-Name-Last: Ozturk Title: Corruption and shadow economy in transition economies of European Union countries: a panel cointegration and causality analysis Abstract: Corruption and shadow economy are two critical problems which feed each other and pose an obstacle against the economic development of countries, especially those with weak fundamentals. Central and Eastern European countries have experienced an absolute political and economic transformation after the downfall of the Berlin Wall. This study researches the effect of corruption and rule of law on shadow economy in 11 transition economies of Central and Eastern Europe over the 2003–2015 term with panel cointegration and causality tests considering heterogeneity and cross-sectional dependence. The cointegration coefficients revealed a complementary interplay between size of shadow economy and corruption. Furthermore, the causality analysis indicated that there was a bilateral causality between control of corruption and shadow economy in all the cross-section units. However, there was a two-way causality between rule of law and shadow economy only in Bulgaria, Czech Republic, Poland and Romania. Furthermore, there was one-way causality from rule of law to shadow economy in Croatia, Estonia, Hungary, Slovakia and Slovenia. Journal: Economic Research-Ekonomska Istraživanja Pages: 1940-1952 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1498010 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1498010 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1940-1952 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1523740_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nela Vlahinić Lenz Author-X-Name-First: Nela Author-X-Name-Last: Vlahinić Lenz Author-Name: Helga Pavlić Skender Author-X-Name-First: Helga Author-X-Name-Last: Pavlić Skender Author-Name: Petra Adelajda Mirković Author-X-Name-First: Petra Adelajda Author-X-Name-Last: Mirković Title: The macroeconomic effects of transport infrastructure on economic growth: the case of Central and Eastern E.U. member states Abstract: This paper empirically investigates the effects of transport infrastructure on economic growth in Central and Eastern European Member States (C.E.M.S.) in the period 1995–2016. During the transition period in C.E.M.S., most investments were focused on the roads, while railways have been lagging for decades. The aim of this paper is to estimate the effects of transport infrastructure (road and rail) on economic growth while controlling with other variables such as population growth, gross fixed capital formation and trade openness. We use panel data analysis with three standard estimators: pooled ordinary least squares, fixed effects and random effects. The results show positive effects in case of all estimated variables, except the railway infrastructure where the effects seem to be negative. The results illustrate the long-standing problem of inefficient and outdated railway infrastructure. These results should be seen in a broader context, especially in the light of the ongoing desire to reduce CO2 emissions that are to a large extent produced by road transport, while railway transport is more environmentally friendly. This paper supports the European Union’s guidelines for the need to invest in railway infrastructure to ensure effective transport in the long term, create competitive advantages, reduce greenhouse gas emissions and thus simulate sustainable economic growth in C.E.M.S. Journal: Economic Research-Ekonomska Istraživanja Pages: 1953-1964 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1523740 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1523740 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1953-1964 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1498365_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andreea-Daniela Moraru Author-X-Name-First: Andreea-Daniela Author-X-Name-Last: Moraru Author-Name: Alina Barbulescu Author-X-Name-First: Alina Author-X-Name-Last: Barbulescu Author-Name: Cristina Duhnea Author-X-Name-First: Cristina Author-X-Name-Last: Duhnea Title: Consumption and hysteresis: the new, the old, and the challenge Abstract: Consumers are reluctant to change immediately their consumption patterns when confronted with budgetary changes, in spite of fluctuating economic conditions. Their reluctance evokes the notion of hysteresis used by economists to describe the persistent influence of past economic events. The importance of hysteresis in economic research represents a natural consequence of the development of economic sciences and of the pursuit of understanding economic systems’ evolution by taking into account their ‘memory’, their conscience of the past. The present paper represents an attempt to review some of the most relevant approaches to hysteresis in economics and to emphasise the impact of the phenomenon on macroeconomic consumption in Romania. The paper aims at reviewing the application of hysteresis to economic models, and subsequently at constructing a two-phase research on households’ individual final consumption in Romania during 1990 and 2016, employing both the unit root and the so-called ‘true’ approach to hysteresis. The research results indicated the existence of hysteresis at the macroeconomic consumption level, thus revealing several implications for economic policy, inaccessible through the standard economic models. Journal: Economic Research-Ekonomska Istraživanja Pages: 1965-1980 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1498365 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1498365 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1965-1980 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1473787_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Danijel Nestić Author-X-Name-First: Danijel Author-X-Name-Last: Nestić Author-Name: Zdenko Babić Author-X-Name-First: Zdenko Author-X-Name-Last: Babić Author-Name: Sanja Blažević Burić Author-X-Name-First: Sanja Blažević Author-X-Name-Last: Burić Title: Minimum wage in Croatia: sectoral and regional perspectives Abstract: In this paper, we identify the sectors and regions in Croatia most affected by minimum wage changes. By using four criteria, we identify 13 low‐wage sectors. The analysis also reveals five regions (counties) in which the minimum wage can play an important role. Low‐wage sectors in Croatia are found to be manufacture of textiles, manufacture of clothing, manufacture of leather and related products, manufacture of wood and of products of wood, manufacture of rubber and plastic products, manufacture of furniture, construction of buildings, specialised construction activities, retail trade, food and beverage services, security and investigation activities, services to buildings (cleaning etc.) and personal services. We analyse the employment and wage changes for these low‐wage sectors in the period 2009–2015. It turns out that tradable low‐wage sectors are highly affected by minimum wage changes due to a high concentration of employees with wages just above the minimum wage. However, during the recession, these sectors had a smaller employment decline and higher wage growth compared with both the manufacturing industry as a whole and non‐tradable low‐wage sectors. Journal: Economic Research-Ekonomska Istraživanja Pages: 1981-2002 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1473787 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1473787 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:1981-2002 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1480967_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Davor Mikulić Author-X-Name-First: Davor Author-X-Name-Last: Mikulić Author-Name: Željko Lovrinčević Author-X-Name-First: Željko Author-X-Name-Last: Lovrinčević Title: The import content of Croatian economic sectors and final demand Abstract: Production processes are becoming increasingly fragmented and dispersed for producers in different geographical areas as a result of international integration and trade liberalisation. The aim of this paper is to estimate direct and indirect import content of Croatian industries and final demand and to compare the results with previous studies for European economies. Direct and indirect import content of final demand is estimated by an input-output model. The updated 2013 input-output table based on the bi-proportional adjustment of the rows and columns of the base technology matrix A (RAS method) is applied in order to account for changes in technical coefficients for domestic output and imports after European Union (EU) accession. The highest import content is estimated for sectors applying production technology that requires raw materials which are not available in sufficient quantities domestically, and sectors that produce high-tech or medium high-tech goods. The import content of public and personal services is low. The highest import content of domestic final demand is recorded for exports and gross fixed capital formation. In comparison to other new member-states, the Croatian economy is less internationally integrated and import dependence is more similar to results found for larger self-sufficient economies. Empirical results on the import content of different economic sectors could enhance the effectiveness of macroeconomic policies. Journal: Economic Research-Ekonomska Istraživanja Pages: 2003-2023 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1480967 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1480967 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:2003-2023 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1480968_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Milena Peršić Author-X-Name-First: Milena Author-X-Name-Last: Peršić Author-Name: Halmi Lahorka Author-X-Name-First: Halmi Author-X-Name-Last: Lahorka Title: Exploring the quality of social information disclosed in non-financial reports of Croatian companies Abstract: By enacting the provisions of Directive 2014/95/EU and the Croatian Accounting Act on disclosing non-financial and diversity information, companies of public interest registering 500 and more employees are required to disclose non-financial information. The purpose of this research is to assess the quality of disclosed social information in non- financial/sustainability reports of Croatian companies. The assessment of the social information was grounded on the framework defined by globally accepted sustainability reporting standards by assessing the quality of social sub-categories of human rights, labour practice, community/society and product, measured by attributes of relevance, clarity, verifiability, comparability and clarity. With the overall quality score of 13.16 (out of possible 36), the results prove that Croatian companies do disclose certain social information, but the reliability of this information for benchmarking and competitiveness assessment is questionable, as a consensus on the minimum of information to be disclosed as a fundamental requirement for benchmarking has not yet been reached. Journal: Economic Research-Ekonomska Istraživanja Pages: 2024-2043 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1480968 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1480968 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:2024-2043 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1480969_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Valentina Diana Rusu Author-X-Name-First: Valentina Diana Author-X-Name-Last: Rusu Author-Name: Angela Roman Author-X-Name-First: Angela Author-X-Name-Last: Roman Title: An empirical analysis of factors affecting competitiveness of C.E.E. countries Abstract: This paper analyses the main economic factors that are influencing the competitiveness of Central and Eastern European (C.E.E.) countries. The research was carried out on a sample of ten countries (Bulgaria, Czech Republic, Estonia, Hungary, Lithuania, Latvia, Poland, Romania, Slovenia and Slovakia), over the period 2004–2016. These countries were grouped by their stage of economic development, respectively: efficiency driven economies, in transition between efficiency and innovation and innovation driven economies. An econometric analysis on panel data was used, considering as a dependent variable the competitiveness of a country, quantified by the Global Competitiveness Index. As independent variables, we took into account a set of seven macroeconomic and business environment indicators which could have an impact on a country’s competitiveness. The results obtained show important differences between countries, but also some resemblance. Although all the considered countries are emerging ones, the factors that have a significant influence on the competitiveness differ significantly. Thereby, if for efficiency-driven countries, G.D.P., inflation rate, trade, labour productivity and costs are important determinants of competitiveness, for innovation-driven countries the determinants of competitiveness are: G.D.P., inflation rate, tax rate, F.D.I., trade and costs. As regards the C.E.E. countries in transition only G.D.P., inflation rate and labour productivity are determinants of competitiveness. Journal: Economic Research-Ekonomska Istraživanja Pages: 2044-2059 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1480969 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1480969 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:2044-2059 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1480970_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Igor Cvecic Author-X-Name-First: Igor Author-X-Name-Last: Cvecic Author-Name: Danijela Sokolic Author-X-Name-First: Danijela Author-X-Name-Last: Sokolic Title: Impact of public expenditure in labour market policies and other selected factors on youth unemployment Abstract: This study investigates the impact of selected macroeconomic, demographic, institutional and educational determinants on youth unemployment rates in Europe, with special attention to effects of Active Labour Market Policies on unemployment dynamics. Dynamic panel data estimates have been done with the Generalised Method of Moments on data from 27 E.U. Members States plus Norway (2005–2014). The results indicate significant impact of the main macroeconomic variables on youth unemployment rates, total unemployment rates and shares of young people (15–24 y.o.) neither employed nor in education or training. Other variables show various levels of significance, including variables which describe labour market policies (L.M.P.s). In all estimations, public expenditure in L.M.P.s as a percentage of gross domestic product has statistically significant impact on unemployment rates, with positive coefficients. However, opposite effects have been estimated when using the number of participants in L.M.P.s and public expenditure in L.M.P.s per unemployed person, which suggests that L.M.P.s better target the general unemployed population than the vulnerable group of the unemployed youth. Journal: Economic Research-Ekonomska Istraživanja Pages: 2060-2080 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1480970 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1480970 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:2060-2080 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1543056_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Francisco J. Delgado Author-X-Name-First: Francisco J. Author-X-Name-Last: Delgado Author-Name: Elena Fernández-Rodríguez Author-X-Name-First: Elena Author-X-Name-Last: Fernández-Rodríguez Author-Name: Antonio Martínez-Arias Author-X-Name-First: Antonio Author-X-Name-Last: Martínez-Arias Title: Corporation effective tax rates and company size: evidence from Germany Abstract: We investigate the relationship between the effective tax rate (E.T.R.) and company size in Germany to test tax planning–political power versus political cost theories. In contrast to most studies in this field, which use linear approximations, this paper uses a quantile regression approach. We use data from Compustat, corresponding to non-financial listed companies during 1992–2009. The results indicate a nonlinear relation, with a positive sign for the first quantiles and a negative one in the last part of the distribution. Additionally, leverage, inventory intensity and return on assets are found to be significant determinants of the E.T.R. Journal: Economic Research-Ekonomska Istraživanja Pages: 2081-2099 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1543056 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1543056 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:2081-2099 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1544087_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Konrad Szocik Author-X-Name-First: Konrad Author-X-Name-Last: Szocik Author-Name: Agata Gemzik-Salwach Author-X-Name-First: Agata Author-X-Name-Last: Gemzik-Salwach Author-Name: Łukasz Cywiński Author-X-Name-First: Łukasz Author-X-Name-Last: Cywiński Author-Name: Elżbieta Inglot-Brzęk Author-X-Name-First: Elżbieta Author-X-Name-Last: Inglot-Brzęk Title: Fashion effects: self-limitations of the free will caused by degeneration of the free market Abstract: The article discusses the existence of free will in the free market. The purpose of this article is to show how the free market restricts free will through the fashion effect and how an illusion of freedom is created. The article puts forward a hypothesis, which says that the market, especially the theoretical concept of the free market, limits free will. However, it gives a sense of freedom, which is a delusion. The authors see and describe an existence of a fashion effect as an example of degeneration of the free market. Fashion effect is one of the free-market processes – it uses the psychological mechanisms of seduction; first to sensual, and then intellectual – i.e., the biblical description of the seduction in Eden. In the degenerating free market, the goods are not required to possess practical aspects; however, they need to provoke internal conflicts. Journal: Economic Research-Ekonomska Istraživanja Pages: 2100-2115 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2018.1544087 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1544087 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:2100-2115 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1352645_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: Erratum Journal: Economic Research-Ekonomska Istraživanja Pages: 2116-2116 Issue: 1 Volume: 31 Year: 2018 Month: 1 X-DOI: 10.1080/1331677X.2017.1352645 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1352645 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:31:y:2018:i:1:p:2116-2116 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2026243_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yong Hang Author-X-Name-First: Yong Author-X-Name-Last: Hang Author-Name: Muddassar Sarfraz Author-X-Name-First: Muddassar Author-X-Name-Last: Sarfraz Author-Name: Rimsha Khalid Author-X-Name-First: Rimsha Author-X-Name-Last: Khalid Author-Name: Ilknur Ozturk Author-X-Name-First: Ilknur Author-X-Name-Last: Ozturk Author-Name: Jasim Tariq Author-X-Name-First: Jasim Author-X-Name-Last: Tariq Title: Does corporate social responsibility and green product innovation boost organizational performance? a moderated mediation model of competitive advantage and green trust Abstract: The study contemplates the impact of corporate social responsibility (CSR) and green product innovation on organizational performance while considering the moderating role of competitive advantage and mediating role of green trust. Data have been accumulated through a structured questionnaire while distributing 259 questionnaires among employees working in the Pakistani small and medium-sized enterprises (SMEs) companies. In this study, we have conducted reliability, validity, discriminant validity, and structural modeling analysis by using SPSS and Smart PLS for data analysis. The results have identified a significant and positive impact of CSR and green product innovation on organizational performance. Remarkably, green product innovation positively influences competitive advantage. Competitive advantage mediates the relationship between corporate social responsibility, green product innovation, and organizational performance. Further, this study has filled the lacuna of extant literature while analyzing the green trust moderating role between product innovation and organizational performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 5379-5399 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2026243 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2026243 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5379-5399 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1965004_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wei Zhou Author-X-Name-First: Wei Author-X-Name-Last: Zhou Author-Name: Ning Chen Author-X-Name-First: Ning Author-X-Name-Last: Chen Title: S-shaped transition trajectory and dynamic development frontier of the financial systemic risk research: a multiple networks analysis Abstract: Financial systemic risk has an impact on the real economy and may trigger a chain reaction in the whole economic system leading to the financial crisis. Many scholars focus on financial systemic risk, but few of them are bibliometric analyses. Therefore, this paper explores the status quo, emerging trends, and transition trajectory through the above analysis method in the research field from 1990 to 2020. Based on the above analysis, we find the following conclusions: (1) The basic conclusions of the most productive countries, institutions, journals, authors, status quo, and the change of hotspots in this research field are presented. (2) The emerging trends in this research field are ‘credit risk’, ‘capital shortfall’, ‘spill-over’, ‘spread’, ‘financial market’, ‘interconnectedness’, ‘transmission’ in the last three years. (3) The research field of financial systemic risk presents an S-shaped transition trajectory through the local forward, the local backward, the global standard, and the global key-route main path analysis. (4) We find that the most cited authors are not always at the core of the trajectory of financial systemic risk research. The emerging trend ‘credit risk’ is also recently a core research direction in this research field’s transition trajectory. Journal: Economic Research-Ekonomska Istraživanja Pages: 1403-1430 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1965004 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1965004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1403-1430 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1889392_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Weiping Li Author-X-Name-First: Weiping Author-X-Name-Last: Li Author-Name: Jiashun Huang Author-X-Name-First: Jiashun Author-X-Name-Last: Huang Author-Name: Chang Shi Author-X-Name-First: Chang Author-X-Name-Last: Shi Author-Name: Xue Yang Author-X-Name-First: Xue Author-X-Name-Last: Yang Title: Does share pledging promote or impede corporate social responsibility? An examination of Chinese listed firms Abstract: By employing the Chinese listed firm’s data from 2010 to 2017, this study explores the impact of share pledging on firms’ corporate social responsibility (CSR) performance. Empirical results indicate a negative relationship between share pledging and CSR performance. This effect is robust after using alternative measures and different regression methods, and also consistent after tackling the endogenous issues. Furthermore, we find that risk-taking and agency cost are two possible underlying mechanisms through which share pledging reduces CSR. In addition, CSR reduction caused by share pledging leads to poorer economic performance and lower market value of firms. Journal: Economic Research-Ekonomska Istraživanja Pages: 175-195 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1889392 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1889392 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:175-195 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1910532_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Arif Author-X-Name-First: Muhammad Author-X-Name-Last: Arif Author-Name: Muhammad Abubakr Naeem Author-X-Name-First: Muhammad Abubakr Author-X-Name-Last: Naeem Author-Name: Mudassar Hasan Author-X-Name-First: Mudassar Author-X-Name-Last: Hasan Author-Name: Suha M Alawi Author-X-Name-First: Suha Author-X-Name-Last: M Alawi Author-Name: Farhad Taghizadeh-Hesary Author-X-Name-First: Farhad Author-X-Name-Last: Taghizadeh-Hesary Title: Pandemic crisis versus global financial crisis: Are Islamic stocks a safe-haven for G7 markets? Abstract: This study draws a comparison between the Global Financial Crisis (GFC) and the COVID-19 pandemic crisis to assess the safe-haven potential of Islamic stocks for G7 stock markets. We employ the cross-quantilogram framework of Han et al., which considers the non-linearity in the relationship, and thus captures the correlation between the Islamic and G7 stock markets across various quantiles reflecting different market conditions. The analysis also includes the time-varying cross-quantile correlation to observe the evolution of Islamic stocks' safe-haven potential. Our full sample analysis shows that Islamic stocks do not exhibit safe-haven properties for G7 stock markets. During the GFC period, Islamic stocks show some diversification benefits for the G7 stock markets. Notably, Islamic stocks emerged as a robust safe-haven asset for the G7 stock markets during the pandemic crisis. The study carries essential insights for equity investors and regulators of G7 and other countries to implement diversification/hedging strategies that would involve Islamic stocks to protect equity investments and the overall financial system amid the financial downturns. Journal: Economic Research-Ekonomska Istraživanja Pages: 1707-1733 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1910532 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1910532 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1707-1733 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1965003_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chao Wu Author-X-Name-First: Chao Author-X-Name-Last: Wu Author-Name: Shuai Yang Author-X-Name-First: Shuai Author-X-Name-Last: Yang Title: WHY MEDIA SLANT? Media coverage of mergers and acquisitions in China Abstract: Using a text analysis of Chinese newspaper articles covering 1321 proposed mergers during 2008–2018, this study proposes attribution theory to examine how the media is susceptible to stereotype bias. Evidence reveals that the media pays considerable attention to and exhibits favourable sentiments toward overseas-experienced acquirers, which is found only in non-state-owned enterprises. Further analyses on the amplifying effect of stereotype bias show that the media slant more positively on large-scale overseas experiences. Results indicate that the media is biased, referring to impression migration from merger and acquisition experience. Journal: Economic Research-Ekonomska Istraživanja Pages: 1385-1402 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1965003 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1965003 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1385-1402 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048192_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xin Xiang Author-X-Name-First: Xin Author-X-Name-Last: Xiang Title: Executive stock options, informative stock prices and innovation Abstract: Prior studies have not reasonably explained why executive stock options (ESOs) encourage innovation through vega rather than delta. This study re-examines the relationship among vega, delta and innovation performance when stock prices are informative. The findings indicate that informative stock prices amplify the delta effect on encouraging executives to improve innovation performance but that informative prices alleviate the traditional positive effect of vega on innovation. Moreover, when stock prices are informative, deep-in-the-money options reduce the positive effect of delta on innovation, whereas the state control, independent directors and manager and director shareholding enhance (reduce) the positive effect of delta (vega) on innovation. The results hold after conducting robustness tests. Journal: Economic Research-Ekonomska Istraživanja Pages: 6233-6256 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048192 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048192 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6233-6256 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2012710_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qi Qi Ning Author-X-Name-First: Qi Qi Author-X-Name-Last: Ning Author-Name: Song Lin Guo Author-X-Name-First: Song Lin Author-X-Name-Last: Guo Author-Name: Xiao Chen Chang Author-X-Name-First: Xiao Chen Author-X-Name-Last: Chang Title: Nexus between green financing, economic risk, political risk and environment: evidence from China Abstract: This study provides fresh evidence regarding the dynamic association that is believed to exist in relation to green finance (GF), economic growth (GDP), political risk (PR), economic risk (ER), and carbon dioxide (CO2) emissions. It therefore uses the dataset pertaining to China from most recent time-series – covering the period spanning from the years of 1990 to 2020, by employing the Morlet Wavelet Analysis technique. The empirical findings of the wavelet power spectrum reveal that green finance GF and ER are vulnerable in the short- and long-run, and the short-run, respectively. At the same time, no vulnerability has been observed in the GDP, PR, and CO2 emissions. In addition to this, the wavelet coherence also reveals the bidirectional causal association that exists between GF-CO2 and ER-CO2, but only in the short run. It must also be taken into consideration that the causal influence of CO2 is deemed to be greater than the GF and ER, respectively. Besides this, a bidirectional causal nexus also exists between the GDP and CO2 emissions, only in the long run. Furthermore, the association between the economic growths follows both the phase and antiphase associations. Moreover, the study also reveals that there is no significant causal link between the PR and CO2 emissions. The results emphasize that the significance of green finance investment will tend to increase with strict policy implications, stabilization or minimization of economic risk and political risk. The same will also take place while promoting environmentally friendly production via economic growth, so as to reduce CO2 emission in the region taken into account. Journal: Economic Research-Ekonomska Istraživanja Pages: 4195-4219 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2012710 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2012710 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4195-4219 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1970606_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Cangshu Li Author-X-Name-First: Cangshu Author-X-Name-Last: Li Title: Quantitative measurement and analysis of FinTech risk in China Abstract: This study took online lending as the main research object to quantitatively measure FinTech risk in China. A theoretical model was built to analyse the relationship between the assets and liabilities of peer-to-peer platforms and the risk of the entire online lending industry. The conditional value at risk method was used to measure the risk spillover effect of the online lending industry and the different types of platforms. Index smoothing and moving average were used to examine risk contagion. When the risk rate of the portfolio of the platform generally increases, the systemic risk of the whole industry also increases, and if the systemic risk of the industry spreads to the portfolio of the platform, it could affect the stability of the capital flow of the platform, and then affect the risk expectation of the platform itself. Most platforms with risk concerns were private. Banking platforms and public platforms were greatly affected by market risk; however, their own risks had relatively little impact on the overall market. The greater the market risk, the more platforms become risk platforms, and the smaller the impact on transition platforms. Regulatory sandboxes may be an effective means of preventing and controlling Fintech risks. Journal: Economic Research-Ekonomska Istraživanja Pages: 2596-2614 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1970606 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1970606 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2596-2614 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2016461_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dubravka Kuščević Author-X-Name-First: Dubravka Author-X-Name-Last: Kuščević Author-Name: Marija Brajčić Author-X-Name-First: Marija Author-X-Name-Last: Brajčić Author-Name: Marija Jurišić Author-X-Name-First: Marija Author-X-Name-Last: Jurišić Title: Student experiences and attitudes towards the school subject Visual Arts Abstract: In modern school, students become active subjects in their education. The aim of this research was to determine the status of the school subject of Visual Arts in the eyes of students, therefore we studied student opinion, perception and experience related to Visual Arts classes. A total of 192 students participated in the research, including 78 fourth-grade students (40.6%) and 114 eighth-grade students (59.4%). The research was conducted in several Croatian villages and smaller towns in Split-Dalmatia County and Šibenik-Knin County. We used a survey questionnaire containing six hypotheses and research questions: results processing was done by the use of percentages, arithmetic mean, and standard deviation, as well as a t-test for independent samples. The research results show that more than half of the surveyed students would like to have the weekly number of lessons of Visual Arts increased. Although they love to participate in classes, unfortunately as many as 70% of them never visit museums and exhibitions to communicate with the contents of Visual Arts, and when they do go to cultural institutions, they are mostly taken there by their parents. The research proved that fourth-grade students of primary school perceive the subject better than eighth-grade students and assess different aspects of Visual Arts classes with higher grades. No gender differences were observed in the perception of the subject of Visual Arts. Finally, we notice that most students consider Visual Arts an important and useful subject in their education, and most students are happy to attend Visual Arts classes as this makes them feel relaxed. Journal: Economic Research-Ekonomska Istraživanja Pages: 4643-4657 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2016461 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2016461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4643-4657 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2053783_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pengqing Zhang Author-X-Name-First: Pengqing Author-X-Name-Last: Zhang Title: Can public subsidy on education reduce wage inequality in the presence of automation? Abstract: We examine the impacts of a public education subsidy on the wage differential in the presence of automation by establishing general equilibrium models with two-stage skill formation. We show that for an economy with full employment, a public education subsidy will increase the wage differential in the first stage of skill formation, but in the second stage, the wage differential may be reduced if the ratio of unskilled labor to skilled labor is large enough. For an economy with unemployment, a public education subsidy will narrow down the wage differential in the first stage, but in the second stage, the wage differential may be widened if that ratio is large enough. Journal: Economic Research-Ekonomska Istraživanja Pages: 6850-6866 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2053783 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2053783 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6850-6866 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1970607_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aiting Xu Author-X-Name-First: Aiting Author-X-Name-Last: Xu Author-Name: Caijuan Cheng Author-X-Name-First: Caijuan Author-X-Name-Last: Cheng Author-Name: Keyang Qiu Author-X-Name-First: Keyang Author-X-Name-Last: Qiu Author-Name: Xiaoxu Wang Author-X-Name-First: Xiaoxu Author-X-Name-Last: Wang Author-Name: Yuhan Zhu Author-X-Name-First: Yuhan Author-X-Name-Last: Zhu Title: Innovation policy and firm patent value: evidence from China Abstract: This study aims to contribute to the empirical literature that evaluates the impact of the Science & Technology (S&T) Outline, a Chinese innovation policy implemented in 2006, measured by the scale of patent value. We first create a comprehensive patent valuation model (CPVM), derived from the extended patent renewal model and a variety of feature indices, to measure a firm’s patent value. From a database with over 700,000 Chinese patents from 1985 to 2013, we find that the patent value increases after the release of the S&T Outline, and the scale of patent value after 2006 is about 26.52 times more than that before 2006. Further, we use a quasi-difference in differences (DID) model to estimate the growth effect caused by the innovation policy. The results indicate that the S&T Outline had a significant effect on the promotion of patent value, in industries with high patent intensity. Considering the lag effect of the S&T Outline, we construct innovation correlation networks to visualise and compare its promotion effect. We find that regional networks have a gathering tendency after policy implementation, while industrial networks have a decentralising tendency. Journal: Economic Research-Ekonomska Istraživanja Pages: 2615-2644 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1970607 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1970607 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2615-2644 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2021966_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mo Zhang Author-X-Name-First: Mo Author-X-Name-Last: Zhang Author-Name: Phan The Cong Author-X-Name-First: Phan Author-X-Name-Last: The Cong Author-Name: Shouvik Sanyal Author-X-Name-First: Shouvik Author-X-Name-Last: Sanyal Author-Name: Wanich Suksatan Author-X-Name-First: Wanich Author-X-Name-Last: Suksatan Author-Name: Apichit Maneengam Author-X-Name-First: Apichit Author-X-Name-Last: Maneengam Author-Name: Natasha Murtaza Author-X-Name-First: Natasha Author-X-Name-Last: Murtaza Title: Insights into rising environmental concern: prompt corporate social responsibility to mediate green marketing perspective Abstract: Green investment is a trending marketing strategy that has been endorsed as a prominent financial actor due to the growing environmental issues and business sustainability. With the introduction of green and climate bonds in the last decade, the investment in eco-friendly projects has been deemed a paradigm shift. China has been a pioneer in introducing green and climate bonds, setting a precedent for green investment in the global market. Following the green strategy, therefore, the main aim of this study is to examine the importance of green investment and green marketing for enhancing business performance. Besides, this study has also examined the critical mediating role of CSR. Data were collected from 619 respondents from Chinese manufacturing companies via questionnaires. This study employed the structural equation modeling (SEM) technique to test hypotheses in Smart PLS software. This study revealed that green marketing strategy and green investment positively complement the CSR of companies and their business performance. Moreover, results also showed that CSR plays a significant mediating rolein enhancing business performance positively by stimulating the targeted relationships. With the ascendency of being environment friendly, this study will also be a powerful magnet for practitioners and policymakers. Journal: Economic Research-Ekonomska Istraživanja Pages: 5097-5113 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2021966 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2021966 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5097-5113 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2019595_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: António Sérgio Ribeiro Author-X-Name-First: António Sérgio Author-X-Name-Last: Ribeiro Author-Name: Francisco Lima Author-X-Name-First: Francisco Author-X-Name-Last: Lima Author-Name: Sascha Kraus Author-X-Name-First: Sascha Author-X-Name-Last: Kraus Author-Name: Ferran Calabuig Author-X-Name-First: Ferran Author-X-Name-Last: Calabuig Title: Tournaments within football teams: players’ performance and wages Abstract: Football players’ wages are, in most clubs, the largest share of expenses and one of the most important incentives to keep players motivated. How are football players encouraged to constantly improve their performance and what is the effect of good performances on wages? Are wage spreads within teams being set to motivate players, as in a rank-order tournament? Using accurate data from Portuguese First League football player wages, we study the relationship between wages and players’ performance. Using minutes, number of games and performance statistics during the season as a proxy for players’ performance, we show that players who play more minutes earn a wage prize and those at the top face a convex relationship suggesting the setup of a tournament within football teams. Journal: Economic Research-Ekonomska Istraživanja Pages: 4884-4901 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2019595 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2019595 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4884-4901 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2012497_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ana Ruiz López Author-X-Name-First: Ana Author-X-Name-Last: Ruiz López Author-Name: Antonio Navarro-García Author-X-Name-First: Antonio Author-X-Name-Last: Navarro-García Author-Name: Juan Manuel Berbel Pineda Author-X-Name-First: Juan Manuel Author-X-Name-Last: Berbel Pineda Title: The typology of entrepreneurial exporters: has it all been said? An empirical approach using latent class segmentations Abstract: The main aim of this work is to close the research gap that is the lack of a dominant typology of exporting firms in the area of international entrepreneurship (IE). It combines the principles of gradual or stage approaches, scale and scope, with those associated with international entrepreneurial behaviours: time to internationalisation and speed. Latent class segmentation is achieved using a sample of 136 Spanish exporting firms to uncover the nature and characteristics of the different exporters. The results enable us to identify four groups of exporters: true-born global exporters, early international and market concentration exporters, traditional exporters, and true born-again globals. The differences between these four groups are the earliness of their internationalisation, their pace of international expansion, their development of strategies for diversification or market concentration, and their level of international propensity. The results produce both academic and managerial contributions to the field of export activities. Journal: Economic Research-Ekonomska Istraživanja Pages: 4177-4194 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2012497 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2012497 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4177-4194 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2010109_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Peisen Liu Author-X-Name-First: Peisen Author-X-Name-Last: Liu Author-Name: Houjian Li Author-X-Name-First: Houjian Author-X-Name-Last: Li Title: The impact of banking competition on firm total factor productivity Abstract: The benefits of financial development to economic growth are conspicuous, but due to the heterogeneity across regions and firms, the effects of financial competition have not been fully proved. There is a puzzling phenomenon in many developing countries, that is, banking monopoly coexists with economic growth. This study uses industrial enterprise data to analyse how banking competition affects firm total factor productivity (T.F.P.) and the influence of firm size and ownership in this process. The results show that the competition in banking promotes firms to improve their T.F.P., which is realised by alleviating financing constraints of firms through increasing banking competition and aligns with the market power hypothesis. Moreover, banking competition enables small firms to improve their T.F.P. in regions with fewer state-owned banks branches and more small banks branches. Intensified competition in banking leads to an increase in the T.F.P. of private firms, but it has no effect on the T.F.P. of state-owned enterprises (S.O.E.s) and foreign firms. The expansion of bank branches and the cross region operation of city commercial banks are helpful to improve firm T.F.P. This study confirms the impact of competition caused by changes in bank branches on firms and the determinants of productivity. Journal: Economic Research-Ekonomska Istraživanja Pages: 4008-4028 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2010109 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2010109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4008-4028 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1970605_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sascha Kraus Author-X-Name-First: Sascha Author-X-Name-Last: Kraus Author-Name: Madeleine Cane Author-X-Name-First: Madeleine Author-X-Name-Last: Cane Author-Name: Domingo Ribeiro-Soriano Author-X-Name-First: Domingo Author-X-Name-Last: Ribeiro-Soriano Title: Does doing good do well? An investigation into the relationship between consumer buying behavior and CSR Abstract: Corporate Social Responsibility (CSR) has emerged globally as an important field of study as corporations increasingly recognize the positive consequences of ethical behavior in their business operations. However, despite a growing body of literature, results and definitions remain somewhat contradictory and fractured. Taking a marketing business ethics perspective, this article examines the influence of CSR in firms and its impact on consumer buying behavior through a systematic examination of state of the art literature over the past two decades (2000–2020). Our review identifies a theoretical connection between CSR initiatives and positive consumer reaction yet a lack of material relevance. Most publications have assumed linear and rational decision-making, and comparative studies addressing contextual factors e.g. culture are lacking. Following from this, our paper addresses the results and implications of CSR activities concerning these elements and creates a new framework through which consumer behavior can be analyzed. Journal: Economic Research-Ekonomska Istraživanja Pages: 584-601 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1970605 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1970605 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:584-601 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013913_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Saeid Karimi Author-X-Name-First: Saeid Author-X-Name-Last: Karimi Author-Name: Farzaneh Ahmadi Malek Author-X-Name-First: Farzaneh Author-X-Name-Last: Ahmadi Malek Author-Name: Ahmad Yaghoubi Farani Author-X-Name-First: Ahmad Author-X-Name-Last: Yaghoubi Farani Title: The relationship between proactive personality and employees’ creativity: the mediating role of intrinsic motivation and creative self-efficacy Abstract: Employees’ creativity is one of the most important factors in the success of organizations which has attracted the attention of researchers in recent years. Recent research has suggested that proactive personality fosters creativity. However, there is a lack of research into the mechanisms that make this link possible. The main purpose of this study was to examine the relationship between proactive personality and employee creativity by focusing on the mediating roles of intrinsic motivation and creative self-efficacy. Data from 178 Iranian agriculture experts were collected and analyzed by conducting structural equation modeling. The results indicated that proactive personality was directly and positively related to employees’ creativity. Additionally, the results showed that intrinsic motivation and creative self-efficacy partially mediated the relationship between proactive personality and employees’ creativity. The findings not only shed light on mechanisms that underlie in the proactive personality -creativity linkage but they also highlight the importance of intrinsic motivation and creative self-efficacy in the linkage. Together, the study extends the effect of proactive personality on creativity and the mediation mechanisms underlying this relationship. The theoretical and practical implications, limitations, and future research directions are discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 4500-4519 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013913 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013913 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4500-4519 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1951317_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ionica Oncioiu Author-X-Name-First: Ionica Author-X-Name-Last: Oncioiu Author-Name: Vinko Kandzija Author-X-Name-First: Vinko Author-X-Name-Last: Kandzija Author-Name: Anca-Gabriela Petrescu Author-X-Name-First: Anca-Gabriela Author-X-Name-Last: Petrescu Author-Name: Ioana Panagoreţ Author-X-Name-First: Ioana Author-X-Name-Last: Panagoreţ Author-Name: Marius Petrescu Author-X-Name-First: Marius Author-X-Name-Last: Petrescu Author-Name: Mihai Petrescu Author-X-Name-First: Mihai Author-X-Name-Last: Petrescu Title: Managing and measuring performance in organizational development Abstract: The purpose of this study is to contribute to our understanding of the effects of implementing optimized solutions to increase the performance of a company. Based on a sample of 1442 small companies, the design of a linear model of optimization was selected because of the limits of the model of organizational development in Romania and the perspective on the market value of firms, which, in fact, is the most eloquent result of management's actions. Research results reveal that successful performance management is important for the survival and success of any organization in today's environment, which is highly competitive and continuously evolving. As expected, the management of an entity goes beyond time, and the role of the leader of the future is to ensure the long-term growth of shareholders’ wealth and the prosperity and well-being of the company he or she leads. Finally, our conclusions show that this model is valid and can be used to produce and implement organizational change in Romanian companies. Journal: Economic Research-Ekonomska Istraživanja Pages: 915-928 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1951317 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1951317 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:915-928 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048190_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fan Yang Author-X-Name-First: Fan Author-X-Name-Last: Yang Author-Name: Krishna P. Paudel Author-X-Name-First: Krishna P. Author-X-Name-Last: Paudel Author-Name: Yao Jiang Author-X-Name-First: Yao Author-X-Name-Last: Jiang Title: Impact of self-control on individual income: evidence from China Abstract: This article examines the relationship between individual income and self-control by employing the data available from the China Labor-force Dynamics Survey 2014. We use the two-stage least square method (2SLS) and mediating/moderating effects to estimate the relationship between income and self-control. Results show that self-control impacts individual income both positively and significantly. Age and gender play moderate roles, while education plays a mediating role in the progress of self-control to impact individual income. Robustness analyses are conducted using an IV-quantile regression model, a plausible exogenous instrument, and combining different categories. Findings are consistent across different models and assumptions. This study indicates that an improvement in individual self-control is conducive to increasing individual income. Journal: Economic Research-Ekonomska Istraživanja Pages: 6185-6207 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048190 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048190 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6185-6207 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1932545_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rita Remeikienė Author-X-Name-First: Rita Author-X-Name-Last: Remeikienė Author-Name: Ligita Gasparėnienė Author-X-Name-First: Ligita Author-X-Name-Last: Gasparėnienė Author-Name: Yilmaz Bayar Author-X-Name-First: Yilmaz Author-X-Name-Last: Bayar Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Ieva Marija Ragaišytė Author-X-Name-First: Ieva Marija Author-X-Name-Last: Ragaišytė Title: ICT development and shadow economy: Empirical evidence from the EU transition economies Abstract: The substantial improvements in development information and communication technologies led many economic and non-economic implications for the countries and in turn motivated the researchers to question the various effects of ICT especially in the light of economic crime. This study explores the short and long run influence of information and communication technologies on the shadow economy in 11 post-transition EU members over 1996-2015 period through second generation panel cointegration and causality tests regarding the cross-sectional dependence. The economic analyses disclosed that ICT indicators and human development had significant effects on the size of shadow economy in both short and long run. It was found that growing ICTs lead to reduction on the size of the shadow economy; in addition, human capital improvement policies serve as an important factor when tackling the shadow economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 762-777 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1932545 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1932545 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:762-777 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1965002_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qurat Ul Ain Author-X-Name-First: Qurat Ul Author-X-Name-Last: Ain Author-Name: Xianghui Yuan Author-X-Name-First: Xianghui Author-X-Name-Last: Yuan Author-Name: Hafiz Mustansar Javaid Author-X-Name-First: Hafiz Mustansar Author-X-Name-Last: Javaid Author-Name: Muhammad Naeem Author-X-Name-First: Muhammad Author-X-Name-Last: Naeem Title: Board gender diversity and sustainable growth rate: Chinese evidence Abstract: This study investigates the impact of women directors on a firm’s sustainable growth rate. Using data from 2003 to 2017 for Chinese listed firms, we found a positive relationship between women directors and a sustainable growth rate. Our study also contributes to institutional theory by providing evidence that this positive relationship is more effective in legal-person-controlled firms than state-controlled firms. In comparison, women independent directors have a stronger influence than women executive directors on sustainable growth. Similarly, board gender diversity with three or more female directors substantially affects firms’ sustainable growth, consistent with critical mass theory. Our study’s findings are robust in terms of alternative estimations techniques, variable specifications, and different identification strategies, such as two-stage least squares and propensity score matching. Our study provides novel evidence on women directors’ role in increasing firms’ sustainable growth rate by adding a new dimension to the ongoing debate in the gender diversity literature. Journal: Economic Research-Ekonomska Istraživanja Pages: 1364-1384 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1965002 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1965002 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1364-1384 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2038651_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhihui Tu Author-X-Name-First: Zhihui Author-X-Name-Last: Tu Author-Name: Chen Feng Author-X-Name-First: Chen Author-X-Name-Last: Feng Author-Name: Xin Zhao Author-X-Name-First: Xin Author-X-Name-Last: Zhao Title: Revisiting energy efficiency and energy related CO2 emissions: Evidence from RCEP economies Abstract: Since the last four decades, energy demand has been reached to the utmost level, which also leads to emissions and causes environmental degradation, global warming and climate change all over the world. In this sense, policy makers have suggested various measures including renewable adoption and energy efficiency. Current study aims to investigate the influence of economic growth, energy consumption, renewable electricity output, and energy efficiency on the energy related emissions. A panel of 12 RCEP economies are examined covering the period 1990-2020. Since the data follows irregular path, therefore a novel method of moment panel quantile regression is employed along with the Granger causality test. The empirical results indicate that economic growth and energy consumption significantly enhances energy related emissions, where the magnitude and significance level is found strengthening from lower to upper quantiles (Q0.25, Q0.50, Q0.75 and Q0.90). Conversely, renewable electricity and energy efficiency are the significant tools for lowering energy related emissions in the region. Additionally, a unidirectional causality is found from energy consumption and renewable electricity output to energy related emissions. However, a feedback effect is validated between economic growth, energy efficiency, and energy related emissions. Based on the empirical findings, this study suggests enhancement of renewable electricity output and adoption of energy efficient technologies to reduce environmental degradation and emission level. Journal: Economic Research-Ekonomska Istraživanja Pages: 5858-5878 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2038651 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2038651 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5858-5878 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2035243_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shuangpeng Yang Author-X-Name-First: Shuangpeng Author-X-Name-Last: Yang Author-Name: Zhonglu Chen Author-X-Name-First: Zhonglu Author-X-Name-Last: Chen Author-Name: Muhammad Umar Author-X-Name-First: Muhammad Author-X-Name-Last: Umar Author-Name: Ambreen Khursheed Author-X-Name-First: Ambreen Author-X-Name-Last: Khursheed Title: Environmental regulation and high-quality sustainable development of China's economy – an empirical study based on a spatial durbin model and threshold model Abstract: Coordinating and managing the contradictions among the environment, resources and economy is an urgent problem in China. Based on the panel data of 30 provinces and cities in China from 2004 to 2017, this paper empirically studies the impact of environmental regulation on China's high-quality economic development and the mediating effect mechanism through the spatial Durbin model and threshold model. The results show that China's high-quality economic development shows a fluctuating upward trend, and the east is higher than the middle and west. Environmental regulation significantly inhibits high-quality economic development, but its impact is moderated by accelerating industrial upgrading, promoting technological innovation, and enhancing foreign direct investment. As the primary driving force, technological innovation has a significant spatial spillover effect. The results show that industrial upgrading has no threshold effect, and technological innovation and foreign direct investment have the characteristics of a ‘U’ single threshold. Journal: Economic Research-Ekonomska Istraživanja Pages: 5699-5718 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2035243 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2035243 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5699-5718 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1956361_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Manuela Tvaronavičienė Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičienė Author-Name: Nataliia Mazur Author-X-Name-First: Nataliia Author-X-Name-Last: Mazur Author-Name: Halyna Mishchuk Author-X-Name-First: Halyna Author-X-Name-Last: Mishchuk Author-Name: Yuriy Bilan Author-X-Name-First: Yuriy Author-X-Name-Last: Bilan Title: Quality of life of the youth: assessment methodology development and empirical study in human capital management Abstract: Based on existing approaches to assessing the quality of life and similar concepts in human capital management, a quality of life index for young people is proposed. It takes into account the factors of four groups that determine the subjective satisfaction with the quality of life: Economic environment; Socio-political environment; Social environment; Natural environment. Partial factors and their corresponding quality of life indicators are adapted to the assessments of young people, whose needs and interests differ significantly from other age groups due to differences in the values of generations and features of economic activity at a young age. The methodology developed by the authors is based on taking into account subjective assessments of the level of satisfaction with quality of life factors, as well as their importance based on the determination of weights. As a result of testing the methodology, it was found that the most important factors for a positive perception of quality of life are the social environment, in particular, family relationships and health. Economic and environmental factors have approximately the same effect. Socio-political environment factors have the least influence. Due to material well-being and the quality of socio-political life, satisfaction with the life of employed youth is slightly higher (by 3%). Instead, respondents who do not work are more satisfied with social comfort. The integrated index of quality of life of the interviewed youth is 3,438 points out of 5 maximum. The methodology and results of the assessment are useful for the development of national and regional programs and strategies of human capital development due to increase the level of satisfaction of material, spiritual and cultural needs of young people. Journal: Economic Research-Ekonomska Istraživanja Pages: 1088-1105 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1956361 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1956361 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1088-1105 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048189_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yubing Zhao Author-X-Name-First: Yubing Author-X-Name-Last: Zhao Author-Name: Xianzhou Zhao Author-X-Name-First: Xianzhou Author-X-Name-Last: Zhao Author-Name: Jingyi Shi Author-X-Name-First: Jingyi Author-X-Name-Last: Shi Author-Name: Hongpu Du Author-X-Name-First: Hongpu Author-X-Name-Last: Du Author-Name: Rob Kim Marjerison Author-X-Name-First: Rob Kim Author-X-Name-Last: Marjerison Author-Name: Chuanyu Peng Author-X-Name-First: Chuanyu Author-X-Name-Last: Peng Title: Impact of entrepreneurship education in colleges and universities on entrepreneurial entry and performance Abstract: This study aims to investigate the impact of three established approaches to entrepreneurship education, Theory, Competition and Incubation, on entrepreneurial entry and performance. Propensity score matching is used to compare three cohorts from the alumni of a business college in China who completed entrepreneurship courses with their respective matched sample of similar individuals who did not. The findings suggest that Incubation significantly increases the probability of new venture creation. Theory, and participation in entrepreneurial business plan Competition(s) positively affect only those students that are non-management majors. Analysis including multiple linear regression indicates that Incubation has a positive impact on new venture sales revenue, profit before tax and the number of employees. The effect of Theory and Competition on new venture performance is not significant. This study extends the current knowledge of entrepreneurship education by providing new empirical evidence for the proposition that entrepreneurship can be learned, and the relative impact of these three types of education. The findings have direct implications for policymakers, educational executives, researchers, and others interested in encouraging entrepreneurial activity. Journal: Economic Research-Ekonomska Istraživanja Pages: 6165-6184 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048189 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048189 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6165-6184 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048194_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Minghui Yang Author-X-Name-First: Minghui Author-X-Name-Last: Yang Author-Name: Jiawen Wang Author-X-Name-First: Jiawen Author-X-Name-Last: Wang Author-Name: Petra Maresova Author-X-Name-First: Petra Author-X-Name-Last: Maresova Author-Name: Minhas Akbar Author-X-Name-First: Minhas Author-X-Name-Last: Akbar Title: Can the spending of corporate social responsibility be offset? Evidence from pharmaceutical industry Abstract: This study aims to investigate whether the costs spent on corporate social responsibility (CSR) can be offset, and identify the inflection point when financial returns from CSR exceed the spending. By using Principal Component Analysis, we developed the Carroll’s CSR model to measure actual CSR spending. Drawing on data of 315 listed pharmaceutical firms from China, the quadratic effect was used to examine the inflection point, and the panel data regression was employed to examine the impact of CSR spending on current and subsequent financial performance. The results show that CSR spending cannot be offset in the short-term. After two years of CSR implementation, ethical-domain and overall CSR spending positively relate to return on assets (ROA), whereas legal-domain CSR spending positively affects ROA after three years of CSR implementation, all justifying that CSR spending can be offset in the long-term. This research contributes to literature by precisely recognizing the time-based inflection point in financial performance arises, which is less discussed in existing CSR studies. The study findings imply that corporate managers need to view CSR spending as capital investment rather than operating costs, and policy makers should mandate institutional arrangements to facilitate CSR. Journal: Economic Research-Ekonomska Istraživanja Pages: 6279-6303 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048194 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048194 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6279-6303 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048203_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Saša Petković Author-X-Name-First: Saša Author-X-Name-Last: Petković Author-Name: Nikša Alfirević Author-X-Name-First: Nikša Author-X-Name-Last: Alfirević Author-Name: Matea Zlatković Radaković Author-X-Name-First: Matea Author-X-Name-Last: Zlatković Radaković Title: Environmental sustainability and corporate social responsibility of business schools: is there evidence of transdisciplinary effects? Abstract: This study analyses the relationship of environmental sustainability and the corporate social responsibility (CSR) of business schools by using the partial least squares structural equation modelling (PLS-SEM) empirical approach on a sample of 338 students from South East Europe. In support of the extant theory of responsible management education, emphasizing the transdisciplinary relationship between the Ethics, CSR, and Sustainability (ERS) domains, we found a direct relationship between environmental sustainability and CSR of business schools. However, we empirically verified a path of indirect effects at the institutional level, starting with the idealism of individual students, leading to the CSR institutional involvement of a business school, mediated by its environmental involvement. Provided that the idealistic individuals might be driving the functioning of the individual responsible management education and its domains, we propose the existence of a potential halo effect ('ERS halo effect'), which has already been described and verified in the corporate sector. We believe that its dynamics, based on the biased assessment of a single business school ERS domain, with its outcomes reflected in the other domains, should be further explored in different institutional and cultural environments. Journal: Economic Research-Ekonomska Istraživanja Pages: 6445-6465 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048203 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6445-6465 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1986413_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xing Yu Author-X-Name-First: Xing Author-X-Name-Last: Yu Author-Name: Xinxin Wang Author-X-Name-First: Xinxin Author-X-Name-Last: Wang Author-Name: Yuxia Wang Author-X-Name-First: Yuxia Author-X-Name-Last: Wang Author-Name: Yanyan Li Author-X-Name-First: Yanyan Author-X-Name-Last: Li Title: The effects of skewness on hedging decisions: an application of the skew-normal distribution in WTI and Brent futures Abstract: Skewness, as a proxy for extreme risks or losses, deserves more attention from risk management work of portfolio selection and futures hedging. We evaluate the hedging performance of strategies considering the skewness for two major benchmark international crude oil markets, Brent and WTI, with sample period ranging from June 11, 2018, to May 19, 2021. This paper contributes to the literature by accounting for futures basis and the skewness of the hedged portfolio return. Specifically, we first extend the existing literature of Lien (2010), whose study investigated the effect of skewness on optimal production and hedging decisions, to the case of a futures bias existing. Then, we propose minimum-risk hedging models wherein the return of the hedged portfolio return is assumed to follow a skew-normal distribution, which is a generalization of normality assumption. From the empirical results, we find that skewness cannot be ignored, otherwise it will lead to wrong hedging decision. Furthermore, hedging strategies under skew-normal distribution are outperformed than that under the normal distribution assumption. The research results of this paper have important implications for investors and decision makers to hedge the price risk of crude oil in extreme market conditions. Journal: Economic Research-Ekonomska Istraživanja Pages: 3099-3118 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1986413 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1986413 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3099-3118 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1991825_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Santiago Iglesias-Pradas Author-X-Name-First: Santiago Author-X-Name-Last: Iglesias-Pradas Author-Name: Emiliano Acquila-Natale Author-X-Name-First: Emiliano Author-X-Name-Last: Acquila-Natale Author-Name: Laura Del-Río-Carazo Author-X-Name-First: Laura Author-X-Name-Last: Del-Río-Carazo Title: Omnichannel retailing: a tale of three sectors Abstract: Accelerated by the COVID-19 pandemic, the long-anticipated digital transformation of traditional retail has become the new reality. Retailers are responding to changes in consumers’ shopping behaviours and their demand for new interaction channels and touchpoints to shop at their convenience, regardless of time and location. Consequently, retailers are experiencing a change from single-channel models to multi-channel and omnichannel models. Omnichannel retailing demands integrated channel management and operation to improve customers’ shopping experiences. This study uses measures of channel integration levels from previous research to analyse channel integration among leading vendors in three top retailing sectors (clothing and apparel, home furniture and grocery) and expands the analysis by including indicators of digital transformation. The model includes 27 indicators related to channel integration and 9 indicators of digital transformation, and compares the results across sectors. By so doing, the study also aims to help establish values that may be used as target or reference values of channel integration and digitalization of retailers across sectors, irrespective of their size. The research methodology uses the 'mystery shopper' technique and includes the collection of data about the 165 leading companies in these sectors in Spain. Journal: Economic Research-Ekonomska Istraživanja Pages: 3305-3336 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1991825 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1991825 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3305-3336 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2004185_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Die Hu Author-X-Name-First: Die Author-X-Name-Last: Hu Author-Name: Zhiwei Wang Author-X-Name-First: Zhiwei Author-X-Name-Last: Wang Author-Name: Huifang Hu Author-X-Name-First: Huifang Author-X-Name-Last: Hu Title: How do firms in strategic emerging industries influence their peers’ innovation strategies? Abstract: Drawing on signaling theory, peer effect, and the awareness-motivation-capability (AMC) framework, we examine the role of strategic emerging industries (SEI) firms in raising the awareness and motivation of non-SEI firms’ R&D activities, including gaining government R&D subsidies and adopting internal R&D investment, while considering the moderate effect of non-SEI firms’ capability factor. Based on the data of Chinese listed firms from SEI and non-SEI, the empirical results reveal that (a) the number of SEI firms funded by government R&D has an inverted U-shape relationship with the amount that non-SEI firms gain from government R&D subsidies, and has a positive relationship with the investment of non-SEI firms on internal R&D. (b) The financial performance of SEI firms funded by government R&D motivates non-SEI firms to gain government R&D subsidies and invest in internal R&D. (c) These relationships are strengthened by the relative scale of the non-SEI firms. Journal: Economic Research-Ekonomska Istraživanja Pages: 3711-3730 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2004185 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2004185 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3711-3730 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2007151_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yi Dai Author-X-Name-First: Yi Author-X-Name-Last: Dai Author-Name: Zulkiflee Abdul-Samad Author-X-Name-First: Zulkiflee Author-X-Name-Last: Abdul-Samad Author-Name: Supat Chupradit Author-X-Name-First: Supat Author-X-Name-Last: Chupradit Author-Name: Abdelmohsen A. Nassani Author-X-Name-First: Abdelmohsen A. Author-X-Name-Last: Nassani Author-Name: Mohamed Haffar Author-X-Name-First: Mohamed Author-X-Name-Last: Haffar Author-Name: Mivumbi Michel Author-X-Name-First: Mivumbi Author-X-Name-Last: Michel Title: Influence of CSR and leadership style on sustainable performance: moderating impact of sustainable entrepreneurship and mediating role of organizational commitment Abstract: Nowadays, sustainable performance (SP) has become an obligation of every organization globally, which captures the attention of recent researchers and policymakers. Following the green theory, this study aims to examine the impact of corporate social responsibilities (CSR), transactional and transformational leadership on the SP. Besides, examining the moderating role of sustainable entrepreneurship and mediating role of organizational commitment among the nexus of CSR, transactional and transformational leadership, and SP is another target of this research. This study adopted the questionnaires to collect the data from the respondents of the internet services industry in China, and structural equation modeling (SEM)was employed to analyze the data. This research revealed that CSR, transactional, and transformational leadership have a positive effect on SP. Secondly, this study also indicated that sustainable entrepreneurship significantly moderates among nexus of transactional and transformational leadership to SP. Besides, our results show that organizational commitment positively mediates the links between CSR, transactional leadership, transformational leadership, and the SP. The conclusion of this research signifies that organizational leadership strongly influences the adoption of green and sustainable operations, which further influences the SP. These results help the regulation-making authorities make new policies related to CSR, leadership, entrepreneurship, and SP. Journal: Economic Research-Ekonomska Istraživanja Pages: 3917-3939 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2007151 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2007151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3917-3939 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1962380_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Valentin Toader Author-X-Name-First: Valentin Author-X-Name-Last: Toader Author-Name: Adina Letiţia Negrușa Author-X-Name-First: Adina Letiţia Author-X-Name-Last: Negrușa Author-Name: Oana Ruxandra Bode Author-X-Name-First: Oana Ruxandra Author-X-Name-Last: Bode Author-Name: Rozalia Veronica Rus Author-X-Name-First: Rozalia Veronica Author-X-Name-Last: Rus Title: Analysis of price determinants in the case of Airbnb listings Abstract: Nowadays, the role of the sharing economy in tourism increases, the number of people involved as guests or hosts rising day by day. This dynamic generates a viable alternative to the traditional services, allowing tourists to customise their trips and enrich their experiences. This paper focuses on accommodation services, investigating the factors influencing the prices established by Airbnb hosts. Using structural equation modelling, the authors analyse the influence of different categories of factors (listing’s characteristics, hosts’ involvement, listing’s reputation, listing’s location, and rental policies) on the average daily rate. The results emphasise that the hosts establish the listing’s price based on listing’s characteristics and on their involvement – the owners managing only one listing and the ones charging a security deposit value more their involvement, while the other hosts focus more on the listings’ characteristics. The location of the listing counts for experienced owners, while for opportunist owners it has no importance. The listings’ reputation has a negative impact on the price, contrary to the conclusions achieved in other studies, an aspect that supports the idea that price determinants differ across regions. Journal: Economic Research-Ekonomska Istraživanja Pages: 2493-2509 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1962380 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1962380 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2493-2509 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1889393_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Antonella Biscione Author-X-Name-First: Antonella Author-X-Name-Last: Biscione Author-Name: Annunziata de Felice Author-X-Name-First: Annunziata Author-X-Name-Last: de Felice Author-Name: Teodoro Gallucci Author-X-Name-First: Teodoro Author-X-Name-Last: Gallucci Author-Name: Giovanni Lagioia Author-X-Name-First: Giovanni Author-X-Name-Last: Lagioia Title: Four types of eco-innovation for Baltic firms Abstract: Using the Community Innovation Survey data, in this paper we explore the external and internal drivers influencing the four types of eco-innovation in the Baltic manufacturing sector. For this purpose, we estimate a quadrivariate probit model to reveal potential complementarities across the four types of eco-innovation and identify the differences among sectors and countries. The empirical findings show that: i) some factors such as future eco-policies and voluntary actions are significant for most categories eco-innovation; ii) cost saving is the main driver for the eco-process; iii) government grants, subsidies or other financial incentives and current regulation are never significant and finally iv) cooperation is a crucial driving factor for the productive process. Journal: Economic Research-Ekonomska Istraživanja Pages: 196-212 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1889393 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1889393 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:196-212 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1931910_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jia Chen Author-X-Name-First: Jia Author-X-Name-Last: Chen Author-Name: Xingtong Chen Author-X-Name-First: Xingtong Author-X-Name-Last: Chen Author-Name: Xiangrui Chao Author-X-Name-First: Xiangrui Author-X-Name-Last: Chao Author-Name: Haomin Wang Author-X-Name-First: Haomin Author-X-Name-Last: Wang Title: How electronic word of mouth dynamically influences product sales and supplies: an evidence from China film industry Abstract: As an important part of e-commerce, online reviews play a significant role in consumers’ purchase decisions. This study investigated the dynamic effects of electronic word of mouth (eWOM) and the number of people wishing to watch a movie on movie sales and supplies in the Chinese movie market. Using a dynamic simultaneous equation system and data of 76 films, this study analyzed the interrelationships between eWOM and movie sales and supplies. Our findings showed that both the volume and valence of eWOM affected movie sales and supplies significantly. The number of people who wanted to watch a movie had an opposite effect on movie sales and supply; eWOM volume had a positive impact on movie sales and supplies; and eWOM valence had a negative impact on movie sales and a positive impact on movie supplies. The number of people who wish to watch a movie was another important variable for movie sales and supplies, and it had a negative impact on the daily movie sales but a positive impact on the daily movie supplies. This study provided a detailed explanation of these results and thus contributed to improving the efficiency of movie suppliers' utilization of online reviews. Journal: Economic Research-Ekonomska Istraživanja Pages: 637-656 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1931910 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1931910 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:637-656 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1890178_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Guido Ferrari Author-X-Name-First: Guido Author-X-Name-Last: Ferrari Author-Name: José Mondéjar Jiménez Author-X-Name-First: José Mondéjar Author-X-Name-Last: Jiménez Author-Name: Luca Secondi Author-X-Name-First: Luca Author-X-Name-Last: Secondi Title: The role of tourism in China’s economic system and growth. A social accounting matrix (SAM)-based analysis Abstract: After the opening policy in 1978, China’s tourism increasingly took relevance, up to become an important industry in the last two decades. Despite this, no analysis has been conducted at macroeconomic level to check both tourism industry interdependencies and wealth creation. To fill this gap, in this paper we elaborated an innovative conceptual model for the theory-based analysis of the tourism phenomenon in China, having the Keynesian macroeconomic theory as the background and using an SAM as the model accounting representation, and conducted an original, comprehensive methodological analysis of China’s tourism industry. As the database, we used a purposively elaborated 2015 SAM for China with 19 industries, on whose basis we identified endogenous and exogenous accounts, set up an innovative impact multiplier model adjusted to them and conducted an economic analysis of tourism interdependencies never performed so far. Evidence shows that manufacturing, agriculture and trade industries provide a relevant support to tourism services production, and that tourism greatly contributes to value added/GDP and household income creation. Overall, tourism industry has direct policy management implications, representing a sector on which enterprises and government can profitably base their decisions, with exogenous tourism demand shocks positively activating China’s economic system and growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 252-272 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1890178 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1890178 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:252-272 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2049977_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lei Yan Author-X-Name-First: Lei Author-X-Name-Last: Yan Author-Name: Haiyan Wang Author-X-Name-First: Haiyan Author-X-Name-Last: Wang Author-Name: Seyed Alireza Athari Author-X-Name-First: Seyed Alireza Author-X-Name-Last: Athari Author-Name: Faraz Atif Author-X-Name-First: Faraz Author-X-Name-Last: Atif Title: Driving green bond market through energy prices, gold prices and green energy stocks: evidence from a non-linear approach Abstract: One of the most controversial concerns among the researchers is the expansion of the green bond markets, so as to reduce environmental pollution. The present study estimates the factors that help drive the global green bond markets, such as energy prices, gold prices, and green energy stocks. The study has applied Quantile Autoregressive Lagged Approach (QARDL) and Quantile Granger Causality test to estimate the causal relationship among the variables for January 2010 and June 2021. The QARDL findings reveal that for all the quantiles, the error correction term is statistically significant with the predicted negative sign. This confirms the existence of a strong long-run equilibrium relationship between the relevant variables and the green bonds market on a global level. The findings revealed that gold and energy prices have a lower effect on the green bonds market on every quantile, and also from the low to medium quantiles, respectively. While at the same time, the green energy stocks have an increasing effect on the green bonds market at higher quantiles. The results of the causal examination using Granger-causality in quantiles show a bi-directional causal relationship between the green bonds, energy prices, gold prices, and green energy stocks in the world economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 6479-6499 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2049977 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2049977 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6479-6499 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2053785_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Michal Kubenka Author-X-Name-First: Michal Author-X-Name-Last: Kubenka Author-Name: Renata Myskova Author-X-Name-First: Renata Author-X-Name-Last: Myskova Title: Implementation of standards into predictors of financial stability Abstract: This article proposes a methodology for modifying bankruptcy models. The authors focused on the role of partial predictors in predicting companýs bankruptcy. According to the authors, it is necessary to analyse the anomalies that occur in companies that are losing financial stability. It has been hypothesized that some anomalies in the form of extreme values ​​may deviate the overall final value of the model to such an extent that they lead to an erroneous evaluation of the company by the bankruptcy model. As a result, companies in bankruptcy may be incorrectly classified as 'financially stable' or, conversely, financially sound companies with certain extreme values ​​could be mistaken for companies in bankruptcy. To verify the hypothesis, the authors analysed the probability distribution of partial predictors of the bankruptcy Model 1 on a test and verification sample of more than 1,100 companies. Limits were set to eliminate extreme values ​​and, as a result, the accuracy of the model has been increased. The introduction of limits has increased the accuracy of the model, especially in ​​bankruptcy prediction. For bankruptcies, the accuracy increased from 85.82% to 88.65% for the test sample and from 84.00% to 88.00% for the verification sample. Journal: Economic Research-Ekonomska Istraživanja Pages: 6884-6900 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2053785 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2053785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6884-6900 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985575_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tadeusz Dudycz Author-X-Name-First: Tadeusz Author-X-Name-Last: Dudycz Title: Does share capital mater for company performance? Abstract: This article examines the impact of share capital on companies’ performance as well as the effect of accounting information on companies’ market performance and the impact of pre-IPO information on the predictive power of companies' performance after an initial public offering (IPO). The research was conducted on a sample of IPO companies debuting on the Warsaw Stock Exchange. It shows that a large percentage of share capital in equity reduces capital flexibility but can also be a signal to improve companies' market performance. It also shows that after an IPO, the market's information efficiency diminishes, which means, among other things, that pre-IPO accounting information has a negligible impact on the companies’ market performance after the IPO. Journal: Economic Research-Ekonomska Istraživanja Pages: 3035-3059 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985575 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985575 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3035-3059 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1975554_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qiu Xinzhong Author-X-Name-First: Qiu Author-X-Name-Last: Xinzhong Title: An empirical analysis of the influence of financial development on export trade: evidence from Jiangsu province, China Abstract: In the past 30 years, Jiangsu Province in China has achieved great feats regarding its export trade; however, its export trade growth rate has not only been showing a recent downward trend but also great fluctuations. Hence, the competitiveness of Jiangsu Province’s export products seems to have weakened. Through an empirical analysis, we demonstrate the relationship between financial development and export trade in Jiangsu Province, showing that the influence of financial development on the growth and the structure of provincial export trade is relatively weak. Thus, we believe that provincial financial development lacks coordination with export trade, requiring further efforts from actors at coordinating both. This paper puts forward relevant suggestions that may facilitate stakeholders to promote the steady development, transformation, and improvement of Jiangsu Province’s export trade. Journal: Economic Research-Ekonomska Istraživanja Pages: 1526-1541 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1975554 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1975554 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1526-1541 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2026242_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhihua Lian Author-X-Name-First: Zhihua Author-X-Name-Last: Lian Title: The nexus between CSR disclosure, effective tax rate, corruption, and sustainable business performance: evidence from ASEAN countries Abstract: Sustainable business performance is the foremost requirement for the organization and could be affected by many factors that gained the attention of recent studies and regulators. Therefore, the present study is also examining the impact of corporate social responsibilities (CSR) disclosure, the effective rate of tax, and corruption on the sustainable business performance of the ASEAN country's listed firms. The data has been gathered by using the quantitative method and using the secondary source of data collection. The data has been extracted from the financial statement along with CSR disclosure reports of the listed firm of ASEAN countries from 2015 to 2019. This study has executed the fixed effect model (FEM) and generalized method of moments (GMM) to examine the relationships among the variables. The results revealed that CSR disclosure and tax-effective rate, along with control variables such as leverage and firm size, have a positive association with the sustainable business performance of firms in ASEAN countries. The results also exposed that corruption has a negative association with the sustainable business performance of firms in ASEAN countries. These outcomes are suitable for the regulators who want to formulate policies related to CSR and sustainable business performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 5357-5378 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2026242 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2026242 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5357-5378 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2032784_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiaojian Shu Author-X-Name-First: Xiaojian Author-X-Name-Last: Shu Author-Name: Min Li Author-X-Name-First: Min Author-X-Name-Last: Li Author-Name: Zhiyuan Ma Author-X-Name-First: Zhiyuan Author-X-Name-Last: Ma Author-Name: Muhammad Asif Qureshi Author-X-Name-First: Muhammad Asif Author-X-Name-Last: Qureshi Title: The asymmetric effect of film and drama industry, energy efficiency and economic growth on green innovation: Empirical evidence from quantile estimation Abstract: The popularity of green innovation has dramatically increased in the recent times because of the potential benefits attached with it. Therefore, in order to make the technology more affordable, green innovation is the key to enhancing the affordability factor. On the other hand, in order to safeguard the environment, the role of media is one of fundamental importance. In contrast, energy consumption is often regarded as a key indicator of economic prosperity, mostly at the cost of the environment. Hence, the present study attempts to explore the asymmetric effect of the film and drama industry, energy efficiency, and economic growth on green innovation, with the help of the latest quantile autoregressive distributed lag (QARDL) method for the period 2000Q1 to 2019Q4. The results have reported a positive and significant association of the Film and Drama Industry, Energy Efficiency, and economic growth on the quantiles of Green Innovation. Based on the findings, it is recommended that there is a dire need to develop content that promotes the green innovation, whereas, more investments are to be sought after, so as to enhance the level of energy efficiency. Journal: Economic Research-Ekonomska Istraživanja Pages: 5581-5598 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2032784 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2032784 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5581-5598 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1948436_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kuan-Min Wang Author-X-Name-First: Kuan-Min Author-X-Name-Last: Wang Author-Name: Thanh-Binh Nguyen Thi Author-X-Name-First: Thanh-Binh Author-X-Name-Last: Nguyen Thi Title: Quantile panel-type analysis for income inequality and healthcare expenditure Abstract: This study investigates the causal relationship between Income Inequality and Healthcare Expenditure within a quantile panel-type causality framework using yearly panel data from 2004 to 2017. The empirical results show that within the high-growth regime of health expenditure to income ratio, reducing the deterioration of income inequality can make the ratio of health expenditure to income keep increasing. Besides, within the extreme income inequality regime, the ratio of health expenditure to income continues to increase, which can reduce the deterioration degree of income inequality. This paper presents evidence that to improve the continuous deterioration of income inequality; it should focus on the continuous increase in the ratio of health expenditure to income, not just the continuous increase in health expenditure. Accordingly, policy-makers should be cautious about the momentum between the ratio of health expenditure to income and income inequality when they reach the extremely quantiles. Journal: Economic Research-Ekonomska Istraživanja Pages: 873-893 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1948436 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1948436 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:873-893 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1937260_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jing Wang Author-X-Name-First: Jing Author-X-Name-Last: Wang Author-Name: Muhammad Umar Author-X-Name-First: Muhammad Author-X-Name-Last: Umar Author-Name: Sahar Afshan Author-X-Name-First: Sahar Author-X-Name-Last: Afshan Author-Name: Ilham Haouas Author-X-Name-First: Ilham Author-X-Name-Last: Haouas Title: Examining the nexus between oil price, COVID-19, uncertainty index, and stock price of electronic sports: fresh insights from the nonlinear approach Abstract: Due to the arrival of a novel coronavirus, the year 2020 will forever be remembered. It is not hyperbole to state that COVID-19 has affected and infected almost everyone in society and the global community in different ways. However, many parts of the world seem to be improving. Individuals, organisations, and governments are trying to work through some effective strategies. The present study investigates the influence of fluctuation in the oil prices, COVID-19, and daily news-based index on Electronic Arts Inc's stock prices by applying a novel approach entitled Quantile Autoregressive Distributed Lag (QARDL) during 2019–2020. This approach is quite meaningful as it incorporates various quantiles with a comprehensive explanation of overall dependence among stated variables ignored by the traditional models like quantile regression, OLS, ARDL, etc. The study outcomes through QARDL reveal that the error correction coefficient is significant in various quantiles while confirming the long-run linkage among oil price, COVID-19, and EPU. More specifically, the study outcomes confirm a positive linkage (in all the quantiles) between COVID-19 and stock prices of Electronic Arts Inc, whereas a negative connection (for 0.20th to 0.95th quantiles) between oil prices and SPI. Furthermore, the Granger causality findings indicate the bidirectional causality between SPI and OIL and between SPI and EPU. Various policy implications are also provided under the present study. Journal: Economic Research-Ekonomska Istraživanja Pages: 2217-2233 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1937260 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1937260 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2217-2233 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2025122_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mingqing Xing Author-X-Name-First: Mingqing Author-X-Name-Last: Xing Author-Name: Lin Yang Author-X-Name-First: Lin Author-X-Name-Last: Yang Author-Name: Tingting Tan Author-X-Name-First: Tingting Author-X-Name-Last: Tan Author-Name: Xia Wang Author-X-Name-First: Xia Author-X-Name-Last: Wang Author-Name: Qingjun Li Author-X-Name-First: Qingjun Author-X-Name-Last: Li Author-Name: Bo Wang Author-X-Name-First: Bo Author-X-Name-Last: Wang Title: Environmental taxes and the effects of partial privatization on environmental R&D, environment and welfare Abstract: This paper considers environmental R&D (ER&D) of clean technology for reducing pollutant emissions in a polluting mixed duopoly and analyzes partial privatization’s impacts on ER&D, environment and welfare. In the situation that environmental taxes are exogenously given, it finds that the impacts of privatization policy on ER&D and environment critically depend on the level of environmental damage. However, regardless of the marginal damage, an appropriate partial-privatization policy can increase social welfare. In addition, it also considers an endogenously determined optimal environmental tax and shows that if the marginal damage is high, partial privatization’s impacts on ER&D, environment and social welfare may be not the same as the exogenous environmental tax situation. Journal: Economic Research-Ekonomska Istraživanja Pages: 5164-5183 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2025122 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2025122 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5164-5183 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1974920_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wang Yunmin Author-X-Name-First: Wang Author-X-Name-Last: Yunmin Author-Name: Cao Guohua Author-X-Name-First: Cao Author-X-Name-Last: Guohua Author-Name: Yang Yehong Author-X-Name-First: Yang Author-X-Name-Last: Yehong Author-Name: Wang Jingjing Author-X-Name-First: Wang Author-X-Name-Last: Jingjing Author-Name: Zhong Tingyong Author-X-Name-First: Zhong Author-X-Name-Last: Tingyong Title: High-speed rail to prosperity? Assessing the role of transportation improvement in the urban economy Abstract: Investigate the impact of high-speed rail (HSR) on local economy is of great importance and interest to policy makers and scholars. Though there is a big body of literature in this area, the estimates of such impact are inconsistent or even contradictory. The empirical evidence remains problematic for several reasons: endogenous route placement; omitted variable bias; heterogeneity across different regions; various confounding factors. In this paper, we assess this impact by constructing the appropriate counterfactual in the absence of HSR services with similar GDP level and GDP trend before the debut of HSR services. The control group forms a good fit for the treatment group, and the economic performance of the control group was even slightly stronger than that of the treatment group before 2007. Using the DID method, we find the HSR network promoted local GDP by approximately 3.3 percentage points. The introduction of HSR service helped cities attract more industrial enterprises and achieve more industrial output, but its effect on the service sector was not pronounced. Our results are robust to different sample selection procedures, to the dynamic analyses, to different empirical strategies. Our study thus provides new and solid empirical support to the argument that HSR benefits local economic development. Journal: Economic Research-Ekonomska Istraživanja Pages: 1500-1525 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1974920 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1974920 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1500-1525 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013269_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Meng Qin Author-X-Name-First: Meng Author-X-Name-Last: Qin Author-Name: Tong Wu Author-X-Name-First: Tong Author-X-Name-Last: Wu Author-Name: Ran Tao Author-X-Name-First: Ran Author-X-Name-Last: Tao Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Stefea Petru Author-X-Name-First: Stefea Author-X-Name-Last: Petru Title: The inevitable role of bilateral relation: a fresh insight into the bitcoin market Abstract: This paper clarifies the association between the Sino-U.S. bilateral relation (BR) and Bitcoin price (BCP) by applying the bootstrap full- and sub-sample Granger causality tests. It reveals that BR has positive and negative effects on BCP. The negative impact points out that Bitcoin is viewed as a tool to avoid uncertainties caused by the deterioration of BR, also proving that the strained relation between China and the U.S. can stimulate the Bitcoin market. However, this opinion is not held under a positive impact, the main explanation is that the burst of bubble weakens its ability to hedge risks. The above conclusion is not consistent with the theoretical model, underlining that the Bitcoin market is boosted by the deterioration of BR. Conversely, there is a negative influence from BCP to BR, meaning that the relationship between China and the U.S. can be reflected by the Bitcoin market. Under the complex and volatile international situation, investors can benefit from this investigation to compensate for the losses and keep their wealth. Also, it helps the related authorities to create a stable investment environment and promote friendly bilateral relations. Journal: Economic Research-Ekonomska Istraživanja Pages: 4260-4279 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013269 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013269 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4260-4279 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013280_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aihui Ma Author-X-Name-First: Aihui Author-X-Name-Last: Ma Author-Name: Yu Wu Author-X-Name-First: Yu Author-X-Name-Last: Wu Title: Total factor productivity of land urbanization under carbon emission constraints: a case study of Chengyu urban agglomeration in China Abstract: In consideration of energy and environmental inefficiency brought about by urban construction, sustainable urbanization has become a hot issue in recent years. In the process of land urbanization, the source of economic growth can be attributed to technical progress and efficiency improvement. To explore the driving factors of land urbanization efficiency and its dynamic changes, the total factor productivity (TFP) and its components of land urbanization was introduced. The spatial-temporal variations of land urbanization of Chengyu urban agglomeration in Western China were estimated by using the Malmquist-Luenberger (ML) productivity index with undesirable output in this study. Results demonstrate that: (1) the average TFP of land urbanization (LUTFP) of Chengyu urban agglomeration in China over time with carbon emissions (1.029) is 1.2 percent lower than that without carbon emissions (1.041). Furthermore, the LUTFP with CO2 emissions is lower than the LUTFP without CO2, demonstrating that land urbanization generates social and economic benefits at the cost of resource consumption. (2) LUTFP of Chengyu urban agglomeration under carbon emission constraints presents a generally rising trend in the past ten years and technical progress is the major source of such growth. Efficiency has become a major barrier against the improvement of productivity. (3) LUTFP indexes in Chongqing City and Chengdu plain economic region are generally higher than those of the south and northeast Sichuan economic zones. However, LUTFP of different cities tends to be in equilibrium gradually. Journal: Economic Research-Ekonomska Istraživanja Pages: 4481-4499 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013280 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013280 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4481-4499 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1937261_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tiezhu Sun Author-X-Name-First: Tiezhu Author-X-Name-Last: Sun Author-Name: Wei-Wei Zhang Author-X-Name-First: Wei-Wei Author-X-Name-Last: Zhang Author-Name: Marius Sorin Dinca Author-X-Name-First: Marius Sorin Author-X-Name-Last: Dinca Author-Name: Muhammad Raza Author-X-Name-First: Muhammad Author-X-Name-Last: Raza Title: Determining the impact of Covid-19 on the business norms and performance of SMEs in China Abstract: This study's key purpose was to examine the impact of COVID-19 on SMEs' business norms and performance in China. The primary quantitative data have been collected through a survey questionnaire based on 330 participants. For analyzing the collected data, the use of the SEM technique has been made in this study. The researcher has adopted the data from the managers and employees belonging to the SMEs in China who are the research respondents. The data has been gathered from a sample size of 330. The number of distributed questionnaires was 340, whereas the responses gained were nearly 335, out of which 330 responses were selected. In the SEM technique, a CFA test was conducted to confirm the model's reliability and validity, whereas the results of path assessment were presented to examine the association between the variables. The findings of this study have confirmed the significant impact of COVID-19 on innovative operational procedures, profitability, remote work, and stakeholder satisfaction and safety. Journal: Economic Research-Ekonomska Istraživanja Pages: 2234-2253 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1937261 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1937261 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2234-2253 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985569_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sadeen Ghafoor Author-X-Name-First: Sadeen Author-X-Name-Last: Ghafoor Author-Name: Man Wang Author-X-Name-First: Man Author-X-Name-Last: Wang Author-Name: Shihua Chen Author-X-Name-First: Shihua Author-X-Name-Last: Chen Author-Name: Rao Zhang Author-X-Name-First: Rao Author-X-Name-Last: Zhang Author-Name: Muhammad Zulfiqar Author-X-Name-First: Muhammad Author-X-Name-Last: Zulfiqar Title: Behavioural investigation of the impact of different types of CEOs on innovation in family firms: moderating role of ownership divergence between cash flow rights and voting rights Abstract: In what way different types of CEOs within family firms, based on control diversity, behave towards R&D investment and how excess voting rights alter this behaviour of CEOs? This study has aimed to investigate the R&D investment behaviour of CEOs in family firms. This study has also investigated the moderating role of ownership divergence. The Pooled Ordinary Least Square (POLS) regression method is applied for data analysis purpose. Moreover, the Tobit regression model is also applied for robustness check. We obtained data (2008–2018) on Chinese A-share firms from CSMAR. The study found non-family CEOs exhibit negative behaviour towards R&D investment and that CEOs from family firms exhibit the same behaviour when do not have actual control rights. Family CEOs with actual control rights are more willing to R&D investment. The moderating effect of excess voting rights on family CEOs with actual control rights who change their willingness from positive to negative. The non-family CEOs and family CEOs without actual control rights show positive behaviour with existence of excess voting rights. This study is novel and pioneered the exploration of effects of different types of CEOs within family firms on R&D investment behaviour. This study is useful for directors to understand and select a suitable CEO for their firm, also for managers to devise an optimal level of ownership discrepancy to attain maximum benefits from R&D investment decisions. Journal: Economic Research-Ekonomska Istraživanja Pages: 2906-2929 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985569 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985569 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2906-2929 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1986676_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Arash Kordestani Author-X-Name-First: Arash Author-X-Name-Last: Kordestani Author-Name: Natallia Pashkevich Author-X-Name-First: Natallia Author-X-Name-Last: Pashkevich Author-Name: Pejvak Oghazi Author-X-Name-First: Pejvak Author-X-Name-Last: Oghazi Author-Name: Maziar Sahamkhadam Author-X-Name-First: Maziar Author-X-Name-Last: Sahamkhadam Author-Name: Vahid Sohrabpour Author-X-Name-First: Vahid Author-X-Name-Last: Sohrabpour Title: Effects of the COVID-19 pandemic on stock price performance of blockchain-based companies Abstract: The price of a stock rises or falls in relation to a number of different factors, including changes to the economy brought about by pandemics. A few studies have already identified the effect of the COVID-19 pandemic on the stock market. However, empirical evidence is lacking on changes in stock price performance of blockchain-based companies as a result of the COVID-19 pandemic. We use the event study approach to estimate stock expected returns by applying an asset pricing model over a thirty-day event window around the announcement on March 11, 2020 by the World Health Organization (WHO) regarding the outbreak of the coronavirus (COVID-19) as a global pandemic, using a sample of S&P Global 1200 companies. Overall, our results indicate more sensitivity in blockchain-based companies’ stock prices to the COVID-19 pandemic compared to those of non-blockchain-based companies. Cumulative abnormal returns show that the stock price of blockchain-based companies recover losses slower than non-blockchain companies. Our findings are important for investors and shareholders for future pandemics and events. Journal: Economic Research-Ekonomska Istraživanja Pages: 3206-3224 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1986676 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1986676 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3206-3224 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2052337_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Changchun Guan Author-X-Name-First: Changchun Author-X-Name-Last: Guan Author-Name: Tayyaba Rani Author-X-Name-First: Tayyaba Author-X-Name-Last: Rani Author-Name: Zhao Yueqiang Author-X-Name-First: Zhao Author-X-Name-Last: Yueqiang Author-Name: Tahseen Ajaz Author-X-Name-First: Tahseen Author-X-Name-Last: Ajaz Author-Name: Murat Ismet Haseki Author-X-Name-First: Murat Ismet Author-X-Name-Last: Haseki Title: Impact of tourism industry, globalization, and technology innovation on ecological footprints in G-10 countries Abstract: In the past couple of years, most of the countries observed an increase in the size of their ecological footprints. Therefore, researchers and policymakers are now more focused on the potential drivers through which the ecological deficiency can be reduced. In the same context, this study evaluates international tourism, globalization, and technology innovation effects on the ecological footprints of G-10 countries over the period of 1995–2019. This study initially applied second-generation cross-sectional dependency, unit root, and cointegration tests. The long-run and short-run estimates were obtained through the Cross-Sectional ARDL method. The study’s empirical findings demonstrate that tourism, globalization, and economic growth significantly contributed to ecological footprint, while technology innovation reduced the environmental burden, thus leads to a decline in ecological footprints of sample countries. These results suggest the use of alternate energy resources and advanced technology in the tourism industry. Journal: Economic Research-Ekonomska Istraživanja Pages: 6688-6704 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2052337 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2052337 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6688-6704 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2025127_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiaomei Sun Author-X-Name-First: Xiaomei Author-X-Name-Last: Sun Author-Name: Ahmad El Askary Author-X-Name-First: Ahmad Author-X-Name-Last: El Askary Author-Name: Muhammad Saeed Meo Author-X-Name-First: Muhammad Saeed Author-X-Name-Last: Meo Author-Name: Noor ul Ain Zafar Author-X-Name-First: Noor ul Ain Author-X-Name-Last: Zafar Author-Name: Babar Hussain Author-X-Name-First: Babar Author-X-Name-Last: Hussain Title: Green transformational leadership and environmental performance in small and medium enterprises Abstract: This study examines the nexus between green transformational leadership (GTL) and environmental performance (EP), considering the mediating role of green human resource management (GHRM) and green innovation (GI). Besides, we also find the moderating effects of environmental values (EV) between GTL and EP. This study collected data from 110 respondents using a survey questionnaire from small and medium enterprises and employed structural equation modeling. The findings confirm a positive and significant effect of GTL on EP. Furthermore, mediation analysis confirms that GHRM and GI positively mediate between GTL and EP. Moreover, it is also confirmed from structural equation modelling that EV play moderating role between GTL and EP. These results offer valuable recommendations for all stakeholders. Journal: Economic Research-Ekonomska Istraživanja Pages: 5273-5291 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2025127 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2025127 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5273-5291 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2053361_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Romeo Victor Ionescu Author-X-Name-First: Romeo Victor Author-X-Name-Last: Ionescu Author-Name: Monica Laura Zlati Author-X-Name-First: Monica Laura Author-X-Name-Last: Zlati Author-Name: Valentin Marian Antohi Author-X-Name-First: Valentin Marian Author-X-Name-Last: Antohi Author-Name: Silvius Stanciu Author-X-Name-First: Silvius Author-X-Name-Last: Stanciu Author-Name: Aurel Burciu Author-X-Name-First: Aurel Author-X-Name-Last: Burciu Author-Name: Rozalia Kicsi Author-X-Name-First: Rozalia Author-X-Name-Last: Kicsi Title: Supporting the tourism management decisions under the pandemic’s impact. A new working instrument Abstract: Since the onset of the pandemic, the tourism has undergone a significant compression that could destabilize both the tourist flows and the economic agents in the industry. This analysis is based on real working assumptions that bring together elements of an economic, social and health nature with a significant impact on tourism activity in the EU. The main objective of the research is to develop a decision support model to identify and implement immediate measures for tourism recovery in Europe. The used research methods consisted of literature review, observational study and data collection, data analysis and modelling, model testing and hypothesis validation. The research results consist in conceptualizing and implementing a smart SMMT model regarding the evaluation of causal relations between endogenous and exogenous factors that determined the economic destabilization of European tourism and the fruition of these results in a working tool based on SWOT analysis. This analysis is able to support the tourism management decision for the industry recovery in the immediate future. Journal: Economic Research-Ekonomska Istraživanja Pages: 6723-6755 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2053361 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2053361 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6723-6755 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2005651_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Caisheng Dong Author-X-Name-First: Caisheng Author-X-Name-Last: Dong Author-Name: Dapeng Ji Author-X-Name-First: Dapeng Author-X-Name-Last: Ji Author-Name: Faisal Mustafa Author-X-Name-First: Faisal Author-X-Name-Last: Mustafa Author-Name: Ambreen Khursheed Author-X-Name-First: Ambreen Author-X-Name-Last: Khursheed Title: Impacts of COVID-19 pandemic on renewable energy production in China: transmission mechanism and policy implications Abstract: The renewable energy industry, in particular, has experienced an immense amount of pressure that has stemmed from the novel COVID-19 pandemic. This study, however, investigates the renewable energy production initiatives that have taken come into place as a reaction to the COVID-19 pandemic, using a time series data of China in particular. The study uses the robust ARDL bounds testing approach in order to get sound parameter estimates. The findings of the study reveal that COVID-19 pandemic has significantly reduced the renewable energy production in China, both in the short and long run. In addition to this, the GDP and trade tend to positively impact the incidence of renewable energy production in the wake of the Covid-19 pandemic. In the same context, it has been observed that the energy price has a significant and negative impact on renewable energy production, particularly in the long-run, during the pandemic period. Keeping these observations in consideration, it can be asserted that the government should ideally adopt a short-term policy, while mid-term and long-term action plans should be formulated, so as to achieve the renewable energy targets in the future. In this regard, the research implications and future directions have thoroughly been discussed in the paper. Journal: Economic Research-Ekonomska Istraživanja Pages: 3857-3870 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2005651 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2005651 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3857-3870 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1948881_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ran Tao Author-X-Name-First: Ran Author-X-Name-Last: Tao Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Tanzeela Yaqoob Author-X-Name-First: Tanzeela Author-X-Name-Last: Yaqoob Author-Name: Mir Hammal Author-X-Name-First: Mir Author-X-Name-Last: Hammal Title: Do financial and non-financial stocks hedge against lockdown in Covid-19? An event study analysis Abstract: The novel Covid-19 virus has changed the dynamics of ‘flight to safety’ investment for various economies. Thus, the hedging ability of the stocks must be revisited in the scenario of this pandemic. For this purpose, specifically understanding the importance of a semi-strong form of an efficient market hypothesis is important. This was to observe the speed at which the markets react to the news announcement, and how rapidly they absorb new information to regain thier position in the market. Hence, this study conducts an event study analysis on Pakistan’s emerging market to detect the financial and non-financial stock price reactions towards the lockdown announcement, following the spread of Covid-19 in Pakistan. The daily data on the KSE-100 index for thirty different industries, comprising of ninety firms, spanning from December 12, 2019, till June 7, 2020, was collected and analyzed. The abnormal returns were recorded to be at around 21 [−10. +10] and 41 days [−20, +20] event window, around the day of the lockdown announcement. These abnormal returns were obtained through the market model regression. The data collected implied that most of the industries were stable and behaved well before the event day, while the affected sectors recovered fairly quickly. Therefore, it has been affirmed that Pakistan’s equity portfolios are informationally efficient, and can benefit the investors during a pandemic. Journal: Economic Research-Ekonomska Istraživanja Pages: 2405-2426 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1948881 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1948881 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2405-2426 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1947339_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yanling Xu Author-X-Name-First: Yanling Author-X-Name-Last: Xu Author-Name: Jing-Ping Li Author-X-Name-First: Jing-Ping Author-X-Name-Last: Li Author-Name: Chien-Chi Chu Author-X-Name-First: Chien-Chi Author-X-Name-Last: Chu Author-Name: Gheorghita Dinca Author-X-Name-First: Gheorghita Author-X-Name-Last: Dinca Title: Impact of COVID-19 on transportation and logistics: a case of China Abstract: Recent research has shown that the COVID-19 pandemic has holistically affected the financial and industrial sectors of China, in a considerably adverse manner. This paper aims to examine the impact of the COVID-19 virus on the transportation and logistics sector in China. In this regard, the study opted for a quantitative method of research design, along with primary data collection. The explanatory variable here is the COVID-19 virus, whereas, the dependent variables are air freight, ocean freight, and land freight. The data analysis technique used is the Structural Equation Modelling (SEM) analysis, comprising of the Confirmatory Factor Analysis (CFA) and the path assessment method. A structured survey questionnaire was also used, and the survey questionnaire scale was set from strongly agree to disagree strongly. The findings revealed that the effect of COVID-19 on air freight is statistically negative and significant. Moreover, the impact of COVID-19 on land freight is statistically negative and significant, whereas the effect of COVID-19 is statistically insignificant in the context of ocean freight, particularly during the period of the COVID-19 pandemic. Therefore, keeping these results in consideration, policymakers can enhance their support, so as to increase the performance of the logistics and transportation sector in China. Journal: Economic Research-Ekonomska Istraživanja Pages: 2386-2404 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1947339 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1947339 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2386-2404 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1931911_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Junwei Ma Author-X-Name-First: Junwei Author-X-Name-Last: Ma Author-Name: Jianhua Wang Author-X-Name-First: Jianhua Author-X-Name-Last: Wang Author-Name: Xiangdong Shen Author-X-Name-First: Xiangdong Author-X-Name-Last: Shen Title: Economic policy uncertainty and green economy efficiency: power or resistance?—Empirical evidence from Chinese major urban agglomerations Abstract: Policy uncertainties have always played a critical role in shaping economic outcomes, as evidenced by the recent sluggish economic growth in many countries. Green economic efficiency (GEE) is a comprehensive index to measure economic, social, and environmental development. This paper uses the slack-based measurement (SBM) directional distance function and Luenberger productivity indicator to measure the static GEE and dynamic green total factor productivity (GTFP) of China's urban agglomerations from 2003 to 2020 under constraints of resources and environment. In order to clarify the driving mechanisms of GEE and GTFP, this paper adds the factor of economic policy uncertainty (EPU). The results show that there is a positive correlation between EPU with GEE and GTFP. The possible reason is that the market mechanism plays a decisive role in improved GEE and GTFP. Therefore, policymakers should give better play to the government's macro-control role, and play the decisive role of the market mechanism in the environmental governance system to improve GEE and GTFP in a targeted manner. Journal: Economic Research-Ekonomska Istraživanja Pages: 657-675 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1931911 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1931911 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:657-675 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2038228_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiaolong Li Author-X-Name-First: Xiaolong Author-X-Name-Last: Li Author-Name: Ilknur Ozturk Author-X-Name-First: Ilknur Author-X-Name-Last: Ozturk Author-Name: Qasim Raza Syed Author-X-Name-First: Qasim Raza Author-X-Name-Last: Syed Author-Name: Muhammad Hafeez Author-X-Name-First: Muhammad Author-X-Name-Last: Hafeez Author-Name: Sidra Sohail Author-X-Name-First: Sidra Author-X-Name-Last: Sohail Title: Does green environmental policy promote renewable energy consumption in BRICST? Fresh insights from panel quantile regression Abstract: Understanding the aspects of renewable energy consumption is important because it contains low-carbon emissions, which could significantly reduce global greenhouse gas emissions. Little research is done on exploring the factors of renewable energy consumption. The primary objective of this study is to examine the impact of the green environmental policy on renewable energy consumption in the BRICST economies over data ranging from 1991 and 2019 by using panel quantile regression. The fixed-effects and quantile regressions confirm the positive effects of economic growth and non-renewable energy on renewable energy consumption. In contrast, the consumer price index and CO2 hurt the renewable energy consumption in the BRICST economies. The estimate of the environmental policy stringency appears to be negative and insignificant in the fixed-effects model. On the other side, the estimates of the environmental stringency index appear to be positively significant from the 10th–40th quantiles and negatively significant from 50th–90th quantiles. Robust policy implications of our outcomes are also discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 5807-5823 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2038228 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2038228 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5807-5823 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2047085_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lin Shanyu Author-X-Name-First: Lin Author-X-Name-Last: Shanyu Title: Corporate social responsibilities (CSR) and sustainable business performance: evidence from BRICS countries Abstract: Sustainable business performance is the major concern of every organisation globally and influenced by many factors that gained the attention of regulators and recent studies. Thus, the goal of this study was to examine the impact of corporate social responsibilities (CSR) on sustainable business performance in BRICS countries. These data were extracted from the financial statements and CSR reports of the top listed firms in BRICS countries. This study had adopted random effect model (REM) and generalised method of moments (GMM) to examine the nexus among the understudy variables. The results indicated that CSR have a positive association with the sustainable business performance in BRICS countries. These results are helpful for the policymakers while developing the policies related to the CSR and sustainable business performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 6105-6120 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2047085 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2047085 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6105-6120 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2016462_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rubén Medina-Serrano Author-X-Name-First: Rubén Author-X-Name-Last: Medina-Serrano Author-Name: Reyes González Author-X-Name-First: Reyes Author-X-Name-Last: González Author-Name: Jose Gasco Author-X-Name-First: Jose Author-X-Name-Last: Gasco Author-Name: Juan Llopis Author-X-Name-First: Juan Author-X-Name-Last: Llopis Title: Do risk events increase supply chain uncertainty? A case study Abstract: Supply chain uncertainty has become an important area of research, and it is crucial for many firms, and especially so for global firms. Decision makers find it difficult to make decisions due to lack of transparency in the supply chain and the impact of possible risk events. This paper aims to approach this topic by developing a conceptual model to assist logistics and supply chain managers to improve supply chain effectiveness by analysing risk events. To this end we use a case study based on a set of interviews with agents of a German firm and some of its suppliers from India, China and Europe, which generates insights uncaptured in previous research in the area. The main findings answer questions such as: 1. How to build an agile supply chain strategy with rapid planning and integrated execution in different stages?; 2. How to identify and avoid risk events as they increase the supply chain uncertainty and are multiplied when interrelated risk events occur simultaneously; 3. Can supply chain uncertainty be reduced by determining the degree of flexibility required to mitigate risk effects, reducing supply chain uncertainty and increasing the firm’s dynamic capabilities?. Journal: Economic Research-Ekonomska Istraživanja Pages: 4658-4676 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2016462 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2016462 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4658-4676 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2004189_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yunpeng Sun Author-X-Name-First: Yunpeng Author-X-Name-Last: Sun Author-Name: Jun Yang Author-X-Name-First: Jun Author-X-Name-Last: Yang Author-Name: Qun Bao Author-X-Name-First: Qun Author-X-Name-Last: Bao Author-Name: Hong Tu Author-X-Name-First: Hong Author-X-Name-Last: Tu Author-Name: Haoning Li Author-X-Name-First: Haoning Author-X-Name-Last: Li Title: Unveiling the nexus between corporate social responsibility, industrial integration, economic growth and financial constraints under the node of firms sustainable performance Abstract: This research investigates the impact of corporate social responsibility (CSR), industrial integration, and economic growth in realising financial constraints using firm’s level attributes of sustainable performance. In doing so, this study utilised annual data of 555 Chinese real estate firms from 2015 to 2019 and applied a spatial effect model (SEM) to integrate spatial effects. This study also used two-step Generalized Method of Moments (GMM) and two-stage least square (2SLS) methods to deal with possible endogeneity. Manifestly, we have constructed a mathematical derivation framework based on linear algebra and offer easy computing Moran's index. The preliminary results revealed that CSR, industrial integration, and economic growth reduce financial constraints of listed real estate companies in China. However, these effects are not persistent at different stages of development. The findings of Moran index describe that the early and growth stages of CSR instigate financial constraints while the mature stage of CSR produces inhibitory effects that reduce financial constraints. Notably, these effects also varied across different regions. This outcome offers valuable policy recommendations. Journal: Economic Research-Ekonomska Istraživanja Pages: 3788-3813 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2004189 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2004189 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3788-3813 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1930091_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wei-Wei Zhang Author-X-Name-First: Wei-Wei Author-X-Name-Last: Zhang Author-Name: Wang Dawei Author-X-Name-First: Wang Author-X-Name-Last: Dawei Author-Name: Muhammad Tariq Majeed Author-X-Name-First: Muhammad Tariq Author-X-Name-Last: Majeed Author-Name: Sidra Sohail Author-X-Name-First: Sidra Author-X-Name-Last: Sohail Title: COVID-19 and international trade: insights and policy challenges in China and USA Abstract: Like the other spheres of economic activity, international trade is also a victim of the current Covid-19 pandemic. Therefore, taking this into consideration, this study examines the impact of the novel Covid-19 virus on international trade, by using monthly data from China and USA. For this purpose, we have referred to the novel Fourier causality test. The findings of the test show that there is a direct causal relationship between the Covid-19 related deaths and the exports and imports of China, while the Covid-19 cases do not have a causal relationship with the exports and imports of China in the pandemic. Moreover, the Covid-19 cases and deaths have a causal relationship with the exports and imports of USA. Thus, we found that there were heterogeneous effects experienced in both the countries. Based on these empirical findings, some policy implications have been suggested for the Chinese and USA economies. Journal: Economic Research-Ekonomska Istraživanja Pages: 1991-2002 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1930091 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1930091 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1991-2002 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875866_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wei Zhou Author-X-Name-First: Wei Author-X-Name-Last: Zhou Author-Name: Yi Lu Author-X-Name-First: Yi Author-X-Name-Last: Lu Author-Name: Man Liu Author-X-Name-First: Man Author-X-Name-Last: Liu Author-Name: Keang Zhang Author-X-Name-First: Keang Author-X-Name-Last: Zhang Title: Machine learning methods based on probabilistic decision tree under the multi-valued preference environment Abstract: In the classification calculation, the data are sometimes not unique and there are different values and probabilities. Then, it is meaningful to develop the appropriate methods to make classification decision. To solve this issue, this paper proposes the machine learning methods based on a probabilistic decision tree (DT) under the multi-valued preference environment and the probabilistic multi-valued preference environment respectively for the different classification aims. First, this paper develops a data pre-processing method to deal with the weight and quantity matching under the multi-valued preference environment. In this method, we use the least common multiple and weight assignments to balance the probability of each preference. Then, based on the training data, this paper introduces the entropy method to further optimize the DT model under the multi-valued preference environment. After that, the corresponding calculation rules and probability classifications are given. In addition, considering the different numbers and probabilities of the preferences, this paper also uses the entropy method to develop the DT model under the probabilistic multi-valued preference environment. Furthermore, the calculation rules and probability classifications are similarly derived. At last, we demonstrate the feasibility of the machine learning methods and the DT models under the above two preference environments based on the illustrated examples. Journal: Economic Research-Ekonomska Istraživanja Pages: 38-59 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1875866 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875866 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:38-59 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1958245_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chi Zhang Author-X-Name-First: Chi Author-X-Name-Last: Zhang Author-Name: Zhixin Liu Author-X-Name-First: Zhixin Author-X-Name-Last: Liu Author-Name: Yingying Xu Author-X-Name-First: Yingying Author-X-Name-Last: Xu Author-Name: Yinpeng Zhang Author-X-Name-First: Yinpeng Author-X-Name-Last: Zhang Title: How do firms form inflation expectations? Empirical evidence from the United States Abstract: Inflation expectations of firms affect their micro-decision-making behaviors and therefore impact the macro-economy. Thus, a deep understanding of how firms form inflation expectations benefits the achievement of central bank’s policy objectives on macro-economic sustainability and development. In this paper, we focus on the inflation expectations of firms from surveys. Specifically, the Naïve Expectation, Adaptive Expectation, Rational Expectation, VAR, and Heterogeneous Static Expectation formation models are adopted to test the models being used by firms to form inflation expectations. Empirically, this paper reveals the heterogeneity between the formation mechanisms of households and firms. Then, empirical results reject the rational expectation hypothesis of firms’ inflation expectations, which means that they are not perfectly rational. Finally, we find that the inflation perception is a non-negligible factor in forming firms’ inflation expectations. Therefore, central banks’ monetary policies that aiming to formulate firms’ inflation perceptions can be a useful tool in regulating their inflation expectations, which are expected to benefit the stability of the macro-economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 1142-1161 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1958245 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1958245 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1142-1161 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2052332_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zbigniew Korzeb Author-X-Name-First: Zbigniew Author-X-Name-Last: Korzeb Author-Name: Reyes Samaniego-Medina Author-X-Name-First: Reyes Author-X-Name-Last: Samaniego-Medina Author-Name: Pilar Giráldez-Puig Author-X-Name-First: Pilar Author-X-Name-Last: Giráldez-Puig Title: Cultural differences and cross-border investment project performance: an analysis of the Polish banking sector Abstract: In recent decades, the Polish banking sector has experienced a large number of mergers and acquisitions (M&As) as well as the establishment of several new banks. The success of such investment projects can be influenced by numerous factors, including the cultural differences between the country of the bank initiating the transaction and Poland. The objective of this article is to assess the influence of these cultural differences on the performance of cross-border investment projects carried out in the Polish banking sector from 1994 to 2018. The results of this study confirm that cultural differences influence bank performance: the culturally closer the countries are, the better the banks perform. Specifically, the dimensions of power distance, individualism, uncertainty avoidance and masculinity are the most relevant to bank performance. Future research should be focused on determining the role that cultural differences exert on the cross-border consolidation of the European banking sector. Journal: Economic Research-Ekonomska Istraživanja Pages: 6579-6600 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2052332 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2052332 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6579-6600 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2019078_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sergej Gričar Author-X-Name-First: Sergej Author-X-Name-Last: Gričar Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Author-Name: Vesna Karadžić Author-X-Name-First: Vesna Author-X-Name-Last: Karadžić Author-Name: Tamara Backović Author-X-Name-First: Tamara Author-X-Name-Last: Backović Title: Tourism price normalities in two Adriatic east coast 'euro' countries Abstract: This debut work offers a stunning look at real vs nominal prices that consider more than just inflation. The inadequate examination of hospitality price comparison is investigated between two non-neighbouring Adriatic east coast countries – Slovenia and Montenegro – using the euro. Hospitality prices are an essential indicator in hospitality markets, destination marketing and management planning. Using 73 monthly time-series data for the economic crisis period from December 2008 to December 2014, this period covers one shock in a series. One of the key managerial features of cointegrated spatial hospitality price spread was that Montenegro followed Slovenian hospitality prices. Hospitality prices in Montenegro and Slovenia tend to be weakly integrated into the long term and seasonally driven in the short term. In addition, the econometric experimentation has given a theoretical novelty for underpinned and undermined tourism economy modelling in normalities. This state-of-the-art econometric feature is included in a customary vector error correction model (VECM). Robust applied results recognise that hospitality prices in Montenegro are domestic driven and in Slovenia Eurozone driven. This finding is relevant for applied economics on obtaining a normally distributed price model. Its theoretical and managerial implications are vital for hospitality economics, marketing and tourism management. Journal: Economic Research-Ekonomska Istraživanja Pages: 4865-4883 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2019078 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2019078 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4865-4883 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1948437_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Renata Marks-Bielska Author-X-Name-First: Renata Author-X-Name-Last: Marks-Bielska Author-Name: Jarosław M. Nazarczuk Author-X-Name-First: Jarosław M. Author-X-Name-Last: Nazarczuk Author-Name: Izabela Rogalska Author-X-Name-First: Izabela Author-X-Name-Last: Rogalska Title: Institutions versus location of new firms: does distance matter? Evidence from the Polish economy Abstract: The research aim was to identify the effects of the institutional environment-supporting business activity on new firms' location. Using a series of negative binomial models, coupled with Hausman-Taylor estimations and Granger causality tests we studied the role of quality of institutions and distances to various types of institutions on the spatial distribution of new firms. The analysis also takes into consideration other location criteria, arising from the geographical location and socio-economic conditions in Poland's smallest administrative division unit, i.e., a municipality. The results revealed a positive role in the quality of institutions as firms' location criteria. Furthermore, the distance of firms to different institutions tended to be significant, albeit depending on these institutions' type. In this regard, the distance of numerous local institutions performing a broader spectrum of activities was a significant location criterion, while the distance to institutions focusing on a narrow range of activities (e.g., supporting innovations, R&D), dedicated to selected or supra-regional groups of clients, more frequently proved to be insignificant. Implications arising from the research can help local authorities, which take measures to improve the institutional environment supporting firms. Journal: Economic Research-Ekonomska Istraživanja Pages: 894-914 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1948437 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1948437 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:894-914 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2044880_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wei Feng Author-X-Name-First: Wei Author-X-Name-Last: Feng Author-Name: Hang Yuan Author-X-Name-First: Hang Author-X-Name-Last: Yuan Author-Name: Shuang Yang Author-X-Name-First: Shuang Author-X-Name-Last: Yang Title: “Booster” or “blocker”? A study on the effect of cultural diversity on foreign direct investment Abstract: In this paper, we investigate the characteristics and mechanisms of cultural diversity that affect foreign direct investment (FDI) using the panel data on provinces in China from 1999 to 2019 and find that, in general, cultural diversity inhibits FDI absorption. However, this kind of adverse effect has a nonlinear threshold characteristic. That is, when the population density reaches a certain level or urbanization is controlled within a certain range, the increase in cultural diversity can weaken the inhibitory effect on FDI. Additionally, by exploring the mechanisms of cultural diversity affecting FDI, we further find that cultural diversity inhibits FDI mainly through the channels of inhibiting population density and urbanization. The conclusions of this paper not only enrich the theoretical research on FDI location from the perspective of cultural diversity but also shed light on how to better attract FDI to China and other countries, such as resolving cultural conflicts and constructing an inclusive investment environment. Journal: Economic Research-Ekonomska Istraživanja Pages: 6016-6036 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2044880 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2044880 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6016-6036 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1990781_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: He Chengying Author-X-Name-First: He Author-X-Name-Last: Chengying Author-Name: Chen Rui Author-X-Name-First: Chen Author-X-Name-Last: Rui Author-Name: Liu Ying Author-X-Name-First: Liu Author-X-Name-Last: Ying Title: US-China trade war and China’s stock market: an event-driven analysis Abstract: The US-China trade war, initiated in March 2018, substantially transformed the trading partnership between the two largest economic powers. It directly influenced the profitability of domestic enterprises related to the export chain and harmed the domestic economy in China and its stock market. This study empirically examines the effects of the trade war on China’s stock market based on chronological events and tests whether it is the contagion effect or the present value effect. The empirical study supports the contagion effect because the impact of the US-China trade war differed significantly in different sectors only when the US announced its imposition of more tariffs on US$50 billion worth of Chinese products. However, there is no apparent difference between the industries for other events, nor is there any significant difference between the industries in terms of long-term impact. Journal: Economic Research-Ekonomska Istraživanja Pages: 3277-3290 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1990781 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1990781 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3277-3290 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2006734_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jiao Weihong Author-X-Name-First: Jiao Author-X-Name-Last: Weihong Author-Name: Tsung-Hsien Kuo Author-X-Name-First: Tsung-Hsien Author-X-Name-Last: Kuo Author-Name: Siao-Yun Wei Author-X-Name-First: Siao-Yun Author-X-Name-Last: Wei Author-Name: Misbah ul Islam Author-X-Name-First: Misbah ul Author-X-Name-Last: Islam Author-Name: Md. Shamim Hossain Author-X-Name-First: Md. Shamim Author-X-Name-Last: Hossain Author-Name: Korakod Tongkachok Author-X-Name-First: Korakod Author-X-Name-Last: Tongkachok Author-Name: Asma Imran Author-X-Name-First: Asma Author-X-Name-Last: Imran Title: Relationship between trade enhancement, firm characteristics and CSR: key mediating role of green investment Abstract: Organisations are increasingly implementing socially responsible strategies in response to increased rivalry in trade and commercial activities. Organisations are expected to increase their profitability through corporate social responsibility (CSR). Hence, this study investigates the relationship between trade enhancement, firm characteristics, and CSR. Further, this study also explored the critical mediating role of green investment (GI). The data were collected from 456 respondents from manufacturing organisations in China through a questionnaire and analysed by partial least square structural equation modelling (PLS-SEM). PLS-SEM results revealed that trade enhancement has a significant positive effect on CSR and GI. GI also has a significant effect on CSR. In comparison, firm characteristics do not have a substantial impact on CSR and GI. However, GI significantly mediates the relationship between trade enhancement, firm characteristics, and CSR. This study provides insights to managers and stakeholders regarding GI and CSR in the Chinese manufacturing industry. Lastly, this study proposes theoretical and practical implications andoffers valuable information for practitioners and policymakers. Journal: Economic Research-Ekonomska Istraživanja Pages: 3900-3916 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2006734 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2006734 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3900-3916 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2052336_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yonghe Xiao Author-X-Name-First: Yonghe Author-X-Name-Last: Xiao Author-Name: Lei Pan Author-X-Name-First: Lei Author-X-Name-Last: Pan Title: Disseminating Sustainable Development Education in English language through individuals learning capabilities and institutional infrastructural initiatives Abstract: The significance of the knowledge acquisition and knowledge transfer of Sustainable Development Education increase when their level of integration in the daily routine of the individuals is being evaluated. The complexity further enhances when such education is being given to the students whose first language is not English, however the mode and medium of such knowledge transfer in the higher education institution is English. Therefore, the present study aims to explore the significance of the intrinsic and extrinsic enablers of the sustainable development knowledge acquisition and its integration in the daily routine of the students whose first language is not English and the said education is being delivered in English Language. Following the survey research design, the data was collected from 349 students in the Sustainable Development Education course in the Chinese higher education institution and the hypothesis were assessed through the application of Structural Equation Modelling. The results reported the significant associations between all of the intrinsic and extrinsic predictors with the creation variables. Based on the findings, it has been recommended the development of the content should be made in the more simple and easy manner that are easy to comprehend by the students having English as foreign language. Journal: Economic Research-Ekonomska Istraživanja Pages: 6667-6687 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2052336 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2052336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6667-6687 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1997619_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Song Jiang Author-X-Name-First: Song Author-X-Name-Last: Jiang Author-Name: Shuang Qiu Author-X-Name-First: Shuang Author-X-Name-Last: Qiu Author-Name: Hong Zhou Author-X-Name-First: Hong Author-X-Name-Last: Zhou Title: Will digital financial development affect the effectiveness of monetary policy in emerging market countries? Abstract: Whether digital finance should be included in the quantitative framework of monetary policy in emerging market countries has been widely discussed by scholars. However, the current research just focused on a single format of digital finance, lacking comprehensive analysis at the overall level and the refinement of general rules. Therefore, this paper constructed a spatial econometric model to empirically analyze the impact of digital finance on the effectiveness of monetary policy and its heterogeneity, taking China as the representative of emerging market countries. The empirical test showed that (1) Although the total index of digital finance had a negative impact on economic growth, the interaction between digital finance and monetary policy was significantly positive. This indicated that the “moderating effect” of monetary policy was beneficial to digital finance in promoting economic growth, which was confirmed from the subindexes level as well. (2) The development of digital finance had obvious characteristics of the “polarization effect” and the “spatial spillover effect”. Meanwhile, there was a significant regional difference in the “moderating effect” of monetary policy. (3) In terms of control variables, consumption level, fixed capital formation level, and fiscal policy all had a significant positive impact on economic growth, with a positive “spatial spillover effect”. Whereas, the impacts of COVID-19 and export level on economic growth were both negative. Hence, coping with the challenges of COVID-19 and revitalizing exports were important breakthroughs for emerging market countries to recover the domestic economy. Finally, based on the empirical conclusions, this paper proposed three suggestions. First, monetary policy should be strengthened to intervene in the development of digital finance. Second, digital financial development should be integrated into the quantitative framework of monetary policy. Third, it is essential to build a “double pillar” policy framework to compensate for the shortage of monetary policy. Journal: Economic Research-Ekonomska Istraživanja Pages: 3437-3472 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1997619 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1997619 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3437-3472 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1959367_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vidya Bai Gokarna Author-X-Name-First: Vidya Author-X-Name-Last: Bai Gokarna Author-Name: Suhan Mendon Author-X-Name-First: Suhan Author-X-Name-Last: Mendon Author-Name: Iqbal Thonse Hawaldar Author-X-Name-First: Iqbal Author-X-Name-Last: Thonse Hawaldar Author-Name: Cristi Spulbar Author-X-Name-First: Cristi Author-X-Name-Last: Spulbar Author-Name: Ramona Birau Author-X-Name-First: Ramona Author-X-Name-Last: Birau Author-Name: Smitha Nayak Author-X-Name-First: Smitha Author-X-Name-Last: Nayak Author-Name: Maanya Manohar Author-X-Name-First: Maanya Author-X-Name-Last: Manohar Title: Exploring the antecedents of institutional effectiveness: a case study of higher education universities in India Abstract: The significance of Institutional Effectiveness is pivotal to the functioning of an academic institution. The mushrooming of private institutions in the Indian higher education space necessitates exploring its antecedents to ensure quality higher education is imparted by the institution. The purpose of this research endeavor is to explore the impact of Academic Leadership on Institutional Effectiveness with a mediating role of Campus Culture and Faculty Involvement in Decision Making. The study employed a cross-sectional research design and implemented a purposive sampling technique to collet primary data from 80 permanent faculties and 249 students of private engineering colleges located in the Karnataka state of India. Data was collected through a structured questionnaire and analyzed using Partial Least Square-Structural Equation Modeling. Hypothesis shows academic leadership and campus culture has high influence on institutional effectiveness. Faculty in decision making and campus culture partially mediates between academic leadership and institutional effectiveness. The results of FIMIX-PLS and PLS-MGA analysis shows the similarity in the results of total effect and path relationships. This paper provides theoretical foundations and empirical findings on conceptualizing the antecedents of institutional effectiveness. The outcomes of this research serve as significant input to policy makers and higher education institutions to facilitate enhancement of institutional effectiveness. Journal: Economic Research-Ekonomska Istraživanja Pages: 1162-1182 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1959367 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1959367 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1162-1182 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1974921_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yanyun Yao Author-X-Name-First: Yanyun Author-X-Name-Last: Yao Author-Name: Shangzhen Cai Author-X-Name-First: Shangzhen Author-X-Name-Last: Cai Author-Name: Huimin Wang Author-X-Name-First: Huimin Author-X-Name-Last: Wang Title: Are technical indicators helpful to investors in china’s stock market? A study based on some distribution forecast models and their combinations Abstract: Can investors use technical analysis to generate positive risk-adjusted returns by observing historical transaction data? The study investigates whether technical indicators (TIs) are beneficial to the returns and risk management of China’s stock market investors. It is conducted from the perspective of a distribution forecast rather than a traditional point forecast. The study investigates the TIs’ predictability on the distribution of returns. It also examines the TIs’ impact on risk management. A high-dimensional-same-frequency information distribution forecasting model, the LASSO-EGARCH model, is built. The LASSO regression’s results show that the TIs have limited ‘explanatory power’ for the return prediction. However, the adaptive moving average and turnover rate show significant and robust effects. The statistical evaluation and economic evaluation show that the TIs information’s integration cannot improve the direction forecast’s accuracy, nor does it have excess profitability. However, it enables the return distribution to have a better calibration. The above conclusion reveals that the usefulness of the analysis for China’s stock market lies in its risk management when the stock price plunges, rather than in excess profits. This may provide a reference for investors who prefer the TIs’ analysis. Journal: Economic Research-Ekonomska Istraživanja Pages: 2668-2692 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1974921 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1974921 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2668-2692 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2019598_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Cheng Jin Author-X-Name-First: Cheng Author-X-Name-Last: Jin Author-Name: Asif Razzaq Author-X-Name-First: Asif Author-X-Name-Last: Razzaq Author-Name: Faiza Saleem Author-X-Name-First: Faiza Author-X-Name-Last: Saleem Author-Name: Avik Sinha Author-X-Name-First: Avik Author-X-Name-Last: Sinha Title: Asymmetric effects of eco-innovation and human capital development in realizing environmental sustainability in China: evidence from quantile ARDL framework Abstract: The present study investigates the dynamic and asymmetric impacts of eco-innovation and human capital development on ambient pollution by validating the Environment Kuznets Curve (EKC) hypothesis in China from 1988Q1 to 2018Q4. The findings confirm non-normality and structural breaks in data. Thus, Quantile Autoregressive Distributive Lag (QARDL) model and Granger Causality-in-Quantiles are applied to address non-linearity and structural breaks. The long-run results exhibit that eco-innovation and human capital have a significant negative relationship with carbon emissions, mainly from lower (0.05) to medium (0.5) quantiles and medium (0.50) to higher (0.95) emissions quantile. Moreover, economic growth contributes to higher emissions across all quantiles. In contrast, the square of economic growth has a significant negative association with emissions, confirming the validity of EKC from medium (0.40) to higher (0.95) quantiles. Lastly, Granger causality confirms a two-way causality between eco-innovation, human capital, and carbon emissions, and a one-way causality from human capital, economic growth to carbon emissions. These findings offer valuable policy recommendations. Journal: Economic Research-Ekonomska Istraživanja Pages: 4947-4970 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2019598 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2019598 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4947-4970 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2055603_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiaozhu Guo Author-X-Name-First: Xiaozhu Author-X-Name-Last: Guo Author-Name: Bo Wang Author-X-Name-First: Bo Author-X-Name-Last: Wang Author-Name: Xu Yongan Author-X-Name-First: Xu Author-X-Name-Last: Yongan Title: The asymmetric effect of infectious disease equity market volatility for the physical education economy: implication for a post-Covid world Abstract: Due to the growing importance of the sports economy and the severe impact of the current Covid-19 pandemic on it, this paper examines the way in which the infectious disease stock market volatility (ID-EMV) tracker affects the Covid world sports economy from an asymmetrical perspective. We selected the newspaper-based ID-EMV index and Wind Physical Education Concept Index (PEC) for our research. First, the results of conventional causality tests showed that the tests ID-EMV and PEC were unable to detect causality, implying that stock market volatility stemming from COVID-19 risk had no impact on the sports economy. However, considering potential asymmetric effects in this relationship, we further investigated whether ID-EMV could significantly affect PEC under both positive and negative shocks. The empirical results confirm the existence of asymmetric effects. Therefore, we are the first to focus on this asymmetric effect and conduct empirical research, which may help provide educators and financial market participants with a novel research perspective. Journal: Economic Research-Ekonomska Istraživanja Pages: 7008-7021 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2055603 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2055603 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:7008-7021 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1992642_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhou Xuefeng Author-X-Name-First: Zhou Author-X-Name-Last: Xuefeng Author-Name: Asif Razzaq Author-X-Name-First: Asif Author-X-Name-Last: Razzaq Author-Name: Korhan K. Gokmenoglu Author-X-Name-First: Korhan K. Author-X-Name-Last: Gokmenoglu Author-Name: Faheem Ur Rehman Author-X-Name-First: Faheem Ur Author-X-Name-Last: Rehman Title: Time varying interdependency between COVID-19, tourism market, oil prices, and sustainable climate in United States: evidence from advance wavelet coherence approach Abstract: This study attempts to empirically estimate the interdependence between COVID-19, tourism market, oil prices, and sustainable climate in United States. In doing so, we employ an advanced Morlet’s wavelet approach, namely, Wavelet coherence transform (WCT), Partial and Multiple Wavelet Coherence and found a strong co-movement between variables, which is varied across the time scales, indicating the initial, peak, and after peak effect of COVID-19 on tourism market, oil prices, and carbon emissions using daily data from 6 March 2020 to 6 August 2020. The visuals of WCT exhibit a cyclic (anti-cyclic) relationship between tourism and oil prices, suggesting a strong positive (negative) co-movement in the shorter and longer (medium) period. Tourism and carbon emissions possess a strong positive co-movement across all periods except in the medium run; however, the intensity of this movement is higher in the very short-run compared to medium and longer-run. The results reveal an anti-cyclic association between COVID-19 and tourism, and COVID-19 is leading tourism with strong negative co-movements. Finally, the results describe that carbon emissions and COVID-19 are anti-cyclical and display a positive causality in the shorter run. These results offer valuable guidelines for all stakeholders. Journal: Economic Research-Ekonomska Istraživanja Pages: 3337-3359 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1992642 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1992642 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3337-3359 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2052335_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mira Krpan Author-X-Name-First: Mira Author-X-Name-Last: Krpan Author-Name: Ana Pavković Author-X-Name-First: Ana Author-X-Name-Last: Pavković Author-Name: Margareta Gardijan Kedžo Author-X-Name-First: Margareta Gardijan Author-X-Name-Last: Kedžo Title: Sustainability assessment of pension systems of new EU member states using data envelopment analysis with sensitivity and cross-efficiency analysis Abstract: This paper assesses the sustainability of pension systems of New Member States of the European Union that have undergone the transition to a market economy and the establishment of a multi-pillar pension model. Investigating pension sustainability from a slightly different perspective, we apply the Mercer CFA Institute Global Pension Index methodology, whose sustainability sub-index measures indicators that have a significant influence on the likelihood that the current pension system will be able to provide benefits into the future. However, this methodology predefines the weights for each indicator, which can be limiting for countries that have large oscillations between indicators. To obtain a sustainability analysis without predefined weights, we apply data envelopment analysis (DEA) to calculate efficiency scores using sustainability indicators as inputs. Furthermore, since DEA generally allows each country to load on their strong indicators as much as possible, allowing thus for self-appraisal, we perform the analysis of the perturbations in the data and examine how these changes affect the overall relative positions of the countries in the set. Also, we explore the cross-efficiency approach to define peer-appraisal as a more objective efficiency score. As a final step, a comparison of all EU Member States provides an overall perspective. Journal: Economic Research-Ekonomska Istraživanja Pages: 6648-6666 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2052335 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2052335 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6648-6666 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2059692_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wei Zhu Author-X-Name-First: Wei Author-X-Name-Last: Zhu Author-Name: Fayyaz Ahmad Author-X-Name-First: Fayyaz Author-X-Name-Last: Ahmad Author-Name: Muhammad Umar Draz Author-X-Name-First: Muhammad Umar Author-X-Name-Last: Draz Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Author-Name: Abdul Rehman Author-X-Name-First: Abdul Author-X-Name-Last: Rehman Title: Revisiting the nexus between exchange rate, exports and economic growth: further evidence from Asia Abstract: The economic growth of developing countries has been associated with their exports, and the existing research suggests that exchange rates significantly influence the exports. This study used panel data to investigate the potential nexus of gross domestic product (GDP), exports and exchange rates in Asian countries over the period of 1981–2016. The results portray that nexus between exchange rate and exports holds true for Export-led Growth (ELG) and Growth-led Exports (GLE) hypotheses. This study used the Wald test under Vector Error Correction Model (VECM) with all necessary specifications tests to identify the possible nexus of variables, and applied the fixed effects model along with control variables. The results imply that an undervalued currency enhances exports and has a significant impact on economic growth. Additionally, the results of Fully Modified Ordinary Least Squares (FMOLS) model with financial crises dummy suggested that the estimations are robust. Keeping in view the aforementioned findings, a timely and balanced policy can play a pivotal role in improving the long term nexus of exchange rates, exports and economic growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 7128-7146 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2059692 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2059692 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:7128-7146 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1907205_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Adriana AnaMaria Davidescu Author-X-Name-First: Adriana AnaMaria Author-X-Name-Last: Davidescu Author-Name: Oana Cristina Popovici Author-X-Name-First: Oana Cristina Author-X-Name-Last: Popovici Author-Name: Vasile Alecsandru Strat Author-X-Name-First: Vasile Alecsandru Author-X-Name-Last: Strat Title: An empirical analysis using panel data gravity models and scenario forecast simulations for the Romanian exports in the context of COVID-19 Abstract: The paper focuses on the trade performance of Romania, a representative country for the Central and Eastern European region, strongly connected with its European partners in global value chains and thus affected by any change in these countries’ relationships with the rest of the world in general and China in particular. Using panel data gravity models for the 2008-2019 period, we find that Romania’s exports are significantly influenced by the demand of its major trade partners in the EU, and imports from China and the rest of the world. In addition, exports are vulnerable to the effectiveness of the government in relation to the other countries, corruption control and cultural values such as collectivism. We also assess the capacity of Romanian exports to regain their ascending trend displayed before the COVID-19 pandemic by using simulation forecasting scenarios based on the shape of the economic recovery and the type of shock transmission across economies. We observe a sharp decrease in 2020 followed by an important recovery in 2021 in a V-shape scenario and uniform transmission of the pandemic shock in the internal demand and in the foreign trade, or followed by a very slow recovery in 2021 (in a U-shape scenario and non-uniform transmission type in the two previously mentioned elements), especially when the global relation with rest of the world is included. Journal: Economic Research-Ekonomska Istraživanja Pages: 480-510 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1907205 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1907205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:480-510 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1902365_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Miloš Hitka Author-X-Name-First: Miloš Author-X-Name-Last: Hitka Author-Name: Peter Štarchoň Author-X-Name-First: Peter Author-X-Name-Last: Štarchoň Author-Name: Zdeněk Caha Author-X-Name-First: Zdeněk Author-X-Name-Last: Caha Author-Name: Silvia Lorincová Author-X-Name-First: Silvia Author-X-Name-Last: Lorincová Author-Name: Mariana Sedliačiková Author-X-Name-First: Mariana Author-X-Name-Last: Sedliačiková Title: The global health pandemic and its impact on the motivation of employees in micro and small enterprises: a case study in the Slovak Republic Abstract: The COVID-19 pandemic has negatively influenced all areas of human life across the world. Economic downturn is evident in almost every country. However, the biggest impact has crisis on micro and small enterprises (MaSEs). As the change of regime and rhythm of work is coming, the important task of employees in management is to retain their subordinates in the state of positive setting and motivation. The aim of the research is to define the impact of pandemic COVID-19 on the level of employee motivation in MaSEs operating in Slovak Republic. The development of employee motivation was investigated in three fields, financial, working and relationship one. A total of 848 respondents were asked in 2017 to 2020 by means of stratified selection. There was a significant decrease of preferences of respondents in all investigated motivation factors. Testing confirmed the existence of statistically significant differences during 2020 in comparison with previous years in investigating the following motivation factors: basic salary, job security, good working team, communication at work and superior's approach. The main contribution of the research is the finding that pandemic COVID-19 has the influence except of other impacts also on the area of employee motivation. Journal: Economic Research-Ekonomska Istraživanja Pages: 458-479 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1902365 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1902365 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:458-479 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1894198_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shitao Zhang Author-X-Name-First: Shitao Author-X-Name-Last: Zhang Author-Name: Zhangjiao Wu Author-X-Name-First: Zhangjiao Author-X-Name-Last: Wu Author-Name: Zhenzhen Ma Author-X-Name-First: Zhenzhen Author-X-Name-Last: Ma Author-Name: Xiaodi Liu Author-X-Name-First: Xiaodi Author-X-Name-Last: Liu Author-Name: Jian Wu Author-X-Name-First: Jian Author-X-Name-Last: Wu Title: Wasserstein distance-based probabilistic linguistic TODIM method with application to the evaluation of sustainable rural tourism potential Abstract: The evaluation of sustainable rural tourism potential is a key work in sustainable rural tourism development. Due to the complexity of the rural tourism development situation and the limited cognition of people, most of the assessment problems for sustainable rural tourism potential are highly uncertain, which brings challenges to the characterisation and measurement of evaluation information. Besides, decision-makers (DMs) usually do not exhibit complete rationality in the practical evaluation process. To tackle such problems, this paper proposes a new behaviour multi-attribute group decision-making (MAGDM) method with probabilistic linguistic terms sets (PLTSs) by integrating Wasserstein distance measure into TODIM (an acronym in Portuguese of interactive and multicriteria decision making) method. Firstly, a new Wasserstein-based distance measure with PLTSs is defined, and some properties of the proposed distance are developed. Secondly, based on the correlation coefficient among attributes and standard deviation of each attribute, an attribute weight determination method (called PL-CRITIC method) is proposed. Subsequently, a Wasserstein distance-based probabilistic linguistic TODIM method is developed. Finally, the proposed method is applied to the evaluation of sustainable rural tourism potential, along with sensitivity and comparative analyses, as a means of illustrating the effectiveness and advantages of the new method. Journal: Economic Research-Ekonomska Istraživanja Pages: 409-437 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1894198 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1894198 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:409-437 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2032245_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mehrdad Estiri Author-X-Name-First: Mehrdad Author-X-Name-Last: Estiri Author-Name: Jalil Heidary Dahooie Author-X-Name-First: Jalil Author-X-Name-Last: Heidary Dahooie Author-Name: Marinko Skare Author-X-Name-First: Marinko Author-X-Name-Last: Skare Title: COVID-19 crisis and resilience of tourism SME's: a focus on policy responses Abstract: Government policy responses play a significant role in increasing the resilience of small and medium-sized tourism enterprises during crisis periods. Proper selection and implementation of these policies is one of the major challenges facing tourism policy makers. The aim of this article is to propose a systematic framework for selecting government supportive policies that contribute effectively to resilience improvements of tourism SMEs during the COVID-19 disaster. After reading the international reports of the COVID-19 disaster carefully and using similar research findings in past disasters as the preliminary stage of framework development, a comprehensive list of country-based recovery policy responses as well as the critical success factors (CSFs) of tourism SMEs in the crisis recovery phase was extracted and then finalized in an expert-oriented process. In the next stage, the Z-SWARA was applied to weigh the CSFs. Then, four Z-MADM methods were implemented to rank the alternatives, and finally, the results were compounded with BORDA technique. The results of implementing the proposed framework in Iran's tourism industry show that Disaster management planning capability, as well as Marketing management are the most important CSFs. Also, financial support including direct lending and grants and subsidies to SMEs have been identified as the most effective governments' supportive policies to recover tourism SMEs in the post-disaster phase. Generally, these results have valuable implications for different stakeholders such as policymakers, practitioners and researchers in the tourism industry. Journal: Economic Research-Ekonomska Istraživanja Pages: 5556-5580 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2032245 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2032245 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5556-5580 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1880957_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Feng Shen Author-X-Name-First: Feng Author-X-Name-Last: Shen Author-Name: Chen Liang Author-X-Name-First: Chen Author-X-Name-Last: Liang Author-Name: Zhiyuan Yang Author-X-Name-First: Zhiyuan Author-X-Name-Last: Yang Title: Combined probabilistic linguistic term set and ELECTRE II method for solving a venture capital project evaluation problem Abstract: Multiple criteria decision making (MCDM) frameworks assist people in assessing alternatives and making reasonable decisions, with the ELECTRE II MCDM method in particular being widely applied to many diverse fields. As it is not always possible to assess qualitative attributes or accurately evaluate alternatives using precise values, this paper proposes a new approach that combines the ELECTRE II method with probabilistic linguistic term sets (PLTS) to allow decision makers to state their qualitative preferences using corresponding probabilities. To demonstrate the viability of the PTLS-ELECTRE II method and assess its practicability, the proposed method was applied to a typical MCDM venture capital project evaluation problem, for which a comprehensive venture capital project evaluation index system was constructed that included multiple qualitative and quantitative indicators, such as industry background, marketing, product technology, team management and financial data. The reasonable evaluation sequence of alternatives was then determined using the PTLS-ELECTRE II method which can provide more accurate MCDM decisions. Journal: Economic Research-Ekonomska Istraživanja Pages: 60-82 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1880957 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1880957 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:60-82 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1952086_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ali Amin Author-X-Name-First: Ali Author-X-Name-Last: Amin Author-Name: Rizwan Ali Author-X-Name-First: Rizwan Author-X-Name-Last: Ali Author-Name: Ramiz ur Rehman Author-X-Name-First: Ramiz ur Author-X-Name-Last: Rehman Author-Name: Muhammad Akram Naseem Author-X-Name-First: Muhammad Akram Author-X-Name-Last: Naseem Author-Name: Muhammad Ishfaq Ahmad Author-X-Name-First: Muhammad Ishfaq Author-X-Name-Last: Ahmad Title: Female presence in corporate governance, firm performance, and the moderating role of family ownership Abstract: Assessing the role of diversity in corporate governance has attracted growing interest. In addition, significant relationships are expected between diversity dimensions and firm performance. This research aims to analyze the relationships between female presence in corporate board-firm financial performance and the extent to which such influence is moderated by family ownership. The study’s sample, based on the listed firms on the Pakistan Stock Exchange (PSX), represents the nonfinancial sector from 2008 to 2019 with 2087 firm-year observations. Fixed-effect regression analysis was applied to examine the proposed hypothesis. The study’s findings indicate that the presence of women in corporate governance is positively associated with firm financial performance. Simultaneously, the mentioned relationship is less pronounced when family ownership is a moderator. The empirical findings of the study support the argument that the presence of women in corporate boards is positively associated with financial performance and supports the reforms made by codes of corporate governance (CCG) that make the presence of female directors’ mandatory on the corporate boards. Additionally, the study findings partially confirm that a higher proportion of women on the board increases firm performance. This study offers insights for policymakers to implement legislation for a diverse gender placement in the board of directors and exploit the potential benefits of the gender-balanced board, which generally improves firm performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 929-948 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1952086 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1952086 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:929-948 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2046480_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tran Duc Tai Author-X-Name-First: Tran Author-X-Name-Last: Duc Tai Title: Impact of corporate social responsibility on social and economic sustainability Abstract: Recently, corporate social responsibility (CSR) and social and economic sustainability are the foremost factors that improve trust and commitment of the institution and have gained the attention of recent researchers and policymakers. Thus, this research aims to examine the impact of CSR on social and economic sustainability. Questionnaires were used to gather the data from selected respondents, and smart-PLS was used to test the validity and reliability of the constructs and hypotheses of the study. The results showed that all the responsibilities such as economic responsibility, legal responsibility, ethical responsibility, philanthropic responsibility, and economic and social sustainability have a positive effect on organizational trust. Journal: Economic Research-Ekonomska Istraživanja Pages: 6085-6104 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2046480 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2046480 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6085-6104 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2033130_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Stella Suljić Nikolaj Author-X-Name-First: Stella Author-X-Name-Last: Suljić Nikolaj Author-Name: Bojana Olgić Draženović Author-X-Name-First: Bojana Author-X-Name-Last: Olgić Draženović Author-Name: Vesna Buterin Author-X-Name-First: Vesna Author-X-Name-Last: Buterin Title: Deposit insurance, banking stability and banking indicators Abstract: The deposit insurance system is a form of banking regulation that protects depositors and provides stability in the banking system. It is an important part of the financial safety net, especially in times of economic turmoil, as it provides explicit depositor protection and prevents a ‘bank run’. However, there are some negative effects on banking stability associated with the increase in bank risk, i.e., moral hazard, adverse selection and the principal-agent problem. The functioning of the deposit insurance system depends on its determinants, but also on the characteristics of the national banking system, supervision, legal and cultural framework and the general development of the country. Considering that the banking systems in EU and especially in comparison to Southeast European countries are very different, the aim of this paper is to study the impact of the deposit insurance system on bank stability depending on the characteristics of banks. Bank stability is analysed using bank risk variables: z-score and ratio of non-performing loans to total loans. By applying a dynamic panel analysis using the GMM Arellano–Bond (AB) estimator to a sample of EU countries and selected Southeast European countries, we provide further evidence on the deposit insurance system over the period from 2005 to 2014. The results provide evidence that large and systemically important banks behave in a riskier way, distorting the purpose of the deposit insurance scheme and jeopardising the safety of banking systems. Journal: Economic Research-Ekonomska Istraživanja Pages: 5632-5649 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2033130 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2033130 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5632-5649 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2049978_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ke-Cheng Zhang Author-X-Name-First: Ke-Cheng Author-X-Name-Last: Zhang Author-Name: Mu-Wen Wang Author-X-Name-First: Mu-Wen Author-X-Name-Last: Wang Author-Name: Mehmet Altuntaş Author-X-Name-First: Mehmet Author-X-Name-Last: Altuntaş Author-Name: Sahar Afshan Author-X-Name-First: Sahar Author-X-Name-Last: Afshan Title: Do energy prices, covid19, and financial uncertainty hinder the environment and social responsibility? Abstract: The COVID-19 pandemic has reached more than 215 countries across the globe, and it has also led to severe damage to the worldwide financial markets. Therefore, the current study explores the role of the novel COVID-19 pandemic, the energy prices, and the subsequent financial uncertainty on the US market's environment and social responsibility index (ESRI), which is considered a good representation of the global market. The study has applied Quantile Autoregressive Lagged Approach (QARDL) for estimation using data from January 2010 to July 2021. The findings of the aforementioned relationships have been reported to be similar to the outcomes that have been observed for the short run, as reported in the longer period of time. Precisely, for energy prices and ESRI, the nature of the relationship remains negative. Moreover, in terms of the relationship between the financial uncertainty and ESRI, the nature of the relationship remains negative, while for the relationship observed between COVID and ESRI, the nature of the relationship remains positive. Based on these findings, maintaining the level of compliance towards ESRI, following the relevant SOPs, and improving the productivity of energy resources are viable measures that can be recommended. Journal: Economic Research-Ekonomska Istraživanja Pages: 6500-6518 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2049978 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2049978 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6500-6518 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2025125_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yuanhang Zheng Author-X-Name-First: Yuanhang Author-X-Name-Last: Zheng Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Yuhang Tian Author-X-Name-First: Yuhang Author-X-Name-Last: Tian Title: Granular computing and optimization model-based method for large-scale group decision-making and its application Abstract: In large-scale group decision-making process, some decision makers hesitate among several linguistic terms and cannot compare some alternatives, so they often express evaluation information with incomplete hesitant fuzzy linguistic preference relations. How to obtain suitable large-scale group decision-making results from incomplete preference information is an important and interesting issue to concern about. After analyzing the existing researches, we find that: i) the premise that complete preference relation is perfectly consistent is too strict, ii) deleting all incomplete linguistic preference relations that cannot be fully completed will lose valid assessment information, iii) semantics given by decision makers are greatly possible to be changed during the consistency improving process. In order to solve these issues, this work proposes a novel method based on Granular computing and optimization model for large-scale group decision-making, considering the original consistency of incomplete hesitant fuzzy linguistic preference relation and improving its consistency without changing semantics during the completion process. An illustrative example and simulation experiments demonstrate the rationality and advantages of the proposed method: i) semantics are not changed during the consistency improving process, ii) completion process does not significantly alter the inherent quality of information, iii) complete preference relations are globally consistent, iv) final large-scale group decision-making result is acquired by fusing complete preference relations with different weights. Journal: Economic Research-Ekonomska Istraživanja Pages: 5221-5252 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2025125 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2025125 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5221-5252 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1962385_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jeong-Yoo Kim Author-X-Name-First: Jeong-Yoo Author-X-Name-Last: Kim Title: Public monopoly versus mixed oligopoly: product differentiation and social efficiency Abstract: In this paper, we consider a mixed oligopoly market in which a public firm and private firms compete, in particular, in which private entrants are allowed to enter a monopoly market by a public incumbent who maximizes social welfare. It has been widely believed that the public firm has advantage over private firms because the former who maximizes social welfare can charge a lower price than the latter who maximizes its own profit. However, in a Hotelling model of product differentiation, we obtain the results that both the public firm and private firms charge the same price in equilibrium, and more importantly, that the equilibrium prices may rise as a result of competition, thereby lowering the consumer surplus, if the transportation cost is high enough. We also show that if a private firm enters the market by choosing its own degree of differentiation, it will prefer neither maximum differentiation nor minimum differentiation in the case that the public incumbent is myopic in the sense that it cannot anticipate entry as well as in the case that it is far-sighted enough to anticipate entry. This draws an important policy implication in the market of Korean housing guarantee services. Journal: Economic Research-Ekonomska Istraživanja Pages: 1306-1321 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1962385 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1962385 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1306-1321 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013278_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Geran Tian Author-X-Name-First: Geran Author-X-Name-Last: Tian Author-Name: Weixing Wu Author-X-Name-First: Weixing Author-X-Name-Last: Wu Title: Mismatch between investor preferences and financial services/products Abstract: In a major peer-to-peer (P.2.P.) lending market in China, we observe that some investors choose not to use auto-investment service and stick to time-consuming manual investment. By analysing over 200 million pieces of data, we find that the do-it-yourself (D.I.Y.) investors pursue 1.20% higher annual return and five to seven months shorter maturity than the auto-investment service can offer. Indeed, D.I.Y. investors obtained 1.25% higher return than auto-investors, but they also took excessive risk. These results are confirmed by dual investors sample, who switch between D.I.Y. and auto-investment services. We also show that the results are not due to algorithm priority. We suggest that financial institutions provide more personalized services and products to accommodate investors with various target returns and risk attitudes. Journal: Economic Research-Ekonomska Istraživanja Pages: 4437-4456 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013278 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013278 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4437-4456 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1952087_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ying Li Author-X-Name-First: Ying Author-X-Name-Last: Li Author-Name: Yung-ho Chiu Author-X-Name-First: Yung-ho Author-X-Name-Last: Chiu Author-Name: Yushan Li Author-X-Name-First: Yushan Author-X-Name-Last: Li Author-Name: Tai-Yu Lin Author-X-Name-First: Tai-Yu Author-X-Name-Last: Lin Author-Name: Yi-Nuo Lin Author-X-Name-First: Yi-Nuo Author-X-Name-Last: Lin Title: The influence of the internet on catering and accommodation industry efficiency Abstract: Accommodation and catering industry efficiencies have been widely evaluated from destination, market concentration, and catering supply chain management perspectives; however, few studies have dynamically evaluated the overall accommodation and catering industry efficiencies under the influence of the internet. Therefore, to go some way to filling this research gap, this study used catering and accommodation industry data and related internet data from 31 Chinese provinces from 2012 to 2016 and employed a Dynamic DDF DEA model to evaluate the catering and accommodation industry efficiencies and the influence of the rising internet connections. It found that: 1. the overall catering and accommodation revenue efficiencies were higher when the internet connection inputs were considered; and 2. there were significant catering and accommodation income distribution differences between the eastern, central and western regions, with higher efficiencies being found in the more developed east. Journal: Economic Research-Ekonomska Istraživanja Pages: 949-970 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1952087 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1952087 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:949-970 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985567_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Piotr Staszkiewicz Author-X-Name-First: Piotr Author-X-Name-Last: Staszkiewicz Author-Name: Renata Karkowska Author-X-Name-First: Renata Author-X-Name-Last: Karkowska Title: Audit fee and banks’ communication sentiment Abstract: The study verifies the relationship between the audit fee and reporting sentiment in the banking industry. The research adopts panel data from a sample of 490 commercial banks across 43 US states for years 2000-2016. The results indicate that the audit fee is affected by the sentiment and is subject to time development. The research shed light on the nature of auditor relations in the specific economic context of the US. The results add to the science new and robust evidence on attitudes towards asymmetry friction in the supervised market. The Financial Authorities might benefit from the presented results while preselecting the entities for on-site inspection. Journal: Economic Research-Ekonomska Istraživanja Pages: 1618-1638 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985567 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985567 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1618-1638 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1952089_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ali Hajighasemi Author-X-Name-First: Ali Author-X-Name-Last: Hajighasemi Author-Name: Pejvak Oghazi Author-X-Name-First: Pejvak Author-X-Name-Last: Oghazi Title: Outcomes of Swedish migration and economics of the welfare system Abstract: This article examines the economic consequences of migration for the Swedish welfare system. The question of whether the high costs of receiving refugees undermine the sustainability of the universal welfare state has received considerable attention in the political debate. While most studies focus on the fiscal burden of refugee reception and the short-term impacts of migration on welfare arrangements, this article advocates a comprehensive, long-term assessment of the effects of migration flows on public finances. Starting from the priorities of the architects of the welfare system, who designed and expanded social policy, indicators are derived to assess strategic goals and considerations. Reproduction of the workforce by managing its age profile, increasing employment levels and the employability of the surplus workforce, and creating conditions that increase long-term growth in the economy are considered crucial for the sustainability of the system. From a purely utilitarian perspective, migration is considered beneficial to the economy, provided that migrants gain quick entry to, and a high employment rate in, the labour market. Journal: Economic Research-Ekonomska Istraživanja Pages: 986-1010 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1952089 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1952089 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:986-1010 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985566_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sorana Vatavu Author-X-Name-First: Sorana Author-X-Name-Last: Vatavu Author-Name: Madalin Dogaru Author-X-Name-First: Madalin Author-X-Name-Last: Dogaru Author-Name: Nicoleta-Claudia Moldovan Author-X-Name-First: Nicoleta-Claudia Author-X-Name-Last: Moldovan Author-Name: Oana-Ramona Lobont Author-X-Name-First: Oana-Ramona Author-X-Name-Last: Lobont Title: The impact of entrepreneurship on economic development through government policies and citizens’ attitudes Abstract: This research aims to investigate the field of entrepreneurship in the context of public sector governance in eight of the largest economies in the world (the G7 countries and Russia). To analyse the composition and evolution of entrepreneurship, data from the Global Entrepreneurship Monitor was collected, while the economic stability was based on GDP data from the World Bank. To understand the relationships between the public sector governance policies and attitudes towards entrepreneurship in terms of economic development, the 2001-2018 period was considered. The relationships studied were observed through correlation and regression analyses, based on indexes obtained through principal component analysis. Results indicate that there are strong positive correlations between GDP and cultural and social norms promoted in society, total early-stage entrepreneurial activity, physical and services infrastructure, and tax and bureaucracy, while the fear of failure affects the GDP. Besides, this research emphasises the fact that individuals’ entrepreneurial attitudes and behaviour may reduce the level of GDP, while the entrepreneurial framework developed by the public sector would have an important role in increasing economic stability. Journal: Economic Research-Ekonomska Istraživanja Pages: 1604-1617 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985566 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985566 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1604-1617 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1937262_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jiachong Hu Author-X-Name-First: Jiachong Author-X-Name-Last: Hu Author-Name: Xiao-Guang Yue Author-X-Name-First: Xiao-Guang Author-X-Name-Last: Yue Author-Name: Deimante Teresiene Author-X-Name-First: Deimante Author-X-Name-Last: Teresiene Author-Name: Irfan Ullah Author-X-Name-First: Irfan Author-X-Name-Last: Ullah Title: How COVID19 pandemic affect film and drama industry in China: an evidence of nonlinear empirical analysis Abstract: With its contiguous nature, paired with the people's fear and anxiety, the Covid-19 outbreak has become a lethal combination, which despite the lower death ratio, has led to unanticipated financial and economic repercussions that have eventually disturbed the life of every single human being around the globe. In this very context, enterprises that belong to the fields of entertainment, tourism, lodging, dining, hotels, and restaurants have been found to be at a higher risk, as such operations are harshly affected during such unanticipated situations. Hence, based on this notion, the present study has been conducted, in order to precisely identify the effect on China's film and drama industry's stock returns, due to the outburst of the COVID-19 pandemic. Therefore, based on the time-series data from China, spanning from the time period of 01-Jan-2020 to 15-Mar-2021, the quantile autoregressive distributed lag method (QARDL) method has been applied, as the preferred statistical technique for this study. The results have reported that there happens to be a negative impact of the COVID-19 pandemic, on the industry across all the considered quantiles, representing the bearish, normal, and bullish market conditions. Therefore, based on these findings, the government regulations' full compliance regarding social distancing and health assurance has been recommended. Journal: Economic Research-Ekonomska Istraživanja Pages: 2254-2272 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1937262 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1937262 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2254-2272 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2063918_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bojan Srbinoski Author-X-Name-First: Bojan Author-X-Name-Last: Srbinoski Author-Name: Blagica Petreski Author-X-Name-First: Blagica Author-X-Name-Last: Petreski Author-Name: Marjan Petreski Author-X-Name-First: Marjan Author-X-Name-Last: Petreski Title: The covid-19 impact on exports in North Macedonia—firm-level analysis Abstract: Exports experienced extraordinary growth rates during the last decade in North Macedonia capturing above 50% share of the country’s GDP. However, the COVID-19 crisis interrupted the positive export series imposing various constraints in multiple dimensions on export-oriented firms. This study explores the multidimensionality of the COVID-19 impact on exporters in North Macedonia. We find that COVID-19 caused a systematic slowdown in the exporters’ revenue, profit, investment, capital, employment and salaries growth rates. Moreover, the limited access to finance, import exposure to EU markets, high labour-intensity, export exposure to non-EU markets and lower competitiveness make exporters less resilient to the pandemic shocks representing the main obstacles exporters are/will be facing in the recovery stage. Journal: Economic Research-Ekonomska Istraživanja Pages: 7147-7174 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2063918 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2063918 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:7147-7174 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1935288_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mirjana Franceško Author-X-Name-First: Mirjana Author-X-Name-Last: Franceško Author-Name: Jasmina Nedeljković Author-X-Name-First: Jasmina Author-X-Name-Last: Nedeljković Author-Name: Vladimir Njegomir Author-X-Name-First: Vladimir Author-X-Name-Last: Njegomir Title: Attitudes towards work, organizational values, and students’ sociodemographic characteristics as predictors of entrepreneurial orientation Abstract: The aim of this research was to examine predictive factors of entrepreneurial orientation of students in transitional, social, and economic contexts. Attitudes towards work, value orientations, gender, and the entrepreneurial experience of the father and the mother of the respondents were examined as predictor variables. The sample comprised 220 students from both genders with an average age of 21.57 years. The results indicate that, in all three measured components, young men have a more pronounced entrepreneurial orientation compared to young women. Attitudes towards work and organizational values were shown to correlate significantly with entrepreneurial orientation. Experiencing work as an opportunity for personal fulfilment (β = 0.420, sig <0.001), autocratic value orientations (β = 0.269, sig <0.05), and the entrepreneurship of the father were distinguished as significant predictors of entrepreneurial orientation on the total sample (β = 0.211, sig <0.001), as well as on the subsample of young women (β = 0.283, sig <0.05). The results of this research indicate the complexity of relationships between the examined factors and entrepreneurial orientation, the conversance of which provides the basis for conceptualizing the entrepreneurial socialization of young people in a particular social and economic context. Journal: Economic Research-Ekonomska Istraživanja Pages: 799-818 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1935288 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1935288 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:799-818 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2028177_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ling Lin Author-X-Name-First: Ling Author-X-Name-Last: Lin Author-Name: Hsu-Ling Chang Author-X-Name-First: Hsu-Ling Author-X-Name-Last: Chang Author-Name: Imran Shahzad Author-X-Name-First: Imran Author-X-Name-Last: Shahzad Author-Name: Nazneen Waseem Author-X-Name-First: Nazneen Author-X-Name-Last: Waseem Title: A nexus between the rule of law, green innovation, growth and sustainable environment in top Asian countries: fresh insights from heterogeneous panel estimation Abstract: The intricacies revolving around Environmental Governance is the prime issue of this century. For this, researchers and practitioners have always strived for viable solutions that are not just efficient in terms of their productivity, but are also innovative in nature, so that they have the least possible repercussions to the ecological wellbeing. Therefore, the present study aims to explore the relevancy of the rule of law and green innovation, while also ascertaining the economic growth among the top Asian countries from 1995 to 2018. Moreover, the relevancy of the Environment Kuznets Curve (EKC) is also validated by the help of the advanced and latest estimation techniques; specifically, the Cross-section augmented autoregressive distributed lags test (CS-ARDL). Based on the findings from the CS-ARDL, the rule of law, and the concept of green innovation have been reported to have a negative association with each other. Additionally, the EKC hypothesis is found to be legitimate and relevant as well. Based on the findings, creating awareness has been recommended for establishing the rule of law. Whereas, more assistance and investments have also been recommended in order to achieve a higher level of Research and Development, which can then enhance the level of green innovation. Journal: Economic Research-Ekonomska Istraživanja Pages: 5434-5452 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2028177 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2028177 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5434-5452 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1996257_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jinrong Jia Author-X-Name-First: Jinrong Author-X-Name-Last: Jia Author-Name: Muhammad Khalid Anser Author-X-Name-First: Muhammad Khalid Author-X-Name-Last: Anser Author-Name: Michael Yao-Ping Peng Author-X-Name-First: Michael Yao-Ping Author-X-Name-Last: Peng Author-Name: Abdelmohsen A. Nassani Author-X-Name-First: Abdelmohsen A. Author-X-Name-Last: Nassani Author-Name: Mohamed Haffar Author-X-Name-First: Mohamed Author-X-Name-Last: Haffar Author-Name: Khalid Zaman Author-X-Name-First: Khalid Author-X-Name-Last: Zaman Title: Economic and ecological complexity in the wake of COVID-19 pandemic: evidence from 60 countries Abstract: The coronavirus disease 2019 is a deadly disease that globally infected millions of people. It enormously increases economies national healthcare bills and death tolls that deprive the global world. The negative environmental externality further strains the country's healthcare sustainability agenda, causing to decline in global income. The study evaluates the different socio-economic and environmental factors to assess ecological complexity in a large, cross-country data set that includes 60 countries. The study used the following variables for estimation, i.e., coronavirus cases, cost of carbon emissions, per capita economic growth, foreign direct investment inflows, and population growth. Markov Switching Regression, VAR Granger causality and variance decomposition analysis applied on the given dataset. The results show that the COVID-19 cases have a rebound effect on environmental quality. Economic activities started after a lifted lockdown, and unsustainable production and consumption led to a deteriorating natural environment. The U-shaped relationship is found between carbon pollution and per capita income. On the other hand, the inverted U-shaped relationship is found between coronavirus cases and carbon pollution. The foreign direct investment inflows and population density increases carbon pollution. The study concludes that stringent environmental policies and incentive-based regulations help to minimize coronavirus cases and mitigate carbon pollution. Journal: Economic Research-Ekonomska Istraživanja Pages: 3397-3415 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1996257 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1996257 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3397-3415 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013914_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dan Zhang Author-X-Name-First: Dan Author-X-Name-Last: Zhang Author-Name: Mengwei Zhao Author-X-Name-First: Mengwei Author-X-Name-Last: Zhao Author-Name: Guiwu Wei Author-X-Name-First: Guiwu Author-X-Name-Last: Wei Author-Name: Xudong Chen Author-X-Name-First: Xudong Author-X-Name-Last: Chen Title: Single-valued neutrosophic TODIM method based on cumulative prospect theory for multi-attribute group decision making and its application to medical emergency management evaluation Abstract: In recent years, emergent public health events happen from time to time, which puts forward new requirements for the establishment of a perfect medical emergency system. It is a new direction to evaluate the effectiveness of medical emergency systems from the perspective of multi-attribute group decision making (MAGDM) issues. In such article, we tend to resolve the MAGDM issues under single-valued neutrosophic sets (SVNSs) with TODIM method based on cumulative prospect theory (CPT). And the single-valued neutrosophic TODIM method based on CPT (CPT-SVN-TODIM) for MAGDM issues are developed. This new method not only inherits advantages of classical TODIM method, but also has further improvement in some aspects. For example, we set up the entropy to calculate attribute weights for ensuring the more objective decision-making process. Furthermore, it is also an extension of MAGDM method to utilize single-valued neutrosophic numbers (SVNNs) to depict decision makers’ ideas. In addition, we introduce the application of CPT-SVN-TODIM method in the assessment of medical emergency management. And finally, the reliability of CPT-SVN-TODIM method is confirmed by comparing with some other methods. Journal: Economic Research-Ekonomska Istraživanja Pages: 4520-4536 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013914 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013914 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4520-4536 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1986672_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hang (Robin) Luo Author-X-Name-First: Hang (Robin) Author-X-Name-Last: Luo Author-Name: Dawei Yan Author-X-Name-First: Dawei Author-X-Name-Last: Yan Title: Blockchain architecture and its applications in a bank risk mitigation framework Abstract: This study proposes a simple two-period model to consider consumers’ borrowing behaviour in a decentralised consensus and information distribution platform. Based on this model, we develop a bank risk mitigation framework and find that decentralised digital identity and encryption technology are the most important factors for attaining market equilibrium between decentralised consensus and information distribution. Specifically, the greater the scope of digital identity construction and the more blockchain consensus records there are, the less likely the borrower will default. Our study provides meaningful practical implications for bankers and policy regulators to help them better understand consumers’ borrowing behaviour and decisions to default. Journal: Economic Research-Ekonomska Istraživanja Pages: 3119-3137 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1986672 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1986672 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3119-3137 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2020673_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yan Long Wang Author-X-Name-First: Yan Long Author-X-Name-Last: Wang Author-Name: Chang Zhao Author-X-Name-First: Chang Author-X-Name-Last: Zhao Author-Name: Xiao Yu Guan Author-X-Name-First: Xiao Yu Author-X-Name-Last: Guan Author-Name: Tanzeela Yaqoob Author-X-Name-First: Tanzeela Author-X-Name-Last: Yaqoob Title: Strengthening climate prevention through economic globalization, clean energy, and financial development in N11 countries: evidence from advance panel estimations Abstract: This study evaluates the relevancy of economic globalization, financial development, and clean energy, in strengthening the environmental sustainability of the next 11 economies over a time period pertaining to 1995–2018. In order to achieve the objective of this study, the advanced panel estimation techniques of unit root testing, and the cointegration analysis have been applied due to the presence of the cross-sectional-dependence and heterogeneity of the slope parameters in the panel data. The long-run output coefficients have been estimated through the Cross-Sectional Autoregressive Distributive Lag Model (CS-ARDL). Moreover, the causality test for a heterogeneous panel has also been employed in order to determine the causal relationships among the variables that are under study. Our empirical findings of these tests indicate that financial development and economic globalization tend to contribute to the deterioration of environmental quality, but clean energy is productive for its improvement. The bi-directional causal relationship is recognized to exist between CO2 emission and all the variables. Based on these findings, the study recommends adopting economic growth policies that are aligned with the defined environmental regulations, thus promoting the use of more clean energy resources. These include resources such as renewable energy and incorporating the environmental welfare goals into financial development plans in N11 economies. Journal: Economic Research-Ekonomska Istraživanja Pages: 5014-5036 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2020673 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2020673 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5014-5036 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013277_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jan Frančeškin Author-X-Name-First: Jan Author-X-Name-Last: Frančeškin Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Economic efficiency of coastal hotel companies Abstract: The article focuses on the analysis of the economic efficiency of Slovenian coastal hotel companies in the period between 2015 and 2018. We applied non-parametric Data Envelopment Analysis to estimate economic efficiency and the panel regression analysis to explain the association between economic efficiency, economic growth, and the hotel location. The results showed that most coastal hotel companies were economically inefficient associated with decreasing returns to scale. As a key source of inefficiency we identified inappropriate allocation of inputs. Given the high concentration of hotels in the municipality of Piran, the hypothesis on higher efficiencies in this location area has been rejected. Most coastal municipalities were negatively related to the economic efficiency of the hotel companies. We also rejected the hypothesis that economic growth affected the economic efficiency of the Slovenian coastal hotel companies. Journal: Economic Research-Ekonomska Istraživanja Pages: 4425-4436 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013277 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013277 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4425-4436 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1980732_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Changnan Chen Author-X-Name-First: Changnan Author-X-Name-Last: Chen Author-Name: Zhifang Su Author-X-Name-First: Zhifang Author-X-Name-Last: Su Author-Name: Wenjun Shuai Author-X-Name-First: Wenjun Author-X-Name-Last: Shuai Title: Residents’ income distribution effect of business tax replaced with VAT reform—based on CGE model Abstract: Using the 2012 input-output table of China, this study constructs a computable general equilibrium model by embedding the value-added tax (VAT) deduction mechanism into the price model and analyses the effect of replacing the business tax with the VAT reform on residents’ income distribution. The study shows that the VAT reform is generally conducive to residents’ income distribution. Specifically, the VAT reform decreases the indirect tax burden of residents, increases their real income, and narrows down the relative income gap between urban and rural residents. From the perspective of differences between the before- and after-tax Gini coefficients (the MT index), both the pilot VAT reform and VAT reform improve the residents’ income distribution. The VAT reform also improves the welfare of households. Journal: Economic Research-Ekonomska Istraživanja Pages: 2793-2808 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1980732 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1980732 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2793-2808 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1890176_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jia Liao Author-X-Name-First: Jia Author-X-Name-Last: Liao Author-Name: Le Luo Author-X-Name-First: Le Author-X-Name-Last: Luo Author-Name: Xiangyun Xu Author-X-Name-First: Xiangyun Author-X-Name-Last: Xu Author-Name: Aichun Wang Author-X-Name-First: Aichun Author-X-Name-Last: Wang Title: Perceived macroeconomic uncertainty and export: evidence from cross-country data Abstract: The Perceived Macroeconomic Uncertainty (PMU) is seen as unpredictable volatility about the future economic development at aggregate level. While prior research explains how uncertainty (in general) influences international trade flows, research on the role of PMU in international trade flows is scarce. This article attempts to address this lack of understanding. Utilizing the gravity model and multicountry level data, our results show that: (1) the level of PMU in both importing countries and exporting countries has a significant negative impact on exports, but the effect of PMU of importing countries is larger than that of PMU of exporting countries; (2) PMU in importing countries has a trade diversion effect, suggesting that exporters are more willing to export to countries with relatively lower level of PMU; (3) the negative effects of PMU on trade have declined after the 2008 Great Financial Crisis, which may be related to the relative stability of the PMU index since the Great Financial Crisis and the increased concern of traders about other factors, such as trade policy uncertainty and Sino-US economic conflicts. Our research enriches prior findings that examine the effects of uncertainty on trade flows and carries important policy implications. Journal: Economic Research-Ekonomska Istraživanja Pages: 213-229 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1890176 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1890176 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:213-229 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2035245_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yue Yang Author-X-Name-First: Yue Author-X-Name-Last: Yang Author-Name: Zhe Zhu Author-X-Name-First: Zhe Author-X-Name-Last: Zhu Author-Name: Zafir Ullah Khan Author-X-Name-First: Zafir Ullah Author-X-Name-Last: Khan Author-Name: Summiya Aftab Author-X-Name-First: Summiya Author-X-Name-Last: Aftab Title: Financial inclusion and energy productivity: evaluating the role composite risk for E7 countries Abstract: The global temperature has been on the rise in recent times. Due to the worsening environmental quality and greenhouse gas emissions, countries around the globe are looking for energy productivity. Various countries have successfully promoted cleaner technologies. This study empirically examines the determinants of energy productivity for the panel of seven emerging economies during 2004–2019 to understand why some countries are more energy productive compared to others. This study contributes to the previous literature by identifying the new influencing factors for a selected set of emerging countries that help import universal suggestions for improving energy productivity, green growth, and sustainable development. Using an Augmented Mean Group (A.M.G.) approach, the results suggest that financial inclusion (F.I.N.I.N.C.), globalisation (G.L.B.), human capital index (H.C.I.), composite risk index (C.R.I.) and income are important factors contributing to energy productivity in sample countries. Specifically, an increase in one unit's F.I.N.I.N.C. brings about a 3% increase in the value of energy productivity. Hence, we conclude that a well-functioning financial system is important in achieving sustainable development goals (S.D.G.s). Journal: Economic Research-Ekonomska Istraživanja Pages: 5739-5756 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2035245 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2035245 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5739-5756 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2032785_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dandan Dou Author-X-Name-First: Dandan Author-X-Name-Last: Dou Author-Name: Liying Li Author-X-Name-First: Liying Author-X-Name-Last: Li Title: Does sustainable financial inclusion and energy efficiency ensure green environment? Evidence from B.R.I.C.S. countries Abstract: Continuous rise in a global economy with a 3–4% annual growth rate poses a severe risk to environmental sustainability due to high energy demand. Since the Paris climate accord, countries worldwide have implemented numerous strategies to attain the target of carbon neutrality. With the rising environmental challenges, it is important to consider global financial inclusion (F.I.) policies. This study uses panel data for the B.R.I.C.S. countries to investigate the impact of F.I. and energy efficiency in limiting trade adjusted emissions (T.A.E.) taking technological innovation and trade as control variables. This study uses panel data consisting small sample size and large time period; therefore, keeping in mind the potential econometric problems, this study uses AMG method, which can efficiently deal with endogeneity problems and small sample bias. We find a positive impact of F.I. and energy efficiency on CO2 emissions. Moreover, we find that technological innovation, exports and output amplify CO2 emissions. Journal: Economic Research-Ekonomska Istraživanja Pages: 5599-5614 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2032785 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2032785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5599-5614 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1912627_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Ke Dai Author-X-Name-First: Ke Author-X-Name-Last: Dai Author-Name: Sana Ullah Author-X-Name-First: Sana Author-X-Name-Last: Ullah Author-Name: Zubaria Andlib Author-X-Name-First: Zubaria Author-X-Name-Last: Andlib Title: COVID-19 pandemic and unemployment dynamics in European economies Abstract: This study goal to scrutinize the influences of the COVID-19 pandemic on unemployment in five selected European economies. To this end, the study uses a Fourier causality test for the period of December-2019 to December-2020. In Z-test results, Germany, Spain, and the UK have a significant positive change in unemployment due to COVID-19. The finding shows that COVID-19 cases cause unemployment for Germany, Italy, and the UK. Moreover, in terms of deaths, COVID-19 also causes unemployment in Italy and UK. Overall, the study's outcomes highlight that the pandemic increases the unemployment rate robustly in the mostly European economies. That is one of the rare negative effects of the virus on the European labor market. Novel COVID-19 findings provide a reliable guide to the future policy implication for the labor market. An active labor market policy will be needed to be in front of the world urgently. Journal: Economic Research-Ekonomska Istraživanja Pages: 1752-1764 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1912627 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1912627 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1752-1764 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2054454_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Najia Saqib Author-X-Name-First: Najia Author-X-Name-Last: Saqib Title: Green energy, non-renewable energy, financial development and economic growth with carbon footprint: heterogeneous panel evidence from cross-country Abstract: This study examines the relationship between green energy, non-renewable energy, financial development, and economic growth with carbon footprint by using panel data from 63 emerging and developed economies for the time period from 1990 to 2020. The study utilises second-generation panel data econometrics techniques to investigate cross-section independence and adjust for cross-section heterogeneity. The studies also used the CIPS and CADF unit root tests, Wester Lund bootstrap cointegration techniques, and AMG and CCEMG heterogeneous panel causality techniques. The findings show that, over the long run, all variables are cointegrated. Additionally, the data indicate that non-renewable energy consumption leads to carbon footprint, whereas green energy reduces environmental degradation and supports the reduction of environmental hazards. Likewise, financial development has a considerable negative effect on environmental degradation. A statistically significant bidirectional correlation is found between green energy, nonrenewable energy, financial development, economic growth, and carbon footprint according to the Dumitrescu-Hurlin causality test. Finally, according to the findings of the study, the economies that were examined should use more green energy in order to reduce their carbon footprint. Journal: Economic Research-Ekonomska Istraživanja Pages: 6945-6964 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2054454 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2054454 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6945-6964 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2033129_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maria Ángeles Alcaide González Author-X-Name-First: Maria Ángeles Author-X-Name-Last: Alcaide González Author-Name: Elena De la Poza Plaza Author-X-Name-First: Elena Author-X-Name-Last: De la Poza Plaza Author-Name: Natividad Guadalajara Olmeda Author-X-Name-First: Natividad Guadalajara Author-X-Name-Last: Olmeda Title: How has the announcement of the Covid-19 pandemic and vaccine impacted the market? Abstract: As COVID-19 has hit the whole world hard, finding a vaccine that alleviates its effects has been one of the most anticipated events in 2020. This work studies the impact of the two main events in 2020 on companies’ stock exchange activities: announcing COVID-19 as a world pandemic and announcing the first coronavirus vaccine. This study was carried out by an event study methodology using Nasdaq-100 data. Ordinary Least Squares (OLS) and quantile (Q) regression were used to obtain the returns expected from shares and to assess if there were any significant differences in the reactions of the analysed sectors on the market in each event window. The obtained empirical results show different share performances by sectors. Specifically, only those shares from the technology sector positively and significantly reacted to the first announcement. However, the opposite can be stated of the second event insofar as confidence in financial markets recovered to a greater extent in the sectors hardest hit by the first announcement. These conclusions are meaningful for companies, investors and governments to make better decisions or to adopt new policies. Journal: Economic Research-Ekonomska Istraživanja Pages: 5615-5631 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2033129 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2033129 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5615-5631 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2058976_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rashmi Yogesh Pai Author-X-Name-First: Rashmi Yogesh Author-X-Name-Last: Pai Author-Name: Ankitha Shetty Author-X-Name-First: Ankitha Author-X-Name-Last: Shetty Author-Name: Adithya D. Shetty Author-X-Name-First: Adithya D. Author-X-Name-Last: Shetty Author-Name: Rakshith Bhandary Author-X-Name-First: Rakshith Author-X-Name-Last: Bhandary Author-Name: Jyothi Shetty Author-X-Name-First: Jyothi Author-X-Name-Last: Shetty Author-Name: Santosh Nayak Author-X-Name-First: Santosh Author-X-Name-Last: Nayak Author-Name: Tantri Keerthi Dinesh Author-X-Name-First: Tantri Keerthi Author-X-Name-Last: Dinesh Author-Name: Komal Jenifer D'souza Author-X-Name-First: Komal Jenifer Author-X-Name-Last: D'souza Title: Integrating artificial intelligence for knowledge management systems – synergy among people and technology: a systematic review of the evidence Abstract: This paper analyses Artificial Intelligence (AI) and Knowledge Management (KM) and focuses primarily on examining to what degree AI can help companies in their efforts to handle information and manage knowledge effectively. A search was carried out for relevant electronic bibliographic databases and reference lists of relevant review articles. Articles were screened and the eligibility was based on participants, procedures, comparisons, outcomes (PICO) model, and criteria for PRISMA (Preferred Reporting Items for Systematic Reviews). The results reveal that knowledge management and AI are interrelated fields as both are intensely connected to knowledge; the difference reflects in how – while AI offers machines the ability to learn, KM offers a platform to better understand knowledge. The research findings further point out that communication, trust, information systems, incentives or rewards, and the structure of an organization; are related to knowledge sharing in organizations. This systematic literature review is the first to throw light on KM practices & the knowledge cycle and how the integration of AI aids knowledge management systems, enterprise performance & distribution of knowledge within the organization. The outcomes offer a better understanding of efficient and effective knowledge resource management for organizational advantage. Future research is necessary on smart assistant systems thus providing social benefits that strengthen competitive advantage. This study indicates that organizations must take note of definite KM leadership traits and organizational arrangements to achieve stable performance through KM. Journal: Economic Research-Ekonomska Istraživanja Pages: 7043-7065 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2058976 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2058976 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:7043-7065 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1939089_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fanyi Wang Author-X-Name-First: Fanyi Author-X-Name-Last: Wang Author-Name: Ruobing Zhang Author-X-Name-First: Ruobing Author-X-Name-Last: Zhang Author-Name: Faraz Ahmed Author-X-Name-First: Faraz Author-X-Name-Last: Ahmed Author-Name: Syed Mir Muhammed Shah Author-X-Name-First: Syed Mir Muhammed Author-X-Name-Last: Shah Title: Impact of investment behaviour on financial markets during COVID-19: a case of UK Abstract: This study aims to determine the impact of investment behavior on financial markets during COVID-19 with respect to the UK. This study is quantitative, where the data has been gathered from the primary sources of information, i.e., through a survey questionnaire. The researcher adopted the non-probability convenience sampling through which 337 responses were gathered. The questionnaire was self-administered, which was based on 7 points Likert scale. Concerning the analysis, the SEM technique has been adopted in which CFA and path analysis were carried out to determine the impact of variables. The study’s analysis determined significant moderation of COVID-19 uncertainty over the relationship of risk perception and general risk to tolerance. Similarly, the moderation of COVID-19 uncertainty over the relationship of risk perception and financial risk to tolerance was also determined. Additionally, the profitability rate’s effect was determined by the financial risk tolerance and general risk tolerance. Moreover, the effect of risk perception was also determined over the financial risk to tolerance. Lastly, the effect of satisfaction was determined to be significant over the general risk to tolerance. Journal: Economic Research-Ekonomska Istraživanja Pages: 2273-2291 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1939089 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1939089 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2273-2291 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875865_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tomasz Kaczmarek Author-X-Name-First: Tomasz Author-X-Name-Last: Kaczmarek Author-Name: Katarzyna Perez Author-X-Name-First: Katarzyna Author-X-Name-Last: Perez Title: Building portfolios based on machine learning predictions Abstract: This paper demonstrates that portfolio optimization techniques represented by Markowitz mean-variance and Hierarchical Risk Parity (HRP) optimizers increase the risk-adjusted return of portfolios built with stocks preselected with a machine learning tool. We apply the random forest method to predict the cross-section of expected excess returns and choose n stocks with the highest monthly predictions. We compare three different techniques—mean-variance, HRP, and 1/N— for portfolio weight creation using returns of stocks from the S&P500 and STOXX600 for robustness. The out-of-sample results show that both mean-variance and HRP optimizers outperform the 1/N rule. This conclusion is in the opposition to a common criticism of optimizers’ efficiency and presents a new light on their potential practical usage. Journal: Economic Research-Ekonomska Istraživanja Pages: 19-37 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1875865 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875865 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:19-37 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2006733_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiaowen Wang Author-X-Name-First: Xiaowen Author-X-Name-Last: Wang Author-Name: Yunsheng Zhang Author-X-Name-First: Yunsheng Author-X-Name-Last: Zhang Author-Name: Nanxu Chen Author-X-Name-First: Nanxu Author-X-Name-Last: Chen Title: Modern service industry agglomeration and its influencing factors: spatial interaction in Chinese cities Abstract: From the perspective of spatial interaction, the impact of the modern service industry’s agglomeration on today’s increasingly connected cities is worth studying. This study uses a spatial econometric model to test the development trends and factors influencing the modern service industry’s agglomeration in the Yangtze River Delta city group. The results show that the industry has the highest agglomeration in leasing and business and the lowest in education. The overall concentration of the industry is generally low, implying a more fragmented distribution. Moreover, the agglomeration has a significant positive spatial correlation with economic development, knowledge intensity, and city size. However, it has a negative correlation with information technology level and transportation infrastructure, inconsistent with existing research. This study argues that the development of the information technology level and transportation infrastructure in a city could lead to the ‘virtual agglomeration’ of the modern service industry and gradual decentralisation in geographical distribution. This is a new paradox that city groups may face when improving their infrastructure and developing modern services. This study uses the spatial interaction perspective to propose policy recommendations for promoting the modern service industry’s agglomeration and coordinated regional development. Journal: Economic Research-Ekonomska Istraživanja Pages: 3880-3899 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2006733 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2006733 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3880-3899 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1956362_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ming Chen Author-X-Name-First: Ming Author-X-Name-Last: Chen Author-Name: Hongbo Wang Author-X-Name-First: Hongbo Author-X-Name-Last: Wang Title: Import technology sophistication and high-quality economic development: evidence from city-level data of China Abstract: This paper adopts five dimensions and 15 indexes of green development, people’s life, innovation ability, economic vitality and coordinated development to establish an evaluation system of high-quality economic development. It uses principal component analysis to measure the economic high-quality development of 233 prefecture-level cities from 2003 to 2016, and empirically studies the impact of import sophistication on China’s high-quality economic development. The results show that the increase in the sophistication of imported technology can significantly promote the high-quality development of the regional economy, and this effect is applicable to both imported intermediate and final products. In regions with higher and lower levels of economic development, eastern areas, and regions with high-quality development above 90% quantiles, the increase in imported technology content can significantly drive the high-quality development of the local economy. However, it has a great negative impact on the areas with a high-quality development index below 10% quantile. The robustness and endogeneity check support the above viewpoint. Further mechanism analysis shows that the final product import competition and intermediate product import spillover play a mediating role in the process of import sophistication affecting the high-quality economic development. The conclusion of this paper has important theoretical value and practical significance for the use of import trade to achieve high-quality economic development. Journal: Economic Research-Ekonomska Istraživanja Pages: 1106-1141 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1956362 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1956362 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1106-1141 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1984268_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhang Xiuwu Author-X-Name-First: Zhang Author-X-Name-Last: Xiuwu Author-Name: Huang Zhangmin Author-X-Name-First: Huang Author-X-Name-Last: Zhangmin Author-Name: Jiang Sihan Author-X-Name-First: Jiang Author-X-Name-Last: Sihan Title: The impact of two-way FDI on total factor productivity in China and countries of the belt and road initiative Abstract: This study utilizes the DEA-Malmquist index method to measure the total factor productivity of 36 Belt and Road countries and establish a dynamic panel model. This study carries out an empirical analysis of whether two-way investment in China and the Belt and Road Initiative can improve total factor productivity. First, the technology spillover of the home country has a significant effect on improving total factor productivity and the technical efficiency index of countries along the route, while the technology spillover of host countries has no significant effect on total factor productivity. Second, in Asia, the technology spillover of host countries has a significant effect on total factor productivity, while the technology spillover of the home country has no significant effect on total factor productivity. Finally, in Europe, the spillover effect of technology in the home country is beneficial to the improvement of resource allocation. Meanwhile, the spillover effect of technology in host countries is beneficial to the improvement of total factor productivity and the technical efficiency index. Therefore, China should continue to increase its investment in Belt and Road countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 2868-2888 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1984268 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1984268 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2868-2888 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2030244_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Waqar Ameer Author-X-Name-First: Waqar Author-X-Name-Last: Ameer Author-Name: Helian Xu Author-X-Name-First: Helian Author-X-Name-Last: Xu Author-Name: Kazi Sohag Author-X-Name-First: Kazi Author-X-Name-Last: Sohag Author-Name: Musaad Mansoor Halwan Author-X-Name-First: Musaad Mansoor Author-X-Name-Last: Halwan Author-Name: Azka Amin Author-X-Name-First: Azka Author-X-Name-Last: Amin Title: Research methods in economics and its implications for capital formation Abstract: We explore whether public or private capital augments or obstruct Foreign Direct Investment (FDI) inflows by decomposing Domestic Capital Formation (DCF) into private and public capital formation. To this end, we apply Cross-Sectional Autoregressive Distributed Lags (CS-ARDL) approach to analyze panel time-series data. Our empirical results show that public capital crowds in FDI inflows while private capital crowds out FDI inflows. However, institutional quality significantly attracts FDI inflows for less developing economies. We argue that private and public capital possess different attributes; thus, clubbing them together might result in aggregation bias. We observe a strong connection of good institutional quality with private and public capital to augment foreign capital inflows for developing countries in the long run. Besides, our empirical results suggest that returns are high with quality institutions, especially for developing regions. Our result estimations provide several policy implications. Journal: Economic Research-Ekonomska Istraživanja Pages: 5536-5555 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2030244 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2030244 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5536-5555 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1922089_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gülfen Tuna Author-X-Name-First: Gülfen Author-X-Name-Last: Tuna Title: Predicting financial market returns in the presence of health crisis: evidence from conventional and Islamic stock markets Abstract: The purpose of this study is to examine the usability of the news about the COVID-19 outbreak as a predictor in financial markets. Index values of 11 different sectors in conventional and Islamic stock markets and the index values obtained from COVID-19 deaths, COVID-19 cases and health news were used for this purpose. News variables indices were calculated through Google search volume (G.S.V.) values obtained from Google trend. The daily data between 19 March 2020 and 27 July 2020 were used in the study for 25 index values in total. Regression analysis was used in the study. According to the study results, COVID-19 deaths, COVID-19 cases and health news used as predictors have higher performance than historical return values in all sectors of both conventional and Islamic financial markets. In addition, Islamic stock markets show more attention to the news about the COVID-19 outbreak than conventional stock markets. Accordingly, COVID-19 deaths, COVID-19 cases and health news can be used as effective predictors in Islamic financial markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 1786-1806 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1922089 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1922089 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1786-1806 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2004437_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Long Jinru Author-X-Name-First: Long Author-X-Name-Last: Jinru Author-Name: Zhong Changbiao Author-X-Name-First: Zhong Author-X-Name-Last: Changbiao Author-Name: Bilal Ahmad Author-X-Name-First: Bilal Author-X-Name-Last: Ahmad Author-Name: Muhammad Irfan Author-X-Name-First: Muhammad Author-X-Name-Last: Irfan Author-Name: Rabia Nazir Author-X-Name-First: Rabia Author-X-Name-Last: Nazir Title: How do green financing and green logistics affect the circular economy in the pandemic situation: key mediating role of sustainable production Abstract: Emerging economies are striving to realize their potential for sustainable production in achieving zero-carbon agenda. Due to natural resource constraints, businesses must focus on green production resources to develop the circular economy. Therefore, this study aims to identify the key role of green financing and logistics in adopting sustainable production and circular economy. We have collected the data from 240 respondents from the Chinese manufacturing sector following the COVID-19 peak in late 2020 and analyzed using structural equation modeling. As per research findings, green financing and green logistics have a significant and positive effect on sustainable production and the circular economy. Second, sustainable production has a significant positive influence on the circular economy. Manifestly, sustainable production was discovered to play an important mediating role among these variables. Besides, the novel Importance-performance map analysis shows each constructs performance and importance value towards the circular economy. This paper contributed to the literature and highlighted the importance of each construct. Moreover, the study findings implied that green financing and green logistics should be integrated into organizational procuring and financing strategies for manufacturing green and sustainable goods, and advancing the circular economy goals. Journal: Economic Research-Ekonomska Istraživanja Pages: 3836-3856 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2004437 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2004437 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3836-3856 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2052331_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Guangqian Ren Author-X-Name-First: Guangqian Author-X-Name-Last: Ren Author-Name: Yifan Mo Author-X-Name-First: Yifan Author-X-Name-Last: Mo Author-Name: Li Liu Author-X-Name-First: Li Author-X-Name-Last: Liu Author-Name: Minna Zheng Author-X-Name-First: Minna Author-X-Name-Last: Zheng Author-Name: Liying Shen Author-X-Name-First: Liying Author-X-Name-Last: Shen Title: Equity pledge of controlling shareholders, property right structure and enterprise innovation efficiency: evidence from Chinese firms Abstract: The innovation efficiency of an enterprise is subject to the behavior of the innovation subject, while the equity pledge behavior of the controlling shareholder not only brings convenience for innovation investment and financing, but also brings risks which has an impact on the innovation output of the enterprise. In this paper, we investigate how equity pledge of controlling shareholders affect the enterprise innovation efficiency using the data of China’s A-share listed companies from 2014 to 2020, and examine the effect of property right structure on the relationship between them from the two dimensions of equity nature and equity concentration. We find that equity pledge of controlling shareholders are signifcantly negatively related to innovation efficiency, meaning that equity pledge inhibits the innovation behavior of enterprises and reduces the innovation efficiency. We further provide evidence to show that the impediment effect of equity pledge of controlling shareholder on enterprise innovation efficiency is more pronounced in non-state-owned enterprises and decentralized equity enterprises. Moreover, our analysis shows that different equity concentration levels have different effects in the process of equity pledge affecting enterprise innovation efficiency and the effect of concentrated equity enterprises is lower than that of decentralized enterprises. Journal: Economic Research-Ekonomska Istraživanja Pages: 6558-6578 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2052331 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2052331 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6558-6578 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1926304_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yechi Ma Author-X-Name-First: Yechi Author-X-Name-Last: Ma Author-Name: Zhiguo Chen Author-X-Name-First: Zhiguo Author-X-Name-Last: Chen Author-Name: Muhammad Tariq Mahmood Author-X-Name-First: Muhammad Tariq Author-X-Name-Last: Mahmood Author-Name: Sadaf Shahab Author-X-Name-First: Sadaf Author-X-Name-Last: Shahab Title: The monetary policy during shocks: an analysis of large Asian economies’ response to COVID-19 Abstract: The economies all over the world that have been adversely affected by the COVID-19 pandemic have recently started to devise different strategies to mitigate its consequences. Therefore, in order to dwell deeper into the measures taken by the policy makers around the world, this paper specifically analyzes how the monetary policies have been devised, in response to COVID-19. For this purpose, this paper has taken into consideration a panel of 8 Asian economies that have been affected the most acutely by the virus, have faced multiple lockdowns, and have also experienced other economic restraints, due to this very phenomenon. In order to compare the possible monetary policy options, and their outcomes during the COVID-19 pandemic, this paper refers to the global recession shock, as a valid point of reference. In addition to this, in order to gain access to the empirical evidence, the ARDL methodology has been applied on the quarterly data from 2005Q3 to 2020Q3. The results of the study have indicated that various plans have been taken into consideration, so as to lessen the consequences of these shocks that have trickled down into the respective economies of these countries. That is to put forth that, in the incidence of global recession, the monetary authorities have resorted to a less prudent stance. Whereas, more flexibility, through a persistent decrease in the policy rate has been observed since the pandemic first hit the world. In this regard, our results imply that a successful, efficient and effective response to the economic consequences of COVID-19, would ideally entail a set of remedial policies and structural reforms. Journal: Economic Research-Ekonomska Istraživanja Pages: 1862-1883 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1926304 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1926304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1862-1883 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1980731_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tao Zhang Author-X-Name-First: Tao Author-X-Name-Last: Zhang Author-Name: Zhan-Zhong Shi Author-X-Name-First: Zhan-Zhong Author-X-Name-Last: Shi Author-Name: Yi-Rong Shi Author-X-Name-First: Yi-Rong Author-X-Name-Last: Shi Author-Name: Neng-Jun Chen Author-X-Name-First: Neng-Jun Author-X-Name-Last: Chen Title: Enterprise digital transformation and production efficiency: mechanism analysis and empirical research Abstract: In the post-industrial period, traditional Chinese enterprises are facing the awkward situation of being ‘big but not strong’, with their core technologies being controlled by others. The digital transformation of enterprises has not only reshaped business models and industrial boundaries, but also boosted the high-quality development of China’s economy. This paper reviews the existing literature and discovers that digital technology promotes enterprise production efficiency through cost reduction, efficiency improvement, and innovation. Based on the data of listed manufacturing companies in the Shanghai and Shenzhen stock exchanges from 2009 to 2017, this paper constructs a differences in differences (DID) model to empirically study the relationship between digital transformation and production efficiency. The results revealed that the implementation of digital transformation plays a significant role in promoting economic benefits and the results of the lag regression method are still robust. Based on this, combined with the actual situation of Chinese enterprises, this paper proposes countermeasures and suggestions to promote the development of enterprise digital transformation. The conclusion is of great significance for Chinese enterprises to occupy a dominant position in the new wave of global industrial revolution. Journal: Economic Research-Ekonomska Istraživanja Pages: 2781-2792 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1980731 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1980731 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2781-2792 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1919542_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dalia Štreimikienė Author-X-Name-First: Dalia Author-X-Name-Last: Štreimikienė Author-Name: Tomas Baležentis Author-X-Name-First: Tomas Author-X-Name-Last: Baležentis Author-Name: Artiom Volkov Author-X-Name-First: Artiom Author-X-Name-Last: Volkov Author-Name: Erika Ribašauskienė Author-X-Name-First: Erika Author-X-Name-Last: Ribašauskienė Author-Name: Mangirdas Morkūnas Author-X-Name-First: Mangirdas Author-X-Name-Last: Morkūnas Author-Name: Agnė Žičkienė Author-X-Name-First: Agnė Author-X-Name-Last: Žičkienė Title: Negative effects of covid-19 pandemic on agriculture: systematic literature review in the frameworks of vulnerability, resilience and risks involved Abstract: Covid-19 pandemic provided many negative effects on world economies and people around the world. The covid-19 creates many threats to sustainability of agriculture sector which is very sensitive because of food supply security needs. First of all, it is necessary to analyse and comprehend the immediate consequences of current pandemic on agricultural and food systems in order to develop necessary actions. The risks, vulnerability, resilience and systemic shifts of agricultural systems need to be better understood in order to adapt to covid-19 pandemic. The aim of this paper is to analyse the negative impacts of covid-19 on agriculture and food systems by applying vulnerability and resilience approach by treating covid-19 like global disaster. The concepts of ‘vulnerability’, and ‘resilience’ which dominates disaster studies historically initiated after the World War II were applied to systematise literature review. The main input of this paper is systematization and grouping of the main measures to enhance resilience of agriculture systems in the face of covid-19 pandemic based on recent scientific studies published in 2020. The future research guidelines are also provided based on conducted systematic literature review. Journal: Economic Research-Ekonomska Istraživanja Pages: 529-545 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1919542 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1919542 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:529-545 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1889389_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Petr Parshakov Author-X-Name-First: Petr Author-X-Name-Last: Parshakov Author-Name: Elena Shakina Author-X-Name-First: Elena Author-X-Name-Last: Shakina Author-Name: Angel Barajas Author-X-Name-First: Angel Author-X-Name-Last: Barajas Title: Testing the contestable market theory in eSports Abstract: This article contributes to the development of contestable market theory by investigating how competitiveness in the eSports industry influences the size of this industry, as measured by the volume of monetary prizes. We use data on each gamer's prize earnings for each tournament from 1999 to 2015 to estimate panel vector autoregression (V.A.R.) model with fixed effects. The main finding is that competition does not increase industry size. This result confirms the hypothesis from the contestable market theory that perfect competition does not always facilitate better development, especially in industries where natural barriers result in a small number of leading firms or teams. Journal: Economic Research-Ekonomska Istraživanja Pages: 122-142 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1889389 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1889389 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:122-142 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2044881_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xing Li Author-X-Name-First: Xing Author-X-Name-Last: Li Author-Name: Yanli Zhou Author-X-Name-First: Yanli Author-X-Name-Last: Zhou Author-Name: Shuai Liu Author-X-Name-First: Shuai Author-X-Name-Last: Liu Author-Name: Xiangyu Ge Author-X-Name-First: Xiangyu Author-X-Name-Last: Ge Title: The characteristics of local government debt governance: evidence from qualitative and social network analysis of Chinese policy texts Abstract: This paper takes 66 local government debt governance policy texts from 2009 to 2019 as sample, and constructs an analysis framework of ‘target debt - management measures - mechanism guarantee’, derives up with identifying the characteristics of determining local government debt governance in China. The results show as follow: (i) It attaches more importance to the policy design of ‘borrowing’, ‘repayment’ and ‘management’ on local government debt instead of the ‘usage’ in China. (ii) The evidence supports the relatively average coding distribution of each policy, but the content is quite different. (iii) It manifests the new development value of ‘people-oriented’ and the concept of collaborative governance in the policy design. (iv) It has formed a ‘centre-edge’ model for the governance of the local government debt. This paper provides a new perspective for the study of the problems of local government debt governance, and puts forward policy recommendations for improving the governance of the local government debt. Journal: Economic Research-Ekonomska Istraživanja Pages: 6037-6066 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2044881 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2044881 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6037-6066 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2053362_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shu Lin Author-X-Name-First: Shu Author-X-Name-Last: Lin Author-Name: Rengmei Wu Author-X-Name-First: Rengmei Author-X-Name-Last: Wu Title: On the nexus between energy efficiency, financial inclusion and environment: Evidence from emerging seven economies using novel research methods Abstract: Emerging seven (E7) are some of the rising economies in the world and are expected to be economically strengthened in the coming few decades due to rapid economic growth. Besides, financial inclusion and globalization are also rising in these economies, which compel them to adopt energy saving techniques to lower carbon (CO2) emissions in the region. This study aims to explore the influence of these variables on CO2 emissions in E7 economies over the period from 2004 to 2019. Various panel econometric approaches reveal that all the variables are stationary at first difference. Also, the long-run cointegration association exists between them. The non-normal distribution of data leads to the adoption of the panel quantile estimator for the long run estimations across three quantiles (i.e., q0.25, q0.50, and q0.75). The empirical findings illustrate that energy efficiency is negatively associated to CO2 emissions in all the quantiles. However, financial inclusion, economic growth, globalization, and composite risk index are the prominent factors of CO2 emissions. Such factors are the primary reasons for environmental degradation in the region. The estimated panel causality test results confirm the feedback effect for the variables except for globalization, which runs toward CO2 emissions. Based on findings, this study suggests policies regarding the encouragement of energy efficiency and alteration of economic growth from non-renewable energy sources to renewables. Devotion of financial inclusion towards green finance and green bonds promotion and reducing composite risk to promote environmental sustainability. Journal: Economic Research-Ekonomska Istraživanja Pages: 6756-6779 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2053362 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2053362 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6756-6779 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013272_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Valentin Cojanu Author-X-Name-First: Valentin Author-X-Name-Last: Cojanu Title: The value of sacrifice in (post-)growth scenarios Abstract: This is a conceptual paper, which contributes to the debate on the measure of intergenerational sacrifice and advances a post-growth theoretical framework that becomes intelligible within a wider space of deliberation, at once economic, social, and moral. We explore the three-pronged argument in two parts. First, we examine the implications of the socio-economic mechanism of the transition of the production mode from extractive to generative, which is envisaged to replace the market automatic response by allocative efficiency. A second part tackles the moral reason underlying decision-making. Drawing on the lessons of the post-growth debate, we propose and defend a working definition of the moral reason of intergenerational justice that should also underpin our rationalizing about other issues of similar importance regarding the obligations we owe to future people, such as passing on languages or containing epidemics. Journal: Economic Research-Ekonomska Istraživanja Pages: 4322-4339 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013272 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013272 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4322-4339 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2058978_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jiaman Li Author-X-Name-First: Jiaman Author-X-Name-Last: Li Author-Name: Xiucheng Dong Author-X-Name-First: Xiucheng Author-X-Name-Last: Dong Author-Name: Kangyin Dong Author-X-Name-First: Kangyin Author-X-Name-Last: Dong Title: Is China’s green growth possible? The roles of green trade and green energy Abstract: In tandem with global initiatives to ‘go green’, China is undertaking a series of steps to achieve green economic growth. To investigate the dynamic nexus of green growth, green trade, and green energy (3 G) in China, an index is developed in this study to assess the level of provincial green growth by employing five types of indicators – economic growth, environmental pollution loss, carbon emissions loss, natural resource loss, and environmental and natural resource benefits. Then, this paper uses the SYS-GMM method to explore the influences of green trade and green energy on green growth by using data compiled from 30 provinces in China over the period 2007–2016. Furthermore, we check the potential heterogeneity, asymmetry, and internal mediating mechanism of the 3 G nexus. The main findings are highlighted as follows: (1) Green trade and green energy can accelerate China’s green growth; (2) enhancing medium- and high-technology green trade can contribute to improving local green growth; (3) this impact is heterogeneous in regions with different trade levels, and asymmetric at various quantiles for the full panel; (4) the positive investment effect, labour effect, and technical effect are effective mediators of the nexus between green trade and green growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 7084-7108 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2058978 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2058978 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:7084-7108 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1997626_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mohammad Mazibar Rahman Author-X-Name-First: Mohammad Mazibar Author-X-Name-Last: Rahman Author-Name: Chi Guotai Author-X-Name-First: Chi Author-X-Name-Last: Guotai Author-Name: Anupam Das Gupta Author-X-Name-First: Anupam Author-X-Name-Last: Das Gupta Author-Name: Mahmud Hossain Author-X-Name-First: Mahmud Author-X-Name-Last: Hossain Author-Name: Mohammad Zoynul Abedin Author-X-Name-First: Mohammad Zoynul Author-X-Name-Last: Abedin Title: Impact of early COVID-19 pandemic on the US and European stock markets and volatility forecasting Abstract: This study examines the impact of early COVID-19 pandemic on U.S. and European stock indices, implied volatility (IV) indices, and forecasting accuracy of IV indices from daily data of January 2012 to December 2020, using an out-of-sample assessment of COVID-19. Our results show that COVID-19 death and recovery cases have had a significant positive impact on S&P 500, DJIA and NASDAQ 100. On the other hand, VIX, VXD and VXN show a negative association. Again, we also observe the significant impact of COVID-19 on stock trading prices and volatility expectations. Furthermore, the evidence of the point forecasts is more reliable for European IV indices than for U.S. IV indices. Finally, this study validates the informational efficiency of IV indices on the financial markets and has implications for investors regarding portfolio management and investment risk minimisation in similar future pandemic situations. Journal: Economic Research-Ekonomska Istraživanja Pages: 3591-3608 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1997626 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1997626 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3591-3608 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1998788_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ana Žnidarec Čučković Author-X-Name-First: Ana Author-X-Name-Last: Žnidarec Čučković Title: The right to education as a building block of competence for democratic cultures in sports pedagogy Abstract: This study determined the relationship of teachers’ competence for democratic cultures (CDC) in instruction based on the context of right to education (RTE), research and extension and the students’ physical education (PE) performance and its predictors as basis to improve PE instruction. It made use of a descriptive correlational approach with 340 PE teachers in primary schools in Croatia as respondents. Questionnaire was used to gather the data. The constructive validity, reliability and sensitivity of the questionnaire was determined. The items and the total result of the questionnaire was analyzed by descriptive statistical parameters in this paper. After conducting the pilot studies and establish the measurement characteristics of the questionnaire we used this questionnaire for better understanding of this complex phenomenon that operationalized RTE indicators as fundamental building block of CDC in modern schools on PE example. The competence of the teacher in instruction, research and extension may not necessarily determine the PE performance of students but has a strong impact on identification lines of sport pedagogy. Journal: Economic Research-Ekonomska Istraživanja Pages: 3629-3640 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1998788 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1998788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3629-3640 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1941179_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Farrukh Shahzad Author-X-Name-First: Farrukh Author-X-Name-Last: Shahzad Author-Name: Dai Yannan Author-X-Name-First: Dai Author-X-Name-Last: Yannan Author-Name: Hafiz Waqas Kamran Author-X-Name-First: Hafiz Waqas Author-X-Name-Last: Kamran Author-Name: Wanich Suksatan Author-X-Name-First: Wanich Author-X-Name-Last: Suksatan Author-Name: Nik Alif Amri Nik Hashim Author-X-Name-First: Nik Alif Amri Author-X-Name-Last: Nik Hashim Author-Name: Asif Razzaq Author-X-Name-First: Asif Author-X-Name-Last: Razzaq Title: Outbreak of epidemic diseases and stock returns: an event study of emerging economy Abstract: The massive contagion diseases such as COVID-19 amongst others, has affected nearly all the economies and business concerns that leads to substantial decline in the cashflows and returns dynamics. Considering the same, this paper intends to investigate the impact of outbreak of epidemic diseases on the stock return (observed through cumulative average abnormal return (CAAR)) for the listed banks in Pakistan from 2011 to 2020. Event study method was employed and five days pre and ten days post event of each disease were observed as an event window. The results confirm that none of the epidemic disease outbreak significantly determines the CAAR for all listed banks, except COVID-19 and Dengue Fever during the event day. There is a negative and significant impact of COVID-19 on the stock returns for all the banks in Pakistan from the event day to day eight except day seven. More specifically, COVID-19 is found to be a significant indicator for the stock returns of private banks. However, in case of public listed banks, only the outbreak of HIV cases possesses significant and positive impact on CAAR at the day of event. These findings would guide all stakeholders such as investors, financial analysts, regulators, and chief risk officers specifically in banks to make strategic decisions while analyzing the relationship between epidemic outbreaks and stock returns. Journal: Economic Research-Ekonomska Istraživanja Pages: 2313-2332 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1941179 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1941179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2313-2332 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048193_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xin Xiang Author-X-Name-First: Xin Author-X-Name-Last: Xiang Title: Investor sentiment, R&D spending and firm performance Abstract: Prior literature indicates that the stock market is not simply a sideshow but also a factor that impacts corporate operations and decisions. This study examines the effect of a noise factor in the stock market, investor sentiment, on the relationship between the firm’s R&D spending and firm performance. Using a sample of publicly traded firms in the Chinese A-share market between 2006 and 2019, the study demonstrates that R&D spending generally enhances (reduces) firm performance during optimism (pessimism) periods. Concerning the channels through which investor sentiment impacts the R&D spending-firm performance relationship, market-timing effects indicate that firms that time equity issuance during optimism periods experience a positive R&D spending-firm performance relationship, whereas firms that initiate equity repurchase during pessimism periods have a negative R&D spending-firm performance relationship. For catering effects, when firms cater to short-horizon investors, R&D spending reduces firm performance. The results contribute to R&D and behavioural finance literature. Journal: Economic Research-Ekonomska Istraživanja Pages: 6257-6278 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048193 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048193 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6257-6278 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2021433_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tekle Bobo Tolassa Author-X-Name-First: Tekle Bobo Author-X-Name-Last: Tolassa Author-Name: Gemechu Ordofa Jara Author-X-Name-First: Gemechu Ordofa Author-X-Name-Last: Jara Title: Factors affecting improved seed and soil conservation technology adoptions in Bore District Abstract: Low adoption of agricultural technology is among the main reasons for low farm productivity and high incidence of poverty and food insecurity in Ethiopia. The aim of this study was to examine the factors affecting adoption of improved seed and soil conservation and to estimate the interdependency of improved seed and soil conservation technology in Bore district Southern, Ethiopia. The three stage sampling technique was employed to select 138 rural households for the interview. Bivariate probit model was employed to estimate the joint success and failures of the technologies. The biprobit model results showed that plot distance from home, soil fertility status, adoption of organic fertilizers and time change which is adjusting planting date were significantly influence the decision to adopt improved seed varieties whereas, amount of organic fertilizer used, distance of household from market and plot distance from home were the three important variables affecting soil conservation technology where plot distance and time change negatively affect improved seed and distance to market and plot distance from home negatively affected the soil conservation technology in the study area, respectively. The probability of adopting improved seed variety, probability of adopting only soil conservation, success probability of adopting both technologies and probability fail to adopt both of the technologies were 57.5%, 42.77%, 22.73% and 22.43%, respectively. Therefore, improve credit access, extension and infrastructures that promote improved seed and soil management technologies. Training to extension agents and farmers during farmer training and field days are valuable to supporting these important linkages. Journal: Economic Research-Ekonomska Istraživanja Pages: 5058-5069 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2021433 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2021433 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5058-5069 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2053784_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Umar Farooq Author-X-Name-First: Umar Author-X-Name-Last: Farooq Author-Name: Adeel Nasir Author-X-Name-First: Adeel Author-X-Name-Last: Nasir Author-Name: Bilal Author-X-Name-First: Author-X-Name-Last: Bilal Author-Name: Muhammad Farhan Bashir Author-X-Name-First: Muhammad Farhan Author-X-Name-Last: Bashir Title: The COVID-19 pandemic and stock market performance of transportation and travel services firms: a cross-country study Abstract: This paper examined the firm-specific abnormal returns of transportation and travel services sectors from the USA, UK, France, China, India, Mexico, Turkey, and Thailand in response to Coronavirus Disease 2019 (COVID-19) using event study methodology. Our results revealed that investors in developed countries provide significant long term abnormal returns for the first 101 days. Furthermore, no significant cumulative average abnormal returns (CAAR) were found in response to the COVID-19 outbreak, travel restrictions, lockdown, stimulus package, and historical decline in oil prices except in the case of the USA. It is concluded that with the gradual increase in new cases and deaths, abnormal returns are also adjusted, making the effects of these events insignificant at the time of their occurrence. Results also showed that firms in developing countries recognized significant negative abnormal returns in response to the second wave of COVID-19. These results are useful for investors in devising investment strategies relevant to contextual settings. Journal: Economic Research-Ekonomska Istraživanja Pages: 6867-6883 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2053784 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2053784 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6867-6883 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2017318_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ye Feng Author-X-Name-First: Ye Author-X-Name-Last: Feng Author-Name: Rabia Akram Author-X-Name-First: Rabia Author-X-Name-Last: Akram Author-Name: Vu Minh Hieu Author-X-Name-First: Vu Minh Author-X-Name-Last: Hieu Author-Name: Nguyen Hoang Tien Author-X-Name-First: Nguyen Hoang Author-X-Name-Last: Tien Title: The impact of corporate social responsibility on the sustainable financial performance of Italian firms: mediating role of firm reputation Abstract: This research examines the impact of corporate social responsibility (CSR) dimensions (employee, customer, community, and environment) on the sustainable business performance of the manufacturing industry. Manifestly, the mediating impact of firm reputation is also analyzed between CSR and sustainable business performance. In doing so, we have collected primary data from Italian manufacturing firm’s employees using simple random sampling. Smart-PLS was used to test the reliability of the covariates and relationships among the variables. The results revealed that CSR has a positive association with firm reputation and sustainable business performance. The findings also indicated that firm reputation has a significant and positive association with sustainable business performance. Moreover, firm’s reputation plays a positive and significant mediating role between CSR and sustainable business performance. These results provide valuable recommendations. Journal: Economic Research-Ekonomska Istraživanja Pages: 4740-4758 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2017318 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2017318 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4740-4758 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2015613_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yanqi Cai Author-X-Name-First: Yanqi Author-X-Name-Last: Cai Author-Name: Junwei Xu Author-X-Name-First: Junwei Author-X-Name-Last: Xu Author-Name: Paiman Ahmad Author-X-Name-First: Paiman Author-X-Name-Last: Ahmad Author-Name: Ahsan Anwar Author-X-Name-First: Ahsan Author-X-Name-Last: Anwar Title: What drives carbon emissions in the long-run? The role of renewable energy and agriculture in achieving the sustainable development goals Abstract: The South Asian economies encounter several issues for achieving the Sustainable Development Goals (S.D.G.s), global warming is one of the serious key issues facing these countries. For addressing this issue, a comprehensive policy framework is required at the context of South Asian Countries. In this view, the present study scrutinises the impact of renewable energy-consumption (R.E.C.p.), non-renewable energy consumption (R.E.n.), agriculture (A.g.), urbanisation (U.b.), and economic growth (E.G.) on CO2 emissions for selected South Asian economies over period of 1990–2018. For this purpose, we apply fully modified ordinary least square technique and variance decomposition analysis. The empirical outcomes demonstrate that R.E.C.p. and agriculture reduces carbon emission while R.E.n. and U.b. increase environmental degradation. Moreover, the findings also confirm the E.K.C.-hypothesis in South Asian countries. Based on the results, a detailed S.D.G.-oriented policy framework has been suggested, which may help these economies towards achieving the main goals of S.D.G. 13, S.D.G. 07, S.D.G. 08, S.D.G. 11, and S.D.G. 02. This study contributes to the present literature by suggesting S.D.G. oriented policy framework. Journal: Economic Research-Ekonomska Istraživanja Pages: 4603-4624 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2015613 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2015613 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4603-4624 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1972818_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tong Xinle Author-X-Name-First: Tong Author-X-Name-Last: Xinle Author-Name: Wang Zhen Author-X-Name-First: Wang Author-X-Name-Last: Zhen Author-Name: Li Xinting Author-X-Name-First: Li Author-X-Name-Last: Xinting Title: The influence of government subsidy on enterprise innovation: based on Chinese high-tech enterprises Abstract: This paper uses data from all the listed high-tech enterprises in China, from 2013 to 2018, as the samples employed to study the impact of government subsidies on the innovation of high-tech enterprises, as well as the subsidy mechanism. The mechanism is analysed mainly from the perspectives of resource effect and signal transmission effect. In the theoretical analysis, from the perspective of resource effect, the capital guiding role of government subsidies is considered. In addition, this study creatively discusses the impact of rent-seeking behaviour in combination with China's anti-corruption practice. From the perspective of signal transmission, government subsidies are no longer only interpreted as positive signals of the government being in favour of enterprise financing. This study further believes that government subsidies transmit a signal to the public, encouraging them to strengthen their supervision of subsidised enterprises. A multiple regression model and mediating effect model indicate that government subsidies achieve the purpose of stimulating enterprise innovation. The stimulating effect of government subsidies through financing constraints and signal transmission is 9.48% and 10.16%, respectively. These results are consistent with the positive externality theory and the signal transmission theory. At the end of the paper, several relevant suggestions are presented, according to the current developments. Journal: Economic Research-Ekonomska Istraživanja Pages: 1481-1499 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1972818 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1972818 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1481-1499 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1952090_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xinxin Wang Author-X-Name-First: Xinxin Author-X-Name-Last: Wang Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Yong Qin Author-X-Name-First: Yong Author-X-Name-Last: Qin Author-Name: Marinko Skare Author-X-Name-First: Marinko Author-X-Name-Last: Skare Title: Foreign direct investment and economic growth: a dynamic study of measurement approaches and results Abstract: The relationship between foreign direct investment and economic growth (FDI-EG) has been subject to extensive research. The first document related to FDI-EG research in Web of Science was published in 1992 so that the research time is close to 30 years. This article aims to make a bibliometric study to measure the FDI-EG research from different points of view. 1,075 documents with respect to FDI-EG research were collected, and a strong bibliometric analysis was carried out by Bibliometrix software and review of approaches. The Bibliometrix software has revealed the leading researchers, conceptual structure, and thematic evolution of the FDI-EG research. At the same time, reviewing the literature helps to make content analysis, the most influential document analysis, co-authorship analysis, and citation and co-citation analysis. Amongst the findings, C. Chen, Journal of International Economics, and the USA are the most influential researcher, journal, and country, respectively. The FDI-EG research are focussed on the technology and firm performance, research modelling, and theoretical inquiry. More discussions are made in terms of current research status, avenues for future research, advantages and drawbacks of the methods. This article helps in understanding the evolution of the FDI-EG research from the perspectives of the bibliometric and review. Journal: Economic Research-Ekonomska Istraživanja Pages: 1011-1034 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1952090 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1952090 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1011-1034 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048195_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tijana Jugović Author-X-Name-First: Tijana Author-X-Name-Last: Jugović Author-Name: Velimir Štavljanin Author-X-Name-First: Velimir Author-X-Name-Last: Štavljanin Author-Name: Milica Kostić Stanković Author-X-Name-First: Milica Author-X-Name-Last: Kostić Stanković Title: Winter destinations hotels performance measurement practice - evidence from CEE Abstract: This study offers insight into the performance measurement practice of winter destination hotels in Bosnia. The research was conducted through face-to-face interviews with hotel owners, managing directors and managers. In the metrics measurement structure, financial metrics dominate, but hotels use non-financial metrics to a significant extent as well. The results point to the existence of differences in performance measurement of hotels of different income and sales growth. Moreover, the research highlights that managers mostly assess the usefulness of both organizational and operational metrics as above average. Unlike performance measurement, the managers’ attitudes differ only with hotels of different sales growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 6304-6318 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048195 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048195 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6304-6318 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1941181_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chuanjian Li Author-X-Name-First: Chuanjian Author-X-Name-Last: Li Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Mehmet Altuntaş Author-X-Name-First: Mehmet Author-X-Name-Last: Altuntaş Author-Name: Xin Li Author-X-Name-First: Xin Author-X-Name-Last: Li Title: COVID-19 and stock market nexus: evidence from Shanghai Stock Exchange Abstract: The outbreak of the contagious pandemic Covid-19 has disturbed various economic and business activities across the globe. This has resulted in the declination of cash flows and revenues, which significantly increases the probability of corporate bankruptcies and adversely affects the stock market performance. The current study investigated the Covid-19 and stock market nexus whilst considering the Shanghai Stock Exchange (SSX). Covid-19 active cases and deaths have been considered proxies for the Covid-19 from 1 April 2020 to 30 July 2020. For empirical analysis, this study utilised quantile regression and dynamic ordinary least squares (DOLS). Empirical findings of both quantile regression and DOLS illustrate that both the Covid-19 active cases and deaths significantly decline the SSX closing index. However, the quantile estimates reveal that from lower (0.25) quantile to medium (0.50) to higher (0.75) quantile, the magnitude of these variables is found declining. Moreover, the frequency domain causality test confirmed the unidirectional causal relationship between the study variables, running from Covid-19 cases and deaths to the SSX. The findings are robust, which leads to providing practical policy implications that identified the need to revise health-finance-related policies and financial education to combat such circumstances in the future. Journal: Economic Research-Ekonomska Istraživanja Pages: 2351-2364 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1941181 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1941181 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2351-2364 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1891110_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Liying Yu Author-X-Name-First: Liying Author-X-Name-Last: Yu Author-Name: Weishu Li Author-X-Name-First: Weishu Author-X-Name-Last: Li Author-Name: Zixuan Chen Author-X-Name-First: Zixuan Author-X-Name-Last: Chen Author-Name: Mingkang Shi Author-X-Name-First: Mingkang Author-X-Name-Last: Shi Author-Name: Hongda Liu Author-X-Name-First: Hongda Author-X-Name-Last: Liu Title: Multi-stage collaborative efficiency measurement of sci-tech finance: network-DEA analysis and spatial impact research Abstract: Sci-tech and finance plays an increasingly important role and have become an important driving force in economic development. In China, the problem of insufficient financial support for sci-tech innovation is important to enterprises. According to the internal relationship between different stages of Sci-tech and the finance system, this paper is aimed at exploring the efficiency measurement method between sci-tech and finance systems. Firstly the multi-stage collaborative structure of sci-tech finance is built, where the system of sci-tech is divided into three stages including the R&D stage, transformation stage of sci-tech achievements and industrialization stage, and the financing channel is the input of the finance system into the sci-tech system at different stages. The measurement method of the multi-stage collaborative efficiency between sci-tech and finance systems is put forward by the framework of network DEA. Then, taking China as an example, we collect the information of 30 provinces and cities from 2009 to 2016 and measure the efficiency of each system and the collaborative efficiency of the both. The efficiency’s spatial correlation is tested by means of Moran index. Finally, the influencing factors of the collaborative efficiency are analyzed based on the spatial econometric regression model, which considers the financing channels and human capital. To sum up, there are significant differences in the sci-tech finance collaborative efficiency among regions in China. Among them, the collaborative efficiency of Beijing, Shanghai and Jiangsu ranks in the top three. Comparing the different stages of the sci-tech system, the commercialization stage is a weak link in many regions of China. Human capital and financing channels of sci-tech finance have different degrees of positive impact on the sci-tech finance collaborative efficiency. Among them, human capital plays a greater role in promoting the sci-tech finance collaborative development. Journal: Economic Research-Ekonomska Istraživanja Pages: 300-324 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1891110 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1891110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:300-324 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1906730_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xue Gao Author-X-Name-First: Xue Author-X-Name-Last: Gao Author-Name: Yixin Ren Author-X-Name-First: Yixin Author-X-Name-Last: Ren Author-Name: Muhammad Umar Author-X-Name-First: Muhammad Author-X-Name-Last: Umar Title: To what extent does COVID-19 drive stock market volatility? A comparison between the U.S. and China Abstract: This paper presents a novel wavelet-based quantile-on-quantile method for comparing the impact of COVID-19 on stock market volatility between the U.S. and China. Wavelet decomposition shows that the impact has stronger regularity in the lower frequency domain. Compared with oil price fluctuations, COVID-19 is the main reason for the sharp fluctuation of the U.S. stock market. Unlike China, however, the strong growth of daily new cases, which continued for months, has made the U.S. stock market insensitive to COVID-19. In addition, the particularly loose interest rate policy has effectively suppressed the volatility of the U.S. stock market. However, in contrast to China, the near zero interest rate applied by the U.S. makes it difficult to generate sufficient monetary policy space to address a new potential crisis. The result of this study presents the differences of the financial market response under different epidemic management modes. Under the background that COVID-19 is not effectively controlled, a loose monetary policy may be an expedient measure to stabilise the market. This is of great practical significance towards achieving epidemic control and financial market stability under the background of the global spread of COVID-19. Journal: Economic Research-Ekonomska Istraživanja Pages: 1686-1706 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1906730 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1906730 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1686-1706 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013274_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yosuke Tomita Author-X-Name-First: Yosuke Author-X-Name-Last: Tomita Title: The impact of the surplus value rate and rule of law on economic performance Abstract: This study investigates the impact of four legal origins (i.e., English, French, German, and Scandinavian) of a sample of countries on the rate of surplus value and rule of law. It also examines how these factors affect the size of credit provided by banks and economic performance. We found that the rate of surplus value and rule of law affect both the size of bank credit and economic performance. Simultaneously, the rate of surplus value and the rule of law are correlated. Furthermore, the marginal effects of the rate of surplus value and the rule of law on economic performance differ by legal origin. Journal: Economic Research-Ekonomska Istraživanja Pages: 4361-4378 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013274 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013274 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4361-4378 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2015612_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Huayi Li Author-X-Name-First: Huayi Author-X-Name-Last: Li Author-Name: Yen Ku Kuo Author-X-Name-First: Yen Ku Author-X-Name-Last: Kuo Author-Name: Muhammad Masood Mir Author-X-Name-First: Muhammad Masood Author-X-Name-Last: Mir Author-Name: Mohammad Omar Author-X-Name-First: Mohammad Author-X-Name-Last: Omar Title: Corporate social responsibility and environmental sustainability: achieving firms sustainable performance supported by plant capability Abstract: In the contemporary industrial setting, corporations face direct and indirect pressures from multiple intrinsic and extrinsic environmental constituents, including competitive entities and resource limitations, hindering their continuity and sustainability. Against this backdrop, Corporate social responsibility (CSR) is an industrial dynamic that enables firms to address the pressures imposed by these environmental constituents. Therefore, this study examines the impact of CSR on firm’s sustainable performance conditioned at different plant sizes. In doing so, the data was collected using a survey instrument comprising close-ended items with five-point likert scales on each item for measuring managerial perceptions from manufacturing industries. Through non-probabilistic sampling, a sample of 399 responses from middle to top-level management was collected. Smart PLS was utilized to analyze the data for validating the hypothesized relationships between the latent constructs. To enhance the reliability of the tests used for the analysis, bootstrapping was used to iterate the sample size and refine significance levels. Overall findings indicate that environmental sustainable development is essential to explain the relationship between ‘CSR for consumer’ and ‘Firm sustainable performance’. The relationship between ‘CSR to employees’ and ‘Firm sustainable performance’ is significant both with and without the explanatory role of sustainable environmental performance. The link between CSR to community and firm sustainable performance is not being explained by environmental sustainable development. These results offer valuable policy recommendations. Journal: Economic Research-Ekonomska Istraživanja Pages: 4580-4602 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2015612 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2015612 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4580-4602 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1989319_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Umer Niaz Author-X-Name-First: Muhammad Umer Author-X-Name-Last: Niaz Title: Socio-Economic development and sustainable development goals: a roadmap from vulnerability to sustainability through financial inclusion Abstract: Sustainable Development Goals (SDGs) highlight the importance of poverty reduction, and call for policy implementation that leads to the socio-economic development of impoverished people. However, there is a lack of knowledge about assessing individual-level socio-economic development, and how financial inclusion through microfinance can contribute to it. Therefore, the role of commercially operated Microfinance Banks (MFBs) is also considered to be controversial in the literature. This study assesses the overall socio-economic development by considering different sustainable livelihoods, multidimensional poverty, living standards, and social development measures. Thus, the Multidimensional Poverty Index (MPI), and Living Standard Index (LSI) have been estimated to gauge poverty and improvements in living standards. Data comprising 503 customers of MFBs, and 500 control respondents, has been gathered through a survey to signify this impact for two years. This paper substantiates that the microfinance obtained from MFBs contributes positively towards sustainable livelihoods, multidimensional poverty reduction, and living standards. However, microfinance does not contribute to social development. Impoverished people, mainly women living in urban areas, reap more benefits from microfinance, than their rural counterparts. Overall, financial inclusion shall be a gateway to achieve the SDGs in the long run through the socio-economic development of an impoverished segment of the society. Journal: Economic Research-Ekonomska Istraživanja Pages: 3243-3275 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1989319 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1989319 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3243-3275 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2049979_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Li Liu Author-X-Name-First: Li Author-X-Name-Last: Liu Author-Name: Ahsan Anwar Author-X-Name-First: Ahsan Author-X-Name-Last: Anwar Author-Name: Esma Irmak Author-X-Name-First: Esma Author-X-Name-Last: Irmak Author-Name: Irem Pelit Author-X-Name-First: Irem Author-X-Name-Last: Pelit Title: Asymmetric linkages between public-private partnership, environmental innovation, and transport emissions Abstract: No one denied the significant role of transportation infrastructure in economic development; however, it is also considered a major contributor to global warming. Therefore, to achieve sustainable development, it is imperative to transform the transport sector investment into low-carbon transportation choices. The public-private partnership investment in the transport sector could be proved a suitable tool for sustainable transport and efficiency. Therefore, we investigate the significance of public-private partnership investment (PPP) on transport emissions by incorporating the role of environmental innovation, economic growth, and population. Our preliminary findings confirm that all variables are abnormally distributed and embodied with structural breaks that distort true parameters in traditional regression. In compliance, we employ Quantile ARDL (QARDL) technique which provides more reliable results in case of non-normality, dynamic trends, and structural changes in data. The long-run empirical outcomes indicate that PPP reduces transport emissions mainly from middle (40th) to highest (95th) emissions quantiles. Similarly, environmental innovation reduces transport emissions from 60th to 95th quantiles. These results imply that the emissions-mitigating effect of PPP and environmental innovation is only pronounced at higher levels of transport emissions. The results provide valuable policy recommendations. Journal: Economic Research-Ekonomska Istraživanja Pages: 6519-6540 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2049979 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2049979 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6519-6540 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1984269_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chenyu Kang Author-X-Name-First: Chenyu Author-X-Name-Last: Kang Author-Name: Ridong Hu Author-X-Name-First: Ridong Author-X-Name-Last: Hu Title: Age structure of the population and the choice of household financial assets Abstract: China is undergoing changes in its demographic structure, and the burden of raising children and caring for the elderly is negatively affecting the welfare of Chinese families. Optimising the financial structure of households may be an effective solution. Using data from the 2017 Chinese Household Finance Survey, in this study, we empirically analyse how the age structure of the population affects a household’s finances by applying probit and tobit models. It was found that an increase in the proportion of infants in a family has a crowding-out effect on its investment in risky and deposit assets, and an increase in the proportion of elderly family members encourages the replacement of risky assets with savings. Further mechanism tests showed that the presence of infants affects the choice of financial assets by crowding a family’s labour or leisure time, increasing expenditures, and changing a family’s cash demand, while the presence of the elderly changes household finances because a family’s risk preferences are altered by the weakened cognitive abilities of the elderly. Finally, in this article, we advance some policy suggestions, such as regulating capital market management, increasing birth subsidies, and improving the financial literacy of the elderly, to ensure future pension security. Journal: Economic Research-Ekonomska Istraživanja Pages: 2889-2905 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1984269 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1984269 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2889-2905 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1931909_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Po-Lu Chen Author-X-Name-First: Po-Lu Author-X-Name-Last: Chen Title: Modelling the impact of intellectual property protection and spillovers on attracting foreign direct investment Abstract: Previous studies yield ambiguous results from using country-level indices of intellectual property rights (I.P.R.) protections to test their relation to foreign direct investment (F.D.I.). This study develops a simple model featuring vertically linked stages of production to show that country-level I.P.R. indices might cause the ambiguity by ignoring differences in I.P.R. protection strength across industries. We demonstrate that industry-level I.P.R. indices resolve ambiguity over the empirical nexus between I.P.R. protections and F.D.I. Journal: Economic Research-Ekonomska Istraživanja Pages: 622-636 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1931909 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1931909 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:622-636 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985573_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lili Guo Author-X-Name-First: Lili Author-X-Name-Last: Guo Author-Name: Xiaoyu Duan Author-X-Name-First: Xiaoyu Author-X-Name-Last: Duan Author-Name: Houjian Li Author-X-Name-First: Houjian Author-X-Name-Last: Li Author-Name: Wanjiang Yang Author-X-Name-First: Wanjiang Author-X-Name-Last: Yang Author-Name: Yanjun Ren Author-X-Name-First: Yanjun Author-X-Name-Last: Ren Author-Name: Yangli Guo Author-X-Name-First: Yangli Author-X-Name-Last: Guo Title: Does a higher minimum wage accelerate labour division in agricultural production? Evidence from the main rice-planting area in China Abstract: Agricultural production outsourcing, a new means of agricultural production, can optimise the allocation of resources, reduce agricultural production costs, and improve agricultural productivity. However, farmers' outsourcing behaviours are strongly interfered with by many factors such as economics, technology and institutions. Using a farmer-level data set from 2014 to 2018 in China, we examine the effects of the minimum wage increase on rice farmers' production outsourcing behaviours. Our study relies on a Logit regression framework and uses the control function (C.F.) approach to address potential endogeneity concerns. Results show that the minimum wage increase significantly reduces the probability of farmers conducting production outsourcing. We also examine the heterogeneous effects of the minimum wage increase, and find that compared with other outsourcing services, the adverse effects on harvesting outsourcing are the strongest; the negative effects on production outsourcing are stronger for rice farmers with higher education. Our results provide new insights into understanding how labour regulation affects labour division in agricultural production. Journal: Economic Research-Ekonomska Istraživanja Pages: 2984-3010 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985573 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985573 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2984-3010 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1889390_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shiue-Hung Lin Author-X-Name-First: Shiue-Hung Author-X-Name-Last: Lin Author-Name: Leslie Wu Author-X-Name-First: Leslie Author-X-Name-Last: Wu Title: Intellectual property rights and law enforcement in developing countries Abstract: The attitudes of developing countries for intellectual property rights (IPR) regulations and law enforcement are ambiguous. We seek to clarify this issue by structuring a model, simultaneously considering the IPR index and the strength of law enforcement of China in period 1996–2015. Firstly, the government of a developing country always holds the strictest attitude towards law enforcement. Secondary, the growing level of IPR leads to the decrease of the total welfare, but the decline of total welfare slows down. Third, the motivation of maximising total welfare induces the governments of developing countries to strengthen law enforcement. This provides internal motivation for development. The findings of this article show that developing countries have long-term internal motivations to improve their strength of IPR levels and law enforcement. Journal: Economic Research-Ekonomska Istraživanja Pages: 143-157 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1889390 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1889390 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:143-157 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1959368_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chuanjian Li Author-X-Name-First: Chuanjian Author-X-Name-Last: Li Author-Name: Zhi-Wei Su Author-X-Name-First: Zhi-Wei Author-X-Name-Last: Su Author-Name: Tanzeela Yaqoob Author-X-Name-First: Tanzeela Author-X-Name-Last: Yaqoob Author-Name: Yumna Sajid Author-X-Name-First: Yumna Author-X-Name-Last: Sajid Title: COVID-19 and currency market: a comparative analysis of exchange rate movement in China and USA during pandemic Abstract: By aiming to understand the importance of the ongoing effects of COVID-19 on several economies, this study attempts to highlight the impact of COVID-19 confirmed cases and deaths occurring in the most affected countries of the world such as China and the USA, especially in the context of their respective currencies. For this purpose, the daily data from January 22, 2020, till May 7, 2021, has been taken into account, and then has been analyzed to examine the linear relationship between the currency and proxies of the COVID-19 pandemic. Moreover, the (autoregressive distributed lag) ARDL model has been employed in order to fulfil the research objective with numerous statistical diagnostic measures, so as to validate the model. The results indicate that the exchange rate is affected negatively due to the effect of COVID-19 cases and deaths in particular countries. Moreover, the effect of the pandemic is not limited to the short run only, but also in the long run, as it is hurting the financial backbone of China and the USA. Journal: Economic Research-Ekonomska Istraživanja Pages: 2477-2492 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1959368 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1959368 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2477-2492 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2017319_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wen Zuo Author-X-Name-First: Wen Author-X-Name-Last: Zuo Author-Name: Mu Tiantian Author-X-Name-First: Mu Author-X-Name-Last: Tiantian Author-Name: Ahmad Zuhairi Abdul Majid Author-X-Name-First: Ahmad Zuhairi Author-X-Name-Last: Abdul Majid Author-Name: Zhu Guangyu Author-X-Name-First: Zhu Author-X-Name-Last: Guangyu Author-Name: Xu Yang Author-X-Name-First: Xu Author-X-Name-Last: Yang Title: Exploring the role of antecedents of product innovativeness and corporate social responsibility in extending customer citizenship behavior Abstract: In recent times, enhancing and extending the customer base is possible when organizations increase customer citizenship behavior among their consumers. Since the customers are much aware of firms' social and environmental contributions thus, organizations take adequate measures to improve their product innovativeness and corporate social responsibility. Hence the current study is designed to ascertain the role of Corporate Social Responsibility (CSR) and product innovativeness in patronizing Customer Citizenship Behavior. Based on the survey research design, the current study applies structural equation modeling using Partial Least squares on the data set of 453 respondents. The results revealed that all proposed hypotheses were significant and positive. These findings imply that the service providers and manufacturers should increase transparency in the communication process through which CSR and innovativeness are effectively communicated to the customers, eventually assisting them in increasing their Customer Citizenship Behavior among customers. These results offer valuable policy insights. Journal: Economic Research-Ekonomska Istraživanja Pages: 4759-4777 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2017319 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2017319 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4759-4777 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2026239_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jiachong Hu Author-X-Name-First: Jiachong Author-X-Name-Last: Hu Author-Name: Jin Xu Author-X-Name-First: Jin Author-X-Name-Last: Xu Author-Name: Lei Tong Author-X-Name-First: Lei Author-X-Name-Last: Tong Author-Name: Ummara Razi Author-X-Name-First: Ummara Author-X-Name-Last: Razi Title: The dynamic role of film and drama industry, green innovation towards the sustainable environment in China: fresh insight from NARDL approach Abstract: The ongoing climate changes have put forth various challenges for each industry to achieve their sustainable environmental goals, in an orderly manner. Like the other extensively growing industries, China's Film and Drama industries are responsible for contributing effectively toward a sustainable environment. In order to validate the same, this study has applied the Nonlinear Autoregressive Distributed Lag (NARDL) technique, so as to identify the asymmetric association among the Film and Drama Industry, green innovation, and sustainable environment. The quarterly time-series data of the variables is assessed from January 2000 to December 2019. The outcomes of the study have revealed that the appreciation in the Film and Drama stock prices tends to increase the CO2 emissions. Whereas, the depreciation of the Film and Drama stock prices improves the efforts towards a sustainable environment. On the other hand, the increase in green innovation tends to have an adverse impact on environmental degradation, while the decline in green innovation tends to increase the carbon emissions. In order to handle the grievous problem of environmental degradation, caused by the Film and Drama industry of China, this study suggests that adopting green practices in Film and Drama making, such as green filming, the use of hybrid vehicles, LED lights, and solar generator supplies, and perhaps Computer-Generated Imagery sets will ultimately contribute towards the improvement of the quality of the environment. Journal: Economic Research-Ekonomska Istraživanja Pages: 5292-5309 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2026239 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2026239 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5292-5309 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2016463_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fengsheng Chien Author-X-Name-First: Fengsheng Author-X-Name-Last: Chien Author-Name: Ching-Chi Hsu Author-X-Name-First: Ching-Chi Author-X-Name-Last: Hsu Author-Name: Amena Sibghatullah Author-X-Name-First: Amena Author-X-Name-Last: Sibghatullah Author-Name: Vu Minh Hieu Author-X-Name-First: Vu Minh Author-X-Name-Last: Hieu Author-Name: Thi Thu Hien Phan Author-X-Name-First: Thi Thu Hien Author-X-Name-Last: Phan Author-Name: Nguyen Hoang Tien Author-X-Name-First: Nguyen Author-X-Name-Last: Hoang Tien Title: The role of technological innovation and cleaner energy towards the environment in ASEAN countries: proposing a policy for sustainable development goals Abstract: The association between economic growth (EG) and environmental degradation (ED) has been highlighted extensively in prior studies. However, investigation regarding ‘technological innovation and clean energy role’ in dealing with environmental concerns has comprised limited context while considering the ASEAN economies under sustainable development goals. Therefore, the study attempts to investigate the phenomenon by using CS-ARDL analysis under short as well as long run. The findings through CS-ARDL in long- and short-run indicate that REN have impact carbon emission and ecological footprints negatively. Additionally, the EG in targeted economies is causing a higher level of CE and ecological footprints. Whereas, GDP2ofund to be significant in lowering the ED in the form of CE and ecological footprints. It is suggested that policies related to CE through EG should be developed in order to control the environmental issues in the future. Journal: Economic Research-Ekonomska Istraživanja Pages: 4677-4692 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2016463 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2016463 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4677-4692 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1982399_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pramod Kumar Naik Author-X-Name-First: Pramod Kumar Author-X-Name-Last: Naik Author-Name: Imlak Shaikh Author-X-Name-First: Imlak Author-X-Name-Last: Shaikh Author-Name: Toan Luu Duc Huynh Author-X-Name-First: Toan Luu Duc Author-X-Name-Last: Huynh Title: Institutional investment activities and stock market volatility amid COVID-19 in India Abstract: This article examines institutional investors' investment activities and the impact of their trading styles on market volatility amidst COVID-19 in India. Specifically, it seeks to offer a comprehensive analysis of foreign portfolio investors’ (FPIs) and domestic mutual fund managers’ (MFs) investment on equity and debt securities. It examines whether their trading activities drive market volatility during the pandemic period. Also, it explores the impact of COVID-19 on the Indian equity market. This study finds that the growth of COVID-19 does not significantly affect the stock market volatility during the study period. Precisely, the findings reveal that the FPI's net selling of equity and their overall trading activities in the debt instruments positively impact the market volatility. Findings also show that the FPI's momentum buys and contrarian sales induce market volatility, whereas the MF's trading style does not significantly influence the volatility. The Granger causality tests indicate that the FPI's net sales of equity instruments cause the return volatility and that the market volatility does not drive the equity net sales. Findings also reveal that mutual-fund managers' trading behavior does not Granger cause market volatility; instead, volatility causes MF's net selling of debt instruments. Journal: Economic Research-Ekonomska Istraživanja Pages: 1542-1560 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1982399 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1982399 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1542-1560 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1977672_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yingnan Liu Author-X-Name-First: Yingnan Author-X-Name-Last: Liu Author-Name: Changbiao Zhong Author-X-Name-First: Changbiao Author-X-Name-Last: Zhong Author-Name: Bin Bai Author-X-Name-First: Bin Author-X-Name-Last: Bai Author-Name: Yan Zhou Author-X-Name-First: Yan Author-X-Name-Last: Zhou Title: Assessment of government supervision on the loss of sea sand resource in China Abstract: Illegal mining activities on offshore sands have recently increased dramatically in China owing to the strong demand of the construction industry and restriction of river sand mining. By studying the loss mechanism of marine sand resources, this study proposes a simplified linear programming model to quantitatively analyse the control effects related to resource loss and law enforcement costs. To accurately simulate the effectiveness of law enforcement activity, a set of variables is designed in the model to describe the severity of illegal mining and enforcement skills of the officers. Subsequently, based on different settings of law enforcement capability, the model can not only make reasonable projections for sand losses but also provide a minimum cost solution for marine sand control for government agencies. Finally, various regulatory measurements and suggestions are discussed to improve the effectiveness of the government’s regularisation and cost optimisation for law enforcement. Journal: Economic Research-Ekonomska Istraživanja Pages: 2732-2746 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1977672 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1977672 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2732-2746 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1997618_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yonghui Han Author-X-Name-First: Yonghui Author-X-Name-Last: Han Author-Name: Hao Wang Author-X-Name-First: Hao Author-X-Name-Last: Wang Author-Name: Dongming Wei Author-X-Name-First: Dongming Author-X-Name-Last: Wei Title: The Belt and Road Initiative, sister-city partnership and Chinese outward FDI Abstract: Extant research has explicitly recognized the importance of the compatible environment in the context of globalization. Sister-city partnership has long been developed for the establishment of such a favorable environment to facilitate international investment. Using a panel data set that covers 66 Belt Road countries and 75 non-Belt Road countries from 2006 to 2017, we investigate the impact of sister-city relationship between China and her partner countries as well as its interactive effect with Chinas’ recent global home institution, BRI on the Chinese outward FDI. We find consistent evidence that both sister-city partnership and BRI promote the Chinese outward FDI while these effects are rather complementary than supplementary to each other. Further, we find that the positive impact of BRI seems to be more pronounced in privately owned enterprises (POE) rather than state-owned enterprises (SOE), which suggests that BRI at this stage is more market-oriented and less political-oriented. Our findings suggest that the policymakers should hold more open attitudes towards the establishment of sister-city partnership and towards the Belt Road Initiative to promote more Chinese outward foreign investment so as to deepen the bilateral economic cooperation. Journal: Economic Research-Ekonomska Istraživanja Pages: 3416-3436 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1997618 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1997618 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3416-3436 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1986675_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Juan Gallegos Mardones Author-X-Name-First: Juan Gallegos Author-X-Name-Last: Mardones Title: Working capital management and business performance: evidence from Latin American companies Abstract: Working capital management is one of the most important decisions that affect an organisation’s financial performance. Despite the importance of this topic, the empirical evidence for emerging economies is scarce; therefore, this research attempts to estimate and compare how investment in working capital impacts the financial performance of companies listed on the stock exchanges in Chile, Mexico, Peru, and Brazil for the years 2000 to 2018. This study uses panel data methodology, and the results show the existence of a positive and significant but non-linear relationship between investments in working capital and firm performance. However, there are mixed results for different countries and industries that could be explained by macroeconomic variables that favour access to financing for such investments. Furthermore, the results show that investments in working capital perform better for larger companies than smaller companies. Journal: Economic Research-Ekonomska Istraživanja Pages: 3189-3205 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1986675 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1986675 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3189-3205 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013267_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andrzej Szuwarzyński Author-X-Name-First: Andrzej Author-X-Name-Last: Szuwarzyński Title: Efficiency evaluation of graduation process in Australian public universities Abstract: First-year attrition and on-time graduation are key challenges for contemporary universities, which determine their efficiency. Based on the benefit of the doubt approach, this study reports the efficiency of the graduation process in 37 Australian public universities. The super-efficiency model extended by restrictions on virtual weights is used. The proposed model considers the attrition rate and the on-time graduation rate separately for domestic and overseas students and other variables, like student-staff ratio, the share of full-time students and the share of online students. Some additional factors are included, such as the university's affiliation with a grouping, the year of the university founding and basic data on the subject mix of universities courses, explaining the rankings created. The analysis indicates that research-oriented universities achieve better results and overseas students perform better than domestic ones. Also, it can be seen that the universities dealing with large-scale online learning are underperformed. The obtained results allow all stakeholders to understand better the efficiency of the graduation process. The main findings are consistent with research published elsewhere. Journal: Economic Research-Ekonomska Istraživanja Pages: 4220-4236 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013267 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013267 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4220-4236 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2016465_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chunhui Huo Author-X-Name-First: Chunhui Author-X-Name-Last: Huo Author-Name: Javaria Hameed Author-X-Name-First: Javaria Author-X-Name-Last: Hameed Author-Name: Mo Zhang Author-X-Name-First: Mo Author-X-Name-Last: Zhang Author-Name: Ahmad Fahme Bin Mohd Ali Author-X-Name-First: Ahmad Fahme Author-X-Name-Last: Bin Mohd Ali Author-Name: Nik Alif Amri Nik Hashim Author-X-Name-First: Nik Alif Author-X-Name-Last: Amri Nik Hashim Title: Modeling the impact of corporate social responsibility on sustainable purchase intentions: insights into brand trust and brand loyalty Abstract: Green innovation performance deals with the strengthening of the organizations for their competence in enhancement of their green image. Current research examines the role of corporate social responsibility (CSR) in improving sustainable purchase intentions. In addition, it explores the mediating roles of brand trust and brand loyalty. It also reveals that how CSR is crucial for green innovation performance in Pakistan. This research uses the structural equation model (SEM) analysis technique to investigate the linkage between constructs in the complex research model. This uses a self-administrated survey-based questionnaire and a convenience sampling technique for data collection. The unit of analysis is buyers from textile and clothing brands consisting 373 respondents. The findings revealed that corporate social responsibility had a beneficial impact on Pakistani purchasers' long-term purchase intentions. Green innovation performance can also be improved by improving CSR. The link between CSR, sustainable buying intentions, and green innovation technology is partially mediated by brand loyalty. Brand trust was identified as a possible link between CSR and brand loyalty. Brand trust and loyalty, interestingly, modulate the link between CSR and sustainable purchase intentions as well as CSR and green innovation performance in a sequential manner. The article's findings will be useful for academics, specialists, and policymakers as these provide glimpse into textile, clothing, and fashion brands with a focus on CSR to improve green innovation performance, as well as highlighting the most relevant studies on the topic and showcasing trends in research and gaps in the field. Journal: Economic Research-Ekonomska Istraživanja Pages: 4710-4739 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2016465 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2016465 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4710-4739 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1934507_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aleksandra Fedajev Author-X-Name-First: Aleksandra Author-X-Name-Last: Fedajev Author-Name: Magdalena Radulescu Author-X-Name-First: Magdalena Author-X-Name-Last: Radulescu Author-Name: Ana Gabriela Babucea Author-X-Name-First: Ana Gabriela Author-X-Name-Last: Babucea Author-Name: Vladimir Mihajlovic Author-X-Name-First: Vladimir Author-X-Name-Last: Mihajlovic Author-Name: Zahid Yousaf Author-X-Name-First: Zahid Author-X-Name-Last: Yousaf Author-Name: Raica Milićević Author-X-Name-First: Raica Author-X-Name-Last: Milićević Title: Has COVID-19 pandemic crisis changed the EU convergence patterns? Abstract: Due to the Covid-19 pandemic, governments across the EU countries had to introduce measures to close the borders, restrict the movement of people, and suspend business activities in nonessential sectors. These restrictions threatened to result in the worst economic shock since the Great Depression of the 1930s. This situation forced the EU leaders to quickly implement urgent measures in the form of stimulating packages in order to avoid a catastrophic economic collapse. The measures, however, have been implemented without coordination and insufficiently considering the solidarity principle among the Member States, which is one of the EU basic principles. In that way, the already existing gap in development among the EU economies has become even more pronounced, which will certainly have an impact on the convergence process in the EU. In that sense, this paper is aimed at analyzing the convergence process among the EU economies during the period from 2004 to 2020 and comparing differences among the EU member states during the pandemic crisis (in 2020) and the global economic crisis (in 2008). To define the policy recommendations for overcoming the crisis and for obtaining a satisfactory level of real convergence and nominal convergence, Hierarchical Agglomerative Clustering (HAC) was performed on the data for 2020 and five clusters were derived. Journal: Economic Research-Ekonomska Istraživanja Pages: 2112-2141 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1934507 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1934507 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2112-2141 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2019076_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: I-Chun Tsai Author-X-Name-First: I-Chun Author-X-Name-Last: Tsai Author-Name: Wen-Kai Wang Author-X-Name-First: Wen-Kai Author-X-Name-Last: Wang Title: Comparisons of housing price risks between first-time buyer and former owner-occupier markets in England Abstract: This study employs housing data from the nine main regions of England and from overall England to compare the volatility risks of housing prices for the first-time buyer (FTB) and former owner-occupier (FOO) markets. This study collects data from February 2012 to March 2020 to assess the volatility characteristics of housing prices in these two markets in each region of England. Additionally, the effect of interest rate shocks and the wealth effect of the stock market on these two markets are observed. The results reveal that for most regions, the FTB market has higher housing price volatility risks compared with the FOO market. Additionally, the FTB market is more easily affected by interest rate shocks and the wealth effect. In contrast to FOOs, FTBs are generally younger and less wealthy. If FTBs are facing a market with higher housing price risk, especially when the overall economy is affected by a shock (such as the European Debt Crisis or the COVID-19 pandemic), the response of the FTB housing market is greater; then the government must pay special attention when implementing policies that interfere with the market since these policies would particularly affect the welfare of FTBs. Journal: Economic Research-Ekonomska Istraživanja Pages: 4817-4838 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2019076 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2019076 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4817-4838 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1931913_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yingying Xu Author-X-Name-First: Yingying Author-X-Name-Last: Xu Author-Name: Zhixin Liu Author-X-Name-First: Zhixin Author-X-Name-Last: Liu Author-Name: Chiwei Su Author-X-Name-First: Chiwei Author-X-Name-Last: Su Author-Name: Stefea Petru Author-X-Name-First: Stefea Author-X-Name-Last: Petru Title: Military industry bubbles: are they crowding out utility investments? Abstract: The rapid growth in defence expenditure in China raises the concern that investments in the defence sector crowd out investments in social sectors, i.e., the ‘guns for butter’ argument. This article resorts to the bubble testing method to study the trade-off between defence and utilities sectors in the Chinese capital market. Based upon the generalized sup Augmented Dickey-Fuller (GSADF) test, this paper captures and date stampings explosive behaviors in defence and utilities industries using stock indexes. Empirical results reveal bubbles for defence and utilities sectors in similar time periods, thus indicating that the factors driving explosive movements are alike for both sectors. However, bubbles in a certain sector do not necessarily crowd out investments in the other sector. Through testing bubbles in the ratio of stock indexes of two sectors, we find that the explosive episodes vanish. The results indicate that the crowding-out effect between defence and utilities sectors does not exist in the Chinese capital market. Increases in the military expenditure in China are necessary to safeguard the national security because of frequent geopolitical conflicts and terrorism. However, the defence to utilities ratio is increasing rapidly, implying the possibility that excessive growth in military expenditure may generate the ‘guns for butter’ problem, which can be detrimental to economic growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 692-708 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1931913 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1931913 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:692-708 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2006076_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sandra Kadum Author-X-Name-First: Sandra Author-X-Name-Last: Kadum Author-Name: Jurka Lepičnik Vodopivec Author-X-Name-First: Jurka Lepičnik Author-X-Name-Last: Vodopivec Author-Name: Maja Hmelak Author-X-Name-First: Maja Author-X-Name-Last: Hmelak Title: Attitudes of future preschool educators about parental competencies Abstract: The early childhood is the period when parents have the greatest influence on the upbringing of their child. In order to act positively in the upbringing of their own child, parents must be competent. Being competent means to have knowledge, be efficient and skilled in realizing certain forms of behaviour and to achieve results that are expected of it. Parents are expected to develop all socially desirable and positive traits in the child. In this process, parents are seeking support from the preschool teachers because they have the greatest interaction with them when they leave the child in the educational institution. That was exactly the point in this research i.e. we wanted to see whether future educational workers are trained and whether parents make mistakes in the upbringing of their children. 347 students of the preschool education studies in Pula, Koper and Maribor were questioned. The results indicate that our respondents noticed that parents have problems in the relationships with their children because they do not have enough knowledge to access their own child and ‘blame’ the TV/media and the peers for it. Journal: Economic Research-Ekonomska Istraživanja Pages: 3871-3879 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2006076 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2006076 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3871-3879 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1997627_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yunpeng Sun Author-X-Name-First: Yunpeng Author-X-Name-Last: Sun Author-Name: Haoning Li Author-X-Name-First: Haoning Author-X-Name-Last: Li Author-Name: Kun Zhang Author-X-Name-First: Kun Author-X-Name-Last: Zhang Author-Name: Hafiz Waqas Kamran Author-X-Name-First: Hafiz Waqas Author-X-Name-Last: Kamran Title: Dynamic and casual association between green investment, clean energy and environmental sustainability using advance quantile A.R.D.L. framework Abstract: This study examines the dynamic and causal relationship between green investment (G.I.), clean energy (C.E.), economic growth, and environmental sustainability with the help of an innovative approach named as quantile autoregressive distributed lagged (Q.A.R.D.L.) model using quarterly data from Q1-1995 to Q4-2019 for China. Our preliminary findings confirm data non-normality and structural breaks in all data series. Therefore, we have applied Q.A.R.D.L. that efficiently deals with these issues. We have further applied the Granger-causality in quantiles to check the causal association among the variables of interest. The findings through Q.A.R.D.L. estimation confirm that the error correction parameter is statistically significant with expected negative sign across major quantiles. In the long run, the results confirm that both C.E., and G.I. are significant mitigants of environmental pollution, however their emissions mitigating effects varies across lower, middle, and higher emissions quantiles. Furthermore, the findings through Granger-causality test confirm the existence of two-way causality between G.I., C.E., and carbon emissions across all quantiles. These results offer valuable policy implications. Journal: Economic Research-Ekonomska Istraživanja Pages: 3609-3628 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1997627 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1997627 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3609-3628 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2054455_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jiancheng Bai Author-X-Name-First: Jiancheng Author-X-Name-Last: Bai Author-Name: Zhonglu Chen Author-X-Name-First: Zhonglu Author-X-Name-Last: Chen Author-Name: Xiang Yan Author-X-Name-First: Xiang Author-X-Name-Last: Yan Author-Name: Yueyan Zhang Author-X-Name-First: Yueyan Author-X-Name-Last: Zhang Title: Research on the impact of green finance on carbon emissions: evidence from China Abstract: Green finance is an effective means adopted by the Chinese government to reduce carbon emissions. Does the development of green finance in Chinese provinces reduce carbon emissions to a certain extent? This study selects panel data of various provinces and cities in China from 2003 to 2019. Based on the Hansen threshold regression model, an empirical analysis is conducted with economic growth and industrial structure as threshold variables to test the impact of green finance on carbon emissions. The results show that green finance increases the speed of carbon emission mitigation when PGDP is the threshold. Taking industrial structure as the threshold, the impact of green finance development on carbon emissions presents an inverted N shape. At the same time, it is found that green finance has become an important means to reduce carbon emissions in the eastern region, the impact of green finance on carbon emissions in the central region presents an inverted U shape, and the driving force of green finance on carbon emission reduction in the western region is weak. Furthermore, it is pointed out that improving the quality of green finance and enhancing the level of green finance empowered by science and technology are the keys to realizing sustainable green development. Journal: Economic Research-Ekonomska Istraživanja Pages: 6965-6984 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2054455 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2054455 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6965-6984 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1952466_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Josip Tica Author-X-Name-First: Josip Author-X-Name-Last: Tica Author-Name: Tomislav Globan Author-X-Name-First: Tomislav Author-X-Name-Last: Globan Author-Name: Vladimir Arčabić Author-X-Name-First: Vladimir Author-X-Name-Last: Arčabić Title: Managing the impact of globalization and technology on inequality Abstract: This article tests the relative importance of globalization and technological change in explaining income inequality at higher and lower development levels. Besides, the article analyses the effectiveness of a set of policy measures for fighting inequality. We use relative pre-tax income shares as a proxy for inequality. Several linear and non-linear threshold panel data models with GDP per capita as the threshold variable are estimated for 42 countries over the period from 1994 to 2016. We find that technology is the most important generator of inequality, while the effect of various globalization measures is weak and often insignificant. We find limited evidence that the effect of globalization differs with respect to the level of GDP per capita. Our results suggest that full employment policies in the low inflation environment are the most efficient solution for the inequality problem. Higher employment and low inflation rate decrease the inequality level. Other than that, we do not find other policy measures that satisfy the one-size-fits-all criteria for tackling inequality. Instead, a set of efficient policy measures against inequality, including expenditures on education, minimum wage policies, and lending rates, depend on the development level and idiosyncratic policies and institutions. Journal: Economic Research-Ekonomska Istraživanja Pages: 1035-1060 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1952466 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1952466 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1035-1060 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2018619_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Haijuan Xie Author-X-Name-First: Haijuan Author-X-Name-Last: Xie Author-Name: Hsu-Ling Chang Author-X-Name-First: Hsu-Ling Author-X-Name-Last: Chang Author-Name: Muhammad Hafeez Author-X-Name-First: Muhammad Author-X-Name-Last: Hafeez Author-Name: Chafic Saliba Author-X-Name-First: Chafic Author-X-Name-Last: Saliba Title: COVID-19 post-implications for sustainable banking sector performance: evidence from emerging Asian economies Abstract: The novel COVID-19 virus, and the pandemic that has followed its spread, has had a massive impact on the banking industry on a global level. Therefore, considering this context, this study examines the effect of the COVID-19 pandemic on the banking sector’s performance in the Asian emerging economics, over a time span ranging from 2016Q1–2021Q2. For this purpose, this study makes use of the FE, RE, 2SLS, and PPML regression models. The empirical findings show that the GDP and banking size are positively related to bank performance in the pre-COVID era, and the COVID pandemics era thus far in the Asian emerging economies. In addition to this, the findings also reveal that the impact of GDP and bank size on banking performance is lower in the pandemic period, as compared to the pre-COVID period. Furthermore, the results show that the COVID pandemic has significantly affected the banking sector performance in the Asian emerging economies. Findings have also suggested that the central bank should shift their focus on the banking industry in the Asian emerging economies. Various other policy implications have also been suggested under the present study. Journal: Economic Research-Ekonomska Istraživanja Pages: 4801-4816 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2018619 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2018619 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4801-4816 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2028179_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qiang Ma Author-X-Name-First: Qiang Author-X-Name-Last: Ma Author-Name: Zeeshan Khan Author-X-Name-First: Zeeshan Author-X-Name-Last: Khan Author-Name: Muhammad Tariq Author-X-Name-First: Muhammad Author-X-Name-Last: Tariq Author-Name: Hayriye IŞik Author-X-Name-First: Hayriye Author-X-Name-Last: IŞik Author-Name: Husam Rjoub Author-X-Name-First: Husam Author-X-Name-Last: Rjoub Title: Sustainable digital economy and trade adjusted carbon emissions: Evidence from China’s provincial data Abstract: The importance of the digital economy and trade adjusted emissions is of great importance to study, especially in case of China. Since China is the leading exporter of the world and achieving high economic growth consecutively for the last 2-3 decades, this study, unlike past studies, evaluates the importance of digital economy, exports, imports and gross domestic product on trade adjusted carbon emissions for China. This is the only study that incorporates the importance of digital economy on trade adjusted carbon emissions for provincial data of China. This study determines whether the digital economy is a viable source of green economy. Research and development will simply replace a physical resource, flows through energy and transportation networks? This question is answered by using updated data, especially for digital economy. This study uses panel data for the Chinese provinces to investigate the impact of the digital economy in limiting CO2 emissions, taking into account GDP, exports and imports as control variables. Using method of moments quantile regression, we find a negative impact of digital economy and exports on consumption-based carbon emissions. Moreover, we find that GDP, and imports amplify consumption-based carbon emissions. Journal: Economic Research-Ekonomska Istraživanja Pages: 5469-5485 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2028179 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2028179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5469-5485 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013279_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aziz Kutlar Author-X-Name-First: Aziz Author-X-Name-Last: Kutlar Author-Name: Ahmet Gulmez Author-X-Name-First: Ahmet Author-X-Name-Last: Gulmez Author-Name: Ali Kabasakal Author-X-Name-First: Ali Author-X-Name-Last: Kabasakal Author-Name: Selahaddin Kutlar Author-X-Name-First: Selahaddin Author-X-Name-Last: Kutlar Title: Ecological footprint, energy usage, and economic progress relationship: the MINT countries Abstract: This study explores the relationship between energy usage, per capita income, and ecological footprint as an assessment for ecological deterioration in the MINT (Mexico, Indonesia, Nigeria, Turkey) countries for the 1976–2016 period. This work estimates the long-term correlation between variables using a vector error correction model through panel vector autoregression analysis. By incorporating endogenous interactions between the variables in the system, the VAR approach addresses the endogeneity problem. Also, the impulse response functions and the effects of variables on certain lags are evaluated. Then, the cointegration between variables has been estimated with dynamic and fully modified ordinary least squares panel analysis to assess the long-term relationship further. After the examinations, a satisfactory Granger causality result of the short-term variables could not be achieved. However, the same cannot be said for long-run causality. In the impulse-response functions, the interactions of the variables on each other are evaluated. Only the increase in energy consumption, whose coefficient is statistically significant and coherent, increases the flexibility of the ecological footprint. Journal: Economic Research-Ekonomska Istraživanja Pages: 4457-4480 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013279 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013279 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4457-4480 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2043763_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Baili Yang Author-X-Name-First: Baili Author-X-Name-Last: Yang Author-Name: Abraham Y. Nahm Author-X-Name-First: Abraham Y. Author-X-Name-Last: Nahm Author-Name: Zengji Song Author-X-Name-First: Zengji Author-X-Name-Last: Song Title: Succession in family business and environmental investment: the moderating role of external environment Abstract: After more than 40 years of opening the door to the outside world, Chinese family firms have developed rapidly, but also caused the problem of serious environmental pollution. The solution to the problem stems inevitably from the innovation in environmental protection technology. This means the environmental investment of family firms determines whether the enterprise can maintain sustainable development. However, Chinese family firms have been going through a critical period of intergenerational succession. This study aims to use the data of Chinese Shanghai and Shenzhen A-share listed family firms from 2013 to 2020 to study the relationship between intergenerational succession of family enterprises and environmental protection investment. We also examine the moderating role of the two different types of external environment – the government and the market. The regression results of the Tobit model of the full sample and subsample show that succession has a significant positive impact on family business environmental investment, and this impact is more significant in companies whose successors have overseas experience. Environmental regulation will strengthen the positive impact of succession on corporate environmental investment, while market competition will weaken it. Based on the findings, we also discuss policy recommendations. These findings are of great significance to the green and sustainable development of family firms. Journal: Economic Research-Ekonomska Istraživanja Pages: 5997-6015 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2043763 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2043763 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5997-6015 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1957971_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ge Song Author-X-Name-First: Ge Author-X-Name-Last: Song Author-Name: Zhiqing Xia Author-X-Name-First: Zhiqing Author-X-Name-Last: Xia Author-Name: Muhammad Farhan Basheer Author-X-Name-First: Muhammad Farhan Author-X-Name-Last: Basheer Author-Name: Syed Mehmood Ali Shah Author-X-Name-First: Syed Mehmood Ali Author-X-Name-Last: Shah Title: Co-movement dynamics of US and Chinese stock market: evidence from COVID-19 crisis Abstract: This paper aims to examine the co-movement between the two economic powers, namely the USA and China. The authors are mainly interested in examining the dynamics of co-movements during, and in the pre-covid periods. Additionally, they have aimed to examine the volatility spillover between USA and China, during and in the pre-covid periods. In order to achieve the research-based objectives, advanced econometrics models have been applied to the data from July1, 2010, to April 30, 2021. The results show that the sample market is integrated in the long run. The results also indicate that the behaviour of the Chinese market is same as the US market, and offers negligible opportunities for investors for diversification during this time. The findings indicate that the Ganger Causality between the stock markets during crisis is significantly higher than the pre-crisis period. The results of EGARCH model confirm the presence of asymmetric volatility spillover effects between the US and Chinese markets, during the considered time periods. This study also examines the co-movement in China, grounded upon the robust approach that facilitates examining the dependence structure between the sample variables. The findings offer valuable understanding for investors who are looking for investment diversification opportunities worldwide. Journal: Economic Research-Ekonomska Istraživanja Pages: 2460-2476 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1957971 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1957971 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2460-2476 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2045207_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hamid Baghestani Author-X-Name-First: Hamid Author-X-Name-Last: Baghestani Title: Forecasts of growth in US durables spending: assessing the usefulness of disaggregated consumer survey data Abstract: This study aims to improve the accuracy of the Federal Reserve forecasts of growth in durables spending using disaggregated consumer survey data. Test results for 1988–2016 indicate that these forecasts do (do not) contain past information in consumer durables-buying (home-buying) attitudes of 35–54-year-old participants, participants with a college degree, male participants, and participants with the top 33% income. Using real-time data on durables spending and information in consumer home-buying attitudes and expectations, we construct a knowledge model (KM) to generate comparable forecasts of growth in durables spending. Our results indicate that the one- and four-quarter-ahead KM forecasts can potentially help improve the accuracy of Federal Reserve forecasts. Further results indicate that the one- and four-quarter-ahead combined Federal Reserve and KM forecasts show significant reductions in forecast errors, meaning that there are accuracy gains from using disaggregated consumer survey data. The practical implication is that forecasters should pay special attention to consumer home-buying attitudes and expectations about future business conditions, and policymakers should make use of such survey measures in monitoring the economy in real time. Journal: Economic Research-Ekonomska Istraživanja Pages: 6067-6084 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2045207 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2045207 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6067-6084 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2035242_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Feng Zhang Author-X-Name-First: Feng Author-X-Name-Last: Zhang Author-Name: Yongming Huang Author-X-Name-First: Yongming Author-X-Name-Last: Huang Author-Name: Xiaoli Nan Author-X-Name-First: Xiaoli Author-X-Name-Last: Nan Title: Advanced research methods and their applications on the nexus of energy efficiency and environment: evidence from five RCEP economies Abstract: Using efficient and cleaner energy is environmentally friendly and is vital for combating the negative effect of emissions on the environment. Focusing on both developed and developing nations, it is important to report their environmental conditions while targeting economic and energy-related factors. In this regard, the current study is an attempt to investigate the influence of energy efficiency (ENEF), financial inclusion (FIN), economic growth (GDP), environmental-related technological innovation (ERTI), and human capital index (HCI) on the carbon dioxide (CO2) emissions for the five selected nations of RCEP. The variables are found associated in terms of long-run cointegration relationships. The panel quantile regression estimator is utilized for empirical estimations, which provide highly significant estimates across the three selected quantiles (25th, 50th and 75th). The results report that FIN and GDP significantly aggravate environmental degradation by enhancing the CO2 emission level, among which the strongest CO2 emission growth is found in the second quantile. Besides, the ENEF, ERTI and HCI significantly reduce CO2 emission. Based on the empirical findings, this study provides practical implication focusing on the improvement of energy efficiency policies and revising financial inclusion policies in promotion of green investments. Journal: Economic Research-Ekonomska Istraživanja Pages: 5676-5698 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2035242 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2035242 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5676-5698 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048199_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qiushuang Ren Author-X-Name-First: Qiushuang Author-X-Name-Last: Ren Author-Name: Guofeng Gu Author-X-Name-First: Guofeng Author-X-Name-Last: Gu Author-Name: Yinan Zhou Author-X-Name-First: Yinan Author-X-Name-Last: Zhou Author-Name: Zhiyu Zhang Author-X-Name-First: Zhiyu Author-X-Name-Last: Zhang Title: Research on the economic effect of employment structure change in heterogeneous regions: evidence from resource-based cities in China Abstract: The Report on the Work of the Chinese Government in 2021 emphasised that stable employment is the foundation of national development. Therefore, adjustment of the employment structure is one of the main routes for sustainable development of resource-based cities. However, the impact of employment structure on sustained economic growth, particularly in heterogeneous regions, has not yet been determined. This study analyses China’s employment structure’s spatial evolution, using panel data from 2004 to 2018 of 115 prefecture-level resource-based cities. It explores the driving factors and spatial effects of employment structure changes on economic growth through an extended two-sector economic growth model and spatial econometric model, and proposes solutions for heterogeneous regions. The results show that the labour productivity of the employed population in the secondary industry is the most important factor affecting economic growth, but the spatial effects of employment structure adjustment on economic growth are different in heterogeneous regions. They further reveal that improving the productivity of the employed population in the secondary industry and building an industrial system according to regional advantages are the top priorities for developing the sustainable economy of resource-based cities. Journal: Economic Research-Ekonomska Istraživanja Pages: 6364-6384 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048199 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048199 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6364-6384 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2021434_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jie Xie Author-X-Name-First: Jie Author-X-Name-Last: Xie Author-Name: Mingying Zhu Author-X-Name-First: Mingying Author-X-Name-Last: Zhu Title: What are the economic concerns on environment? Mapping the research trends and frontiers on air pollution and health Abstract: There is a growing body of economic literature focusing on the negative health effect of air pollution. This paper performs a data-driven analysis of 844 economic publications on air pollution and health in the last three decades. We provide a novel way to visualize the research patterns and features, including the numerical analysis, collaboration network analysis at macro-meso-micro levels, keyword co-occurrence network analysis, and co-citation connection analysis. Additionally, the comparison with the topic dendrogram in environmental science is supplemented to seek the potential research direction. The results reveal that the entire field is now experiencing the rapid development. United States has not only published the largest number of articles, but has also established the most extensive collaborations with other countries. Besides, there have developed a couple of stable cooperative teams consisting of the leading authors. Research topics are gradually leaning toward the developing countries, and research contents are turning to psychological health. More types of air pollutants are worthy of analysis in the future. Journal: Economic Research-Ekonomska Istraživanja Pages: 5070-5096 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2021434 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2021434 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5070-5096 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2042709_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Changqi Tao Author-X-Name-First: Changqi Author-X-Name-Last: Tao Author-Name: Ye Xu Author-X-Name-First: Ye Author-X-Name-Last: Xu Author-Name: YongZhang Peng Author-X-Name-First: YongZhang Author-X-Name-Last: Peng Author-Name: Hong Li Author-X-Name-First: Hong Author-X-Name-Last: Li Title: Driving mechanism and spatial effect of technological potential energy agglomeration promoting the development of high-tech industry Abstract: The current technological potential energy agglomeration situation and the driving mechanism for high-tech (HT) industry development can be clarified based on the front view of innovative behaviour. Thus, it can be defined using three dimensions: comprehensive innovation environment, innovation initiative and attraction of innovation factors. This study theoretically investigates the internal mechanism and spatial effect of technological potential energy agglomeration driving the development of the HT industry and establishes an empirical analysis using a general nested space model (GNS). China’s regional technological potential energy agglomeration level increases over time, and a ‘conduction’ development pattern spreading from the northeast to the southwest is observed. The diversified agglomeration of technological potential energy can significantly transform the low- and medium-tech (LMT) industry to the HT industry at the 1% level, with a driving force of 0.5994. The driving force of the specialised agglomeration is 0.2538, less than the diversified agglomeration. The specialised agglomeration of technological potential energy hinders the development of HT industries in neighbouring areas, as core technologies are excusive with limited innovation resources. Therefore, all provinces should promote HT industries by cultivating platforms for technological potential energy agglomeration, encouraging technological innovation, strengthening foreign trade and promoting institutional innovation. Journal: Economic Research-Ekonomska Istraživanja Pages: 5924-5946 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2042709 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2042709 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5924-5946 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2019599_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zeyun Li Author-X-Name-First: Zeyun Author-X-Name-Last: Li Author-Name: Siao-Yun Wei Author-X-Name-First: Siao-Yun Author-X-Name-Last: Wei Author-Name: Liang Chunyan Author-X-Name-First: Liang Author-X-Name-Last: Chunyan Author-Name: Mahfod Mobarak N. Aldoseri Author-X-Name-First: Mahfod Mobarak Author-X-Name-Last: N. Aldoseri Author-Name: Abdul Qadus Author-X-Name-First: Abdul Author-X-Name-Last: Qadus Author-Name: Sanil S. Hishan Author-X-Name-First: Sanil S. Author-X-Name-Last: Hishan Title: The impact of CSR and green investment on stock return of Chinese export industry Abstract: A green and sustainable business environment has gained the attention of recent researchers and policymakers due to environmental and social issues globally. Therefore, the present research investigates the impact of corporate social responsibilities (CSR), green investment, green credit, and assets return on the stock return of the Chinese export industry. This study has taken the ten top export companies from China using the database of the Shanghai stock exchange. This study collected data from financial statements and stock exchange databases from 2009 to 2020. This study has used panel data analysis techniques such as robust standard error and fixed effect model (FEM) to examine the relations among the variables. The results revealed that CSR, green investment, green credit, and return on assets have a significant and positive association with the stock return of selected industries. These results imply that CSR instigates higher financial performance in the export industry; thus, improving CSR and sustainable financing promote socio-economic and societal development. Journal: Economic Research-Ekonomska Istraživanja Pages: 4971-4987 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2019599 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2019599 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4971-4987 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1966639_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Guangtong Gu Author-X-Name-First: Guangtong Author-X-Name-Last: Gu Author-Name: Wenjie Zhu Author-X-Name-First: Wenjie Author-X-Name-Last: Zhu Author-Name: Chengjun Wang Author-X-Name-First: Chengjun Author-X-Name-Last: Wang Title: Time-varying influence of interest rates on stock returns: evidence from China Abstract: Whether a stock market should matter or not when monetary policy is concerned seems to be a controversial issue. The purpose of this study is to indicate whether the central bank should use monetary policy to help the stock market or not. Based on macroeconomic data such as interest rate and the stock market, we adopt a novel Bayesian time-varying regression model and determine that the impact of interest rate changes on stock returns varies over time in China, after controlling various macroeconomic factors. Although on average interest rates negatively impact stock price returns, they tend to have an abnormal positive effect at market high points, following a time-varying dynamic pattern. Surprisingly, during periods of overheated economic development, an increase in interest rates cannot suppress the rise in stock prices. Therefore, policymakers need to pay attention when accelerating the marketisation of interest rates and initiating the preventive role of timely and strategic adjustment of interest rates. Journal: Economic Research-Ekonomska Istraživanja Pages: 2510-2529 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1966639 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1966639 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2510-2529 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2019597_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fang Su Author-X-Name-First: Fang Author-X-Name-Last: Su Author-Name: Xiufang Liang Author-X-Name-First: Xiufang Author-X-Name-Last: Liang Author-Name: Sha Cai Author-X-Name-First: Sha Author-X-Name-Last: Cai Author-Name: Shaojian Chen Author-X-Name-First: Shaojian Author-X-Name-Last: Chen Author-Name: Shah Fahad Author-X-Name-First: Shah Author-X-Name-Last: Fahad Title: Assessment of parent-subsidiary companies’ geographical distance effect on corporate social responsibility: a case of A-share listed companies Abstract: Corporate Social Responsibility (CSR) is considered as an important business agenda in the current age. Based on the data of A-share listed companies from 2010 to 2020, this study used a fixed-effect model, heterogeneity analysis and intermediary effect test to investigate the relationship between parent-subsidiary geographical distance and CSR. Our study findings revealed that the parent-subsidiary companies’ geographic distance has a negative effect on CSR. Results of our study further indicated that the effect was more stronger for non-state-owned enterprises and the firms in the eastern region. Findings of our study also reported that the enterprise internal control had an obvious mediating effect in the association among parent-subsidiary companies’ geographic distance and CSR. The government needs to reinforce legal construction, actively guide enterprises to perform CSR through incentive measures, and implement special supervision on enterprises with a large number of subsidiaries. This study not only enriches the literature on the factors influencing corporate social responsibility but also provides a theoretical perspective and important ideas for the effective implementation of regional diversification and the improvement of CSR levels in practice. Journal: Economic Research-Ekonomska Istraživanja Pages: 4922-4946 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2019597 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2019597 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4922-4946 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1903333_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kai Pan Author-X-Name-First: Kai Author-X-Name-Last: Pan Author-Name: Xiao-Guang Yue Author-X-Name-First: Xiao-Guang Author-X-Name-Last: Yue Title: Multidimensional effect of covid-19 on the economy: evidence from survey data Abstract: This study aims to analyze the multidimensional effects of COVID-19 on the economy via considering the individuals and multi-sectors such as individuals/households, tourism, travel and transportation sector, environment, globalization, trade, economy, and the response of the government to the pandemic and also the economic and financial conditions of the respondents. Gathering primary data of 1015 sample sizes from eleven countries (including three countries from the top-ten most affected COVID-19 countries), the descriptive and graphical analysis and pre and post COVID-19 comparison confirmed the real impact of the global pandemic. All the mentioned sectors and the education and individual/household, are negatively affected except the environment positively affected. Based on the findings, policy recommendations are provided. Journal: Economic Research-Ekonomska Istraživanja Pages: 1658-1685 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1903333 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1903333 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1658-1685 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1931907_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Luqman Author-X-Name-First: Muhammad Author-X-Name-Last: Luqman Author-Name: Ugur Soytas Author-X-Name-First: Ugur Author-X-Name-Last: Soytas Author-Name: Yafei Li Author-X-Name-First: Yafei Author-X-Name-Last: Li Author-Name: Najid Ahmad Author-X-Name-First: Najid Author-X-Name-Last: Ahmad Title: Rewards and penalties in an evolutionary game theoretic model of international environmental agreements Abstract: The UNFCC on climate change specifies that all nations must follow the rule of ‘common’ with differentiation regarding their responsibilities for the protection of the global environmental system. Recently, the formulation and stability of the IEA have been increased in the literature by applying the concept of game theory to make the climate agreements successful at the national and the international level. This study provides a novel evolutionary game theoretic model of self-enforcing IEA to overcome the free rider problem. The fundamental difference between our paper and existing literature is that we examine enforcement within a model as IEA has a governing authority while the typical model of enforcement involves a government enforcing a rule that it has imposed. For this purpose, we assign countries into different grades according to their pollution levels, consider a combination of rewards and penalties, use replicator dynamics to derive the conditions for the population steady state, and examine how the proposed regulatory mechanism fares in this steady state. This framework enables us to avoid the free rider and renegotiation problems as well as the rationality assumption. We establish the condition for evolutionary stability. The global environmental problem is managed effectively as a reward-punishment scheme and the monitoring frequency of IEA fulfills this condition. Our results provide an allocation principal with stable conditions under which countries get more benefits by monitoring the IEA and stability of the grand coalition holds. Journal: Economic Research-Ekonomska Istraživanja Pages: 602-621 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1931907 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1931907 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:602-621 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985571_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Julita E. Wasilczuk Author-X-Name-First: Julita E. Author-X-Name-Last: Wasilczuk Author-Name: Katarzyna Stankiewicz Author-X-Name-First: Katarzyna Author-X-Name-Last: Stankiewicz Title: It is not OK but it works – unproductive entrepreneurship, the case of Poland Abstract: The concept of unproductive entrepreneurs was introduced to science by Baumol, who pointed out the differences in business output between countries. Unproductive behaviour of entrepreneurs is often a consequence of ineffective institutions used by entrepreneurs for rent seeking. The aim of this article is to examine subjective norms (S.N.) and attitudes regarding specified types of unproductive entrepreneurship, which in many cases takes the form of unethical or even unlawful behaviour among entrepreneurs in Poland. Examples of such behaviour are: bribery and tax evasion, burdensome lawsuits, often unfounded or lobbying. The structure of the research was based on Baumol’s work while the research model was based on Ajzen’s theory of planned behaviour (T.P.B.). In this article we argue that unproductive entrepreneurship in transforming economies is often forced by inefficient institutions and the desire to avoid bankruptcy. The results of the survey carried out among 270 Polish entrepreneurs indicated a permissive and subjective standard regarding tax evasion when the existence of their business is endangered, and more negative behavioural beliefs (B.B.) regarding the effectiveness of tax evasion than regarding the effectiveness of paying bribes (P.B.). Journal: Economic Research-Ekonomska Istraživanja Pages: 2943-2959 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985571 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985571 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2943-2959 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1997625_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ana-Maria Sandica Author-X-Name-First: Ana-Maria Author-X-Name-Last: Sandica Author-Name: Alexandra Fratila (Adam) Author-X-Name-First: Alexandra Author-X-Name-Last: Fratila (Adam) Title: Implications of macroeconomic conditions on Romanian portfolio credit risk. A cost-sensitive ensemble learning methods comparison Abstract: Credit risk assessment represents a key instrument in the decision-making of the banking and financial institutions. In this article, we present a framework for credit risk strategies to improve portfolio efficiency under a change of macroeconomic regime. The aim is to compare the accuracy of several ensemble methods (AdaBoost, Logit Boost, Gentle Boost and Random Forest) on a default retail Romanian loan portfolio under different risk adversity scenarios, a priori and posteriori the financial distress. Using cost-sensitive ensemble learning models, we concluded that regime-based credit strategy can offer a better alternative in both terms of loss allocated to the strategy as well as defaulters’ classification accuracy. Journal: Economic Research-Ekonomska Istraživanja Pages: 3571-3590 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1997625 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1997625 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3571-3590 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013276_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tingting Zhang Author-X-Name-First: Tingting Author-X-Name-Last: Zhang Author-Name: Zhenpeng Tang Author-X-Name-First: Zhenpeng Author-X-Name-Last: Tang Author-Name: Xiaoxu Du Author-X-Name-First: Xiaoxu Author-X-Name-Last: Du Author-Name: Linjie Zhan Author-X-Name-First: Linjie Author-X-Name-Last: Zhan Title: Research on systemic risk contagion of Chinese financial institutions based on GARCH-VMD-Copula-CoVaR model Abstract: With the development of China's financial market, the risk contagion effect among financial institutions is increasing and becoming more complicated. Few literatures have explored the risk transmission paths of Chinese financial institutions at different frequencies. In order to make up for the gaps in this research field, variable mode decomposition (VMD) technology is introduced in this paper, combined with the Copula-GARCH model to construct the GARCH-VMD-Copula-CoVaR model, which describes the risk contagion paths of major financial institutions in the Chinese financial market at different frequencies (long-term, medium-term and short-term). The research results show that risk dependence and contagion between financial institutions have the characteristics of bidirectionality, asymmetry and time-varying in all frequency studies, and there are differences in different frequencies. Journal: Economic Research-Ekonomska Istraživanja Pages: 4404-4424 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013276 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013276 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4404-4424 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1987288_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Antonio Hidalgo Author-X-Name-First: Antonio Author-X-Name-Last: Hidalgo Author-Name: Ángel Palomares Author-X-Name-First: Ángel Author-X-Name-Last: Palomares Title: Innovation management in the aeronautical sector: the 5F3D model Abstract: The aeronautical sector is one of the most innovative sectors internationally due to the rigorous levels of safety and quality required of aircrafts. However, we currently have limited knowledge of how firms develop the innovation management processes. The present study proposes an innovation model to evaluate how the innovation is strategically managed through factors and determinants that enable the innovation processes in an aeronautical firm. Based on a case study to a relevant firm in the aeronautical sector, the results show the validity of the proposed model and evaluate the efficiency and robustness of the innovation management process in the aeronautical firm by means of the definition of three indexes. An index of innovation indicates the development of the innovation management process of the analyzed firm. A second index measures the maturity of the determinants that enables the innovation in the firm, and a third index measures the level of global maturity of the innovation process. Journal: Economic Research-Ekonomska Istraživanja Pages: 3225-3242 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1987288 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1987288 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3225-3242 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2019077_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zheng Wu Author-X-Name-First: Zheng Author-X-Name-Last: Wu Author-Name: Huchang Liao Author-X-Name-First: Huchang Author-X-Name-Last: Liao Title: Multi-criteria group decision making with a partial-ranking-based ordinal consensus reaching process for automotive development management Abstract: The consensus reaching process (CRP) aims at reconciling the conflicts between individual preferences when eliciting collective preferences. The ordinal CRP based on the positional orders of alternatives in linear rankings is straightforward and robust; however, for partial rankings involving preference, indifference and incomparability relations, there is no explicit positional order but are binary relations. This study focuses on partial rankings that may occur when using the ORESTE (organísation, rangement et Synthèse de données relarionnelles, in French) method for making decisions, and designs an ordinal CRP pertaining to the binary relations of alternatives. Concretely, we propose an enhanced ordinal consensus measure with two hierarchies to measure the agreement levels between individual partial rankings. Consensus degrees are calculated based on the frequency distribution of binary relation types, which can avoid subjective axiomatic assumptions on the relations themselves. Besides, a consensus threshold determination method close to cognitive expression is developed. A feedback mechanism is designed to aid experts to modify preferences towards group consensus. An example about the evaluation of automotive design schemes is presented to validate the proposed ordinal CRP. A ranking result that allows the incomparability relations of design schemes is obtained after the information exchange among experts. Journal: Economic Research-Ekonomska Istraživanja Pages: 4839-4864 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2019077 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2019077 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4839-4864 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013275_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lenka Ližbetinová Author-X-Name-First: Lenka Author-X-Name-Last: Ližbetinová Author-Name: Pavla Lejsková Author-X-Name-First: Pavla Author-X-Name-Last: Lejsková Author-Name: Eva Nedeliaková Author-X-Name-First: Eva Author-X-Name-Last: Nedeliaková Author-Name: Zdeněk Caha Author-X-Name-First: Zdeněk Author-X-Name-Last: Caha Author-Name: Miloš Hitka Author-X-Name-First: Miloš Author-X-Name-Last: Hitka Title: The growing importance of ecological factors to employees in the transport and logistics sector Abstract: The motivational preferences of employees can be statistically determined, but not lifted out of context in terms of the field they work in. The transport and logistics sector is undergoing a significant transformation, characterised by new technological solutions in everyday practice. It is a sector subject to a high number of legislative, economic, social, technological and environmental changes. Such changes have a secondary influence on the expectations, values and therefore preferences and job satisfaction of employees. The objective of this contribution is to identify the development of the motivational preferences of employees in the transport and logistics sector over time. These changes are monitored within the context of key changes and the strategic direction of the sector. The achievement of the objective is based on the partial results of research conducted by means of a questionnaire survey (n = 3,543) on motivational preferences and job satisfaction within the field. The ANOVA test and Tukey’s HSD test were used for the verification of the hypotheses. The results show that employee preferences are changing significantly, with the most significant increase being identified in the case of social factors (environmental approach, corporate vision and regional development), reflecting current green innovation trends in the sector. Also, employees perceive education and professional growth, self-realisation, competencies, corporate prestige, physical and mental demands, content and type of work, working hours and environment and such feedback on results as increasingly important. On the other hand, there is declining emphasis on basic salary. Journal: Economic Research-Ekonomska Istraživanja Pages: 4379-4403 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013275 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013275 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4379-4403 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1924217_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Antonio Marín-García Author-X-Name-First: Antonio Author-X-Name-Last: Marín-García Author-Name: Irene Gil-Saura Author-X-Name-First: Irene Author-X-Name-Last: Gil-Saura Author-Name: María-Eugenia Ruiz-Molina Author-X-Name-First: María-Eugenia Author-X-Name-Last: Ruiz-Molina Title: Do innovation and sustainability influence customer satisfaction in retail? A question of gender Abstract: As a consequence of advances in the digitisation process and increased consumer awareness of social, economic and environmental issues, more and more companies are embarking on innovative and sustainable initiatives in response to these new demands. However, given the nature and scope of these practices, research in this direction has not reported clarifying results to date, especially when pursuing a marketing approach to their analysis. Through this research, it is intended to test a model that makes it possible to analyse the effect of innovative and sustainable actions on retail and explain their contribution to customer satisfaction. To do this, this research is based on those studies stating that the progress in retailing is based on two main pillars: innovation and sustainability. From a sample of 510 customers across three retail business formats, empirical evidence has been obtained that both innovation and sustainability drive customer satisfaction, but in a different way according to gender, evidencing the moderating nature of this last variable when explaining satisfaction. In this way, the study highlights that the path to achieving satisfaction in retail trade requires the promotion of both innovative (product, marketing and relational innovation) and sustainable (environmental, social and economic) practices, especially in the case of women. Journal: Economic Research-Ekonomska Istraživanja Pages: 546-563 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1924217 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1924217 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:546-563 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1925573_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Teddy Lazebnik Author-X-Name-First: Teddy Author-X-Name-Last: Lazebnik Author-Name: Labib Shami Author-X-Name-First: Labib Author-X-Name-Last: Shami Author-Name: Svetlana Bunimovich-Mendrazitsky Author-X-Name-First: Svetlana Author-X-Name-Last: Bunimovich-Mendrazitsky Title: Spatio-Temporal influence of Non-Pharmaceutical interventions policies on pandemic dynamics and the economy: the case of COVID-19 Abstract: We have developed an extended mathematical graph-based spatial-temporal SIR model, allowing a multidimensional analysis of the impact of non-pharmaceutical interventions on the pandemic spread, while assessing the economic losses caused by it. By incorporating into the model dynamics that are a consequence of the interrelationship between the pandemic and the economic crisis, such as job separation not as a result of workers’ morbidity, analysis were enriched. Controlling the spread of the pandemic and preventing outbreaks have been investigated using two NPIs: the duration of working and school days and lockdown to varying degrees among the adult and children populations. Based on the proposed model and data from the Israeli economy, allowing 7.5 working hours alongside 4.5 school hours would maximise output and prevent an outbreak, while minimising the death toll (0.48% of the population). Alternatively, an 89% lockdown among children and a 63% lockdown among adults will minimise the death toll (0.21%) while maximising output and preventing outbreaks. Journal: Economic Research-Ekonomska Istraživanja Pages: 1833-1861 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1925573 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1925573 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1833-1861 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1926716_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: Statement of Retraction: Research on the coordinated development of environmental protection and industry in poverty alleviation under uncertainty Journal: Economic Research-Ekonomska Istraživanja Pages: 583-583 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1926716 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1926716 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:583-583 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1960578_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sara Javed Author-X-Name-First: Sara Author-X-Name-Last: Javed Author-Name: Md. Salamun Rashidin Author-X-Name-First: Md. Salamun Author-X-Name-Last: Rashidin Author-Name: Yun Xiao Author-X-Name-First: Yun Author-X-Name-Last: Xiao Title: Investigating the impact of digital influencers on consumer decision-making and content outreach: using dual AISAS model Abstract: With exponential rise of social media, marketers identify the power and effectiveness of influencer’s advertising on social networking site (SNS). Despite comprehensive understanding of the effects of influencers, their outreach to large audience is yet to be addressed. In this article, we have investigated the effects of fashion influencers on consumers’ decision-making processes and their content outreach on Instagram by embracing new behavioral consumption model ‘dual AISAS model’, which is upgraded version of AISAS Model. It is based on theoretical grounding theory of buying behavior and multi-step flow theory. Both offline and online surveys were conducted involving 969 Pakistan Instagram users following digital influencers. Valid data was assessed and analyzed through structural equation modeling. Our findings demonstrate that every path in dual AISAS model is found significant and have profound effect. It reveals that fashion influencers exert powerful influence on consumers’ decision-making process. Being so influential, they grab the consumers’ attention immediately, engage them, and get wider outreach by upturn in consumer intention in order to spread the fashion content within private networks as well as extended networks. The findings hold robust implications to both theory and practice. Some limitations of the present study offer boulevards to future scholars. Journal: Economic Research-Ekonomska Istraživanja Pages: 1183-1210 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1960578 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1960578 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1183-1210 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1968309_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Daiwei Jiang Author-X-Name-First: Daiwei Author-X-Name-Last: Jiang Author-Name: Yixin Chang Author-X-Name-First: Yixin Author-X-Name-Last: Chang Author-Name: Fanglei Zhong Author-X-Name-First: Fanglei Author-X-Name-Last: Zhong Author-Name: Wenge Yao Author-X-Name-First: Wenge Author-X-Name-Last: Yao Author-Name: Yongnian Zhang Author-X-Name-First: Yongnian Author-X-Name-Last: Zhang Author-Name: Xiaojiang Ding Author-X-Name-First: Xiaojiang Author-X-Name-Last: Ding Author-Name: Chunlin Huang Author-X-Name-First: Chunlin Author-X-Name-Last: Huang Title: Future growth pattern projections under shared socioeconomic pathways: a municipal city bottom-up aggregated study based on a localised scenario and population projections for China Abstract: Precise multi-scenario projections of future economic outputs based on localised interpretations of global scenarios and major growth drivers are important for understanding long-term economic changes. However, few studies have focussed on localised interpretations, and many assume regional uniformity or use key parameters that are recursive or extrapolated by mathematical methods. This study provides a more intuitive and robust economic framework for projecting regional economic growth based on a neoclassical economic model and shared socioeconomic pathways (SSPs) scenarios. A non-uniform version of SSP2 (the middle-of-the-road scenario) was developed, and more detailed population projections for China were adopted using municipal-level data for 340 districts and parameter settings based on China’s recent development. The results show that China’s GDP will vary substantially across SSPs by 2050. Per capita GDP ranges from 19,300 USD under SSP3 (fragmentation) to 41,100 USD under SSP5 (conventional development). Per capita GDP under SSP1 (sustainability) is slightly higher than under SSP2, but lower on average than under SSP5. However, SSP1 is a better choice overall because environmental quality and equity are higher. Per capita GDP growth will generally be higher in relatively low-income regions by 2050, and the upper-middle-income provinces will become China’s new engine for economic growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 2574-2595 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1968309 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1968309 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2574-2595 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1942119_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jian Cheng Author-X-Name-First: Jian Author-X-Name-Last: Cheng Author-Name: Xue Gao Author-X-Name-First: Xue Author-X-Name-Last: Gao Author-Name: Chafic Saliba Author-X-Name-First: Chafic Author-X-Name-Last: Saliba Author-Name: Hazar Dördüncü Author-X-Name-First: Hazar Author-X-Name-Last: Dördüncü Title: Examine the nexus between covid-19 and tourism: evidence from Beijing Abstract: The novel Covid-19 outbreak has adversely affected every sector of the economy, including the tourism and hospitality sectors. Holding the importance as one of the leading contributors to economic growth, and accommodating a large percentage of the labor force, this study has investigated the impact of Covid-19 on the tourism economy of Beijing (the capital of China), which is one of the leading tourist destinations of China. For this purpose, primary data with 385 sample sizes have been collected via random sampling techniques from the tourism-related respondents. This data has been analyzed using the simple descriptive analysis, graphical estimations, and categorization techniques. The findings of the study show that Covid-19 exerts a negative influence on the tourism and hospitality sector. Specifically, a reduction in the international tourists' arrival has reduced revenue generation, indirectly reducing the contribution to the GDP by many factors. These factors include an increase in the unemployment ratio, cut-off salaries, increases in expenditures, and a decline in the tax payments. However, lack of adequate response from the government in the context of the tourism sector has further fueled the adverse outcomes of Covid-19, leading the industry to a shut-down condition for most firms in this geographical area. Journal: Economic Research-Ekonomska Istraživanja Pages: 2365-2385 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1942119 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1942119 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2365-2385 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1931914_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yinpeng Zhang Author-X-Name-First: Yinpeng Author-X-Name-Last: Zhang Author-Name: Ying Chen Author-X-Name-First: Ying Author-X-Name-Last: Chen Author-Name: You Wu Author-X-Name-First: You Author-X-Name-Last: Wu Author-Name: Panpan Zhu Author-X-Name-First: Panpan Author-X-Name-Last: Zhu Title: Investor attention and carbon return: evidence from the EU-ETS Abstract: This paper firstly puts forward to employ investor attention obtained from Google trends to explain and forecast carbon futures return in the European Union-Emission Trading Scheme (EU-ETS). Our empirical results show that investor attention is a granger cause to changes in carbon return. Furthermore, investor attention generates both linear and non-linear effects on carbon return. The results demonstrate that investor attention shows excellent explanatory power on carbon return. Moreover, we conduct several out-of-sample forecasts to explore the predictive power of investor attention. The results indicate that incorporating investor attention indeed improve the accuracy of out-of-sample forecasts both in short and long horizons and can generate significant economic values. All results demonstrate that investor attention is a non-negligible pricing factor in carbon market. Journal: Economic Research-Ekonomska Istraživanja Pages: 709-727 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1931914 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1931914 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:709-727 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1997624_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Danica Bakotić Author-X-Name-First: Danica Author-X-Name-Last: Bakotić Title: How do demographic characteristics relate to organizational commitment? Evidence from Croatia Abstract: Organizational commitment gets significant attention from both scientists and practitioners alike since the 1950s. This interest is evident in the literature in the area of management and organizational behaviour, in an impressive number of studies exploring the nature, antecedents, and outcomes of organizational commitment. The aim of this paper is to contribute to the clarification of the relationship between employees’ demographic characteristics and their organizational commitment, since research studies imply mainly inconsistent results about this relationship. The empirical research was carried out in Croatia. The research sample includes 304 employees. A self-developed questionnaire was used for data collection, specifically about gender, age, tenure, education, and marital status. In order to assess organizational commitment, the Organizational Commitment Scale was applied. Research results showed no differences in organizational commitment regarding the employees’ gender or marital status, while the differences in employees’ organizational commitment exist regarding employees’ age, tenure in organization and education. Dwelling into these differences, this paper demonstrates that the level of organizational commitment varies according to different subcategories of each demographic characteristic. In addition, this paper explains the origin and possible reasons of differences in organizational commitment regarding the different subcategories of each demographic characteristic. Journal: Economic Research-Ekonomska Istraživanja Pages: 3551-3570 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1997624 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1997624 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3551-3570 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985565_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sebastian Lazăr Author-X-Name-First: Sebastian Author-X-Name-Last: Lazăr Author-Name: Alin Marius Andrieș Author-X-Name-First: Alin Marius Author-X-Name-Last: Andrieș Title: Effective tax rates for bank entities across European Union. The role of loan loss provisions Abstract: The paper investigates the impact of loan loss provisions (LLPs) on bank-specific effective tax rates (ETRs) using data of 2943 banks from European Union during 2007-2014.As control variables we used size, equity, fixed assets and return on assets (ROA), while the specific country-year tax reforms were captured using Devereux-Griffith effective tax rates. The results prove robust to different model estimators and sample selections, which suggests that LLPs act systematically towards the reduction of the bank entities’ corporate tax burden. When distinguishing between two banking business models, respectively shareholders-value (commercial banks) and stakeholders-value banks (savings and cooperative banks), empirical findings indicate that provisions negatively affects the former (commercial banks) specific ETRs, whereas for the latter (savings and cooperative banks), no statistical significant effect was detected. From policy perspective, in the context of the switch from the incurred-loss model to the expected-loss model with respect to LLPs (IFRS 9), this may signal additional tax bill reduction for bank entities, if decision makers fail to react promptly. Finally, looking at types of banks investigated, the results show that among all three categories of banks, commercial banks manage to avoid the increase of tax bill driven by some bank-specific determinants (i.e. ROA), while maximizing the tax savings driven by others (i.e. capital intensity), thus suggesting more tax planning oriented behaviour as compared to savings and cooperative banks. Journal: Economic Research-Ekonomska Istraživanja Pages: 1581-1603 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985565 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985565 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1581-1603 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2023604_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lin Geng Author-X-Name-First: Lin Author-X-Name-Last: Geng Author-Name: Xiaozhong Cui Author-X-Name-First: Xiaozhong Author-X-Name-Last: Cui Author-Name: Rabia Nazir Author-X-Name-First: Rabia Author-X-Name-Last: Nazir Author-Name: Nguyen Binh An Author-X-Name-First: Nguyen Author-X-Name-Last: Binh An Title: How do CSR and perceived ethics enhance corporate reputation and product innovativeness? Abstract: Market competitiveness is considered a core business objective besides profit-making in the current business environment, which instigates organisations to remain ethically and socially responsible. This leads to implied pressure on the organisation, whereas consumers expect to deal with ethically and socially responsible organisations. Therefore, this study explores the role of perceived corporate social responsibility (CSR) and ethics, which derives the organisational brand reputation and product innovativeness. The data was collected from 418 respondents, and partial least squares structural equation modelling (PLS-SEM) was applied for predicting the hypothesised relationships. The results revealed the positive and significant hypothesised relationships. As per findings, CSR and ethics positively correlated with product innovativeness, brand equity, and customer trust. Based on the results, organisations are advised to have transparency and higher compliance towards ethics and CSR strategies. In contrast, organisations need to have good communication of their adherence, which can further assist them in improving the customer base and maintaining the competitive advantage. These outcomes offer valuable policies. Journal: Economic Research-Ekonomska Istraživanja Pages: 5131-5149 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2023604 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2023604 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5131-5149 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2010112_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mei Ling Wang Author-X-Name-First: Mei Ling Author-X-Name-Last: Wang Author-Name: Vincent Sarkodie Ntim Author-X-Name-First: Vincent Sarkodie Author-X-Name-Last: Ntim Author-Name: Jiameng Yang Author-X-Name-First: Jiameng Author-X-Name-Last: Yang Author-Name: Qiongjie Zheng Author-X-Name-First: Qiongjie Author-X-Name-Last: Zheng Author-Name: Limin Geng Author-X-Name-First: Limin Author-X-Name-Last: Geng Title: Effect of institutional quality and foreign direct investment on economic growth and environmental quality: evidence from African countries Abstract: This study applies the method of the fully modified ordinary least squares (FMOLS) method and the vector error correction model (VECM) to explore whether institutional quality (IQ) and foreign direct investment (FDI) promoted economic growth (EG) and environmental quality (EQ) in oil-producing and non-oil-producing African countries from 1999 to 2017. The FMOLS findings demonstrate that IQ significantly promoted EG and improved EQ in the non-oil-producing countries, however it only improved EQ and showed no significant impact on EG in oil-producing countries. FDI significantly promoted EG to a higher extent in oil-producing countries than in non-oil-producing countries, but it presented no significant impact on EQ in both groups. The VECM results reveal that (i) two-way causation among IQ and EG, IQ and EQ, FDI and EG, and FDI and EQ was occurred in both groups, in the long-run. (ii) two-way causation among FDI and EQ and one-way causation from FDI to EG was observed in non-oil-producing countries in the short-run. Moreover, two-way causation among IQ and EG, and one-way causation from IQ to EQ were observed in non-oil-producing countries. To realize the sustainable development of economy and environment, a series of policy suggestions have been discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 4065-4091 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2010112 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2010112 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4065-4091 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2029713_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shah Fahad Author-X-Name-First: Shah Author-X-Name-Last: Fahad Author-Name: Faisal Alnori Author-X-Name-First: Faisal Author-X-Name-Last: Alnori Author-Name: Fang Su Author-X-Name-First: Fang Author-X-Name-Last: Su Author-Name: Jian Deng Author-X-Name-First: Jian Author-X-Name-Last: Deng Title: Adoption of green innovation practices in SMEs sector: evidence from an emerging economy Abstract: In developing world, awareness and environmental concerns are forcing small and medium-sized enterprises to adopt green practices. Hence it is important to distinguish the major obstacles/barriers which hinders the adoption of green practices in SMEs. This study utilizes a framework (three-phase) to classify the major barriers/obstacles and solutions to eliminate these obstacles in green innovation adoption. In total, twenty-five barriers and fifteen solutions were recognized through review of existing literature and experts opinions. Fuzzy Analytical Hierarchal Process (AHP) was utilized to rank these barriers and Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) is employed to give appropriate ranks to strategies/solutions to overcome the identified obstacles. The findings of our study revealed that out of six major barriers, legal barriers were the most critical obstacles in green innovation adoption in Pakistani SMEs. Information barriers were the second critical green innovation adoption obstacles/barriers in SMEs, followed by technical-barriers, managerial-barriers, economic-barriers and market-barriers. These findings will offer insights to SMEs stockholders to overcome and eradicate barriers to green innovation, who intend to adopt green practices instead of conventional ones. Our study analysis will assist SMEs in prioritizing the major factors influencing green innovation adoption. Journal: Economic Research-Ekonomska Istraživanja Pages: 5486-5501 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2029713 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2029713 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5486-5501 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2021098_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yan Chen Author-X-Name-First: Yan Author-X-Name-Last: Chen Author-Name: Zezhou Xu Author-X-Name-First: Zezhou Author-X-Name-Last: Xu Author-Name: Wenqiang Yu Author-X-Name-First: Wenqiang Author-X-Name-Last: Yu Title: Agent-based artificial financial market with evolutionary algorithm Abstract: In traditional financial studies, existing approaches are unable to address increasingly complex problems. In this paper, an artificial financial market is proposed, in accordance with the adaptation market hypothesis, using artificial intelligence algorithms. This market includes three types of agents with different investments and risk preferences, representing the heterogeneity of traders. Genetic network programming is combined with a state-action-reward-state-action (SARSA)(λ) algorithm for designing the market to reflect the adaptation of technical agents. A pricing mechanism is taken into consideration, based on the auction mechanism of the Chinese securities market. The characteristics of price time series are analyzed to determine whether excessive volatility exists in four different markets. Explanations are provided for the corresponding financial phenomena considering the hypotheses under the proposed novel artificial financial market. Journal: Economic Research-Ekonomska Istraživanja Pages: 5037-5057 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2021098 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2021098 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5037-5057 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1929374_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Elie Bouri Author-X-Name-First: Elie Author-X-Name-Last: Bouri Author-Name: Muhammad Abubakr Naeem Author-X-Name-First: Muhammad Abubakr Author-X-Name-Last: Naeem Author-Name: Safwan Mohd Nor Author-X-Name-First: Safwan Mohd Author-X-Name-Last: Nor Author-Name: Imen Mbarki Author-X-Name-First: Imen Author-X-Name-Last: Mbarki Author-Name: Tareq Saeed Author-X-Name-First: Tareq Author-X-Name-Last: Saeed Title: Government responses to COVID-19 and industry stock returns Abstract: Governments around the world have responded to the COVID-19 outbreak with a mix of policies. The strictest responses of the New Zealand government are notable, given their abilities to contain and limit the spread of the virus. However, their impacts on stock returns remain unclear. This paper investigates the impact of three policies, namely lockdown, the stimulus package, and the travel ban, on the returns of 14 New Zealand industry stock indices. Using daily data from 1 January 2019 to 25 August 2020, evidence points to a heightened level of integration among the various industry stock indices during the early stages of the pandemic. Only lockdown has had a positive impact on aggregate stock returns, suggesting its ability to raise investors’ confidence in the overall stock market. At the industry level, the impact of the three response policies is generally positive but heterogeneous across industry stock indices. Notably, none of the three adopted policies significantly impact technology, healthcare, and real estate returns. Journal: Economic Research-Ekonomska Istraživanja Pages: 1967-1990 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1929374 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1929374 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1967-1990 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2028176_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ren Junfeng Author-X-Name-First: Ren Author-X-Name-Last: Junfeng Author-Name: Ma Yechi Author-X-Name-First: Ma Author-X-Name-Last: Yechi Author-Name: Panteha Farmanesh Author-X-Name-First: Panteha Author-X-Name-Last: Farmanesh Author-Name: Sana Ullah Author-X-Name-First: Sana Author-X-Name-Last: Ullah Title: Managing transitions for sustainable economic development in post-COVID world: do fiscal and monetary support matter? Abstract: The COVID-19 pandemic has proved itself to be the most disastrous global phenomenon for economies and societies all across the world. Therefore, keeping this under consideration, this study explores the effectiveness of the fiscal and monetary policies for economic development in the post-COVID period, based on a sample of the BRICS-T countries, over the time period pertaining to 2015Q1-2021Q2. For the empirical investigation, the study has employed the ARDL-PMG approach. The empirical findings of the study have revealed that the fiscal policy effectively contributed towards the economic development in the time duration of the COVID pandemic thus far. However, the COVID-19 pandemic shocks have also resulted in the deterioration of economic development. Our empirical results also put forth critical policy implications. Therefore, in the post-pandemic period, expedient fiscal and monetary policies are requisites in order to achieve sustainable economic development. Journal: Economic Research-Ekonomska Istraživanja Pages: 5420-5433 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2028176 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2028176 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5420-5433 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1977671_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiang Li Author-X-Name-First: Xiang Author-X-Name-Last: Li Author-Name: Xindong Zhao Author-X-Name-First: Xindong Author-X-Name-Last: Zhao Title: Does low birth rate affect China’s total factor productivity? Abstract: This study uses the DEA-Malmquist method to measure total factor productivity by employing the provincial panel data from 1998 to 2017 in China and constructing a panel data model to test the relationship between birth rate and human capital and the influence of labour in different age groups on total factor productivity. It was found that the increase in the birth rate has a significantly negative effect on human capital accumulation, while the effect of the birth rate on human capital shows an inverted ‘U’ shape. That is, when birth rate decreases, human capital increases, and when birth rate increases, human capital decreases. Thus, too low or too high birth rates will reduce human capital. Ultimately, human capital accumulation will significantly promote the growth and decomposition of total factor productivity. The effect of the labour age structure on total factor productivity also shows an inverted ‘U’ shape. Labour between 40 and 49 years old contributes the most to the promotion of total factor productivity. Eventually, due to the low birth rates, the proportion of 50-59 years old will keep at high level. Therefore, total factor productivity will decline significantly. Journal: Economic Research-Ekonomska Istraživanja Pages: 2712-2731 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1977671 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1977671 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2712-2731 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985577_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Author-Name: Alper Aslan Author-X-Name-First: Alper Author-X-Name-Last: Aslan Author-Name: Buket Altinoz Author-X-Name-First: Buket Author-X-Name-Last: Altinoz Title: Investigating the nexus between CO2 emissions, economic growth, energy consumption and pilgrimage tourism in Saudi Arabia Abstract: Every year millions of Muslims go to Saudi Arabia to fulfil pilgrimage worship, thus Saudi Arabia is such a religious centre brings with it various consequences. In this context, this paper investigates the nexus between CO2 emissions, economic growth, energy consumption and pilgrimage tourism in Saudi Arabia for the period of 1968–2017. The dynamic ordinary least squares (DOLS) and fully-modified ordinary least squares (FMOLS) methods are employed in this study. FMOLS results prove that energy consumption, number of pilgrims and oil prices have a positive effect on CO2 emissions and GDP has a negative effect on it, while DOLS results imply that only energy consumption has a positive effect on carbon emissions. In addition, there is unidirectional causality from CO2 to pilgrimage tourism and from pilgrimage tourism to oil, and there is bidirectional causality between pilgrimage tourism and GDP. Therefore, the environmental cost of pilgrimage tourism is inevitable. Reflections of pilgrimage visits to Saudi Arabia as a belief tourism are dealt with for the first time in this paper. In addition, our more specific purpose is to determine the environmental impacts of Muslims performing the pilgrimage, during their religious worship. Journal: Economic Research-Ekonomska Istraživanja Pages: 3083-3098 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985577 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985577 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3083-3098 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1974307_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Loris Benassi Author-X-Name-First: Loris Author-X-Name-Last: Benassi Author-Name: Iva Blažević Author-X-Name-First: Iva Author-X-Name-Last: Blažević Author-Name: Dea Janković Author-X-Name-First: Dea Author-X-Name-Last: Janković Title: Physical activity and nutrition of children in primary education Abstract: Physical inactivity is the fourth major cause of mortality in the world, so the World Health Organisation advises for children and adolescents to accumulate moderate physical activity at least 60 minutes a day with the aim to preserve health and prevent the occurrence of various chronic diseases. Elevated overweight and obesity, besides in adulthood, occur increasingly more in childhood. The aim of the research is to determine the level of nutrition and physical activity of younger school children, as well as the differences between girls and boys. The results obtained on a sample of 265 participants of a younger school age show that girls and boys have a normal nutritional level in the first and third grade, while for girls and boys of the second and fourth grade an elevated level of the body mass index (BMI) was noticed. Results show that most girls and boys of a younger school age do sports in their free time, and that they spend approximately 2 to 3 hours a day outdoors. Boys usually train three times a week, girls train two times a week, while the average boys’ training lasts 60, and the girls’ training 75 minutes. Journal: Economic Research-Ekonomska Istraživanja Pages: 2654-2667 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1974307 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1974307 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2654-2667 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1893203_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bo Li Author-X-Name-First: Bo Author-X-Name-Last: Li Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Title: A comprehensive bibliometric analysis of financial innovation Abstract: Derived from the viewpoint put forward by Joseph Alois Schumpeter in 1912, financial innovation (FI) has made great achievements, mainly reflected in the innovations of organisation system, management, financial market, financial business and instruments, and financial technology, etc. Based on the existing publications in the field of FI, this paper conducts a comprehensive analysis and discussion. Firstly, according to the Web of Science (WoS), 1,341 publications are obtained. Considering the foundational characteristics, citation structure and cooperation relationship of publications, the bibliometric analysis results are presented at the levels of countries/regions, institutions, authors and publications, respectively. Then, this paper investigates some deep researches, including the burst detection analysis, co-occurrence analysis and timeline analysis. Finally, combining the analysis results with the current financial environment and the influential event (i.e., COVID-19), this paper further discusses the current challenges and future possible extension trends. Accordingly, a relatively throughout perspective for the FI documents is provided, which will help the scholars interested in this area conduct deep research. Journal: Economic Research-Ekonomska Istraživanja Pages: 367-390 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1893203 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1893203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:367-390 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2054453_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jung-Bin Su Author-X-Name-First: Jung-Bin Author-X-Name-Last: Su Title: Structural change in the correlation, return and volatility spillovers: evidence from the oil, stock and exchange rate markets in the United States Abstract: The present study employed a bivariate GJR-GARCH-MX-t model with a Structural break (SB) to explore the status variation of five financial features in three markets in the United States (US) that arose as a result of the shocks from both the global financial crisis (GFC) and subsequently quantitative easing (QE) policies. The results showed that the GFC and QE first cause a SB at the oil market and the stock market; the SB did not occur in the exchange rate (FX) market. Moreover, before and after the SB, the status of the three types of pairwise markets′ interaction indicators was significantly different, especially for the oil-stock paired market data. However, the status of the two single market indicators was almost the same, especially for the FX market data. In addition, during the two subperiods the stock market and the FX market dominated in the case of the return and volatility spillovers, respectively. Journal: Economic Research-Ekonomska Istraživanja Pages: 6918-6944 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2054453 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2054453 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6918-6944 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1968308_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wei Zhou Author-X-Name-First: Wei Author-X-Name-Last: Zhou Author-Name: Wenqiang Zhu Author-X-Name-First: Wenqiang Author-X-Name-Last: Zhu Author-Name: Yan Chen Author-X-Name-First: Yan Author-X-Name-Last: Chen Author-Name: Jin Chen Author-X-Name-First: Jin Author-X-Name-Last: Chen Title: Dynamic changes and multi-dimensional evolution of portfolio optimization Abstract: Although there has been an increasing number of studies investigate portfolio optimization from different perspectives, few attempts could be found that focus on the development trend and hotspots of this research area. Therefore, it motivates us to comprehensively investigate the development of portfolio optimization research and give some deep insights into this knowledge domain. In this paper, some bibliometric methods are utilized to analyse the status quo and emerging trends of portfolio optimization research on various aspects such as authors, countries and journals. Besides, ‘theories’, ‘models’ and ‘algorithms’, especially heuristic algorithms are identified as the hotspots in the given periods. Furthermore, the evolutionary analysis tends to presents the dynamic changes of the cutting-edge concepts of this research area in the time dimension. It is found that more portfolio optimization studies were at an exploration stage from mean-variance analysis to consideration of multiple constraints. However, heuristic algorithms have become the driving force of portfolio optimization research in recent years. Multi-disciplinary analyses and applications are also the main trends of portfolio optimization research. By analysing the dynamic changes and multi-dimensional evolution in recent decades, we contribute to presenting some deep insights of the portfolio optimization research directly, which assists researchers especially beginners to comprehensively learn this research field. Journal: Economic Research-Ekonomska Istraživanja Pages: 1431-1456 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1968308 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1968308 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1431-1456 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048201_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kai Zhao Author-X-Name-First: Kai Author-X-Name-Last: Zhao Author-Name: Wan-shu Wu Author-X-Name-First: Wan-shu Author-X-Name-Last: Wu Author-Name: Jun-mei Ye Author-X-Name-First: Jun-mei Author-X-Name-Last: Ye Title: How trade affects high-quality development through spillovers? Abstract: This paper derives the empirical estimation model from the endogenous economic growth theory, and tries to provide an effective and reasonable answer to the question ‘how trade affects high-quality development through spillovers’ from the perspective of spatial interdependence. Based on the data of 69 countries from 2000 to 2015, it is confirmed that there is an obvious spatial correlation between neighboring countries’ TFP, the TFP of geographical and economic neighboring countries shows ‘competition effect’, while the TFP of cultural neighboring countries shows ‘first spillover effect, then competition effect’. The R&D capital investment has no spatial effect on TFP of geographically or economically neighboring countries, but it has a significant ‘spillover effect’ on TFP of culturally neighboring countries. Technology spillovers caused by international trade are not only an important factor for countries to promote TFP, but also the core driving force to achieve high-quality development. Journal: Economic Research-Ekonomska Istraživanja Pages: 6403-6421 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048201 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6403-6421 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2011369_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qing Xie Author-X-Name-First: Qing Author-X-Name-Last: Xie Author-Name: Misbah ul Islam Author-X-Name-First: Misbah ul Author-X-Name-Last: Islam Author-Name: Ying-Yueh Su Author-X-Name-First: Ying-Yueh Author-X-Name-Last: Su Author-Name: Azhar Khan Author-X-Name-First: Azhar Author-X-Name-Last: Khan Author-Name: Sanil S. Hishan Author-X-Name-First: Sanil S. Author-X-Name-Last: Hishan Author-Name: Showkat Ahmad Lone Author-X-Name-First: Showkat Ahmad Author-X-Name-Last: Lone Title: The investigation of sustainable environmental performance of manufacturing companies: mediating role of organizational support and moderating role of CSR Abstract: China is transitioning towards green and sustainable manufacturing, considering environmental measures as per external environment demands. This research investigates the impact of green entrepreneurial orientation, social entrepreneurship, and organizational ambidexterity on sustainable environmental performance. Besides, examining the mediating role of organizational support and moderating the role of corporate social responsibilities (CSR) are also included in the aim of this research. The present study has used quantitative data of 510 respondents from China's manufacturing industry; further structural equation modelling (SEM) was employed to analyse the data. The results revealed that organizational ambidexterity, green entrepreneurial orientation, and social entrepreneurship are positively associated with sustainable environmental performance. Organizational support positively mediates among the nexus of green entrepreneurial orientation, social entrepreneurship, and sustainable environmental performance. The findings also showed that CSR significantly moderates the relationship between organizational support and sustainable environmental performance. These outcomes provide various implications for policymakers while making policies regarding CSR and sustainable environmental performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 4128-4148 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2011369 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2011369 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4128-4148 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2049010_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Junchao Zhang Author-X-Name-First: Junchao Author-X-Name-Last: Zhang Author-Name: Wei Han Author-X-Name-First: Wei Author-X-Name-Last: Han Title: Carbon emission trading and equity markets in China: How liquidity is impacting carbon returns? Abstract: This paper aims to investigate the impact of liquidity on the return dynamics between the carbon emission trading market and the stock market in China from 2013 to 2021. In the carbon emission trading market, we find that liquidity on any given day can significantly predict the cross-section returns the next day. Furthermore, we examine the spillover effect between the two markets and find the carbon market has a greater impact on the stock market. We also find evidence that stock market liquidity can significantly improve the liquidity of the carbon market. Finally, we observe that the volatility in the stock market not only deteriorates the liquidity of the stock market but also the carbon market, where the impact for the latter is from decreasing trading volume and increasing prices. Journal: Economic Research-Ekonomska Istraživanja Pages: 6466-6478 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2049010 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2049010 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6466-6478 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1909490_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: C. José García Author-X-Name-First: C. José Author-X-Name-Last: García Author-Name: Begoña Herrero Author-X-Name-First: Begoña Author-X-Name-Last: Herrero Author-Name: Francisco Morillas Author-X-Name-First: Francisco Author-X-Name-Last: Morillas Title: Corporate board and default risk of financial firms Abstract: This paper analyses the impact of corporate board structure on default risk of European banking firms. We focus on four core aspects of boards that have been addressed in Directive 2013/36/EU to strengthen the corporate governance of banks: the size of boards, their independence, the participation of female directors and CEO duality. We employ panel data analysis to study the 109 European listed banks between 2002 and 2019. Default risk is estimated by Merton’s (1974) distance to default. We take into account the presence of unobservable heterogeneity, simultaneity and dynamic endogeneity and estimate the model using the dynamic difference and dynamic system GMM methodologies. The results show that the size of the board influences banks’ default risk. Furthermore, bank size, firm profitability and GDP also exert a considerable influence. Journal: Economic Research-Ekonomska Istraživanja Pages: 511-528 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1909490 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1909490 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:511-528 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1922090_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Monica Violeta Achim Author-X-Name-First: Monica Violeta Author-X-Name-Last: Achim Author-Name: Ioana Lavinia Safta Author-X-Name-First: Ioana Lavinia Author-X-Name-Last: Safta Author-Name: Viorela Ligia Văidean Author-X-Name-First: Viorela Ligia Author-X-Name-Last: Văidean Author-Name: Gabriela Mihaela Mureșan Author-X-Name-First: Gabriela Mihaela Author-X-Name-Last: Mureșan Author-Name: Nicolae Sorin Borlea Author-X-Name-First: Nicolae Sorin Author-X-Name-Last: Borlea Title: The impact of covid-19 on financial management: evidence from Romania Abstract: The COVID-19 pandemic has disrupted every facet of life globally. Business and commerce are key areas where the monetary crunch has been acutely felt. This study aims to analyze the various key changes in entities’ activities to evaluate the level of business performance in response to the COVID-19 pandemic. For this purpose, we use panel data analysis on 218 Romanian listed companies of different sizes (big and small) and belonging to different business sectors for the period June 30, 2019–June 30, 2020. We find that the net profits of the overall market decreased by 37.43% over the analyzed period. However, small companies engaged in agriculture, commerce, construction, IT R&D, and transport and storage witnessed better financial performance. In addition, our results show that equity financing, proper liquidity management, and an increased company size consolidate the economic performance of entities regarding return on equity and return on assets. Our findings are useful for policymakers such as managers and investors and can help them make the best decision for their managing or investing activities. Moreover, governments need to know how companies respond to the pandemic to identify the sectors of activity that are more vulnerable to the crisis’ effects and the main financial management decisions that must be adopted by companies during times of crises. Journal: Economic Research-Ekonomska Istraživanja Pages: 1807-1832 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1922090 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1922090 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1807-1832 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1932546_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wanqing Li Author-X-Name-First: Wanqing Author-X-Name-Last: Li Author-Name: Lanhao Li Author-X-Name-First: Lanhao Author-X-Name-Last: Li Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Xiaoli Tian Author-X-Name-First: Xiaoli Author-X-Name-Last: Tian Title: Large-scale consensus with endo-confidence under probabilistic linguistic circumstance and its application Abstract: In real decision-making problems, decision makers (DMs) usually select the most potential project from several ones. However, they unconsciously show different confidence levels in decision-making process because they come from various backgrounds and have different experiences, etc., which affects the decision results. Moreover, the probabilistic linguistic term set, which not only includes the linguistic expressions used by DMs in their daily life but also contains the probability for each linguistic term, can well portray the real perceptions of DMs for the projects. Furthermore, large-scale consensus has gradually been a popular way to effectively solve complex decision-making problems. To sum up, in this paper, we are dedicated to constructing a large-scale consensus model considering the confidence levels of DMs under probabilistic linguistic circumstance. Firstly, the endo-confidence is defined and measured by DM’s probabilistic linguistic information. Then, the DMs are clustered according to the similarities of both evaluation information and the endo-confidence levels. Both evaluation of the non-consensus cluster and evaluation integrated by the clusters with higher endo-confidence level than this non-consensus cluster are used as the reference to adjust its evaluation information. Then, a case study and the comparative analysis are carried out. Finally, some conclusions and future work are given. Journal: Economic Research-Ekonomska Istraživanja Pages: 2039-2072 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1932546 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1932546 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2039-2072 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1962384_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dae-Yong Ahn Author-X-Name-First: Dae-Yong Author-X-Name-Last: Ahn Author-Name: Hwan Chung Author-X-Name-First: Hwan Author-X-Name-Last: Chung Title: Format blurring: how the advent of the Walmart Supercenter has changed the U.S. grocery industry Abstract: This paper develops a game-theoretic model that analyzes how a grocery store responds to the entry of a Walmart Supercenter using its store-format choice. By adopting a set of realistic assumptions, such as the cost advantage of Walmart and differentiated services of grocery stores, we find that the distance to a Walmart Supercenter is a key moderating factor in the store-format choice of grocery stores. Grocery stores would prefer to sell non-food items, but when sufficiently close to Walmart Supercenters they would specialise in food items, as consumers find it less costly to engage in two-stop shopping, making the gain from non-food items smaller. So an asymmetric equilibrium becomes feasible, wherein grocery stores carrying increasingly more non-food products and a new grocery store concept like Whole Foods and Wild Oats emphasising high-quality, organic foods can coexist. Our results yield important managerial implications. Under the specialisation strategy, the quality of its differentiated services should be sufficiently high, at least two to four times the disutility of two-stop shopping. Under the expansion strategy, grocery stores should engage in loss leadership, pricing non-food items below cost to lure large-basket consumers while earning higher margins from food items to compensate for the loss. Journal: Economic Research-Ekonomska Istraživanja Pages: 1285-1305 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1962384 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1962384 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1285-1305 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1893202_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jun Ying Author-X-Name-First: Jun Author-X-Name-Last: Ying Author-Name: Xiaojing Zhang Author-X-Name-First: Xiaojing Author-X-Name-Last: Zhang Author-Name: Yiqi Zhang Author-X-Name-First: Yiqi Author-X-Name-Last: Zhang Author-Name: Svitlana Bilan Author-X-Name-First: Svitlana Author-X-Name-Last: Bilan Title: Green infrastructure: systematic literature review Abstract: Green infrastructure can effectively coordinate environmental, social and economic development, and has become one of the important strategies to achieve sustainable development. This study used CiteSpace and VOSviewer to analyze 2194 papers in the field of green infrastructure published from 1995 to 2019 in the Web of Science database using the bibliometrics and visualization methods. Results demonstrate a substantial increase in the number of studies on green infrastructure in recent years, with European and American countries leading the study of green infrastructure. Landscape and Urban Planning, Urban Forestry & Urban Greening, and Journal of Environmental Management are the first three cited journals in green infrastructure study. By studying co-cited literature, the study of green infrastructure has been found to involve the relationship between green infrastructure and ecosystem and human health, construction, evaluation and management of green infrastructure, and analysis of a special aspect of green infrastructure, among others. Clustering analysis results of green infrastructure keywords indicate that the existing studies have concentrated on green infrastructure in stormwater management, ecosystem services, biodiversity protection, and climate change. This study provides references for green infrastructure for sustainable environment development. Journal: Economic Research-Ekonomska Istraživanja Pages: 343-366 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1893202 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1893202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:343-366 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2053866_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: He Xia Author-X-Name-First: He Author-X-Name-Last: Xia Author-Name: Fang Dong Author-X-Name-First: Fang Author-X-Name-Last: Dong Author-Name: Hong Yang Author-X-Name-First: Hong Author-X-Name-Last: Yang Title: Stepping-stone or stumbling block: impact of the economic system on China’s OFDI Abstract: With the proposal of the One Belt, One Road initiative, China’s OFDI has grown rapidly, with institutions playing key roles. This study uses residualization and threshold regression methods to analyse the 2003–2019 panel data of 31 provinces and cities in China to study the impact of property rights protection, market operation, and financing systems on China’s foreign outward direct investment (OFDI). Overall, the results show that only the market operation system is key in promoting OFDI. Regarding regional heterogeneity, the property rights protection system has a solely positive incentive effect on OFDI in the central region. Moreover, the market operation system only plays a positive role in promoting OFDI in the eastern developed and central regions. The financing system has a threshold effect, which has significant negative and positive impacts on OFDI in the eastern and central regions, respectively. Conversely, the financing system’s impact changes from significant to insignificant in the western region before and after the threshold value. This study provides a theoretical reference for economic system reform in the process of implementing the strategy of “going out” in various regions. Journal: Economic Research-Ekonomska Istraživanja Pages: 6901-6917 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2053866 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2053866 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6901-6917 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1934508_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fiza Qureshi Author-X-Name-First: Fiza Author-X-Name-Last: Qureshi Title: COVID-19 pandemic, economic indicators and sectoral returns: evidence from US and China Abstract: This study examines time-frequency connectedness between COVID-19 pandemic and economic indicators through a continuous wavelet transformation approach in the US and China. The study also assesses the dynamic conditional correlations (DCCs) between macroeconomic indicators and domestic sectoral returns during the pandemic. The findings display higher coherencies between COVID-19 and long-term predictive economic indicators in China compared to the US. Moreover, the results indicate that the stock market spillovers are more pronounced on domestic sectoral returns than other economic indicators during the COVID-19 outburst. Besides, the findings exhibit that exchange market instability has significant negative repercussions on the domestic sectors in China, however, weaker correlations are discerned between exchange market and domestic sectors in the US. The findings offer several policy implications and endorsements for portfolio managers, policymakers, practitioners, and other market participants. Journal: Economic Research-Ekonomska Istraživanja Pages: 2142-2172 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1934508 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1934508 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2142-2172 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2015610_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dai Yannan Author-X-Name-First: Dai Author-X-Name-Last: Yannan Author-Name: Alim Al Ayub Ahmed Author-X-Name-First: Alim Al Ayub Author-X-Name-Last: Ahmed Author-Name: Tsung-Hsien Kuo Author-X-Name-First: Tsung-Hsien Author-X-Name-Last: Kuo Author-Name: Haider Ali Malik Author-X-Name-First: Haider Ali Author-X-Name-Last: Malik Author-Name: Abdelmohsen A. Nassani Author-X-Name-First: Abdelmohsen A. Author-X-Name-Last: Nassani Author-Name: Mohamed Haffar Author-X-Name-First: Mohamed Author-X-Name-Last: Haffar Author-Name: Wanich Suksatan Author-X-Name-First: Wanich Author-X-Name-Last: Suksatan Author-Name: Dania Patrick Femi Iramofu Author-X-Name-First: Dania Patrick Femi Author-X-Name-Last: Iramofu Title: Impact of CSR, innovation, and green investment on sales growth: new evidence from manufacturing industries of China and Saudi Arabia Abstract: Environmental concerns have got supreme interest from the researchers and policy makers for which experts have revealed their organizational impacts too. At the same time, corporate social responsibility is observed as a key determinant of financial performance both in developed and developing economies. Recognize the same, this study aims to examine the impact of corporate social responsibilities, economic innovation, green credit, and green investment on the sales growth of manufacturing industries of China and Saudi Arabia. This study has selected top twelve trading manufacturing companies registered in the Shanghai stock exchange and Saudi stock exchange during the period of 2016 to 2020. For data estimation, panel regression estimations like fixed and random effect models have been used. The results indicate that corporate social responsibility, economic innovation, green credit, and green investment are significantly and positively associated with sales growth of manufacturing industries in China and Saudi Arabia. However, their coefficient’s magnitude varies due to distinct features of both countries. These findings offer valuable policy recommendations for all stakeholders. Journal: Economic Research-Ekonomska Istraživanja Pages: 4537-4556 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2015610 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2015610 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4537-4556 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2012217_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mieta Bobanović Author-X-Name-First: Mieta Author-X-Name-Last: Bobanović Title: The shadows of economic growth: AI automation and globalisation Abstract: Today's political and economic framework is marked significantly by globalisation and AI automation exponential expansion. Their advancements ensure development and prosperity – which is often not equally distributed across nations. A study showed that U.S. citizens experienced a decrease in the medium household income although their productivity increased, making the problem of distribution visible. Why is this digital era disbalancing the key drivers that used to grow in union? A possible explanation is presented in this article through variables as total factor productivity and Globalisation Index. Investment in human capital, in the form of education, is discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 4149-4158 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2012217 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2012217 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4149-4158 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1926305_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hamidreza Hasheminasab Author-X-Name-First: Hamidreza Author-X-Name-Last: Hasheminasab Author-Name: Sarfaraz Hashemkhani Zolfani Author-X-Name-First: Sarfaraz Author-X-Name-Last: Hashemkhani Zolfani Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Author-X-Name-Last: Kazimieras Zavadskas Author-Name: Mohammadreza Kharrazi Author-X-Name-First: Mohammadreza Author-X-Name-Last: Kharrazi Author-Name: Marinko Skare Author-X-Name-First: Marinko Author-X-Name-Last: Skare Title: A circular economy model for fossil fuel sustainable decisions based on MADM techniques Abstract: Fossil fuels as the primary energy source create career opportunities, provide industries with vital raw material and energy resources, have harmful emissions to the environment and are also related to finite natural resources. They rely on them as the main source of energy supply is unsustainable. Sustainability assessment tools may be useful in developing a more sustainable scenario. However, the resiliency of nature is not taken into account in this linear assessment. The detrimental effect of these fuels on the environment during their life cycle would suggest transitioning from cradle-to-grave to the cradle-to-cradle lifecycle viewpoint. This study implements the Circular Economic (CE) in fossil fuel development to minimize the unsustainable effects and ensure the environment’s resiliency. In this context, three different fossil fuels are assessed based on the CE model’s proposed lifecycle phases to find out the most sustainable fossil fuel option. A case study is carried out in an industrial location with high-level decision-makers. CE criteria are evaluated based on the E-SWARA method to ensure the assessment’s reliability at this critical step. Next, a novel MCDM method, MARCOS, is applied to this study. Based on the results, gas is the most sustainable energy generation plant in the intended region. Journal: Economic Research-Ekonomska Istraživanja Pages: 564-582 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1926305 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1926305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:564-582 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1890179_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marek Zinecker Author-X-Name-First: Marek Author-X-Name-Last: Zinecker Author-Name: Martina Skalicka Author-X-Name-First: Martina Author-X-Name-Last: Skalicka Author-Name: Adam P. Balcerzak Author-X-Name-First: Adam P. Author-X-Name-Last: Balcerzak Author-Name: Michał Bernard Pietrzak Author-X-Name-First: Michał Bernard Author-X-Name-Last: Pietrzak Title: Business angels in the Czech Republic: characteristics and a classification with policy implications Abstract: There is a lack of knowledge regarding the profiles of Czech business angels. In this article, we intend to contribute the empirical evidence in regard to identifying a ‘typical’ business angel profile in the Czech Republic. Using a unique dataset containing survey gained data on informal venture capitalists, we show that angel investors share many of the characteristics reported for well-developed markets. They are usually males, middle aged, with high school backgrounds and further educational achievements in MBA courses. They are trained or experienced in entrepreneurship or have the status as a hired or owner manager in a firm. Furthermore, the ICT is the most targeted industry amongst business angels. Similar to their foreign counterparts, they are financially well-off, although we have to differentiate in regard to age categories. Co-operation with other BAs is a very common channel how the deal flow is facilitated. BAs are ‘hands-on’ investors in the sense they provide investee companies with advice, insights, knowledge. The implications from this study indicate that measures focused on data gathering have to be implemented in order to systematically analyse the market and apply problem-driven policies. Journal: Economic Research-Ekonomska Istraživanja Pages: 273-298 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1890179 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1890179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:273-298 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1888140_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marek Zinecker Author-X-Name-First: Marek Author-X-Name-Last: Zinecker Author-Name: Martina Skalicka Author-X-Name-First: Martina Author-X-Name-Last: Skalicka Author-Name: Adam P. Balcerzak Author-X-Name-First: Adam P. Author-X-Name-Last: Balcerzak Author-Name: Michał Bernard Pietrzak Author-X-Name-First: Michał Bernard Author-X-Name-Last: Pietrzak Title: Identifying the impact of external environment on business angel activity Abstract: We intend to contribute the empirical evidence in regard to identifying the impact of external environment on the activity of business angels in Czechia. Although prior academic studies have argued that e.g. overall economic growth, capital market, legal structures and the protection of property rights, corruption, innovativeness, the tax rate and labour market policy are the main determinants of the decision-making of business angels in the well-developed market, little is known about exogenous factors affecting behaviours of informal venture capitalists in Central and Eastern European countries. To our knowledge, we are the first who attempt to uncover the perception of changing economic conditions on business angel decision-making while using a qualitative survey research approach as primary data on business angels is currently not available. The results indicate that business angels pay little attention to the impact of the general macroeconomic conditions, as well as the role played by the capital market. They refer to ‘critical’ issues related to the difficult predictability of legislative changes. Dissatisfaction has also been expressed with the functioning of the public administration. Business angels also consider the current situation on the labour market and public education policy to be serious barriers to business development in the Czech Republic. Journal: Economic Research-Ekonomska Istraživanja Pages: 83-105 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1888140 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1888140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:83-105 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048191_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ying Han Author-X-Name-First: Ying Author-X-Name-Last: Han Author-Name: Po Kou Author-X-Name-First: Po Author-X-Name-Last: Kou Title: The local-neighborhood environmental effects of the government size expansion: evidence from China’s sulfur dioxide emission Abstract: As a provider of public goods and a corrector of externalities, the government has a significant effect on the local environment. Based on annual province-level data from 1998 to 2015, this paper decomposes the changes in sulfur dioxide emissions into end pollution control effects and source pollution control effects by a complete decomposition model. It then uses a spatial econometric model to investigate how government size expansion affects sulfur dioxide emissions. The results show that under the promotion system based on appointment, the local government size and the neighboring government size are not conducive to reducing local sulfur dioxide emissions. With the expansion of the government size, the degree of environmental degradation caused by competition among governments is more serious. In the way of influence, the impact of local government size on the sulfur dioxide emissions is mainly through restraining the effect of end pollution control. The impact of neighboring government size on the sulfur dioxide emissions is mainly through weakening the effect of source pollution control. Journal: Economic Research-Ekonomska Istraživanja Pages: 6208-6232 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048191 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048191 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6208-6232 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985570_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jun Wen Author-X-Name-First: Jun Author-X-Name-Last: Wen Author-Name: Hamid Mahmood Author-X-Name-First: Hamid Author-X-Name-Last: Mahmood Author-Name: Samia Khalid Author-X-Name-First: Samia Author-X-Name-Last: Khalid Author-Name: Muhammad Zakaria Author-X-Name-First: Muhammad Author-X-Name-Last: Zakaria Title: The impact of financial development on economic indicators: a dynamic panel data analysis Abstract: The study investigates the effect of financial development on major economic indicators, i.e., economic growth, inflation, and employment by applying System GMM estimation technique for a panel of 120 countries for the period 1997 to 2017. Four distinct proxies of financial development are used, i.e., private sector credit, liquid liabilities, money and quasi money, and bank credit. The results contradict the traditional supply-lending hypothesis and reveal negative impact of financial development on economic growth. Moreover, financial development is found to be positively associated with inflation and employment growth. It is suggested that there is need to reform and strengthen the supervision of financial intermediaries to ensure sound prudential lending practices. Furthermore, more credit needs to be allocated to highly productive firms. Journal: Economic Research-Ekonomska Istraživanja Pages: 2930-2942 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985570 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985570 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2930-2942 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1967771_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yuling Wang Author-X-Name-First: Yuling Author-X-Name-Last: Wang Author-Name: Yunshuang Xiang Author-X-Name-First: Yunshuang Author-X-Name-Last: Xiang Author-Name: Xinyu Lei Author-X-Name-First: Xinyu Author-X-Name-Last: Lei Author-Name: Yucheng Zhou Author-X-Name-First: Yucheng Author-X-Name-Last: Zhou Title: Volatility analysis based on GARCH-type models: Evidence from the Chinese stock market Abstract: Volatility is integral for the financial market. As an emerging market, the Chinese stock market is acutely volatile. In this study, the data of the Shanghai Composite Index and Shenzhen Component Index returns were selected to conduct an empirical analysis based on the generalised autoregressive conditional heteroskedasticity (GARCH)-type model. We established the autoregressive moving average (ARMA)-GARCH model with t-distribution for the sample series to compare model effects under different distributions and orders. In contrast, we proposed threshold-GARCH (TGARCH) and exponential-GARCH (EGARCH) models to capture the features of the index. Additionally, the error degree and prediction results of different models were evaluated in terms of mean squared error (MSE), mean absolute error (MAE) and root-mean-squared error (RMSE). The results denote that the ARMA (4,4)-GARCH (1,1) model under Student’s t-distribution outperforms other models when forecasting the Shanghai Composite Index return series. For the return series of the Shenzhen Component Index, ARMA(1,1)-TGARCH(1,1) display the best forecasting performance among all models. This study could provide an effective information reference for the macro decision-making of the government, the operation of listed companies and investors’ investment decision-making. Journal: Economic Research-Ekonomska Istraživanja Pages: 2530-2554 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1967771 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1967771 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2530-2554 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2047086_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wei Zhao Author-X-Name-First: Wei Author-X-Name-Last: Zhao Author-Name: Lihua Huang Author-X-Name-First: Lihua Author-X-Name-Last: Huang Title: The impact of green transformational leadership, green HRM, green innovation and organizational support on the sustainable business performance: evidence from China Abstract: Currently, sustainable business performance has become the global requirement due to the recent economic disaster, and green measures have been considered the leading solution for it. This situation has gained the attention of recent literature and regulators; thus, the present study examined the green transformational leadership (GTL), human resource management (HRM), and innovation on the sustainable business performance of the manufacturing organizations in China. The moderating impact of perceived organizational support among the association of GTL, green HRM, green innovation, and sustainable business performance of the manufacturing organizations in China was also investigated. The questionnaires method was adopted to collect data, and the smart-PLS was used to test the hypotheses. The results indicated that GTL, green HRM, and green innovation have a significant and direct association with the sustainable business performance of the manufacturing organizations in China. The outcomes also revealed that organizational support significantly moderates among the nexus of GTL, green HRM, green innovation, and sustainable business performance of the manufacturing organizations in China. The current research provides help to the regulators while formulating policies and guides the new researchers while examining this topic in the future. Journal: Economic Research-Ekonomska Istraživanja Pages: 6121-6141 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2047086 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2047086 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6121-6141 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1934057_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tatjana Horvat Author-X-Name-First: Tatjana Author-X-Name-Last: Horvat Author-Name: Urška Travner Author-X-Name-First: Urška Author-X-Name-Last: Travner Author-Name: Hazbo Skoko Author-X-Name-First: Hazbo Author-X-Name-Last: Skoko Author-Name: Vito Bobek Author-X-Name-First: Vito Author-X-Name-Last: Bobek Title: The influence of profit, revenues and debt on audit prices in large companies: insights from Slovenia Abstract: The global financial crisis that erupted in August 2007 following the collapse of the US subprime mortgage market had a significant impact on the financial markets. Ten years ago, Slovenia was confronted with the outbreak of significant financial and economic turbulence, and only in 2017 did the country’s GDP return to pre-crisis levels. Taking into account the fact that the performance of companies deteriorates to a certain extent during a crisis, this paper examines the influence of selected factors on the price of statutory audits for large companies in Slovenia in the period 2010 to 2014. The final sample consists of 177 large enterprises in Slovenia for each year or a total of 885 units (population). The main factors observed were taken from the financial statements. These are operating revenue, profit (loss), and indebtedness of the enterprise. Three hypotheses were tested by regression analysis, ANOVA, and Independent-Samples Median Test. In the research, we found that statistically significant factors of the price of a statutory audit due to the Slovenian Agency for Public Oversight are only the operating income of the audited enterprise. Over the past 40 years, studies have been conducted worldwide to determine audit fees, with a focus on English-speaking countries. This field of research is still in its infancy in Slovenia, and little research has been done on the determinants of the fees charged by the firms that exist here. Journal: Economic Research-Ekonomska Istraživanja Pages: 778-798 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1934057 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1934057 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:778-798 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2025123_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shuanglian Chen Author-X-Name-First: Shuanglian Author-X-Name-Last: Chen Author-Name: Junhao Zhong Author-X-Name-First: Junhao Author-X-Name-Last: Zhong Author-Name: Pierre Failler Author-X-Name-First: Pierre Author-X-Name-Last: Failler Title: Does China transmit financial cycle spillover effects to the G7 countries? Abstract: We use the state space model to describe the financial cycles of China and G7 countries since 1990, and the DY spillover index to quantify the spillover effects of China's financial cycles on G7 countries. We find that China plays the role of a net recipient most of the time. China's financial cycle net spillover index fluctuates widely and is vulnerable to economic events such as the financial crisis. This implies that international capital flows have brought volatility and shocks to the Chinese financial market, such as the Asian financial crisis and the 2008 international financial crisis. In addition, during 2004-2005 and 2014-2015, the G7 countries also suffered from financial cycle spillover from China. The US received most of the financial cycle spillover from China, followed by Canada, Germany, and Italy. Journal: Economic Research-Ekonomska Istraživanja Pages: 5184-5201 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2025123 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2025123 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5184-5201 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2010111_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zuzana Virglerova Author-X-Name-First: Zuzana Author-X-Name-Last: Virglerova Author-Name: Marija Panic Author-X-Name-First: Marija Author-X-Name-Last: Panic Author-Name: Danijela Voza Author-X-Name-First: Danijela Author-X-Name-Last: Voza Author-Name: Milica Velickovic Author-X-Name-First: Milica Author-X-Name-Last: Velickovic Title: Model of business risks and their impact on operational performance of SMEs Abstract: Risks can negatively affect not only internal processes within a company and business results but also managerial decisions. One of the preconditions for sound decision-making would be the identification of specific risks. The primary goal of this paper is to create a structural model for exploring the interrelationships among sources of business risks and the operational performance of SMEs. A survey was conducted in 1,781 SMEs from selected Central European countries. CFA (Confirmatory Factor Analysis) was used to check the reliability and validity of the model. The Cronbach's alpha test was used to assess the internal consistency of data collection instruments. For measurement of sample adequacy, Kaiser-Meyer-Olkin (KMO) test was used. The model presented in this paper provides a tool for identifying the interrelationships among sources of business risks, operational performance and the market position. The model can help managers of SMEs focus on specific areas of their business that should not be ignored in decision-making processes. Journal: Economic Research-Ekonomska Istraživanja Pages: 4047-4064 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2010111 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2010111 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4047-4064 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2024081_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ayesha Afzal Author-X-Name-First: Ayesha Author-X-Name-Last: Afzal Author-Name: Ehsan Rasoulinezhad Author-X-Name-First: Ehsan Author-X-Name-Last: Rasoulinezhad Author-Name: Zaki Malik Author-X-Name-First: Zaki Author-X-Name-Last: Malik Title: Green finance and sustainable development in Europe Abstract: This study provides a comprehensive analysis of whether financial development impacts environmental degradation, over time. It highlights how financial development, institutional frameworks, and foreign investment dictate the extent of green development. The sample includes 40 countries in Europe and data is collected on a large set of variables, for the years from 1990 to 2019. Financial development is measured through domestic credit to the private sector, bank credit to the private sector and foreign direct investment (FDI). Environmental degradation is measured through energy use, CO2 emissions, greenhouse emissions and natural resource depletion. The model controls for income levels, institutional quality, technology, education, population, and urbanization. Regression analysis is conducted to analyze the data. The results suggest that financial development has a negative relationship with four different measures of environmental degradation, while FDI and institutional quality appear to worsen the environmental measures. Recommendations for policy makers include development of green finance policies and strong institutions, to lower environmental degradation in the long run. Journal: Economic Research-Ekonomska Istraživanja Pages: 5150-5163 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2024081 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2024081 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5150-5163 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1981963_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Roberto Ortiz Author-X-Name-First: Roberto Author-X-Name-Last: Ortiz Author-Name: Mauricio Contreras Author-X-Name-First: Mauricio Author-X-Name-Last: Contreras Author-Name: Cristhian Mellado Author-X-Name-First: Cristhian Author-X-Name-Last: Mellado Title: Improving the volatility of the optimal weights of the Markowitz model Abstract: The main practical problems that are faced by portfolio optimisation under the Markowitz model are (i) its lower out-of-sample performance than the naive 1/n rule, (ii) the resulting asset weights with extreme values, and (iii) the high sensitivity of those asset weights to small changes in the data. In this study, we aim to overcome these problems by using a computation method that shifts the smaller eigenvalues of the covariance matrix to the space that houses the eigenvalue spectrum of a random matrix. We evaluate this new method using a rolling sample approach. We obtain portfolios that show both more stable asset weights and better performance than the 1/n rule. We expect that this new computation method will be extended to several problems in portfolio management, thereby improving their consistency and performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 2836-2858 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1981963 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1981963 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2836-2858 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2038650_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chun Jiang Author-X-Name-First: Chun Author-X-Name-Last: Jiang Author-Name: Yaqi Chang Author-X-Name-First: Yaqi Author-X-Name-Last: Chang Title: Clean energy projects in Asian economies: does FDI and stock market matter for sustainable development? Abstract: The FDI and the stock market are the key sources of finance for clean energy projects to become a reality on a global level, and are considered significant drivers of green growth. Therefore, this study examines the effects of the FDI inflows and the stock market development on clean energy production in the top-FDI receiving countries. The data in this regard spans from the time period pertaining to the years 1991 to 2019. The empirical results of the group-wise estimates show that the FDI inflows, and the stock market development play a significant role in promoting clean energy production in the long run. Furthermore, the economy-wise estimates also show that the FDI inflow tends to positively affect the clean energy production in China, Singapore, Russia, India, Indonesia, and South Korea. However, the development experienced in the stock market also positively affects clean energy production in all the selected Asian economies. Thus, it can be affirmed that the governments should also encourage foreign investors, and at the same time divert stock market funds to Asia's renewable energy projects. Journal: Economic Research-Ekonomska Istraživanja Pages: 5843-5857 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2038650 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2038650 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5843-5857 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1927786_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muneer M. Alshater Author-X-Name-First: Muneer M. Author-X-Name-Last: Alshater Author-Name: Osama F. Atayah Author-X-Name-First: Osama F. Author-X-Name-Last: Atayah Author-Name: Ashraf Khan Author-X-Name-First: Ashraf Author-X-Name-Last: Khan Title: What do we know about business and economics research during COVID-19: a bibliometric review Abstract: The destructive COVID-19 has emerged as the most lethal disease and dented the global economies in every aspect. Consequently, a large amount of research emerged to understand the dynamics of COVID-19. Using meta-literature approach with combination of both bibliometric (quantitative) and content analysis (qualitative) approach, this study aims to present a comprehensive review of COVID-19 business-related research of 477 articles. The results reveal the most the most relevant and influential scientific aspects of the literature such as authors, articles, institutions, journals, and countries. We also identify intellectual structure within six streams: 1) COVID-19 and global economy, 2) Dynamics of COVID-19 in business and management research, 3) COVID-19 and financial markets, 4) COVID-19 and its implication for tourism & hospitality industry, 5) Dynamic of supply chain and COVID-19 and 6) COVID-19 and functionality of government. Lastly, the review of the literature helps us to identify the research gaps and present 62 future research directions. Journal: Economic Research-Ekonomska Istraživanja Pages: 1884-1912 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1927786 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1927786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1884-1912 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2039877_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Linhai Zhao Author-X-Name-First: Linhai Author-X-Name-Last: Zhao Author-Name: Farhad Taghizadeh-Hesary Author-X-Name-First: Farhad Author-X-Name-Last: Taghizadeh-Hesary Title: Role of R&D investments and air quality in green governance efficiency Abstract: This article measures the impact of R&D investment and carbon dioxide (CO2) emission of the Shanghai and Shenzhen stock market listed companies on the green governance efficiency (G.G.E.). An econometric analysis based on the data from 2015 to 2019 is used to measure the impact. The study's findings reveal that research and development (R&D) investments significantly boost G.G.E. On the other hand, CO2 emission and energy intensity reduce G.G.E. The study results show that the listed companies' performance would have a significant role in achieving the Chinese government's carbon neutrality goal. The study provides policy recommendations to promote green governance performance in China and other developing countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 5895-5906 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2039877 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2039877 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5895-5906 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048196_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xuecheng Fan Author-X-Name-First: Xuecheng Author-X-Name-Last: Fan Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Xiang Cheng Author-X-Name-First: Xiang Author-X-Name-Last: Cheng Title: A double interaction-based financing group decision-making framework considering uncertain information and inconsistent assessment Abstract: Financing group decision-making (FGDM), which is an important stage of project financing, has unique characteristics: large investments and long payback horizons. Its evaluation results are likely to be distorted if we ignore the uncertain information and inconsistent assessment during the decision-making process. In this study, we propose a double interaction-based FGDM framework under uncertain information and inconsistent assessment. We modify the weight setting of evidence reasoning and aggregation method of probabilistic linguistic term sets to process the above two issues. The proposed framework is applied in a detailed case study analysis to display its effectiveness and stability. We expect the double interaction-based group decision-making framework under uncertain information and inconsistent assessment to be a useful tool to understand FGDM processes. Journal: Economic Research-Ekonomska Istraživanja Pages: 6319-6344 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048196 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048196 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6319-6344 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1978306_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yafen Ye Author-X-Name-First: Yafen Author-X-Name-Last: Ye Author-Name: Yuanhai Shao Author-X-Name-First: Yuanhai Author-X-Name-Last: Shao Author-Name: Chunna Li Author-X-Name-First: Chunna Author-X-Name-Last: Li Title: A sparse approach for high-dimensional data with heavy-tailed noise Abstract: High-dimensional data have commonly emerged in diverse fields, such as economics, finance, genetics, medicine, machine learning, and so on. In this paper, we consider the sparse quantile regression problem of high-dimensional data with heavy-tailed noise, especially when the number of regressors is much larger than the sample size. We bring the spirit of Lp-norm support vector regression into quantile regression and propose a robust Lp-norm support vector quantile regression for high-dimensional data with heavy-tailed noise. The proposed method achieves robustness against heavy-tailed noise due to its use of the pinball loss function. Furthermore, Lp-norm support vector quantile regression ensures that the most representative variables are selected automatically by using a sparse parameter. We use a simulation study to test the variable selection performance of Lp-norm support vector quantile regression, where the number of explanatory variables greatly exceeds the sample size. The simulation study confirms that Lp-norm support vector quantile regression is not only robust against heavy-tailed noise but also selects representative variables. We further apply the proposed method to solve the variable selection problem of index construction, which also confirms the robustness and sparseness of Lp-norm support vector quantile regression. Journal: Economic Research-Ekonomska Istraživanja Pages: 2764-2780 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1978306 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1978306 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2764-2780 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1888766_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Daniel Zdolšek Author-X-Name-First: Daniel Author-X-Name-Last: Zdolšek Author-Name: Timotej Jagrič Author-X-Name-First: Timotej Author-X-Name-Last: Jagrič Author-Name: Iztok Kolar Author-X-Name-First: Iztok Author-X-Name-Last: Kolar Title: Auditor’s going-concern opinion prediction: the case of Slovenia Abstract: In an audit of a firm’s financial statements, the auditor assesses whether there is material uncertainty about the firm’s ability to continue as a going concern. If the existence of material uncertainty is confirmed, the auditor considers the adequacy of the firm’s disclosures regarding its going concern in the firm’s annual report. Most commonly, if the firm’s disclosures are adequate, the auditor issues a going-concern opinion in the auditor’s report. The auditor modifies his opinion on firm’s financial statements because of auditor’s going-concern doubt on the firm’s ability to continue as a going-concern rarely in specific circumstances. In the present paper we provide an auditor’s going-concern prediction model using various combinations of a firm’s economic predictors. A sample data of 14,761 firm-year observations from Slovenia during the period 2005–2013 has been used for the model. The results reveal that firms with a going-concern qualification have a worse financial structure (i.e., lower equity financing rates), worse liquidity, worse efficiency, and worse profitability in comparison to firms without this qualification. Using a logistic regression prediction model for a going concern qualification in auditor’s report, qualification can be predicted with sufficient accuracy on a sample data of Slovenian firms. Journal: Economic Research-Ekonomska Istraživanja Pages: 106-121 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1888766 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1888766 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:106-121 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1990605_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: Statement of Retraction: ‘does urban spatial structure affect labour income? – research based on 97 cities in China’ Journal: Economic Research-Ekonomska Istraživanja Pages: 3276-3276 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1990605 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1990605 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3276-3276 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2035241_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jianhua Ye Author-X-Name-First: Jianhua Author-X-Name-Last: Ye Author-Name: Ahmad Al-Fadly Author-X-Name-First: Ahmad Author-X-Name-Last: Al-Fadly Author-Name: Pham Quang Huy Author-X-Name-First: Pham Quang Author-X-Name-Last: Huy Author-Name: Thanh Quang Ngo Author-X-Name-First: Thanh Quang Author-X-Name-Last: Ngo Author-Name: Doan Dang Phi Hung Author-X-Name-First: Doan Dang Phi Author-X-Name-Last: Hung Author-Name: Nguyen Hoang Tien Author-X-Name-First: Nguyen Hoang Author-X-Name-Last: Tien Title: The nexus among green financial development and renewable energy: investment in the wake of the Covid-19 pandemic Abstract: Environmental protection has become a significant issue around the globe. The extensive use of renewable energy and green finance is considered as the solution to this dramatic issue, especially in the Covid-19 lockdown. To answer this demand, the present study examines the impact of green financial development such as green credit, green investment, and green securities along with corporate social responsibility (CSR) in reporting renewable energy investment based on evidence from an emerging economy. Economic growth was used as the control variable of the study. The data was gathered from the central bank and World Development Indicators (WDI) from 1976 to 2020. The error correction model (ECM) was used to test the nexus among the variables. The findings revealed that green credit, green investment, and green securities along with CSR reporting and economic growth have a significant positive nexus with renewable energy investment in the selected emerging economy. These outcomes are helpful for new arrivals to investigate this area in the future along with regulators who want to formulate policies related to green finance and renewable energy usage and investment in the context of emerging and developing countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 5650-5675 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2035241 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2035241 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5650-5675 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2026240_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wen Jun Author-X-Name-First: Wen Author-X-Name-Last: Jun Author-Name: Nafeesa Mughal Author-X-Name-First: Nafeesa Author-X-Name-Last: Mughal Author-Name: Prabjot Kaur Author-X-Name-First: Prabjot Author-X-Name-Last: Kaur Author-Name: Zhaopeng Xing Author-X-Name-First: Zhaopeng Author-X-Name-Last: Xing Author-Name: Vipin Jain Author-X-Name-First: Vipin Author-X-Name-Last: Jain Author-Name: Phan The Cong Author-X-Name-First: Phan Author-X-Name-Last: The Cong Title: Achieving green environment targets in the world’s top 10 emitter countries: the role of green innovations and renewable electricity production Abstract: The rapid pace of industrialisation and economic development in recent decades is not without its environmental consequences. Electricity production, though an important determinant of economic development, remained under studied in the existing literature and only a few models on the electricity production-environmental degradation nexus are available. As a first attempt, this study examines the impact of renewable and non-renewable electricity generation and eco-innovations on CO2 emissions in the world’s top emitting countries under the umbrella of the Environmental Kuznets Curve (E.K.C.) Hypothesis. Second-generation panel data techniques, i.e., C.I.P.S. and Bai and Carrion-I-Silvestre (2009) unit root tests, Westerlund and Edgerton (2008) and Banerjee and Carrion-i-Silvestre (2017) cointegration techniques and Cross-Sectionally Augmented Distributed Lag Model for short and long run coefficient estimations have been employed in the study. It is found that renewable electricity production and eco-innovations have negative effects, whereas non-renewable electricity production has positive effect on CO2 emission. Moreover, the estimation demonstrated the E.K.C. validation in these countries. It is recommended that fossil fuel dependency in the electricity sector should be reduced by devising policies directed towards green electricity measures. More investment in green innovations to achieve green environment and sustainable growth is also recommended by the study. Journal: Economic Research-Ekonomska Istraživanja Pages: 5310-5335 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2026240 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2026240 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5310-5335 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1931915_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhao Li Author-X-Name-First: Zhao Author-X-Name-Last: Li Title: The influence of economic institution on finance sector credit allocation in China Abstract: Since the supply-side reform, the credit allocation from the finance sector is more concentrated in state-owned enterprises (S.O.E.s). It results in a mismatch between the credit allocation and the economic contribution of private enterprises (P.E.s). In China, we find that government intervention in the finance sector to allocate credit to S.O.E.s helps to achieve sustainable growth. Because of the ownership relationship, the credit allocation to S.O.E.s will also produce social or political interests for the finance sector. Based on the stylised facts, this article builds the finance sector credit allocation dual objective mechanism in the framework of the neoclassical economic growth model. It also analyses the influence of government intervention and ownership relationship on economic growth in the mixed economy represented by the socialist market economy with Chinese characteristics. The empirical analysis found that government intervention and ownership relationship were the main factors affecting the efficiency of capital allocation. Further research into whether there is an optimal parameter of government intervention and optimal mixed proportion in the stated-owned enterprise mixed-ownership reform is needed. Journal: Economic Research-Ekonomska Istraživanja Pages: 728-745 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1931915 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1931915 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:728-745 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2053782_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lan-Xiang Yin Author-X-Name-First: Lan-Xiang Author-X-Name-Last: Yin Author-Name: Hsien-Cheng Lin Author-X-Name-First: Hsien-Cheng Author-X-Name-Last: Lin Title: Predictors of customers’ continuance intention of mobile banking from the perspective of the interactivity theory Abstract: In order to test the key factors affecting users' continuance intention of mobile banking Apps, this study combined the Technology acceptance model (TAM) with the perceptual sinteraction model, and further added human-system interaction and perceived privacy security that was not explored in these models before. Data were collected from 349 users who had experience with mobile banking to test the model and were analyzed with a structural equation model. The present study showed that various interactive characteristics of mobile banking (human-human interaction, human-information interaction, human-system interaction) had significant positive impacts on users' perceptions of using mobile banking (perceived usefulness, perceived ease of use, perceived privacy security). Users' perceptions of using mobile banking had significantly positive impacts on users' satisfaction with mobile banking, and user satisfaction had a significant impact on users' continuance intention. Users’ income level had a significantly negative impact on their continuance intention. In order to further enhance users’ continuance intention for mobile banking, designers and managers of mobile banking are suggested to pay special attention to the interactive characteristics of mobile banking and the impact on users' perceptions of mobile banking, so as to improve customer satisfaction and continuous intention. Journal: Economic Research-Ekonomska Istraživanja Pages: 6820-6849 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2053782 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2053782 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6820-6849 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1931912_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qundi Feng Author-X-Name-First: Qundi Author-X-Name-Last: Feng Author-Name: Chung-Ping A. Loh Author-X-Name-First: Chung-Ping A. Author-X-Name-Last: Loh Author-Name: Fancun Meng Author-X-Name-First: Fancun Author-X-Name-Last: Meng Author-Name: Tao Bu Author-X-Name-First: Tao Author-X-Name-Last: Bu Author-Name: Qinying He Author-X-Name-First: Qinying Author-X-Name-Last: He Title: The effect of a sibling on the first-born child’s health: evidence from two-child families in China Abstract: The first-born child's quality may be affected by a younger sibling in a family based on the quantity-quality trade-off theory. Using data from the China Health and Nutrition Survey, we examine the causal effect of having a younger sibling on the health of the first-born child aged 2–12 in China. We use instrumental variables to address the potential endogeneity of having a younger sibling in the extended regression model. We found that having a sibling significantly decreases the height-for-age z-scores of the first-born child, and the greater age gap may alleviate the effect. Further analysis shows that the effect is particularly strong for the pre-school child under 6 years old and the child in a low-income family or the rural area. A sibling influences the first-born child's health by dietary pattern, physical activities, and medical services utilization. The robustness checks, based on individual fixed-effects model and propensity score matching approach, validate our findings, which suggest that future preventive intervention on the deterioration of first-born child’s health during the implementation of the universal two-child policy. Journal: Economic Research-Ekonomska Istraživanja Pages: 676-691 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1931912 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1931912 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:676-691 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1962383_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Farhan Bashir Author-X-Name-First: Muhammad Farhan Author-X-Name-Last: Bashir Author-Name: Benjiang MA Author-X-Name-First: Benjiang Author-X-Name-Last: MA Author-Name: Muhammad Adnan Bashir Author-X-Name-First: Muhammad Adnan Author-X-Name-Last: Bashir Author-Name: Magdalena Radulescu Author-X-Name-First: Magdalena Author-X-Name-Last: Radulescu Author-Name: Umer Shahzad Author-X-Name-First: Umer Author-X-Name-Last: Shahzad Title: Investigating the role of environmental taxes and regulations for renewable energy consumption: evidence from developed economies Abstract: The current study aims to explore the role of environmental taxes and regulations for the renewable energy consumption, focusing on reporting policy suggestions to overcome climate change issues and achieve environmental sustainability. The main objective of this paper is to examine the relation between renewable energy, environmental taxes, environmental technologies, and environmental regulations in 29 OECD countries during 1996–2018. More precisely, we inspect the impact of the environmental regulations and environmental technologies on the renewable energy consumption. The authors employ CIPS and CADF unit root tests, panel Westerlund co-integration test, FMOLS, and Quantile regression methods for the econometric analysis. The econometric analysis suggests that the environmental regulations impede the renewable energy consumption in OECD economies. The study suggests that environmental policy initiatives should focus on implementing environmental strategies to inspire cohesiveness between environmental regulations and the development of environmental technologies in order to promote the renewables industry in the developed countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 1262-1284 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1962383 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1962383 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1262-1284 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1902364_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nuria Rodríguez-Priego Author-X-Name-First: Nuria Author-X-Name-Last: Rodríguez-Priego Author-Name: Lucia Porcu Author-X-Name-First: Lucia Author-X-Name-Last: Porcu Title: Challenges in times of a pandemic: what drives and hinders the adoption of location-based applications? Abstract: The current environment is highly dynamic and undergoing continuous change, and the recent outbreak of the COVID-19 pandemic has shown how firms and governments need to act promptly to face unexpected threats. In this regard, location-based applications have been implemented successfully in China and South Korea, but in some Western countries, serious privacy issues have been raised. With these premises in mind, this paper has the aim of examining the factors that motivate or discourage users to adopt mobile applications able to trace location. The proposed model is based on the combination of the Protection Motivation Theory, the Theory of Planned Behavior, and the Technology Acceptance Model. A variance-based Structural Equations Modeling approach has been used to test the conceptual model using Partial Least Squares (PLS). The findings show that perceived usefulness positively influences attitude. In addition, subjective norms and self-efficacy were found to be the key drivers of the intention to adopt location-based applications, whilst perceived severity emerged as an important barrier. Finally, this study provides empirical evidence for the positive and significant relationship between the intention to use this type of apps and actual behavior. Academic and managerial implications are drawn and future research directions are suggested. Journal: Economic Research-Ekonomska Istraživanja Pages: 438-457 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1902364 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1902364 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:438-457 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1993951_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sitara Karim Author-X-Name-First: Sitara Author-X-Name-Last: Karim Author-Name: Muhammad Umair Akhtar Author-X-Name-First: Muhammad Umair Author-X-Name-Last: Akhtar Author-Name: Rubeena Tashfeen Author-X-Name-First: Rubeena Author-X-Name-Last: Tashfeen Author-Name: Mustafa Raza Rabbani Author-X-Name-First: Mustafa Author-X-Name-Last: Raza Rabbani Author-Name: Abdul Aziz Abdul Rahman Author-X-Name-First: Abdul Aziz Abdul Author-X-Name-Last: Rahman Author-Name: Amani AlAbbas Author-X-Name-First: Amani Author-X-Name-Last: AlAbbas Title: Sustainable banking regulations pre and during coronavirus outbreak: the moderating role of financial stability Abstract: With the worldwide dispersion of COVID-19, banking sector, among others, needs to adapt to unexpected challenges. For this purpose, this study examines the impact of sustainable banking regulations on bank-specific characteristics pre and during COVID-19 period in Pakistan for the period spanning from 2006 to 2020. Moreover, financial stability is employed to test its moderating role on sustainable banking regulations. The dynamic estimator, named the system-Generalized Method of Moments, is used to analyze the endogenous nature of the data. Findings suggest that capital adequacy ratio, deposit ratio, and loan ratio are positive whereas leverage ratios are negatively related to profitability and market return. Overall, findings reveal that sustainable banking regulations influenced the bank-specific characteristics substantially. Importantly, the year-wise averages of variables reveal that Pakistani banks have made significant improvements in profitability, market return, capital adequacy, and deposit ratio pre and during pandemic era. Additionally, the financial stability significantly moderates the relationship highlighting lower default risk and the effectiveness of sustainable banking operations. Practically, despite global lockdowns, economic and trade restrictions during COVID-19, State Bank of Pakistan, sustained health of banking sector through its well-regulated monitoring mechanism. Journal: Economic Research-Ekonomska Istraživanja Pages: 3360-3377 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1993951 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1993951 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3360-3377 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985572_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhiyi Meng Author-X-Name-First: Zhiyi Author-X-Name-Last: Meng Author-Name: Na Zhao Author-X-Name-First: Na Author-X-Name-Last: Zhao Author-Name: Bin Shen Author-X-Name-First: Bin Author-X-Name-Last: Shen Author-Name: Chang Zhai Author-X-Name-First: Chang Author-X-Name-Last: Zhai Title: Optimal pricing strategy for green products under salience theory Abstract: Environmental pressures and people's demands for green consumption have prompted manufacturers to engage in the research and development of green products. Manufacturers need to consider the price and greenness of products when making production decisions. This paper analyzes the level of greenness and price competition of duopoly manufacturers in the consumer market in which both green-sensitive consumers (salience to greenness) and price-sensitive consumers (salience to price) exist simultaneously according to salience theory. We find that the regular manufacturer will enter the green market when all consumers’ average degree of price responsiveness is small or in a moderate part of the region. In addition, this paper also discusses the influence of salience on manufacturers’ level of greenness and pricing strategy choice. We find that the degree of salient thinking of consumers influences optimal pricing, optimal greenness and profits under the uniform pricing and price discrimination mechanisms. Journal: Economic Research-Ekonomska Istraživanja Pages: 2960-2983 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985572 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985572 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2960-2983 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1910533_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yun Feng Author-X-Name-First: Yun Author-X-Name-Last: Feng Author-Name: Xin Li Author-X-Name-First: Xin Author-X-Name-Last: Li Title: Causal estimation of COVID-19 and SARS on China's stock market: evidence from a time series counterfactual prediction Abstract: This investigation infers the time evolution causal effect of COVID-19 and SARS on China's stock market based on predicting the counterfactual market response using a diffusion-regression state-space model. The results show that SARS caused an average negative impact of 5.4% on stock prices. In comparison, COVID-19 had a negative impact of 5.3%. Furthermore, considering China's growing worldwide influence, this study carefully reselects the covariates and finds that the negative impact of COVID-19 on stock prices has conservatively increased to 10%, far stronger than the impact of SARS. The results show that the quantitative estimation of the causal effect of emergencies such as COVID-19 must be based on reliable counterfactual inference; only relying on statistical correlation measures may lead to biased estimation. The analysis of the time evolution characteristics of the causal effect shows that the negative impact caused by COVID-19 began to weaken within three days, while the impact of SARS lasted longer. The results show that the Chinese government's strict lockdown achieved the effect of stopping losses in time, and this finding helps to provide a positive demonstration for worldwide epidemic response strategies. Journal: Economic Research-Ekonomska Istraživanja Pages: 1734-1751 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1910533 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1910533 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1734-1751 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2002707_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shengdong Zhu Author-X-Name-First: Shengdong Author-X-Name-Last: Zhu Author-Name: Yuting Luo Author-X-Name-First: Yuting Author-X-Name-Last: Luo Author-Name: Noshaba Aziz Author-X-Name-First: Noshaba Author-X-Name-Last: Aziz Author-Name: Abdul Jamal Author-X-Name-First: Abdul Author-X-Name-Last: Jamal Author-Name: Qingyu Zhang Author-X-Name-First: Qingyu Author-X-Name-Last: Zhang Title: Environmental impact of the tourism industry in China: analyses based on multiple environmental factors using novel Quantile Autoregressive Distributed Lag model Abstract: This study examines the impact of tourism on China’s environmental quality under the framework of the Environment Kuznets Curve. In this study, tourism is measured by the number of tourist arrival and environmental pollution is measured by three proxies: carbon emissions, atmospheric particulate matter, and greenhouse gases. The study additionally controls trade openness effects using annual data from 1995 to 2018. Based on the asymmetric behavior of environmental variables, the study applies the Quantile Autoregressive Distributed Lag model that helps to integrate both dynamic trends and non-linearity. The findings confirmed the validity of Environment Kuznets in the long run and unveiled that tourist arrivals reduce carbon emissions, atmospheric particulate matter, and greenhouse gases in the long run, but in short-run dynamics, tourist arrivals only reduce carbon emissions. Similarly, trade openness increases carbon emissions, atmospheric particulate matter, and greenhouse gases at initial quantiles in the long run. In contrast, in the case of the short run, trade openness reduces atmospheric particulate matter and greenhouse gases. These results imply that the emissions mitigating (contributing) effects of tourism and trade varied across lower and higher quantiles. In conclusion, the findings reveal that the government should take effective measures to implement appropriate strategies required to sustain tourism and trade in China. Journal: Economic Research-Ekonomska Istraživanja Pages: 3663-3689 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2002707 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2002707 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3663-3689 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1952088_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chenpei Hu Author-X-Name-First: Chenpei Author-X-Name-Last: Hu Author-Name: Zuiyi Shen Author-X-Name-First: Zuiyi Author-X-Name-Last: Shen Author-Name: Haijing Yu Author-X-Name-First: Haijing Author-X-Name-Last: Yu Author-Name: Bing Xu Author-X-Name-First: Bing Author-X-Name-Last: Xu Title: Uncertainty shocks and monetary policy: evidence from the troika of China's economy Abstract: Growth in China’s economy is driven by the troika: consumption, investment and export. This paper examines the effect of uncertain events such as the global financial crisis in 2008, and the COVID-19 pandemic on the troika. Based on the construction of a new uncertainty index of China’s economy, the relationship between uncertainty and growth in the troika is examined by using a TVP-VAR model. Results show that fluctuations in the uncertainty index during the COVID-19 epidemic had the greatest negative impact on consumption and investment at a magnitude of −0.27, notably greater than that during the period of the global financial crisis. The negative impact on export reached −0.73, smaller than that during the global financial crisis. Against a backdrop of the novel coronavirus epidemic, it is also found that expansionary monetary policies can have a relatively large impact on investment and export, reaching 1.75 and 1.57 respectively, while short-term impact on consumption is relatively weak, averaging at 0.51. Journal: Economic Research-Ekonomska Istraživanja Pages: 971-985 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1952088 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1952088 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:971-985 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048188_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Junlong Chen Author-X-Name-First: Junlong Author-X-Name-Last: Chen Author-Name: Xinran Xie Author-X-Name-First: Xinran Author-X-Name-Last: Xie Author-Name: Jiali Liu Author-X-Name-First: Jiali Author-X-Name-Last: Liu Author-Name: Chuiqing Rong Author-X-Name-First: Chuiqing Author-X-Name-Last: Rong Title: Privatisation policy with different oligopolistic competition in the public utilities market Abstract: This study constructs an oligopoly model in public utilities sector to explore the optimal privatisation policy and the factors affecting equilibrium outcomes and explores the optimal proportion of state-owned shares. We also offer empirical evidence of China’s public utilities from 1985 to 2019 to prove the applicability of model results. The results show that, depending on product differentiation, cost variance, technical level, nationalisation, partial or full privatisation can be optimal. Improving capital efficiency increases social welfare in Model PP, but not in Model PS. Product differentiation improves social welfare at the expense of profits in SS model. In Model PM, technical improvements boost private enterprise profits but induce a decrement in social welfare. A high proportion of state-owned shares fail to improve social welfare in Model SM. In a word, the value range of parameters and competition modes in public utilities sector affect market players’ welfare distribution, which identifies with the empirical analysis of China’s public utilities development. Journal: Economic Research-Ekonomska Istraživanja Pages: 6142-6164 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048188 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048188 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6142-6164 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2010114_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Morana Koludrović Author-X-Name-First: Morana Author-X-Name-Last: Koludrović Author-Name: Antonela Mrsić Author-X-Name-First: Antonela Author-X-Name-Last: Mrsić Title: The attitudes of initial teacher education students towards teacher socioemotional competence Abstract: A significant acceptance and research of teacher socioemotional competence occurred along with the development of the constructivist approach in education. Socioemotional competence is considered an important part of teacher competences or pedagogical competences which should be acquired and learned during studies. The main research objective was to examine the attitudes of initial teacher education students (future teachers) related to the desirable and necessary teacher socioemotional competences, including self-assessment of students' socioemotional competences. The study involved a total of 121 graduate students attending teacher education study programs in the field of social sciences and humanities. The results of the research indicate that students are generally familiar with characteristics of socioemotional competence and consider them important. As expected, the students show having somewhat less confidence in their own teacher competences. Journal: Economic Research-Ekonomska Istraživanja Pages: 4113-4127 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2010114 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2010114 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4113-4127 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1934509_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jessica Paule-Vianez Author-X-Name-First: Jessica Author-X-Name-Last: Paule-Vianez Author-Name: Carmen Orden-Cruz Author-X-Name-First: Carmen Author-X-Name-Last: Orden-Cruz Author-Name: Sandra Escamilla-Solano Author-X-Name-First: Sandra Author-X-Name-Last: Escamilla-Solano Title: Influence of COVID-induced fear on sovereign bond yield Abstract: There is limited literature exploring the relationship between the sentiment of fear and bond markets. This study analyzes the influence of fear generated by the coronavirus on bond markets, particularly on the yield of sovereign bond debt issued by the G7 countries (Germany, Canada, the United States, France, Italy, Japan, and the United Kingdom). To accomplish this, search volumes compiled by Google Trends on the topic of coronavirus were used as a proxy for COVID-induced fear. The results from applying a panel data approach for the period from 1 January 2020 to 30 December 2020, show that this fear positively impacts the 10-year sovereign bond yield. We show that a one-point increase in COVID-induced fear was associated with an increase in the weekly change in the sovereign bond yield of around 0.0007%. Thus, we found that COVID-induced fear was associated with an increase in country risk perception. These findings have important implications for policymakers by demonstrating the importance of searching a balance between health concerns and impacts on the economy to avoid increasing country risk. In addition, the results obtained show that in times of greater fear of the coronavirus, investors can obtain higher returns by investing in safe assets, such as sovereign bonds. Journal: Economic Research-Ekonomska Istraživanja Pages: 2173-2190 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1934509 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1934509 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2173-2190 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1986674_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pedro Mata Author-X-Name-First: Pedro Author-X-Name-Last: Mata Author-Name: Tamar Buil Author-X-Name-First: Tamar Author-X-Name-Last: Buil Author-Name: María Gómez-Campillo Author-X-Name-First: María Author-X-Name-Last: Gómez-Campillo Title: COVID-19 and the reorientation of communication towards CSR Abstract: Intuitively, it was clear that the pandemic situation and, more specifically, the lockdown and schedule limitations were going to affect communication practices. In general, during the COVID-19 situation, companies have replaced the commercial or external communication used in previous years with a more corporate-like communication. Therefore, in this article we intend to verify how companies have carried out their communication actions under the umbrella of corporate social responsibility (CSR) and the results obtained. In order to understand these changes, we have conducted a two-step sequential study that starts with in-depth interviews with Directors of Communication and concludes with a major survey of 214 companies. What this paper demonstrates is that communication practices have changed and are redirected towards CSR. This new communication discloses the measures that are being taken in relation to security, new sales, and product delivery alternatives, new services to older customers or customers at risk, to support employees for protection and conciliation, etc.—in short, a reorientation of communication towards CSR. Journal: Economic Research-Ekonomska Istraživanja Pages: 3168-3188 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1986674 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1986674 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3168-3188 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2056069_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bo Feng Author-X-Name-First: Bo Author-X-Name-Last: Feng Title: Novel research methods on evaluating the nexus between energy consumption, economic growth and environment: evidence from China Abstract: Since the debate concerning economic growth, energy consumption, and environmental degradation is a burning issue in the last few decades. Yet the outcomes are controversial and requires more empirical work. This study used novel research methods to investigate the said issue in case of China since is the leading energy importing and pollution emitting economy. The time series data covers the period from 1969 to 2018 is analyzed via employing the novel Quantile-on-Quantile regression methods. The estimated results unveil that fossil fuel consumption significantly enhances carbon emissions in the country in the lower and middle quantiles. Besides, the economic growth showed an inverted U-shaped impact on the carbon emissions, where the lower-medium quantiles showed positive and the upper quantiles exhibit negative impact on carbon emissions. Besides, the positive association between economic growth and fossil fuel emissions are also evident in the analysis. The Granger causality indicates that there is a bidirectional causality between the study variables – validating that economic growth and fossil fuel consumption are the primary sources of increased emissions level. On the basis of empirical results, this study suggests the adoption of energy efficient/saving products and services, diverting economic growth to renewable and environmentally friendly energy resources, technological innovation and increased investment in the research and development to reduce dependency on fossil fuel energy consumption and attain low carbon economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 7022-7042 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2056069 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2056069 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:7022-7042 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1952640_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zongyun Li Author-X-Name-First: Zongyun Author-X-Name-Last: Li Author-Name: Panteha Farmanesh Author-X-Name-First: Panteha Author-X-Name-Last: Farmanesh Author-Name: Dervis Kirikkaleli Author-X-Name-First: Dervis Author-X-Name-Last: Kirikkaleli Author-Name: Rania Itani Author-X-Name-First: Rania Author-X-Name-Last: Itani Title: A comparative analysis of COVID-19 and global financial crises: evidence from US economy Abstract: The COVID-19 crisis has had deep adverse effects on a global level, affecting many economies and worsening their conditions which may have led to severe recession or even depression. The numbers of positive cases have risen sharply over the last few months, and the fatalities have also reached their peak. This study aims to examine the impact of the global financial crisis, and the COVID-19 pandemic on the macroeconomic variables of the US economy. It also provides an understanding in a descriptive format, to analyze and compare the global financial crisis and COVID-19 pandemic, in a tabulated and graphical format. For analysis purposes, the tables and average method have been used. For the graphical formats, charts have been used for the later year of 2008, and the beginning of the 2009 global financial crisis. The first six months of the spread of the COVID-19 pandemic have also been taken into consideration. The results have confirmed that the current COVID-19 pandemic shows more severity in terms of economic activity, than the global financial crisis had experienced. Moreover, the impact of the crisis on the recession probabilities in the current pandemic is lower than that at the time of the global financial crisis. Journal: Economic Research-Ekonomska Istraživanja Pages: 2427-2441 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1952640 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1952640 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2427-2441 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2002706_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Larisa Ivascu Author-X-Name-First: Larisa Author-X-Name-Last: Ivascu Author-Name: Muddassar Sarfraz Author-X-Name-First: Muddassar Author-X-Name-Last: Sarfraz Author-Name: Aura Domil Author-X-Name-First: Aura Author-X-Name-Last: Domil Author-Name: Oana Bogdan Author-X-Name-First: Oana Author-X-Name-Last: Bogdan Author-Name: Valentin Burca Author-X-Name-First: Valentin Author-X-Name-Last: Burca Title: Assessment of country institutional factor on sustainable energy target achievement in European Union Abstract: This study examines causality relation between the quality of national institutional frameworks designed to ensure higher energy efficiency and the distance to the achievement of the EU Commission targets in terms of energy consumption, using a panel of 21 EU member states. Through panel unit root tests and an estimated VAR model, our results reveal that the quality of a nation’s institutional and economic energy efficiency framework does not significantly influence the gap between annual energy consumption and related EU targets, as prescribed by the energy efficiency EU Directives. However, the results show a bi-directional causality relationship suggests that the nation’s institutional framework on energy efficiency should be improved. According to the impulse response function, this relationship is more related to a short-run perspective. Hence, a strong correlation exists between the level of achieving the reduction targets on energy consumption and the level of gas emissions. Our findings further reveal that the level of reported GHCs significantly influences national regulations and strategies for gas emission reductions. This research highlights the importance of each EU member state creating an appropriate legislative and institutional framework that promotes energy efficiency. Journal: Economic Research-Ekonomska Istraživanja Pages: 3641-3662 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2002706 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2002706 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3641-3662 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2025124_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tomáš Ric Author-X-Name-First: Tomáš Author-X-Name-Last: Ric Author-Name: Dragan Benazić Author-X-Name-First: Dragan Author-X-Name-Last: Benazić Title: From social interactivity to buying: an instagram user behaviour based on the S-O-R paradigm Abstract: Social networks are one of the largest and fastest-growing marketing tools in the world. Their strength is proven by 3.8 billion users worldwide in 2020. The tool offers great economic potential for a commercial brand. This paper focuses on the social network sought after by the millennials - Instagram. One advertisement on Instagram can reach up to 849 million users. One-third of so-called stories are commercial and 200 million users a day look at a business profile. The aim of this paper is to characterize the influence of interactivity in the form of ‘liking’, commenting, and sharing on consumer shopping behavior. The partial goal of the paper is to characterize the interests of users on the social network Instagram. The paper is based on the stimulus-organism-response paradigm developed by Howard and Sheth (1969). The research concerns the influence of interactivity on the motives for using Instagram (O) and especially on brand awareness and the intention to purchase (R). Interactivity only influences responses when it is mediated through the individual's motivation to use the application, whether for hedonistic or utilitarian reasons. The data were obtained using a questionnaire and were evaluated using the Confirmatory Factor Analysis and Equation Structural Modelling. Journal: Economic Research-Ekonomska Istraživanja Pages: 5202-5220 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2025124 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2025124 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5202-5220 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2018003_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Luis Araya-Castillo Author-X-Name-First: Luis Author-X-Name-Last: Araya-Castillo Author-Name: Felipe Hernández-Perlines Author-X-Name-First: Felipe Author-X-Name-Last: Hernández-Perlines Author-Name: Cristian Millán-Toledo Author-X-Name-First: Cristian Author-X-Name-Last: Millán-Toledo Author-Name: Manuel Alejandro Ibarra Cisneros Author-X-Name-First: Manuel Alejandro Author-X-Name-Last: Ibarra Cisneros Title: Bibliometric analysis of studies on family firms Abstract: Several authors have highlighted the importance of family firms in the worldwide generation of wealth, wellbeing, and employment. Recently, the importance of family firms has resulted in the proliferation of many academic works in prestigious journals. Hence, studying their development and evolution is deemed necessary. This study conducts a bibliometric analysis of the literature on family firms to show the research trends and guide researchers in their work; it is conducted using a detailed and systematic study of the scientific production of papers on family firms published in the Web of Science (WoS) between 1975 and May 2020. Its contributions are as follows. First, it consolidates family firms as an area of research, which reflects on several papers focusing on this topic (1990 papers published in the WoS database, 55982 total citations). Second, it finds that family firm research has mainly developed in the last few years. Third, it discovers that Kellermanns and Chrisman are the most relevant authors in this field. Fourth, it suggests that the most influential journal is Family Business Review. Fifth, it finds that that the Mississippi State University is the most renowned family firm research institution. Sixth, it discovers that the United States has the highest production in the field. Finally, the bibliometric map identifies four clusters, the most relevant being the family firm theory and its evolution. Journal: Economic Research-Ekonomska Istraživanja Pages: 4778-4800 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2018003 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2018003 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4778-4800 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2037446_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Duanmin Zhang Author-X-Name-First: Duanmin Author-X-Name-Last: Zhang Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Author-Name: Sana Ullah Author-X-Name-First: Sana Author-X-Name-Last: Ullah Title: Institutional factors-environmental quality nexus in BRICS: a strategic pillar of governmental performance Abstract: A better understanding of the link between institutional factors and CO2 emissions is essential for economists and policymakers. Therefore, this study explores the dynamic impact of institutional factors on carbon emissions in BRICS economies for the period from 1996 to 2019 by using the panel NARDL approach. We found that positive shocks in corruption and law & order and government stability have a negative impact on carbon emissions in the long-run. However, the negative shocks in corruption and law & order exert a positive impact on carbon emissions, while negative shocks in government stability and political stability have a negative impact on carbon emissions in the long-run. These findings confirm the significance of institutional factors in alleviating carbon emissions in BRICS countries since institutional factors not only influence pollution emissions directly but also indirectly through foreign direct investment and economic growth. The findings recommend that there is a need to strengthen institutions to promote green growth and a healthy sustainable environment. Journal: Economic Research-Ekonomska Istraživanja Pages: 5777-5789 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2037446 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2037446 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5777-5789 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1967772_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Weiran Lin Author-X-Name-First: Weiran Author-X-Name-Last: Lin Author-Name: Qiuqin He Author-X-Name-First: Qiuqin Author-X-Name-Last: He Author-Name: Haijing Yu Author-X-Name-First: Haijing Author-X-Name-Last: Yu Title: The convergence of PM2.5 concentration in Chinese cities: a distribution dynamic approach Abstract: To fill the gap in the research on the convergence trend of air pollutants since 2013 in China and overcome the Galton fallacy caused by the parametric regression method, this study examines the convergence trend of the annual average concentration of fine particulate matter 2.5 (PM2.5) in China’s prefecture-level cities after 2013 using a distribution dynamic approach. The winter PM2.5 pollution in Chinese cities is severe. Hence, the convergence of the average winter PM2.5 concentration of prefecture-level cities is also explored in this study. The results show that during 2015–2019, the annual average PM2.5 concentration level improved significantly. However, the average PM2.5 winter concentration level in 2015–2018 did not significantly decrease, with some cities showing severe pollution levels. The annual average PM2.5 of China's prefecture-level cities exhibit club convergence, while the PM2.5 concentration in winter exhibits ‘unikurtosis’. In the long run, the annual average PM2.5 clusters around two levels, at approximately 35 μg/m3 and 60 μg/m3, while the average PM2.5 in winter is concentrated at 100 μg/m3. In the long run, in the central region, PM2.5 pollution is more severe than in northern and southern areas, regardless of the annual or winter average PM2.5 concentration. Journal: Economic Research-Ekonomska Istraživanja Pages: 2555-2573 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1967772 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1967772 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2555-2573 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1927789_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xin-Yu Wang Author-X-Name-First: Xin-Yu Author-X-Name-Last: Wang Author-Name: Guang Li Author-X-Name-First: Guang Author-X-Name-Last: Li Author-Name: Summaira Malik Author-X-Name-First: Summaira Author-X-Name-Last: Malik Author-Name: Ahsan Anwar Author-X-Name-First: Ahsan Author-X-Name-Last: Anwar Title: Impact of COVID-19 on achieving the goal of sustainable development: E-learning and educational productivity Abstract: The COVID-19 pandemic has had a thought-provoking impact on the Sustainable Development Goals (SDGs) that were approved by United Nations in the year 2015. Therefore, taking this very consideration forward, this study primarily explores the impact of COVID-19, particularly on the SDG number 4, i.e., education. Due to the COVID-19 contagion, given the unusual and never been experienced circumstances, educational institutions all over the world have been forced to establish their e-learning systems practically overnight. For this purpose, we collected the relevant data from middle school students, by using a technique known as convenience sampling. Furthermore, moving on in the same context, we also developed an integrated model with five dimensions, i.e., Learner, Design, Technology, Instructor, and Environment, in order to gauge this relationship in further detail. The empirical findings of the step-wise multiple regression analysis revealed that the learners’ attitude towards the computer, learners’ internet self-efficacy, usefulness, instructors’ response timelines, and the instructors’ attitude towards e-learning, positively and significantly tend to affect the middle school student's satisfaction with online. Whereas, learners’ computer anxiety, ease of use, system availability, internet availability, learning climate, and interactions negatively affects the middle school students’ satisfaction. These results imply that developing countries could possibly achieve goal number 4 (Education) of the Sustainable Development Goals, by improving the learner satisfaction, and further strengthening the implementation of their E-Learning practices. Journal: Economic Research-Ekonomska Istraživanja Pages: 1950-1966 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1927789 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1927789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1950-1966 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2010110_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jing Tan Author-X-Name-First: Jing Author-X-Name-Last: Tan Author-Name: Hao Xu Author-X-Name-First: Hao Author-X-Name-Last: Xu Author-Name: Jingwen Yu Author-X-Name-First: Jingwen Author-X-Name-Last: Yu Author-Name: Valentin Radu Author-X-Name-First: Valentin Author-X-Name-Last: Radu Title: Consumption and savings of migrants in China – social cohesion perspective Abstract: Boosting domestic demand is the task of China's sustainable economic development, and in particular, China has become an important global consumer market and the savings patterns should be more cohesive and without discriminations. Using data of China Migrants Dynamic Survey, the paper provides new evidence on internal migrants’ savings in China from the perspective of homeownership and family migration. We find that migrants’ savings are 5.25–6.60 percentage points higher than hukou population even when controlling for working, social status, and social insurance coverage which means the migrant will save 1019.88–1647.10 yuan in 2010 price more monthly. Furthermore, we discover housing could partly explain the saving gap, while when we take remittance and family migration into account, the saving rate differences between migrants and hukou population disappears, which means migrants may save to consume when they go back to their hometown with their family members instead of consuming later in the resident cities. The research is carried out taking into account the objectives of social cohesion policy identified at national and international level and their involvement in consumption and saving processes. Our empirical results reveal that homeownership, remittance motive and family migration play important roles in shaping saving behaviour of migrants. Journal: Economic Research-Ekonomska Istraživanja Pages: 4029-4046 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2010110 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2010110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4029-4046 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2007413_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wang Lei Author-X-Name-First: Wang Author-X-Name-Last: Lei Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Author-Name: Hafeez Muhammad Author-X-Name-First: Hafeez Author-X-Name-Last: Muhammad Author-Name: Sana Ullah Author-X-Name-First: Sana Author-X-Name-Last: Ullah Title: On the asymmetric effects of financial deepening on renewable and non-renewable energy consumption: insights from China Abstract: One of the strategic objectives of China is to increase renewable energy consumption by reducing non-renewable energy consumption. This motivates us to carefully investigate the asymmetric effects of financial deepening on renewable and non-renewable energy consumption for China, using annual data from 1990 to 2019. The results show that in China, a positive shock in bank deposits and broad money has a significant increasing effect on renewable energy consumption, while a negative shock in bank deposits and broad money has also a significant increasing effect on renewable energy consumption in the long-run. Moreover, positive change in bank deposits and broad money has an inverse impact on non-renewable energy consumption, while negative change has stimulating non-renewable energy consumption in long run. Thus, government and policymaker's policies aimed at promoting financial deepening in China must be persistent and sustainable to foster renewable energy consumption. Journal: Economic Research-Ekonomska Istraživanja Pages: 3961-3978 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2007413 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2007413 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3961-3978 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2004187_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jaroslav Belas Author-X-Name-First: Jaroslav Author-X-Name-Last: Belas Author-Name: Beata Gavurova Author-X-Name-First: Beata Author-X-Name-Last: Gavurova Author-Name: Jan Dvorsky Author-X-Name-First: Jan Author-X-Name-Last: Dvorsky Author-Name: Martin Cepel Author-X-Name-First: Martin Author-X-Name-Last: Cepel Author-Name: Pavol Durana Author-X-Name-First: Pavol Author-X-Name-Last: Durana Title: The impact of the COVID-19 pandemic on selected areas of a management system in SMEs Abstract: The current pandemic, that has wider economic and social impacts, will put to the test all enterprises, which will be forced to search for new survival strategies and to create existential prognoses of business operations during great economic and social uncertainty and new crises whose impacts are hard to predict. This fact motivated the team of authors to realise the study that aims at researching and quantifying the impacts of the pandemic COVID-19 on selected areas of management in SMEs in the Czech Republic (CR) and the Slovak Republic (SR). The research sample consisted of 1502 SMEs, 822 SMEs before the pandemic, 680 SMEs during the pandemic, 814 from CR, and 688 from SR. Attitudes between SMEs according to nationality and period of research were verified with a chi-squared test and Kruskal-Wallis tests. The results of both countries confirmed that the pandemic has a negative impact on the financial performance of SMEs. The government economic measures may help the enterprises to recover, said 40.0% of Czech entrepreneurs, but only 30% of Slovak entrepreneurs. However, the entrepreneurs in SMEs equally perceive other aspects of corporate governance and business risk management during the pandemic. Journal: Economic Research-Ekonomska Istraživanja Pages: 3754-3777 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2004187 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2004187 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3754-3777 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1890427_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: Statement of Retraction Journal: Economic Research-Ekonomska Istraživanja Pages: 299-299 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1890427 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1890427 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:299-299 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1893204_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wan-Shu Wu Author-X-Name-First: Wan-Shu Author-X-Name-Last: Wu Author-Name: Kai Zhao Author-X-Name-First: Kai Author-X-Name-Last: Zhao Title: Government R&D subsidies and enterprise R&D activities: theory and evidence Abstract: Under the control of multi-dimensional factors such as industry and enterprise characteristics, this paper examines the impact of government R&D subsidies on enterprise R&D activities, both theoretically and empirically. Theoretically, on the basis of Symeonidis model, this paper establishes a three-stage dynamic game model by introducing the government R&D subsidy, in order to expand the existing theory. Taking the data of the listed enterprises in China as the research sample, the Spatial Quantile Autoregressive Regression method, which has the ability to examine both spatial effect and quantile effect, is used to test the theoretical results. It is found that R&D subsidies play a significant positive role in stimulating the R&D activities of enterprises, and the incentive effect of subsidies is more obvious with the increase of R&D investment and R&D efficiency. Furthermore, the spillover effect can improve R&D efficiency, and this effect will be gradually strengthened with the increase of quantile. Journal: Economic Research-Ekonomska Istraživanja Pages: 391-408 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1893204 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1893204 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:391-408 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1934058_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bo Jiang Author-X-Name-First: Bo Author-X-Name-Last: Jiang Author-Name: Dan Gu Author-X-Name-First: Dan Author-X-Name-Last: Gu Author-Name: Ramla Sadiq Author-X-Name-First: Ramla Author-X-Name-Last: Sadiq Author-Name: Tahseen Mohsan Khan Author-X-Name-First: Tahseen Author-X-Name-Last: Mohsan Khan Author-Name: Hsu-Ling Chang Author-X-Name-First: Hsu-Ling Author-X-Name-Last: Chang Title: Does the stringency of government interventions for COVID19 reduce the negative impact on market growth? Evidence from Pacific and South Asia Abstract: The objective of this study is to empirically assess the effect of government decisions on market growth in response to social distancing initiatives, government reactions, economic support provision, and containment and health responses, to name a few. A panel dataset of daily stock market returns is analysed in this study, changes in COVID-19 cases, and government responses to 17 countries in the Pacific and South Asia from 1st January 2020 to 31st December 2020. Findings indicate that social distancing policies have a significant negative effect on stock returns but a substantial positive impact on market growth when new cases' growth rate declines after accounting for country characteristics and systematic risk due to foreign factors. A direct negative effect is seen almost immediately, and a subsequently indirect positive effect is noted. As expected, policies regarding social distancing have an immediate negative impact, attributed mainly to the expected negative effect on economic activity. Subsequently, we see an indirect positive effect on market return because social distancing measures reduced the growth of confirmed COVID-19 cases. Both awareness, containment, and health index (ACHI) and Income Support and Debt Relief Index (ISDRI) positively affect market growth, as they are perceived to support individuals' socio-economic well-being and mainly result in positive market returns. Journal: Economic Research-Ekonomska Istraživanja Pages: 2093-2111 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1934058 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1934058 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2093-2111 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1941180_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yun Song Author-X-Name-First: Yun Author-X-Name-Last: Song Author-Name: Peng Zhao Author-X-Name-First: Peng Author-X-Name-Last: Zhao Author-Name: Hsu-Ling Chang Author-X-Name-First: Hsu-Ling Author-X-Name-Last: Chang Author-Name: Ummara Razi Author-X-Name-First: Ummara Author-X-Name-Last: Razi Author-Name: Marius Sorin Dinca Author-X-Name-First: Marius Sorin Author-X-Name-Last: Dinca Title: Does the COVID-19 pandemic affect the tourism industry in China? Evidence from extreme quantiles approach Abstract: The tourism industry carries great significance in the economic development of any country. It has been observed that the COVID-19 crisis has affected global travel and tourism more than any other sector globally as well as in China. The travel restrictions, home isolation, and quarantine orders have given massive damage to China's once thriving tourism industry. Despite this phenomenal impact, the existing literature has a dearth of empirical studies related to the impact of the COVID-19 pandemic on the tourism industry. This study attempts to reflect a thorough picture of the current scenario and the crisis effects under different intensities reflected through quantiles of Covid-19 related deaths. The study has utilized the QARDL model and the Wald test on the daily time series data of COVID-19 intensity, the real effective exchange rate, oil prices, and the tourism development index from January 1, 2020, to March 15, 2021. The outcomes indicate that COVID-19 related deaths have a negative, but significant impact on China's tourism in the long run and short run. The oil prices also show a negative influence on tourism in the long run, but there is no significant impact of the oil prices on tourism in the short run. At the same time, the increase in the real effective exchange rates tends to support tourism in the long run, but does not influence tourism development in the short run. Journal: Economic Research-Ekonomska Istraživanja Pages: 2333-2350 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1941180 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1941180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2333-2350 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2050932_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Miao Yuan Author-X-Name-First: Miao Author-X-Name-Last: Yuan Author-Name: Hele Hu Author-X-Name-First: Hele Author-X-Name-Last: Hu Author-Name: Majed Alharthi Author-X-Name-First: Majed Author-X-Name-Last: Alharthi Author-Name: Ishtiaq Ahmad Author-X-Name-First: Ishtiaq Author-X-Name-Last: Ahmad Author-Name: Qaiser Abbas Author-X-Name-First: Qaiser Author-X-Name-Last: Abbas Author-Name: Muhammad Taqi Author-X-Name-First: Muhammad Author-X-Name-Last: Taqi Title: Nexus between energy pricing and carbon emission. A policy mix response of developing economies Abstract: The study utilised a data set of South Asian countries of energy pricing (E.P.), carbon emission, and policy mix between 1990 and 2020. A comprehensive set of models from econometric such as fixed effect (F.E.), and panel quantile regression (P.Q.R.) is used to determine the relationship between underline indicators. Furthermore, the T.O.P.S.I.S. method from operational research was applied to determine the efficiency level of these factors in the South Asian region. E.P. and carbon emission are contributing positively to the process of household consumption (H.C.). In the policy mix scenario, H.C. is positively associated with inflation while negatively with the tax rate. Furthermore, the outcomes of the T.O.P.S.I.S. indicate that Bhutan is performing efficiently in the said parameters followed by Pakistan, while India’s performance is not impressive in this regard. This study can be helpful to policymakers for effective energy demand planning, conservation, and frame policies that would ensure sustainable H.C. and serve as motivation to search for alternative energy sources to meet the growing energy demand. Journal: Economic Research-Ekonomska Istraživanja Pages: 6541-6557 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2050932 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2050932 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6541-6557 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1932547_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tianyu Li Author-X-Name-First: Tianyu Author-X-Name-Last: Li Author-Name: Lulu Hao Author-X-Name-First: Lulu Author-X-Name-Last: Hao Author-Name: Jakub Kubiczek Author-X-Name-First: Jakub Author-X-Name-Last: Kubiczek Author-Name: Adrian Pietrzyk Author-X-Name-First: Adrian Author-X-Name-Last: Pietrzyk Title: Corporate social responsibility of sports club in the era of coronavirus pandemic. Zagłębie Sosnowiec case study Abstract: The aim of the study is to identify, and present the CSR practices that have been, and are also currently being implemented by football clubs in the era of the Covid-19 pandemic. Moreover, it also strives to assess the impact of these practices on media coverage. The results of the research show that among the posts published by Zagłębie Sosnowiec on social media platforms, such as their official Facebook profile, and the posts about the results of the matches, tend to achieve the greatest reach. However, on the contrary, posts presenting the ongoing CSR initiatives for the local community come tend to take a backseat, and are considered to be secondary. Furthermore, when it comes to other posts that are related to sports activities or personalities (footballers' birthdays, match previews and information about sponsors), their reach does not tend to differ. From an empirical point of view, this study proves that CSR activities are an imperative element of building relationships with the club’s stakeholders. Journal: Economic Research-Ekonomska Istraživanja Pages: 2073-2092 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1932547 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1932547 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2073-2092 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2025126_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zulkefly Abdul Karim Author-X-Name-First: Zulkefly Author-X-Name-Last: Abdul Karim Author-Name: Fairul Shah Rizat Muhamad Fahmi Author-X-Name-First: Fairul Shah Rizat Author-X-Name-Last: Muhamad Fahmi Author-Name: Bakri Abdul Karim Author-X-Name-First: Bakri Author-X-Name-Last: Abdul Karim Author-Name: Mohamed Aseel Shokr Author-X-Name-First: Mohamed Aseel Author-X-Name-Last: Shokr Title: Market sentiments and firm-level equity returns: panel evidence of Malaysia Abstract: This study focuses on the impact of market sentiment on firm-level equity returns in Malaysia by hypothesising that market sentiment is a relevant risk factor. Understanding how the market sentiment reflects the equity return is crucial to market participants managing their portfolio investment risks. In modelling for firm-level equity return determinants using augmented Fama and French (1992, 1996) three-factor model, this study used data from a sample of 608 publicly listed firms for 2010–2019 and the dynamic panel GMM estimation technique. The findings revealed that market sentiment indices, namely Business Conditions Index (BCI) and Consumer Sentiments Index (CSI), strongly and positively influenced firms equity returns. Excellent market sentiment encouraged a bullish strategy, increasing share prices and, consequently, stock returns. In addition to market sentiment, other related variables, namely domestic market returns, international market returns, small minus big (SMB), high minus low (HML), and firms’ liquidity ratio, are also found to be statistically significant in influencing firms equity returns. The policy implication provides a vital strategy to market participants, particularly fund managers and investors, to accordingly manage their risks and returns on their portfolio investment. Journal: Economic Research-Ekonomska Istraživanja Pages: 5253-5272 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2025126 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2025126 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5253-5272 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1890177_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ghulam Mujtaba Author-X-Name-First: Ghulam Author-X-Name-Last: Mujtaba Author-Name: Yasmeen Akhtar Author-X-Name-First: Yasmeen Author-X-Name-Last: Akhtar Author-Name: Saira Ashfaq Author-X-Name-First: Saira Author-X-Name-Last: Ashfaq Author-Name: Imran Abbas Jadoon Author-X-Name-First: Imran Author-X-Name-Last: Abbas Jadoon Author-Name: Syeda Mahlaqa Hina Author-X-Name-First: Syeda Mahlaqa Author-X-Name-Last: Hina Title: The nexus between Basel capital requirements, risk-taking and profitability: what about emerging economies? Abstract: The study examines the nexus between Basel capital requirements, banking sector risk-taking, and profitability in Asian emerging markets by using dynamic panel GMM methodology. The findings of the study suggest that regulatory capital positively affects risk-taking which validates the “regulatory hypothesis.” The findings also reveal that regulatory capital positively while risk negatively affects the profitability in the banking sector. The current study finds the bidirectional causality between the regulatory capital and risk-taking, implying that banks with higher capital ratios are expected to increase in risk-taking and vice versa. The findings also suggest that managerial ownership positively affects while foreign ownership negatively impacts risk-taking consistent with the agency theory of corporate governance. The study proposes that ownership structure has a significant influence on bank risk and profitability, however, the combined impact of regulatory capital through its interaction with the ownership structure is not proved to be significant. Journal: Economic Research-Ekonomska Istraživanja Pages: 230-251 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1890177 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1890177 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:230-251 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2015611_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tien-Dung Nguyen Author-X-Name-First: Tien-Dung Author-X-Name-Last: Nguyen Author-Name: Thanh Quang Ngo Author-X-Name-First: Thanh Quang Author-X-Name-Last: Ngo Title: The role of technological advancement, supply chain, environmental, social, and governance responsibilities on the sustainable development goals of SMEs in Vietnam Abstract: Technological advancement along with environmental, social, and governance responsibilities are the essential issues in the sustainable development goals of SMEs in Vietnam. Therefore, the purpose of this study is to examine the influence of technological advancement as well as environmental, social, and governance responsibilities towards sustainable development goals while also examining the moderating role of supply chain to the relationship between technological advancement and the sustainable development goals of SMEs in Vietnam. This study used a questionnaire as its data collection method and smart-PLS to analyze the data. The results indicate that technological advancement, environmental, and social responsibilities have a positive association with the sustainable development goals of SMEs in Vietnam. It was also revealed that supply chain significantly moderates the nexus between technological advancement and sustainable development goals. This study serves as a guideline for the regulators in developing regulations related to the sustainable development of business organizations. Journal: Economic Research-Ekonomska Istraživanja Pages: 4557-4579 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2015611 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2015611 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4557-4579 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2019596_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhenghui Li Author-X-Name-First: Zhenghui Author-X-Name-Last: Li Author-Name: Fanqi Zou Author-X-Name-First: Fanqi Author-X-Name-Last: Zou Author-Name: Bin Mo Author-X-Name-First: Bin Author-X-Name-Last: Mo Title: Does mandatory CSR disclosure affect enterprise total factor productivity? Abstract: Corporate social responsibility (CSR) reports are important carriers of enterprises non-financial information disclosure, which are inextricably related to the production efficiency and performance of enterprises. The objective of this paper is discovering the causal effect of the CSR mandatory disclosure policy and the total factor productivity (TFP) of enterprises. This paper uses the sharp regression discontinuity design based on the micro data of the enterprises to study the impact by taking China's mandatory disclosure policy in 2008 as a quasi-natural experiment. This paper makes some contribution to the impact of mandatory CSR disclosure on enterprise TFP and the mechanism and heterogeneity of this impact. The research draws the following conclusions: First, the CSR mandatory disclosure can significantly improve the TFP of enterprises on the whole, and this effect has the characteristics of long-term and dynamic decline. Second, the mechanism of mandatory disclosure of CSR on TFP is through the mediating effect of R&D and innovation expenditures. Third, the heterogeneity of the impact of CSR mandatory disclosure on TFP is reflected in two aspects: industry and equity nature differences. These conclusions are strongly correlated with the contingent decision-making behaviour of enterprises and give some ideas to the policy makers. Journal: Economic Research-Ekonomska Istraživanja Pages: 4902-4921 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2019596 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2019596 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4902-4921 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2029714_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xuan Huang Author-X-Name-First: Xuan Author-X-Name-Last: Huang Author-Name: Xiaoyong Huang Author-X-Name-First: Xiaoyong Author-X-Name-Last: Huang Author-Name: Meihua Chen Author-X-Name-First: Meihua Author-X-Name-Last: Chen Author-Name: Sidra Sohail Author-X-Name-First: Sidra Author-X-Name-Last: Sohail Title: Fiscal spending and green economic growth: fresh evidence from high polluted Asian economies Abstract: Green growth is deliberated as an effective way for attaining environmental sustainability, but the nexus between fiscal spending and green growth is ignored in highly polluted Asian economies. To fill this gap, this study attempts to investigate the impact of public sector education and research and development expenditures on green economic growth for selected Asian economies for the period 1991–2019. The study employed FMOLS and DOLS methods to assess the association between public expenditures on education and research and development sectors and green economic growth. The study found that education and research and development expenditures both contribute significantly to enhancing green economic growth in most of the selected Asian economies. The study proposed some important policy implications for fostering green economic growth and environmental sustainability by mitigation of pollution emissions. Journal: Economic Research-Ekonomska Istraživanja Pages: 5502-5513 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2029714 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2029714 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5502-5513 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013273_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chaohua Cai Author-X-Name-First: Chaohua Author-X-Name-Last: Cai Author-Name: Qinying He Author-X-Name-First: Qinying Author-X-Name-Last: He Author-Name: Jeffrey Alwang Author-X-Name-First: Jeffrey Author-X-Name-Last: Alwang Title: Money is time: geographical distance and intergenerational support to aging parents in rural China Abstract: This study examines the effects of the geographical distance between adult offspring and their elderly parents on their support provided to their parents in rural China. Monetary and non-monetary support is closely related to the physical and psychological well-being of the elderly. Three waves of the China Health and Retirement Longitudinal Study (CHARLS) are used to identify a causal effect of the location of the adult offspring on outcomes such as financial transfers to the parents and provision of emotion/physical support. We find that the effects vary with the type of support. The effect of geographical distance on financial support sent by adult children to elderly parents shows a semi-inverted ‘U-shaped’ trend that first increases and then slowly decreases. The frequency of visit by the adult child to elderly parents decreases significantly as distance increase. Further analysis examines the heterogeneity of these effects. The paper combines theoretical and empirical evidence to illustrate how adult children make use of their limited time and money to provide parental support when they migrate different distances from home. Journal: Economic Research-Ekonomska Istraživanja Pages: 4340-4360 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013273 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013273 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4340-4360 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2037447_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Guangzhu Zhou Author-X-Name-First: Guangzhu Author-X-Name-Last: Zhou Author-Name: Hongping Li Author-X-Name-First: Hongping Author-X-Name-Last: Li Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Author-Name: Sana Ullah Author-X-Name-First: Sana Author-X-Name-Last: Ullah Title: Shocks in agricultural productivity and CO2 emissions: new environmental challenges for China in the green economy Abstract: The primary motive behind this research is to see the role of China’s large agriculture sector in promoting or demoting CO2 emissions. Therefore, we applied linear and non-linear ARDL models by collecting data over the period 1971–2019 for China. The results of the linear model suggest that livestock production can help to reduce CO2 emissions both in the short and long run. In the non-linear model, the short-run estimates of livestock production are insignificant, however, in the long run, the positive shock in the livestock production helps to reduce the CO2 emissions and the negative shock is insignificant. On the other side, an increase in crop production deteriorates the environmental quality in the short run in both linear and non-linear models. In long run, the estimate of crop production in the linear model is insignificant and in the non-linear model, the estimated coefficients of both positive and negative shocks in crop production are negative implying that a positive shock reduces the CO2 emissions while the negative shock increases the CO2 emissions. Journal: Economic Research-Ekonomska Istraživanja Pages: 5790-5806 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2037447 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2037447 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5790-5806 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2042710_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhen Liu Author-X-Name-First: Zhen Author-X-Name-Last: Liu Author-Name: Lu Lu Author-X-Name-First: Lu Author-X-Name-Last: Lu Author-Name: Thanh Tiep Le Author-X-Name-First: Thanh Author-X-Name-Last: Tiep Le Author-Name: Hayot Berk Saydaliev Author-X-Name-First: Hayot Berk Author-X-Name-Last: Saydaliev Title: Counterfactual analysis among Covid-19: fiscal and monetary policy for green economic recovery Abstract: This study examines fiscal-monetary policy links in America across a time period that includes the recent global economic crisis and the COVID-19 emergency. Hypotheses deviate that regulatory administrations are permanent and calculate fiscal policy yearly percentage rate and budgetary regulations which are likely to change between two governments. Additionally, study uses the VAR technique to evaluate the effects of financial initiatives similar to those undertaken in the aftermath of the Covid-19 outbreak. Results discovered that fiscal policy is more successful than monetary policy, and that lavishing on public debt helps increase short-run economic performance. People argue that concerns about a rapid rise in prices as a result of fiscal stimulus are unfounded because the US economy was not close to full employment or full use of funds prior to the global epidemic, and the dissemination processes that could contribute to accelerating rising prices are not always in place. As a result, with the withdrawal of monetary stimulus, the favourable effects on actual GDP and real private expenditure are gone. Long-term mortgage rates have risen, money invested has decreased, and prices have risen, raising concerns about the banking system's inflationary tendency. Journal: Economic Research-Ekonomska Istraživanja Pages: 5947-5970 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2042710 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2042710 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5947-5970 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2037445_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sebastian Stępień Author-X-Name-First: Sebastian Author-X-Name-Last: Stępień Author-Name: Katarzyna Smędzik-Ambroży Author-X-Name-First: Katarzyna Author-X-Name-Last: Smędzik-Ambroży Author-Name: Marta Guth Author-X-Name-First: Marta Author-X-Name-Last: Guth Author-Name: Andreea Muntean Author-X-Name-First: Andreea Author-X-Name-Last: Muntean Author-Name: Silvia Maican Author-X-Name-First: Silvia Author-X-Name-Last: Maican Author-Name: Carmen Pastiu Author-X-Name-First: Carmen Author-X-Name-Last: Pastiu Title: The importance and determinants of market integration of small family farms in selected countries of Central and Eastern Europe Abstract: One of the issues determining the economic situation of farms is the scope of their market integration. It can be therefore assumed that higher market integration leads to an improvement in the economic performance of households. The article has two aims. The first is to indicate the relationship between the degree of market integration of small-scale family farms and their economic condition. The second objective is to discover the determinants of the market integration of farms. The explanatory variables include economic (production value, total farm area, labour input, specialization of production) and demographic (farmer age, education level) factors. The novelty of our paper lies in in depth comparative analysis based on primary data from questionnaire surveys taken in 2018 and 2019 in five countries of Central and Eastern Europe: Serbia, Moldova, Lithuania Romania, and Poland. The results indicate is the existence of a statistically significant positive correlation between the degree of market integration and economic performance. Factors that favorably influence the level of market connection include the scale of production, specialization and, to some extent, level of farmowner’s education. The remaining variables are inconclusive or not statistically significant. Journal: Economic Research-Ekonomska Istraživanja Pages: 5757-5776 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2037445 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2037445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5757-5776 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2028178_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lu Shao Author-X-Name-First: Lu Author-X-Name-Last: Shao Author-Name: Wang Xi Author-X-Name-First: Wang Author-X-Name-Last: Xi Author-Name: Faiza Saleem Author-X-Name-First: Faiza Author-X-Name-Last: Saleem Author-Name: Nadia Bajaber Author-X-Name-First: Nadia Author-X-Name-Last: Bajaber Author-Name: Zulkiflee Abdul-Samad Author-X-Name-First: Zulkiflee Author-X-Name-Last: Abdul-Samad Title: The dynamic influence of inbound tourism and film and drama industry in promoting environmental sustainability in China: new evidence from bootstrap ARDL approach Abstract: The ongoing climate changes have created various challenges for each industry to achieve sustainable environmental goals. Like other extensively growing industries, China's film and drama industry and inbound tourism are also responsible for contributing effectively toward a sustainable environment. Despite its significant importance, there is a dearth of empirical evidence that analyses these industry's environmental performance. Thus, this study fills the gap by applying the novel bootstrap ARDL approach and found that Inbound Tourism and Film and Drama industry increased environmental performance (reducing ecological footprint) in China. These results imply that entertainment industries and inbound tourism increased social awareness and encouraged environmental protection in societies and industries. Manifestly, the coefficient's magnitude of the Film and Drama industry is relatively lower due to a smaller share of the overall economy. However, it shows significant potential for sustainability by creating awareness about sustainable practices and corporate social responsibility, leading to higher environmental performance. Moreover, a feedback effect (two-way causality) exists between Film and Drama industry, Inbound Tourism, and environmental performance. These results offer valuable policy recommendations. Journal: Economic Research-Ekonomska Istraživanja Pages: 5453-5468 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2028178 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2028178 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5453-5468 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2004188_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Danijela Blanuša Trošelj Author-X-Name-First: Danijela Author-X-Name-Last: Blanuša Trošelj Author-Name: Kristina Žigulić Author-X-Name-First: Kristina Author-X-Name-Last: Žigulić Author-Name: Vilko Petrić Author-X-Name-First: Vilko Author-X-Name-Last: Petrić Title: Movement and integrated learning: preschool teachers’ competence Abstract: The research aim was to determine the preschool teachers’ competence for the implementation of movement in children’s integrated learning and everyday activities during their stay in early education institutions. As many as 100 preschool teachers from various early education institutions of the City of Rijeka and its surrounding participated in the research. The questionnaire consists of 16 items. The basic statistical parameters were calculated, and the Spearman correlation coefficient, the Mann–Whitney U and the Kruskal Wallis test were used. Results show that preschool teachers with more in-service years have a significantly (p = 0.00) better opinion of the benefits brought by movement and more need for professional training. The preschool teachers who participated in educations linked to movement feel significantly (p = 0.00) more competent for its integration in their educational work. The need to integrate movement has become the imperative of contemporary education. Journal: Economic Research-Ekonomska Istraživanja Pages: 3778-3787 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2004188 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2004188 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3778-3787 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985564_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Laura Južnik Rotar Author-X-Name-First: Laura Author-X-Name-Last: Južnik Rotar Author-Name: Roberta Kontošić Pamić Author-X-Name-First: Roberta Kontošić Author-X-Name-Last: Pamić Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Innovation and wages constrained with budgetary deficit and unemployment in the European Union countries Abstract: This paper aims to research the driving forces of wages across the countries of the European Union (EU-28) during the period 2006-2018. We apply structural equation modelling to analyse relationships between observed variables and latent variables, focusing on factors explaining wages. Based on the literature review, we hypothesized that innovation, budgetary deficit and the rate of unemployment predict wages across EU-28 countries. Our results suggest that innovation is a significant factor in explaining wages. The budgetary deficit has a significant negative impact on wages, while the effect of rate of unemployment is insignificant. The findings of our research underline the importance of policies that accelerate the growth in labour productivity, particularly those which boost innovation and ensure macroeconomic stability, efficient markets, and an adaptable and skilled workforce. Journal: Economic Research-Ekonomska Istraživanja Pages: 1561-1580 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985564 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985564 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1561-1580 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048198_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ye Zhu Author-X-Name-First: Ye Author-X-Name-Last: Zhu Author-Name: Ming-gui Sun Author-X-Name-First: Ming-gui Author-X-Name-Last: Sun Title: How to improve the government-enterprise relationships to retain enterprise? Abstract: How can enterprises and governments establish and improve government-enterprise relationships (GER) to increase the efficiency of business operations and enterprise retention (ER), and ensure the sustainable development of enterprises and regional economies? Based on resource dependence theory and institutional theory, from the enterprise level and the institutional level, GER is composed of five elements: organisational political strategy, individual political strategy, government fairness, government service, government convenience. This article studies the multiple paths and the mechanism of the coupling of the five elements of GER to achieve high ER. Fuzzy-set qualitative comparative analysis (fsQCA) and the data of GER in China's 31 provinces from 2010 to 2019 were used to conduct configuration analysis and the causal relationship between multiple factors of GER and ER. Sixteen thousand eight hundred fifty-four observations of Chinese A-share listed companies are used to conduct an empirical analysis of corporate political strategy on enterprise retention willingness in government business environment, and to test the robustness of the configuration analysis results. Results indicate that a single factor of GER is not a necessary condition to produce high ER, four types of GER configurations (Government-driven government-enterprise separation, enterprise-driven government-enterprise separation, government-and-enterprise-driven government-enterprise cooperation, government-assisted government-enterprise separation) can produce high ER, and three kinds of GER that produce non-high ER are obtained. The empirical analysis of listed companies tested the configuration analysis results and robustness. Journal: Economic Research-Ekonomska Istraživanja Pages: 6345-6363 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048198 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048198 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6345-6363 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1889391_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Barkat Jamil Author-X-Name-First: Barkat Author-X-Name-Last: Jamil Author-Name: Shen Yaping Author-X-Name-First: Shen Author-X-Name-Last: Yaping Author-Name: Nizam Ud Din Author-X-Name-First: Nizam Author-X-Name-Last: Ud Din Author-Name: Shama Nazneen Author-X-Name-First: Shama Author-X-Name-Last: Nazneen Title: Do effective public governance and gender (in)equality matter for poverty? Abstract: In this study, we examined the relationship between determinants of governance and poverty reduction. We also investigated how female participation in the labour market helps alleviate poverty. We collected the balanced panel data of 29 countries over the period 2004–2016 from the World Bank database and Worldwide Governance Indicators database. Results indicated that robust governance is necessary for poverty reduction and that policy implementation timeliness is more likely to mitigate poverty. Moreover, the inclusion of females in the labour market and an efficient governance system contribute to enhanced well-being among the poor. Journal: Economic Research-Ekonomska Istraživanja Pages: 158-174 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1889391 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1889391 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:158-174 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2007152_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Liu Jinqiao Author-X-Name-First: Liu Author-X-Name-Last: Jinqiao Author-Name: Apichit Maneengam Author-X-Name-First: Apichit Author-X-Name-Last: Maneengam Author-Name: Faiza Saleem Author-X-Name-First: Faiza Author-X-Name-Last: Saleem Author-Name: Syed Shafqat Mukarram Author-X-Name-First: Syed Shafqat Author-X-Name-Last: Mukarram Title: Investigating the role of financial development and technology innovation in climate change: evidence from emerging seven countries Abstract: Amid raising ecological concerns, the role of sustainable financial system and emerging technologies have gained significant attention. And a relatively less attention has been given to these factors in emerging economies. Therefore, this study intends to investigate the effects of financial development and technology innovation on climate change (CO2 emissions) in Emerging Seven countries over the period 1980–2020. In doing so, we have adopted a dynamic panel data model, that is, generalized method of moments, where climate change is given as an endogenous function of financial development and technology innovation by controlling the effects of economic growth, trade openness, population, industrialization, and urbanization. The overall results exhibit that the direct effect of financial development on climate change is adverse; however, the indirect effect through moderation of technology innovation is significantly positive. These outcomes imply that technology innovation is imperative to neutralize the negative consequences of financial development on climate change. These findings advocate financial reforms that effectively encourage and incentivize firms to embrace efficient and environmental friendly technologies in the financial sector. Journal: Economic Research-Ekonomska Istraživanja Pages: 3940-3960 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2007152 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2007152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3940-3960 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1997623_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alina Mihaela Dima Author-X-Name-First: Alina Mihaela Author-X-Name-Last: Dima Author-Name: Adrian Tantau Author-X-Name-First: Adrian Author-X-Name-Last: Tantau Author-Name: Maria Alexandra Maassen Author-X-Name-First: Maria Alexandra Author-X-Name-Last: Maassen Title: Models for analysing the dependencies between indicators for bioeconomy in the European Union Abstract: In the past decade, bioeconomy has become a main field of interest, especially in terms of innovation, as it was often considered a potential solution to several global sustainability issues, such as environmental challenges. Through the conversion of biomass into value-added products for a full reintegration of used renewable biological resources, this sector has played a significant role in the efforts to transfer from petroleum-based economies to bio-based economies. The present article has the objective of developing panel regression models for determining the dependency between some of the main indicators of the bioeconomy development and sustainability for the European Union in the period 2008–2013. One main interesting finding of the study emphasised that higher gas emissions from agriculture are associated positively with higher turnover in the bioeconomy, implying the fact that the development of the bioeconomy is surprisingly not necessarily associated with sustainability. The relevance of the present study lies in the novelty of the subject, as bioeconomy was mainly researched in terms of theoretical knowledge, but less in terms of statistical analysis. Thus, the article offers a comprehensive research regarding the connection of the bioeconomy quantifying indicators and other selected economic influence factors of the European Union. Journal: Economic Research-Ekonomska Istraživanja Pages: 3533-3550 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1997623 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1997623 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3533-3550 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2010113_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nurudeen Abu Author-X-Name-First: Nurudeen Author-X-Name-Last: Abu Author-Name: Marcin Waldemar Staniewski Author-X-Name-First: Marcin Waldemar Author-X-Name-Last: Staniewski Title: An empirical investigation of the effect of corruption on domestic savings in Nigeria Abstract: This study assesses the impact of corruption on Nigeria’s domestic savings. To this end, an ARDL technique was employed to analyze quarterly data for the 1996–2019 period. We find evidence of a long-term relationship between domestic savings and corruption (along with income growth, income level, inflation rate, deposit interest rate, unemployment rate including oil price). The empirical results indicate that lowering corruption level raises domestic savings over the long-term. Other important factors that drive domestic savings over the long-run in Nigeria are income level, deposit interest rate, inflation rate, unemployment rate as well as oil price. Having established the major factors that affect domestic savings, some recommendations are offered to encourage saving mobilization in Nigeria. Journal: Economic Research-Ekonomska Istraživanja Pages: 4092-4112 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2010113 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2010113 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4092-4112 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2052334_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bushra Nida Author-X-Name-First: Bushra Author-X-Name-Last: Nida Author-Name: Muhammad Shahid Tufail Author-X-Name-First: Muhammad Shahid Author-X-Name-Last: Tufail Author-Name: Sharjeel Saleem Author-X-Name-First: Sharjeel Author-X-Name-Last: Saleem Title: ‘Violating my home boundaries makes me dislike my job’: a multiple mediation model Abstract: The purpose of this study is to understand negative outcomes of boundary violation events or interruptions at home in which the work life crosses the home boundaries. In the line of boundary theory and affective events theory, the aim of this study is to analyze the effect of daily events of boundary violations at home on work interference with family (WIF). Moreover, incorporating the ego depletion theory, we study the impact of WIF on an individual’s emotional state (i.e., emotional exhaustion), and the impact of emotional exhaustion on job satisfaction. The data were collected through questionnaires (daily diary method for boundary violations and at one point in time for other variables) from the manufacturing (textile) sector of Pakistan. The results indicate a direct negative effect of average boundary violations at home on job satisfaction and an indirect negative impact through the sequential mediation of WIF and emotional exhaustion. Theoretical and managerial implications are also discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 6626-6647 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2052334 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2052334 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6626-6647 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1930092_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chun Jiang Author-X-Name-First: Chun Author-X-Name-Last: Jiang Author-Name: Yadi Zhang Author-X-Name-First: Yadi Author-X-Name-Last: Zhang Author-Name: Ummara Razi Author-X-Name-First: Ummara Author-X-Name-Last: Razi Author-Name: Hafiz Waqas Kamran Author-X-Name-First: Hafiz Waqas Author-X-Name-Last: Kamran Title: The asymmetric effect of COVID-19 outbreak, commodities prices and policy uncertainty on financial development in China: evidence from QARDL approach Abstract: COVID-19 epidemic has brought uncertainty to each sector of the global economy, including the financial sector. The widely spread disease has a drastic effect, which massively created health and financial crisis and virtually pushed the economy to the brink of recession. The study focused on the financial development of China during the COVID-19 pandemic and analyzed the long-term and short-term impact of COVID-19, oil prices, gold prices, and global economic policy uncertainty on the financial development of the country. The QARDL model, Wald test, and Granger causality tests are employed to assess the daily data of variables from January 1, 2020, to March 15, 2021. The study's empirical results revealed that an increase in the number of COVID-19 registered patients has an unprecedented negative effect on financial development, whereas the oil prices co-moved with the financial performance. On the other hand, gold prices and global economic policy uncertainty are negatively correlated with financial development. This study offers various policy recommendations to help the investors, government, and decision-makers to make better decisions for the improvement of the financial development of China. Journal: Economic Research-Ekonomska Istraživanja Pages: 2003-2022 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1930092 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1930092 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2003-2022 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1931916_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jiayan Huang Author-X-Name-First: Jiayan Author-X-Name-Last: Huang Author-Name: Nanyue Jiang Author-X-Name-First: Nanyue Author-X-Name-Last: Jiang Author-Name: Ji Chen Author-X-Name-First: Ji Author-X-Name-Last: Chen Author-Name: Tomas Balezentis Author-X-Name-First: Tomas Author-X-Name-Last: Balezentis Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Title: Multi-criteria group decision-making method for green supplier selection based on distributed interval variables Abstract: Addressing the multi-criteria group decision making problem with interval attribute values and attribute weights, this paper proposes a decision method based on attribute distribution information. The selection of green suppliers is taken as an example for decision analysis. First, in the case of group decision-making, the quantitative values of the evaluation attributes of green suppliers are imputed by decision-makers, and the relevant distributions are constructed for each attribute. Next, combined with the ranges of attribute values, the random interval values are used to describe the information represented by each attribute to overcome the loss caused by the aggregation of individual expert information into group information. We then propose the distributed interval weighted arithmetic average (DIWAA) operator and corresponding operation rules, which realizes the fusion of qualitative data and quantitative judgment. Thus, the proposed approach allows ensuring reasonable results of the multi-criteria analysis. We also construct a ranking method for alternatives based on distributed interval comprehensive scores. Finally, we verify the feasibility and effectiveness of the proposed method for the task of green supplier selection through numerical experiments. Journal: Economic Research-Ekonomska Istraživanja Pages: 746-761 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1931916 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1931916 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:746-761 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2015614_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lu Shao Author-X-Name-First: Lu Author-X-Name-Last: Shao Author-Name: Hao Zhang Author-X-Name-First: Hao Author-X-Name-Last: Zhang Author-Name: Muhammad Irfan Author-X-Name-First: Muhammad Author-X-Name-Last: Irfan Title: How public expenditure in recreational and cultural industry and socioeconomic status caused environmental sustainability in OECD countries? Abstract: Progression towards environmental sustainability is mainly studied from the consumption or users’ perspective and urges the government to create social and cultural responsiveness towards ecological suitability. Also, it is pertinent that the level of compliance towards environmental regulations is highly dependent on the quality of socioeconomic status of the public and government interventions in terms of annual budgetary allocations in the respective industry or sector. Therefore, the study explores the government's participation through public expenditure in the entertainment and cultural sector and socioeconomic factors in realizing environmental sustainability in OECD countries. The data set consists of observations from 1990 to 2019 on which the advanced panel technique, namely; Cross Section ARDL was applied. The results reported that both the government budgetary allocations in entertainment and cultural industry and socioeconomic status are crucial for ensuring environmental sustainability as they assist in decreasing the level of carbon emissions. Manifestly, the magnitude of the interaction term empirically proves that when both government allocations and socioeconomic factors are integrated, the emissions mitigating effects turn more pronounced. These results imply that the appropriate budgetary allocations in entertainment and cultural industry promotes environmental performance channelized through people’s welfare, awareness, and satisfaction. Along with fiscal allocations, socioeconomic factors are imperative to maximize positive spillovers for ecological sustainability. Journal: Economic Research-Ekonomska Istraživanja Pages: 4625-4642 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2015614 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2015614 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4625-4642 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1969979_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhiwen Zhang Author-X-Name-First: Zhiwen Author-X-Name-Last: Zhang Author-Name: Zilong Wang Author-X-Name-First: Zilong Author-X-Name-Last: Wang Author-Name: Yongfen Zhu Author-X-Name-First: Yongfen Author-X-Name-Last: Zhu Title: Optimal path selection of innovation resource allocation in China’s regions with shared inputs Abstract: As an effective form of interaction between innovation subjects and resources, the regional innovation network’s optimal allocation of resources is the key to improving national innovation capacity. According to the innovation value chain, the process of resource allocation in innovation can be divided into two correlative sub-systems: the knowledge innovation stage (KIS) and the achievements commercialisation stage (ACS). To evaluate regional innovation efficiency, a two-stage network data envelopment analysis model with shared inputs is used, with fuzzy set qualitative comparative analysis to analyse the improvement path of resource allocation efficiency from the dimensions of regional environment and network structure. The results show that efficiency in the KIS is higher than in the ACS, and the efficiency scores for most regions in China are better under the model with shared inputs. The efficiency of innovative resource allocation is affected by the cross-action of seven factors: regional economic development, infrastructure, policy system, social culture, network scale, network openness, and network centrality. To achieve high-efficiency resource allocation, regions should build an innovation network that matches their environmental characteristics. These findings provide theoretical guidance for formulating innovative resource allocation policies suitable for different regions. Journal: Economic Research-Ekonomska Istraživanja Pages: 1457-1480 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1969979 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1969979 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1457-1480 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2053363_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Tufail Author-X-Name-First: Muhammad Author-X-Name-Last: Tufail Author-Name: Lin Song Author-X-Name-First: Lin Author-X-Name-Last: Song Author-Name: Alican Umut Author-X-Name-First: Alican Author-X-Name-Last: Umut Author-Name: Nilufar Ismailova Author-X-Name-First: Nilufar Author-X-Name-Last: Ismailova Author-Name: Zebo Kuldasheva Author-X-Name-First: Zebo Author-X-Name-Last: Kuldasheva Title: Does financial inclusion promote a green economic system? Evaluating the role of energy efficiency Abstract: There are very few studies on the role of financial inclusion and energy efficiency in promoting a sustainable environment in the existing literature. These studies do not address or link financial inclusion to CO2 emissions in any way. Therefore, the purpose of this study is to look into the role of financial inclusion and energy efficiency on carbon emissions, as well as exports, imports, and gross domestic product (G.D.P.) in the BRICS economies from 1990 to 2020. The study additionally considers the panel data's integration, cointegration, cross-country interdependence, and heterogeneity features, resulting in reliable findings and well-founded policy recommendations. The panel Westerlund cointegration tests confirm the long-run relationships among CO2 emissions, financial inclusion, energy efficiency, exports, imports, and G.D.P. Furthermore, the long and short-run outcomes of CS-ARDL revealed that financial inclusion, imports size, and G.D.P. raise CO2 emissions, while energy efficiency and exports size reduce CO2 emissions. The study proposes increasing financial inclusion for controlling pollution and achieving sustainable environmental goals in light of these findings. Public-sector efforts are needed to integrate financial inclusion goals with continued improvements in energy efficiency and environmental policies. Journal: Economic Research-Ekonomska Istraživanja Pages: 6780-6800 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2053363 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2053363 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6780-6800 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1975148_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Huihui Liu Author-X-Name-First: Huihui Author-X-Name-Last: Liu Author-Name: Hao Liu Author-X-Name-First: Hao Author-X-Name-Last: Liu Title: An empirical study on the endogeneity of directed technical change in China Abstract: Research on the endogeneity of directed technical change is very interesting and meaningful. If the direction of technical change is endogenous, policy makers can adjust the technical change value of factors according to specific purpose. We establish a theoretical model of the direction of technical change, relative price of factors and international trade under nested and non-nested CES production functions. We use mature measurement methods such as the unit root test and cointegration analysis to test the theoretical model in practice. We find that the direction of technical change is endogenous in China. The change in the relative price of factors in China causes a technical change in the same direction. Meanwhile, international trade intensifies and accelerates the labour augmenting technical change, but blocks the pace of capital augmenting technical change. Under a substitution elasticity of less than one, technical change is biased toward energy and capital in China, and this bias is brought about by the decrease in their relative price and international trade. Journal: Economic Research-Ekonomska Istraživanja Pages: 2693-2711 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1975148 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1975148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2693-2711 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2041063_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ayfer Gedikli Author-X-Name-First: Ayfer Author-X-Name-Last: Gedikli Author-Name: Seyfettin Erdoğan Author-X-Name-First: Seyfettin Author-X-Name-Last: Erdoğan Author-Name: Emrah Ismail Çevik Author-X-Name-First: Emrah Ismail Author-X-Name-Last: Çevik Author-Name: Emre Çevik Author-X-Name-First: Emre Author-X-Name-Last: Çevik Author-Name: Rui Alexandre Castanho Author-X-Name-First: Rui Alexandre Author-X-Name-Last: Castanho Author-Name: Gualter Couto Author-X-Name-First: Gualter Author-X-Name-Last: Couto Title: Dynamic relationship between international tourism, economic growth and environmental pollution in the OECD countries: evidence from panel VAR model Abstract: The aim of this study is to examine the impact of international tourism on economic growth and carbon emissions by using the Panel VAR model in selected OECD countries. By using yearly data for the periods of 1995 and 2020, we examine the dynamic relationship between international tourism, economic growth, and carbon emissions using the Granger causality test and impulse responses analysis. Although we could not determine the presence of a causal link between the variables using the Granger causality test, impulse responses analysis confirmed that responses of carbon emissions and economic growth to an unexpected international tourism shock are positive and significant. On the other hand, impulse responses analysis results show that responses of carbon emissions and economic growth to unexpected international tourism are positive and significant. The empirical findings also indicated that the responses of carbon emissions to an unexpected international tourism shock are higher than the responses of economic growth to an unexpected international tourism shock and these findings indicate that the negative impact of international tourism on environmental quality is greater than its positive impact on economic growth. Policymakers should take actions and measures to reduce the impact of international tourism on environmental deterioration. Improvements and dissemination of eco-friendly technologies in all tourism activities may help to reduce the negative impact of international tourism on carbon emissions. Journal: Economic Research-Ekonomska Istraživanja Pages: 5907-5923 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2041063 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2041063 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5907-5923 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2002708_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Huixin Zhang Author-X-Name-First: Huixin Author-X-Name-Last: Zhang Author-Name: Asif Razzaq Author-X-Name-First: Asif Author-X-Name-Last: Razzaq Author-Name: Irem Pelit Author-X-Name-First: Irem Author-X-Name-Last: Pelit Author-Name: Esma Irmak Author-X-Name-First: Esma Author-X-Name-Last: Irmak Title: Does freight and passenger transportation industries are sustainable in BRICS countries? Evidence from advance panel estimations Abstract: Freight and passenger transportation profoundly impacts environmental degradation due to the higher fossil fuel consumption and respective emissions. Therefore, this study explores the impact of freight and passenger transportation on environmental pollution (particulate matter 2.5(PM 2.5)) in BRICS countries using annual data from 1990 to 2018. We employed various advanced econometric approaches to handle issues arising from panel data, such as the presence of unit root, cross-sectional dependency, structural break, and parameters heterogeneity. The overall results show that freight and passenger transportation significantly contribute to a higher concentration of PM 2.5; however, the impact of freight transportation is almost double that of passenger transportation. Similarly, economic growth also caused higher environmental pollution. Moreover, this study confirms the presence of the Environmental Kuznets Curve hypothesis in the long run. These results provide valuable suggestions to achieve a sustainable environment. Journal: Economic Research-Ekonomska Istraživanja Pages: 3690-3710 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2002708 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2002708 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3690-3710 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2004190_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jieping Chen Author-X-Name-First: Jieping Author-X-Name-Last: Chen Author-Name: Xiaoli Hu Author-X-Name-First: Xiaoli Author-X-Name-Last: Hu Author-Name: Ummara Razi Author-X-Name-First: Ummara Author-X-Name-Last: Razi Author-Name: Gadaf Rexhepi Author-X-Name-First: Gadaf Author-X-Name-Last: Rexhepi Title: The sustainable potential of efficient air-transportation industry and green innovation in realising environmental sustainability in G7 countries Abstract: Air transportation has a deep impact on environmental degradation due to the higher fossil fuel consumption. On the other hand, this industry also embraces the highest innovation that may alter its environmental consequences. However, there is a dearth of empirical evidence that explores the impact of air transportation and eco-innovation on environmental quality. Therefore, this study is a pioneering attempt to examine the role of air-transportation and eco-innovation in reducing environmental degradation in G7 countries using annual data from 1990 to 2019. In doing so, we employed various advance econometric approaches to handle issues arises from panel data such as Pesaran (2007) and Bai and Carrion-I-Silvestre (2009) used to examine the presence of unit root, cross-sectional dependency checked through Pesaran (2015) test, and for parameters heterogeneity through Pesaran and Yamagata (2008). Moreover, the Westerlund and Edgerton (2008) test and Cross Sectional Augmented ARDL were employed to analyse the long run and short run association among variables. The overall results show that air transportation and eco-innovation play an important role in abating environmental deterioration. Air transportation is negatively correlated with carbon emission and PM2.5 exposure (air quality) due to the improved technical structure of aircraft engines and the use of mixed ration or alternative aviation fuels. These results provide valuable suggestions for all stakeholders. Journal: Economic Research-Ekonomska Istraživanja Pages: 3814-3835 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2004190 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2004190 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3814-3835 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1914125_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Weiqing Li Author-X-Name-First: Weiqing Author-X-Name-Last: Li Author-Name: Fengsheng Chien Author-X-Name-First: Fengsheng Author-X-Name-Last: Chien Author-Name: Hafiz Waqas Kamran Author-X-Name-First: Hafiz Waqas Author-X-Name-Last: Kamran Author-Name: Talla M Aldeehani Author-X-Name-First: Talla M Author-X-Name-Last: Aldeehani Author-Name: Muhammad Sadiq Author-X-Name-First: Muhammad Author-X-Name-Last: Sadiq Author-Name: Van Chien Nguyen Author-X-Name-First: Van Chien Author-X-Name-Last: Nguyen Author-Name: Farhad Taghizadeh-Hesary Author-X-Name-First: Farhad Author-X-Name-Last: Taghizadeh-Hesary Title: The nexus between COVID-19 fear and stock market volatility Abstract: This study described an empirical link between COVID-19 fear and stock market volatility. Studying COVID-19 fear with stock market volatility is crucial for planning adequate portfolio diversification in international financial markets. The study used AR (1) – GARCH (1,1) to measure stock market volatility associated with the COVID-19 pandemic. Our findings suggest that COVID-19 fear is the ultimate cause driving public attention and stock market volatility. The results demonstrate that stock market performance and GDP growth decreased significantly through average increases during the pandemic. Further, with a 1% increase in COVID-19 cases, the stock return and GDP decreased by 0.8%, 0.56%, respectively. However, GDP growth demonstrated a slight movement with stock exchange. Moreover, public attention to the attitude of buying or selling was highly dependent on the COVID-19 pandemic reported cases index, death index, and global fear index. Consequently, investment in the gold market, rather than in the stock market, is recommended. The study also suggests policy implications for key stakeholders. Journal: Economic Research-Ekonomska Istraživanja Pages: 1765-1785 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1914125 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1914125 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1765-1785 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1997622_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vaida Sapolaite Author-X-Name-First: Vaida Author-X-Name-Last: Sapolaite Author-Name: Tomas Balezentis Author-X-Name-First: Tomas Author-X-Name-Last: Balezentis Title: The interplay of labour, land, intermediate consumption and output: a decomposition of the agricultural labour productivity for the Baltic States Abstract: This article proposes a decomposition approach for the agricultural labour productivity change that takes into account the land-to-labour ratio, intermediate consumption intensity and intermediate consumption productivity. The case of the three Baltic States (Estonia, Latvia, Lithuania) is considered which is interesting in the light of the European Union (E.U.) expansion and the structural change taking place in those countries. In addition, Poland, Germany and Denmark are included in the analysis as benchmark countries. To quantify the drivers of the agricultural labour change in the countries considered, the Index Decomposition Analysis (I.D.A.) is applied. The analysis proceeds in two directions: first, the cumulative change in the agricultural labour productivity over 1998–2018 is decomposed for each country under analysis; second, differences in the agricultural labour productivity for each country vis-à-vis Denmark (the highest productivity country) are decomposed. The results offer important policy implications as the intermediate consumption intensity appears as the critical factor that needs to be addressed via the support payments. Journal: Economic Research-Ekonomska Istraživanja Pages: 3512-3532 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1997622 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1997622 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3512-3532 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1942947_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Justas Streimikis Author-X-Name-First: Justas Author-X-Name-Last: Streimikis Author-Name: Mahyar Kamali Saraji Author-X-Name-First: Mahyar Kamali Author-X-Name-Last: Saraji Title: Green productivity and undesirable outputs in agriculture: a systematic review of DEA approach and policy recommendations Abstract: Measuring efficiency in the presence of undesirable outputs could be difficult depending on how to treat these outputs; thus, undesirable outputs modelling has been an exciting subject of several studies in the Data envelopment analysis (DEA) literature in the last two decades. The present study aims to illustrate a thorough overlook of studies in which DEA has applied for measuring efficiency with undesirable outputs. Fifty-eight articles were published from 2000 to 2020 have been systematically reviewed through PRISMA protocol. The results indicated that "Journal of Cleaner Production" ranked first with six published articles, and Chinese scholars have the most contributions to this field, with twenty-third articles. Also, almost a quarter of the published articles' scope was related to agricultural pollution, and thirteen articles were published in 2016, the highest number of published articles annually. Taken together, the theoretical and empirical implications of research in the field of Green Productivity are discussed, and some policies were recommended. Journal: Economic Research-Ekonomska Istraživanja Pages: 819-853 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1942947 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1942947 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:819-853 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1955222_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Laima Okunevičiūtė Neverauskienė Author-X-Name-First: Laima Author-X-Name-Last: Okunevičiūtė Neverauskienė Author-Name: Manuela Tvaronavičienė Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičienė Author-Name: Aleksandras Vytautas Rutkauskas Author-X-Name-First: Aleksandras Vytautas Author-X-Name-Last: Rutkauskas Author-Name: Irena Danilevičienė Author-X-Name-First: Irena Author-X-Name-Last: Danilevičienė Author-Name: Viktorija Stasytytė Author-X-Name-First: Viktorija Author-X-Name-Last: Stasytytė Title: The possibilities and consequences of investment decisions by stepwise optimization Abstract: The paper deals with the application of stochastic optimization principles for investment decision making. The authors present the investment management system based on an adequate portfolio model. For optimal portfolio construction and stock selection, the method of stochastically informative expertise and ranging is used. Investment portfolios in equity and currency markets are formed considering investor risk tolerance and risk preference level, as well as an individual utility function. Investment portfolios are constructed according to three criteria: return, risk, and reliability. The markets of Germany, the USA, and China, as well as foreign exchange markets, are analysed. The results reveal the efficient investment possibilities in the mentioned markets, allowing to reach investment return substantially exceeding market index return. Along with that, an innovative stochastic clustering methodology for investment assets is proposed. The obtained results are of great value for individual as well as institutional investors and are a suitable means to form efficient investment strategies in financial markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 1061-1087 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1955222 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1955222 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1061-1087 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1982746_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mirjana Radetić-Paić Author-X-Name-First: Mirjana Author-X-Name-Last: Radetić-Paić Author-Name: Valter Boljunčić Author-X-Name-First: Valter Author-X-Name-Last: Boljunčić Title: The causes of I.C.T. use which increase time spent on the Internet by secondary school students and affect exposure to bullying from other students Abstract: The goal of the article is to explore the relationship between reasons for using the Internet and time spent on the Internet. The article also deals with reasons for using the Internet and exposure to bullying among adolescents. The survey was carried out on 710 secondary school students, based on a questionnaire about the habits and frequency of using information and communication technology (I.C.T.) The basic statistical values and multiple linear regression analysis were used. Based on the evaluation of the obtained data, the main reason for Internet use are video games, which confirms the first hypothesis, i.e., the relationship between the reason for using the Internet and the time spent using it. The second hypothesis can also be confirmed, i.e., that there is a significant statistical correlation between the time spent using the Internet and exposure to bullying, in the sense that certain reasons for using I.C.T. contribute to lower exposure to bullying. The results point to the resilience factors under consideration in a sense that some of these variables contribute to a shorter use of the Internet, and so to a lower exposure to bullying. Based on the obtained results it is possible to plan further preventive interventions in that sense. Journal: Economic Research-Ekonomska Istraživanja Pages: 2859-2867 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1982746 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1982746 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2859-2867 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2020672_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xin Xu Author-X-Name-First: Xin Author-X-Name-Last: Xu Author-Name: Xiaoguang Xu Author-X-Name-First: Xiaoguang Author-X-Name-Last: Xu Title: External shocks in a small open economy: an evaluation of monetary policy rules Abstract: This paper evaluates several small open economy DSGE models and the impact of external shock spillovers on small open economies. We investigate five small economies (the UK, Australia, Canada, New Zealand and Taiwan) and find that the welfare consequences vary depending on key domestic economic variables, and the best interest-rate rule varies across models. Then we examine the performances of the four types of models, a preferred result has been found in a model which considers the country risk premium, as the best rule could be obtained as long as the selected parameters are calibrated for particular economies. Journal: Economic Research-Ekonomska Istraživanja Pages: 4988-5013 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2020672 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2020672 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4988-5013 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2023027_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qun Zhang Author-X-Name-First: Qun Author-X-Name-Last: Zhang Author-Name: Jieping Chen Author-X-Name-First: Jieping Author-X-Name-Last: Chen Author-Name: Weimin Guan Author-X-Name-First: Weimin Author-X-Name-Last: Guan Author-Name: Yujing Wang Author-X-Name-First: Yujing Author-X-Name-Last: Wang Author-Name: Mumtaz Ahmed Author-X-Name-First: Mumtaz Author-X-Name-Last: Ahmed Title: Asymmetric impacts of technology innovation and environmental quality on tourism development in emerging economies Abstract: Tourism development contributes to higher economic output and is highly integrated with environmental quality and associated technologies. Although many studies explore the impact of tourism on carbon emissions; however, little is known regarding the effects of environmental pollution and technology innovation on tourism growth. Therefore, this study examines the impact of technology innovation and environmental pollution on inbound tourism in emerging economies. In doing so, we employ a recently developed panel quantiles regression and found that technology innovation and economic growth stimulate inbound tourism while increasing emissions limit tourist arrivals. These effects are not equally observed across all quantiles. Particularly, the impact of technology innovation is highest at higher quantiles, while the impact of the emissions is highest at lower quantiles. These results suggest that inbound tourism is asymmetrically affected by technology innovation and environmental quality of host destinations. Hence, emerging economies should encourage sustainable tourism by integrating green technologies and minimizing ecological hazards. Journal: Economic Research-Ekonomska Istraživanja Pages: 5114-5130 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2023027 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2023027 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5114-5130 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1962382_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Christian Espinosa-Méndez Author-X-Name-First: Christian Author-X-Name-Last: Espinosa-Méndez Title: Civil unrest and herding behavior: evidence in an emerging market Abstract: This investigation is the first to analyze how civil unrest impacts herding behavior in an emerging economy. Using series of prices and daily traded volumes of the companies that make up the IGPA of the Santiago Stock Exchange between 2010 and 2020, it was found that civil unrest causes reverse herding behavior in the Chilean stock market. Thus, herding behavior and inverse herding behavior are more complex behaviors than the financial literature has reported to date, especially in a period of civil unrest. Different robustness tests support the findings. Journal: Economic Research-Ekonomska Istraživanja Pages: 1243-1261 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1962382 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1962382 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1243-1261 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2038649_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Abubakr Naeem Author-X-Name-First: Muhammad Abubakr Author-X-Name-Last: Naeem Author-Name: Sitara Karim Author-X-Name-First: Sitara Author-X-Name-Last: Karim Author-Name: Safwan Mohd Nor Author-X-Name-First: Safwan Mohd Author-X-Name-Last: Nor Author-Name: Rusmawati Ismail Author-X-Name-First: Rusmawati Author-X-Name-Last: Ismail Title: Sustainable corporate governance and gender diversity on corporate boards: evidence from COVID-19 Abstract: The unprecedented challenges caused by the COVID-19 pandemic have led to a need to re-examine sustainable corporate governance practices. Within this context, the current study investigates the moderated effect of gender-diverse corporate boards on sustainable corporate governance practices in Malaysian financial and non-financial firms during the period 2011–2020, employing the dynamic estimator (S-GMM). During the COVID-19 pandemic, a negative relationship between ownership constructs and Global Reporting Initiative (GRI) indicators is observed in non-financial firms, whereas the opposite is reported for financial firms. Moreover, the moderated effect of gender-diverse boards is only substantiated in financial firms. The findings reveal that sustainable corporate governance is practised in financial firms but not in non-financial firms. Particularly, we draw significant implications for policymakers and regulatory bodies of Malaysia to carefully monitor the implementation of sustainable corporate governance given uncertain circumstances of COVID-19 pandemic. Further, our study is beneficial for academics, practitioners, and research scholars for their future research endeavours. Journal: Economic Research-Ekonomska Istraživanja Pages: 5824-5842 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2038649 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2038649 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5824-5842 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2043762_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yan Chen Author-X-Name-First: Yan Author-X-Name-Last: Chen Author-Name: Dongxu Mo Author-X-Name-First: Dongxu Author-X-Name-Last: Mo Author-Name: Feipeng Zhang Author-X-Name-First: Feipeng Author-X-Name-Last: Zhang Title: Stock market prediction using weighted inter-transaction class association rule mining and evolutionary algorithm Abstract: Evolutionary computation and data mining are two fascinating fields that have attracted many researchers. This paper proposes a new rule mining method, named genetic network programming (GNP), to solve the prediction problem using the evolutionary algorithm. Compared with the conventional association rule methods that do not consider the weight factor, the proposed algorithm provides many advantages in financial prediction, since it can discover relationships among the attributes of different transactions. Experimental results on data from the New York Exchange Market show that the new method outperforms other conventional models in terms of both accuracy and profitability, and the proposed method can establish more important and accurate rules than the conventional methods. The results confirmed the effectiveness of the proposed data mining method in financial prediction. Journal: Economic Research-Ekonomska Istraživanja Pages: 5971-5996 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2043762 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2043762 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5971-5996 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1962381_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Le Thanh Ha Author-X-Name-First: Le Thanh Author-X-Name-Last: Ha Author-Name: Doan Ngoc Thang Author-X-Name-First: Doan Ngoc Author-X-Name-Last: Thang Author-Name: To Trung Thanh Author-X-Name-First: To Trung Author-X-Name-Last: Thanh Title: Effects of R&D, networking and leadership roles on environmental innovation adoption in Vietnam’s SMEs Abstract: Although small and medium-sized enterprises (SMEs) constitute a majority of firms, they still have little knowledge about environmental issues and generally encounter difficulties when integrating environmental aspects into their activities. Similar arguments are also highlighted by Ha et al. in the case of Vietnam. This paper, therefore, builds a guideline for promoting SMEs’ organisational environmental innovation adoption based on Environmental Standard Certification (ESC) by investigating the effects of R&D, networking, and leadership roles in Vietnam. By using SME survey data in Vietnam from 2011 to 2015, the empirical results show that R&D spending and organisational capabilities proxied by already owning ESC are positively associated with green innovation implementation. We also find that either collaboration with different partners, including competitors, banks, and public agents or communication networks, affects firms’ decisions on green innovations. The demographic characteristics of managers such as gender, educational level, and knowledge about the environmental laws play determining roles in these decisions. Finally, we advanced the literature by indicating the moderating effects of men in leadership roles and leaders with better related knowledge on the impacts of firms’ internal resources (R&D) and firms’ international orientation (export). Journal: Economic Research-Ekonomska Istraživanja Pages: 1211-1242 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1962381 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1962381 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1211-1242 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1997621_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dmytro Osiichuk Author-X-Name-First: Dmytro Author-X-Name-Last: Osiichuk Author-Name: Paweł Wnuczak Author-X-Name-First: Paweł Author-X-Name-Last: Wnuczak Title: Shareholders’ indifference… short-term market reaction to firms’ first and subsequent acquisitions: evidence from China Abstract: Having analysed the history of acquisitions by public Chinese companies over the period of 1996–2020, we document no persistent statistically significant short-term market reaction upon deal completion. Short-term cumulative abnormal returns are non-different from zero regardless of whether the acquisition is the first or one of many on acquirers’ record, whether it is domestic or cross-border or whether it is vertical or horizontal as well as regardless of industry and declared purpose of acquisition. In the overwhelming majority of cases, acquirers’ prior acquisition experience plays no role in shaping short-term post-acquisition returns. Lower returns are associated with serial acquirers especially if the series of acquisitions occurs within the same industry. Likewise, significantly lower cumulative returns are observed if the acquiree is a state-owned entity. Overall, the markets appear to attach no abnormal returns to firms’ inorganic growth regardless of its span across geographies, industries and time. Journal: Economic Research-Ekonomska Istraživanja Pages: 3490-3511 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1997621 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1997621 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3490-3511 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2012218_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shi-Zheng Huang Author-X-Name-First: Shi-Zheng Author-X-Name-Last: Huang Author-Name: Fengsheng Chien Author-X-Name-First: Fengsheng Author-X-Name-Last: Chien Author-Name: Muhammad Sadiq Author-X-Name-First: Muhammad Author-X-Name-Last: Sadiq Title: A gateway towards a sustainable environment in emerging countries: the nexus between green energy and human Capital Abstract: The nexus between economic growth (EG) and carbon emission has been examined extensively, specifically in consumption-based CO2. However, the role of human capital, green energy, and sustainable economic growth in determining the carbon emission is yet to be explored specifically from emerging economies. This study aimed to examine the impact of human capital index, green energy, EG in terms of GDP, and square of GDP on carbon emission for long-short run with the help of CS-ARDL. The data for study variables was collected from 1995 to 2018. The study findings confirmed that there exists CSD, cointegration, and slope heterogeneity among the study variables. In contrast, the output through CS-ARDL indicated that the main reason for higher carbon emission in the targeted economies are economic growth under long-short run estimation. Additionally, the role of green energy and human capital index is also constructive in lowering the environmental degradation for both long-run and short-run estimation. Finally, some policy implications are also convassed at the end of the research. Journal: Economic Research-Ekonomska Istraživanja Pages: 4159-4176 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2012218 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2012218 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4159-4176 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048202_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mendon Suhan Author-X-Name-First: Mendon Author-X-Name-Last: Suhan Author-Name: Smitha Nayak Author-X-Name-First: Smitha Author-X-Name-Last: Nayak Author-Name: Raveendranath Nayak Author-X-Name-First: Raveendranath Author-X-Name-Last: Nayak Author-Name: Cristi Spulbar Author-X-Name-First: Cristi Author-X-Name-Last: Spulbar Author-Name: Gokarna Vidya Bai Author-X-Name-First: Gokarna Vidya Author-X-Name-Last: Bai Author-Name: Ramona Birau Author-X-Name-First: Ramona Author-X-Name-Last: Birau Author-Name: Lucian Claudiu Anghel Author-X-Name-First: Lucian Claudiu Author-X-Name-Last: Anghel Author-Name: Cristian Valeriu Stanciu Author-X-Name-First: Cristian Valeriu Author-X-Name-Last: Stanciu Title: Exploring the sustainable effect of mediational role of brand commitment and brand trust on brand loyalty: an empirical study Abstract: The study focus on the role of self-expressive branding, brand love, brand trust and brand commitment on brand loyalty. It also identifies the strength of mediating effect of variable brand commitment between brand love and brand trust. Also measures the strength of mediating effect of variable brand commitment between brand trust and brand loyalty. The data is gathered by using a structured questionnaire and a sample size of 101 respondents in a cross-sectional study. Statistical analysis has been done through SMART PLS 3.0 software. In the analysis part, PLS algorithms, bootstrapping, blindfolding, Importance performance matrix, FIMIX, Multi-Group analysis have been undertaken. A reflective model has been developed. The path coefficient value and empirical t-values of all direct relationships of variables above 0.2 and 1.96 respectively and substantiate the hypothesis. The results have shown that brand commitment is partially mediates the association between brand love and brand trust and also between brand trust and brand loyalty. The four-segment solution's FIMIX-PLS path coefficient shows that brand love and brand trust are more relevant in segment 3, followed by segment 2, segment 1 and segment 4, respectively. Companies should focus on improving their brand trust displayed by consumers followed by brand commitment which strengthens brand loyalty in the automobile sector. This industry could consider implementing this creating trustworthiness about the brand, by developing strong psychological connectedness between the customer and brand by the retail outlet by offering the best quality product, and by incorporating strategies to reduce cognitive dissonance among the buyers. Journal: Economic Research-Ekonomska Istraživanja Pages: 6422-6444 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048202 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6422-6444 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2039261_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eyup Dogan Author-X-Name-First: Eyup Author-X-Name-Last: Dogan Author-Name: Sabina Hodžić Author-X-Name-First: Sabina Author-X-Name-Last: Hodžić Author-Name: Tanja Fatur Šikić Author-X-Name-First: Tanja Fatur Author-X-Name-Last: Šikić Title: A way forward in reducing carbon emissions in environmentally friendly countries: the role of green growth and environmental taxes Abstract: Given recent environmental reforms and the focus on the problem of climate change, it is necessary to evaluate whether green growth and environmental taxes can reduce CO2 emissions for countries. Even though a number of studies have analysed the ways to reduce environmental pollution, the literature lacks enough evidence for the role of green growth and environmental taxes in determining the level of carbon emissions. Therefore, the objective of the empirical analysis is to estimate the impacts on CO2 emissions of green growth and environmental taxes by including sustainable indicators for a group of 25 environmentally friendly countries from 1994 to 2018 by applying advanced panel data analysis models. By applying the novel quantile regressions on the largest amount of available data from 1994 to 2018, this article shows that the coefficients of green growth, environmental taxes, renewable energy and energy efficiency are negative at lower, medium and higher quantiles. According to the results of the quantile regression, environmental taxes, renewable energy and energy efficiency are key factors in decreasing CO2 emissions. Overall, renewable energy should be given greater priority through research supports, subsidies and government incentives while environmental taxes should be more implemented to discourage activities that promote pollution. Journal: Economic Research-Ekonomska Istraživanja Pages: 5879-5894 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2039261 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2039261 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5879-5894 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1965001_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Najla Podrug Author-X-Name-First: Najla Author-X-Name-Last: Podrug Author-Name: Matea Kovač Author-X-Name-First: Matea Author-X-Name-Last: Kovač Author-Name: Davor Filipović Author-X-Name-First: Davor Author-X-Name-Last: Filipović Title: Subsidiary contribution to the MNC – impact of strategic initiatives Abstract: The purpose of this paper is to investigate subsidiary strategic initiatives in the light of dynamic headquarters-subsidiary relations. The study is based on cross-sectional questionnaire survey data from 105 subsidiary top managers in subsidiaries located in Europe, Asia, and the USA within the ICT industry. The assumption of similar behavior by subsidiaries in the same industry is a sufficient motive for concentration on single industry. Theoretical contribution is reflected in the testing of models in subsidiaries within single rapidly growing turbulent industry that is abundant with hyper-competition and competitive dynamics, and where strategic initiatives are fundamental for survival, and by modeling variables in a different way than previously explored. Furthermore, the additional contribution is reflected in the conceptual model of the interdependence of subsidiaries and MNC in the process of subsidiary strategic initiatives, and besides providing a new perspective in this area, provides a framework for future research. The obtained results show that subsidiary networking and autonomy have a significant impact on subsidiary strategic initiatives whereas top management support and subsidiary innovativeness have no impact on the same variable. The results show that subsidiary strategic initiatives have a significant impact on its contribution to the multinational corporation (MNC). Journal: Economic Research-Ekonomska Istraživanja Pages: 1345-1363 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1965001 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1965001 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1345-1363 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2048200_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Robert Stefko Author-X-Name-First: Robert Author-X-Name-Last: Stefko Author-Name: Jaroslava Heckova Author-X-Name-First: Jaroslava Author-X-Name-Last: Heckova Author-Name: Beata Gavurova Author-X-Name-First: Beata Author-X-Name-Last: Gavurova Author-Name: Tomas Valentiny Author-X-Name-First: Tomas Author-X-Name-Last: Valentiny Author-Name: Alexandra Chapcakova Author-X-Name-First: Alexandra Author-X-Name-Last: Chapcakova Author-Name: Dagmara Ratnayake Kascakova Author-X-Name-First: Dagmara Author-X-Name-Last: Ratnayake Kascakova Title: An analysis of the impact of economic context of selected determinants of cross-border mergers and acquisitions in the EU Abstract: Cross-border mergers and acquisitions represent a significant global phenomenon that allows businesses to generate business synergies, procure assets, generate tax optimisations, gain access to new technologies and markets, increase competitiveness and market value and differentiate and diversify business activities. In this study, we analyse the impact of economic determinants which influence the year to year increase in the average volume of cross-border mergers and acquisitions (M&A) directed from the source country to the target country. We run binary logistic regression on the data which contains observation of selected indicators in EU countries (including the UK) within 1998–2015. Our data have nature of panel data. We study impact of selected indicators on the year to year increase of merges and acquisitions in the European Union. We document that market capitalisation growth has a positive influence on the year-on-year increase in the volume of M&A. We also provide proof that changes in relative distance between source and target country affects the volume of M&A and that existence of a common border between the source and target country induce an increase in M&A. Our study contributes to better understanding of the cross-border mergers and acquisitions phenomena and is complementary to already conducted research. Journal: Economic Research-Ekonomska Istraživanja Pages: 6385-6402 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2048200 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2048200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6385-6402 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1990782_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tudor Edu Author-X-Name-First: Tudor Author-X-Name-Last: Edu Author-Name: Costel Negricea Author-X-Name-First: Costel Author-X-Name-Last: Negricea Author-Name: Razvan Zaharia Author-X-Name-First: Razvan Author-X-Name-Last: Zaharia Author-Name: Rodica Milena Zaharia Author-X-Name-First: Rodica Milena Author-X-Name-Last: Zaharia Title: Factors influencing student transition to online education in the COVID 19 pandemic lockdown: evidence from Romania Abstract: This study aims to identify factors influencing student transition to online education (STOE) during the COVID19 pandemic in Romania. Although Romania boasts high internet speed, accessibility and affordability, online education is in its infancy. Academic experience variables found in the literature were narrowed into five factors through exploratory factor analysis, and regressed together with online platform and demographic variables to measure their impact on STOE. 565 business students from all academic levels were surveyed. The study uncovered direct and inverse relationships between the five groups of factors, platform functionality, enrolment level and place of residence, and STOE. Findings are relevant to academics and university managers for improving online education. Journal: Economic Research-Ekonomska Istraživanja Pages: 3291-3304 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1990782 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1990782 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3291-3304 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1927788_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Syed Kumail Abbas Rizvi Author-X-Name-First: Syed Kumail Abbas Author-X-Name-Last: Rizvi Author-Name: Rania Itani Author-X-Name-First: Rania Author-X-Name-Last: Itani Title: Oil market volatility: comparison of COVID-19 crisis with the SARS outbreak of 2002 and the global financial crisis of 2008 Abstract: During the recent COVID-19 outbreak, the crude oil market experienced enormous price fluctuations. A large number of researchers contended the volatility observed in oil market as unprecedented and it was immediately attributed to the pandemic owing to its globally devastating nature. Whether or not this attribution is justified, is the major question we have raised in this paper. We perform the comparative analysis of the volatility spasms of oil market during the COVID-19 pandemic (COVID-19), the Global financial crisis of 2008 (GFC) and the SARS outbreak of 2002–2004 (SARS). Preliminary investigation is conducted using two proxies of market sentiment which are oil price returns and oil price spread. For further investigations we apply symmetric GARCH (1,1) and the asymmetric GJR-GARCH (1,1) models. Our results based on skewness and kurtosis, indicate an extremely high degree of fat tail risk implying COVID-19 crisis as low probability yet high severity event a.k.a. black swan event. Our results further confirm the presence of volatility clustering (GARCH effect) along with the highest degree of asymmetry during COVID-19. These facts collectively make COVID-19 crisis more uncertain and pessimistic compared to the GFC and SARS. Journal: Economic Research-Ekonomska Istraživanja Pages: 1935-1949 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1927788 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1927788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1935-1949 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1995458_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: M. Alguacil Author-X-Name-First: M. Author-X-Name-Last: Alguacil Author-Name: J. García-Fernández Author-X-Name-First: J. Author-X-Name-Last: García-Fernández Author-Name: F. Calabuig Author-X-Name-First: F. Author-X-Name-Last: Calabuig Author-Name: P. Gálvez-Ruiz Author-X-Name-First: P. Author-X-Name-Last: Gálvez-Ruiz Title: How can the management of fitness centres be improved through corporate image and brand image? Abstract: The aim of this research is to test the role of corporate image in predicting credibility, trust, and brand recognition. In addition, it is intended to verify whether these variables can explain the attitudes and future intentions of fitness centre users to better understand their behaviour. Through an online survey, the opinions of 325 fitness centre users were collected regarding the previously mentioned variables. A structural equation model was made by means of EQS 6.4 to confirm, first, the reliability of the scales used and subsequently test the different relationships between variables. The results show the importance of corporate image as a starting point to explain future intentions. Between 78% and 91% of the variance of credibility, trust, and recognition and, consequently, up to 90% of attitudes and 62% of future intentions can be explained by the equation. Thus, managers should not only focus on the variables related to the experience or performance of the service but also attend to brand variables. This research represents a contribution to the literature on brand perception and its relationship with consumer behaviour in fitness centres, an uncommon topic in this context. Journal: Economic Research-Ekonomska Istraživanja Pages: 3378-3396 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1995458 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1995458 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3378-3396 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013271_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiao-Li Gong Author-X-Name-First: Xiao-Li Author-X-Name-Last: Gong Author-Name: Zhi-Qiang Du Author-X-Name-First: Zhi-Qiang Author-X-Name-Last: Du Title: Institutional investor network, analyst public information and extreme risks Abstract: This paper builds the institutional investor network on the basis of the common stock holdings of mutual funds with large positions. Institutional investors share and interact private information through social networks. Seen from separating private and public information, the effects of private information sharing in institutional investor networks and the effects of public information diffusion on extreme risks are examined, respectively. Then, the integrated impact of institutional investor information sharing with analyst on extreme risks is analysed. Empirical research has found that analyst public information spread will decrease the probability of extreme risks. The information sharing in social network of institutional investors will restrain stock market extreme risks. The closer network of institutional investors lower the influence of analyst public information on extreme risks. In addition, we also found that stock liquidity has weakened the inhibition of fund network information sharing on extreme risks. The research results provide reference for the authorities to regulate market participant behaviours so as to avoid risks. Journal: Economic Research-Ekonomska Istraživanja Pages: 4300-4321 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013271 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013271 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4300-4321 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1954967_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ioana-Laura Țibulcă Author-X-Name-First: Ioana-Laura Author-X-Name-Last: Țibulcă Title: The impact of the COVID-19 pandemic on tax revenues in the EU Abstract: The COVID-19 pandemic has led to an economic crisis with far-reaching effects throughout the entire world. In the EU, governments face the need for policies that will counter the negative economic effects. To do this, they require reliable tax revenue predictions to help plan and finance policies that will set the European economies on the road to recovery. The current study aims to offer up-to-date accurate forecasts of tax revenues for the 27 EU member states for the period 2020-2022. A time trend model regression model adjusted with the unemployment rate is estimated for each member state using data for the period 1995-2019. Based on this regression model, forecasts for tax revenues are made. The results show a decline in tax revenues in 2020 and 2021 followed by a slight recovery in 2022 for most EU member states. The study also offers fiscal policy recommendations for the EU aimed at improving and stabilizing tax revenue collection in the future. Journal: Economic Research-Ekonomska Istraživanja Pages: 2442-2459 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1954967 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1954967 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2442-2459 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2059691_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Beata Gavurova Author-X-Name-First: Beata Author-X-Name-Last: Gavurova Author-Name: Matus Kubak Author-X-Name-First: Matus Author-X-Name-Last: Kubak Title: Satisfaction of inpatients with health care facilities and medical services in Slovak Republic Abstract: Evaluation of the healthcare facilities and inpatients satisfaction with healthcare services is a decisive point in the healthcare enhancement process. The aim of the study is to map the overall inpatients satisfaction with provided healthcare by healthcare facilities and its determinants in Slovak republic by using data from ranking of healthcare facilities published by Institute for Economic and Social Reforms (INEKO, 2021). Visual descriptive analysis reveals that there exist relatively large regional differences among inpatients satisfaction. Data indicates that there is no significant relationship between inpatient satisfaction and the number of inpatients per doctor; that there exists a negative nexus between complexity of provided healthcare and the overall inpatient satisfaction; and that positive relationship between the complexity and severity of treated diagnosis and the overall inpatient satisfaction can be observed. Regression analysis results indicate that inpatient satisfaction is positively linked to quality of the provided healthcare, overall rating of the hospital and to university hospitals; and negatively affected by operated inpatients to number of nurses ratio, reoperation, total rehospitalization within 30 days and to number of hospitalized inpatients. Journal: Economic Research-Ekonomska Istraživanja Pages: 7109-7127 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2059691 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2059691 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:7109-7127 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1965000_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Usman Khurram Author-X-Name-First: Muhammad Usman Author-X-Name-Last: Khurram Author-Name: Fahad Ali Author-X-Name-First: Fahad Author-X-Name-Last: Ali Author-Name: Yuexiang Jiang Author-X-Name-First: Yuexiang Author-X-Name-Last: Jiang Author-Name: Wenwu Xie Author-X-Name-First: Wenwu Author-X-Name-Last: Xie Title: Predictability of extreme daily returns and Preference for lottery-like stocks in an emerging market Abstract: This study investigates the presence of the MAX effect – stocks with extreme daily (positive) return in the current month perform poorly in the following month – in the Pakistani stock market (PSX). Similar to the US, Europe, and Chinese stock markets, we find a negative effect of MAX on risk-adjusted returns. Furthermore, we find that the MAX effect persists even if we extend the holding period to three- and six-month. Our results are robust for both portfolio-level and firm-level cross-sectional analyses and across subperiods, size groups, and alternative factor definitions and models. Interestingly, contrary to findings reported elsewhere, we find that the MAX effect in Pakistan exists only when the overall economy is in an expansion state. A battery of tests suggests that triviality in MAX effect during economic contraction in Pakistan is driven by the more negative subsequent performance of low-MAX stocks (short-leg), whereas, in other markets, more negative subsequent performance of high-MAX stocks (long-leg) is evident during economic downturns. Our potential explanation is partially supported by the theoretical model of Palfrey & Wang, who find that demand for speculative stocks (i.e. lottery-like stocks) is higher during ‘good’ economic news (expansion) than ‘bad’ economic news (contraction). Journal: Economic Research-Ekonomska Istraživanja Pages: 1322-1344 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1965000 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1965000 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1322-1344 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1981962_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Junlong Chen Author-X-Name-First: Junlong Author-X-Name-Last: Chen Author-Name: Chaoqun Sun Author-X-Name-First: Chaoqun Author-X-Name-Last: Sun Author-Name: Ruihan Zhang Author-X-Name-First: Ruihan Author-X-Name-Last: Zhang Author-Name: Jiali Liu Author-X-Name-First: Jiali Author-X-Name-Last: Liu Title: Government regulation of emergency supplies under the epidemic crisis Abstract: This paper constructs a multi-oligopoly model of emergency supplies and analyses the market equilibrium results under normal conditions and epidemic conditions. The impacts of the degree of change in market demand, externalities, the material cost of emergency supplies and government regulation on the equilibrium results, especially on the prices of emergency supplies, are discussed. The results show that an increase in material cost will lead to low output and social welfare and a high price, under either normal conditions or epidemic conditions. Moreover, under epidemic conditions, the degree of change in market demand, externalities, material cost and the presence and mode of government regulation all have multiple and complex influences on the equilibrium results. Under epidemic conditions, both government output and price regulation can increase the supply of emergency supplies. In addition, when market demand changes drastically, consumer surplus and social welfare can be enhanced by the implementation of regulations. Particularly, price regulation is more effective when there is a high material cost. Journal: Economic Research-Ekonomska Istraživanja Pages: 2809-2835 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1981962 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1981962 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2809-2835 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1945477_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gema Albort-Morant Author-X-Name-First: Gema Author-X-Name-Last: Albort-Morant Author-Name: Carlos Sanchís-Pedregosa Author-X-Name-First: Carlos Author-X-Name-Last: Sanchís-Pedregosa Author-Name: Jazmin R. Paredes Paredes Author-X-Name-First: Jazmin R. Author-X-Name-Last: Paredes Paredes Title: Online banking adoption in Spanish cities and towns. Finding differences through TAM application Abstract: This study aims to explore the differing online banking adoption in Spanish cities and towns through Technology Acceptance Model (TAM). This paper is the first to unveil such differences between cities and towns. Data was collected from the Centre for Sociological Research and analyzed with PLS-SEM through SmartPLS. The analyzed model comprised perceived ease of use (PEOU), perceived usefulness (PU), and online banking use behaviour (UB) as variables directly associated. Perceived security (PS) was included as a mediator of the effects in UB. Multi-group analysis (MGA) and Importance-Performance Map Analysis (IPMA) were implemented. Most of the hypothesised direct and indirect effects were statistically significant and found support for both cities’ and towns’ populations. PEOU did not present a statistically significant influence over PS. The direct effects expected were found to be different in cities and towns, although differences were minimal. The study makes an outstanding contribution regarding the banking sector’s social responsibility, which may be further studied to mirror inclusive practices. It also corroborates the importance of PS as a mediator that influences online banking services use. Journal: Economic Research-Ekonomska Istraživanja Pages: 854-872 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1945477 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1945477 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:854-872 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2035244_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiajing Dai Author-X-Name-First: Xiajing Author-X-Name-Last: Dai Author-Name: Shuitu Qian Author-X-Name-First: Shuitu Author-X-Name-Last: Qian Author-Name: Junjie Zhang Author-X-Name-First: Junjie Author-X-Name-Last: Zhang Title: Sustainable financial inclusion as a source of green environment? Evidence from selected regional comprehensive economic partnership countries Abstract: The role of sustainable financial inclusion is considered crucial for attaining energy efficiency. It is vital for acquiring low carbon energy sources for an economy. This study attempt to integrate financial inclusions as a major defining factor of efficient energy combined with the role of economic growth, environment-related technologies, and the human capital index for RCEP countries from 2004 to 2019. The Westerlund error correction cointegration test is adopted for co-integration purposes, while the augmented mean group (AMG) method is carried for short-run and long-run analysis, and the dynamic ordinary least square (DOLS) test is used to ensure the robustness of the model. The outcomes indicate that financial inclusion induces a positive impact on renewable energy efficiency and ensures low energy sources for RCEP economies. Further, the role of economic growth, environment-related innovation, and human capital is also important for achieving energy efficiency. Furthermore, in the short-run, the Dumitrescu and Hurlin (Economic Modelling, 29(4), 1450–1460, 2012) panel heterogeneous non-causality test underscores causal bi-directional relationship among these variables. Based on these findings, the policymakers ensure improvement in the financial system and promote financial inclusion to increase energy efficiency and improve their citizen’s living standards. Journal: Economic Research-Ekonomska Istraživanja Pages: 5719-5738 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2035244 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2035244 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5719-5738 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1977673_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiaozhen Hao Author-X-Name-First: Xiaozhen Author-X-Name-Last: Hao Author-Name: Zhenlong Chen Author-X-Name-First: Zhenlong Author-X-Name-Last: Chen Title: Systemic risk in Chinese financial industries: a vine copula grouped CoVaR approach Abstract: This paper investigates systemic risk in Chinese financial industries by constructing a vine copula grouped CoVaR model, which accounts for the fact that various sub-industries are comprised of multiple financial institutions. The backtesting results indicate that the vine copula grouped model performs better in measuring the systemic risk in comparison to the vine copula model, which in turn validates the accuracy and effectiveness of the former. Moreover, the results indicate that banking is a major systemic risk contributor, even though it has a strong ability to resist risk. Additionally, the potential loss faced by the securities industry is big, but its systemic risk contribution is small. These results are of significance to investment decision and risk management. Journal: Economic Research-Ekonomska Istraživanja Pages: 2747-2763 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1977673 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1977673 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2747-2763 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1936112_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ning Zhang Author-X-Name-First: Ning Author-X-Name-Last: Zhang Author-Name: Aiqun Wang Author-X-Name-First: Aiqun Author-X-Name-Last: Wang Author-Name: Naveed-Ul- Haq Author-X-Name-First: Naveed-Ul- Author-X-Name-Last: Haq Author-Name: Safia Nosheen Author-X-Name-First: Safia Author-X-Name-Last: Nosheen Title: The impact of COVID-19 shocks on the volatility of stock markets in technologically advanced countries Abstract: This study examines the volatility of China and the most advanced countries of the world stock markets due to the pandemic of COVID-19 using the TGARCH model. This research study presents empirical support for the TGARCH specification for explaining the daily time dependence in the rate of information arrival to the market for stocks traded on China stock market. Using the sample containing closing stock market returns from 05 January 2015 to 04 April 2020 of sample countries, we found that through the COVID-19, there is no significant impact of returns volatility coming from advanced countries towards the China stock market. Further, results state that China has a significant impact on explaining the volatility of the most advanced countries of the world (Switzerland, Sweden, Netherlands, and the UK) except the U.S.A. during COVID-19. We found no significant impact of China stock market returns on the U.S.A.'s volatility, but there is a presence of leverage effect during COVID −19. Journal: Economic Research-Ekonomska Istraživanja Pages: 2191-2216 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1936112 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1936112 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2191-2216 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2054456_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zongke Bao Author-X-Name-First: Zongke Author-X-Name-Last: Bao Author-Name: Diogo Ferraz Author-X-Name-First: Diogo Author-X-Name-Last: Ferraz Author-Name: Daisy Aparecida do Nascimento Rebelatto Author-X-Name-First: Daisy Aparecida Author-X-Name-Last: do Nascimento Rebelatto Title: Energy efficiency and China's sustainable carbon neutrality target: evidence from novel research methods quantile on quantile regression approach Abstract: Since the last few decades, scholars and policy-makers have been struggling to find ways to achieve carbon neutrality target or a low carbon economy. To contribute to the existing literature regarding the said issue, this study aims to investigate whether energy efficiency could lead to achieving carbon neutrality target in the case of China. Also, this study analyses the association of economic growth to energy-related greenhouse gas emissions while using quarterly data over the period from 1990Q1 to 2014Q2. Empirical findings of the study suggest the mixed order of integration and Cointegration between economic growth, energy efficiency, and energy-related greenhouse gas emissions. This study employed a Quantile-on-Quantile regression approach to examine the long-run association at various quantiles. The estimated results asserted that energy efficiency holds a weaker relationship in the lower and medium quantiles, while relatively higher association to energy-related emission in the upper quantiles. On the other hand, economic growth and its squared are found significantly and highly associated with enhancing energy-related emissions in the country. Besides, the frequency domain causality indicates a causal association running from energy efficiency and economic growth to energy-related greenhouse gas emissions. This study recommends revised policies for energy efficiency and suggests that economic growth could be used as a remedial measure for environmental recovery by enhancing investment in the renewable energy sector, energy efficiency, and structural transformation of the industrial sector. Journal: Economic Research-Ekonomska Istraživanja Pages: 6985-7007 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2054456 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2054456 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6985-7007 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2029715_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tanaya Saha Author-X-Name-First: Tanaya Author-X-Name-Last: Saha Author-Name: Avik Sinha Author-X-Name-First: Avik Author-X-Name-Last: Sinha Author-Name: Shujaat Abbas Author-X-Name-First: Shujaat Author-X-Name-Last: Abbas Title: Green financing of eco-innovations: is the gender inclusivity taken care of? Abstract: The OECD countries are in pursuit of the betterment of environmental quality based on their capability of Eco-innovation. This progression might pave their ways in attaining the Sustainable Developmental Goals (SDGs). Developing a green financing channel for funding is necessary for the sustenance of these projects. However, the potential impact of this project financing mechanism is conditional on the social balance in the economic system. Gender inequality being a major social issue in the OECD countries, it might pose a predicament in attaining the full potential of the green financing of eco-innovations. It is anticipated that the eco-innovation endeavors in the OECD countries are not gender-inclusive, and hence, gender inequality might limit the cognitive aptitude of these endeavors. The present study intends to assess the moderating role of gender inequality on the impact of green financing of eco-innovations for the OECD countries. Using the dynamic elasticity modeling approach, the study finds that the presence of gender inequality dampens the potential of green financing mechanisms to boost eco-innovations. The social imbalance caused by gender inequality also weakens the impacts of the structural and institutional environment to foster innovations. Based on the findings of the study, an SDG-oriented policy framework has been suggested. Journal: Economic Research-Ekonomska Istraživanja Pages: 5514-5535 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2029715 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2029715 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5514-5535 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985574_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Suhua Tian Author-X-Name-First: Suhua Author-X-Name-Last: Tian Author-Name: Dihai Wang Author-X-Name-First: Dihai Author-X-Name-Last: Wang Author-Name: Li Wang Author-X-Name-First: Li Author-X-Name-Last: Wang Title: The heterogeneity spillover impact of U.S. permanent and temporary monetary shocks on China’s economy Abstract: This study adopts the New Keynesian theoretical model to analyse the heterogeneity spillover effect of U.S. permanent and temporary monetary policy shock on China’s economy through an exchange rate channel. It also employs the Bayesian technique to estimate SVAR model and obtain two main results. First, the permanent increase in the nominal interest rate in the U.S. causes Chinese yuan appreciation and U.S. dollar depreciation, which has a negative spillover impact on China’s economy and leads to the decline in China’s real output. Second, the temporary increase in the nominal interest rate in the U. S. leads to Chinese yuan depreciation, which has a positive spillover impact on China’ s macroeconomy and leads to the rise of China's real output. Journal: Economic Research-Ekonomska Istraživanja Pages: 3011-3034 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985574 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985574 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3011-3034 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2053781_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sergej Gričar Author-X-Name-First: Sergej Author-X-Name-Last: Gričar Author-Name: Violeta Šugar Author-X-Name-First: Violeta Author-X-Name-Last: Šugar Author-Name: Tea Baldigara Author-X-Name-First: Tea Author-X-Name-Last: Baldigara Title: Some considerations about tourist arrivals and the COVID-19 pandemic – evidence from Slovenia and Croatia Abstract: In late 2019 and early 2020, a sudden but not unexpected external shock occurred in the tourism industry. This study presents an explorative analysis of the literature review discussing a predicted exogenous shock in tourism caused by the appearance of viruses. Furthermore, the vector autoregressive (V.A.R.) models and panel econometrics is used to analyse and model the impact of the COVID-19 pandemics on tourist arrivals in Slovenia and Croatia. Applied analysis is used to test tourism artefacts in the short term on daily data for 2020. The results of econometric modelling and data plotting confirm significant volatilities in the analysed time-series and their peculiar response to the influence of the COVID-19 pandemic on tourist arrivals. Therefore, innovative tourism policy and management should not expect pre-pandemic values and demand; moreover, tourist expectations will change drastically in a calamitous decade, while several other determinants, not only COVID-19, will influence tourist arrivals. The study is novel in two respects. First, the study adds value to empirical research on the determinants of tourism demand. Moreover, the study can be considered a starting point for further short-, medium- and long-term econometric analyses of sudden shocks affecting tourism demand and government decisions affecting tourism supply. Journal: Economic Research-Ekonomska Istraživanja Pages: 6801-6819 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2053781 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2053781 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6801-6819 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985576_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yang Liu Author-X-Name-First: Yang Author-X-Name-Last: Liu Author-Name: Qi Li Author-X-Name-First: Qi Author-X-Name-Last: Li Author-Name: Tudor Edu Author-X-Name-First: Tudor Author-X-Name-Last: Edu Author-Name: Costel Negricea Author-X-Name-First: Costel Author-X-Name-Last: Negricea Author-Name: Kim-Shyan Fam Author-X-Name-First: Kim-Shyan Author-X-Name-Last: Fam Author-Name: Razvan Zaharia Author-X-Name-First: Razvan Author-X-Name-Last: Zaharia Title: Modelling e-commerce customer reactions. Exploring online shopping carnivals in China Abstract: This research investigates customer reactions by exploring satisfaction(SAT), complaints(CC) and loyalty(CL) in an online shopping carnival(OSC) context in China. Expanding the American Customer Satisfaction Index(ACSI) model by including e-commerce corporate image(ECCI) next to customer expectations(CE), perceived quality(PQ), perceived value(PV), SAT was determined, while CC and CL were estimated based on SAT. For estimating CL, ECCI was added. 300 valid questionnaires were collected from Chinese shoppers with OSC experience. The research hypotheses were tested through Confirmatory Factor Analysis and Structural Equation Modelling. The results prompt five key paths influencing SAT and CL. No significant impact on and of CC was identified. ECCI significantly impacted on CC, SAT and CL. This study provides in the context of OSCs a new research perspective of customer reactions, centred on satisfaction, emphasising the role of image on expectations, satisfaction and loyalty, and incorporating customer complaints to quantify negative aspects of shopping experience in determining customer loyalty. E-commerce companies should deliver unforgettable customer experience through building a long-lasting image, offering consistent quality and delivering clearly-delineated value, as antecedents of satisfaction and loyalty. The model can be further expanded by exploring the consequences of customer loyalty on potential buying behaviour, focusing on purchasing intention and recommendations. Journal: Economic Research-Ekonomska Istraživanja Pages: 3060-3082 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985576 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985576 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3060-3082 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1974306_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Miha Marinšek Author-X-Name-First: Miha Author-X-Name-Last: Marinšek Author-Name: Nina Lukman Author-X-Name-First: Nina Author-X-Name-Last: Lukman Title: Teaching strategies for promoting motor creativity and motor skill proficiency in early childhood Abstract: Existing research provides ambiguous evidence for associations between motor competency and motor creativity. Therefore, this study examined the association between motor skill proficiency and motor creativity. The Test of Gross Motor Development (second edition) and Bertsch's motor creativity test were used to assess motor skill proficiency and motor creativity among 39 children aged five to six. Results revealed that motor proficiency and motor creativity are not interrelated traits. Therefore, it is necessary to use different teaching strategies to promote these traits. Teaching with direct instructions and reproduction of demonstrated movement is probably the most appropriate to acquaint children with motor skills. Learning through play with less explicit teaching instructions and emphasis on motivating children to find novel and original solutions to the motor tasks is probably more suitable for facilitating motor creativity. Journal: Economic Research-Ekonomska Istraživanja Pages: 2645-2653 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1974306 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1974306 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2645-2653 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2052333_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Peijia Ren Author-X-Name-First: Peijia Author-X-Name-Last: Ren Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Mohit Verma Author-X-Name-First: Mohit Author-X-Name-Last: Verma Author-Name: Xiao-Jun Zeng Author-X-Name-First: Xiao-Jun Author-X-Name-Last: Zeng Author-Name: Huchang Liao Author-X-Name-First: Huchang Author-X-Name-Last: Liao Author-Name: Xinxin Wang Author-X-Name-First: Xinxin Author-X-Name-Last: Wang Title: Heterogeneous group decision making with thermodynamical parameters Abstract: There often exist different types of information due to the subjective and objective criteria in practical decision-making problems, thus it is necessary to develop some efficient frameworks to deal with the decision-making problems with heterogeneous information. The paper proposes a framework for group decision-making problems with heterogeneous information with thermodynamical parameters consisting of three parts to achieving this goal. The first part builds the rectifications of criteria weights according to decision makers’ confidence in evaluations. The second part adopts thermodynamical parameters to measure the numerical values and the data distribution of heterogeneous information to characterize the heterogeneous information fully. The last part applies the TODIM (an acronym in Portuguese for Interactive and Multicriteria Decision Making) to aggregate the decision-making results based on the characterized heterogeneous information without transforming it into a unified form. By depicting decision makers’ different sensitive attitudes towards uncertainty by several mathematical expressions, experiments are performed to assess the sensitive attitudes’ impacts on decision-making results with the proposed framework. Finally, a case study on the selection of a green supplier under the low-carbon economy is provided to illustrate the flexibility and feasibility of the proposed framework. Journal: Economic Research-Ekonomska Istraživanja Pages: 6601-6625 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2052333 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2052333 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6601-6625 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1845968_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fengsheng Chien Author-X-Name-First: Fengsheng Author-X-Name-Last: Chien Author-Name: Ka Yin Chau Author-X-Name-First: Ka Yin Author-X-Name-Last: Chau Author-Name: YunQian Zhang Author-X-Name-First: YunQian Author-X-Name-Last: Zhang Title: RETRACTED ARTICLE: Research on the coordinated development of environmental protection and industry in poverty alleviation under uncertainty Abstract: With the promotion of sustainable development and the improvement of people's awareness of ecological environment protection, the focus of contemporary regional economic development has gradually changed to how to develop industries with local characteristics and optimize the construction of a regional industrial ecosystem on the premise of considering environmental protection. Based on the cumulative prospect theory, this research studies the synergistic effect of industrial development and environmental protection in the field of poverty alleviation. The initial state of the industrial revolution, the excess return, the cost, the tax policy, the reference point, and the uncertainty of revenue all affect the evolution of the industry. The results of this research provide a theoretical basis for local governments to formulate reasonable industrial policies and to promote the development of the regional economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-18 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2020.1845968 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1845968 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1-18 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2026241_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Cheng Jin Author-X-Name-First: Cheng Author-X-Name-Last: Jin Author-Name: Mohsin Shahzad Author-X-Name-First: Mohsin Author-X-Name-Last: Shahzad Author-Name: Abaid Ullah Zafar Author-X-Name-First: Abaid Ullah Author-X-Name-Last: Zafar Author-Name: Norazah Mohd Suki Author-X-Name-First: Norazah Mohd Author-X-Name-Last: Suki Title: Socio-economic and environmental drivers of green innovation: evidence from nonlinear ARDL Abstract: The adoption of green technology is imperative to realise sustainable development. Considering the same, this study explores the drivers of Green Innovation (GI) based on the theoretical foundation of the Triple Bottom Line (environmental, social, and economic factors) with the integration of information and communication technologies (ICT) and institutional governance (INST) in Pakistan. This study employs a nonlinear autoregressive distributed lag (NARDL) framework on quarterly data from Q1-1996 to Q4-2019. The results reveal that positive shocks in human capital (HCI) instigate GI by 1.05%, while negative shock undermines GI by 0.93%. Similarly, positive shocks in carbon dioxide (CO2) emissions increase GI by 0.63%, while any negative shock undermines GI by 0.01%. On the other hand, positive shock in ICT leads to 0.55% advanced GI; however, this effect turned stronger in negative shocks, which leads to reduced GI by 0.78% in the long-run. These results confirm the asymmetricity because positive and negative shocks in HCI, CO2 emissions, and ICT instigated GI differently. Finally, INST and GDP contribute to enhancing GI by 0.12% and 1.69%, respectively. The results indicate that the Pakistan government should improve institutional governance, adapt, and focus on sustainable practices with ICT integration to promote green technologies. Journal: Economic Research-Ekonomska Istraživanja Pages: 5336-5356 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2026241 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2026241 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5336-5356 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2027259_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhuo Wang Author-X-Name-First: Zhuo Author-X-Name-Last: Wang Author-Name: Muhammad Sadiq Shahid Author-X-Name-First: Muhammad Sadiq Author-X-Name-Last: Shahid Author-Name: Nguyen Binh An Author-X-Name-First: Nguyen Author-X-Name-Last: Binh An Author-Name: Mohsin Shahzad Author-X-Name-First: Mohsin Author-X-Name-Last: Shahzad Author-Name: Zulkiflee Abdul-Samad Author-X-Name-First: Zulkiflee Author-X-Name-Last: Abdul-Samad Title: Does green finance facilitate firms in achieving corporate social responsibility goals? Abstract: Socio-economic and environment-friendly initiatives are imperative to ensure sustainable development. And corporate social responsibility (CSR) emerged as a solution to create a balance in society through sustainable business performance. However, organizations need plentiful resources to comply with the philosophies of sustainability and CSR. Therefore, the current study explores the role of green financing that covers the social, environmental, and economic aspects of green financing for achieving, excelling and enhancing CSR in the banking sector. Through the employment of survey methodology and the application of Partial Least Square-Structural Equation Modelling (PLS-SEM), the data confirms the contributing role of green finance and its respective dimensions (Environmental, Economics, and Social) in enhancing the multiple facets of CSR. Based on these findings, it is recommended that the banking sector should allocate additional financial resources to promote CSR attributes. Journal: Economic Research-Ekonomska Istraživanja Pages: 5400-5419 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2027259 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2027259 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5400-5419 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2007414_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yu Pan Author-X-Name-First: Yu Author-X-Name-Last: Pan Author-Name: Li Ma Author-X-Name-First: Li Author-X-Name-Last: Ma Author-Name: Yanzhen Wang Author-X-Name-First: Yanzhen Author-X-Name-Last: Wang Title: How and what kind of cities benefit from the development of digital inclusive finance? Evidence from the upgrading of export in Chinese cities Abstract: Employing Chinese customs data and the Peking University Digital Financial Inclusion Index of China, this paper studies the impact of China's digital finance development on the upgrading of export at the city level and further explores the heterogeneity across cities and the mechanisms through which digital finance influences export upgrading. Benchmark results suggest that digital inclusive finance can significantly promote the upgrading of export. The heterogeneity analysis shows that cities with a smaller size, lower wage, higher human capital level, and better location advantage experience greater facilitating effects of digital inclusive finance on promoting export upgrading. It suggests that, compared with ‘icing on the cake’, the digital inclusive finance plays a better role in ‘offering fuel in snowy weather’, whereas full exertion of the inclusiveness of digital finance requires higher human capital and location advantage. Further mechanism analysis shows that innovation effect and market effect are the main channels where digital inclusive finance promotes the upgrading of a city’s export. Journal: Economic Research-Ekonomska Istraživanja Pages: 3979-4007 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2007414 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2007414 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3979-4007 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1997620_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Danfeng Zhang Author-X-Name-First: Danfeng Author-X-Name-Last: Zhang Author-Name: Haiying Pan Author-X-Name-First: Haiying Author-X-Name-Last: Pan Title: Analysing the contagion effect and governance strategy of corporate financialisation based on a SIRS model Abstract: Recently, the phenomenon of economic ‘moving from reality to virtual’ has attracted widespread attention. Based on the principle of infectious disease dynamics, this study constructs a SIRS model to examine the contagion effect of corporate financialisation. Using Chinese manufacturing companies as samples, we verify the contagion of corporate financialisation before performing a simulation analysis and proposing strategies to address financial contagion risks. The results shows that corporate financialisation is contagious in the sample companies. This feature depends on the initial contagion conditions and threshold. When the degree of corporate financialisation does not meet the initial contagion conditions and is within the contagion threshold, contagion will not occur. Otherwise, financialisation behaviour will cause mutual contagion and produce a contagious effect. Meanwhile, the higher the contagion and the second conversion rates of financialisation, the stronger the contagion effect. The larger the financial reversal and self-recovery rates, the weaker the contagion effect. Finally, we propose Multi-dimensional governance strategies of financial contagion risk. This study explores the formation mechanism of corporate financialisation from a new perspective to provide ideas for the financial governance of enterprises and promote benign interaction between entities and finance. Journal: Economic Research-Ekonomska Istraživanja Pages: 3473-3489 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1997620 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1997620 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3473-3489 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1931908_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Damira Keček Author-X-Name-First: Damira Author-X-Name-Last: Keček Author-Name: Predrag Brlek Author-X-Name-First: Predrag Author-X-Name-Last: Brlek Author-Name: Krešimir Buntak Author-X-Name-First: Krešimir Author-X-Name-Last: Buntak Title: Economic effects of transport sectors on Croatian economy: an input–output approach Abstract: Multiplier effects play a major role in determining importance of a sector of interest to the national economy. In order to determine the significance of Croatian transport sectors, in this paper input-output analysis was applied. A comparative analysis of type I and type II output, gross value added and employment multipliers based on input-output tables for Croatian economy for the year 2010 and 2015 was performed. Type I multipliers were calculated based on the open IO model. Closed IO model was used in type II multipliers determination. Results indicate that sector code H49—Land transport services and transport services via pipelines and sector code H50—Water transport services in the year 2015 recorded lower type I and type II output, gross value added and employment multipliers compared to the year 2010. For sector code H51—Air transport services, significant growth in terms of all three economic indicators was detected, especially when interest is focused on type I and type II employment multipliers. Results presented in this paper could be valuable for academia and general public because they reflect multipliers estimation of transport sectors in Republic of Croatia for the first time based on sound macroeconomic analysis tool. Journal: Economic Research-Ekonomska Istraživanja Pages: 2023-2038 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1931908 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1931908 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2023-2038 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2053360_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hung Ngoc Dang Author-X-Name-First: Hung Ngoc Author-X-Name-Last: Dang Author-Name: Cuong Duc Pham Author-X-Name-First: Cuong Duc Author-X-Name-Last: Pham Title: The effects of earning quality on sustainable reports: an empirical study from Vietnam Abstract: Sustainable Reports have been specifically concerned by related parties over the period, firstly by researchers in the developed countries and spreading to the developing jurisdictions. The aim of the research is to analyze the impact of the Earning Quality to Sustainable Reports of non-financial firms listed on Vietnam financial market. The authors have used the combining method to measure the Sustainable Reports disclosure level according to the Global Reporting Initiatives 4 (GRI4) standard for 312 enterprises in Vietnam during 2015- 2019. The research result has recognized the positive effect of Earning Quality to Sustainable Reports while measuring Earning Quality via the aspects of earnings management and the stability of earnings. Besides, the research has considered the impact of the state-owned, foreign-owned factors, the audit quality and how the legislation policy relates to Sustainable Reports in interaction with Earning Quality. The result of the study suggests a number of cognitive enhancement recommendations in the Sustainable Reports for Vietnam and similar countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 6705-6722 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2053360 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2053360 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6705-6722 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1927787_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Imran Yousaf Author-X-Name-First: Imran Author-X-Name-Last: Yousaf Author-Name: Shoaib Ali Author-X-Name-First: Shoaib Author-X-Name-Last: Ali Author-Name: Elie Bouri Author-X-Name-First: Elie Author-X-Name-Last: Bouri Author-Name: Tareq Saeed Author-X-Name-First: Tareq Author-X-Name-Last: Saeed Title: Information transmission and hedging effectiveness for the pairs crude oil-gold and crude oil-Bitcoin during the COVID-19 outbreak Abstract: This study uses hourly data to analyse the return and volatility transmission of oil-gold and oil-Bitcoin pairs during the pre-COVID-19 and COVID-19 periods. The results show that the return transmissions vary across the two periods for both pairs. There is a unidirectional volatility spill-over from gold to oil in the pre-COVID-19 period, and from oil to gold during the COVID-19 period. There is a significant volatility spill-over from Bitcoin to oil during the pre-COVID-19 period, whereas no evidence of volatility spill-over between oil and Bitcoin is shown during the COVID-19 period. Based on optimal weights, investors should increase their investments in, (a) gold for a portfolio of oil-gold, and (b) Bitcoin for a portfolio of oil-Bitcoin during the COVID-19 period. All hedge ratios are higher during the COVID-19 period, implying a higher hedging cost compared to the pre-COVID-19 period. The results of hedging effectiveness reveal that the risk-adjusted returns can be improved by constructing a portfolio of oil-gold and oil-Bitcoin during both sample periods. Further results reveal that gold is a strong safe haven and a hedge for the oil market, while Bitcoin serves as a diversifier for the oil market during the COVID-19 period. Journal: Economic Research-Ekonomska Istraživanja Pages: 1913-1934 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1927787 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1927787 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1913-1934 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013268_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Le Thanh Ha Author-X-Name-First: Le Thanh Author-X-Name-Last: Ha Author-Name: Doan Ngoc Thang Author-X-Name-First: Doan Ngoc Author-X-Name-Last: Thang Author-Name: To Trung Thanh Author-X-Name-First: To Trung Author-X-Name-Last: Thanh Title: Effects of bribery on natural resource efficiency in Vietnam: moderating effects of market competition and credit constraints Abstract: This article uses small and medium-sized enterprises’ (SMEs) survey data in Vietnam from 2007 to 2015 to examine the effects of bribery on the natural resource efficiency of firms facing credit constraints and market competition. We also employ the disaggregated resource intensity by water, fuel, and electricity. Credit-constrained firms are broken down into those who have had formal loan applications denied (credit rationed) and those who do not apply for formal loans due to either the process being too difficult or the interest rate being too high (discouraged borrowers). Applying instrumental variable method to take into account the endogeneity problem, the empirical results provide evidence to support the ‘sanding-the-wheels of resource efficiency’ hypothesis. Among the three natural resources, inefficiency is most evident in water consumption. Furthermore, the effects become more sizable for micro-sized and informally registered firms since they have a lower bargaining power vis-à-vis public officials. Credit constraints and market competition pressure can reduce a firm’s ability to use natural resources efficiently. Journal: Economic Research-Ekonomska Istraživanja Pages: 4237-4259 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013268 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013268 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4237-4259 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2004186_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qiubin Huang Author-X-Name-First: Qiubin Author-X-Name-Last: Huang Author-Name: Mengyuan Xiong Author-X-Name-First: Mengyuan Author-X-Name-Last: Xiong Author-Name: Ming Xiao Author-X-Name-First: Ming Author-X-Name-Last: Xiao Title: Does managerial ability affect corporate financial constraints? Evidence from China Abstract: We study the effect of managerial ability on financial constraints of Chinese listed companies. Our results indicate a negative relationship between managerial ability and corporate financial constraints. Further analyses show that managerial ability helps alleviate financial constraints probably through lowering information asymmetry, reducing agency conflicts and enhancing corporate profitability. In addition, we find evidence that private firms suffer from more severe financial constraints than state- and foreign-owned firms, and the effect of managerial ability in alleviating financial constraints is more pronounced for private firms. Overall, our findings help understand the role and highlight the importance of managerial ability in alleviating financial constraints. Journal: Economic Research-Ekonomska Istraživanja Pages: 3731-3753 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2004186 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2004186 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3731-3753 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1985568_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xing Zhang Author-X-Name-First: Xing Author-X-Name-Last: Zhang Author-Name: Fengchao Li Author-X-Name-First: Fengchao Author-X-Name-Last: Li Author-Name: Yingying Xu Author-X-Name-First: Yingying Author-X-Name-Last: Xu Author-Name: Jaime Ortiz Author-X-Name-First: Jaime Author-X-Name-Last: Ortiz Title: Economic uncertainty and bank risk: the moderating role of risk governance Abstract: Uncertainty is an economically important risk factor in the banking sector. Using a sample of Chinese listed commercial banks over the period 2005 − 2018, this research conducted pooled OLS and found evidence that economic uncertainty significantly increases bank risk and lowers profitability. Furthermore, we constructed a partial equilibrium model to explain how risk governance alters the risk-increasing effect and profit-decreasing effect of economic uncertainty on bank risk and profitability. Consistent with theory, empirical results suggested the effects of economic uncertainty on bank risk and performance tend to be considerably weaker when there exists a strong risk governance mechanism. These findings stand when subjected to several endogeneity and robustness checks. Risk governance plays a key role in weakening the detrimental consequences of economic uncertainty on banks and promoting a sustainable growth of the banking sector. A financial regulator entity should require banks to establish a sound risk governance system in order to mitigate financial systemic risk and safeguard overall financial stability. Journal: Economic Research-Ekonomska Istraživanja Pages: 1639-1657 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1985568 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1985568 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:1639-1657 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2016464_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chao Wang Author-X-Name-First: Chao Author-X-Name-Last: Wang Author-Name: Supat Chupradit Author-X-Name-First: Supat Author-X-Name-Last: Chupradit Author-Name: Tahseen Ajaz Author-X-Name-First: Tahseen Author-X-Name-Last: Ajaz Author-Name: Shamsa Kanwal Author-X-Name-First: Shamsa Author-X-Name-Last: Kanwal Author-Name: Wanich Suksatan Author-X-Name-First: Wanich Author-X-Name-Last: Suksatan Title: Dynamic effects of sports and physical activities and public health spending on sustainable environmental performance? New evidence from 50 U.S. states Abstract: Environmental-friendly behaviours are increasingly imperative in the current era to diminish the speed of environmental degradation and its damaging impacts. Increased sports and physical activities entail positive health outcomes, as well as having the potential to reduce vehicle-related carbon emissions. Therefore, the present study investigates the impact of sports and physical activities and public health spending on environmental performance in 50 U.S. states for the period 2010–2019. The system of the generalised method of moment (G.M.M.) and feasible generalised least squares (F.G.L.S.) are employed in the present analysis. The results reveal that sports and physical activities are significantly increases environmental performance in U.S. Similarly, health expenditures are negatively and significantly associated with air pollution and encourage overall environmental performance. However, economic growth contributes to higher emissions and therefore impede environmental performance. The interaction term of health expenditures and sports activities indicate that the combination of higher health expenditures with sports activities puts a profound effect on environmental quality. These findings signal the need to retrace health care spending programs and sports activities to accomplish zero-carbon targets and better environmental performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 4693-4709 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2016464 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2016464 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4693-4709 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2058977_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Radek Zdeněk Author-X-Name-First: Radek Author-X-Name-Last: Zdeněk Author-Name: Jana Lososová Author-X-Name-First: Jana Author-X-Name-Last: Lososová Author-Name: Jaroslav Svoboda Author-X-Name-First: Jaroslav Author-X-Name-Last: Svoboda Title: Are the incomes of agricultural households lagging behind? Evidence from Czechia Abstract: The aim of this article is to compare the income of agricultural households with the income of other economically active households in Czechia and to determine the extent to which a difference can be explained by the difference in household characteristics. The research was carried out on the basis of the Czech SILC survey (2005–2016). To determine the level of poverty of agricultural households, we used the Foster–Greer–Thorbecke poverty measures. To decompose the income gap, we used Blinder-Oaxaca decomposition in the modification for longitudinal data. The incomes of agricultural workers are lower compared to other sectors, and this difference was also reflected in the equalised household incomes. Households differ in the poverty rate, but do not differ in the depth of poverty. The income gap can be explained by the difference in household characteristics of only 20%, with education and the type of occupation having the most significant influence. Journal: Economic Research-Ekonomska Istraživanja Pages: 7066-7083 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2022.2058977 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2058977 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:7066-7083 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2013270_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chai Bin-Feng Author-X-Name-First: Chai Author-X-Name-Last: Bin-Feng Author-Name: Sultan Sikandar Mirza Author-X-Name-First: Sultan Sikandar Author-X-Name-Last: Mirza Author-Name: Tanveer Ahsan Author-X-Name-First: Tanveer Author-X-Name-Last: Ahsan Author-Name: Raheel Safdar Author-X-Name-First: Raheel Author-X-Name-Last: Safdar Author-Name: Amjad Iqbal Author-X-Name-First: Amjad Author-X-Name-Last: Iqbal Author-Name: Mustansar Hayat Author-X-Name-First: Mustansar Author-X-Name-Last: Hayat Title: Family control and corporate risk-taking in China: Does working capital strategy matter? Abstract: This study uses the data of A-share listed family firms during the period 2010-18 and employs multiple regression analysis to verify the role of family control and working capital strategy for corporate risk-taking in China. This study also explores the regulatory role of family control in the relationship between working capital strategy and corporate risk-taking of Chinese listed family firms. Results show that greater family control encourages risk-taking behavior in Chinese firms whereas conservative working capital strategy diminishes corporate risk-taking. The results also suggest a regulatory role for family control on the effects of working capital strategy for family firms’ risk-taking behavior. Strong family control weakens the negative association between working capital conservatism and corporate risk-taking. This study's findings may help managers of family firms to adjust risk-taking behavior in response to changing working capital strategy. The results are robust to different measures of corporate risk-taking and working capital strategy. Journal: Economic Research-Ekonomska Istraživanja Pages: 4280-4299 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.2013270 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.2013270 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:4280-4299 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1893201_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ujkan Q. Bajra Author-X-Name-First: Ujkan Q. Author-X-Name-Last: Bajra Author-Name: Armand Krasniqi Author-X-Name-First: Armand Author-X-Name-Last: Krasniqi Author-Name: Armend Podvorica Author-X-Name-First: Armend Author-X-Name-Last: Podvorica Title: Privatisation of socially owned enterprises, the methods used and the impact on economic growth: empirical evidence from Kosovo Abstract: Privatisation together with the related social consequences and impact on the economy represent key challenges facing the former communist countries. This paper aims to assess how the privatisation of socially owned enterprises (SOEs) affects economic growth, entailing an empirical test using a panel effects regression analysis on a sample of 571 SOEs (or 1,600 assets) over a 16-year period (2003–2018). We find that privatisation at the aggregate level does not boost economic growth; in particular, the methods used to privatise SOEs or parts of them are not a determining factor. We also show that the quality of institutions is fragile, confirming a negative associations with economic growth. We also show that the effects of privatisation vary according to the method used, although we note that the sale of SOEs or parts thereof in the first decade of privatisation has been quite selective, devoid of development effects and faced with serious impediments to privatisation funds being directly invested in the economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 325-342 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1893201 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1893201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:325-342 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1986673_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Carlos Cid Author-X-Name-First: Carlos Author-X-Name-Last: Cid Author-Name: Pablo San Martín Author-X-Name-First: Pablo Author-X-Name-Last: San Martín Author-Name: Paolo Saona Author-X-Name-First: Paolo Author-X-Name-Last: Saona Title: Founding-family-controlled firms, intergenerational succession, and firm value Abstract: Using a unique, hand-collected data sample and panel-data econometric techniques, we analyse the impact of founding-family control and intergenerational succession on the value of Chilean listed companies. After controlling for firm- and ownership-specific characteristics, we find an inverse U-shaped relationship between a founding family’s degree of ownership and firm value. Hence, family ownership at first increases firm value. However, when family ownership exceeds a threshold of about 38 percent of outstanding shares, the family takes advantage of its power in the firm and extracts wealth from minority shareholders. Further, if the founder of the company is the CEO or chairman of the board, firm value increases. However, family businesses with a subsequent-generation owner-manager destroy value. Journal: Economic Research-Ekonomska Istraživanja Pages: 3138-3167 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1986673 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1986673 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:3138-3167 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1941178_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dan Gabriel Anghel Author-X-Name-First: Dan Gabriel Author-X-Name-Last: Anghel Author-Name: Iustina Alina Boitan Author-X-Name-First: Iustina Alina Author-X-Name-Last: Boitan Author-Name: Kamilla Marchewka-Bartkowiak Author-X-Name-First: Kamilla Author-X-Name-Last: Marchewka-Bartkowiak Title: Growing fiscal risk in European Union resulting from government contingent liabilities in the pandemic crisis – assessment and policy recommendations Abstract: The pandemic crisis, responsible for increased levels of financing with public debt and contingent liabilities, may trigger another debt crisis across the European Union. Our research indicates that member states are increasingly willing to use public guarantees and other off-budget instruments, which are classified as "hidden debt" or "hidden expenditure". Simulations have shown that if public guarantees have to be covered by the budget, an unprecedented increase in a public debt may occur across the euro area countries and the entire EU as a whole. Therefore, the authors recommend the introduction of uniform rules for estimating fiscal risk due to contingent liabilities, as well as standards for their reporting, allowing for their constant monitoring at the EU level. Journal: Economic Research-Ekonomska Istraživanja Pages: 2292-2312 Issue: 1 Volume: 35 Year: 2022 Month: 12 X-DOI: 10.1080/1331677X.2021.1941178 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1941178 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:2292-2312 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517464_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jalal El ouardighi Author-X-Name-First: Jalal El Author-X-Name-Last: ouardighi Author-Name: Rabija Somun-Kapetanovic Author-X-Name-First: Rabija Author-X-Name-Last: Somun-Kapetanovic Title: Income Mobility in the See Region: A Comparative Analysis with the Eu Countries () Abstract: The aim of this paper is to revisit the broad researches performed on income mobility. To that end, first, we synthesize the commonly used concepts and corresponding measures in three classes, namely, movement, temporal dependence and equalization of incomes. Second, since the unit of analysis is country, we reformulate the mobility indicators to take into account the countries sizes. Third, in the empirical approach, we compare income mobility in the SEE (South-Eastern Europe) region and in the EU (European Union) countries over the 1990-2009 time period. The results suggest that, in the long-term, income mobility is greater in the SEE than in the EU. However, the opposite holds in the last decade. Moreover, income mobility is mostly a divergent process in the SEE region, whereas the EU experienced a convergent mobility. In addition, unlike the EU, income mobility has disequalized longer-term incomes in the SEE region throughout the period of study. Accordingly, these results can serve as a basis for decision-making in the field of regional development policies that are used in the process of European integration. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-14 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517464 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517464 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:1-14 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517465_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Saš Žiković Author-X-Name-First: Saš Author-X-Name-Last: Žiković Author-Name: Nela Vlahinic-Dizdarević Author-X-Name-First: Nela Author-X-Name-Last: Vlahinic-Dizdarević Title: Oil Consumption and Economic Growth Interdependence in Small European Countries Abstract: The paper examines the existence and the direction of causality between the oil consumption and the economic growth in small European countries over the period 1980–2007 for the developed countries and 1993-2007 for the transition countries. Our findings show that small European states can be divided into two groups. The first group is characterized by the causality running from real GDP to oil consumption and is composed of the most developed European countries and a number of transition countries. In the former case, the direction of causality is a consequence of a highly developed post-industrial society with a strong tertiary sector. In the case of transition economies the direction of causality can be related to deindustrialization process and transition depression that resulted in a sharp industrial decline and decreased industrial oil demand. The second group is characterized by the causality running from oil consumption to economic growth, in which case the state should employ additional resources in subsidizing oil prices and securing long term and stable oil sources for its economy. In such countries the reduction of oil consumption because of different reasons (external prices shocks, increased taxes on oil and its derivatives, restrictive ecological laws regarding CO2 emission) could lead to a fall in economic growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 15-32 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517465 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517465 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:15-32 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517466_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: İmre Ersoy Author-X-Name-First: İmre Author-X-Name-Last: Ersoy Title: The Impact of Financial Openness on Financial Development, Growth and Volatility in Turkey: Evidence From the Ardl Bounds Tests Abstract: The aim of this paper is to investigate the impact of financial openness on financial development, growth and output volatility in Turkey. Results of the bounds test reveal that financial openness is in a long run equilibrium relationship with financial development, growth and output volatility. Granger causality tests disclose the existence of unidirectional causality from financial development to financial openness in the long run and from financial openness to output volatility in the short run. Yet, no Granger causality is detected neither from financial openness to growth nor from financial openness to financial development. Results call for further financial development and more conscientious monetary and fiscal policy design for financial openness in Turkey. Journal: Economic Research-Ekonomska Istraživanja Pages: 33-44 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517466 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517466 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:33-44 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517467_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ana Grdović Gnip Author-X-Name-First: Ana Grdović Author-X-Name-Last: Gnip Title: Discretionary Measures and Automatic Stabilizers in the Croatian Fiscal Policy Abstract: The role of fiscal policy as a tool to stabilize business cycle fluctuations has been at the center of recent public debates. If governments allow automatic fiscal stabilizers to work fully in a downswing but fail to resist the temptation to spend cyclical revenue increases during an upswing, the stabilizers may lead to bias toward budget positions. This paper assesses to what extent some items of the Croatian central government budget operate to smooth the business cycle. For disentangling automatic stabilizers from discretionary measures, this research relies on the European Commission methodology. Results show that the structural budget balance was on average 1.74% of GDP in deficit in the period between 1995 and 2009. Automatic stabilisation in Croatia is relatively weak and supplemented by discretionary measures, which led to “destabilizing” the economic activity in a pro-cyclical manner in Croatia in several observed periods. Journal: Economic Research-Ekonomska Istraživanja Pages: 45-74 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517467 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517467 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:45-74 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517468_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mehmet Yazici Author-X-Name-First: Mehmet Author-X-Name-Last: Yazici Author-Name: M. Qamarul Islam Author-X-Name-First: M. Qamarul Author-X-Name-Last: Islam Title: Impact of Exchange Rate and Customs Union on Trade Balance at Commodity Level of Turkey With Eu (15) Abstract: This paper investigates the short-run and long-run impact of exchange rate and customs union on the trade balance at commodity-group level of Turkey with EU (15). Bounds testing approach is employed where a new strategy in the model selection phase is adopted ensuring that optimal model is selected from those models satisfying both diagnostics and cointegration. Results indicate that in the short-run exchange rate matters in determination of trade balance of 13 commodity groups out of 21 and customs union in 8 cases. Pattern of response of trade balance to exchange rate does not suggest a J-curve effect in any of cases. As for the long-run effect, neither exchange rate nor customs union has a statistically significant effect on trade balance of any of commodity groups, suggesting that those significant short-run effects don’t last into long-run. Journal: Economic Research-Ekonomska Istraživanja Pages: 75-85 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517468 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517468 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:75-85 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517469_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Primož Dolenc Author-X-Name-First: Primož Author-X-Name-Last: Dolenc Author-Name: Suzana Laporšek Author-X-Name-First: Suzana Author-X-Name-Last: Laporšek Author-Name: Anamarija Šeparović Author-X-Name-First: Anamarija Author-X-Name-Last: Šeparović Title: Does Labour Taxation Affect Unemployment? Croatian Worker in International Perspective Abstract: The paper examines the issue of labour taxation of Croatian worker in comparison to workers in OECD and EU Member States. By using hierarchical cluster analysis it studies the relations between tax wedge and labour market outcomes, whereas with panel regression analysis, performed on data for 39 countries during 2000–2008 period, estimates the impact of tax wedge on unemployment rate. The empirical estimates show that Croatia classifies among countries with higher unemployment and lower employment rate, characterized with higher tax wedge. Furthermore, the estimates of the regression analysis showed that the tax wedge at all three wage levels (i.e. 67 %, 100 % and 167 % of average wage) has a significant positive impact on unemployment rate. This signifies that Croatia, as other studied countries, should continue with reduction of tax wedge, as this would alleviate unemployment problems and stimulate job creation. Journal: Economic Research-Ekonomska Istraživanja Pages: 86-101 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517469 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517469 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:86-101 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517470_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivica Pervan Author-X-Name-First: Ivica Author-X-Name-Last: Pervan Author-Name: Josip Arneric Author-X-Name-First: Josip Author-X-Name-Last: Arneric Author-Name: Mario Malcak Author-X-Name-First: Mario Author-X-Name-Last: Malcak Title: The Information Content of Earnings and Operating Cash Flows From Annual Report – Analysis For Croatian Listed Companies Abstract: The main purpose of this research was to test the content of accounting information (earnings and operating cash flow) in the context of investors' decisions at capital markets. The research is based on event study approach where return volatility index RVIitis used as measure of market reaction in the period of 10 days before and after publishing the accounting information. The research was done on the sample of companies from CROBEX 10, i.e. on the sample of 10 most traded companies from the Zagreb Stock Exchange in the period 2005-2009. As a general conclusion we can point out that accounting information (earnings and operating cash flow) from annual report has information content since the market reacts to published information with abnormal returns. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-13 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517470 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517470 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:1-13 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517471_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Danica Bakotić Author-X-Name-First: Danica Author-X-Name-Last: Bakotić Author-Name: Marin Buble Author-X-Name-First: Marin Author-X-Name-Last: Buble Title: Relationship Between Knowledge Workers’ Participation and Organizational Performance Abstract: The aim of this paper is to prove the connection between the participation of knowledge workers in an organization and its performance, as well as to define how the change of the participation of knowledge workers influences organizational performance. The empirical research was conducted on a sample of 40 companies. Using a specially designed questionnaire, the research data, which includes data about the participation of knowledge workers in each company and indicators of companies' financial performances, was collected. The empirical results discovered a statistically significant positive correlation between knowledge workers’ participation and organizational performance and also showed how each financial indicator of a company’s performance will change if the knowledge workers’ participation changes. Furthermore, the results show that the growth of knowledge workers’ participation in companies is not adequately followed by increased awards and other expenditures related to these workers, which could be a significant factor of the low productivity of these workers, which has also been proved by this research. Journal: Economic Research-Ekonomska Istraživanja Pages: 115-130 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517471 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:115-130 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517472_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Almir Peštek Author-X-Name-First: Almir Author-X-Name-Last: Peštek Author-Name: Emina Resić Author-X-Name-First: Emina Author-X-Name-Last: Resić Author-Name: Maja Nožica Author-X-Name-First: Maja Author-X-Name-Last: Nožica Title: Model of Trust in E-Transactions Abstract: Besides significant benefits, the trend of e-commerce development gives rise to a lot of challenges in terms of developing trust between the company and the consumer. A lack of trust leads to withdrawal from e-transactions. The paper is thus aimed at identifying and explaining the most important factors that affect the increase in users' trust in e-transactions. Besides an analysis of available papers in this area, a field research was conducted on a sample of 512 respondents in Bosnia and Herzegovina in order to develop a structural model of users' trust in e-transactions. Research findings confirm that the basic factors of an online trust model are: website usability, privacy, security, expected product performance, loyalty, and electronic management of customer relations (e-CRM). Journal: Economic Research-Ekonomska Istraživanja Pages: 131-146 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517472 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517472 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:131-146 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517473_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marko Miletić Author-X-Name-First: Marko Author-X-Name-Last: Miletić Title: Stock Price Reaction to Dividend Announcement in Croatia Abstract: The aim of this research is to analyze the connection between dividend announcement and stock price on Croatian capital market using event study methodology. Research period was the period from the year 2007 to the year 2009. Results have confirmed that dividend change has statistically significant value for investors. Dividend increase and dividend decrease resulted with statistically significant stock price change in the same direction, while dividend retention resulted with no statistically significant stock price change. Journal: Economic Research-Ekonomska Istraživanja Pages: 147-156 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517473 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517473 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:147-156 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517474_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Radojko Lukić Author-X-Name-First: Radojko Author-X-Name-Last: Lukić Title: Estimates of Economic Performance of Organic Food Retail Trade Abstract: As it is known, in recent years the phenomenon of "organic products" is getting more global and interdisciplinary character. The world has seen an increase of farmers' organic products, certification and the Earth's surface designed to produce organic products as well as sales of organic products. The role in the retail distribution of the produced organic products becoming a more significant.Bearing all this in mind, this paper will deal, first, with the trend in retail development and characteristics of organic food observed globally, by country and formats (types of stores). Then we point out the key determinants of retail sales of organic food, and especially we will, as a primary goal of this paper, give a detailed overview of the theoreticalmethodological and empirical problems, as well as the specific measurement of financial performance of retail sales of organic food.Research into these problems is, for the purpose of considering the practical dimensions, based on recent relevant empirical data. The research results should serve as the basis for the creation of appropriate policies and strategies and, especially, for building integrated system of managing business and financial performance of retail organic food in the future. This is particularly true for of retail originating from a country with the distinction in the market development of organic food, as is the case with Serbia. Journal: Economic Research-Ekonomska Istraživanja Pages: 157-169 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517474 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517474 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:157-169 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517475_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sanja Stamenić Author-X-Name-First: Sanja Author-X-Name-Last: Stamenić Author-Name: Bruno Grbac Author-X-Name-First: Bruno Author-X-Name-Last: Grbac Title: The Challenges of the International Market Journal: Economic Research-Ekonomska Istraživanja Pages: 170-171 Issue: 3 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517475 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517475 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:3:p:170-171 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517554_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maria-Gabriella Baldarelli Author-X-Name-First: Maria-Gabriella Author-X-Name-Last: Baldarelli Author-Name: Paola Demartini Author-X-Name-First: Paola Author-X-Name-Last: Demartini Author-Name: Lorena Mosnja-Skare Author-X-Name-First: Lorena Author-X-Name-Last: Mosnja-Skare Author-Name: Paola Paoloni Author-X-Name-First: Paola Author-X-Name-Last: Paoloni Title: Accounting Harmonization for SME-S in Europe: Some Remarks on IFRS for SME-S and Empirical Evidences Abstract: The debate on accounting truth is an old problem (Briloff, 1979) and it is at present more and more important in harmonization process, especially involving small- and medium-sized enterprises (SMEs). Their users’ needs regarding the extents and type of accounting information as well as the costs of their providing are widely discussed as the arguments for differential reporting for SMEs, although there is still more literature focusing on financial reporting of large enterprises. The standards setters try to decrease the reporting burden for SMEs, keeping the relevant information for their reports users, while considering harmonization goals in the same time. In such an attempt, the International Accounting Standards Board (IASB) issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs) the 9th of July 2009, however some national European standard-setters seem not to be keen to introduce them. The aim of our paper is to analyze, the attempts and difficulties to reach all these goals in the same time and to implement the IFRS for SMEs, such as drawn by the IASB, in the European countries. Croatian experiences presented, running from International Accounting Standards (IAS) implementation as obligatory for all the companies, towards Croatian Financial Reporting Standards (CFRS) introduction for SMEs, represent an interesting experiment in the European context. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-26 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517554 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517554 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:1-26 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517555_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Inga Bûmane Author-X-Name-First: Inga Author-X-Name-Last: Bûmane Author-Name: Maiga Kasale Author-X-Name-First: Maiga Author-X-Name-Last: Kasale Title: Accounting Policy of Investment Property – The Case of Latvia Abstract: A separate section “Investment Property” was included into the long-term investment part of the balance sheet item scheme of Latvian enterprises relatively recently, namely, since the year of account of 2006. After the studies of requirements set in Latvia concerning the recognition and accounting of investment property it was established that it is permitted to carry out the evaluation and accounting of these assets, after their initial recognition, according to several methods. Thus in Latvia, as well as at the international level the problem is – which accounting policy should be chosen for the evaluation and accounting of investment property. The aim of the research is to perform the comparative analysis of accounting policy adopted in Latvia and internationally regarding the investment property and to develop suggestions for its improvement. The research methodology is based on the comparative analysis of the requirements set in the documents regulating accounting in Latvia, the European Union Directives regulating accounting and the International Accounting Standards. The paper covers also the analysis of authors’ conclusions, publications in the periodicals, the results of the survey of the members of the Accountants’ Association of the Republic of Latvia, and other bibliographic sources. The authors of the research draw a conclusion that there had been several requirements set in the documents regulating accounting in Latvia, which only partially comply with the regulations adopted internationally regarding the recognition, evaluation and accounting of investment property. At the end of research, the authors have developed suggestions for the improvement of investment property accounting policy in Latvia. Journal: Economic Research-Ekonomska Istraživanja Pages: 27-46 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517555 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517555 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:27-46 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517556_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Manuel Benazić Author-X-Name-First: Manuel Author-X-Name-Last: Benazić Title: Monetary Conditions Index for Croatia Abstract: MCI is an indicator of the combined effect of short-term interest rates and exchange rates on price level and aggregate demand. In construction of the index for Croatia, Engle-Granger co-integration method of time series was used. Obtained results indicate that in the observed period monetary policy in Croatia was mainly expansive, suggesting an easing of monetary conditions. However, it is necessary to bear in mind a number of limitations in the conduct of Croatian monetary policy if it is to be based on the use of the MCI. The most important constrain, that reduces the possibility of freely determining domestic interest rates and money supply, stems from a relative freedom of international capital flows between Croatia and other countries and the necessity of maintaining a stable nominal exchange rate due to a highly euroized economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 47-64 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517556 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517556 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:47-64 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517557_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zdravko Sergo Author-X-Name-First: Zdravko Author-X-Name-Last: Sergo Author-Name: Darko Saftic Author-X-Name-First: Darko Author-X-Name-Last: Saftic Author-Name: Ana Tezak Author-X-Name-First: Ana Author-X-Name-Last: Tezak Title: Stability of Phillips Curve: The Case of Croatia Abstract: Phillips curves are generally estimated under the assumption of linearity and parameter constancy. The conventional Phillips curve argues that there is a trade-off or negative relationship between unemployment and inffation or wage inffation. According to Lucas’s critique of econometrics’ empirics, however, there is no parameter stability in the forward–looking economic behaviour model of economic agents. Since the rational expectation theory revolution linear models of inffation have been criticised for their poor forecasting performance. Bai and Perron (1998), proposed the methodology which allows for an unknown number of breaks at unknown dates as a response to the mentioned problem. The purpose of this paper is to investigate the linearity and constancy assumptions of the augmented Phillips curve model using expected inffation variables and the methodology proposed by Bai and Perron and to validate the Phillips curve using Croatia as an example. Data used in this analysis was on quarterly basis from 1994 to 2010. Journal: Economic Research-Ekonomska Istraživanja Pages: 65-85 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517557 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517557 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:65-85 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517558_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ana Kundid Author-X-Name-First: Ana Author-X-Name-Last: Kundid Author-Name: Andrijana Rogosic Author-X-Name-First: Andrijana Author-X-Name-Last: Rogosic Title: E-Transparency Of Croatian Banks: Determinants and Disclosure Contents Abstract: Banks are the most important financial intermediaries and major providers of institutionalized loan financing in the economic systems worldwide. Externalities of their activities affect the economy deeply. Therefore, regulation of their behavior is of utmost importance for the general public. In addition, national and supranational prudential authorities request various forms and extents of mandatory disclosure. Nevertheless, voluntary disclosure is being recognized by the banks as a mechanism of asymmetric expectations’reduction and confidence enhancement of current and potential both shareholders and stakeholders. Upgrading information availability and updating its quality might be a useful way of reducing the probability of systemic banking crisis as well as a useful tool for improving market discipline. However, the causes and consequences of banks’ disclosure of accounting and other information are still challengeable issues in financial literature. In that regard, the purpose of the paper is to explore the determinants of Croatian banks’ online disclosure of financial information. Bank specific and industry specific factors of disclosure are being empirically examined using univariate and multivariate statistical methods. Further research objective is to compare the volume and the structure of mandatory disclosed information using content analysis. It is expected that banks with higher transparency achieve significantly better financial performance. However, the paper does not empirically investigate benefits or drawbacks of both mandatory and voluntary disclosure. For all the aforementioned reasons the paper might be provide useful insights for academics, students of economics and, most of all, for the general public, especially depositors as major providers of bank funds. Journal: Economic Research-Ekonomska Istraživanja Pages: 86-116 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517558 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517558 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:86-116 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517559_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Daniel Tomic Author-X-Name-First: Daniel Author-X-Name-Last: Tomic Title: Croatian Terms of Trade; Historical Perspective, Movements and Welfare Effect Abstract: Croatia is a small –open –import dependent economy with strong trade imbalances. Thus it implies certain effect on national welfare. The aim of this paper is to examine the impact of the trend and volatility of terms of trade on economic growth of Croatia using time series data. Moreover, the paper in an indirect way evaluates the effectiveness of the openness on economic performance of Croatian economy. In such manner we can assess the dynamics of import and export prices on economic growth. Results are consistent with the theory, however they suggest that terms of trade do not have substantial welfare effect on the economy. Estimation is based on Prais-Winsten regression of iterative procedures which eliminates the problem of serial correlation, as one of the frequent problems in these types of estimation. In addition, stationary VAR was obtained in order to present the dynamics of changes in terms of trade. Journal: Economic Research-Ekonomska Istraživanja Pages: 117-139 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517559 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517559 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:117-139 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517560_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Primoz Pevcin Author-X-Name-First: Primoz Author-X-Name-Last: Pevcin Title: Demand and Supply Side View on the Factors Affecting Size of Non-Profit Economy Abstract: This paper empirically investigates various factors affecting variations in the size of the non-profit sector by using cross-country data in the sample of selected countries. Namely, the available data on sector employment (workforce) indicate substantial variations in the size of the sector among countries, although certain problems exist with the measurement of the sector size, whicha are mostly related to its diversity. The existing literature can provide several theories, hypotheses and concepts that could potentially help to explain those diff erences; the outcome of those approaches is the extrapolation of various demand and supply side factors that aff ect cross-country differences in the size of the sector. The exploratory approach taken in the paper is focused on combining the eff ect of those factors for the purpose of their empirical verification. The results indicate that supply side factors tend to be more important in explaining differences in the size of the sector among countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 140-162 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517560 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517560 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:140-162 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517561_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Reza Fazeli Author-X-Name-First: Reza Author-X-Name-Last: Fazeli Author-Name: Rafat Fazeli Author-X-Name-First: Rafat Author-X-Name-Last: Fazeli Title: The Welfare State and the Market Economy: The American and German Experiences of Social Policy Abstract: This paper reviews the recent development of the welfare state and social policy in the United States and Germany. The empirical study is primarily based on the comparative study of the trends of the “social wage” and the “net social wage” in the two countries over the last two decades. The paper addresses two major questions. The first question is whether the expansion of social expenditures has posed any drag on capital accumulation and economic growth in these two countries. The second question is whether the increasing ideological challenges from the right and the competitive pressures of globalization have led to retrenchment of the American and German welfare states in the recent decades. Journal: Economic Research-Ekonomska Istraživanja Pages: 163-189 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517561 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517561 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:163-189 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517562_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Philip Mader Author-X-Name-First: Philip Author-X-Name-Last: Mader Title: Attempting the Production of Public Goods through Microfinance: The Case of Water and Sanitation Abstract: This paper evaluates the attempt to create public goods via micronance loans. Microfinance loans in the production of goods with public goods characteristics signify an emergent micro-privatisation. As a case study, the production of water and sanitation resources via microfinance loans is examined in India and Vietnam. It is found that microfinance projects for water and sanitation, which are based on individualism and a cost-recovery paradigm, ignore important collective action aspects and underlying distributional problems. Given its questionable effectiveness in other areas, the public goods iteration of microfinance leads not only to in-sufficient provision for the poor, but also may alienate these citizens from publicly accountable modes of governance and their human right to water. Journal: Economic Research-Ekonomska Istraživanja Pages: 190-214 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517562 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517562 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:190-214 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517563_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marinko Skare Author-X-Name-First: Marinko Author-X-Name-Last: Skare Author-Name: Tea Golja Author-X-Name-First: Tea Author-X-Name-Last: Golja Title: Corporate Social Responsibility and Corporate Financial Performance – Is There A Link? Abstract: The “business as usual” model is no longer possible. Globalization, technological and demographical changes have lead to the change in the internal organization structures, processes and behaviour. Environmental, social and governance issues are becoming extremely powerful means of gaining competitive advantage on the global market. The purpose of the paper is to underline the importance of socially responsible business practices for the corporation. In order to emphasize the importance of socially responsible behaviour with regards to financial performance, the research was enriched with of the comparative analysis of the financial performances of 45 corporations listed on Dow Jones Sustainability World Index 2009/2010 that represent the top 10% of the leading sustainability companies out of the biggest 2500 companies in the Dow Jones Global Total Stock Market Index compared with non CSR corporations – not listed on DJSWI. Authors are presenting results of the econometric model which further confirmed that CSR firms in the average enjoy better financial performance that non-CSR firms. Journal: Economic Research-Ekonomska Istraživanja Pages: 215-242 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517563 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517563 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:215-242 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517564_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Valerija Botric Author-X-Name-First: Valerija Author-X-Name-Last: Botric Title: Regional Differences in Self-Employment: Evidence from Croatia Abstract: The transition in most countries was accompanied by the burst of unemployment. At the beginning of transition, the new opportunities to start own businesses were expected to release the entrepreneurship potential of the population and lead to fast convergence towards the successful market economies. At the same time, entrepreneurship was expected to alleviate the labour shedding from restructured inefficient industrial sector. The data seldom corroborates this successful transition scenario. This paper provides analysis of the regional differences in self-employment in Croatia during the mature transition 1998-2008 period. Although self-employment cannot be equalized with entrepreneurship, Labour Force Survey as relatively rich data source enables investigation of certain factors that might be partially related to the overall entrepreneurship propensity of the working population in Croatia. Furthermore, analysis of potential regional differences in Croatian labour force entrepreneurship propensity has not been previously quantitatively assessed in the literature. The regional perspective in the paper is used to investigate whether there is a link between the evolution of self-employment and overall unemployment rate in the region (does self-employment help to alleviate unemployment problems?), the share of public sector employment (do chances of finding a secure government job impede entrepreneurship?), economic structure of the region (which economic sectors are more likely to encourage self-employment?) through time. In addition, the characteristics of the self-employed - in terms of gender, age, occupation, education, wage, household characteristics – are compared to those in employment. With this segment of the analysis we try to reveal whether there is higher entrepreneurship propensity within certain population subgroups in Croatia. Journal: Economic Research-Ekonomska Istraživanja Pages: 243-266 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517564 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517564 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:243-266 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517565_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Žiga Čepar Author-X-Name-First: Žiga Author-X-Name-Last: Čepar Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Probit Model of Higher Education Participation Determinants and the Role of Information and Communication Technology Abstract: In this paper we analyse the undergraduate and postgraduate higher education participation determinants in placecountry-regionSlovenia. Using a micro-level probit analysis we find the most important statistically significant higher education participation determinants in placecountry-regionSlovenia, and the most important differences between the determinants on the undergraduate and on the postgraduate level. We use the Slovenian statistical Household Budget Surveys (HBS) data for the reference years from 1998 to 2005. The HBS covers private households in place country-region Slovenia with the basic socio and demographic data for the household members observed within the surveys, data on income, assets and final consumption. In the probit analysis we focus on the determinants of the undergraduate and postgraduate higher education participation separately for different age groups. Based on the results of the three probit models we find six different determinants of the undergraduate higher education participation. The first two most important determinants are the availability of internet access in a household and education of parents. On the postgraduate level of education we also find six important determinants of higher education participation, with the first most important being the availability of information-communication technology, followed by the personal income. Journal: Economic Research-Ekonomska Istraživanja Pages: 267-287 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517565 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517565 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:267-287 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517566_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Branislav Nerandzic Author-X-Name-First: Branislav Author-X-Name-Last: Nerandzic Author-Name: Veselin Perovicy Author-X-Name-First: Veselin Author-X-Name-Last: Perovicy Author-Name: Emil Zivkov Author-X-Name-First: Emil Author-X-Name-Last: Zivkov Title: Personality and Moral Character Traits and Acknowledging the Principles of Management Ethics, Auditing and Accounting Ethics Abstract: In the world – based on recent frauds in financial reporting of partial deregulation of the financial system, as some of the causes for the latest economic crisis, there is once again a growing distrust in external audit, which again yields their growing distrust of the public and investors of the entire financial system. In recent years, even before the latest economic crisis, the emphasis in overlapping the gap in the quality of financial reporting was put on developing a model of internal audit functioning. Even besides the undoubtedly positive effect resulting from developing various models of internal control, sometimes catastrophic consequences of fraud were not avoided. International standards and code of ethics represent some of the instruments for the securing of independence and objectivity of auditors and professional accountants in regards to management demands. The objective of conducted interdisciplinary research was to point out the important role of personality traits and morality in acknowledgement of ethic principles by management, auditors and professional accountants in organization of corporate financial business operation, implementation of the systems of internal control and evaluating their functionality.This paper presents the results of personality trait research, evaluated by the questionnaire fiBig five plus twofi and of the morality of management, auditors and accountants from 15 companies ( public, joint stock, limited liability, middle and big companies, and auditing houses). The research was conducted on the sample of 95 respondents (of both sexes, aged between 25 and 60). The results of this research have shown that ethics and morality in education of managers, auditors and accountants have a key role in acknowledging ethics principles in the course of performing their regular business and professional activities.Based on the conducted research, introducing an adequate education on basic concepts of ethics and professional code of ethics in high schools and higher education of managers, auditors and accountants is suggested, all leading to the goal of securing an unhindered implementation of the mentioned code of ethics within the model of corporate governance, as a key factor in the process of business decision making. Journal: Economic Research-Ekonomska Istraživanja Pages: 288-312 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517566 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517566 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:288-312 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517567_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tonci Svilokos Author-X-Name-First: Tonci Author-X-Name-Last: Svilokos Title: Capital Market Cointegration of Old and New Eu Member States Abstract: The author investigates the degree of capital market cointegration of old and new EU member states, and examines whether, and to what extent, the global financial crisis had an effect on it. Capital markets are completely integrated if assets of equal risk have identical expected returns, irrespective of the location of the capital market. Therefore the risk that the investor agrees to take in the integrated international market is the result of common factors and it is not possible to diversify the risk. The degree of financial integration of capital markets can be determined by analyzing the movement of market indices. In this paper the multivariate VAR(5) econometric models were set up and tested in order to analyze the multilateral integration of selected capital markets of developed European countries (Britain and Germany) and selected - new EU member states (Slovakia, Czech Republic, Slovenia and Hungary). Input data of the model are daily stock market indices (FTSE, DAX, BUX, SAX, PX and SBI20) for the time period January 2001 to October 2009. The study was conducted in three stages: In the first stage each series index was tested for the presence of unit roots, in order to determine whether the time series was stationary or not (to do this, ADF and Phillips - Perron tests were used). In the second stage multivariate VAR(5) models were set up, to which the Johansen method for determining cointegration was applied. In the third stage of the research process, the dynamics of the integration of underlying capital markets was determined by calculating the relevant trace value and dividing it by the critical λ value. Journal: Economic Research-Ekonomska Istraživanja Pages: 313-336 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517567 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517567 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:313-336 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517568_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Smiljana Pivcevic Author-X-Name-First: Smiljana Author-X-Name-Last: Pivcevic Author-Name: Daniela Garbin Pranicevic Author-X-Name-First: Daniela Garbin Author-X-Name-Last: Pranicevic Title: Innovation Activity in the Hotel Sector – the Case of Croatia Abstract: Innovation is, alongside, skills, investment, enterprise and competition, a major driver of productivity in economy. In tourism also, it is believed that the competitiveness of enterprises to a great extent depends upon their innovation activity. Surprisingly, in tourism the research on innovation has so far received poor attention from scholars, especially in empirical research. This article aims at filling that gap. It will present results from an empirical study of innovation activity carried out during the spring/summer 2010 in the hotel sector in Croatia. Due to the problem of empirical measurement of innovation and the specific characteristics of hotel sector, the CIS IV1 questionnaire design was used and adapted for this purpose. CIS questionnaire has been criticized by scholars for its deficiencies in measuring innovation in services. Still, after an extensive literature and research review, it has been concluded that with the adaptations made, it is the best available tool for this purpose. The research preliminary results suggest that Croatian hotels can be portrayed as only moderately innovative and with different innovation activity according to innovation type and newness. Furthermore, parallels, where possible, are drawn to other similar research carried out in other countries (Spain and Austria) as to be able to benchmark the innovation activity of Croatian hotels. Based upon the empirical results, recommendations and guidelines for hotel practice as well as for activities of regulatory bodies are given. Journal: Economic Research-Ekonomska Istraživanja Pages: 337-363 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517568 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517568 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:337-363 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517569_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Damjana Jerman Author-X-Name-First: Damjana Author-X-Name-Last: Jerman Author-Name: Bruno Zavrsnik Author-X-Name-First: Bruno Author-X-Name-Last: Zavrsnik Title: Model of Marketing Communications Effectiveness in the Business-to-Business Markets Abstract: Much of the research into marketing communications has focused on the consumer market with little regard to date for the business-to-business market. This paper focuses on a development and testing of a model of marketing communication effectiveness in the business-to-business market. Building on past research from the marketing communications and business-to-business marketing literature, the model (which incorporates facets of the marketing communication objectives, bidirectional communications, and communications channels) is tested to examine the impact of these antecedent variables on marketing communications effectiveness and organizational performance. The concept of marketing communication effectiveness assumes that there are variables that can have a positive influence on the effectiveness of marketing communications, and confirm the central concept of marketing communication effectiveness as having a positive impact on organizational performance. Managerial implications are discussed along with suggestions for further research. Journal: Economic Research-Ekonomska Istraživanja Pages: 364-388 Issue: S1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517569 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517569 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:S1:p:364-388 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1265894_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tomasz Gackowski Author-X-Name-First: Tomasz Author-X-Name-Last: Gackowski Title: The idea of investor relations in the modern economy: a communication approach Abstract: The main goal of this article is to present systematic deduction of the idea of Investor Relations (IR) in a communication perspective. I have made a several specific distinctions to introduce the current concept of IR and how it has changed over the years. Moreover, I try to identify the most important aims of IR, as well as differentiate between its obligatory and optional aspects. The article includes comments on different sorts of information that is conveyed by companies to the financial community. The article present the differences between various definitions of IR. Furthermore, the article describes in what way the concept of IR originated and how it has evolved over the course of time – what kind of factors led to the changes in the significance of IR. Moreover, the article also outlines the basic tasks of an IR department, explaining the difference between IR and public relations (PR) and determining what is more powerful when it comes to shaping the opinions of the financial community: non-financial factors or financial factors. Consequently, the article presents a new reputational approach to the idea of IR in the modern economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-13 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2016.1265894 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1265894 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1-13 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1265893_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Florin Turcas Author-X-Name-First: Florin Author-X-Name-Last: Turcas Author-Name: Florin Dumiter Author-X-Name-First: Florin Author-X-Name-Last: Dumiter Author-Name: Petre Brezeanu Author-X-Name-First: Petre Author-X-Name-Last: Brezeanu Author-Name: Pavel Farcas Author-X-Name-First: Pavel Author-X-Name-Last: Farcas Author-Name: Sorina Coroiu Author-X-Name-First: Sorina Author-X-Name-Last: Coroiu Title: Practical aspects of portfolio selection and optimisation on the capital market Abstract: This article highlights some observations concerning the deficiencies in the application of statistics on the capital market, with special reference to Modern Portfolio Theory (MPT). The main point is the sensitivity of statistical parameters (especially the standard deviation of the daily rates of return) to subjective/random factors. For securities with similar patterns and quasi-identical charts, statistical results in contradiction to the evidence of the market can be obtained. This article makes a pledge in favour of the necessity for increased attention in constructing an optimal/efficient portfolio. Journal: Economic Research-Ekonomska Istraživanja Pages: 14-30 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2016.1265893 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1265893 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:14-30 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1265895_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Selahattin Kaynak Author-X-Name-First: Selahattin Author-X-Name-Last: Kaynak Author-Name: Serkan Altuntas Author-X-Name-First: Serkan Author-X-Name-Last: Altuntas Author-Name: Turkay Dereli Author-X-Name-First: Turkay Author-X-Name-Last: Dereli Title: Comparing the innovation performance of EU candidate countries: an entropy-based TOPSIS approach Abstract: Innovation is important for countries in the competitive global economy. It is one of the main criteria for countries to be superior, to remain competitive, and to produce high technology products. Countries allocate different types of incentives to encourage innovation activities in their countries. Innovation is also one of the strategic issues for the European Union (EU). The aim of this study is to compare the innovation performance of four EU candidate countries, Macedonia (FYR), Iceland, Serbia and Turkey. The entropy-based Technique for Order Performance by Similarity to Ideal Solution (TOPSIS) approach is proposed in this paper. First, the importance of each variable is computed by the entropy method to reflect on the differences among the variables in the calculation process. Subsequently, the TOPSIS method is performed by using the value and importance of variables for prioritisation of the candidate countries with respect to their innovation performance. Four case studies are conducted to show the viability of the proposed approach. Each cases study uses different reports, namely The Global Competitiveness Index, Innovation Union Scoreboard, Knowledge Assessment Methodology (KAM) and Global Innovation Index. The results of this study show that the proposed approach provides the same ranking as Innovation Union Scoreboard and KAM. Journal: Economic Research-Ekonomska Istraživanja Pages: 31-54 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2016.1265895 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1265895 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:31-54 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1291359_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sorin Nicolae Borlea Author-X-Name-First: Sorin Nicolae Author-X-Name-Last: Borlea Author-Name: Monica Violeta Achim Author-X-Name-First: Monica Violeta Author-X-Name-Last: Achim Author-Name: Codruța Mare Author-X-Name-First: Codruța Author-X-Name-Last: Mare Title: Board characteristics and firm performances in emerging economies. Lessons from Romania Abstract: This study investigates correlations between board characteristics and firm performances. For this purpose, six board characteristics were chosen: (1) equilibrium between non-executive and executive members of the board of directors; (2) independence of board members; (3) selection of board members by the assistant role of the Nomination Committee; (4) training the members’ competences; (5) remuneration policy of board members by the assistant role of the Remuneration Committee; (6) improuving the accountability and transparency of financial information by the assistant role of the Audit Committee. The financial performances are represented by Return on assets (ROA) and Tobin’s Q. The present study sample consists of 55 Romanian non-financial companies which are listed on the Bucharest Stock Exchange (BSE) in 2012. We found the following characteristics in the majority of boards of directors: equilibrium between non-executive and executive members, independence of the members and concerns on training competences. On the other hand, the majority of companies do not have, within their governance system, advisory committees (such as Nomination, Remuneration or Audit Committees), which are meant to help the board in its decision-making. No statistically significant association was found between any of the board characteristics and performances represented either by Tobin’s Q or ROA, but the findings are in line with numerous studies conducted in developing countries and may be explained by various shortcomings which characterise the lagging of transition economies. Journal: Economic Research-Ekonomska Istraživanja Pages: 55-75 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1291359 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1291359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:55-75 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305781_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Matjaž Iršič Author-X-Name-First: Matjaž Author-X-Name-Last: Iršič Title: The effect of adaptation and trust on positional advantage of companies in B2B relationships: the moderating role of relationship value Abstract: Based on data from 85 large business-to-business Slovenian companies, this study analyses the direct impacts of adaptation, trust and relationship value on positional advantage. In addition, the study investigates the moderating role of relationship value on the links between adaptation, trust and positional advantage. In the preliminary phase, we have tested the research model with the interpretive structural modelling framework, while in the empirical detail study, we have used a non-parametric approach to structural equation modelling – partial least squares modelling. We have found that both relationship value and trust directly affect positional advantage, while adaptation does not. However, relationship value positively moderates the link between adaptation and positional advantage. Our research contributes to the existing literature and managerial practice by demonstrating the possible impacts of the relationship orientation of B2B companies on positional advantage. Journal: Economic Research-Ekonomska Istraživanja Pages: 76-90 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305781 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305781 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:76-90 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305790_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Oana-Ramona Lobonţ Author-X-Name-First: Oana-Ramona Author-X-Name-Last: Lobonţ Author-Name: Ana-Cristina Nicolescu Author-X-Name-First: Ana-Cristina Author-X-Name-Last: Nicolescu Author-Name: Nicoleta-Claudia Moldovan Author-X-Name-First: Nicoleta-Claudia Author-X-Name-Last: Moldovan Author-Name: Ayhan Kuloğlu Author-X-Name-First: Ayhan Author-X-Name-Last: Kuloğlu Title: The effect of socioeconomic factors on crime rates in Romania: a macro-level analysis Abstract: The article outlines the need to identify appropriate explanations for various acts of deviant behaviour, mental illness and violent reactions in Romanian contemporary society which is facing a crisis of values and character. The objective of the article is to provide empirical evidence and raise awareness regarding the relationship between crime and socioeconomic factors in Romania over the period 1990–2014, based on statistics for testing co-integration theory and causal relationships. Specifically, the proposed analysis intends to capture the complexity of socioeconomic pressures on individuals and to clarify the ways in which the vitiation of modern society represents a manifestation of implemented economic mechanisms. By using data related to income, unemployment, inflation, inequality, development, education and population density as socioeconomic factors and also data on crime divided by region and type, the article supports the hypothesis of significant causality between socioeconomic factors and crime. Two directions can be considered for revealing the general result of the proposed analysis: one is that an increase in income inequality has a strong and robust effect regarding crime rates rising, and the second reveals that the place of residence is essential, the urban agglomeration being a generating factor for crime. Journal: Economic Research-Ekonomska Istraživanja Pages: 91-111 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305790 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305790 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:91-111 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305802_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Saša Obradović Author-X-Name-First: Saša Author-X-Name-Last: Obradović Author-Name: Nenad Tomić Author-X-Name-First: Nenad Author-X-Name-Last: Tomić Title: The effect of presidential election in the USA on stock return flow – a study of a political event Abstract: The subject of this paper is to determine the statistical significance of abnormal return that appeared on the New York Stock Exchange after the presidential election in the USA in November 2012. The analysis is focused on securities of the financial institutions listed on the New York Stock Exchange, whereby 85 companies have been included. For the purposes of the analysis a standard methodology of event study has been used. In general, parametric tests show a statistically significant negative impact of the event on stock return, whereby with the nonparametric tests there is no consistent estimation. This paper provides an interpretation of the results. Journal: Economic Research-Ekonomska Istraživanja Pages: 112-124 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305802 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305802 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:112-124 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305777_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yusuf Temur Author-X-Name-First: Yusuf Author-X-Name-Last: Temur Author-Name: Halit Çiçek Author-X-Name-First: Halit Author-X-Name-Last: Çiçek Author-Name: İlhan Eroğlu Author-X-Name-First: İlhan Author-X-Name-Last: Eroğlu Author-Name: Cumhur Erdem Author-X-Name-First: Cumhur Author-X-Name-Last: Erdem Title: Identifying relationship between macroeconomic and fiscal policy variables for EU countries and Turkey Abstract: Following the 2008 global financial crisis, the European Debt Crisis has affected the world economy more than any other event. The member states of the European Monetary Union have deviated from the Maastricht Convergence Criteria (MCC) and this has led to the European Debt Crisis. We have used the 2000 Q1–2011 Q4 data and multivariate time series and panel data analysis for determining the relationship among the variables that establish the MCC comprising inflation, burden of net public debt, interest rate, budget deficit and exchange rate. The vector autoregression model/vector error correction model results have showed that there is an interaction between the variables. However, the panel cointegration results have confirmed increases in budget deficits and interest rates will increase the burden of net public debt and inflation will decrease it. Journal: Economic Research-Ekonomska Istraživanja Pages: 125-139 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305777 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305777 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:125-139 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305771_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gábor Bóta Author-X-Name-First: Gábor Author-X-Name-Last: Bóta Author-Name: Mihály Ormos Author-X-Name-First: Mihály Author-X-Name-Last: Ormos Title: Determinants of the performance of investment funds managed in Hungary Abstract: We investigate the performance and time varying risk behaviour of Hungarian equity mutual funds by applying modified versions of the four-factor model applying different market proxies. We classify the funds according to their target markets (Hungary, Central and Eastern Europe [CEE], developed markets) and separate bullish and bearish periods. We find no significant excess returns for any circumstances; however, market betas are significantly different for bullish and bearish periods as well as the explanatory power of book-to-market ratio and market capitalisation. After taking into account the daily percentage changes in the number of shares outstanding we find investors’ relation to risk to be different in bearish and bullish periods. Journal: Economic Research-Ekonomska Istraživanja Pages: 140-153 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305771 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305771 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:140-153 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305787_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mercedes Mareque Author-X-Name-First: Mercedes Author-X-Name-Last: Mareque Author-Name: Francisco López-Corrales Author-X-Name-First: Francisco Author-X-Name-Last: López-Corrales Author-Name: Aurea Pedrosa Author-X-Name-First: Aurea Author-X-Name-Last: Pedrosa Title: Audit reporting for going concern in Spain during the global financial crisis Abstract: The current world financial crisis is causing real difficulties in the operation of firms and has generated renewed interest in audit reports. This study aims to analyse the impact of the financial crisis on the audit reports issued by auditors. We focus especially on those reports that contain questions relating to going concern situations. The sample analysed is formed by 2935 audit reports of unlisted Spanish firms for the years 2007–2010. From the results obtained we can affirm that the crisis being suffered by Spanish firms has not gone unnoticed by audit professionals. Our research reveals that as the crisis in Spain has worsened, the proportion of reports that include references to going concern situations has increased in comparison with 2007, when the financial crisis had not become manifest in Spain. The sectors of the Spanish economy most affected by the crisis are real estate and construction. Taking into account whether the audit firm issuing the report is Big-4 or Non-Big-4, no significant differences can be appreciated in the percentage of reports issued with going concern qualifications before the start of the crisis (2007) and during the crisis (2008–2010). Journal: Economic Research-Ekonomska Istraživanja Pages: 154-183 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305787 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305787 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:154-183 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305796_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: J. Prašnikar Author-X-Name-First: J. Author-X-Name-Last: Prašnikar Author-Name: T. Redek Author-X-Name-First: T. Author-X-Name-Last: Redek Author-Name: M. Drenkovska Author-X-Name-First: M. Author-X-Name-Last: Drenkovska Title: Survival of the fittest: an evolutionary approach to an export-led model of growth Abstract: Developing countries often rely on the export-led model of growth. Exposure to (developed) foreign markets increases learning opportunities for firms, enhances their competences and capabilities, and facilitates potentially more innovation. The actual benefit differs among firms depending on internal firm characteristics (genetic material). Using survey data for Slovenia we show that export orientation, firms’ genetic material, competences and capabilities and innovation are related. The paper contributes to the literature in several ways, primarily by extending knowledge on innovation and corporate behaviour in an export-led developing country, using micro level data. Journal: Economic Research-Ekonomska Istraživanja Pages: 184-206 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305796 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305796 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:184-206 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305799_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Peter J. Stauvermann Author-X-Name-First: Peter J. Author-X-Name-Last: Stauvermann Author-Name: Ronald R. Kumar Author-X-Name-First: Ronald R. Author-X-Name-Last: Kumar Title: Enhancing growth and welfare through debt-financed education Abstract: Using an overlapping generations (OLG) model, we show how relatively small open economies can enhance their growth through educational subsidies financed via public debt and reduce their fertility rate. We show that subsidising education through public debt leads to an A-Pareto improvement of all generations. Even if a country is a net borrower in the international capital market, we show that this subsidy policy can help, under certain conditions, to improve its net borrowing position. This has strong implications for the calculation of the 3% deficit to Gross Domestic Product ratio set by the European Union because the analysis implies that public expenditures for education should be subtracted from the government deficit before applying the deficit criterion. Journal: Economic Research-Ekonomska Istraživanja Pages: 207-222 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305799 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305799 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:207-222 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305772_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ömer Alkan Author-X-Name-First: Ömer Author-X-Name-Last: Alkan Author-Name: Erkan Oktay Author-X-Name-First: Erkan Author-X-Name-Last: Oktay Author-Name: Aşır Genç Author-X-Name-First: Aşır Author-X-Name-Last: Genç Author-Name: Ali Kemal Çelik Author-X-Name-First: Ali Kemal Author-X-Name-Last: Çelik Title: An investigation of export–import ratios in Turkey using spline regression models Abstract: This paper examines the use of spline functions in linear, squared, and cubic spline regression models and exhibits the estimation of spline parameters from data by ordinary least squares. Determination of the number and the location of knots is central to spline regression. In this paper, we initially propose a method based on the coefficient of determination R2 related to the estimation of knots in spline regression. This proposed method as applied to export–import ratio distributions in Turkey for the years 1923–2010 determines the knots, and linear, quadratic, and cubic spline regression models are established accordingly. Results reveal that spline regression models offer better results than polynomial regression models, and that the quadratic spline regression model is the best explanatory model for export–import ratio distributions in the smoothest spline regression models. Journal: Economic Research-Ekonomska Istraživanja Pages: 223-237 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305772 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305772 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:223-237 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305780_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: J. Iñaki De La Peña Author-X-Name-First: J. Iñaki Author-X-Name-Last: De La Peña Author-Name: Asier Garayeta Author-X-Name-First: Asier Author-X-Name-Last: Garayeta Author-Name: Iván Iturricastillo Author-X-Name-First: Iván Author-X-Name-Last: Iturricastillo Title: Dynamic immunisation does not imply cash flow matching: a hard application to Spain Abstract: Immunisation is not a static strategy as the literature affirms: we argue that the conditions established for reaching immunisation are unbalanced in themselves as times go on. This paper presents a valid, comprehensive strategy with all the conditions and assumptions made. It is checked in the Spanish debt market with data from 2004 to 2013 using some immunised portfolios preset following these conditions so that there is no rebalancing. The authors find a strategy that eliminates the requirement of rebalancing because of time passing or due to the mere parallel shift of interest rates regarding the yields that should have been obtained under the hypothesis of the rational expectations theory. Journal: Economic Research-Ekonomska Istraživanja Pages: 238-255 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305780 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305780 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:238-255 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305782_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Emilie Jašová Author-X-Name-First: Emilie Author-X-Name-Last: Jašová Author-Name: Božena Kadeřábková Author-X-Name-First: Božena Author-X-Name-Last: Kadeřábková Author-Name: Klára Čermáková Author-X-Name-First: Klára Author-X-Name-Last: Čermáková Title: Use of the method of the stochastic trend for NAIRU estimation in the Czech Republic and Slovakia at the macro- and meso-levels Abstract: The article provides an analysis of the development of NAIRU and the economic cycle in the labour market at the level of the economy and in selected sectors in the Czech Republic and Slovakia. The analysis focuses on estimation of the time-varying NAIRU with the use of the method of the stochastic trend. The difference between the estimated NAIRU values and the real unemployment rates is used for characterisation of the economic cycle in the labour market. The estimated phases of the cycle are compared with the development of the basic real economy indicators. Unstable periods on the labour market in the economy and in selected sectors of the two countries are localised. The identified leading indicators are used for prediction of the development in the following period. Journal: Economic Research-Ekonomska Istraživanja Pages: 256-272 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305782 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305782 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:256-272 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305788_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Piotr Misztal Author-X-Name-First: Piotr Author-X-Name-Last: Misztal Title: The investigation of inflation persistence in Croatia in the period of 2005–2013 Abstract: The aim of this article is to analyse the inflation persistence phenomenon in the theory of economics and in Croatian economy. In the economic literature there are only few studies on the phenomenon of inflation persistence in Croatia. That is why we try to fill the gap in this area by analysing the phenomenon of inflation persistence in the Croatian economy, with particular emphasis of this phenomenon for different groups of goods and services. In this article we use a research method based on literature studies in the field of macroeconomics and international finance and econometric methods (Bayesian Vector Autoregression Model [BVAR]). All statistical data used in this article were monthly data and covered the period from January 2005 to December 2013 (108 months) and their source was United Nations Economic Commission for Europe (UNECE) Statistical Division Database. It provides detailed statistical information on countries in Europe, North America and Central Asia. The calculated inflation persistence coefficient in Croatia stood at 0.88 in the period 2005–2013, which apparently confirmed the occurrence of high inflation persistence in this economy. High inflation persistence means a slow return of inflation to its long-run value after a shock. A high degree of inflation persistence should be a signal for the economic authorities of a country to initiate indispensable institutional and labour market reforms which usually increase flexibility of domestic economy and lead to a reduced degree of inflation persistence. Journal: Economic Research-Ekonomska Istraživanja Pages: 273-289 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305788 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:273-289 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305797_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pablo Gutiérrez Rodríguez Author-X-Name-First: Pablo Author-X-Name-Last: Gutiérrez Rodríguez Author-Name: Pedro Cuesta Valiño Author-X-Name-First: Pedro Author-X-Name-Last: Cuesta Valiño Author-Name: José Luis Vázquez Burguete Author-X-Name-First: José Luis Author-X-Name-Last: Vázquez Burguete Title: The effects of corporate social responsibility on customer-based brand equity: Spanish hypermarket case Abstract: Hypermarkets have experienced substantial restructuring in the recent past because their situation has generated the necessity to develop new models that include different new aspects. The question under consideration here is whether the adoption of measures of corporate social responsibility (C.S.R.) by hypermarkets in Spanish markets can solve their continuing problems by establishing a fair degree of consumer-based brand equity. The purpose of the present study is twofold: (a) to investigate the effects of C.S.R. on hypermarket brand equity; and (b) to explore the dimensions of both these variables by using and testing property scales. As such, it is necessary to consider the possibility of integrating the management of C.S.R. into the global strategy of hypermarkets and to analyse its possible effects on the variables that influence consumer-based brand equity. It may be interesting to dedicate resources and efforts to strengthening hypermarkets’ links with their consumers. Journal: Economic Research-Ekonomska Istraživanja Pages: 290-301 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305797 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305797 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:290-301 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305806_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Daiva Zostautiene Author-X-Name-First: Daiva Author-X-Name-Last: Zostautiene Author-Name: Renata Zvireliene Author-X-Name-First: Renata Author-X-Name-Last: Zvireliene Author-Name: Dalia Susniene Author-X-Name-First: Dalia Author-X-Name-Last: Susniene Title: Changes of marketing culture expression: comparison analysis in times of economic recession and recovery Abstract: In the contemporary competitive environment, companies strive to gain competitive advantage in their business. Strengthening a company’s position in the market is closely related to marketing culture. The article aims at revealing which marketing culture dimensions come into the force in hard times and how these change as hard times inch away and the economy recovers. Seeking to reveal the change tendencies of marketing culture expression in Lithuania, firstly the conception of marketing culture is presented and its elements and peculiarities examined; then the research methodology is presented together with the comparative analysis and interpretation of the findings of questionnaire surveys. Journal: Economic Research-Ekonomska Istraživanja Pages: 302-317 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305806 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305806 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:302-317 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305775_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Violeta Cvetkoska Author-X-Name-First: Violeta Author-X-Name-Last: Cvetkoska Author-Name: Gordana Savić Author-X-Name-First: Gordana Author-X-Name-Last: Savić Title: Efficiency of bank branches: empirical evidence from a two-phase research approach Abstract: The aim of this paper is to assess the relative efficiency of the branches of Komercijalna Banka AD Skopje during a three-year period (from 2009 to 2011). The research sample consists of eight branches performing the same financial activities during the reporting period. The mathematical technique DEA window analysis was used in the first phase in order to allow monitoring of the trend of the relative efficiency of each branch under consideration. From the bank management point of view, unexpected results were obtained in this phase; to validate the results the AHP-DEA validation model was proposed and used in the second phase. The management verified the obtained results claiming they were especially valuable in the process of making justifiable decisions for the further successful performance of the bank. Journal: Economic Research-Ekonomska Istraživanja Pages: 318-333 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305775 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305775 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:318-333 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305801_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Urban Sušnik Author-X-Name-First: Urban Author-X-Name-Last: Sušnik Title: A structural explanation for high interest rates in a rentier-led economy with endogenous money Abstract: In neoclassical economic analysis factors receive their rewards based on their relative scarcity; the more abundant a factor is, the lesser its remuneration. This approach can be traced back to Ricardo’s theory of rent on land. While this is a sound theory for determining rent on land, it cannot be generally applied to all production factors such as labour and capital, especially since the nature of the latter lends itself to somewhat questionable quantification. In the paper I am able to show, with the help of a stock-flow model, that in a setting where loanable money capital and labour are abundant and virtually inexhaustible; high, even double-digit interest rates, can emerge. Reasons for this are structural, they depend on power relations between different groups and on the underlying institutional arrangement in a given society. Journal: Economic Research-Ekonomska Istraživanja Pages: 334-348 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305801 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305801 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:334-348 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305804_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ergun Dogan Author-X-Name-First: Ergun Author-X-Name-Last: Dogan Author-Name: M. Qamarul Islam Author-X-Name-First: M. Qamarul Author-X-Name-Last: Islam Author-Name: Mehmet Yazici Author-X-Name-First: Mehmet Author-X-Name-Last: Yazici Title: Firm size and job creation: evidence from Turkey Abstract: This study examines the relationship between firm size and job creation by using an extensive data set covering all non-farm Turkish businesses with 20 or more employees from 2003 to 2010. We find that small firms (firms with employees between 20 and 100 employees) have higher mean job flow rates (job creation, job destruction and net job creation rates) than large firms. Firm size and job flow rates are inversely related, and this relationship is especially prominent for firms with 50 employees or more. Although the overall pattern observed is also observed in both sectors, job creation rates in services are higher than the ones in manufacturing. The magnitudes of job destruction rates are comparable across sectors. Higher job creation rate in services but comparable job destruction rate results in higher net job creation rate in services. As for shares, only for smaller firms (20–49 and 50–99 size categories), job creation shares are greater than their shares in employment. But these firms have disproportionate job destruction shares as well. We also find that only the 20–49 category firms contribute to net job creation more than their share in employment. The smaller firms have high disproportionate shares in job creation and destruction in manufacturing and services as well. Journal: Economic Research-Ekonomska Istraživanja Pages: 349-367 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305804 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305804 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:349-367 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311224_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mar Gómez Author-X-Name-First: Mar Author-X-Name-Last: Gómez Author-Name: Belén González-Díaz Author-X-Name-First: Belén Author-X-Name-Last: González-Díaz Author-Name: David Martín-Consuegra Author-X-Name-First: David Author-X-Name-Last: Martín-Consuegra Author-Name: Arturo Molina Author-X-Name-First: Arturo Author-X-Name-Last: Molina Title: How do offline and online environments matter in the relational marketing approach? Abstract: The goal of this study is to analyse the relational benefits that the clients of banks, insurance companies, and travel agencies receive according to whether they maintain an offline or online relationship with the company. The development of an index, called the Relational Benefits Index, allows for a comparison of differences that arise between the measures of confidence benefits, social benefits, and special treatment benefits. The results demonstrate significant differences according to the type of service business and channel used, affecting the importance that consumers place on the offline channel when they want to maintain a stable relationship with a service business. Journal: Economic Research-Ekonomska Istraživanja Pages: 368-380 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311224 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311224 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:368-380 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305774_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Emrah Ismail Cevik Author-X-Name-First: Emrah Author-X-Name-Last: Ismail Cevik Author-Name: Turhan Korkmaz Author-X-Name-First: Turhan Author-X-Name-Last: Korkmaz Author-Name: Emre Cevik Author-X-Name-First: Emre Author-X-Name-Last: Cevik Title: Testing causal relation among central and eastern European equity markets: evidence from asymmetric causality test Abstract: The aim of this study is to analyse the presence of a causal link among financial markets of Central and Eastern Europe (CEE) countries by adopting an asymmetric causality test. The standard causality test results suggest a causal relation running from the Czech Republic to Poland. Also, the Poland stock market is found to be a Granger cause of Turkey stock markets. Asymmetric causality test results indicate only a causal link going from the Czech Republic to Hungary and Poland. In addition, the presence of financial integration between Germany and CEE equity markets cannot be determined. Journal: Economic Research-Ekonomska Istraživanja Pages: 381-393 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305774 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305774 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:381-393 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305791_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Emrah Oney Author-X-Name-First: Emrah Author-X-Name-Last: Oney Author-Name: Gizem Oksuzoglu Guven Author-X-Name-First: Gizem Author-X-Name-Last: Oksuzoglu Guven Author-Name: Wajid Hussain Rizvi Author-X-Name-First: Wajid Author-X-Name-Last: Hussain Rizvi Title: The determinants of electronic payment systems usage from consumers’ perspective Abstract: Electronic Payment Systems (EPS) have been improving individuals’ quality of life through providing ease of payment for online transactions. The effects of trust and security on the use of EPS have long been recognised in e-commerce literature. However, very few studies have examined these two concepts from the viewpoint of users. This study has developed a conceptual model to examine the determinants of perceived security and trust as well as the impact of perceived security and trust on the use of EPS. A sample of 299 respondents was analysed through structural equation modelling (SEM); the findings indicate that both perceived security and trust have a significant influence on EPS use. Technical protection and past experience have been found to be the common determinants of perceived security and trust. Managerial implications of the findings are discussed in light of the study’s limitations and suggestions for further research indicated. Journal: Economic Research-Ekonomska Istraživanja Pages: 394-415 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305791 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305791 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:394-415 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305793_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Błażej Prusak Author-X-Name-First: Błażej Author-X-Name-Last: Prusak Title: The accuracy of alternative stock valuation methods – the case of the Warsaw Stock Exchange Abstract: The main aim of this article is to examine the accuracy of different methods of share valuation used by Polish analysts in reports prepared in order to issue recommendations for companies listed on the Warsaw Stock Exchange. In the literature on the subject, the view which prevails is that the more sophisticated methods, i.e. those taking into account the discounting process, are characterised by higher valuation accuracy. However, the results of the present analysis show that Polish analysts achieve more accurate valuations using the market approach than the DCF model. Nevertheless, the highest level of accuracy is achieved by the target price, which in most cases is the value of the weighted average of valuations obtained via a market valuation and discounting methods. In terms of the multiples which are taken into account in this research, the highest accuracy is achieved with the use of EV/EBIT, although there are no statistically significant differences between the valuations calculated using this multiple and the results obtained with the P/E and EV/EBITDA multiples. Valuations prepared with the use of individual multiples usually generate greater errors compared to the DCF model and the market approach, which uses the weighted average of the valuations achieved with individual multiples. Journal: Economic Research-Ekonomska Istraživanja Pages: 416-438 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305793 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305793 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:416-438 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305800_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Metod Šuligoj Author-X-Name-First: Metod Author-X-Name-Last: Šuligoj Title: Warfare tourism: an opportunity for Croatia? Abstract: This article explores only a variation of tourism – warfare tourism – in Croatia, which is a recognised tourist destination. The main objective of this multidisciplinary research is to clarify and classify young residents (undergraduate students) of Croatia into different clusters based on their views of the potential for warfare tourism development in the country. A total of 292 completed questionnaires were recorded and prepared for empirical analyses. Ward’s principal component score method, independent sample test and descriptive analysis were employed in this study. We found that two clusters of youths could be identified – believers and doubters, the latter representing the majority. The difference between clusters, in fact, is not so big: however, believers, contrary to doubters, do recognise warfare tourism opportunities for the development of war-affected areas in Croatia, opportunities that first need to be conceptualised on the strategic level (country/county/city/municipality). Journal: Economic Research-Ekonomska Istraživanja Pages: 439-452 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305800 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305800 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:439-452 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305803_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vladan Ivanović Author-X-Name-First: Vladan Author-X-Name-Last: Ivanović Author-Name: Nenad Stanišić Author-X-Name-First: Nenad Author-X-Name-Last: Stanišić Title: Monetary freedom and economic growth in New European Union Member States Abstract: This paper analyses the relationship between monetary freedom (index measured by the Heritage Foundation) and real economic growth of 11 new member states of the European Union. 19-year panel data regression with fixed effects over the period of 1997–2015 reveals that the real GDP growth of the selected countries is positively affected by the degree of monetary freedom. However, the relationship between monetary freedom and real GDP growth has weakened after the global recession of 2008. Monetary freedom was not jeopardized during the crisis, while real GDP growth declined significantly in most of economies studied. Journal: Economic Research-Ekonomska Istraživanja Pages: 453-463 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305803 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305803 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:453-463 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305798_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihaela Simionescu Author-X-Name-First: Mihaela Author-X-Name-Last: Simionescu Author-Name: Jenica Popescu Author-X-Name-First: Jenica Author-X-Name-Last: Popescu Author-Name: Victoria Firescu Author-X-Name-First: Victoria Author-X-Name-Last: Firescu Title: The relationship between gross domestic product and monetary variables in Romania. A Bayesian approach Abstract: For establishing the suitable monetary policy it is essential to know if there is a relevant relationship in practice between gross domestic product (G.D.P.) variations and monetary variables. The purpose of this study is to analyse the causality between output variation and money aggregate in Romania for quarterly data in the period 2000:Q1–2015:Q2. Moreover the impact on G.D.P. growth of other variables connected with money demand is assessed using Bayesian techniques. The results indicated a bidirectional relationship between G.D.P. variations and rate of real money demand in the mentioned period. The Granger causality test combined with stochastic search variable selection indicated that active interest rate and discount rata mostly explained G.D.P. variations. According to results based on Bayesian regime-switching models, contrary to expectations, the interest rate increases continued to generate higher output variations, the consumption being the engine of economic growth in Romania. In periods of economic recession, the lower interest rate stimulated the recovery of the economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 464-476 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305798 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305798 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:464-476 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305773_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Julija Cerović Smolović Author-X-Name-First: Julija Cerović Author-X-Name-Last: Smolović Author-Name: Milena Lipovina-Božović Author-X-Name-First: Milena Author-X-Name-Last: Lipovina-Božović Author-Name: Saša Vujošević Author-X-Name-First: Saša Author-X-Name-Last: Vujošević Title: GARCH models in value at risk estimation: empirical evidence from the Montenegrin stock exchange Abstract: This article considers the adequacy of generalised autoregressive conditional heteroskedasticity (GARCH) model use in measuring risk in the Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the article is to investigate whether GARCH models are accurate in the evaluation of value at risk (VaR) in emerging stock markets such as the Montenegrin market. The daily return of the Montenegrin stock market index MONEX is analysed for the period January 2004–February 2014. The motivation for this research is the desire to approach quantifying and managing risk in Montenegro more thoroughly, using methodology that has not been used for emerging markets so far. Our backtesting results showed that none of the eight models passed the Kupiec test with 95% of confidence level, while only the ARMA (autoregressive moving-average model) (1,2)–N GARCH model did not pass the Kupiec test with a confidence level of 99%. The results of the Christoffersen test revealed three models (ARMA(1,2)–TS GARCH(1,1) with a Student-t distribution of residuals, the ARMA(1,2)–T GARCH(1,1) model with a Student-t distribution of residuals, and ARMA(1,2)–EGARCH(1,1) with a reparameterised unbounded Johnson distribution [JSU] distribution of residuals) which passed the joint Christoffersen test with a 95% confidence level. It seems that these three models are appropriate for capturing volatility clustering, since all of them failed for a number of exceptions. Finally, none of the analysed models passed the Pearson’s Q test, whether with 90%, 95% or 99%. Journal: Economic Research-Ekonomska Istraživanja Pages: 477-498 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305773 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305773 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:477-498 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305778_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mehmet Eryiğit Author-X-Name-First: Mehmet Author-X-Name-Last: Eryiğit Title: Short-term and long-term relationships between gold prices and precious metal (palladium, silver and platinum) and energy (crude oil and gasoline) prices Abstract: Throughout history, investors have attempted to determine the future states and prices of instruments that they consider to invest in. Thus, various econometric models have been developed in order to determine the variables influencing the prices of investment instruments, as well as the relationships between such variables. The main aim of the present study was to examine the variables that may be related to gold prices. These variables were divided into two groups: precious metals and energy. According to the results of unit root (or stationary) tests and cointegration tests, a vector autoregression model (VAR) was constructed to reveal the short-term interaction between gold prices and precious metals, and a vector error correction model (VECM) was employed to reveal relationship between gold prices and energy prices. The results of the VAR analysis indicated that gold prices have a short-term correlation with silver prices; platinum prices have a short-term correlation with gold and silver prices; and there is a short-term correlation between silver prices and palladium prices. According to the results of the VECM analysis, gasoline and crude oil prices have no long-term correlations with gold prices, but gold and crude oil prices have a long-term correlation with gasoline prices. Journal: Economic Research-Ekonomska Istraživanja Pages: 499-510 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305778 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305778 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:499-510 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305785_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Saša Obradović Author-X-Name-First: Saša Author-X-Name-Last: Obradović Author-Name: Nemanja Lojanica Author-X-Name-First: Nemanja Author-X-Name-Last: Lojanica Title: Energy use, CO2 emissions and economic growth – causality on a sample of SEE countries Abstract: The primary aim of this study is to examine the causal relations between energy use, CO2 emissions and economic growth, using the examples of Greece and Bulgaria. The empirical evidence on South Eastern Europe (SEE) considering this research is quite sparse, so there is merit in the analysis of the paper. Vector Error Correction model with annual data from 1980 to 2010 has been used in order to determine potential causality between the variables. The empirical findings indicate that, in the long run there is causality from energy and CO2 emissions to economic growth in both countries. In the short run, there is no causality between energy and economic growth neither on Greece nor on Bulgaria. Based on the results of the analysis certain recommendations can be presented considering energy policy in the long run, through the orientation to saving energy could have negative impact on economic growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 511-526 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305785 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:511-526 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305792_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rashid Sbia Author-X-Name-First: Rashid Author-X-Name-Last: Sbia Author-Name: Muhammad Shahbaz Author-X-Name-First: Muhammad Author-X-Name-Last: Shahbaz Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Title: Economic growth, financial development, urbanisation and electricity consumption nexus in UAE Abstract: This study aims to explore the relationship between economic growth, urbanisation, financial development and electricity consumption in United Arab Emirates for the period 1975–2011. The ARDL bounds testing approach is employed to examine the long-run relationship between the variables in the presence of structural breaks. The VECM Granger causality is applied to investigate the direction of causal relationships between the variables. Our empirical exercise validated the cointegration between the series in the case of United Arab Emirates. Further, results reveal that an inverted U-shaped relationship is found between economic growth and electricity consumption. Financial development adds in electricity consumption. The relationship between urbanisation and electricity consumption is also an inverted U-shaped. This implies that urbanisation increases electricity consumption initially and, after a threshold level of urbanisation, electricity demand falls. The causality analysis finds feedback hypothesis between economic growth and electricity consumption, i.e. economic growth and electricity consumption are interdependent. The bidirectional causality is found between financial development and electricity consumption. Economic growth and urbanisation Granger cause each other. The feedback hypothesis is also found between urbanisation and financial development, financial development and economic growth, and the same is true for electricity consumption and urbanisation. Journal: Economic Research-Ekonomska Istraživanja Pages: 527-549 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305792 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305792 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:527-549 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305786_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mandić Ksenija Author-X-Name-First: Mandić Author-X-Name-Last: Ksenija Author-Name: Delibašić Boris Author-X-Name-First: Delibašić Author-X-Name-Last: Boris Author-Name: Knežević Snežana Author-X-Name-First: Knežević Author-X-Name-Last: Snežana Author-Name: Benković Sladjana Author-X-Name-First: Benković Author-X-Name-Last: Sladjana Title: Analysis of the efficiency of insurance companies in Serbia using the fuzzy AHP and TOPSIS methods Abstract: The aim of this study is to propose a fuzzy multi-criteria model that will facilitate the assessment of insurance companies’ efficiency. This study includes all companies operating within the insurance sector in Serbia in the period from 2007 to 2014 and the data were used from the published financial statements of insurance companies. Five key indicators were identified for the assessment and rating of insurance companies. Fuzzy Analytic Hierarchy Process (FAHP) and Technique for Order Performance by Similarity to Ideal Solution (TOPSIS) were used for building the proposed model. In the first stage, priority weights of criteria were defined by using the FAHP, while in the second phase the insurance companies were ranked using the TOPSIS method. Journal: Economic Research-Ekonomska Istraživanja Pages: 550-565 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305786 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:550-565 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305789_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nanthakumar Loganathan Author-X-Name-First: Nanthakumar Author-X-Name-Last: Loganathan Author-Name: Roshaiza Taha Author-X-Name-First: Roshaiza Author-X-Name-Last: Taha Author-Name: Norsiah Ahmad Author-X-Name-First: Norsiah Author-X-Name-Last: Ahmad Author-Name: Thirunaukarasu Subramaniam Author-X-Name-First: Thirunaukarasu Author-X-Name-Last: Subramaniam Title: Taxation, growth and the stock traded nexus in emerging Asian countries: heterogeneous and semi-parametric panel estimates Abstract: This study attempts to investigate the impact of economic growth and stock traded on taxation for emerging Asian countries, namely China, India, Indonesia, Republic of Korea, Malaysia and Thailand. To examine the plausible links between these indicators, we used semi-parametric, heterogeneous and panel causality analysis by employing data covering the period 1990–2014. The semi-parametric estimates indicate a U-shape effect between growth and taxation, along with elastic opposite direction effects of stock traded on taxation. This suggests that higher growth will have a positive influence on taxation in emerging Asian countries. The findings of the Dumitrescu and Hurlin (DH) heterogeneous Granger causality test revealed that there is a bi-directional causality running between growth and taxation, and a uni-directional causality running from stock traded to taxation,and from growth to stock traded.This confirms the presence of a growth-led taxation nexus in emerging Asian countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 566-580 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305789 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:566-580 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305769_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aslı Taşbaşı Author-X-Name-First: Aslı Author-X-Name-Last: Taşbaşı Title: International trade and strategic behaviour: a game theoretical analysis of the trade dispute between Turkey and Russia Abstract: Starting from the premise that strategic interactions between countries influence trade policy decisions, this paper is a first attempt at exploring the possible outcomes of a trade dispute between Turkey and Russia, assuming that Turkey can lodge a complaint about Russia’s protectionist move to the WTO Dispute Settlement Body (DSB). Employing the course of events during the recent economic conflict between the two countries, the article models the stages of a trade game wherein players exhibit non-cooperative behaviour. It finds that Turkey reporting Russia to the DSB depends on the cost of the dispute, which represents both economic losses and losses that can be considered disadvantages in a broader sense. The results show that in trade relations where asymmetric interdependence is observed, if both parties mutually commit to an international organisation, binding regulations may provide strategy options that are otherwise infeasible for the disadvantaged player. Journal: Economic Research-Ekonomska Istraživanja Pages: 581-595 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305769 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305769 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:581-595 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305770_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qurat-ul-ann Azmat Author-X-Name-First: Qurat-ul-ann Author-X-Name-Last: Azmat Author-Name: Abdullah Muhammad Iqbal Author-X-Name-First: Abdullah Muhammad Author-X-Name-Last: Iqbal Title: The role of financial constraints on precautionary cash holdings: evidence from Pakistan Abstract: This study aims to investigate the direct relationship between precautionary cash holdings, cash flow volatility and the financial constraints of Pakistani firms for the period 2003–2013.The study also takes into account the 2008 financial crisis. This study seeks to discover that if a firm is financially constrained and its cash flows are highly volatile then it will increase its cash holdings and voluntarily reduce its current investment level due to the intertemporal trade-off between current and future investments. Thus, a positive relationship between cash holdings and future cash flow volatility and a negative relationship between current investments and future cash flow volatility is expected. In order to test the impact of cash flow volatility firms are classified in to constrained and unconstrained groups on the basis of four criteria, i.e., firm size, dividend payment, Kaplan-Zingales (KZ) index and group affiliation. For each criterion estimation is done by using two steps Generalised Method of Moments (GMM) estimator. Results show that financially constrained firms increase their cash holdings when cash flow volatility increases while financially unconstrained firms do not, except for KZ index criteria. It is also found that during the 2008 financial crisis constrained firms were more prone to saving cash than unconstrained ones. The study provides important insights into understanding the behaviour of Pakistani firms relating to cash holdings when they are financially constrained and cash flows are highly volatile. This is the first study of its kind that establishes a conclusive relationship between precautionary cash holdings, cash flow volatility and financial constraints in a Pakistani context. Journal: Economic Research-Ekonomska Istraživanja Pages: 596-610 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305770 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305770 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:596-610 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305779_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hrvoje Perčević Author-X-Name-First: Hrvoje Author-X-Name-Last: Perčević Author-Name: Mirjana Hladika Author-X-Name-First: Mirjana Author-X-Name-Last: Hladika Title: Application of transfer pricing methods in related companies in Croatia Abstract: The main purpose of this paper was to investigate and identify which transfer pricing methods are applied in related companies in Croatia, as well as to give certain recommendations that would improve the control of transfer pricing in Croatia. The primary data for this study were collected through the survey which was conducted on a sample of related companies from the real sector in Croatia in 2008, and again in 2012. Results obtained in this study indicated that the issues related to transfer pricing still are not significantly represented and understood in business practice in Croatia. The research results also showed that the majority of related companies in Croatia apply the cost method of determining the transfer prices. Furthermore, the research results showed that in 2008 the comparable uncontrolled price method was the most frequently used OECD method of determining transfer prices in related companies in Croatia, while in 2012 all OECD methods of determining transfer prices were equally applied. Journal: Economic Research-Ekonomska Istraživanja Pages: 611-628 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305779 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305779 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:611-628 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314821_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Amelia Bucur Author-X-Name-First: Amelia Author-X-Name-Last: Bucur Title: How can we apply the models of the quality of life and the quality of life management in an economy based on knowledge? Abstract: The scientific substantiations of quality have been applied to models that pertain to mathematical statistics, the probability theory, the information theory, fuzzy systems, graphic methods, time series, and algebraic and numerical methods. To these, this article aims to present a new method of applying mathematical modelling in an economy based on knowledge, by using the concept of the definite integral, the composite function, and mathematical optimisation. The research methods used in the realisation of this article are bibliographic research, creation of new models, and problem-solving. Mathematical modelling, the simulation of the quality of life, etc. are methods and techniques of both theoretical and practical scientific approach, which are likely to lead to a better understanding of the role of quality in this field, as well as leading to the sustainable development of quality by providing new practical solutions to achieve a quality, always superior to the one obtained previously. In this article, the author presents some personal contributions to the scientific approach to quality, through modelling and simulation of the quality of life, and management of the quality of life in an economy based on knowledge. Journal: Economic Research-Ekonomska Istraživanja Pages: 629-646 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314821 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314821 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:629-646 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305768_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Julijana Angelovska Author-X-Name-First: Julijana Author-X-Name-Last: Angelovska Title: Investors’ behaviour in regard to company earnings announcements during the recession period: evidence from the Macedonian stock exchange Abstract: The study investigates the reaction of investors to annual earnings releases as reflected in the volume and price movements of common stocks during a recession. We provide an apparent example where investors did not react to firm-specific positive earnings announcements. Event methodology is employed, and the returns in an event window, defined conventionally as the day before to two days after a firm-specific public earnings announcement, are not abnormal. The volume of trade in the event window is not atypical either. The psychological impact on the investors was such that fear could not be alleviated by the good news and good financial results. Journal: Economic Research-Ekonomska Istraživanja Pages: 647-660 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305768 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305768 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:647-660 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305776_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Drago Jakovčević Author-X-Name-First: Drago Author-X-Name-Last: Jakovčević Author-Name: Ksenija Dumičić Author-X-Name-First: Ksenija Author-X-Name-Last: Dumičić Author-Name: Mihovil Anđelinović Author-X-Name-First: Mihovil Author-X-Name-Last: Anđelinović Title: Measuring recent changes of insurance gross premiums distribution using ten inequality measures: case study of Croatia Abstract: This paper investigates the extent of gross premium distributions inequality for life and non-life insurance in Croatia in the period 2000–2012. The number of companies for life insurance was the same in 2000 and 2012, at 17. The number of non-life insurance companies varied between 16 and 24, and was 20 at the end of 2012. The Lorenz curve and nine numerical concentration measures applied mostly show a slight decrease of a moderate concentration for both types of insurance over time, with only the Rosenbluth index being an exception, showing a mild increase of concentration. The concentration of gross premium is slightly stronger for non-life then for life insurance.The standard errors of the trend models for the entropy indexes are smaller, and coefficients of determination are higher for the quadratic compared to the linear trend models for both types of insurances, life and non-life. Since the forecasts’ quality measures for both types of insurance show that the quadratic trend is superior compared to the simple linear trend model, it was used for short-term forecasting of the entropy indexes. The quadratic trend model gave forecasts showing digressive-progressive dynamics for non-life, and progressive-digressive for life insurance entropy indexes. Journal: Economic Research-Ekonomska Istraživanja Pages: 661-675 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305776 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305776 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:661-675 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1313122_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Adriana Galant Author-X-Name-First: Adriana Author-X-Name-Last: Galant Author-Name: Simon Cadez Author-X-Name-First: Simon Author-X-Name-Last: Cadez Title: Corporate social responsibility and financial performance relationship: a review of measurement approaches Abstract: The relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) has been subject to extensive empirical enquiry. Yet the body of evidence that has accumulated about the nature of the relationship is equivocal. A commonly identified reason for the diverse and contradictory results is measurement issues pertaining to both concepts of interest. This article aims to review alternative operationalisations and measurement approaches for the CSR and CFP concepts that have been deployed in empirical literature concerned with the CSR–CFP relationship. Several findings emanate from our study. First, CSR operationalisations in empirical literature range from multidimensional to one-dimensional. Second, CSR measurement approaches include reputation indices, content analyses, questionnaire-based surveys and one-dimensional measures, whereas CFP measurement approaches include accounting-based measures, market-based measures and combined measures. Third, no CSR measurement approach is without drawbacks. In addition to approach specific drawbacks, two problems inherent in most approaches are researcher subjectivity and selection bias that may influence the nature of CSR–CFP relationship detected in empirical literature. Finally, potential pathways to remedy these drawbacks are suggested. Journal: Economic Research-Ekonomska Istraživanja Pages: 676-693 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1313122 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1313122 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:676-693 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314827_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Iveta Němečková Author-X-Name-First: Iveta Author-X-Name-Last: Němečková Title: The role of benefits in employee motivation and retention in the financial sector of the Czech Republic Abstract: This article deals with the role of benefits in employee motivation and retention in the financial sector of the Czech Republic. This discussion defines the basic theoretical background from the classical to the contemporary theories pertinent to this issue. Based on empirical research, supplemented by the roundtable method, this article determines the significance of the benefits for employee motivation and retention as one of many factors. It explores changes in employee preferences between years 2011 and 2013. In addition, it refers to the identified differences with regard to the respondents’ gender, education, age and job. Lastly, the article provides recommendations for business practice. Journal: Economic Research-Ekonomska Istraživanja Pages: 694-704 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314827 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314827 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:694-704 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311229_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Matic Novak Author-X-Name-First: Matic Author-X-Name-Last: Novak Author-Name: Marko Pahor Author-X-Name-First: Marko Author-X-Name-Last: Pahor Title: Using a multilevel modelling approach to explain the influence of economic development on the subjective well-being of individuals Abstract: Individual-level factors and country-level determinants influence our satisfaction; therefore, the single-level models that prevail in the analyses of subjective well-being are not appropriate. Thus, this article aims to add a multilevel perspective to the understanding of self-reported well-being. We analyse the impact of gross national income on the life satisfaction of individuals. We develop a two-level regression model based on the existing ‘economics of happiness’ literature. Factors describing an individual’s characteristics are included at the within level, measures describing the social situation are included at both levels, while a nation’s income, inflation and unemployment rates are between-level variables. In order to obtain the moderating effects of gross national income per capita on the influence of individuals’ relative incomes, a random intercept and random intercept-random slope model are tested using the cross-sectional data from the last wave of the World Values Survey. Our results support the hypotheses that the impact of relative income on subjective well-being decreases with the development of a country. Journal: Economic Research-Ekonomska Istraživanja Pages: 705-720 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311229 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:705-720 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311231_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Snjezana Pivac Author-X-Name-First: Snjezana Author-X-Name-Last: Pivac Author-Name: Tina Vuko Author-X-Name-First: Tina Author-X-Name-Last: Vuko Author-Name: Marko Cular Author-X-Name-First: Marko Author-X-Name-Last: Cular Title: Analysis of annual report disclosure quality for listed companies in transition countries Abstract: High quality annual reports can contribute significantly to a company’s success. The main aim of this article is to analyse and compare the level of annual report disclosure quality for listed companies in selected European transition countries (Croatia, Montenegro, Romania, Serbia and Slovenia) using a constructed disclosure quality index (DQI). Obtained results suggest that Slovenian companies have the greatest level of disclosure quality and that there are significant differences in disclosure quality of annual reports between the observed countries. These findings could be of interest to potential investors, management and other users of corporate disclosure, namely regulators in the process of financial reporting quality improvement. Journal: Economic Research-Ekonomska Istraživanja Pages: 721-731 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311231 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311231 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:721-731 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311227_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jeong-Yoo Kim Author-X-Name-First: Jeong-Yoo Author-X-Name-Last: Kim Author-Name: Joon Yeop Kwon Author-X-Name-First: Joon Yeop Author-X-Name-Last: Kwon Title: Strategic delegation and second mover advantage in duopoly Abstract: We consider a duopoly in which each firm has one owner and one manager playing a multi-stage delegation game. The decision of each firm consists of two stages. In the first stage, the owner offers his manager a contract based on profits and sales. In the second stage, the manager chooses its output or price. Several possible sequential games will be analysed, depending on the sequence of the strategic variables. In the first scenario in which firm 1 makes a contract decision and a producing decision sequentially, and firm 2 follows in the same fashion, we show that any delegation equilibrium in which both owners commit their managers to profit-maximising behaviour disappears. In the second scenario in which the firms first enter into the contract stage and then Stackelberg competition follows in the second stage, sales-based delegation occurs. If firms compete in quantities, second mover advantage appears if firms make simultaneous delegation contracts, while first mover advantage is recovered if they make sequential contracts. If firms compete in prices, the results are reversed. Journal: Economic Research-Ekonomska Istraživanja Pages: 732-744 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311227 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311227 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:732-744 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314818_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sasho Arsov Author-X-Name-First: Sasho Author-X-Name-Last: Arsov Author-Name: Vesna Bucevska Author-X-Name-First: Vesna Author-X-Name-Last: Bucevska Title: Determinants of transparency and disclosure – evidence from post-transition economies Abstract: In this paper, we examine the patterns of behaviour of companies from former socialist countries related to the application of good corporate governance practices. We try to assess the level of transparency and to determine if there are any factors that systematically influence corporate behaviour in this regard. Using a sample of 145 companies from Croatia, Macedonia, Slovenia and Serbia, we apply Standard & Poor’s (S&P) methodology for assessment of transparency and disclosure levels and find that the companies in these countries generally lag in terms of transparency behind their peers worldwide as measured one decade ago. Additionally, using the same sample, we apply a regression analysis and conclude that the level of transparency is positively related to the size of the company and the need for external financing, but negatively to the concentration of ownership and we also observe important country effects. We do not find a statistically significant relationship between transparency and profitability and relate this finding with the prevailing attitude of the companies towards the stock market. Having in mind the different scores by country and by area of disclosure, we believe that there is still scope for improvement using proper advising and public policy measures. Journal: Economic Research-Ekonomska Istraživanja Pages: 745-760 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314818 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314818 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:745-760 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314817_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marius Dan Gavriletea Author-X-Name-First: Marius Dan Author-X-Name-Last: Gavriletea Title: Catastrophe risk management in Romania and Transylvania’ specifics. Issues for national and local administrations Abstract: Worldwide catastrophic events have increased significantly in the last century and caused global economic losses and impacted people lives. Given the circumstances it is necessary for all countries to set up policies, procedures in order to identify, to evaluate, manage and monitor catastrophic risks. Insurance represents one of the solution available in the market for managing catastrophic risks. This paper will study the attitudes of different European countries towards catastrophic risk protection and then we study the Romanian Pool Against Natural Disaster. We concentrate the research on two major areas, earthquakes and floods risks, based on the fact that Romania is most exposed to these risks. Journal: Economic Research-Ekonomska Istraživanja Pages: 761-776 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314817 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314817 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:761-776 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314824_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Waqar Ameer Author-X-Name-First: Waqar Author-X-Name-Last: Ameer Author-Name: Helian Xu Author-X-Name-First: Helian Author-X-Name-Last: Xu Author-Name: Mohammed Saud M Alotaish Author-X-Name-First: Mohammed Saud M Author-X-Name-Last: Alotaish Title: Outward foreign direct investment and domestic investment: evidence from China Abstract: This paper examines the relationship between outward foreign direct investment (OFDI) and domestic investment (DI) in China using co-integration and Granger causality analyses (including bivariate and multivariate Granger causality models). The results suggest that the conclusions drawn from a bivariate model may not be valid because of the omission of important control variables. The results of the multivariate model show that there is a positive long-run unidirectional causal relationship running from OFDI to DI In the short run, DI and OFDI do not show Granger causality. Journal: Economic Research-Ekonomska Istraživanja Pages: 777-788 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314824 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314824 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:777-788 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314826_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihaela Simionescu Author-X-Name-First: Mihaela Author-X-Name-Last: Simionescu Author-Name: Beata Gavurova Author-X-Name-First: Beata Author-X-Name-Last: Gavurova Author-Name: Luboš Smrčka Author-X-Name-First: Luboš Author-X-Name-Last: Smrčka Title: Combined forecasts to improve Survey of Profession Forecasters predictions for quarterly inflation in the U.S.A. Abstract: The main aim of this study is to evaluate and improve the Survey of Professional Forecasters (S.P.F.) quarterly inflation rate forecasts. According to the Diebold–Mariano test, on the horizon 1991:Q1–2015:Q1, there were no significant differences in accuracy between the four types of predictions provided by SPF (mean forecasts, median predictions, predictions of financial service providers [f1] and predictions of non-financial service providers [f2]). The main contribution is given by the use of the algorithm for stochastic search variable selection in order to construct Bayesian combined predictions. Considering the horizon 2013:Q1–2015:Q1, the proposed Bayesian combined predictions for rate of change in the quarterly average headline consumer price index (C.P.I.) level outperformed the initial experts’ expectations. The combined predictions based on the Bayesian approach and principal component analysis for core inflation and personal consumption expenditures inflation improved the accuracy of S.P.F. predictions and naïve forecasts on the horizon 2015:Q1–2016:Q1. Journal: Economic Research-Ekonomska Istraživanja Pages: 789-805 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314826 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314826 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:789-805 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311226_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Paula Ramona Rachisan Author-X-Name-First: Paula Ramona Author-X-Name-Last: Rachisan Author-Name: Cristina Bota-Avram Author-X-Name-First: Cristina Author-X-Name-Last: Bota-Avram Author-Name: Adrian Grosanu Author-X-Name-First: Adrian Author-X-Name-Last: Grosanu Title: Investor protection and country-level governance: cross-country empirical panel data evidence Abstract: Using a cross-sectional sample of yearly observations covering 132 countries over the 2007–2012 period, this article intends to provide empirical evidence that country-level governance has an impact on the strength of investor protection. Also, when proceeding to a multiple regression analysis based on income classification, as defined by the World Bank, one can observe a different behaviour of the relationship between country-level governance (proxied using the principal component analysis method) and the strength of investor protection. Journal: Economic Research-Ekonomska Istraživanja Pages: 806-817 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311226 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311226 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:806-817 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311230_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Igor Stubelj Author-X-Name-First: Igor Author-X-Name-Last: Stubelj Author-Name: Primož Dolenc Author-X-Name-First: Primož Author-X-Name-Last: Dolenc Author-Name: Roberto Biloslavo Author-X-Name-First: Roberto Author-X-Name-Last: Biloslavo Author-Name: Matjaž Nahtigal Author-X-Name-First: Matjaž Author-X-Name-Last: Nahtigal Author-Name: Suzana Laporšek Author-X-Name-First: Suzana Author-X-Name-Last: Laporšek Title: Corporate purpose in a small post-transitional economy: the case of Slovenia Abstract: Firms are driving forces of economic and social development; therefore it is important to understand what is their primary goal or purpose. The aim of the paper is twofold. First, the paper presents baseline theoretical concepts on the firms’ purposes. Secondly, the paper presents the results of the empirical study in Slovenia with which we tried to determine how firms’ purposes are perceived by their managers and how they see their responsibility to owners and other stakeholders. The empirical study was based on a survey that was sent to the management of 1400 Slovenian medium-sized and big companies, of which about one third responded. The survey questionnaire was pre-tested through interviewing five top managers in five Slovenian firms with different ownership structure. On the basis of the empirical study it is possible to conclude that, on average, Slovenian firms put the interests of all stakeholders before the interests of only shareholders. So it seems that the majority of managers follow the stakeholder approach in the governance model. Journal: Economic Research-Ekonomska Istraživanja Pages: 818-835 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311230 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311230 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:818-835 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311222_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Parham Parsva Author-X-Name-First: Parham Author-X-Name-Last: Parsva Author-Name: Chor Foon Tang Author-X-Name-First: Chor Foon Author-X-Name-Last: Tang Title: A note on the interaction between stock prices and exchange rates in Middle-East economies Abstract: Ample studies have been conducted to analyse the interaction between stock prices and exchange rates in developed and developing countries. However, studies on Middle-East economies are limited. Moreover, many existing studies test for Granger causality in a bi-variate setting which in turn leads to conflicting causality results. The goal of this study is to investigate the causal interaction between stock prices and exchange rates empirically in Iran, Kuwait, Oman and Saudi Arabia from January 2004 to December 2011. Among four Middle-East economies, we find that stock prices and exchange rates have bi-directional causality in Iran, Oman and Saudi Arabia, but the variables do not interact in Kuwait. Additionally, the recursive causality tests reveal that these relationships are stable over the analysis period. Therefore, stock prices and exchange rates affect each other at least in Iran, Oman and Saudi Arabia. Journal: Economic Research-Ekonomska Istraživanja Pages: 836-844 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311222 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311222 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:836-844 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305783_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: József Kabók Author-X-Name-First: József Author-X-Name-Last: Kabók Author-Name: Slobodan Radišić Author-X-Name-First: Slobodan Author-X-Name-Last: Radišić Author-Name: Bogdan Kuzmanović Author-X-Name-First: Bogdan Author-X-Name-Last: Kuzmanović Title: Cluster analysis of higher-education competitiveness in selected European countries Abstract: The subject of research in this paper is higher-education competitiveness on account of its impact on the enhancement of social and economic competitiveness, as well as on the growth of human capital and creation of social knowledge. The purpose of this paper is to group the selected European countries according to higher-education competitiveness, by means of the hierarchical cluster analysis method, with a special focus on the position of Serbia. Higher-education competitiveness in the chosen countries is analysed by means of three indicators of competitiveness: the ratio of the number of students per number of inhabitants, the number of students per number of employed, as well as the amount of budgetary funds allocated per student. The research results indicate different higher-education competitiveness in the analysed countries and also the fact that, according to this analysis, Serbia is in the group of countries with low competitiveness of higher education. Journal: Economic Research-Ekonomska Istraživanja Pages: 845-857 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305783 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305783 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:845-857 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305794_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chin-Hong Puah Author-X-Name-First: Chin-Hong Author-X-Name-Last: Puah Author-Name: Shirly Siew-Ling Wong Author-X-Name-First: Shirly Siew-Ling Author-X-Name-Last: Wong Author-Name: Muzafar Shah Habibullah Author-X-Name-First: Muzafar Shah Author-X-Name-Last: Habibullah Title: Are business forecasts of the construction sector rational? Survey-based evidence from Malaysia Abstract: This paper extends the direct measure to business expectations in assessing the doctrine of forecast rationality in the contemporary environment of Malaysia’s construction sector. The survey’s expectational series on business operational forecasts across the period 1990 to 2010 is inconsistent with Muth’s concept of rational expectations. Although strict rationality failed to be evidenced, weakly rational conduct can be observed in capital expenditure forecasts. Nevertheless, both operational variables in question are optimistically biased upward and neither of them can accurately reflect the true market perception. This evidence casts doubt on the usefulness of the investigated survey series in providing a realistic panorama of the construction sector in the near future. Notwithstanding, the irrational upshot may drop a hint to the reader on the root of alarming property overhang and price hikes in construction-related markets since expectations play a foremost role in providing equilibrium in the supply and demand in this growth-initiating market. Journal: Economic Research-Ekonomska Istraživanja Pages: 858-872 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305794 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305794 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:858-872 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311223_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ravi Kiran Author-X-Name-First: Ravi Author-X-Name-Last: Kiran Title: IPR scenario and factors for promoting IPR culture: a post-TRIPS period analysis of selected pharmaceutical firms in North India Abstract: Different shades of World Trade Organization (WTO) agreement on trade-related intellectual property rights (TRIPS) are reflected in the Indian pharmaceutical industry, but small and medium-scale pharmaceutical firms are slowly increasing their product innovation, process innovation and research and development (R&D) intensity. Analysis of variance results highlight a significant difference in performance of sole proprietorship/partnership, private limited and public limited firms vis-à-vis product innovation, process innovation, increased range of goods and services, R&D intensity, new technology adoption and adaptation. Factor analysis results indicated that developing intellectual property rights (IPR), technological measures and marketing practices explained 80.256% of variation. Policy initiative factor is dominating and SMEs are still relying heavily on support from government. Journal: Economic Research-Ekonomska Istraživanja Pages: 873-891 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311223 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311223 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:873-891 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305784_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Francisco Liébana-Cabanillas Author-X-Name-First: Francisco Author-X-Name-Last: Liébana-Cabanillas Author-Name: Iviane Ramos de Luna Author-X-Name-First: Iviane Author-X-Name-Last: Ramos de Luna Author-Name: Francisco Montoro-Ríos Author-X-Name-First: Francisco Author-X-Name-Last: Montoro-Ríos Title: Intention to use new mobile payment systems: a comparative analysis of SMS and NFC payments Abstract: The rapid growth of mobile technology among the world’s population has led many companies to attempt to exploit mobile devices as an additional tool in the business of sales. In this sense, the main objective of our study resides in comparing the factors that determine the acceptance by consumers of the SMS (Short Message Service) and NFC (Near Field Communication) mobile payment systems as examples of means of future payment. The model used in our research applies the classic variables of the Technology Acceptance Model, as well as that of Perceived Security, a model deriving from the review of the major relevant recent literature. The results achieved in this study demonstrate that there are differences in the factors that determine the acceptance in each of the systems, as well as the level of the Intention to Use. Finally, we highlight the main implications for management and cite some strategies to reinforce this new business in the context of new technical developments. Journal: Economic Research-Ekonomska Istraživanja Pages: 892-910 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305784 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305784 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:892-910 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311232_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aleš Popovič Author-X-Name-First: Aleš Author-X-Name-Last: Popovič Title: If we implement it, will they come? User resistance in post-acceptance usage behaviour within a business intelligence systems context Abstract: The aim of this article is to examine individual, corporate and technology-related factors that shape user resistance in business intelligence systems (BIS) post-acceptance usage behaviour. The author develops a conceptual framework and a series of propositions, grounded on previous studies of user resistance to information systems (IS) and post-acceptance usage. The framework proposes that three individual-level variables (loss of power, change in decision-making approach, change of job or job skills), four corporate-level variables (information culture, communication, user training, service quality) and a technology-related variable (system issues) can be attributed to fuel user resistance towards BIS post-acceptance usage stages. A series of propositions is offered that aims to stimulate empirical research in this topical subject. Despite wide acknowledgement of the importance of user resistance for IS implementation success, this area has been under-researched in the field of BIS. This article draws insights from theoretical and empirical studies to shed some light on this area. A framework is presented which transcends previous works on user resistance to IS by looking at the context of BIS use within the voluntary use environment. Journal: Economic Research-Ekonomska Istraživanja Pages: 911-921 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311232 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311232 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:911-921 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311233_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maja Zaman Groff Author-X-Name-First: Maja Author-X-Name-Last: Zaman Groff Author-Name: Domen Trobec Author-X-Name-First: Domen Author-X-Name-Last: Trobec Author-Name: Aleksander Igličar Author-X-Name-First: Aleksander Author-X-Name-Last: Igličar Title: Audit fees and the salience of financial crisis: evidence from Slovenia Abstract: The financial crisis that has recently affected the EU economies created a research setting that enabled the examination of the effect of the financial crisis outbreak on audit fees by studying the deviation of audit fees in the post-crisis period as compared to the pre-crisis period. Financial crisis represents a setting that is tightly related to the concepts of audit risk and liability, where higher audit fees can be expected to account for increased audit engagement. The article identifies the characteristics of audit fees in Slovenia, a country with a relatively short auditing tradition. Since the establishment of the first audit firms in Slovenia in 1992, the number has consistently increased and reached 50 in 2007. This trend resulted in decreasing concentration and increasing price competition in the audit market for the large segment of non-listed companies. The aim of the article is to investigate the effect of the financial crisis on audit fees in Slovenia. Using the fixed effects panel model, our study provides evidence that financial crisis negatively affected audit fees in Slovenia. It seems that the negative effects on audit fees (reduced demand, increased competition and cost reduction measures) outweigh the opposing positive effect on audit fees resulting from increased audit engagement. Journal: Economic Research-Ekonomska Istraživanja Pages: 922-938 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311233 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311233 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:922-938 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314822_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Biljana Petrevska Author-X-Name-First: Biljana Author-X-Name-Last: Petrevska Title: Predicting tourism demand by A.R.I.M.A. models Abstract: The paper provides a short-run estimation of international tourism demand focusing on the case of F.Y.R. Macedonia. For this purpose, the Box–Jenkins methodology is applied and several alternative specifications are tested in the modelling of original time series and international tourist arrivals recorded in the period 1956–2013. Upon the outcomes of standard indicators for accuracy testing, the research identifies the model of A.R.I.M.A.(1,1,1) as most suitable for forecasting. According to the research findings, a 13.9% increase in international tourist arrivals is expected by 2018. The forecasted values of the chosen model can assist in mitigating any potential negative impacts, as well as in the preparation of a tourism development plan for the country. Journal: Economic Research-Ekonomska Istraživanja Pages: 939-950 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314822 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314822 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:939-950 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314790_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wajid Khan Author-X-Name-First: Wajid Author-X-Name-Last: Khan Author-Name: Sun Shaorong Author-X-Name-First: Sun Author-X-Name-Last: Shaorong Author-Name: Ikram Ullah Author-X-Name-First: Ikram Author-X-Name-Last: Ullah Title: Doing business with the poor: the rules and impact of the microfinance institutions Abstract: Of the total global population, at least 14.5% are living on less than $1.25 a day, 34% of the females in the least developed countries are unable to complete their primary education, and some 805 million are believed to be food insecure. To bring these numbers into accordance with the Millennium Development Goals, there are at least a dozen of different programmes operating around the world. Microcredit, being one of those programmes, is considered superior to the rest for being the only participatory approach and for being general enough to cater for a number of policy interventions. Microcredit or credit to the poor is provided under two very different mechanisms; the welfarist mechanism and the institutionalist mechanism. Each of these mechanisms has its advocates, as well as, its critics. The current paper empirically evaluates the two approaches in a systematic way. By using purposively collected data from the North West Pakistan and vigorous methodologies, we show that commercialization of microfinance institutions has indeed shifted the focus from either poverty reduction or women’s empowerment. Instead, the focus is now on more secure and profitable advances. Moreover, we also show that the welfarist approach in eradicating poverty and empowering women is superior to the now popular financial system approach. Journal: Economic Research-Ekonomska Istraživanja Pages: 951-963 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314790 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314790 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:951-963 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314825_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Daniela-Emanuela Dănăcică Author-X-Name-First: Daniela-Emanuela Author-X-Name-Last: Dănăcică Author-Name: Lucia Paliu-Popa Author-X-Name-First: Lucia Author-X-Name-Last: Paliu-Popa Title: Determinants of unemployment spells and exit destinations in Romania in a competing-risks approach Abstract: The purpose of this article is to analyse determinants of unemployment spells and exit destinations in Romania using a competing-risks framework. The empirical analysis is based on a nationally representative data-set of 2,376,253 unemployment spells gathered from the National Agency of Employment Romania. The effect of different covariates on the duration of unemployment spells and exit destinations is estimated. Journal: Economic Research-Ekonomska Istraživanja Pages: 964-984 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314825 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314825 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:964-984 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305805_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Zaheer Khan Author-X-Name-First: Muhammad Author-X-Name-Last: Zaheer Khan Author-Name: Amtul Hafeez Author-X-Name-First: Amtul Author-X-Name-Last: Hafeez Title: Economic activities and unmarried labour Abstract: This article aims to highlight the determinants that affect the labour force participation choice in the labour market, and the economic well-being of the single (unmarried) populace living in rural areas of Pakistan by utilising the Probit model. A sample of 6914 individuals has been selected from the Labour Force Survey of Pakistan 2012. Results indicate that education, age, family size and location are the major components affecting the labour force participation decision of unmarried labour in rural areas of Pakistan. Labour force participation of older people was found to be higher than for the young, while Education was found to negatively affect the labour force participation decision. The study also revealed that the participation rate of the unmarried labour force from Punjab and Sindh were high compared with the labour force living in Balochistan and Khyber Pakhtunkhwa (KPK), which indicates the better social and economic awareness of the people of Punjab and Sindh as compare with Balochistan and KPK. Journal: Economic Research-Ekonomska Istraživanja Pages: 985-991 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305805 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305805 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:985-991 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314819_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mirjana Jeleč Raguž Author-X-Name-First: Mirjana Author-X-Name-Last: Jeleč Raguž Author-Name: Nihada Mujić Mehičić Author-X-Name-First: Nihada Mujić Author-X-Name-Last: Mehičić Title: The influence of science–industry collaboration on firms’ innovative performance – evidence from the Republic of Croatia Abstract: The theory of National Innovation System emphasizes innovation as a source of economic and productivity growth and stresses the importance of collaboration between science and industry. The basic objective of this paper was to research whether there is an interaction between Croatian companies and scientific institutions, and whether it affects an increase of innovativeness of economic entities. The results of the performed empirical research and their econometric analysis indicate a conclusion that a positive impact of the collaboration on intensity of innovation in Croatian companies is still absent. The results indicate that the system of innovation in the Republic of Croatia, when compared to developed countries, is still in a transition and that commercialisation of academic knowledge is a phenomenon paid somewhat greater attention only recently. Journal: Economic Research-Ekonomska Istraživanja Pages: 992-1002 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314819 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314819 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:992-1002 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314789_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Joanna Kizielewicz Author-X-Name-First: Joanna Author-X-Name-Last: Kizielewicz Author-Name: Anntti Haahti Author-X-Name-First: Anntti Author-X-Name-Last: Haahti Author-Name: Tihomir Luković Author-X-Name-First: Tihomir Author-X-Name-Last: Luković Author-Name: Daniela Gračan Author-X-Name-First: Daniela Author-X-Name-Last: Gračan Title: The segmentation of the demand for ferry travel – a case study of Stena Line Abstract: In an era of fierce competitive struggle about clients, enterprises seek information on characteristics of the main customer segments purchasing their services and goods. This knowledge is crucial to the marketing efforts of enterprises. The purpose of this research is to understand the changes in demand due to the diversity of travel motives. The study identifies distinct segments of travellers due to their motives of ferry travel, i.e., tourism, visiting relatives, work-/business-related and also three other segments with a mixture of these motives. It is also shown that each of these segments has a different profile in terms of their behavioural and socio-demographic characteristics. This article presents the results of surveys carried out among passengers travelling by Stena Line ferries on the route from Gdynia (Poland) to Karlskrona (Sweden), as well as the results of a literature review and ‘desk research’ of available statistics. The method of realisation of representative study can be useful for other researchers and the results of the study can be an interesting source of information both for ferry carriers and other entities in the tourist sector in the Baltic Sea region. Journal: Economic Research-Ekonomska Istraživanja Pages: 1003-1020 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314789 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1003-1020 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311228_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Samra Chaudary Author-X-Name-First: Samra Author-X-Name-Last: Chaudary Author-Name: Nawazish Mirza Author-X-Name-First: Nawazish Author-X-Name-Last: Mirza Title: Domestic and cross-border returns to bidders in acquisitions into the E.U. Abstract: The article analyses shareholders returns of acquiring banks in the United Kingdom (U.K.) i.e., when U.K. banks acquire domestic banks and when U.K. banks acquire cross-border banks within the European Union (E.U.). The article includes 75% sample of the total population of bank to bank domestic acquisitions within the U.K. and cross-border acquisitions within the E.U. from 2006 until 2013. The article comes to the conclusion, by the means of event study methodology, that the shareholders returns of acquiring banks are negative and statistically insignificant (–2.076%) when they acquire cross-border banks. The results of U.K. banks acquiring domestic banks indicates higher and statistically significant abnormal returns of 1.628% at 5% significance level as compared to cross-border returns gained by U.K. acquiring banks. The research found an overall insignificant abnormal return of –0.448% for shareholders of the acquiring banks for the entire portfolio. It can be concluded that, on average, shareholders of the acquiring banks experience negative abnormal returns and acquisitions do create (short-term) abnormal returns for the acquiring banks’ shareholders around the acquisition announcement time. Journal: Economic Research-Ekonomska Istraživanja Pages: 1021-1032 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311228 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311228 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1021-1032 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1305795_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aleš Pustovrh Author-X-Name-First: Aleš Author-X-Name-Last: Pustovrh Author-Name: Marko Jaklič Author-X-Name-First: Marko Author-X-Name-Last: Jaklič Author-Name: Sheila A. Martin Author-X-Name-First: Sheila A. Author-X-Name-Last: Martin Author-Name: Matevž Rašković Author-X-Name-First: Matevž Author-X-Name-Last: Rašković Title: Antecedents and determinants of high-tech SMEs’ commercialisation enablers: opening the black box of open innovation practices Abstract: Innovation activities have become globalised and open in ways that were unimaginable 20 years ago. These changes have brought new insight into research on innovation activities and specific innovation practices in organisations, including that previous research largely ignored small and medium-sized enterprises (SMEs). This paper tests a variance-based structural equation model (SEM) for selected antecedents and determinants of commercialisation enablers on a sample of 105 SMEs from Slovenia – a small, open, post-transition economy with a dominant SME sector. The main contribution of the paper lies in testing how two specific open innovation practices (open innovation information exchange and open innovation collaboration) impact the commercialisation enablers of high-tech SMEs through their innovation activities (antecedent) and their innovativeness (determinant). Both open innovation practices show statistically significant effect on high-tech SMEs’ innovativeness, thus supporting the idea that both collaboration and information exchange lead to more innovativeness in high-tech SMEs. They also show a high impact of internal (organisational) factors on innovation activities of and a high impact of innovativeness on the commercialisation enablers of high-tech SMEs. Journal: Economic Research-Ekonomska Istraživanja Pages: 1033-1056 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1305795 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1305795 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1033-1056 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314788_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ljuan Marko Gashi Author-X-Name-First: Ljuan Marko Author-X-Name-Last: Gashi Author-Name: Željko Požega Author-X-Name-First: Željko Author-X-Name-Last: Požega Author-Name: Boris Crnković Author-X-Name-First: Boris Author-X-Name-Last: Crnković Title: Employees’ individual values as a source of human capital Abstract: The paper is an analysis of individual values of employees carried out on the basis of the Schwartz theory of basic human values. On a sample of 1166 respondents from a population of six European countries (Croatia, Hungary, Italy, Romania, Serbia and Slovenia) it has been shown how individual values in organisational context can be used in a form of value profiles at regional level. Individual values of employees in companies and local government units were analysed. The research showed how value profiles can be formed and how they can contribute to increase managers’ awareness of human resources potentials and thus increase human capital of an organisation. Croatian and Serbian value profiles show similarities, while Romanian and Hungarian employees’ profiles are more distinctive. Values of stimulation and tradition dominate at top management positions. Journal: Economic Research-Ekonomska Istraživanja Pages: 1057-1072 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314788 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1057-1072 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314828_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mehdi Keshavarz Ghorabaee Author-X-Name-First: Mehdi Author-X-Name-Last: Keshavarz Ghorabaee Author-Name: Maghsoud Amiri Author-X-Name-First: Maghsoud Author-X-Name-Last: Amiri Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Jurgita Antucheviciene Author-X-Name-First: Jurgita Author-X-Name-Last: Antucheviciene Title: Supplier evaluation and selection in fuzzy environments: a review of MADM approaches Abstract: In past years, the multi-attribute decision-making (MADM) approaches have been extensively applied by researchers to the supplier evaluation and selection problem. Many of these studies were performed in an uncertain environment described by fuzzy sets. This study provides a review of applications of MADM approaches for evaluation and selection of suppliers in a fuzzy environment. To this aim, a total of 339 publications were examined, including papers in peer-reviewed journals and reputable conferences and also some book chapters over the period of 2001 to 2016. These publications were extracted from many online databases and classified in some categories and subcategories according to the MADM approaches, and then they were analysed based on the frequency of approaches, number of citations, year of publication, country of origin and publishing journals. The results of this study show that the AHP and TOPSIS methods are the most popular approaches. Moreover, China and Taiwan are the top countries in terms of number of publications and number of citations, respectively. The top three journals with highest number of publications were: Expert Systems with Applications, International Journal of Production Research and The International Journal of Advanced Manufacturing Technology. Journal: Economic Research-Ekonomska Istraživanja Pages: 1073-1118 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314828 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314828 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1073-1118 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311234_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Julija Michailova Author-X-Name-First: Julija Author-X-Name-Last: Michailova Author-Name: Alminas Mačiulis Author-X-Name-First: Alminas Author-X-Name-Last: Mačiulis Author-Name: Manuela Tvaronavičienė Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičienė Title: Overconfidence, risk aversion and individual financial decisions in experimental asset markets Abstract: Prior experiments revealed that investors’ overconfidence can result in excessive trade and negative wealth effects. However, in most of these studies, informational asymmetries were part of the experimental design, and therefore no clear conclusion on whether the obtained results were driven by overconfidence or informational asymmetries could be made. The article addresses this issue by analysing individual financial decisions based on the study of Michailova and Schmidt, who ran an asset markets experiment with no informational asymmetries. Additionally, the study controls for differences in individual risk aversion. The data revealed that, in this setting, individual trading activity and performance were influenced by overconfidence only for female participants. Mistakes in future price forecasting, which were negatively correlated with overconfidence, partially accounted for this result. Risk aversion was uncorrelated with overconfidence and had no influence on experimental outcomes. Journal: Economic Research-Ekonomska Istraživanja Pages: 1119-1131 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311234 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311234 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1119-1131 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314820_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sandra Bonča Author-X-Name-First: Sandra Author-X-Name-Last: Bonča Author-Name: Andrej Udovč Author-X-Name-First: Andrej Author-X-Name-Last: Udovč Author-Name: Romina Rodela Author-X-Name-First: Romina Author-X-Name-Last: Rodela Title: A social marketing perspective on road freight transportation of fresh fruits and vegetables: a Slovene case Abstract: With the large increase in transportation over the last decades and the associated negative impacts upon the environment and society, a more sustainable use of transport is a crucial policy issue. This analysis focuses on road freight transport of selected produce (carrots, cabbage, apples and pears) with the aim to appraise the sustainability of road freight transport of these for the Slovene market. To this end, we take into account self-sufficiency, import and export features, transport needs, produce origin and prices differences between domestic and non-domestic produce. The method used for obtaining transported quantities, exported from and imported to the county, was material flow accounts (MFA). Then we undertook an analysis of sustainability of road transport of produce where we considered the country’s transport needs. The study finds that road freight transport for selected produce is not sustainable. Recognising the normative dimensions of sustainability, the role of social marketing in this context is explored and suggestions on how to promote more sustainable transport solutions advanced. Journal: Economic Research-Ekonomska Istraživanja Pages: 1132-1151 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314820 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314820 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1132-1151 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1325616_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eva Trinkūnienė Author-X-Name-First: Eva Author-X-Name-Last: Trinkūnienė Author-Name: Valentinas Podvezko Author-X-Name-First: Valentinas Author-X-Name-Last: Podvezko Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Izolda Jokšienė Author-X-Name-First: Izolda Author-X-Name-Last: Jokšienė Author-Name: Irina Vinogradova Author-X-Name-First: Irina Author-X-Name-Last: Vinogradova Author-Name: Vaidotas Trinkūnas Author-X-Name-First: Vaidotas Author-X-Name-Last: Trinkūnas Title: Evaluation of quality assurance in contractor contracts by multi-attribute decision-making methods Abstract: The goal of this paper is to compare quality assurance in different contractor contracts by means of multi-attribute decision-making (MADM) and to select the best option. For this investigation, the authors have developed the complex of quality evaluation criteria. During experimental evaluation, the significance of criteria was determined and the expert evaluation of template construction contracts was performed. The complex comparison of contractor contracts was carried out by means of the following MADM methods: Simple Additive Weighting (SAW), Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), Complex Proportional Assessment (COPRAS) as well as the new Evaluation Based on Distance from Average Solution (EDAS). MADM. method. To determine the weights of criteria, with due consideration of uncertainty of expert evaluation, the Fuzzy Analytic Hierarchy Process (FAHP) method was applied. Evaluation of the data structure was performed by methods for the determination of objective weights: an entropy method and new criteria impact loss (CILOS) and integrated determination of objective criteria weights (IDOCRIW) methods. Expert subjective and objective weights were combined into aggregate weights. Based on the investigation performed, the authors make conclusions regarding possibilities for improving quality assurance in contractor contracts. Journal: Economic Research-Ekonomska Istraživanja Pages: 1152-1180 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1325616 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1325616 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1152-1180 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1314823_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Soheila Khoshnevis Yazdi Author-X-Name-First: Soheila Author-X-Name-Last: Khoshnevis Yazdi Author-Name: Bahman Khanalizadeh Author-X-Name-First: Bahman Author-X-Name-Last: Khanalizadeh Title: Air pollution, economic growth and health care expenditure Abstract: In this article, we examine the role of environmental quality and economic growth in the determination of health expenditure in the Middle East and North Africa region (MENA) countries for the period 1995–2014 using Autoregressive Distributed Lag (ARDL) method to explore the estimating the impacts of economic growth and environmental quality on heath expenditure. The results show that health expenditure, income, CO2 and PM10 emissions are a cointegrated panel. While long-run elasticities show that income and CO2 and PM10 emissions have statistically significant positive effects on health expenditure. The results show that the income elasticity is inelastic, that health expenditure is not more sensitive to income and the adjustment to changes in income in MENA countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 1181-1190 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1314823 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1314823 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1181-1190 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1340174_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ines Kersan-Škabić Author-X-Name-First: Ines Author-X-Name-Last: Kersan-Škabić Author-Name: Lela Tijanić Author-X-Name-First: Lela Author-X-Name-Last: Tijanić Title: Regional absorption capacity of EU funds Abstract: Absorption of the financial resources allocated from the EU funds is a very important aspect of the European integration process, while there is a lack of empirical researches on the determinants of a country/region’s abilities to efficiently absorb the money. This study investigates the influence of the chosen territorial economic preconditions important for successful absorption of EU funds over the last two Cohesion Policy programming periods, on the sample of convergence and developed NUTS 2 regions of the EU. The analysis is based on 86 regions that have GDP per capita less than 75% of the EU average (convergence regions) and 186 regions that have GDP per capita above 75% of the EU average (developed regions). By using panel data analysis, it is confirmed that the absorption of EU funds is conditionally affected by regional economic characteristics. The results of the study contribute to empirical researches on the determinants of regional absorption capacity in the EU and can be important in discussions surrounding Cohesion Policy planning and programming. Journal: Economic Research-Ekonomska Istraživanja Pages: 1191-1208 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1340174 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1340174 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1191-1208 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1340177_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chan Wang Author-X-Name-First: Chan Author-X-Name-Last: Wang Author-Name: You-hua Chen Author-X-Name-First: You-hua Author-X-Name-Last: Chen Title: Reimbursement and hospital competition in China Abstract: Quality and the costs of health care are of concern among patients. Differing from previous research into hospital competition, this article captures the impact of price subsidy of public hospitals on the quality of private hospitals, considering both horizontal and vertical product differentiation by employing a two-stage dynamic game under Cournot and Stackelberg competition. Firstly, the results of this study indicate that medical reimbursement of public hospitals has stimulating effects on the quality of private hospitals and the improvement of quality is related to the degree of hospital competition. Second, the quality of health care and patients’ surplus and social welfare are the highest under Stackelberg competition if the public hospital is the leader while the private hospital is the follower. Finally, the demand for health care rises with the price subsidy of public hospitals. These conclusions have significant policy implications for health care system reform, especially for China. Journal: Economic Research-Ekonomska Istraživanja Pages: 1209-1223 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1340177 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1340177 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1209-1223 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1340175_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ranka Krivokapic Author-X-Name-First: Ranka Author-X-Name-Last: Krivokapic Author-Name: Vladimir Njegomir Author-X-Name-First: Vladimir Author-X-Name-Last: Njegomir Author-Name: Dragan Stojic Author-X-Name-First: Dragan Author-X-Name-Last: Stojic Title: Effects of corporate diversification on firm performance: evidence from the Serbian insurance industry Abstract: The aim of this paper is to provide empirical evidence on the relation between line-of-business diversification and performance for the insurance companies that operated in the republic of Serbia in the period 2004–2014. The research results show that the relation between risk-adjusted returns measured both by return on assets and return on equity and line-of-business diversification and performance measured by entropy is significant and positive, which means that diversified insurers outperform undiversified insurers. These results could be useful in decision making for insurance companies as they suggest the need for diversification (specialisation), growth in size, capitalization and affiliation (grouping). Journal: Economic Research-Ekonomska Istraživanja Pages: 1224-1236 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1340175 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1340175 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1224-1236 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1355256_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dragana Stojanović Author-X-Name-First: Dragana Author-X-Name-Last: Stojanović Author-Name: Ivan Tomašević Author-X-Name-First: Ivan Author-X-Name-Last: Tomašević Author-Name: Dragoslav Slović Author-X-Name-First: Dragoslav Author-X-Name-Last: Slović Author-Name: Dušan Gošnik Author-X-Name-First: Dušan Author-X-Name-Last: Gošnik Author-Name: Jana Suklan Author-X-Name-First: Jana Author-X-Name-Last: Suklan Author-Name: Klemen Kavčič Author-X-Name-First: Klemen Author-X-Name-Last: Kavčič Title: B.P.M. in transition economies: joint empirical experience of Slovenia and Serbia Abstract: Business process management (B.P.M.) is empirically linked to the performance of organisations. Different studies in the business process field have shown that an organisation can benefit from B.P.M. through better financial and nonfinancial performance, which can drive it to competitive advantage. B.P.M. is also a concept which leads to better organised systems and can help companies in transition economies to perform better. The purpose of this paper is to compare B.P.M. practice in Slovenia and Serbia in order to formulate recommendations for companies in transition economies. The survey was carried out in 115 representatives of Slovene companies and 91 Serbian companies in the year 2014. The conclusions and recommendation for B.P.M. implementation in transition economies were drawn upon similarities in B.P.M. practice between Serbian and Slovenian companies. In addition, the differences in B.P.M. practice were analysed in order to identify the ways one country can learn from the experience of the other. The results from Slovenia and Serbia from 2014 are interesting for both countries from the perspective of how B.P.M. practice could be further developed in Slovenia and Serbia. The findings have significant managerial implications, as they will help managers to better understand the key factors for successful B.P.M. implementation transitional countries companies. Journal: Economic Research-Ekonomska Istraživanja Pages: 1237-1256 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1355256 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1355256 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1237-1256 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1311225_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sepehr Ghazinoory Author-X-Name-First: Sepehr Author-X-Name-Last: Ghazinoory Author-Name: Meysam Narimani Author-X-Name-First: Meysam Author-X-Name-Last: Narimani Author-Name: Faezeh Khamoushi Author-X-Name-First: Faezeh Author-X-Name-Last: Khamoushi Author-Name: Hamid Kazemi Author-X-Name-First: Hamid Author-X-Name-Last: Kazemi Title: Extracting the innovation policies for Iran based on the approximation of policy implications for comparative economic doctrines Abstract: Due to many differences in presumptions and theoretical foundations within neoclassical and evolutionary economics, policy-makers are always confronted with the dilemma of selecting one of these two central models for technology and innovation policy. In light of widely institutionalised ineffectiveness in the field of market and systematic coordination – in Iran as well many other countries – the present investigation presumes that reliance on any of the above doctrines alone is ineffective. An intermediate concept of policy rationales to achieve a comparative structure of policy implications is proposed. Policy rationales (in innovation and technological policy) for neoclassical and evolutionary economics were derived based on a thematic analysis. A spectrum of policy implications of both doctrines was designed and completed in the form of a questionnaire for, together with theoretical foundations and policy rationales by specialists of the field of innovative and technological policy in Iran. Given the institutional conditions and structural frameworks which actually exist, and in spite of wide dissimilarities within the theoretical foundations of neoclassical and evolutionary economics, Clustering of respondents and subsequent test trials show that policy implications of the economics doctrines in the field of innovative and technological policy in Iran are complementary and convergent. Journal: Economic Research-Ekonomska Istraživanja Pages: 1257-1276 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1311225 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1311225 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1257-1276 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1355254_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mohammad Moradi Author-X-Name-First: Mohammad Author-X-Name-Last: Moradi Author-Name: Ali Sadollah Author-X-Name-First: Ali Author-X-Name-Last: Sadollah Author-Name: Hoda Eskandar Author-X-Name-First: Hoda Author-X-Name-Last: Eskandar Author-Name: Hadi Eskandar Author-X-Name-First: Hadi Author-X-Name-Last: Eskandar Title: The application of water cycle algorithm to portfolio selection Abstract: Portfolio selection is one of the most vital financial problems in literature. The studied problem is a nonlinear multi-objective problem which has been solved by a variety of heuristic and metaheuristic techniques. In this article, a metaheuristic optimiser, the multi-objective water cycle algorithm (MOWCA), is represented to find efficient frontiers associated with the standard mean-variance (M-V) portfolio optimisation model. The inspired concept of WCA is based on the simulation of water cycle process in the nature. Computational results are obtained for analyses of daily data for the period January 2012 to December 2014, including S&P100 in the US, Hang Seng in Hong Kong, FTSE100 in the UK, and DAX100 in Germany. The performance of the MOWCA for solving portfolio optimisation problems has been evaluated in comparison with other multi-objective optimisers including the NSGA-II and multi-objective particle swarm optimisation (MOPSO). Four well-known performance metrics are used to compare the reported optimisers. Statistical optimisation results indicate that the applied MOWCA is an efficient and practical optimiser compared with the other methods for handling portfolio optimisation problems. Journal: Economic Research-Ekonomska Istraživanja Pages: 1277-1299 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1355254 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1355254 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1277-1299 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1355255_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mirela Mihić Author-X-Name-First: Mirela Author-X-Name-Last: Mihić Author-Name: Ivana Kursan Milaković Author-X-Name-First: Ivana Author-X-Name-Last: Kursan Milaković Title: Examining shopping enjoyment: personal factors, word of mouth and moderating effects of demographics Abstract: Shopping enjoyment represents an important research concept within the consumer behaviour and marketing communication field. The purpose of this research is to explore direct influences of personal factors (attitudes toward the advertising, the need for individuality/uniqueness, price sensitivity) on shopping enjoyment, its impact on the word of mouth communication (WOM) and the moderating effects of demographic variables (gender and education) on these relationships. The research was conducted on the representative sample of 1000 Croatian respondents. The variety of statistical techniques, including SEM, was employed for data analysis. The results show that personal factors positively influence shopping enjoyment, which is positively related to WOM communication. Furthermore, the results confirm the moderating effects of gender and education on the relationship between the shopping enjoyment and WOM. These research findings contribute to the scientific knowledge enrichment and offer some practical marketing implications. Namely, the marketing experts can better understand the consumer’s factors impacting shopping enjoyment, which can enable them to adequately assess the necessary appeals and to create an effective and persuasive marketing communication. At the end, the paper addresses the research limitations and offers some future research directions. Journal: Economic Research-Ekonomska Istraživanja Pages: 1300-1317 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1355255 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1355255 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1300-1317 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1355257_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marie Mikušová Author-X-Name-First: Marie Author-X-Name-Last: Mikušová Title: To be or not to be a business responsible for sustainable development? Survey from small Czech businesses Abstract: Sustainable development is influenced by the activities of both large businesses and small- and medium-sized businesses. The aim of this article is to identify the attitude of small businesses to sustainable development. The article presents the results of empirical research among managers of small businesses in the Czech Republic. A multi-criteria decision-making method (analytic hierarchy process) was used for the evaluation of relationship of these managers to sustainable development. A benefits, opportunities, costs and risks approach was applied for the structuring of the elements. The significance of the individual elements has been detected using Saaty’s method. Three alternatives were formulated about the benefits to be a business that is interested in sustainability development. It was identified that the alternative, ‘it is advantageous to be business interesting in sustainability development’ is the most preferred. On the other hand, it was also identified, that managers will be responsible for sustainability development and their attitude must bring them benefits. This article contributes to the fulfilment of the research gap in the field of research related to small businesses and their surroundings. Identified impacts can be used for practical creation of conditions which would further encourage small businesses to take a proactive approach to sustainability development. Journal: Economic Research-Ekonomska Istraživanja Pages: 1318-1338 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1355257 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1355257 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1318-1338 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1355258_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chien-Chiang Lee Author-X-Name-First: Chien-Chiang Author-X-Name-Last: Lee Author-Name: Mei-Ping Chen Author-X-Name-First: Mei-Ping Author-X-Name-Last: Chen Author-Name: Shao-Lin Ning Author-X-Name-First: Shao-Lin Author-X-Name-Last: Ning Title: Why did some firms perform better in the global financial crisis? Abstract: We explore what firm and macroeconomic factors assisted Chinese firms to resist the global financial crisis. We find that firms with higher top ten shareholder ratios or firms that are older exhibited saliently higher performance during the crisis, but performed poorly during the non-crisis period. Firm size has a notably negative impact on firm performance. Firms audited by the Big Four accounting firms have a significantly negative correlation with performance. During the crisis, stock markets became less efficient in incorporating firm-specific information into stock prices, signifying that the determinants of firm performance vary across non-crisis and crisis periods. Journal: Economic Research-Ekonomska Istraživanja Pages: 1339-1366 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1355258 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1355258 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1339-1366 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1355259_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alin Marius Andrieș Author-X-Name-First: Alin Marius Author-X-Name-Last: Andrieș Author-Name: Cătălina Alexandra Vîrlan Author-X-Name-First: Cătălina Alexandra Author-X-Name-Last: Vîrlan Title: Risk arbitrage in emerging Europe: are cross-border mergers and acquisition deals more risky? Abstract: Speculation spread in mergers and acquisitions (M&A), measured as the percentage difference between the offer price and the closing stock price of a target the day after the announcement, is the starting point for risk arbitrage returns, a topic receiving greater consideration both in practice and in the empirical literature. Reflecting the degree of risk in merger arbitrage investments, we found no significant difference between the speculation spread in domestic and foreign Polish deals, between 2000 and 2013. However, we found higher returns for cross-border portfolio, therefore investors seem more pessimistic with regards to the expected risk in cross-border deals. Also, on average, deal spreads do not correctly reflect the level of risk in merger arbitrage strategies with Polish targets. Journal: Economic Research-Ekonomska Istraživanja Pages: 1367-1389 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1355259 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1355259 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1367-1389 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1355252_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Murat A. Yülek Author-X-Name-First: Murat A. Author-X-Name-Last: Yülek Title: Why governments may opt for financial repression policies: selective credits and endogenous growth Abstract: Financial repression policies (lowering real interest rates, selective credits and other restrictions on financial markets, products and institutions) have been widely discussed in the economic literature during the last four decades. A key question is ‘why governments would opt for financial repression policies in the first place’? As an answer, governments’ desire to obtain rents from the financial system or to manage public debt servicing have been suggested as the typical underlying incentives. It has been argued in 1970s and 1980s that especially in developing economies, financial repression would have negative consequences on economic growth and financial development, although more recently financial repression policies are back as governments in the developed economies aim at obtaining low-cost funds from the financial markets in the aftermath of the global financial crises.In this article, a simple two-sector model is set up in order to show that governments may institute financial repression policies to internalise production and investment externalities. It is shown that such a government policy is welfare improving and abolishment of selective credits may cause welfare loss. The model also provides a case where financial policy is designed according to the priorities of industrial policy. Journal: Economic Research-Ekonomska Istraživanja Pages: 1390-1405 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1355252 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1355252 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1390-1405 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1340180_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Massimiliano Kaucic Author-X-Name-First: Massimiliano Author-X-Name-Last: Kaucic Author-Name: Roberto Daris Author-X-Name-First: Roberto Author-X-Name-Last: Daris Title: Interval-valued upside potential and downside risk portfolio optimisation Abstract: A novel interval optimisation approach is developed to include imprecise forecasts into the portfolio selection process for investors measuring upside potential and downside risk as deviations from a target return. Crisp scenarios are substituted by interval scenarios and the resulting interval optimisation problem is solved in a tractable manner by means of a bi-objective formulation exploiting a partial order relation between intervals. Four utility case studies involving assets from the F.T.S.E. M.I.B. Index are considered to illustrate how impreciseness can be efficiently handled in portfolio management. Journal: Economic Research-Ekonomska Istraživanja Pages: 1406-1426 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1340180 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1340180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1406-1426 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1355253_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bingqiang Li Author-X-Name-First: Bingqiang Author-X-Name-Last: Li Title: The interaction of clusters between manufacturing and producer services in China Abstract: The interactive development of clusters between manufacturing and producer services is important for China to break its comparative economic dilemma. The scientific novelty in this article is embodied by the interaction of various clusters of manufacturing with producer services. Taking the location quotient as the index measuring cluster, it was found that various manufacturing clusters and producer service clusters in the east achieved comparative equilibrium, while the middle and the west were comparatively imbalanced in development. By comparison of influencing factors, it was shown that decline of energy consumption and technology level, acceleration of multinational corporations, strengthening of competition and cooperation and strictness of regulation are beneficial to traditional industrial clusters. However, the effects of these factors on modern industrial clusters were the opposite. Empirical analysis showed that traditional manufacturing clusters had a close relationship with traditional producer service clusters, and were the opposite with modern producer service clusters. Finally, the countermeasures for achieving the interacting development of industrial clusters were proposed from aspects of the gradient development of producer services clusters, the guidance of dominant industries in manufacturing clusters, promotion of industry clusters by centralising high-levelled elements and the diversity of policy guidance. Journal: Economic Research-Ekonomska Istraživanja Pages: 1427-1442 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1355253 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1355253 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1427-1442 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1340173_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Heri Bezić Author-X-Name-First: Heri Author-X-Name-Last: Bezić Author-Name: Maja Nikšić Radić Author-X-Name-First: Maja Author-X-Name-Last: Nikšić Radić Title: Tourism foreign direct investment led tourism gross value added: a co-integration and causality analysis of Croatian tourism Abstract: The purpose of this study was to investigate the causal relationship between foreign direct investment in tourism and tourism gross value added in Croatia. The study employed econometric techniques, such as the unit root test, Johansen co-integration, and the Granger causality test, in a vector error correction model (V.E.C. model), and the Toda–Yamamoto causality test in a vector autoregressive model (V.A.R. model), using quarterly time-series data from 2000(1) to 2012(4). The results confirm the existence of a stable co-integrated relationship between variables in the long term. A short-term relationship was also proved between foreign direct investment in tourism and gross value added, using the Toda–Yamamoto causality test. By including control variables, the two-way causality between the subject variables was proven using the Granger causality test. Journal: Economic Research-Ekonomska Istraživanja Pages: 1443-1460 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1340173 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1340173 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1443-1460 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1355251_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Irena Kedmenec Author-X-Name-First: Irena Author-X-Name-Last: Kedmenec Author-Name: Sebastjan Strašek Author-X-Name-First: Sebastjan Author-X-Name-Last: Strašek Title: Are some cultures more favourable for social entrepreneurship than others? Abstract: The goal of this paper is to examine whether certain national cultural dimensions facilitate or hamper social entrepreneurship. The paper offers a conceptualisation of the possible associations between Hofstede’s cultural dimensions and social entrepreneurial activity as defined by the Global Entrepreneurship Monitor, along with its empirical testing across more than 40 countries around the world. Based on correlation analysis that was controlled for the countries’ level of economic development, there appears to be a negative association between the national power distance level and social entrepreneurial activity. In addition, the rate of young social entrepreneurial ventures is associated with lower levels of masculinity. The cultural dimensions of individualism and uncertainty avoidance have no direct linear association with social entrepreneurial activities of any kind. In factor-driven economies, lower levels of masculinity appear to support the development of social entrepreneurship. On the other hand, in innovation-driven economies, social entrepreneurial ventures emerge more often in those cultures characterised by short-term orientation and indulgence. Journal: Economic Research-Ekonomska Istraživanja Pages: 1461-1476 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1355251 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1355251 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1461-1476 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1325764_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Simona Laura Dragos Author-X-Name-First: Simona Laura Author-X-Name-Last: Dragos Author-Name: Codruta Mare Author-X-Name-First: Codruta Author-X-Name-Last: Mare Author-Name: Ingrid-Mihaela Dragota Author-X-Name-First: Ingrid-Mihaela Author-X-Name-Last: Dragota Author-Name: Cristian Mihai Dragos Author-X-Name-First: Cristian Mihai Author-X-Name-Last: Dragos Author-Name: Gabriela Mihaela Muresan Author-X-Name-First: Gabriela Mihaela Author-X-Name-Last: Muresan Title: The nexus between the demand for life insurance and institutional factors in Europe: new evidence from a panel data approach Abstract: We investigate the influence of institutional factors upon life insurance demand for 32 European countries, considering the socio-demographic and economic determinants as control variables. Using a panel data approach, we find that life insurance demand is influenced differently by institutional indicators from the Worldwide Governance Indicators database, in emerging and transition markets compared to developed ones. The sound legal environment of developed countries, where the level of the rule of law is very homogeneous and very high, makes it non-significant for life insurance demand. For developing countries the enforceability of contracts, the independence of justice and the time efficiency of the judicial process positively influence the decision of citizens to buy life insurance contracts. The effect of income distribution over life insurance density varies across these two categories of countries. For transition and emerging markets we find a positive relationship between life insurance density, income distribution and level of urbanisation. In developed countries, because of the high levels of income, life insurance became a common good, not a luxury one, which makes income distribution an insignificant factor. For emerging and transition countries policymakers should concentrate more on strengthening trust in the insurance sector for reducing the gap with developed countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 1477-1496 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1325764 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1325764 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1477-1496 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1340176_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rizwan Raheem Ahmed Author-X-Name-First: Rizwan Raheem Author-X-Name-Last: Ahmed Author-Name: Jolita Vveinhardt Author-X-Name-First: Jolita Author-X-Name-Last: Vveinhardt Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Author-Name: Majid Fayyaz Author-X-Name-First: Majid Author-X-Name-Last: Fayyaz Title: Multivariate Granger causality between macro variables and KSE 100 index: evidence from Johansen cointegration and Toda & Yamamoto causality Abstract: The pursue of this article is to scrutinise the long-haul relationship between stock returns of the KSE 100 index and monetary indicators such as rate of exchange, inflation, and interest rates. Month-to-month data from the KSE 100 index and monetary variables were extracted for the period January 1992 to November 2015. We transformed the data series into a stationary form by employing the augmented Dickey–Fuller method. The Johansen cointegration approach reinforces the long-haul association between equity prices and monetary indicators, for instance the rate of exchange, inflation, and interest rates. Results of the Granger and Toda and Yamamoto causalities demonstrate the unidirectional causal relationship between interest rate and KSE 100 index; the one-way causation existed from interest rate to equity returns for the KSE100 index. The analysis of the impulse response function concludes that the changes in the KSE 100 index happened due to its own shocks. However, changes in exchange and inflation rates were experienced because of the interest rate. The outcome of variance decomposition demonstrated that most of the changes in the KSE 100 index are because of its own shocks. Thus, it is concluded that the predictability of the equity prices for the KSE 100 heavily relied on exchange rate, inflation, and interest rate variations. Journal: Economic Research-Ekonomska Istraživanja Pages: 1497-1521 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1340176 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1340176 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1497-1521 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1340181_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Besnik Fetai Author-X-Name-First: Besnik Author-X-Name-Last: Fetai Title: The effects of fiscal policy during the financial crises in transition and emerging countries: does fiscal policy matter? Abstract: The article investigates empirically the effect of fiscal policy using 101 episodes of banking crisis in transition and emerging countries during the period 1980 to 2013. The research question is whether the timely undertaking of fiscal policy measures would have shortened the length of the financial crisis? Based on data from Leaven and Valencia (2012), we employ OLS with robust standard error and ordered logit model in order to examine the countercyclical effect of fiscal policy during the systematic banking crisis. We find out that countercyclical fiscal policy measures have a positive effect in shortening the length of the financial crisis. The results suggest that fiscal expansion can shorten the length of the financial crisis by nine months in those countries. The countercyclical fiscal measures of income tax cuts are more effective than government consumption in shortening the duration of the crisis. In addition, the results show the effect of income tax cuts become weaker or lose their effect after the output recovery, i.e., after the crisis. Thus, it holds that public investments have the strongest positive effects on economic growth in the medium term and decomposition of fiscal policy matters. Journal: Economic Research-Ekonomska Istraživanja Pages: 1522-1535 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1340181 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1340181 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1522-1535 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1340172_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: İlhan Eroglu Author-X-Name-First: İlhan Author-X-Name-Last: Eroglu Author-Name: Mehmet Çınar Author-X-Name-First: Mehmet Author-X-Name-Last: Çınar Author-Name: Nadir Eroglu Author-X-Name-First: Nadir Author-X-Name-Last: Eroglu Title: An evaluation of the effectiveness of an inflation targeting strategy in Turkey Abstract: In this research, the performance of inflation targeting strategy was analysed using the least square method (LSM) with the regression model for economic circumstances in Turkey. The results of this research can be summarised as follows: (1) Inflation targeting regime has a weak positive effect on inflation rate performance; (2) There is no significant relationship between inflation targeting regime and growth rate; (3) There is a positive but a weak relationship between inflation targeting regime and exchange rate performance; and (4) Inflation targeting regime has a strong positive effect on nominal interest rate performance. Thus, these results support the argument in the literature that ‘inflation targeting affects macroeconomic performance positively except for growth rate’. Thus, the post-2002 inflation-targeting regime, whether rule-based or occasional, has led to some improvements in other macroeconomic indicators, even though the primary aim of monetary policy instruments is to bring down the rate of inflation. Such stability-assuring policies enable investors to invest in a more trustable environment. Journal: Economic Research-Ekonomska Istraživanja Pages: 1536-1552 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1340172 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1340172 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1536-1552 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1340179_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Boris Cota Author-X-Name-First: Boris Author-X-Name-Last: Cota Author-Name: Nataša Erjavec Author-X-Name-First: Nataša Author-X-Name-Last: Erjavec Author-Name: Željko Bogdan Author-X-Name-First: Željko Author-X-Name-Last: Bogdan Title: External imbalances in emerging and advanced European countries Abstract: This paper aims to explain some developments in current accounts across advanced and emerging European countries with a fixed exchange rate. Our main goal is to identify key factors affecting the external imbalances. This assessment of the cause of external imbalances will help us understand what has to be changed in European economies to recover the external balances going forward. We estimated a panel VAR model over the period 1999 to 2014 for a sample of 11 European countries that were split into two groups: advanced and emerging. The obtained results show that the real effective exchange rate has a negative effect on the current account balance in both groups of countries, although the effect is more pronounced in emerging than in advanced countries. Other variables such as the budget balance, economic growth, and output gap affect current account balance positively in advanced countries and negatively in emerging countries. Economic activity captured by output gap explains the highest portion of current account variations in emerging countries. In advanced countries, in addition to economic activity, the real exchange rate also plays a prominent role in current account imbalances. Journal: Economic Research-Ekonomska Istraživanja Pages: 1553-1571 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1340179 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1340179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1553-1571 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1355260_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vesna Buterin Author-X-Name-First: Vesna Author-X-Name-Last: Buterin Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Author-Name: Denis Buterin Author-X-Name-First: Denis Author-X-Name-Last: Buterin Title: Macroeconomic model of institutional reforms’ influence on economic growth of the new EU members and the Republic of Croatia Abstract: The aim of this paper is to research, theoretically and empirically, the impact of institutional reforms on economic growth in transition countries (new European Union members) and Croatia, in the period from 1996 to 2012. In order to prove the hypothesis, we will use panel analysis of transition economies and Croatia, namely the Arellano–Bond dynamic panel analysis. The analysis includes two dependent variables (gross domestic product per capita [G.D.P./p.c.]and the share of export in G.D.P.) and five independent variables (total Heritage Index of Economic Freedom, Worldwide Governance Indicators (W.G.I.) government effectiveness indicator, W.G.I. rule of law indicator, corruption perception index and the index of institutional reforms in transition countries). The results show that there is a significant positive impact of institutional reforms on the economic growth of transition countries and Croatia, which creates preconditions that are essential for the future growth rate of the Croatian economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 1572-1593 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1355260 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1355260 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1572-1593 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1340182_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bushra Naqvi Author-X-Name-First: Bushra Author-X-Name-Last: Naqvi Author-Name: Nawazish Mirza Author-X-Name-First: Nawazish Author-X-Name-Last: Mirza Author-Name: Waqar Azeem Naqvi Author-X-Name-First: Waqar Author-X-Name-Last: Azeem Naqvi Author-Name: S. K. A. Rizvi Author-X-Name-First: S. K. A. Author-X-Name-Last: Rizvi Title: Portfolio optimisation with higher moments of risk at the Pakistan Stock Exchange Abstract: Stock markets play an important role in spurring economic growth and development through diversification opportunities. However, diversification cannot be truly achieved if we continue to ignore additional dimensions of risk, namely skewness and kurtosis. This study incorporates higher moments of risk to form a mean-variance-skewness-kurtosis based framework for portfolio optimisation. Inclusion of higher moments in optimisation framework acknowledges the risk of asymmetric returns and fat-tail risk and can help investors in formulating optimal portfolios of stocks which can be significantly divergent from the ones they obtain through the Markowitz mean-variance optimisation. Our results confirm the presence of tradeoff between returns and additional dimensions of risk in Pakistan Stock Exchange (PSX) and strongly suggest including them in the optimisation framework to avoid sub-optimal decisions and to curtail exposure towards higher moments of risks. Journal: Economic Research-Ekonomska Istraživanja Pages: 1594-1610 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1340182 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1340182 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1594-1610 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1383169_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Audrius Kabašinskas Author-X-Name-First: Audrius Author-X-Name-Last: Kabašinskas Author-Name: Kristina Šutienė Author-X-Name-First: Kristina Author-X-Name-Last: Šutienė Author-Name: Miloš Kopa Author-X-Name-First: Miloš Author-X-Name-Last: Kopa Author-Name: Eimutis Valakevičius Author-X-Name-First: Eimutis Author-X-Name-Last: Valakevičius Title: The risk–return profile of Lithuanian private pension funds Abstract: The introduction of a private pension funds in conjunction with the public social security system is the essence of pension system reform that was implemented in Lithuania. The performance of private funds is mainly presented by fund’s net asset value and few classical risk estimates. Such evaluation shows the management company’s ability to profitably invest funds, but does not give the evidential risk–return evaluation. This paper refers to the overall statistical analysis of 26 private pension funds over a certain time period. The objective of the research is to determine the risk–return profile of pension funds and to answer the question whether the categories specified based on investment strategy in equities reflect fund’s empirical behaviour. Research methodology includes the statistical analysis, risk measuring, performance ratio estimation, and K-means clustering. The conclusions obtained by the research allow determining whether the distinct pension funds have beaten a low risk reference and are adequately assigned to a certain risk category. Journal: Economic Research-Ekonomska Istraživanja Pages: 1611-1630 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1383169 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1383169 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1611-1630 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1383173_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sonja Brlečić Valčić Author-X-Name-First: Sonja Author-X-Name-Last: Brlečić Valčić Author-Name: Lidija Bagarić Author-X-Name-First: Lidija Author-X-Name-Last: Bagarić Title: Return on strategic effectiveness – the need for synchronising growth and development strategies in the hotel industry using revenue management Abstract: The purpose of this paper is to identify the essential determinants, and highlight the importance, of synchronising the growth and development strategies of hotel companies. The paper aims to analyse preconditions to successful and stable business performance and customer loyalty. The paper is based on the hypothesis that strategic and organisational effectiveness helps to create preconditions to stable business in the future, which is reflected in satisfactory growth, financial strength and solvency, and results in creating added value. The five-year financial data of three hotel companies with similar business orientation from Istria County (Croatia) were used to test the model for synchronising growth and development strategies in the hotel industry and the fuzzy logic-based growth-development synchronisation coefficient. The model was tested on multi-annual results (the period 2010–2014), and conclusions and recommendations were made for a future work. Journal: Economic Research-Ekonomska Istraživanja Pages: 1631-1654 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1383173 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1383173 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1631-1654 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1383174_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tomasz Szopiński Author-X-Name-First: Tomasz Author-X-Name-Last: Szopiński Title: The influence of the assessment of internet websites offering tourist services on the manner of purchase of holiday packages Abstract: The purpose of this paper is to answer the following question: how does the trust of websites offering tourist services influence the manner of purchase of accommodation services and holiday packages? Data were obtained from 505 respondents via an Internet-based questionnaire between May and October 2015. All of the respondents were Polish Internet users. Individuals who both sought information on tourist services and purchased the services offline indicated that the websites of hotels, travel agencies, and tour operators are the most credible. Another group who held a high opinion of hotels and tourist intermediaries’ websites was composed of people characterised by the ‘research online, purchase offline’ (ROPO) effect or the reverse-ROPO effect. People who searched for information on holiday packages and bought them via the Internet held a lower opinion of websites of hotels, travel agents, and tour operators. Research indicates that with respect to the assessment of the credibility of websites offering tourist services, there are significant differences between individuals seeking information on tourist services online and those who purchase such services online. Journal: Economic Research-Ekonomska Istraživanja Pages: 1655-1668 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1383174 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1383174 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1655-1668 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1383172_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Oprean Camelia Author-X-Name-First: Oprean Author-X-Name-Last: Camelia Author-Name: Tănăsescu Cristina Author-X-Name-First: Tănăsescu Author-X-Name-Last: Cristina Author-Name: Bucur Amelia Author-X-Name-First: Bucur Author-X-Name-Last: Amelia Title: A new proposal for efficiency quantification of capital markets in the context of complex non-linear dynamics and chaos Abstract: The main purpose of this paper is efficiency analysis as well as its quantification in the case of emerging capital markets, by building a new measure of market efficiency. The basic assumption of such markets is the lack of correlation between returns, and therefore the existence of low entropy, the lack of randomness, manifestation of fractality and long-term memory, integrated into a single measure, will indicate the distancing from the state of efficient market. This paper proposes five different estimates (for informational entropy, run test, Hurst exponent, long-term correlation coefficient and fractal dimension) to construct a new measure of market efficiency based on a deviation from the ideal state (expressed by the efficient market). The Capital Market Efficiency Exponent is estimated for nine emerging capital markets and, for comparison, for three developed capital markets, at different stages of development over a 16-year time span. Journal: Economic Research-Ekonomska Istraživanja Pages: 1669-1692 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1383172 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1383172 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1669-1692 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1383177_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zvonimira Šverko Grdić Author-X-Name-First: Zvonimira Author-X-Name-Last: Šverko Grdić Author-Name: Marinela Krstinić Nižić Author-X-Name-First: Marinela Author-X-Name-Last: Krstinić Nižić Author-Name: Maja Mamula Author-X-Name-First: Maja Author-X-Name-Last: Mamula Title: Insolvency in the Republic of Croatia Abstract: The issue of insolvency is significantly present in countries undergoing transition. In Croatia, there has been significant research on the possibilities of using the existing models for determining the domestic companies’ ability to maintain solvency. Likewise, no model based on business enterprises’ financial data has yet been proposed, which leaves an open space for this research. The purpose of this paper is to calculate and analyse solvency indicators; total debt to assets ratio, total debt to equity ratio, Altman Z-score, and the Kralicek Quick Test. This paper analyses the financial data for the period 1996–2014 and provides evidence that the insolvency of Croatian companies increased with the global financial crisis. Multiple regression analysis is used in order to show the relation between total debt to assets ratio as the dependent variable, and current assets and liabilities ratio and dummy variables as independent variables.The conclusions and recommendations for mitigating the impact of insolvency in this paper would be useful for managers, public policy-makers and all stakeholders in companies with financial problems, as well as for financially still-healthy companies. Journal: Economic Research-Ekonomska Istraživanja Pages: 1693-1704 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1383177 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1383177 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1693-1704 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1383175_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Janez Sušnik Author-X-Name-First: Janez Author-X-Name-Last: Sušnik Author-Name: Pieter van der Zaag Author-X-Name-First: Pieter Author-X-Name-Last: van der Zaag Title: Correlation and causation between the UN Human Development Index and national and personal wealth and resource exploitation Abstract: Human development is increasingly on global policy agendas, in particular related to the Sustainable Development Goals. Here, the UN Human Development Index is analysed for correlation and causation with economic and resource parameters using novel quantitative techniques. Global datasets at national resolution are used to explore correlation and causation with the HDI. The whole HDI is not correlated to national totals of wealth or resource use, but is strongly correlated to personal wealth and resource use. The multi-spatial convergence cross mapping method is adapted to shed light on causation in this system. It is shown that the HDI is tightly linked to the economy and to personal resource use. Analysis of the HDI sub-indices reveals subtleties easily overlooked. For example, it is shown that access to water and electricity strongly influence GNI. It is shown that simple resource accumulation/exploitation is less important in determining HDI growth than personal wealth and access to resources. That is, equitable distribution is more effective than gross accumulation in influencing the HDI. Strong feedback means that investments in water treatment and distribution networks, for example, will have strong effects on HDI change, a conclusion that may play an important role in national developmental policy debate. Journal: Economic Research-Ekonomska Istraživanja Pages: 1705-1723 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1383175 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1383175 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1705-1723 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1383176_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andrzej Kacprzyk Author-X-Name-First: Andrzej Author-X-Name-Last: Kacprzyk Author-Name: Wirginia Doryń Author-X-Name-First: Wirginia Author-X-Name-Last: Doryń Title: Innovation and economic growth in old and new member states of the European Union Abstract: This study examines the innovation–growth nexus in the European Union (EU) countries over the period 1993–2011. The system generalised method of moments estimator was used to test whether patent activities and different research and development (R&D) outlays affect economic growth in the old (EU-15) and new (EU-13) member states differently. The authors have found no significant impact of R&D on the growth and positive relationship between patent activities and growth in the EU-13. The results suggest that there may be no single recipe for growth for the EU and raise the question of whether setting common numerical targets in the EU innovation policy makes economic sense. Journal: Economic Research-Ekonomska Istraživanja Pages: 1724-1742 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1383176 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1383176 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1724-1742 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1383170_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana Bajakić Author-X-Name-First: Ivana Author-X-Name-Last: Bajakić Author-Name: Marta Božina Beroš Author-X-Name-First: Marta Author-X-Name-Last: Božina Beroš Title: Examining agency governance in the European Union financial sector – a case-study of the European Securities and Markets Authority Abstract: Ever since the outset of the financial crisis of 2009, agencies have emerged as key actors of European Union (EU) financial sector governance. As an organisational form that can be insulated from national political pressures, and committed to the Union interest, agencies proliferated in the financial sector ushering the agencification trend in finance. In this sense, the European Securities and Markets Authority (ESMA) – as part of the European Supervisory Authorities – practically embodies this trend. ESMA presents a radical shift in financial markets’ governance due to the nature of its soft law regulations and the direct impact it exerts on addressees’ behaviour in emergency circumstances. But ESMA’s success in optimising financial sector governance largely depends on its legitimacy, which is centred on independence. At the same time independence demands wider participation and inclusiveness of the decision-making process. This is not easy to achieve in a complex system with multiple stakeholders as is the governance of the EU financial sector (e.g., EU institutions, national actors, private sector). This paper examines ESMA’s interinstitutional relations and independence in light of publicly voiced criticism. We find that ESMA’s main executive bodies are still susceptible to influences by Member States as well as EU institutions (i.e., Commission), which undermines its operational independence. Journal: Economic Research-Ekonomska Istraživanja Pages: 1743-1757 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1383170 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1383170 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1743-1757 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1383179_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mert Topcu Author-X-Name-First: Mert Author-X-Name-Last: Topcu Author-Name: Serap Çoban Author-X-Name-First: Serap Author-X-Name-Last: Çoban Title: Financial development and firm growth in Turkish manufacturing industry: evidence from heterogeneous panel based non-causality test Abstract: Inspired by the finance-led growth hypothesis at the aggregate level, this study predicates this hypothesis on microfoundations to investigate the causality between financial development and firm growth in Turkish manufacturing industry during the period 1989–2010. To this end, a recently developed non-causality approach proposed by Dumitrescu and Hurlin is applied. Empirical results in which heterogeneity and cross-sectional dependence are taken into consideration reveal the validity of a supply-leading hypothesis for the overwhelming majority of the subsectors. This result seems robust across the subsectors, regardless of the financial development proxy. On the other hand, there is also evidence that the results for the proxy of firm growth are not uniform across subsectors. Journal: Economic Research-Ekonomska Istraživanja Pages: 1758-1769 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1383179 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1383179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1758-1769 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1383178_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Danijela Rabar Author-X-Name-First: Danijela Author-X-Name-Last: Rabar Title: An overview of data envelopment analysis application in studies on the socio-economic performance of OECD countries Abstract: Due to large and deepening development disparities among countries, comparisons across them have gained utmost importance, both in theoretical and empirical sense. At the same time, overuse of natural resources and climate change are among the most difficult issues today’s world is facing. Consequently, there is a growing research interest in investigating the performance of countries, especially in terms of environmental and energy efficiency. This paper brings a literature overview on the application of data envelopment analysis (DEA) to studies that empirically explore socio-economic efficiency of OECD (Organisation for Economic Co-operation and Development) member countries. The listed papers are categorised with regard to the relevance given to economic, environmental or energy indicators. Their basic content is summarised, along with the major findings. In this way, both measurement of countries’ performance and the non-parametric approach of DEA have been given deserved attention. Journal: Economic Research-Ekonomska Istraživanja Pages: 1770-1784 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1383178 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1383178 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1770-1784 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1392885_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marjan Odar Author-X-Name-First: Marjan Author-X-Name-Last: Odar Author-Name: Mateja Jerman Author-X-Name-First: Mateja Author-X-Name-Last: Jerman Author-Name: Anton Jamnik Author-X-Name-First: Anton Author-X-Name-Last: Jamnik Author-Name: Slavka Kavčič Author-X-Name-First: Slavka Author-X-Name-Last: Kavčič Title: Accountants’ ethical perceptions from several perspectives: evidence from Slovenia Abstract: The purpose of the article is to explore the ethical perceptions of accountants in selected Slovene organisations towards ethically-sensitive scenarios. The article explores ethical perceptions among ‘internal accountants’ and those working in companies operating as providers of external accounting services. Since external accounting services companies are not specifically regulated by the profession, we hypothesise that accountants working in external accounting service companies are more lenient to ethically-sensitive scenarios. Moreover, we analyse if ethical perceptions differ between accountants having a professional certificate and those that do not. We believe those that have a certificate are harsher towards ethically-sensitive scenarios. For the purpose of our analysis a questionnaire was distributed to accounting professionals. Our analysis is made on a large sample of 451 accountants. Results of ordered probit regression support the first two hypotheses, despite the fact that not all of the vignettes resulted as statistically significant. Our study contributes to the literature in that the ethics of accountants from countries with non-regulated markets of accounting services have not yet been investigated in the literature. Journal: Economic Research-Ekonomska Istraživanja Pages: 1785-1803 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1392885 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1392885 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1785-1803 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1392886_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Veronika Hedija Author-X-Name-First: Veronika Author-X-Name-Last: Hedija Title: Sector-specific gender pay gap: evidence from the European Union Countries Abstract: The study aims to determine whether the unexplained gender wage gap varies in the different sectors of the economy and to identify the possible causes of these differences. Firstly, we estimate average treatment effect on the individual sectors to identify the unexplained part of gender pay gap. To identify the possible causes of observed variability in unexplained gender wage differences, we use a linear regression model. Using European Union Statistics on Income and Living Conditions (EU-SILC) data for 24 European Union (EU) members, we conclude that the unexplained gender pay gap in the individual sectors varies both within the individual EU countries and among the countries. The most important factors in explaining the differences in the gender pay gap among the individual sectors are ownership and the proportion of women in the sector. On the other hand, the proportion of female managers and the proportion of small companies are not statistically significant factors for the explanation of the variation in the sector-specific gender pay gaps. To the best of my knowledge, this study is the first to present fully comparable estimates of the unexplained sector-specific gender pay gap for the 24 EU countries and to identify the causes of the differences in the unexplained gender pay gap at the sectoral level. Journal: Economic Research-Ekonomska Istraživanja Pages: 1804-1819 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1392886 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1392886 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1804-1819 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1392887_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Evgeny Lisin Author-X-Name-First: Evgeny Author-X-Name-Last: Lisin Author-Name: Yulia Marishkina Author-X-Name-First: Yulia Author-X-Name-Last: Marishkina Author-Name: Wadim Strielkowski Author-X-Name-First: Wadim Author-X-Name-Last: Strielkowski Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Title: Analysis of competitiveness: energy sector and the electricity market in Russia Abstract: This study provides an overview and conducts a thorough analysis of the current state and development trends of the energy sector in a competitive electricity market in Russia. It scrutinises and outlines the most probable scenarios and outcomes of the innovative development on the electricity market and describes the possible changes. Moreover, a comprehensive study of technology foresight methods that allows one to draw parametric models of the development in the technological industry is undertaken. The results indicate that, in the medium- and long-run, one can identify economic inefficiency and uncontrollability of the existing Russian energy sector as well a clear disharmony with the selected energy strategy. Thence, it is necessary to rely on economic innovations in order to develop predictive models for managing productive development of the industry in a competitive energy market. Journal: Economic Research-Ekonomska Istraživanja Pages: 1820-1828 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1392887 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1392887 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1820-1828 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1392884_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ljiljana Dmitrović-Šaponja Author-X-Name-First: Ljiljana Author-X-Name-Last: Dmitrović-Šaponja Author-Name: Edin Suljović Author-X-Name-First: Edin Author-X-Name-Last: Suljović Title: Strategic management accounting in the Republic of Serbia Abstract: The transition process in the Republic of Serbia – and the transition from a planned to a market economy – makes managing a company more demanding and sophisticated. In these circumstances, to be competitive, companies must have a strong and sophisticated information system that will provide information support to allow management to react in a timely manner and be proactive to market changes. One of the most important sources of such information is, of course, management accounting. Using only the traditional management accounting (TMA) could no longer fulfil the purpose of management requirements. For this purpose, strategic management accounting (SMA) and strategic cost management (the term ‘SCM’ is more commonly used in US literature) have been developed. This article explores the usefulness of using the aforementioned SMA techniques in obtaining timely and relevant information. Also, the intention was to identify synergetic effects of their implementation in terms of positive impact on cost control and costs reduction. The results were much more positive than expected. Journal: Economic Research-Ekonomska Istraživanja Pages: 1829-1839 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1392884 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1392884 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1829-1839 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1392882_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ghulam Ali Author-X-Name-First: Ghulam Author-X-Name-Last: Ali Author-Name: Khalid Zaman Author-X-Name-First: Khalid Author-X-Name-Last: Zaman Title: Do house prices influence stock prices? Empirical investigation from the panel of selected European Union countries Abstract: This study examines the long-run and causal relationship between house prices and stock prices in the panel of 22 European Union (EU) countries, covering the monthly data from January 2007 to October 2012. The results show that house prices and stock prices variables are stationary at their first difference, and Pedroni’s heterogeneous cointegration test does not confirmed the long-run relationship between the two variables; hence, it is imperative to employed dynamic OLS estimator for robust statistical inference. The results of dynamic OLS (DOLS) reveal that, among 22 countries, there are five countries which show the negative association between house prices and stock prices, while except France and Italy, the remaining 15 countries show the positive relationship between the variables. There is no significant relationship observed in the case of France and Italy. The panel results confirmed the negative impact of house prices on stock prices in the region. The results of panel causality confirmed the stock led house prices in the short-run, while the causality runs in both directions between the variables in the long-run. Journal: Economic Research-Ekonomska Istraživanja Pages: 1840-1849 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1392882 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1392882 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1840-1849 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1383171_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Slobodan Popović Author-X-Name-First: Slobodan Author-X-Name-Last: Popović Author-Name: Srećko Novaković Author-X-Name-First: Srećko Author-X-Name-Last: Novaković Author-Name: Dragan Đuranović Author-X-Name-First: Dragan Author-X-Name-Last: Đuranović Author-Name: Ranko Mijić Author-X-Name-First: Ranko Author-X-Name-Last: Mijić Author-Name: Željko Grublješić Author-X-Name-First: Željko Author-X-Name-Last: Grublješić Author-Name: Jugoslav Aničić Author-X-Name-First: Jugoslav Author-X-Name-Last: Aničić Author-Name: Aleksandar Majstorović Author-X-Name-First: Aleksandar Author-X-Name-Last: Majstorović Title: Application of international accounting standard-16 in a public company with predominantly agricultural activities Abstract: This work suggests the existence of a number of advantages for companies that have opted for the application of International Accounting Standards. Their application allows fair reporting, which is extremely important for countries in transition, as well as for those countries that have not applied IAS. The authors carried a study related to full application of IAS 16 to 114 companies, of which 10 are public and 104 other companies are from the wider area of Novi Sad, in the period 2010–2015. In addition, the study of the case of public companies is done in order to demonstrate the situation before and after the valuation of assets and equipment as at 30 June 2012. The state after 3 years is fairly shown on 30 June 2015, all in order to make valid conclusions regarding fair reporting of the public enterprises. It can be concluded that the application of IAS 16 has multiple benefits by companies that fully apply fair reporting in its operations. Journal: Economic Research-Ekonomska Istraživanja Pages: 1850-1864 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1383171 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1383171 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1850-1864 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1394896_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Omar Masood Author-X-Name-First: Omar Author-X-Name-Last: Masood Author-Name: Bora Aktan Author-X-Name-First: Bora Author-X-Name-Last: Aktan Author-Name: Beata Gavurová Author-X-Name-First: Beata Author-X-Name-Last: Gavurová Author-Name: Bachar Fakhry Author-X-Name-First: Bachar Author-X-Name-Last: Fakhry Author-Name: Manuela Tvaronavičienė Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičienė Author-Name: Raimonda Martinkutė-Kaulienė Author-X-Name-First: Raimonda Author-X-Name-Last: Martinkutė-Kaulienė Title: The impact of regime-switching behaviour of price volatility on efficiency of the US sovereign debt market Abstract: This article focuses on the asset price volatility at the stock exchange that result from the regime switching behaviour in the market. This study is devoted to the question about how the asset price volatility affects the US sovereign debt market. The efficient market hypothesis has been a base for the asset pricing. This hypothesis is discussed in this study. The review of the literature reveals nuances of behavioural finance theory, and allows us to better understand the regime switching behaviour in the market. The object of empirical study is the US sovereign debt market. We use the Markov Regime-Switching ARCH (SWARCH) model to analyse data. The results show that there is high volatility regime in both the 2012 and 2017 bonds US market, which significantly affects bond prices. Journal: Economic Research-Ekonomska Istraživanja Pages: 1865-1881 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1394896 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1394896 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1865-1881 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1392883_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Truc Le Nguyen Author-X-Name-First: Truc Le Author-X-Name-Last: Nguyen Author-Name: Huong Vu Van Author-X-Name-First: Huong Author-X-Name-Last: Vu Van Author-Name: Lam Duc Nguyen Author-X-Name-First: Lam Duc Author-X-Name-Last: Nguyen Author-Name: Tuyen Quang Tran Author-X-Name-First: Tuyen Quang Author-X-Name-Last: Tran Title: Does rising import competition harm Vietnam’s local firm employment of the 2000s? Abstract: This study considers for the first time the role of rising import competition on employment in Vietnam. Using a time differenced and instrumental variables approach, our study shows that import competition results in employment contraction. Firms operating in industries that face greater import competition have reduced employment. We also find strong evidence of a negative impact of import competition for small and very small firms, as well as in the period before Vietnam’s World Trade Organization (WTO) accession. Our results also reveal that previous studies at the industry-level can provide biased estimates because of not controlling for the heterogeneity of firm characteristics. Journal: Economic Research-Ekonomska Istraživanja Pages: 1882-1895 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1392883 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1392883 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1882-1895 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1398099_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marek Tomaszewski Author-X-Name-First: Marek Author-X-Name-Last: Tomaszewski Author-Name: Arkadiusz Świadek Author-X-Name-First: Arkadiusz Author-X-Name-Last: Świadek Title: The impact of the economic conditions on the innovation activity of the companies from selected Balkan states Abstract: The literature review reveals diverging views on the influence of economic cycles on the innovation activity of companies. This article is a voice in this discussion. It provides, empirically verified arguments, allowing one to support or reject the accepted research hypotheses. These assume that: (1) The expectations with respect to income dynamics play a more important role in stimulating innovation activity than the dynamics of (actual) income levels; and (2) Different economic structures and levels of technological development in the chosen Balkan states, despite the geographic proximity of these states and similarity in economic situation, influence the geographic differentiation in terms of the innovation activity. The obtained research results show a greater differentiation in terms of actions of companies than previously thought. It has been confirmed that when the companies sense an improvement in economic situation, their innovation activity increases, this is, however, accompanied by a noticeable anticipatory element. It turned out that the expectations regarding an improvement in economic conditions have an additional stimulating effect on such an activity, whereas the recession itself, as well as the expectations in that respect, have a de-stimulating effect. It turned out that the expectations with regard to the future economic situation are the most important here, a factor that has been neglected so far. Journal: Economic Research-Ekonomska Istraživanja Pages: 1896-1913 Issue: 1 Volume: 30 Year: 2017 Month: 1 X-DOI: 10.1080/1331677X.2017.1398099 File-URL: http://hdl.handle.net/10.1080/1331677X.2017.1398099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:30:y:2017:i:1:p:1896-1913 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844580_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chan Wang Author-X-Name-First: Chan Author-X-Name-Last: Wang Author-Name: Pu-Yan Nie Author-X-Name-First: Pu-Yan Author-X-Name-Last: Nie Title: Analysis of cooperative technological innovation strategy Abstract: This article focuses on the cooperative innovation under oligopoly with game theory approach. The effects of cooperative innovation are addressed. First, we argue that the total innovation investment of cooperators is more than that of an individual firm without cooperation. Second, the number of cooperative partners has different effects on firms’ innovative investment. Cooperative innovation investment decreases in both the number of cooperators and the total number of firms in the industry, while the innovation investment of non-cooperators increases. Finally, the optimal number of cooperators is initially highlighted in theory. The optimal number of firms in cooperation is achieved for cooperators, non-cooperators and social welfare, respectively. Journal: Economic Research-Ekonomska Istraživanja Pages: 1520-1545 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844580 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844580 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1520-1545 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860111_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Salman Wahab Author-X-Name-First: Salman Author-X-Name-Last: Wahab Author-Name: Xibao Zhang Author-X-Name-First: Xibao Author-X-Name-Last: Zhang Author-Name: Adnan Safi Author-X-Name-First: Adnan Author-X-Name-Last: Safi Author-Name: Zeeshan Wahab Author-X-Name-First: Zeeshan Author-X-Name-Last: Wahab Author-Name: Maaz Amin Author-X-Name-First: Maaz Author-X-Name-Last: Amin Title: Does Energy Productivity and Technological Innovation Limit Trade-Adjusted Carbon Emissions? Abstract: The present study aims to examine the effect of energy productivity, international trade, especially by treating exports and imports distinctly with technological innovation and gross domestic product on Consumption-based Carbon emissions for G-7 countries over the period of 1996–2017. This study employed cross-section dependence and slope heterogeneity for evaluating the order of unit root. The cross-sectionally augmented autoregressive distributed lags model (CS-ARDL) is used for evaluating long and short-run relationships among variables; and an augmented mean group and a common correlated mean group test to check for robustness. The findings confirm cointegration relationships with structural breaks (e.g., the 2001 mild recession; the 2008 global financial crisis; the 2011 stock market decline; and the 2014 exports decline in Italy, France, the United Kingdom and Japan) among consumption based carbon emission, energy productivity, exports, imports, gross domestic product, and technological innovation. Further, energy productivity, exports and technological innovation are inversely related to consumption based carbon emission while imports and gross domestic product are positively associated with consumption-based carbon emissions for G-7 countries. The findings recommend the promotion of technological innovation and cleaner production for curbing consumption-based carbon emissions. Journal: Economic Research-Ekonomska Istraživanja Pages: 1896-1912 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860111 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860111 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1896-1912 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1825105_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shihua Chen Author-X-Name-First: Shihua Author-X-Name-Last: Chen Author-Name: Lili Xu Author-X-Name-First: Lili Author-X-Name-Last: Xu Author-Name: Khalil Jebran Author-X-Name-First: Khalil Author-X-Name-Last: Jebran Title: The effect of Confucian culture on corporate tax avoidance: evidence from China Abstract: This study investigates whether Confucian culture can influence corporate tax avoidance. We measure Confucianism using geographical-proximity based method and opt ordinary least square regression considering a sample of Chinese firms during 2004–2016. We find strong evidence that Confucian culture and tax avoidance are negatively associated and this association is less prominent for state-owned firms. Additional analysis shows that tax enforcement efforts mitigate the effect of Confucianism on tax avoidance. The results are consistent and robust to alternative measures of tax avoidance and Confucianism. Overall, the findings enrich our understanding that Confucian culture reduces tax avoidance by promoting corporate ethical behavior. Journal: Economic Research-Ekonomska Istraživanja Pages: 1342-1365 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1825105 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1825105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1342-1365 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844585_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dejan Živkov Author-X-Name-First: Dejan Author-X-Name-Last: Živkov Author-Name: Boris Kuzman Author-X-Name-First: Boris Author-X-Name-Last: Kuzman Author-Name: Andrea Andrejević-Panić Author-X-Name-First: Andrea Author-X-Name-Last: Andrejević-Panić Title: Nonlinear bidirectional multiscale volatility transmission effect between stocks and exchange rate markets in the selected African countries Abstract: This paper investigates the multiscale bidirectional volatility spillover effect between the national stocks and exchange rate markets in four African countries – Nigeria, South Africa, Egypt and Morocco. Our computations involve the wavelet transformation of the empirical series, creation of the regime-dependant conditional volatilities via MS-GARCH model and measurement of the volatility spillover effect in the quantile regression framework. We find an evidence of the bidirectional volatility spillover effect, but the volatility impact from exchange rate market to stock market is stronger in all the African countries, except Nigeria. Regarding the direction from stocks to exchange rate, we report that volatility spillover effect is the strongest in South Africa, because Johannesburg stock exchange is the most developed and liquid market. As for the reverse direction, the spillover effect is recorded in longer time-horizons in the Egyptian and Moroccan cases, which indicates to flow-oriented model, while for South Africa, the effect is found in shorter time-horizons, which is in line with the portfolio-balance theory. In South Africa, investors should protect themselves against exchange rate risk in shorter time-horizons, in Morocco and Egypt in longer time-horizons, while in Nigeria, hedging against exchange rate is not needed. Journal: Economic Research-Ekonomska Istraživanja Pages: 1623-1650 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844585 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844585 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1623-1650 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1774788_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivona Peternel Author-X-Name-First: Ivona Author-X-Name-Last: Peternel Author-Name: Martin Grešš Author-X-Name-First: Martin Author-X-Name-Last: Grešš Title: Economic diplomacy: concept for economic prosperity in Croatia Abstract: The aim of this article is to analyse the Croatian economic diplomacy model to identify the model, revealing its effectiveness and providing possible recommendations for the future research in the area of economic diplomacy. Literature review for Croatia indicates an overall lack of national research on the subject matter from the empirical point of view. Such situation is partially a result of economic diplomacy being a new phenomenon in Croatia and with Croatian political structure struggling many years with internal public administration reorganisation, privatisation process and joining the European Union. Occasional theoretical approaches are presented with analysis coming from the questionnaire surveys. The empirical research contribution of the article highlights the Croatian volume of export of goods and its connection with diplomatic actors. The research is based on the gravity model of international trade and presents empirical findings in the analysis of Croatian economic diplomacy and its effectiveness regarding the Croatian export of goods. The research model confirms positive relationship between Croatian total exports and three independent variables: GDP, distance and staff employed in diplomatic mission. Journal: Economic Research-Ekonomska Istraživanja Pages: 109-121 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1774788 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1774788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:109-121 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860796_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ismail O. Fasanya Author-X-Name-First: Ismail O. Author-X-Name-Last: Fasanya Author-Name: Oluwatomisin Oyewole Author-X-Name-First: Oluwatomisin Author-X-Name-Last: Oyewole Author-Name: Oluwasegun B. Adekoya Author-X-Name-First: Oluwasegun B. Author-X-Name-Last: Adekoya Author-Name: Jones Odei-Mensah Author-X-Name-First: Jones Author-X-Name-Last: Odei-Mensah Title: Dynamic spillovers and connectedness between COVID-19 pandemic and global foreign exchange markets Abstract: This paper examines dynamic spillovers and connectedness between global covid-19 occurrences and the Global FX market. We specifically analyse the spillovers using six most traded currency pairs in the world utilizing daily data for the period December 31, 2019 to April 10, 2020. The paper employs the Diebold and Yilmaz (DY hereafter) (2009, 2012) approach to compute the spillover indexes. We also consider the rolling window analyses to capture the secular and cyclical movement in the financial markets over the period of consideration. Our findings indicate high degree of interdependence between the global covid-19 occurrences and returns volatility of the majorly traded currency pairs. Interestingly, both the returns and volatility spillover indexes exhibit both trend and bursts over the period of pandemic. Our results are robust to the different VAR lag structure. Policymakers are advised to monitor the effects of global COVID-19 announcement and assess the net effect of financial market volatility on the behaviour of the global FX markets in order address new and enhanced risks caused by the upsurge of the COVID-19 pandemic. Journal: Economic Research-Ekonomska Istraživanja Pages: 2059-2084 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860796 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860796 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2059-2084 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1804428_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Claire Emilienne Wati Yameogo Author-X-Name-First: Claire Emilienne Wati Author-X-Name-Last: Yameogo Author-Name: Joseph Ayoola Omojolaibi Author-X-Name-First: Joseph Ayoola Author-X-Name-Last: Omojolaibi Title: Trade liberalisation, economic growth and poverty level in sub-Saharan Africa (SSA) Abstract: This paper explores the relationship among trade openness, economic growth and poverty level in 40 sub-Saharan Africa countries from 1990 to 2017. Panel Autoregressive Distributed Lag (ARDL) model, Panel Vector Auto-regression (VAR) and the System of Generalised Method of Moments (SYS-GMM) were employed. A robustness test was also applied. The sensitivity analysis was done through the Panel ARDL model. The results revealed that trade openness, foreign direct investment and institutional quality significantly increase economic growth in the long term, while institutional quality reduces economic growth in the short run. Furthermore, trade liberalisation, institutional quality and population growth rate lead to poverty reduction in the long run, while trade openness has adverse effects in the short run. Moreover, poverty does not have a significant response to trade and growth shocks. Poverty presented a positive change but the level was not significant. The Pairwise Dumitrescu Hurlin Panel Causality results highlight feedback effects among trade, economic growth and poverty level in the region. Based on these findings, the study recommends that governments in Africa should reviewed their poverty reduction programmes in order to move towards achieving the sustainable development goals. Journal: Economic Research-Ekonomska Istraživanja Pages: 754-774 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1804428 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1804428 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:754-774 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1836990_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Juan L. Gandía Author-X-Name-First: Juan L. Author-X-Name-Last: Gandía Author-Name: David Huguet Author-X-Name-First: David Author-X-Name-Last: Huguet Title: Audit fees and earnings management: differences based on the type of audit Abstract: In spite of the extensive research about the impact of audit fees on audit quality, there is no research examining if the association between voluntary audits and audit pricing affects audit quality. Therefore, the aim of this paper is to empirically examine whether the effect of audit fees on audit quality, measured by the level of earnings management, is affected by the type of audit (voluntary vs mandatory), as well as whether the effect of audit fees on audit quality is different depending on the type of audit. Using a sample of Spanish SMEs composed of both voluntarily and mandatorily audited companies, we find that voluntary audits have higher quality when audit fees are lower, but the differences in audit quality between voluntary and mandatory audits reverse as audit fees increase, and mandatory audits are more effective at deterring earnings management when audit fees are high. Additional analyses show that voluntary audits do not directly affect earnings management; instead, voluntary audits are associated with abnormal fees, which in turn negatively affect earnings management. The results also show that audit fees are only negatively associated with earnings management when accruals are income-increasing, which is related to auditor conservatism. Journal: Economic Research-Ekonomska Istraživanja Pages: 2628-2650 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1836990 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1836990 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2628-2650 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1805348_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andrea Rey-Martí Author-X-Name-First: Andrea Author-X-Name-Last: Rey-Martí Author-Name: Millán Díaz-Foncea Author-X-Name-First: Millán Author-X-Name-Last: Díaz-Foncea Author-Name: Pilar Alguacil-Marí Author-X-Name-First: Pilar Author-X-Name-Last: Alguacil-Marí Title: The determinants of social sustainability in work integration social enterprises: the effect of entrepreneurship Abstract: Work integration social enterprises (WISEs) exist to fight poverty and social exclusion. They offer support and guidance to those at risk of exclusion to help these individuals join the labour market. This study examines the relationship between social enterprises (specifically, work integration social enterprises) and their social impact, considered here in the form of social sustainability. This article presents the results of empirical analysis of 62 Spanish work integration social enterprises using fuzzy-set qualitative comparative analysis. The article focuses on the entrepreneurial characteristics of the companies’ founders and managers as drivers of social value creation. Specifically, the study examines their entrepreneurial traits, capabilities, orientation, and behaviour. The results show the importance of the training that social entrepreneurs receive, as well as the structure and planning of social enterprises. Journal: Economic Research-Ekonomska Istraživanja Pages: 929-947 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1805348 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1805348 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:929-947 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1833744_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fernando Polo-Garrido Author-X-Name-First: Fernando Author-X-Name-Last: Polo-Garrido Author-Name: Elena Meliá-Martí Author-X-Name-First: Elena Author-X-Name-Last: Meliá-Martí Title: Business combinations in cooperatives. A critical view of accounting standards Abstract: Cooperatives have a different ownership structure compared with investor owned firms, which causes frictions in the development of accounting standards. This paper critically reviews the history of cooperatives in the accounting standards for business combinations and identifies and studies five problematic aspects of the application of the acquisition method. A guidance to identifying Business Combinations Under Common Control between cooperatives is proposed. Incompatibilities between the cooperative law and accounting standards are identified, a modified cost of business combination is proposed, inequalities between members arising in the application of the acquisition method are indicated and above all it is shown that the IASB’s decision to allow only one method has proven ineffective in avoiding accounting arbitrage. Journal: Economic Research-Ekonomska Istraživanja Pages: 2522-2538 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1833744 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1833744 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2522-2538 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1804968_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mingqing Xing Author-X-Name-First: Mingqing Author-X-Name-Last: Xing Author-Name: Tingting Tan Author-X-Name-First: Tingting Author-X-Name-Last: Tan Title: Environmental attitudes and impacts of privatization on R&D, environment and welfare in a mixed duopoly Abstract: We introduce the environmental attitudes of the public firm into a polluting mixed duopoly and then examine the effects of privatization on the environmental R&D (ER&D), the environmental quality and the social welfare. The government levies an exogenous environmental tax on pollution and both firms adopt the cleaner production technology to reduce emissions. We mainly find that, when the public firm cares less about the environment, privatization can induce both firms’ ER&D and better the environment. However, the opposite may appear when the public firm cares much for the environment. In addition, whether privatization improves or reduces the social welfare in the case of high marginal environmental damage depends on the environmental attitudes of the public firm and the environmental tax rates. Journal: Economic Research-Ekonomska Istraživanja Pages: 807-827 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1804968 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1804968 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:807-827 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1863828_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Valerija Botrić Author-X-Name-First: Valerija Author-X-Name-Last: Botrić Author-Name: Ljiljana Božić Author-X-Name-First: Ljiljana Author-X-Name-Last: Božić Title: The digital divide and E-government in European economies Abstract: Even though the Internet usage is perceived to be widespread, senior citizens are relatively more reluctant to adopt new technologies. By relying on the Eurostat’s Community Statistics on Information Society (CSIS) microdata for the period 2008–2017, we explore recent evolution of the digital divide across Europe. We analyse the difference in adoption of e-governance by younger and older Internet users as well as their reasons for not using e-government services (specifically by submitting completed forms to public authorities). Additionally, we seek to identify factors that determine the difference in the reluctance to adopt e-governance services by senior citizens and the young. By adopting Heckman selection methodology, we establish three categories of factors: those that have different effects for young and old (gender, household size, and population density), those having similar effects (economic activity), and those that have adverse effects for the young and the old (education). Based on empirical results, we suggest following venues for EU-wide policy actions: special attention should be given to older population in sparsely populated areas, specialised learning activities should be developed for older citizens with additional effort to promote inclusion of older women to participate in these learning activities. Journal: Economic Research-Ekonomska Istraživanja Pages: 2935-2955 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1863828 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1863828 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2935-2955 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1833743_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Paula Vázquez-Rodríguez Author-X-Name-First: Paula Author-X-Name-Last: Vázquez-Rodríguez Author-Name: Noelia Romero-Castro Author-X-Name-First: Noelia Author-X-Name-Last: Romero-Castro Author-Name: Ada M. Pérez-Pico Author-X-Name-First: Ada M. Author-X-Name-Last: Pérez-Pico Title: To engage or not to engage in organisational citizenship behaviour: that is the question! Abstract: Organisational citizenship behaviour (OCB) can be defined as discretional, voluntary and useful informal behaviour that is not directly acknowledged by the organisation’s formal reward system. Such behaviour refers to actions that go beyond performing the tasks defined as part of one’s job. Previous studies have shown that organisations that promote OCB can notably improve their productivity and efficiency. It is therefore important to know what causes employees to engage in OCB rather than just limiting themselves to doing what is strictly expected at work. However, it is more important to know why they do not engage in OCB. Using a sample of public prison employees and the fsQCA method, this study examines how the combined effects of organisational characteristics, leadership behaviours and individual characteristics lead to the absence of OCB. The results indicate that the absence of affective commitment, or job satisfaction, or interactional justice is a necessary condition for the absence of OCB. Four conditions are identified as sufficient, and the absence of affective commitment and the presence of laissez-faire leadership are found to be the most relevant conditions for the absence of OCB. Managerial implications and directions for future studies are discussed at the end of the paper. Journal: Economic Research-Ekonomska Istraživanja Pages: 2506-2521 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1833743 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1833743 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2506-2521 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1877167_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Carlos Lassala Author-X-Name-First: Carlos Author-X-Name-Last: Lassala Author-Name: Maria Orero-Blat Author-X-Name-First: Maria Author-X-Name-Last: Orero-Blat Author-Name: Samuel Ribeiro-Navarrete Author-X-Name-First: Samuel Author-X-Name-Last: Ribeiro-Navarrete Title: The financial performance of listed companies in pursuit of the Sustainable Development Goals (SDG) Abstract: Socially responsible companies whose values are aligned with the United Nations Sustainable Development Goals (UN SDGs) contribute to creating wealth and long-term economic and social value. This alignment leads to a competitive advantage based on the triple bottom line that enhances financial performance. In this paper, fuzzy-set qualitative comparative analysis (fsQCA) is used to identify the configurations of conditions that lead to high or low financial performance (return on equity) for a sample of companies in the IBEX 35. Firms should adopt business models that embrace the SDGs because sustainability-based models can ensure not only the present but also the future of generations to come. Journal: Economic Research-Ekonomska Istraživanja Pages: 427-449 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1877167 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1877167 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:427-449 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1839526_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: J.F. Calzadilla Author-X-Name-First: J.F. Author-X-Name-Last: Calzadilla Author-Name: M.J. Bordonado-Bermejo Author-X-Name-First: M.J. Author-X-Name-Last: Bordonado-Bermejo Author-Name: E. González-Rodrigo Author-X-Name-First: E. Author-X-Name-Last: González-Rodrigo Title: A systematic review of ordinary people, behavioural financial biases Abstract: Behavioural Finance and Behavioural Economics are jointly fast-growing fields of research, which encompass both academicia and business. Therefore, the purpose of this paper is to study the biases in decision-making by ordinary investors, also considering socio-economic variables. We do so by applying systematic review tools and meta-analysis. In this study, this analysis is conducted by using tools developed for this purpose, such as EPIReviewer. We sourced information primarily from WOS-Clarivate, and also supplement it with the Proquest database. The search provided 890 studies in total, from 2009 to 2019. After cleaning the dataset, 110 publications remained for the analysis. The output of the analysis consisted of summarised tables, frequency and cross-tabulation tables corresponding to the 17 types of biases and 15 socioeconomic variables. Inasmuch as the study was targeted to discover the type of behavioural biases and constructs that exhibit the ordinary investor‘s group, it was found that the evidence in the literature was joined with that of the institutional investors. On the other hand, the socio-economic evidence about gender, age, studies, and geography in the literature review is short, limited and partial. The results emerging from this review provide a first insight into the behavioural finance biases and socio-economic links of ordinary people based on the most recent publications. This should inform more extended studies given the importance of ordinary people as a general reference for the economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 2767-2789 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1839526 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1839526 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2767-2789 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875864_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yiming He Author-X-Name-First: Yiming Author-X-Name-Last: He Author-Name: Alan R. Collins Author-X-Name-First: Alan R. Author-X-Name-Last: Collins Title: Optimal dynamic electricity consumption function estimation: an institutional experimental evidence from Guangzhou, China (1949-2016) Abstract: This research demonstrates from a dynamic optimal perspective that electricity consumption for a metropolitan area is a function of economic output, electricity consumption habits, and electricity demand management reform. The empirical results include: (1) an unidirectional Granger causality exists linking economic output to electricity consumption; (2) given electricity consumption habits under the context of the electricity demand management reform, an economic output increase of 1% results in the increase of electricity consumption by 0.22%, and (3), after demand management has been implemented, economic output continues to increase electricity consumption, but at a lower rate than prior to reform. These empirical results imply that the ‘conservation hypothesis’ is upheld over the long-run at the regional level in Guangzhou from 1949 to 2016. Journal: Economic Research-Ekonomska Istraživanja Pages: 3530-3554 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1875864 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3530-3554 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860799_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tatjana Horvat Author-X-Name-First: Tatjana Author-X-Name-Last: Horvat Author-Name: Hendrik Bendix Author-X-Name-First: Hendrik Author-X-Name-Last: Bendix Author-Name: Vito Bobek Author-X-Name-First: Vito Author-X-Name-Last: Bobek Author-Name: Hazbo Skoko Author-X-Name-First: Hazbo Author-X-Name-Last: Skoko Title: Impacts of investments in infrastructure projects on emerging markets’ growth: the case of East African countries Abstract: The purpose of the paper is to research fast-growing economies of East Africa regarding conditions and effects of infrastructure investments in various sectors and their influence on socio-economic growth. The paper aims to provide insights, knowledge and a rudimentary blueprint of how Least Developed Countries can take the first step to initiate dynamic economic growth. An important question is which infrastructure project should be financed with the limited available funds of an emerging market. The authors discuss various infrastructure projects, related conflicts, political issues, social impacts and the growing dependence on international influences. The structure of investment in East Africa and its economic playground with different trade agreements, NGOs Aid Programmes and Development Foundations, as well as International Agreements for development aid is often difficult to understand and its outcome is difficult to measure. So, the foundation of this paper will be built on in-depth interviews and statistical research based on the development theories of Emerging Markets. The authors were able to demonstrate an influence of infrastructure investments on economic and human development by a high positive correlation. In addition, 10 out of 13 analysed infrastructure characteristics showed a significantly positive moderate, high or very high correlation with economic growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 2135-2161 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860799 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860799 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2135-2161 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1838312_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mercedes Grijalvo Author-X-Name-First: Mercedes Author-X-Name-Last: Grijalvo Author-Name: Bárbara Sanz-Samalea Author-X-Name-First: Bárbara Author-X-Name-Last: Sanz-Samalea Title: Exploring EN 9100: current key results and future opportunities – a study in the Spanish aerospace industry Abstract: This study analyses if the objectives of the EN 9100 framework, EN 9100 standard, and its certification schema developed by the International Aerospace Quality Group have been reached and if they have been beneficial for aerospace companies. Fewer studies have been conducted on the EN 9100 framework than on other standards, and studies on the compulsory component are also rare. This in-depth interview study aims to address that gap. Case selection is conducted by identifying experienced actors in the sector, high-level managers from all layers of the Spanish aerospace supply chain (Tiers 0, 1, and 2), and certified auditors. The results show that the framework has been beneficial for the companies, even though some of its objectives – such as sharing best practices and cutting additional customer requirements – have not been achieved. Opinions regarding the framework’s benefits vary according to the supply chain level. The most favourable view is found in larger companies, all of which highlighted company motivation as a prime factor. These firms consider that EN 9100 is not focused on innovation but on improving the effectiveness and efficiency of the established strategy. Journal: Economic Research-Ekonomska Istraživanja Pages: 2712-2728 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1838312 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1838312 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2712-2728 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844586_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fernanda A. Ferreira Author-X-Name-First: Fernanda A. Author-X-Name-Last: Ferreira Author-Name: Flávio Ferreira Author-X-Name-First: Flávio Author-X-Name-Last: Ferreira Author-Name: Oana R. Bode Author-X-Name-First: Oana R. Author-X-Name-Last: Bode Title: Licensing under Cournot vs Bertrand competition Abstract: In this paper we consider, on one hand, a differentiated Cournot model, and, on the other hand, a differentiated Bertrand model, when one of the firms engages in an R&D process that gives an endogenous cost-reducing innovation. The aim of the present paper is two-fold. The first is to study the licensing of the cost-reduction by a per-unit royalty and a fixed-fee in these Cournot and Bertrand models. The second is to do a direct comparison between Cournot model and Bertrand model. We analyse the implications of these types of licensing contracts over the R&D effort, the profits of the firms, the consumer surplus and the social welfare. We show that some previous results for two-part tariff licensing are not robust, in the sense that they can be not true for just either a per-unit royalty contract or a fixed-fee contract. Furthermore, by using comparative static analysis, we conclude that the degree of the differentiation of the goods assumes a great importance in the results. We also discuss the optimal licensing, meaning that which licensing method is preferred, in each of the duopoly models considered. Journal: Economic Research-Ekonomska Istraživanja Pages: 1651-1675 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844586 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844586 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1651-1675 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1848605_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yixi Liu Author-X-Name-First: Yixi Author-X-Name-Last: Liu Author-Name: Peilong Wang Author-X-Name-First: Peilong Author-X-Name-Last: Wang Author-Name: Zhou He Author-X-Name-First: Zhou Author-X-Name-Last: He Author-Name: Jichang Dong Author-X-Name-First: Jichang Author-X-Name-Last: Dong Title: Real estate rental market: a 10-year bibliometric-based review Abstract: The real estate rental market (RERM) is considered to have an important role in the entire real estate market. It refers to a property composed of land and its buildings, including the natural resources that can be rented or leased. Previous researches show that most developed countries have experienced the historical process of passively renting, actively buying, and actively renting. Moreover, academic interest in the impact of different sectors of the RERM has been reviewed increasingly over the past decade. However, previous studies provide limited insights into a comprehensive review of the RERM. Based on a 10-year database of 790 articles collected from the Web of Science, a comprehensive literature review is presented to discover the knowledge structure of RERM using CiteSpace software. First, this study recognizes the cluster of the articles, and discusses six major clusters in detail. Next, this study has identified four research trends that emerged during the past decade. To reveal the differences between the studies in the United States (US), China and the United Kingdom (UK), this study compares their publication scales and co-word networks. Finally, this study suggests six meaningful future research directions. Journal: Economic Research-Ekonomska Istraživanja Pages: 1752-1788 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1848605 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1848605 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1752-1788 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1862688_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Umar Author-X-Name-First: Muhammad Author-X-Name-Last: Umar Author-Name: Yan Xu Author-X-Name-First: Yan Author-X-Name-Last: Xu Author-Name: Sultan Sikandar Mirza Author-X-Name-First: Sultan Sikandar Author-X-Name-Last: Mirza Title: The impact of Covid-19 on Gig economy Abstract: Covid-19 has jolted and halted the whole world. Economies and stock markets have been hit hard however very little is known about the impact of the pandemic on Gig economy. So, this study is an attempt to understand the impact of Covid-19 on Gig economy. The Online Labor Index of Oxford University has been used as a measure of Gig Economy and daily record of new cases and deaths of Corona patients has been used as proxies for Covid-19. The world data for Gig economy ranges from July 1, 2019 to June 22, 2020 and the data regarding Covid-19 ranges from December 31, 2019 to June 22, 2020. This study uses GARCH and VAR model to understand the above mentioned relationship. The results of volatility clustering shows that the volatility of Gig economy increased with the news of Covid-19. Findings of VAR show that covid-19 has significant positive impact on new job openings in Gig economy. Granger causality test shows a bi-directional relationship between covid-19 and Gig economy i.e. Covid-19 cases affected online job openings and online job filling affected the spread of pandemic. The Findings suggest that policymakers should make policies to support Gig economy because it has the potential to keep the world going even in the toughest of times. Journal: Economic Research-Ekonomska Istraživanja Pages: 2284-2296 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1862688 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1862688 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2284-2296 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860801_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Juan Lafont Author-X-Name-First: Juan Author-X-Name-Last: Lafont Author-Name: Javier Romero Author-X-Name-First: Javier Author-X-Name-Last: Romero Author-Name: Miguel Palacios Author-X-Name-First: Miguel Author-X-Name-Last: Palacios Author-Name: Felipe Ruiz Author-X-Name-First: Felipe Author-X-Name-Last: Ruiz Title: Shareholder return and value creation at listed infrastructure companies in different economic contexts Abstract: The creation of value in listed companies has been of interest to the research field and to practitioners in the investment arena for more than eighty years. It can be considered to have two aspects the first with more quantitative elements related to financial and performance aspects, and the second with more qualitative elements related to company competitiveness. The stated goal is the evaluation of the factors that influence value creation in different economic contexts and their possible changes of listed infrastructure companies with data referring to before, during and after the crisis of 2008. The fuzzy-set QCA method has been used, where the relationship between both factors, qualitative and comparative, can be reflected on an output related to value creation, represented by the Total Shareholder Return (TSR). The TSR is an appropriate indicator as it provides a broader measure, which includes the share price, and represents the overall return that the investor can achieve, that is, the amount returned to shareholders. The conclusions reached highlight the importance of qualitative and quantitative factors, as well as their combination, in creating value and that there are differences that exist before, during and after the crisis. Journal: Economic Research-Ekonomska Istraživanja Pages: 2194-2209 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860801 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860801 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2194-2209 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1825106_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ineta Zykiene Author-X-Name-First: Ineta Author-X-Name-Last: Zykiene Author-Name: Vytautas Snieska Author-X-Name-First: Vytautas Author-X-Name-Last: Snieska Author-Name: Jurgita Bruneckiene Author-X-Name-First: Jurgita Author-X-Name-Last: Bruneckiene Author-Name: Daiva Burksaitiene Author-X-Name-First: Daiva Author-X-Name-Last: Burksaitiene Title: Assessment of regions using an index for a location’s attractiveness for business development Abstract: A system of 36 regional-level indicators is selected to create a new index measuring a location’s attractiveness for business development (the LA-index), on the criteria of intelligence, networking and infrastructure, sustainability, digitalisation, learning, agility, innovativeness and knowledge. Business establishment is defined by nine indicators. Overall, the research data include 5,170 observations. The methodology presented is suitable for assessing the attractiveness of any region if the necessary data are available. We use correlation analysis and the Granger causality test to analyse the impact of business attractiveness on the establishment of new businesses. The main findings reveal that attractiveness for business development has a positive impact on the establishment of new businesses, but the determinants and time lags of this impact vary depending on the level of economic development of the region. The paper contributes to the regional economic development literature by exploring the concept of a location’s attractiveness using the smartness approach, and by discovering the time lags of the impact of this on the establishment of new businesses. The paper provides original empirical evidence, which helps policy makers to develop more accurate strategies and decision-making process based on smartness determinants and delayed effect (impact over time). Journal: Economic Research-Ekonomska Istraživanja Pages: 1366-1384 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1825106 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1825106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1366-1384 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1833746_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Elisabeth Bustos-Contell Author-X-Name-First: Elisabeth Author-X-Name-Last: Bustos-Contell Author-Name: Salvador Climent-Serrano Author-X-Name-First: Salvador Author-X-Name-Last: Climent-Serrano Author-Name: Gregorio Labatut-Serer Author-X-Name-First: Gregorio Author-X-Name-Last: Labatut-Serer Title: A fuzzy-set qualitative comparative analysis model to predict bank bailouts: a study of the Spanish financial system Abstract: This paper examines the restructuring of the Spanish financial system. This study is justified by the massive economic and social impact of this process in Spain. Based on the annual accounts and the annual reports of Spanish credit institutions, a model was created to predict the possibility of bank failure or bailout. The variables were selected following a review of the literature. They included the legal form of the credit institution (savings bank versus bank), leverage, real estate investment, gross operating margin, staff costs and non-performing loans. Two variables that had not previously been used in studies of this type were also included in the model: risk-weighted assets and coverage (as part of the provisions for non-performing loans). Fuzzy-set qualitative comparative analysis (fsQCA) was used for the analysis. Use of fsQCA is another novel aspect of this study. This technique has never been used to predict corporate bankruptcy or the failure of credit institutions. Proposals were made and tested using data on Spanish banks and savings banks for the year 2010, a critical year for the Spanish financial system. The results yield several interesting conclusions. First, greater leverage increases the probability of survival, contrary to the opinion of most scholars. This result shows that the problem facing Spanish credit institutions was the closure of international markets, not the level of debt. Another key conclusion is that financial institutions with higher staff costs have a greater chance of survival. Therefore, the widespread policy of reducing human resource costs should be reconsidered. Finally, the risk-weighted assets measure offers an excellent predictor of failure of credit institutions, as well as providing other benefits, which substantially increase the value of this measure. Journal: Economic Research-Ekonomska Istraživanja Pages: 2555-2571 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1833746 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1833746 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2555-2571 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1833745_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Juan Gallegos Mardones Author-X-Name-First: Juan Gallegos Author-X-Name-Last: Mardones Author-Name: Nelyda Campos-Requena Author-X-Name-First: Nelyda Author-X-Name-Last: Campos-Requena Title: Can higher education admission be more equitable? Evidence supporting the inclusion of relative ranking in the process Abstract: Many higher education systems require students to take admission exams, which are considered good predictors of academic performance. However, in Latin America, their use has been criticised for promoting socioeconomic segregation and favouring students of higher socioeconomic levels. This research complements the higher education admission process by using alternative measures of relative performance that promote greater equity in the system and allow access to higher education for more vulnerable sectors. A longitudinal study of students in Chile taking the University Selection Test (P.S.U.) and estimations of ordinary least squares (O.L.S.) in two stages were conducted. We found that the use of new measures of performance allows those more vulnerable students from public schools to reach equal and/or superior levels of relative performance than their peers from private schools. The practical implications of this research relate to recognising that good students can also attend public schools and that those students who have the capability can enter higher education, independent of their economic situations. Journal: Economic Research-Ekonomska Istraživanja Pages: 2539-2554 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1833745 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1833745 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2539-2554 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1782244_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Waseem Bari Author-X-Name-First: Muhammad Waseem Author-X-Name-Last: Bari Author-Name: Faiq Mahmood Author-X-Name-First: Faiq Author-X-Name-Last: Mahmood Author-Name: Qurrah-tul-ain Author-X-Name-First: Author-X-Name-Last: Qurrah-tul-ain Author-Name: Mohsin Bashir Author-X-Name-First: Mohsin Author-X-Name-Last: Bashir Author-Name: Muhammad Usman Author-X-Name-First: Muhammad Author-X-Name-Last: Usman Title: The role of instrumental guanxi in the relation between entrepreneurs’ social competence and firms’ financial performance: A comparative study Abstract: Even though many studies have examined the role of instrumental guanxi in the formation and development of entrepreneurship, how instrumental guanxi and social competence support entrepreneurs in enhancing firm financial performance (FFP) has not been investigated. Thus, this study investigates the relationship between entrepreneurs’ social competence and FFP in the textile industry of China and Pakistan to examine how instrumental guanxi mediates the said relationship. In Studies 1 and 2, 251 Chinese and 270 Pakistani entrepreneurs, respectively, were randomly selected. The partial least square structural equation modelling approach was employed to evaluate the data. In Study 1, social perception, impression management, and expressiveness have a positive and significant impact on FFP. Moreover, instrumental guanxi partially mediates the impact of all dimensions of social competence except social perception. In Study 2, impression management, persuasiveness, and expressiveness have a positive and significant impact on FFP, and instrumental guanxi partially mediates the impact of social adaptability on FFP. Given the competitive advantage theory, both groups of entrepreneurs can mutually support and enhance their social competence as well as FFP. Journal: Economic Research-Ekonomska Istraživanja Pages: 243-265 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1782244 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1782244 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:243-265 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1836991_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alba Yela Aránega Author-X-Name-First: Alba Author-X-Name-Last: Yela Aránega Author-Name: Rafael Castaño Sánchez Author-X-Name-First: Rafael Author-X-Name-Last: Castaño Sánchez Author-Name: Carmelo García Pérez Author-X-Name-First: Carmelo Author-X-Name-Last: García Pérez Title: Labour integration of young people at risk of social exclusion through the development of key competencies Abstract: This study examines the key competencies that young people at risk of exclusion must develop to achieve integration into the labour market, and assesses their level of integration after their participation in the programme proposed. A programme for developing Social Skills is undertaken for three weeks. A methodology is presented to that end, based on constructing three synthetic indicators which aggregate and measure the different components proposed: Appearance, Confidence, Attitude, and Organisation and Planning. These three models measure the aspects before the programme and the aspects after the programme and the improvements are analysed. The results of the study are based on a sample of 373 young people between 18 and 30 belonging to vulnerable groups. An analysis of the results shows that the competencies that underwent the most significant changes were Attitude and Organisation and Planning. Control variables are applied (gender, age, experience and level of education). The results obtained in the model studying the aftermath of the programme show that the competence of Confidence influences the student's recruitment and incorporation into employment. Journal: Economic Research-Ekonomska Istraživanja Pages: 2651-2668 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1836991 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1836991 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2651-2668 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860800_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yufeng Xia Author-X-Name-First: Yufeng Author-X-Name-Last: Xia Author-Name: Peisen Liu Author-X-Name-First: Peisen Author-X-Name-Last: Liu Author-Name: Guanhua Huang Author-X-Name-First: Guanhua Author-X-Name-Last: Huang Title: Bank deregulation, environmental regulation and pollution reduction: evidence from Chinese firms Abstract: The Chinese government has increased its emphasis on ‘green GDP’ and restricted bank lending to polluting firms. However, government interference may distort bank credit allocation and worsen the external financing environment of polluting firms. Bank competition as a market-based mechanism may play a role in pollution abatement. By matching the Annual Surveys of Industrial Firms dataset with the Ministry of Environmental Protection survey data and the city-level bank competition data, this article explores the effects of banking sector structure on firm-level pollution emissions under the context of bank deregulation. The findings of this study are mainly in four aspects. First, more bank competition can reduce pollution emissions per unit output value. Second, bank competition affects enterprise pollution emissions through alleviating financial constraints. To be more specific, credit availability, credit amount as well as credit cost are the channels for bank competition to affect enterprise pollution emissions. Third, strict environment regulation strengthens the negative effect of bank competition on pollution emissions. Fourth, the mandatory administrative means of impeding banks from lending to polluters did not achieve the aim of pollution reduction. This study provides evidence that the financial system of banks can have a material impact on firms’ pollution emissions. Journal: Economic Research-Ekonomska Istraživanja Pages: 2162-2193 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860800 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860800 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2162-2193 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1831943_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Manuel J. Sánchez-Franco Author-X-Name-First: Manuel J. Author-X-Name-Last: Sánchez-Franco Author-Name: Manuel Alonso-Dos-Santos Author-X-Name-First: Manuel Author-X-Name-Last: Alonso-Dos-Santos Title: Exploring gender-based influences on key features of Airbnb accommodations Abstract: Our research aims to address the following research questions: (a) to identify guests’ hidden experiences in a distribution of terms over a fixed vocabulary by analysing a bulk set of online reviews through the process of text mining, and in particular, (b) to assess if the Airbnb guest experience represented in them can be used to enhance Airbnb services. On the other hand, our study analyses the relationship between the topics identified and Airbnb pricing, and mainly measures the influence of gender as a moderating cue. In this regard, a growing body of research has emerged to examine gender differences in leisure participation. In particular, our study concludes how the guests’ gender affects the contributions of listings’ features in price prediction. Females are more intrinsically motivated and preferentially mention, for instance, the Airbnb accommodation’s location and the gratifying (local) experiences in their narratives. On the contrary, male guests highlight hygiene and apartment facilities. To sum up, our research provides design guidelines to reflect the willingness to hire an apartment, offering insights for research and practice, and allowing the layout of pricing-recommendation systems. Journal: Economic Research-Ekonomska Istraživanja Pages: 2484-2505 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1831943 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1831943 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2484-2505 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1820359_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Christian Espinosa-Méndez Author-X-Name-First: Christian Author-X-Name-Last: Espinosa-Méndez Author-Name: Luis Araya-Castillo Author-X-Name-First: Luis Author-X-Name-Last: Araya-Castillo Author-Name: Mauricio Jara Bertín Author-X-Name-First: Mauricio Author-X-Name-Last: Jara Bertín Author-Name: Juan Gorigoitía Author-X-Name-First: Juan Author-X-Name-Last: Gorigoitía Title: International diversification, ownership structure and performance in an emerging market: evidence from Chile Abstract: This research analyzes the impact of international diversification on the performance of Chilean exporting firms. Considering a sample of 47 companies listed on the Santiago Stock Exchange during the period 2003–2013, we found an international diversification discount. Secondly, when investigating the relationship between international diversification and performance, we found that they are related through an inverted U curve. Finally, we investigated how the ownership structure moderates the relationship between international diversification and performance, finding that the ownership concentration and pyramidal ownership positively impacts the performance of companies initiating international diversification strategies; and that the business groups’ affiliation negatively impacts in the international diversification-performance relationship. Journal: Economic Research-Ekonomska Istraživanja Pages: 1202-1223 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1820359 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1820359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1202-1223 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875255_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xinxin Wang Author-X-Name-First: Xinxin Author-X-Name-Last: Wang Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Qiang Wen Author-X-Name-First: Qiang Author-X-Name-Last: Wen Author-Name: Honghui Li Author-X-Name-First: Honghui Author-X-Name-Last: Li Title: A multidimensional decision with nested probabilistic linguistic term sets and its application in corporate investment Abstract: With the rapid development of information, decision making problems in various fields have presented multidimensional, complex and uncertain characteristics. Nested probabilistic-numerical linguistic term set (NPNLTS) is an effective tool to describe complex information due to the nested structure and diverse variables. This paper extends the concept of NPNLTS, and defines an improved form, i.e., nested probabilistic linguistic term set (NPLTS), and then proposes a novel VIKOR method with nested probabilistic linguistic information to solve the model. Within the context of empirical corporate finance, a case study related to corporate investment decision is presented and handled by the novel VIKOR method. After that, comparative analysis is carried out considering other decision-making methods, decision coefficient in VIKOR, and weights of attributes. As a result, the proposed method not only provides a rational and effective solution, but also reveals the rule in the case when decision coefficient and weights of attributes change, respectively. Finally, we discuss the proposed method from the theoretical and application aspects with a view to guiding future research. To a certain extent, this study provides a new decision environment to deal with multidimensional problems. Journal: Economic Research-Ekonomska Istraživanja Pages: 3382-3400 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1875255 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875255 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3382-3400 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1823241_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jiang Yun Author-X-Name-First: Jiang Author-X-Name-Last: Yun Author-Name: Hassan Ahmad Author-X-Name-First: Hassan Author-X-Name-Last: Ahmad Author-Name: Khalil Jebran Author-X-Name-First: Khalil Author-X-Name-Last: Jebran Author-Name: Sher Muhammad Author-X-Name-First: Sher Author-X-Name-Last: Muhammad Title: Cash holdings and firm performance relationship: Do firm-specific factors matter? Abstract: This study shows how the relationship between cash holdings and firm performance is moderated by several firm-specific factors such as state-ownership, corporate governance attributes, family ownership, and ownership concentration. By considering a sample of Chinese firms, this study provides strong evidence that the cash holdings and performance association is significantly moderated by firm-specific attributes. Specifically, this study documented that cash holdings improve the performance of firms having strong corporate governance. Further, family ownership and ownership concentration negatively affect the relationship between cash and performance, while state-ownership positively moderates this relationship. Overall, the findings elaborate that firm-specific attributes are important factors influencing the association between cash holdings and firm performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 1283-1305 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1823241 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1823241 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1283-1305 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875861_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Facang Zhu Author-X-Name-First: Facang Author-X-Name-Last: Zhu Author-Name: Qianqian Li Author-X-Name-First: Qianqian Author-X-Name-Last: Li Author-Name: Shichun Yang Author-X-Name-First: Shichun Author-X-Name-Last: Yang Author-Name: Tomas Balezentis Author-X-Name-First: Tomas Author-X-Name-Last: Balezentis Title: How ICT and R&D affect productivity? Firm level evidence for China Abstract: Based on an extended three-step CDM model, this paper addresses the impacts of research and development (R&D) and information and communication technology (ICT) on firm productivity for the World Bank innovation survey data of China. The study includes ICT investment and R&D as the two main inputs into innovation and productivity. We find that R&D and ICT investments positively affect product innovation and process innovation, with R&D being more important for innovation and productivity, and ICT being more important for innovation and no direct effect on productivity. We conclude that R&D and ICT investments increase the probability of product innovation and process innovation, which increase firm’s productivity, suggesting that R&D and ICT investments indirectly affect productivity through innovation. Journal: Economic Research-Ekonomska Istraživanja Pages: 3468-3486 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1875861 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875861 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3468-3486 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1792324_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiuwu Zhang Author-X-Name-First: Xiuwu Author-X-Name-Last: Zhang Author-Name: Lixiang Wang Author-X-Name-First: Lixiang Author-X-Name-Last: Wang Author-Name: Feng Chen Author-X-Name-First: Feng Author-X-Name-Last: Chen Title: R&D subsidies, executive background and innovation of Chinese listed companies Abstract: Enterprises are the mainstay of national innovation. The improvement of enterprise productivity and the sustained and rapid development of the economy are inseparable from the research and development (R&D) and innovation of enterprises. Most previous research studies have focused on the economic system and scale of enterprises to study the impact of government–enterprise relations on corporate innovation. This article takes the heterogeneity background characteristics of executives as the starting point, discusses the internal mechanism of R&D subsidies, the background characteristics of corporate executives and the innovative behaviour of Chinese listed companies, and draws two conclusions: (1) The current Chinese government’s innovation subsidy allocation process still has some preferences, such as the company’s executives have more R&D subsidies for listed companies with a background in government, technical background and high academic background; and (2) Although the three types of background characteristics of executives are beneficial to the company’s R&D subsidies, the government background of executives has not significantly promoted the innovation of listed companies, while the background of technology R&D and high academic background of executives have significantly promoted corporate innovation. Journal: Economic Research-Ekonomska Istraživanja Pages: 484-497 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1792324 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1792324 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:484-497 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1836993_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: José-Santiago Fernández-Vázquez Author-X-Name-First: José-Santiago Author-X-Name-Last: Fernández-Vázquez Title: Analysing the environmental websites of the world’s greatest polluters: a multimodal ecolinguistic approach Abstract: This paper develops a visual analysis of the environmental webpages of 20 global companies, considered to be the world’s greatest polluters in terms of their carbon emissions into the atmosphere. Our aim is to determine how these companies build a public reputation as environmentally concerned agents in relation to climate change. The analysis is based on the theoretical and methodological propositions put forward by Critical Discourse Analysis, ecolinguistics and multimodal analysis. More specifically, we take into account Kress and van Leeuwen’s grammar of visual design, which enables us to describe and classify the images on webpages and to determine how these images are used to enforce certain narratives and ideologies. The paper also develops a comparative study of promotional strategies and the level of development and communicative efficiency of the sustainability webpages of Western and non-Western companies, on the one hand, and of global companies and environmental NGOs on the other. Journal: Economic Research-Ekonomska Istraživanja Pages: 2692-2711 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1836993 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1836993 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2692-2711 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844582_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Petra Adelajda Zaninović Author-X-Name-First: Petra Adelajda Author-X-Name-Last: Zaninović Author-Name: Vinko Zaninović Author-X-Name-First: Vinko Author-X-Name-Last: Zaninović Author-Name: Helga Pavlić Skender Author-X-Name-First: Helga Pavlić Author-X-Name-Last: Skender Title: The effects of logistics performance on international trade: EU15 vs CEMS Abstract: Even though trade tariffs have generally fallen since the GATT agreement, non-tariff trade barriers still exist and show an upward trend. An important type of non-tariff trade barrier is logistics service related to the transport of goods to foreign markets. Efficient logistics is of great importance for small and open economies such as the Central and Eastern European EU member countries that became EU members in 2004 or later and are in the process of economic convergence with the old EU member countries, mostly through trade. On the other hand, logistics is important for old EU member countries because it influences competitiveness in global supply chains. The aim of this paper is to examine the homogeneity of the two blocks of EU countries in terms of logistics performance, i.e. to examine the impact of logistics performance on the international bilateral trade of the EU15 and CEMS with the rest of the world in the period 2010–2018. We develop and estimate a structural gravity model with Poisson pseudo-maximum probability estimator, using the LPI and its sub-indices as the main independent variables of interest. Our results show that differences in LPI values have heterogenous impact on bilateral trade, especially when considering trade in different classes of goods and different groups of country pairs. Journal: Economic Research-Ekonomska Istraživanja Pages: 1566-1582 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844582 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844582 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1566-1582 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1870519_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Meng Yan Author-X-Name-First: Meng Author-X-Name-Last: Yan Author-Name: Kai Shi Author-X-Name-First: Kai Author-X-Name-Last: Shi Title: The impact of high-frequency economic policy uncertainty on China’s macroeconomy: evidence from mixed-frequency VAR Abstract: We investigate the impact of high-frequency economic policy uncertainty on investments of state-owned and private-owned enterprises (SOEs and POEs), as well as short-, medium- and long-term bank loans in China by employing the mixed-frequency vector autoregression model. Impulse response analysis suggests that monthly economic policy uncertainty is allowed to have heterogeneous effects on investments and bank loans in China. Variance decomposition analysis shows that aggregating monthly economic policy uncertainty into the quarterly level underestimates the influence of economic policy uncertainty in shaping China’s macroeconomy at business cycle frequencies. By further decomposing the SOEs’ investment, we reveal that the effects of economic policy uncertainty on SOEs’ investment are strengthened due to the existence of the injection of the government investment into SOEs. Trade policy uncertainty has a similar impact on China’s investments and bank loans as economic policy uncertainty. The counterfactual analysis shows that the impact of economic policy uncertainty on China’s investments and bank loans is alleviated when the interest rate channel exists. Our major conclusions are insensitive to a series of robustness checks. Journal: Economic Research-Ekonomska Istraživanja Pages: 3201-3224 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1870519 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1870519 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3201-3224 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860798_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ratapol Wudhikarn Author-X-Name-First: Ratapol Author-X-Name-Last: Wudhikarn Title: The hybrid intellectual capital valuation method Abstract: This study aims to improve the existing problems of intellectual capital (IC) measurement methods including those with unclear and unspecific calculation details and the inability to valuate the influences between IC measures and between IC components, which is a fundamental characteristic of IC. To address the fundamental issues of past methods, this study integrates two multi-criteria decision-making (MCDM) methods: the analytic network process (ANP) and the simple additive weighting (SAW) method, both of which provide specific and clear calculation procedures. ANP is adopted to manage the valuation of influences between IC elements, while SAW is used to solve incommensurable units of IC performance indicators and different concentrations on IC measures and components. Implementation of the method revealed a clear and systematic measurement procedure. The proposed method could consider the relationships among IC measures as well as among IC components and presented calculated results in the form of the weights of IC measurement compositions. Furthermore, the method maintained the crucial characteristics of IC measurement: the ability to standardise units of measure and the capability to valuate the performance of IC for the appropriate measure, component, and holism level. Journal: Economic Research-Ekonomska Istraživanja Pages: 2115-2134 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860798 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860798 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2115-2134 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1838314_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: M. Ángeles López-Cabarcos Author-X-Name-First: M. Ángeles Author-X-Name-Last: López-Cabarcos Author-Name: Juan Piñeiro-Chousa Author-X-Name-First: Juan Author-X-Name-Last: Piñeiro-Chousa Author-Name: Lara Quiñoá-Piñeiro Author-X-Name-First: Lara Author-X-Name-Last: Quiñoá-Piñeiro Title: An approach to a country's innovation considering cultural, economic, and social conditions Abstract: One of the main concerns regarding innovation lies in knowing and understanding how this phenomenon occurs. Many countries are basing their aspirations for progress on innovation, placing it at the heart of their growth strategies. In response to this need, this study proposes to analyse the combined effects of five conditions that can lead to a country’s innovation. Using a sample of 51 countries and fuzzy-set qualitative comparative analysis (fsQCA), this study aims to find out whether a country’s long-term orientation, its public expenditure on education, its democracy level, the inflows of foreign direct investment (FDI), and its entrepreneurial activity can lead independently or in combination to the presence of innovation. The results show that the democracy level and the long-term orientation of a country are key conditions to lead to a country’s innovation. Conversely, the inflows of FDI and the public expenditure on education seem to play a secondary role to lead to a country’s innovation. Besides, the entrepreneurial activity of a country and its innovative activity seem to behave in the opposite direction. The results are intended to help governments, businesses, and investors make decisions capable of generating greater value at all levels. Journal: Economic Research-Ekonomska Istraživanja Pages: 2747-2766 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1838314 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1838314 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2747-2766 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1848606_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hong Xu Author-X-Name-First: Hong Author-X-Name-Last: Xu Author-Name: Ying Fu Author-X-Name-First: Ying Author-X-Name-Last: Fu Author-Name: Edmundas Jasinskas Author-X-Name-First: Edmundas Author-X-Name-Last: Jasinskas Title: Can cross-listing improve investment efficiency? Empirical evidence from China Abstract: With two views of ‘premium’ and ‘discount,’ traditional cross-listing motivation theory emphasises the effect of cross-listing on enterprise performance. The effect of cross-listing on enterprise performance is yet uncertain, manifesting that unknown factors play intermediate roles between them. To clarify the influence mechanism of cross-listing on enterprise performance, this study overcame the limitations in simple verification of the relationship between cross-listing and enterprise performance, and returned to the origin of cross-listing, namely, enterprise financing activity. Thus, the relationship between cross-listing and enterprise investment efficiency was analysed to determine the influence mechanism of cross-listing on enterprise performance. Based on financial data of A + H cross-listed enterprises and A-share listed enterprises in Mainland China during 2008–2018, the effect of cross-listing on enterprise inefficient investment behaviours was empirically analysed. Results showed that 58.12% of the listed enterprises in China underwent under-investment (UI). Among them, cross-listed enterprises universally underwent over-investment (OI). Cross-listing remarkably remitted UI, but it further expanded OI. Overall, cross-listing led to the deterioration of investment efficiency. The effect of cross-listing on investment efficiency was discussed by combining basic economic activities of enterprises. Cross-listing theory was further enriched and perfected, and suggestions and countermeasures for improving enterprise performance by elevating investment efficiency were put forward. Journal: Economic Research-Ekonomska Istraživanja Pages: 1789-1813 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1848606 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1848606 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1789-1813 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1870520_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xunjie Gou Author-X-Name-First: Xunjie Author-X-Name-Last: Gou Author-Name: Pinxin Xiao Author-X-Name-First: Pinxin Author-X-Name-Last: Xiao Author-Name: Deyue Huang Author-X-Name-First: Deyue Author-X-Name-Last: Huang Author-Name: Fumin Deng Author-X-Name-First: Fumin Author-X-Name-Last: Deng Title: Probabilistic double hierarchy linguistic alternative queuing method for real economy development evaluation under the perspective of economic financialization Abstract: With the development of science and technology, the new road of scientific economic and financial development has played a decisive role in supporting the financial undertaking. To accelerate the economic development, it is very important to increase the guiding role of financial undertaking in the real economy. Therefore, it is necessary to promote the development of the real economy under the perspective of economic financialization based on some actions. To judge the implementation effect of these actions, this paper develops a multiple criteria decision-making (MCDM) method to evaluate them. First, the decision-making matrices are established with the probabilistic double hierarchy linguistic term set in which the probabilities are added to all double hierarchy linguistic terms. Additionally, a weight-determining method is developed to obtain the weight vector of criteria, and we develop a MCDM method named the probabilistic double hierarchy linguistic alternative queuing method (PDHL-AQM), where the decision-making result is intuitive by a directed graph or a 0–1 precedence relationship matrix. Furthermore, we apply the PDHL-AQM to solve a practical MCDM problem involving the real economy development evaluation under the perspective of economic financialization. Finally, some comparative analyses are made to show the advantages and reasonableness of the PDHL-AQM. Journal: Economic Research-Ekonomska Istraživanja Pages: 3225-3244 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1870520 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1870520 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3225-3244 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1874461_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marek Tomaszewski Author-X-Name-First: Marek Author-X-Name-Last: Tomaszewski Title: Egoism and cooperation in economic development - a historical approach Abstract: Inter-human cooperation has existed since the Paleolithic era, but its character has changed over time. Initially, it was instinctive, later forced, but nowadays it is voluntary. Already in the 18th century, Adam Smith wrote that society could not exist without cooperation. Human civilization was built by cooperating specialists supported by ever newer technologies. The subject of the article is the role of egoism and cooperation in human economic development throughout history. The research method used was a review of the literature of authors from various historical epochs, starting from antiquity and the Middle Ages, through the Renaissance, the first, second and third industrial revolution, up to the present day. The conducted research has shown that cooperation affects relationships between people and helps suppress the internal egoism of man, about which St. Augustine, Machiavelli, Hobbes, Hume, Malthus and even Charles Darwin wrote. The predominance of selfish or altruistic attitudes inevitably affected the development and collapse of many countries and even civilizations. Journal: Economic Research-Ekonomska Istraživanja Pages: 3293-3308 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1874461 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1874461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3293-3308 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1751674_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maja Hmelak Author-X-Name-First: Maja Author-X-Name-Last: Hmelak Author-Name: Jurka Lepičnik Vodopivec Author-X-Name-First: Jurka Author-X-Name-Last: Lepičnik Vodopivec Author-Name: Kiril Barbareev Author-X-Name-First: Kiril Author-X-Name-Last: Barbareev Title: Interculturalism from the perspective of pedagogics and integration in preschool with emphasis on cooperation with parents Abstract: The central point of the article is the study of interculturalism in preschool. The latter is given special attention, as it is the framework within which the authors present the importance of preschool teacher’s approach to intercultural communication, both with children and with parents. The empirical part is the presentation of the results of a study about preschool teachers’ preparation for a conversation with parents of children who are part of a minority. The authors find that before introducing a child with a different cultural or national background to the group, the majority of preschool teachers talked to the group about the culture, religion, traditions and the mother tongue of the child, so they knew how to face someone different and were ready for a conversation with the parents of that child. Journal: Economic Research-Ekonomska Istraživanja Pages: 53-65 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1751674 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1751674 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:53-65 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1820360_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maciej Ryczkowski Author-X-Name-First: Maciej Author-X-Name-Last: Ryczkowski Author-Name: Marek Ręklewski Author-X-Name-First: Marek Author-X-Name-Last: Ręklewski Title: Macroeconomic performance of countries across monetary policy regimes from 2000 to 2017 Abstract: The goal of the article is to compare macroeconomic performance of 27 advanced and emerging OECD countries through the lens of their monetary policy frameworks. We find no advantage of the euro area countries and countries whose central banks follow a dual mandate in inflation and output stabilisation as compared to full-fledged inflation targeters including strongly inflation-averse central banks. The study contributes to the unresolved discussion on optimal monetary policy after the Great Recession. The novelty relies on employing a synthetic median-based measure adjusted for initial macroeconomic conditions. The failure to account for the initial conditions leads to underestimation of performance of countries with an originally unfavourable economic situation. We verify the results with panel data models using macroeconomic variables of key importance for monetary policy after the Great Recession. Overall, the study suggests that assigning a special role to money or output in a monetary policy strategy is not required for successful macroeconomic performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 1224-1243 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1820360 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1820360 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1224-1243 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1798265_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yang Liu Author-X-Name-First: Yang Author-X-Name-Last: Liu Title: RETRACTED ARTICLE: Does urban spatial structure affect labour income? – research based on 97 cities in China Abstract: We, the Editor and Publisher of Economic Research-Ekonomska Istraživanja, have retracted the following article:Yang Liu, ‘Does urban spatial structure affect labour income? – research based on 97 cities in China’, Economic Research-Ekonomska Istraživanja, Volume 34, 2021, Pages 545–569, DOI: 10.1080/1331677X.2020.1798265Since publication, the author has raised concerns about the data in the article having been used incorrectly by mistake, and confirmed there are therefore fundamental errors present.As this invalidates the reported results and conclusions the author alerted the issue to the Editor and Publisher and all have agreed to retract the article to ensure the integrity of the scholarly record.We have been informed in our decision-making by our policy on publishing ethics and integrity and the COPE guidelines on retractions.The retracted article will remain online to maintain the scholarly record, but it will be digitally watermarked on each page as ‘Retracted’. Journal: Economic Research-Ekonomska Istraživanja Pages: 545-569 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1798265 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1798265 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:545-569 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1820361_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Meng Qin Author-X-Name-First: Meng Author-X-Name-Last: Qin Author-Name: Syed Kumail Abbas Rizvi Author-X-Name-First: Syed Kumail Abbas Author-X-Name-Last: Rizvi Author-Name: Muhammad Umar Author-X-Name-First: Muhammad Author-X-Name-Last: Umar Title: Bank competition in China: a blessing or a curse for financial system? Abstract: Owing to a lack of consensus on whether the competition among the banks brings stability, or vulnerability in the financial system, this research is aimed towards investigating the Chinese banking industry. For this purpose, we have used the Granger and sub-sample time varying rolling window, in order to estimate the dynamic causality of the competition in the banking sector, and the systematic risk factors that follow, in China. The purpose of exploring the two-way causality is to make the banking system more stable, and also to provide new and first-hand evidence that can aid in reducing the occurrence of systematic risks. The results show that the competition in the banking sector has a negative impact on the systematic risk. This means that the increased competition in the banking sector will eventually lead to a reduction in the systematic risk. The results of the study are supported by the competition-stability hypothesis. Also, following the results, the policy direction we propose is that the banks may aim at reducing their systematic risks. They may achieve this by increasing their market share and accelerating transformation, in order to improve their competitiveness, which will help the banking system in China to achieve a sustainable form of stability. Moreover, our findings will also be helpful for the Chinese Ministry of Commerce (MOFCOM), which has been, over the years, in the process of developing an assessment framework for bank mergers, while also trying to minimize the tradeoff between competition and financial stability. Journal: Economic Research-Ekonomska Istraživanja Pages: 1244-1264 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1820361 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1820361 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1244-1264 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1868323_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jie Lan Author-X-Name-First: Jie Author-X-Name-Last: Lan Author-Name: Jiang Wu Author-X-Name-First: Jiang Author-X-Name-Last: Wu Author-Name: Yanfeng Guo Author-X-Name-First: Yanfeng Author-X-Name-Last: Guo Author-Name: Cun Wei Author-X-Name-First: Cun Author-X-Name-Last: Wei Author-Name: Guiwu Wei Author-X-Name-First: Guiwu Author-X-Name-Last: Wei Author-Name: Hui Gao Author-X-Name-First: Hui Author-X-Name-Last: Gao Title: CODAS methods for multiple attribute group decision making with interval-valued bipolar uncertain linguistic information and their application to risk assessment of Chinese enterprises’ overseas mergers and acquisitions Abstract: Bipolar fuzzy set theory has been successfully applied in some areas, but there are situations in real life which can’t be represented by bipolar fuzzy sets. However, all the existing approaches are unsuitable to describe the positive and negative membership degree an element to an uncertain linguistic label to have an interval value, which can reflect the decision maker’s confidence level when they are making an evaluation. In order to overcome this limit, we propose the definition of interval-valued bipolar uncertain linguistic sets (IVBULSs) to solve this problem based on the bipolar fuzzy sets and uncertain linguistic information processing models. In this paper, we extend the traditional information aggregating operators to interval-valued bipolar uncertain linguistic sets (IVBULSs) and propose some IVBUL aggregating operators. Then, we extend the CODAS method to solve multiple attribute group decision making (MAGDM) issues with interval-valued bipolar uncertain linguistic numbers (IVBULNs) based on these operators. An example for risk assessment of Chinese enterprises’ overseas mergers and acquisitions (M&As) is given to illustrate the proposed methodology. Journal: Economic Research-Ekonomska Istraživanja Pages: 3166-3182 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1868323 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1868323 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3166-3182 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1865180_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anam Azam Author-X-Name-First: Anam Author-X-Name-Last: Azam Author-Name: Muhammad Rafiq Author-X-Name-First: Muhammad Author-X-Name-Last: Rafiq Author-Name: Muhammad Shafique Author-X-Name-First: Muhammad Author-X-Name-Last: Shafique Author-Name: Jiahai Yuan Author-X-Name-First: Jiahai Author-X-Name-Last: Yuan Title: Renewable electricity generation and economic growth nexus in developing countries: An ARDL approach Abstract: This study examines the short- and long-run of the causal correlation between economic growth (G.R.) and renewable electricity generation sources for a panel of 25 developing nations over the period 1990–2017. To do so, second-generation cross-sectional dependence (C.D.) test Im, K.S., Pesaran and Augmented Dickey-Fuller panel unit root test, panel cointegration, autoregressive distributed lag in view of the pooled mean group estimation and panel heterogeneous Dumitrescu Hurlin (2012) causality methods are utilised. The main findings indicate that the positive and significant impact of renewable electricity generation on G.R. shows that renewable electricity generation sources stimulate G.R. in the long run for these selected countries. It is also demonstrated that there is bidirectional causality between renewable electricity generation and G.R. both in the short run and long run. Based on our findings, the feedback hypothesis is valid for developing countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 2423-2446 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1865180 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1865180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2423-2446 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875859_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiaoke Zhu Author-X-Name-First: Xiaoke Author-X-Name-Last: Zhu Author-Name: Xueli Chen Author-X-Name-First: Xueli Author-X-Name-Last: Chen Author-Name: Jinyang Cai Author-X-Name-First: Jinyang Author-X-Name-Last: Cai Author-Name: Alvydas Balezentis Author-X-Name-First: Alvydas Author-X-Name-Last: Balezentis Author-Name: Ruifa Hu Author-X-Name-First: Ruifa Author-X-Name-Last: Hu Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Title: Rural financial development, spatial spillover, and poverty reduction: evidence from China Abstract: Rural financial development is deemed essential for eliminating poverty. In China, successive governments have initiated a series of financial development plans to reduce poverty since the launch of economic reform in the late 1970s. However, there is a rising concern about whether financial development can reduce poverty in China. This study uses a panel dataset of 30 provinces (out of 31) in mainland China from 1997 to 2015 to examine the effect of rural financial development on poverty reduction. We employ a spatial panel model to investigate whether rural financial development has a positive spatial spillover effect. Moreover, we use the instrumental variable method to address the possible bidirectional causal effect between rural financial development and poverty reduction. Our study confirms that rural financial development does reduce poverty and simultaneously widen the urban-rural income gap. We further find that rural financial development has a positive spatial spillover effect on poverty alleviation and that the conventional panel model (e.g., fixed effects method) may underestimate the effect of rural financial development, as it ignores the spatial spillover effect. Journal: Economic Research-Ekonomska Istraživanja Pages: 3421-3439 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1875859 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875859 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3421-3439 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1792325_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xindong Zhao Author-X-Name-First: Xindong Author-X-Name-Last: Zhao Author-Name: Xiang Li Author-X-Name-First: Xiang Author-X-Name-Last: Li Title: The influence of internal migration on regional innovation in China Abstract: Based on panel data from 2002 to 2017 in China, this paper analyses the influence of internal migration on regional innovation. The results show that internal migration not only has a significant promoting effect on improving regional innovation, but also presents a significant spatial agglomeration phenomenon. That is, internal migration has a significant positive impact on regional innovation according to the regression without spatial effects. And although internal migration will promote input of regional innovation, it will also have a negative impact on output of regional innovation. Meanwhile, internal migration will have a significant negative impact on innovation input in adjacent areas, and a significant positive impact on innovation output. Through decomposition, from the input of innovation, the migrant population will have a significant impact on local innovation, but it will also inhibit the innovation input of adjacent regions through indirect effects. Although the migrant population will have a significant negative impact on output of innovation, it will also promote innovation output significantly in adjacent regions through indirect effects, and have a positive impact on the improvement of overall innovation. Journal: Economic Research-Ekonomska Istraživanja Pages: 498-520 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1792325 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1792325 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:498-520 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1801485_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xunjie Gou Author-X-Name-First: Xunjie Author-X-Name-Last: Gou Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Wei Zhou Author-X-Name-First: Wei Author-X-Name-Last: Zhou Title: Interval Consistency Repairing Method for Double Hierarchy Hesitant Fuzzy Linguistic Preference Relation and Application in the Diagnosis of Lung Cancer Abstract: Natural language is more in line with the real thoughts of people than crisp numbers considering that qualitative language information is more consistent with the expression habits of experts. Double hierarchy hesitant fuzzy linguistic preference relation (DHHFLPR) can be used to express complex linguistic preference information accurately because the pairwise comparison methods are more accurate than non-pairwise methods. Consistency reflects the rationalization of a preference relation and can be used to judge whether a preference relation is self-contradictory or not. In this paper, an interval consistency index of DHHFLPR is developed, which is consisted by the consistency indices of all double hierarchy linguistic preference relations associated with the DHHFLPR. Additionally, an average consistency index of DHHFLPR is given by calculating the average value of the consistency indices of all double hierarchy linguistic preference relations. Moreover, we develop a consistency checking and repairing method for DHHFLPR. Finally, we apply the proposed method into a practical group decision-making problem that is to identify the most critical factors in developing lung cancer, and some comparative analyses involving the connections and differences among the proposed consistency indices are analysed. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-20 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1801485 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1801485 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1-20 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1798263_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Luminiţa Mihaela Ion Author-X-Name-First: Luminiţa Mihaela Author-X-Name-Last: Ion Author-Name: Ana Iolanda Vodă Author-X-Name-First: Ana Iolanda Author-X-Name-Last: Vodă Author-Name: Rodica Cristina Butnaru Author-X-Name-First: Rodica Cristina Author-X-Name-Last: Butnaru Author-Name: Gina Ionela Butnaru Author-X-Name-First: Gina Ionela Author-X-Name-Last: Butnaru Author-Name: Gabriel Mircea Chirita Author-X-Name-First: Gabriel Mircea Author-X-Name-Last: Chirita Title: Effect of pharmaceutical companies’ corporate reputation on drug prescribing intents in Romania Abstract: This research examines the effect of pharmaceutical companies’ (PCs’) corporate reputation on drug prescribing intents. The aim is to determine the extent to which the PCs’ corporate reputation influences general practitioners’ (GPs’) drug prescribing intents. This research is based on quantitative analysis using structural equation modelling (SEM) on data collected from a sample of 177 Romanian GPs. The PCs’ corporate reputation contributes to build and maintain trust in their products, which in turn influences the GPs’ prescribing intents. PCs need to acknowledge that corporate reputation is a multi-dimensional construct and should focus their efforts accordingly. Indeed, our study shows that GPs’ favourable perception of the PCs’ medical representatives (MRs) has a strong impact on their drug prescribing intents. An investment in corporate social responsibility (CSR) would, therefore, be conducive to increasing a PCs’ corporate reputation capital. We constructed and tested a conceptual model to explain GPs’ prescribing intents by highlighting the influential relationships between different non-pharmaceutical variables. Our conceptual model integrates marketing concepts, such as consumer behaviour, the drug prescribing intention of GPs, as well as specific public relations concepts, corporate reputation, and corporate social responsibility. Journal: Economic Research-Ekonomska Istraživanja Pages: 521-544 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1798263 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1798263 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:521-544 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1804426_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Nadeem Author-X-Name-First: Muhammad Author-X-Name-Last: Nadeem Author-Name: Yang Jun Author-X-Name-First: Yang Author-X-Name-Last: Jun Author-Name: Momna Niazi Author-X-Name-First: Momna Author-X-Name-Last: Niazi Author-Name: Yu Tian Author-X-Name-First: Yu Author-X-Name-Last: Tian Author-Name: Sabahat Subhan Author-X-Name-First: Sabahat Author-X-Name-Last: Subhan Title: Paths of economic development: a global evidence for the mediating role of institutions for participation in global value chains Abstract: Integration into global value chains (GVCs) provides opportunities for economic development, but the extent and nature of these opportunities differ across countries. The economic impact of a country’s participation in GVCs can be modified by domestic institutional arrangements in a variety of ways depending on the types of GVCs. Most recent empirical and correlational studies assume that causality leads to economic growth through the participation of GVCs and institutions, but an inverse relationship between them is also feasible and only a few studies have analyzed this possibility. Using a large panel data set of sixty countries from 2000 to 2016, this paper contributes to closing these gaps using instrumental variable analysis as an empirical strategy. Key findings include that GDP per capita is positively affected by participation in GVCs and that this effect is greater when such participation is accompanied by institutional facilitation. These findings suggest that participation in GVCs accompanied by well-functioning domestic institutions can be highly effective in enhancing countries’ economic growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 687-708 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1804426 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1804426 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:687-708 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1801484_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vukašin Kuč Author-X-Name-First: Vukašin Author-X-Name-Last: Kuč Author-Name: Đorđe Kaličanin Author-X-Name-First: Đorđe Author-X-Name-Last: Kaličanin Title: Determinants of the capital structure of large companies: Evidence from Serbia Abstract: The subject of this study is the capital structure of the largest Serbian companies in the period after the global economic crisis in 2008. The research sample comprises the 141 largest non-financial (mostly private) companies in Serbia over the period 2009–2017. In order to identify the key determinants of the capital structure of the sampled companies, three models of financial leverage were tested (total, short-term, and long-term) using panel data fixed effects models. The main result of the analysis indicates that these companies, mostly financed by short-term debt, predominantly belong to the ‘pecking order’ theory. When the total leverage is split into its short-term and long-term components, the results show that short-term leverage behaviour aligns with the ‘pecking order’ theory, whereas long-term leverage is fully consistent with the expectations of the trade-off theory. Also, this study shows that the country-specific determinants, such as inflation and development of the banking sector, have a significant impact on the capital structure of the largest companies in Serbia. Journal: Economic Research-Ekonomska Istraživanja Pages: 590-607 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1801484 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1801484 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:590-607 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1831942_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: João Estevão Author-X-Name-First: João Author-X-Name-Last: Estevão Author-Name: José Dias Lopes Author-X-Name-First: José Dias Author-X-Name-Last: Lopes Author-Name: Daniela Penela Author-X-Name-First: Daniela Author-X-Name-Last: Penela Title: The doing business ranking and the design of public policies: the effect of regional dynamics Abstract: The challenge of creating a favourable business environment has motivated academics, international institutions and policy makers. An initiative that has recently been established to facilitate this path has involved the creation of ordered lists that classify the environment around companies and the ease of doing business. The World Bank’s DB measure is one such ranking system. This type of ranking has supported much research and many political decision-making processes. However, it is not common in these analyses to consider regional dynamics and how the results of such rankings and investigations should be interpreted considering regional specificities. The objective of this study is to evaluate the business environment and the production of wealth while considering the impacts of these regional dynamics. In particular, we study whether the DB sub-indicators are equally important regardless of a region’s level of economic development. The results are clear with evident configurations of dominant sub-indicators that are distinct in three regions. Our results show us that these rankings, and the design of public policies based on them, should consider regional specificities, thus refuting the idea that the design of public policies to improve the framework for companies should follow a "one fits all" intervention model. Journal: Economic Research-Ekonomska Istraživanja Pages: 2469-2483 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1831942 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1831942 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2469-2483 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1825102_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alžbeta Kurillová Author-X-Name-First: Alžbeta Author-X-Name-Last: Kurillová Author-Name: Pavla Marciánová Author-X-Name-First: Pavla Author-X-Name-Last: Marciánová Title: Factors influencing millennials intention to use peer to peer accommodation Abstract: Our paper aimed to identify key factors affecting the use of peer to peer accommodation through the generation of millennials. The analysis of customer behaviour was based on a goal-oriented behavioural model (MGB) which was enlarged by the environmental responsibility and the impact of digital platforms. According to the findings of structural modelling, important influences on the desire to use a peer to peer (P2P) accommodation included the millennial generation’s attitudes towards social benefits and previous authentic experiences. The interesting finding is that environmental aspects alone were not a sufficient motivator to increase millennials’ desire to use a P2P accommodation. Journal: Economic Research-Ekonomska Istraživanja Pages: 1323-1341 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1825102 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1825102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1323-1341 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1804427_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sergej Gričar Author-X-Name-First: Sergej Author-X-Name-Last: Gričar Author-Name: Violeta Šugar Author-X-Name-First: Violeta Author-X-Name-Last: Šugar Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: The missing link between wages and labour productivity in tourism: evidence from Croatia and Slovenia Abstract: The present article aims to analyse wage-labour productivity causalities in Croatia and Slovenia using cointegration methods based on monthly time series data of variables for labour productivity and real gross wages in tourism industry during the period December 1999–January 2020. The data vector is integrated by chain indices with the constant base January 2000 = 100. A stochastic trend and shocks are covered in the analysis. Shocks are linked to the European Union accession, and economic crisis following with overwhelmed tourist arrivals. The contribution of the research is two-fold. First, the equations for at most normal distributed variables of labour productivity and real wages in tourism are exposed. Three spatial cointegration relations confirm labour productivity integrity of the regional tourism market. Second, pair-wise causalities indicate one cointegrated vector for labour productivity, which drives real gross wages in tourism sub-industries. These results suggest that for a higher non-seasonal assessment of real gross wage, the labour productivity should rise, i.e. less workers, more robotization or more tourist arrivals with better quality solutions. These findings are at most important to be implemented after the COVID-19 infection crisis with expected restructurings and digital transformation in the tourism industry. Journal: Economic Research-Ekonomska Istraživanja Pages: 732-753 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1804427 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1804427 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:732-753 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860110_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Adriana Grigorescu Author-X-Name-First: Adriana Author-X-Name-Last: Grigorescu Author-Name: Cristina Lincaru Author-X-Name-First: Cristina Author-X-Name-Last: Lincaru Author-Name: Speranta Pirciog Author-X-Name-First: Speranta Author-X-Name-Last: Pirciog Author-Name: Razvan-Ion Chitescu Author-X-Name-First: Razvan-Ion Author-X-Name-Last: Chitescu Title: Mapping post crises the European job growth in travel agencies and tour operator reservation services Abstract: World Tourism Organisation, declares the Tour Operators as tourism engine of strategically importance to support jobs and inclusive growth in all regions. Tour operators emerges following the 2008 crises, as a global job engine. Its atypical profile of highest human capital concentrator in tourism, attract and retain talents, works digital with a high-intensity information use. Is a rapid adopter of technological innovation, generate high value added in highly competitive global markets.We look in this paper to understand why employment is growing or declining in a regional tourism tour operator sector during 2008–2018, in some EU28 regions? We use Exploratory Spatial Data Analysis to map the indicator ‘tour operator’s employment growth’ components decomposed by the Shift Share Analysis Method. Analysed Eurostat data for 266 regions (281 regions) indicates that for the average regional tour operators employment growth heterogeneity is driven almost at half by region-specific factors. The main contributions are: identifying this indicator as appropriate to be a core one in OECD (2013) tourism competitiveness framework & redefine tour operator sector as a core sector of tourism in the Global model of tourism of Harrison. Journal: Economic Research-Ekonomska Istraživanja Pages: 2906-2934 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860110 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2906-2934 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1804969_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiaoyong Huang Author-X-Name-First: Xiaoyong Author-X-Name-Last: Huang Author-Name: Guorong Li Author-X-Name-First: Guorong Author-X-Name-Last: Li Author-Name: Jiayu Zhang Author-X-Name-First: Jiayu Author-X-Name-Last: Zhang Author-Name: Liheng Li Author-X-Name-First: Liheng Author-X-Name-Last: Li Author-Name: Xiangyun Xu Author-X-Name-First: Xiangyun Author-X-Name-Last: Xu Title: RETRACTED ARTICLE: Rise in house prices and industrial growth: evidence from city-level data of China Abstract: We, the Editors and Publisher of Economic Research-Ekonomska Istraživanja, have retracted the following article:Xiaoyong Huang, Guorong Li, Jiayu Zhang, Liheng Li & Xiangyun Xu, ‘Rise in house prices and industrial growth: evidence from city-level data of China’, Economic Research-Ekonomska Istraživanja, 2020, 10.1080/1331677X.2020.1804969This article has been retracted at the request of the authors due to a major error found post-publication in the definition of the variables within the data which could invalidate the conclusions. Journal: Economic Research-Ekonomska Istraživanja Pages: 1060-1078 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1804969 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1804969 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1060-1078 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1851280_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dolores Botella-Carrubi Author-X-Name-First: Dolores Author-X-Name-Last: Botella-Carrubi Author-Name: Hermenegildo Gil-Gomez Author-X-Name-First: Hermenegildo Author-X-Name-Last: Gil-Gomez Author-Name: Raul Oltra-Badenes Author-X-Name-First: Raul Author-X-Name-Last: Oltra-Badenes Author-Name: José M. Jabaloyes-Vivas Author-X-Name-First: José M. Author-X-Name-Last: Jabaloyes-Vivas Title: Employer branding factors as promoters of the dimensions of employee organizational commitment Abstract: Due to the current battle to attract and engage the best professionals, companies must design strategies and implement actions that help them to position themselves in the labour market as the best option for the most valuable employees. This work proposes the creation of the employer brand as a strategy to promote the dimensions of organizational commitment. In addition, a measurement tool is proposed to facilitate the understanding of the implementation and measurement phases of employer branding. With this objective in mind, a study was carried out on the 93 employees of a company in the automotive sector. The results show that actions related to professional development and benefits have a positive impact on the three dimensions of commitment. In addition, the actions destined to favour the work-life balance of the employees contribute positively to affective commitment, as well as normative commitment. Journal: Economic Research-Ekonomska Istraživanja Pages: 1836-1849 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1851280 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1851280 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1836-1849 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1788407_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yongmin Zhang Author-X-Name-First: Yongmin Author-X-Name-Last: Zhang Author-Name: Yingxue Zhao Author-X-Name-First: Yingxue Author-X-Name-Last: Zhao Title: Dynamic behaviour of optimal portfolio with stochastic volatility Abstract: In the existing literature, little is known about the dynamic behaviour of the optimal portfolio in terms of market inputs and arbitrary stochastic factor dynamics in an incomplete market with a stochastic volatility. In this paper, to study optimal portfolio behaviour, we compute and analyze the mean and the variance of the optimal portfolio and of their adjustment speed in terms of market inputs in an incomplete market. The incompleteness arises from the additional source of uncertainty of the volatility in Heston’s stochastic volatility model. Conducting sensitivity analysis for the mean and the variance of the optimal portfolio process as well as its adjustment speed to the market parameters, we find several interesting behavioural patterns of investors towards asset price and its volatility shocks. Our results are robust and convergent by the agreement from two simulation methods for different time step increments and the number of Monte Carlo simulation paths. Journal: Economic Research-Ekonomska Istraživanja Pages: 352-367 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1788407 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1788407 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:352-367 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1820357_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nizam Ud Din Author-X-Name-First: Nizam Author-X-Name-Last: Ud Din Author-Name: Xinsheng Cheng Author-X-Name-First: Xinsheng Author-X-Name-Last: Cheng Author-Name: Bashir Ahmad Author-X-Name-First: Bashir Author-X-Name-Last: Ahmad Author-Name: Muhammad Fayyaz Sheikh Author-X-Name-First: Muhammad Fayyaz Author-X-Name-Last: Sheikh Author-Name: Olawoyin Gregory Adedigba Author-X-Name-First: Olawoyin Gregory Author-X-Name-Last: Adedigba Author-Name: Yang Zhao Author-X-Name-First: Yang Author-X-Name-Last: Zhao Author-Name: Shama Nazneen Author-X-Name-First: Shama Author-X-Name-Last: Nazneen Title: Gender diversity in the audit committee and the efficiency of internal control and financial reporting quality Abstract: This research investigates the relationship between the expertise of female audit committee (AC) chairs and financial reporting quality (FRQ). Also, it examines the moderating effect of the expertise of AC female chairs on the relationships between internal control (ICS), components of ICS, and FRQ This study analyses 302 firms listed on the Pakistan Stock Exchange from 2010 to 2016. Data on ICS, FRQ, and other corporate governance indications are collected manually from annual reports. This study concludes that the accounting expertise of AC female chairs enhances FRQ better than their male counterparts. Also, the accounting expertise of AC female chairs improve corporate governance mechanisms and ICSs (i.e., Control Environment, Control Activities, and information and communication). This research offers implications for shareholders and regulators. The accounting expertise of female AC chairs (WACCH) improve monitoring that enhances shareholder value and investor confidence. The regulator needs to be stricter regarding the requirements for AC chairs. Journal: Economic Research-Ekonomska Istraživanja Pages: 1170-1189 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1820357 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1820357 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1170-1189 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1824124_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sanghoon Lee Author-X-Name-First: Sanghoon Author-X-Name-Last: Lee Title: An evolutionary analysis of franchise firms Abstract: This study uses an evolutionary perspective to examine the relationship between profit and growth. The evolutionary perspective argues that firm growth refers to the diffusion of fitter routines of the firm. In order to apply this evolutionary view, we investigate franchise data by using various regression techniques such as pooled OLS, fixed/random effects, dynamic GMM, and split-sample regressions. Overall, the empirical results support the positive relationship. Some more findings are: (i) the positive relationship is pronounced for the traditional measure rather than the “evolutionary” measure; (ii) the dynamic GMM regressions show that the positive effect of profit on growth is found only when using the evolutionary measure, which implies that the idea of evolutionary analysis fits well with the dynamic model. Also, the positive relationship is pronounced in small and young groups when using the evolutionary measure. Journal: Economic Research-Ekonomska Istraživanja Pages: 1306-1322 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1824124 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1824124 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1306-1322 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1804967_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maja Rožman Author-X-Name-First: Maja Author-X-Name-Last: Rožman Author-Name: Tjaša Štrukelj Author-X-Name-First: Tjaša Author-X-Name-Last: Štrukelj Title: Organisational climate components and their impact on work engagement of employees in medium-sized organisations Abstract: The purpose of this article is to present research on the importance of requisitely holistically selected organisational climate components and to determine their impact on work engagement of employees in 626 medium-sized organisations in Slovenia, the EU. The quantitative research is based on the implementation of an exploratory factor analysis, a simple linear regression analysis and the CFA 6-factor solution for validity purposes. Based on the research results, we confirmed the hypothesis that organisational climate components leadership, employee relations, employee commitment, employee satisfaction and employee motivation have a significant positive impact on work engagement of employees in medium-sized organisations. The results help users to better understand the importance of organisational climate in the Slovenian organisations. Successful organisations should realise the importance of organisational climate components, which enhance job performance and work engagement. Thus, they must fully master all of the employee-related processes of the organisation. The article is based on examination of the selected components of organisational climate with which organisations can impact work engagement of their employees. A new conceptual model was developed and confirmed. Journal: Economic Research-Ekonomska Istraživanja Pages: 775-806 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1804967 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1804967 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:775-806 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1838313_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: María Dolores Sánchez-Sánchez Author-X-Name-First: María Dolores Author-X-Name-Last: Sánchez-Sánchez Author-Name: Carmen De-Pablos-Heredero Author-X-Name-First: Carmen Author-X-Name-Last: De-Pablos-Heredero Author-Name: José Luis Montes-Botella Author-X-Name-First: José Luis Author-X-Name-Last: Montes-Botella Title: A behaviour model for cultural tourism: loyalty to destination Abstract: Tourism in the Spanish economy represents 11% of the GDP (INE, 2018). Its sun and beach tourism model has diversified into other products, such as cultural tourism, that has been increasing in recent years. The objective of this research is to develop a structural model that measures the behaviour of cultural tourists, to help better understand the main variables affecting their loyalty to a destination, travelling within Spain. After reviewing the scientific literature, a hypothetical-deductive method has been used that focussed on the importance of considering the customer's experience, proposes a set of working hypotheses, contrasted by means of an analysis of the structural equations model (SEM), estimated taking the data from the Resident Tourism Survey/FAMILITUR of the National Statistics Institute (INE). The model confirms the importance of socio-cultural variables and the experience of tourists in loyalty-building and the zero importance of the spend in this relationship. This paper analyses the new segments of tourist demand, with a view to the results obtained assisting in the design of differentiated marketing strategies to increase the repetition of the cultural tourisms visits to the same destination and, therefore customer loyalty. Journal: Economic Research-Ekonomska Istraživanja Pages: 2729-2746 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1838313 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1838313 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2729-2746 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1865179_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mithun S. Ullal Author-X-Name-First: Mithun S. Author-X-Name-Last: Ullal Author-Name: Cristi Spulbar Author-X-Name-First: Cristi Author-X-Name-Last: Spulbar Author-Name: Iqbal Thonse Hawaldar Author-X-Name-First: Iqbal Thonse Author-X-Name-Last: Hawaldar Author-Name: Virgil Popescu Author-X-Name-First: Virgil Author-X-Name-Last: Popescu Author-Name: Ramona Birau Author-X-Name-First: Ramona Author-X-Name-Last: Birau Title: The impact of online reviews on e-commerce sales in India: a case study Abstract: Customers can choose to buy products online without certain sensory experiences, such as touching, smelling or tasting. Consequently, product reviews are extremely important to implement online marketing strategies. While reviews can influence customers’ purchase decisions, how they affect the decisions of potential consumers in the case of a growing emerging economy such as India has hitherto not been studied. Positive and negative reviews affect the way customers understand and interpret product information. This study provides multiple methods to identify the relationship between reviews and customer decisions in the case of tier 1, tier 2 and tier 3 Indian cities. The outcomes in tier 1 cities (n = 1200) reveal that reviews have a positive effect on buying decisions. Our empirical findings suggest that online reviews affect consumer attitudes and can significantly influence e-commerce sales in India. Journal: Economic Research-Ekonomska Istraživanja Pages: 2408-2422 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1865179 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1865179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2408-2422 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1845762_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Beata Gavurova Author-X-Name-First: Beata Author-X-Name-Last: Gavurova Author-Name: Viera Ivankova Author-X-Name-First: Viera Author-X-Name-Last: Ivankova Author-Name: Martin Rigelsky Author-X-Name-First: Martin Author-X-Name-Last: Rigelsky Author-Name: Peter Suler Author-X-Name-First: Peter Author-X-Name-Last: Suler Title: Gender health inequalities and economic productivity in OECD countries Abstract: The presented study deals with the relations between the economic life of developed countries and the health of women and men. The primary objective of the presented study was to assess the relations between gender health inequalities and economic productivity in a sample of OECD countries, with a focus on the classification of their health care systems. Analyses included selected causes of mortality as health variables, each in a specification of men and women, and economic productivity represented by Gross Domestic Product (GDP) per person employed (in USD at current prices). The health care systems were represented by multiple insurance model (MI), national health system (NHS) and single payer model (SPM). The analysed data were collected from OECD databases for the period from 2011 to 2016. The analytical processing was carried out by applying descriptive analysis, regression analysis examining the effects of gender inequalities in health on economic productivity, and relationship analysis. Based on the findings, it can be stated that the vast majority of gender inequalities in health is significant. Also, it has been confirmed that gender inequalities in health have an effect on economic productivity. In general (with a few exceptions), it can be concluded that if gender inequalities in health are reduced, economic productivity is expected to increase. From the point of view of the analysed relations, the NHS health care system can be considered the most positive. Journal: Economic Research-Ekonomska Istraživanja Pages: 2853-2872 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1845762 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1845762 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2853-2872 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860792_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pervaiz Ahmed Memon Author-X-Name-First: Pervaiz Ahmed Author-X-Name-Last: Memon Author-Name: Rohani Md-Rus Author-X-Name-First: Rohani Author-X-Name-Last: Md-Rus Author-Name: Zahiruddin B. Ghazali Author-X-Name-First: Zahiruddin B. Author-X-Name-Last: Ghazali Title: Adjustment speed towards target capital structure and its determinants Abstract: This study examines the existence of the dynamism of capital structure in Pakistan for the period from 2003 to 2012, with specific objectives of estimating the adjustment speed and determining the factors affecting the adjustment speed towards target capital structure. Using difference Generalized Method of Moments (GMM) as the estimation technique, the study confirms the existence of optimal capital structure for Pakistani non-financial listed firms, and concludes that, depending upon the proxy of target debt used, firms make full adjustment towards optimal capital structure in 1.45 years to 2.25 years. Firms’ size, profitability, stock market development, and GDP are found to be relatively consistent determinants of the adjustment speed across different proxies of debt. This study contributes in the existing literature of the capital structure by providing evidence regarding the existence of target capital structure, estimating the adjustment speed towards target capital structure, and identifies factors affecting adjustment speed towards target capital structure for Pakistan using four different measures of leverage. Journal: Economic Research-Ekonomska Istraživanja Pages: 1966-1984 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860792 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860792 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1966-1984 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1802322_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jide Sun Author-X-Name-First: Jide Author-X-Name-Last: Sun Author-Name: Zhe Ji Author-X-Name-First: Zhe Author-X-Name-Last: Ji Author-Name: Chen Wang Author-X-Name-First: Chen Author-X-Name-Last: Wang Author-Name: Xincheng Wang Author-X-Name-First: Xincheng Author-X-Name-Last: Wang Title: State ownership, institutional development, and corporate philanthropic giving: an integrated view of legitimacy–efficiency trade-offs Abstract: We explore the trade-offs between social legitimacy and economic efficiency in the context of corporate philanthropic giving (C.P.G.). C.P.G. is viewed as a cost to seek legitimacy, which also serves as a resource to seek efficiency. Using a longitudinal panel data set of Chinese publicly listed firms, we examine how state ownership and institutional development shape firms’ response to C.P.G., and the contingent role of firm visibility and political ties. State ownership enables firms to prioritise legitimacy over efficiency, whereas institutional development enables firms to emphasise efficiency over legitimacy. We also suggest that the positive effect of state ownership on C.P.G. increases for visible firms, and the negative effect of institutional development on C.P.G. increases for visible firms but decreases for politically connected firms. We discuss the theoretical and practical implications of these findings. Journal: Economic Research-Ekonomska Istraživanja Pages: 608-627 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1802322 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1802322 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:608-627 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1788964_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ayesha Afzal Author-X-Name-First: Ayesha Author-X-Name-Last: Afzal Author-Name: Nawazish Mirza Author-X-Name-First: Nawazish Author-X-Name-Last: Mirza Author-Name: Fatima Arshad Author-X-Name-First: Fatima Author-X-Name-Last: Arshad Title: Pakistan’s poverty puzzle: role of foreign aid, democracy & media Abstract: In theory, poverty reduction is associated with economic growth and equal access to opportunities for all citizens, regardless of their age, gender and income. Pakistan has reduced its poverty headcount by nearly 66% between 2002–2016, despite poor governance, weak institutions, mediocre economic growth, and poor social indicators. Using ADL/VAR and Granger causality tests, the paper empirically proves that change in political regimes, openness of media and foreign aid have contributed to alleviation of poverty in the country. The paper finds that the shift towards a stable democratic regime has facilitated the delivery of social services, regardless of the motive. Furthermore, it finds that free flow of information through the media has created an awareness among the masses about their rights; the access to information has led to a more equitable distribution of social services. Foreign aid has also contributed to alleviating poverty by focusing on targeted programs towards different groups with the help of various international organizations. These finding have important implications for interactions between the developed and underdeveloped economies as well as the economic and social benefits of democratic regimes. Journal: Economic Research-Ekonomska Istraživanja Pages: 368-382 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1788964 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1788964 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:368-382 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1861960_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhe Chen Author-X-Name-First: Zhe Author-X-Name-Last: Chen Author-Name: Yue Su Author-X-Name-First: Yue Author-X-Name-Last: Su Author-Name: Xue-ying Wang Author-X-Name-First: Xue-ying Author-X-Name-Last: Wang Author-Name: You Wu Author-X-Name-First: You Author-X-Name-Last: Wu Title: Does emission discrimination improve environmental effectiveness of emission trading schemes? A duopoly approach Abstract: In this paper, we theoretically analyze that how emission discrimination policies affect the environmental effectiveness of carbon emission trading scheme under different emission permit allocation rules. By the setting of duopoly, we characterize the environmental effectiveness of carbon emission trading scheme, design various emission discrimination policies and then explore connections between the environmental effectiveness and emission discrimination policies. Our main results suggest that not all environmental effectiveness of carbon emission trading schemes are very sensitive to emission discrimination policies. Under grandfathering rule, the emission discrimination policy is not valid to facilitate the environmental effectiveness of carbon emission trading scheme. However under benchmarking rule, the environmental effectiveness of carbon emission trading scheme can be remarkably improved by an appropriate emission discrimination policy. Furthermore, we also compare the actual emissions in carbon emission trading schemes and conclude that the carbon emission trading scheme with benchmarking rule is a better choice for an ‘active’ regulatory authority from the viewpoint of policy efficiency. Journal: Economic Research-Ekonomska Istraživanja Pages: 2210-2224 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1861960 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1861960 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2210-2224 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1803096_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bing Xu Author-X-Name-First: Bing Author-X-Name-Last: Xu Author-Name: Mohib Ur Rahman Author-X-Name-First: Mohib Ur Author-X-Name-Last: Rahman Author-Name: Haijing Yu Author-X-Name-First: Haijing Author-X-Name-Last: Yu Title: Forecasting Chinese EPU based on financial uncertainty in emerging market economies (EMEs): evidence from six selected East Asian economies Abstract: While the influential role of Economic Policy Uncertainty (EPU) on economic activity and financial markets is well-documented, little is known about how to forecast EPU, especially in the framework of an emerging market economy (EME). We forecast the newly developed EPU index of China based on financial uncertainty (measured by a realised volatility) of the selected East Asian Economies (EAEs) including ASEAN5 and Hong Kong, having close trade linkages with China, by using LR and DT methods. After controlling for macroeconomic variables, it is evident that the realised volatility of regional EAEs significantly forecasts the EPU of China, except for Thailand. Moreover, comparing the performance of both models based on the accuracy classification score test, LR performs better than DT. Policymakers, who aim to keep and maintain a low level of EPU to achieve effective investment policies and avoid reduced consumer spending, should take into account the findings of this study. Journal: Economic Research-Ekonomska Istraživanja Pages: 628-649 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1803096 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1803096 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:628-649 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1805347_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Romeo Victor Ionescu Author-X-Name-First: Romeo Victor Author-X-Name-Last: Ionescu Author-Name: Monica Laura Zlati Author-X-Name-First: Monica Laura Author-X-Name-Last: Zlati Author-Name: Valentin Marian Antohi Author-X-Name-First: Valentin Marian Author-X-Name-Last: Antohi Author-Name: Silvius Stanciu Author-X-Name-First: Silvius Author-X-Name-Last: Stanciu Title: Modelling EU agriculture’s regional disparities under the national accounting system’s approach. The impact of the new economic and environmental challenges Abstract: The performance farming is a new bet for the EU in the context of the present's major climate and economic challenges. This paper aims at defining a model of agricultural competitiveness for the EU and its application for the evaluation of regional agricultural performance, in relation to the global competitiveness index, using the theory of catastrophes. The objectives of the analysis are: to evaluate the current growth theories in agriculture, to conceptualize a new model of agricultural performance improvement (RAP), to test the model and to obtain the relevant working tools after its application. The used methods are: the study of the general models of growth in agriculture; the dynamic analysis of the Eurostat data on agricultural performance and Member States’ data published in the National Accounts System; the conceptualization of the RAP (Regional Agricultural Performance) growth model; the statistical testing of the model, its connectivity with global competitiveness indexes and climate change; the hypotheses’ building in order to eliminate the climate transformations influences according to the catastrophe theorem’s results; and providing a viable and sustainable tool for the national strategy for agriculture’s forecasting changes to the Member States. The novelty element brought by the present proposed model is that of quantification in a broader and special way of the impact of environmental changes on the performing agricultural output in terms of National Accounting System. Journal: Economic Research-Ekonomska Istraživanja Pages: 902-928 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1805347 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1805347 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:902-928 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1751673_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bojana Vignjević Korotaj Author-X-Name-First: Bojana Vignjević Author-X-Name-Last: Korotaj Author-Name: Kornelija Mrnjaus Author-X-Name-First: Kornelija Author-X-Name-Last: Mrnjaus Title: Emotional competence: a prerequisite for effective teaching Abstract: Teaching is among other things an emotional endeavour. Being emotionally competent has tacitly become a prerequisite for the teaching profession, thus raising the question of teachers’ actual emotional competence as well as manners of acquiring these skills. This paper aims to discuss how emotions relate to the teaching profession and also provides results of a small scale study conducted on a sample of 144 teachers from secondary schools in the City of Rijeka regarding the teachers’ assessment of their emotional competence. The results of the study point to overall high assessments of teachers’ emotional competence which is an encouraging result but could also point to the idea Hargreaves (2000) introduced, which entails the notion that expressing positive emotions and being emotionally competent has become a moral commitment and a professional standard for the teachers which makes them feel obliged to live up to those standards. Journal: Economic Research-Ekonomska Istraživanja Pages: 39-52 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1751673 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1751673 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:39-52 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844584_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Davor Mikulić Author-X-Name-First: Davor Author-X-Name-Last: Mikulić Title: Volume of the unofficial economy in the Western Balkan region Abstract: Western Balkan (WB) economies are lagging behind more advanced post-transitional countries in terms of economic development and the quality of the institutional framework and public services. As a response to the rigidity in the business environment and high taxation, private entrepreneurs shift part of their activities into the unofficial sector. We aim to estimate the volume of the unofficial economy (UE) in seven WB economies: Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Kosovo and North Macedonia. In providing reliable estimates of the range of the UE, we applied two different methods: multiple indicators, multiple causes (MIMIC) and a direct survey of 21,000 individuals. The highest size of the UE, based on the average of both methods, is estimated for Montenegro. Slovenia, the most developed economy included in the sample, has the lowest share of the UE. The direct survey provides results on the propensity of different socioeconomic groups to engage in unofficial activities. The improvement of the institutional environment, quality of public services and lower tax burden are expected to be more effective than repression measures in the combat against the UE. Journal: Economic Research-Ekonomska Istraživanja Pages: 1603-1622 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844584 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844584 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1603-1622 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1810093_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mehrdad Estiri Author-X-Name-First: Mehrdad Author-X-Name-Last: Estiri Author-Name: Jalil Heidary Dahooie Author-X-Name-First: Jalil Heidary Author-X-Name-Last: Dahooie Author-Name: Amir Salar Vanaki Author-X-Name-First: Amir Salar Author-X-Name-Last: Vanaki Author-Name: Audrius Banaitis Author-X-Name-First: Audrius Author-X-Name-Last: Banaitis Author-Name: Arūnė Binkytė-Vėlienė Author-X-Name-First: Arūnė Author-X-Name-Last: Binkytė-Vėlienė Title: A multi-attribute framework for the selection of high-performance work systems: the hybrid DEMATEL-MABAC model Abstract: Research in strategic human resource management indicates that high performance work systems (HPWS) have a positive impact on the overall performance of an organization as a result of better human resource (HR) outcomes. Regarding the multi-dimensional and complex nature of these factors, common statistical models are not useful for examining the performance of HPWS. Using the capabilities of multi-attribute decision-making (MADM) methods to deal with various criteria that may be contradictory, this study proposes a MADM-based framework that provides the opportunity to prioritize HR practices. Based on this framework, high-performance HR practices and their related HR outcomes were identified after studying the theoretical literature and ascertaining the views of decision-makers and HR experts. Then, after looking at the interactions among HR outcomes, the weights of the criteria were calculated using the method of the decision making trial and evaluation laboratory (DEMATEL). Then, the alternatives were ranked using the multi-attributive border approximation area comparison (MABAC) method. Finally, the designed framework was implemented in an organization active in the banking industry. This framework can be used to improve employees’ performance and, consequently, the performance of the organization. Accordingly, taking into account the resource constraints organizations face, the priorities presented can be helpful in budgeting human-resource-management (HRM) improvement projects and making an appropriate resource allocation for this. Journal: Economic Research-Ekonomska Istraživanja Pages: 970-997 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1810093 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1810093 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:970-997 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875863_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihaela Simona Moise Author-X-Name-First: Mihaela Simona Author-X-Name-Last: Moise Author-Name: Irene Gil-Saura Author-X-Name-First: Irene Author-X-Name-Last: Gil-Saura Author-Name: María Eugenia Ruiz Molina Author-X-Name-First: María Eugenia Author-X-Name-Last: Ruiz Molina Title: The importance of green practices for hotel guests: does gender matter? Abstract: Due to growing consumer awareness of environmental problems, more and more hotels have been developing green practices in response to the environmental concerns of their guests and improve their image. This study aimed to test a model for analyzing the incidence of green practices as drivers for generating positive hotel image and guest trust and satisfaction, evaluating the moderating role of guest gender in these relationships. Based on a personal survey of 302 guests at 3 and 4-star hotels in Bogotá, evidence was obtained for the positive relationship between sustainable practices and the variables considered, with certain differences depending on the gender of each guest. Thus, this study highlights the importance for hotels located in developing countries of implementing green practices, in order to improve their image and increase the degree of trust and satisfaction of their guests to maintain long-term relationships. Journal: Economic Research-Ekonomska Istraživanja Pages: 3508-3529 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1875863 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875863 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3508-3529 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1858131_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andrej Přívara Author-X-Name-First: Andrej Author-X-Name-Last: Přívara Title: Labour market efficiency and emigration in Slovakia and EU neighbouring countries Abstract: Slovakia has experienced a six-year period of decreased labour market efficiency during a post-crisis period and growing emigration flows before and after a post-crisis period. There is also the concurrent issue of the lack of sufficient business activities in the southern, northern and eastern regions, and the economic development of some of the Slovak regions lacks diversification. We have analysed labour market conditions and emigration trends in Slovakia and EU neighbouring countries. The analysis of emigration trends has shown that among EU neighbouring countries, the Slovak migrant population tends to migrate mostly to the Czech Republic. We conducted regression analysis with the use of the ordinary least squares method to identify the main drivers affecting emigration from Slovakia to the Czech Republic as the primary destination country for Slovak migrants. The analysis has revealed that unemployment rates in both countries, labour market regulation which was introduced in the Czech Republic as well as EU enlargement in 2004 are the most significant triggers for emigration in Slovakia. Based on the results obtained, we have discussed possible ways to stimulate economic growth and prevent future emigration from Slovakia. Journal: Economic Research-Ekonomska Istraživanja Pages: 1850-1869 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1858131 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1858131 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1850-1869 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1835518_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ruben Nicolas-Sans Author-X-Name-First: Ruben Author-X-Name-Last: Nicolas-Sans Author-Name: Daniel González Ibáñez Author-X-Name-First: Daniel González Author-X-Name-Last: Ibáñez Title: Customer basket heterogeneity: how to measure it and some possible business applications Abstract: Companies offering a wide range of products may have an interest in measuring the degree of diversity of their clients’ shopping baskets as an indicator of consumer behaviour. Customers buying a wide range of products are somehow more dependent on the business and their switching costs might be higher compared to others that only buy a small number of products from your catalogue. We aim to provide companies with a tool to measure how heterogeneous their clients are in terms of the composition of their shopping basket. First, the objective of this paper is to take advantage of some approaches used in other fields to create a new measurement. Second, we will show some possible applications of this indicator in a business context. We consider that a client with low heterogeneity is not highly dependent on the business and is more likely to defect. To check if this intuition is true, we will test the dependence of heterogeneity and churn with real data. By proving our hypothesis, we will be potentially enriching churn models with a new explanatory variable, and we could prevent the defection of those clients scoring low heterogeneity by making the appropriate marketing decisions. Journal: Economic Research-Ekonomska Istraživanja Pages: 2572-2592 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1835518 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1835518 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2572-2592 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1863245_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Imlak Shaikh Author-X-Name-First: Imlak Author-X-Name-Last: Shaikh Title: Impact of COVID-19 pandemic disease outbreak on the global equity markets Abstract: Behavioural finance literature explains that investment decisions are subject to ‘investor sentiment’ and, consequently, may affect the pricing of various asset classes. Our study examines the 12 major equity markets amid the COVID-19 pandemic disease outbreak in relation to returns and volatility behaviour. Empirical results show that the number of new cases and deaths recorded daily because of COVID-19 has disrupted investors’ sentiments globally, and also, the market has experienced an unparalleled negative return. Market connectedness and volatility spillover deliberate on the increased risk of emergent pandemic crises, which has become more pronounced during the first quarter of 2020. Further, after the global financial crisis, the volatility index has appeared at its highest level for the very first time. The unprecedented rise in the volatility index level indicates more significant pressure on put options as a hedge against the pandemic uncertainty. Journal: Economic Research-Ekonomska Istraživanja Pages: 2317-2336 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1863245 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1863245 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2317-2336 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1782246_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anne M. Garvey Author-X-Name-First: Anne M. Author-X-Name-Last: Garvey Author-Name: Manuel Ventura-Marco Author-X-Name-First: Manuel Author-X-Name-Last: Ventura-Marco Author-Name: Carlos Vidal-Meliá Author-X-Name-First: Carlos Author-X-Name-Last: Vidal-Meliá Title: Does the pension system’s income statement really matter? A proposal for an NDC scheme with disability and minimum pension benefits Abstract: This paper develops an accounting model for monitoring the solvency of a notional defined contribution (NDC) pension scheme with disability and minimum pension benefits. Using the annual report of the Swedish pension system as a benchmark, the “Swedish” actuarial balance is extended by adding an income statement fully explaining the reasons behind the changes in the system’s solvency by type of benefit. In line with the reference model, assets and liabilities are measured at present value at each reporting date, and in each period, included as income or expenses on the Income statement. This accounting framework integrates both contributory and social aspects of public pensions and discloses the real cost of the disability contingency and the redistribution through minimum pensions. Apart from Sweden, this proposal could be especially interesting for improving the reporting of public pensions in countries such as Poland, Italy, Latvia and Norway. Journal: Economic Research-Ekonomska Istraživanja Pages: 292-310 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1782246 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1782246 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:292-310 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1845761_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Liping Li Author-X-Name-First: Liping Author-X-Name-Last: Li Author-Name: Qisheng Chen Author-X-Name-First: Qisheng Author-X-Name-Last: Chen Author-Name: Ximeng Jia Author-X-Name-First: Ximeng Author-X-Name-Last: Jia Author-Name: Enrique Herrera-Viedma Author-X-Name-First: Enrique Author-X-Name-Last: Herrera-Viedma Title: Co-patents’ commercialization: evidence from China Abstract: Co-patents are outcomes of R&D collaboration, which has been proven with higher-quality. Does this mean that high-quality patents should also extend their advantage to the technology market? Based on the transaction cost theory, we use the China National Intellectual Property Administration (CNIPA) database and logit model to explore the effect of co-ownership on firms’ patent commercialization and the factors of co-patents that affect their commercialization. Our findings illustrate that co-ownership has a negative impact on patent commercialization. In addition, the co-owner’s nature, country, and co-patent’s industry influence the commercialization of co-patents. Firstly, a company and a university or research institution’s co-owned co-patents are less likely to be commercialization than a company and a company co-owned co-patents. Secondly, multi-countries co-owned co-patents are less likely to be commercialization than a single-country co-owned co-patents. Thirdly, co-patents in high technology (high-tech) industries are less likely to be commercialization than co-patents in non-high-tech industries. This paper supports policymakers in implementing policies to promote the co-patents’ commercialization. Meanwhile, our paper suggests that to pursue the economic value of the R&D collaborative intellectual property fruits, R&D collaborative intellectual property fruits are not be encouraged to be applied as the co-patents. Journal: Economic Research-Ekonomska Istraživanja Pages: 1709-1726 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1845761 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1845761 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1709-1726 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1867215_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Olayinka Olasumbo Afolabi Author-X-Name-First: Olayinka Olasumbo Author-X-Name-Last: Afolabi Author-Name: Ali Ozturen Author-X-Name-First: Ali Author-X-Name-Last: Ozturen Author-Name: Mustafa Ilkan Author-X-Name-First: Mustafa Author-X-Name-Last: Ilkan Title: Effects of privacy concern, risk, and information control in a smart tourism destination Abstract: Smart tourism destinations are growing, with the use and implementation of technology to make travel more enjoyable. Still, the tourist's information privacy concerns generated by the big data available to the destination and service providers is a significant problem for smart tourism, which can affect the sustainability and economic benefit of the smart tourism destination. This study investigates privacy concern, perceived risk, control of information, service provider trust in a smart tourism destination, and the resulting behavioural intentions. The results were obtained using an online survey of 384 respondents that have visited the smart tourism destination Dubai. The results indicated that use context as an environmental factor helps mitigate the tourists' negative privacy concerns and perceived risk towards trust in a smart tourism destination. Furthermore, previous privacy violation experience as a personal factor was negatively related to trust in the smart tourism destination and the service providers. The study provides meaningful contributions on smart tourism to destination management organizations (DMO's) and service providers on what influences and mitigates the privacy concern of the tourists using mobile application location-based services available in a smart tourism destination, building on the social cognitive theory. Journal: Economic Research-Ekonomska Istraživanja Pages: 3119-3138 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1867215 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1867215 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3119-3138 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1776140_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Parvaneh Saeidi Author-X-Name-First: Parvaneh Author-X-Name-Last: Saeidi Author-Name: Sayyedeh Parisa Saeidi Author-X-Name-First: Sayyedeh Parisa Author-X-Name-Last: Saeidi Author-Name: Leonardo Gutierrez Author-X-Name-First: Leonardo Author-X-Name-Last: Gutierrez Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Author-Name: Melfi Alrasheedi Author-X-Name-First: Melfi Author-X-Name-Last: Alrasheedi Author-Name: Sayedeh Parastoo Saeidi Author-X-Name-First: Sayedeh Parastoo Author-X-Name-Last: Saeidi Author-Name: Abbas Mardani Author-X-Name-First: Abbas Author-X-Name-Last: Mardani Title: The influence of enterprise risk management on firm performance with the moderating effect of intellectual capital dimensions Abstract: In the current dynamic environment, organizations are exposed to many risks from different directions. Therefore, this study using the theoretical lens explored the effect of enterprise risk management (ERM) on both financial and non-financial firm performance and the moderating role of intellectual capital (IC) and its dimensions on the relationship between ERM and firm performance. To test the study hypotheses, a questionnaire survey was distributed to 84 Iranian financial institutions. Structural equation modeling (PLS software) was used to analyze the data statistically. The findings revealed that ERM had a positive relationship with firms’ performance. The results also showed that the overall IC had a moderating effect on ERM-firm financial performance. However, regarding components of IC, knowledge, and information technology (IT) had a positive and significant moderating effect while training, organizational culture, and trust did not affect. This study provides an insight into the impact of ERM in recent years on non-financial performance and the influence of intangible assets on ERM and its function. The model developed in the current study and result can be extended and implemented to other organizations in developing countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 122-151 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1776140 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1776140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:122-151 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1788965_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fang-Nan Liao Author-X-Name-First: Fang-Nan Author-X-Name-Last: Liao Author-Name: Feng-Wen Chen Author-X-Name-First: Feng-Wen Author-X-Name-Last: Chen Title: Independent director interlocks: effects and boundary on the earnings persistence of the firm Abstract: This article first analyses the impact of independent director interlocks on firms’ earnings persistence in China, an emerging market from 2007 to 2017. Using the independent director network data and the unique internal control index, this article investigates the association between independent director interlocks and earnings persistence, and the roles of firms’ outside director interlocks and firms’ inside internal control playing in earnings persistence. Our results reveal a significant and positive association between independent director interlocks and earnings persistence, and in the context, there is a clear mediation effect of internal control in relationship of independent director interlocks and earnings persistence. Further analyses on the scope and stability of independent director interlocks effects show that independent director interlocks can both improve accrual earnings persistence and cash flow persistence. Meanwhile, the effect of independent director interlocks differentiates under the influence of firms’ strategy, only playing a significant role in defensive ones. Moreover, we find that independent director interlocks can relieve the ‘accrual anomalies’ in the securities market. Our results are robust to the various measure of earnings persistence and alternative methodological techniques. Journal: Economic Research-Ekonomska Istraživanja Pages: 383-409 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1788965 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1788965 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:383-409 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860791_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Carter B. Casady Author-X-Name-First: Carter B. Author-X-Name-Last: Casady Author-Name: Florin Peci Author-X-Name-First: Florin Author-X-Name-Last: Peci Title: The institutional challenges of public-private partnerships (PPPs) in transition economies: lessons from Kosovo Abstract: Although infrastructure public-private partnerships (PPPs) have become increasingly popular globally, they face their own institutional challenges in transition economies. This paper highlights some of these challenges by examining the (in)formal factors affecting Kosovo’s first PPP in the waste management sector, Ecohigjiena sh.p.k. Drawing upon semi-structured interviews with executives, senior managers, and administrative personnel from Ecohigjiena sh.p.k, the Tax Administration of Kosovo (TAK), and the municipality of Gjilan, the case analysis shows the PPP ultimately faced insurmountable internal and external difficulties, including low levels of professionalism, challenging legal frameworks, poor communication/trust between partners, and inadequate enforcement of regulations. Journal: Economic Research-Ekonomska Istraživanja Pages: 1949-1965 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860791 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860791 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1949-1965 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875862_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yang Liu Author-X-Name-First: Yang Author-X-Name-Last: Liu Author-Name: Melanie Faye Author-X-Name-First: Melanie Author-X-Name-Last: Faye Title: Research on intergenerational transmission of Chinese residents’ income: Based on data from ten surveys of Chinese Family Tracking Survey from 1989 to 2015 Abstract: This article uses the rank-ordered probit estimation method and data from the 10 Chinese Family Tracking Survey from 1989 to 2015 to systematically study how the family background, especially the parental income, of urban and rural residents in China since its opening affects the intergenerational transmission of income and income inequality. The results show the following: ① The higher the income of parents is, the higher the income of their offspring. When parents are middle income or above, the probability of their children earning an upper-middle or high income increases significantly. ② Although the income of mothers is low, its impact on children’s income is greater than that of the father’s income. If the mother’s income is middle, upper-middle, or high income, it will increase the probability of her children earning a high income by 12.17%, 28.16% and 45.90%, respectively, while the corresponding influence from the father’s income is 9.62%, 20.69% and 43.82%. ③ For children, the degree of intergenerational income inequality is greater for women than for men, and it is higher in cities than in rural areas. ④ The intergenerational transmission of income is persistent across multiple generations, but the transmission from parents is much higher than from grandparents. It is also difficult for the offspring of a lower-income couple to obtain a higher income. These conclusions are robust to examining different samples and examining the predicted impact of various measures of family background on the income of offspring. Based on the results, this article puts forward policy recommendations to improve intergenerational income consolidation and reduce income inequality. Journal: Economic Research-Ekonomska Istraživanja Pages: 3487-3507 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1875862 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875862 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3487-3507 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1780144_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yong Qin Author-X-Name-First: Yong Author-X-Name-Last: Qin Author-Name: Xinxin Wang Author-X-Name-First: Xinxin Author-X-Name-Last: Wang Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Title: The impact of poverty cycles on economic research: evidence from econometric analysis Abstract: Poverty is a global problem, and fighting it is a historical task faced by humanity. The outbreak of poverty crises has a certain cyclicality, and the development of economic research may react to poverty cycles. To validate this view, we take the United States as an empirical example and establish a quantitative research architecture based on the bibliometrics and econometrics. In the first place, we conduct a bibliometric analysis of selected search terms relevant to poverty cycles. After that, the time-series data in the actual economy are collected for reflecting the trends and fluctuations in economic activity affected by poverty cycles. Meanwhile, with both bibliometric and economic data, a detrending measure via the band-pass (BP) filter is performed to estimate cycles. Finally, the Granger causality tests are implemented to explore the interaction between poverty cycles and economic research directly. As a supplement, this paper also provides a quantitative evaluation analysis, namely impulse-response functions, to investigate the influence of economic variables on bibliometric ones. The final results show there indeed exists an impact of poverty cycles in economic activity on relevant discussions in the scientific literature. Journal: Economic Research-Ekonomska Istraživanja Pages: 152-171 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1780144 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1780144 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:152-171 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1868324_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xunjie Gou Author-X-Name-First: Xunjie Author-X-Name-Last: Gou Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Wei Zhou Author-X-Name-First: Wei Author-X-Name-Last: Zhou Author-Name: Enrique Herrera-Viedma Author-X-Name-First: Enrique Author-X-Name-Last: Herrera-Viedma Title: The risk assessment of construction project investment based on prospect theory with linguistic preference orderings Abstract: Multiple experts decision-making (MEDM) can be regarded as a situation where a group of experts are invited to provide their opinions by evaluating the given alternatives, and then select the optimal alternative(s). As a useful linguistic expression model, linguistic preference orderings (LPOs) were established in which the order of alternatives and the relationships between two adjacent alternatives are fused well. Considering that prospect theory has the superiority in depicting risk attitudes (risk seeking for losses and risk aversion for gains) during the uncertain decision-making process, this paper develops a consensus model based on prospect theory to deal with MEDM problems with LPOs. Firstly, each LPO provided by expert is transformed into the responding DHLPR with complete consistency. Then, the reference point of expert is determined and the prospect preference matrix is established. Moreover, we can obtain the overall prospect consensus degree for a MEDM problem by calculating the similarity degree between individual and collective prospect preference matrix. Furthermore, a consensus improvement method is developed to complete the consensus reaching process. Finally, we apply the proposed method to deal with a practical MEDM problem involving the construction project investment, and make some comparative analyses with existing methods. Journal: Economic Research-Ekonomska Istraživanja Pages: 709-731 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1868324 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1868324 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:709-731 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1867603_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tomás González-Cruz Author-X-Name-First: Tomás Author-X-Name-Last: González-Cruz Author-Name: José Antonio Clemente-Almendros Author-X-Name-First: José Antonio Author-X-Name-Last: Clemente-Almendros Author-Name: Alba Puig-Denia Author-X-Name-First: Alba Author-X-Name-Last: Puig-Denia Title: Family governance systems: the complementary role of constitutions and councils Abstract: The understanding of family businesses from the family side is still in its infancy. This is especially true in relation to how family members manage their relationships with one another and with the firm. Family growth and evolution are usually accompanied by a reduction in shared family meaning and purpose and greater divergence in the form of factional interests and intentions that harm the family and the firm. To counterbalance this negative impact, scholars generally advocate a set of corporate governance practices. However, few papers have analysed how family regulatory frameworks and family governance institutions affect family firm performance. To the best of our knowledge, no paper has analysed the complementary role of family rules and family governance institutions or their relationship with business performance. To fill this gap, we examine how family rules and family governance institutions affect firm performance. Drawing upon the concept of fit from organisation design, this paper shows the complementary role of family rules and family institutions, as well as the need for fit with family complexity. Analysis of a sample of family businesses shows that when family governance fits with family complexity, the relationship with firm performance is positive; any misfit leads to negative consequences. Journal: Economic Research-Ekonomska Istraživanja Pages: 3139-3165 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1867603 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1867603 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3139-3165 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1805346_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zuiyi Shen Author-X-Name-First: Zuiyi Author-X-Name-Last: Shen Author-Name: Junxiang Miao Author-X-Name-First: Junxiang Author-X-Name-Last: Miao Author-Name: Lili Li Author-X-Name-First: Lili Author-X-Name-Last: Li Title: Study on tax burden calculation and risk allocation for industries in free trade zones Abstract: The existence of tax burden outlier of industries will hinder the sustainable development of the regional economy. By calculating the tax burden of 3,585 enterprises in 11 industries in China (Zhejiang) Pilot Free Trade Zone, we find that there are six industries with abnormal tax burden, namely, the construction industry, transportation, the warehousing and postal industry, information transmission, software and the information technology service industry, the financial industry, the real estate industry, and the leasing and business service industry. Based on the semi-parametric time-varying model, we changed the time variable into the industry variable, and studied the mutual influence of the tax burden of each industry under the control variables of actual tax burden and employment number respectively and jointly driven. Considering the control variable as the formulation of tax policy, we can calculate the interaction and fluctuation range of each industry tax burden under different tax policies. According to this result, the tax burden risk of six industries with tax burden outlier is allocated. Journal: Economic Research-Ekonomska Istraživanja Pages: 880-901 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1805346 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1805346 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:880-901 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844581_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dalia Susnienė Author-X-Name-First: Dalia Author-X-Name-Last: Susnienė Author-Name: Ojaras Purvinis Author-X-Name-First: Ojaras Author-X-Name-Last: Purvinis Author-Name: Daiva Zostautiene Author-X-Name-First: Daiva Author-X-Name-Last: Zostautiene Author-Name: Laszlo T. Koczy Author-X-Name-First: Laszlo T. Author-X-Name-Last: Koczy Title: Modelling OCB and CWB by combined Fuzzy Signature model Abstract: Globalization and its challenges for organizations led to the understanding that employees can be a critical factor contributing to the organization’s performance. Therefore, various studies sought to understand employee’s behaviour that in itself encompasses various forms of engagement. One of the constructs defining engagement is citizenship behaviour (OCB) and counterproductive work behaviour (CWB). Based on previous researches, the study aims to contribute to the knowledge on the correlation between OCB and CWB considered as a behavioural engagement, from one side, and interplay of these constructs with the related constructs such as a trait engagement, perception of organization, state engagement, from another side. Since the empirical studies typically tend to concentrate on one or several factors separately, it is difficult to get a better understanding of relationship of all forms of engagement in corpore. To address this gap, we create a complex model of investigation developed to describe the linkage of the factors - OCB, CWB and related constructs under one umbrella and, by employing a combined statistical and Fuzzy Signature (FSig) model, we investigated the link with behavioural engagement. The present study covered one region of the northern part of Lithuania. It is based on 144 completed questionnaires from 35 companies. Findings support the assumption of the relationships of behavioural engagement (i.e. OCB and CWB) and the remaining multifaceted factors, and make a step forward by offering a new model for investigation the multifaceted phenomenon of employee engagement. Journal: Economic Research-Ekonomska Istraživanja Pages: 1546-1565 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844581 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844581 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1546-1565 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1867214_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ajid ur Rehman Author-X-Name-First: Ajid ur Author-X-Name-Last: Rehman Author-Name: Tayyab Ali Author-X-Name-First: Tayyab Author-X-Name-Last: Ali Author-Name: Shahzad Hussain Author-X-Name-First: Shahzad Author-X-Name-Last: Hussain Author-Name: Abdul Waheed Author-X-Name-First: Abdul Author-X-Name-Last: Waheed Title: Executive remuneration, corporate governance and corporate performance: Evidence from China Abstract: This study investigates the impact of corporate performance and corporate governance on executive remuneration in a Chinese market setting. Using Generalized Method of Moments (GMM) estimation approach for a sample of 860 non-financial firms listed on Chinese Stock Exchanges over the 15 years period of 2004–2018, the study found a positive and significant association between corporate profitability and executive pay. The study further reports that ownership concentration is positively related to executive pay revealing an entrenchment effect i.e., collusion between large shareholders and top management. Consistent with managerial power and agency theory CEO duality exhibits a positive relationship with executive remuneration, while board size and board independence also reveal a positive association with executive pay, indicating board ineffectiveness in reducing managerial entrenchment. Interestingly, non-state-owned enterprises report a negative relationship of board size with executive remuneration which means non-state-owned enterprises with larger board size tend to reduce executive pay because they may have better control and monitoring. Following the managerial power propositions, CEO duality weakens the performance sensitivity of executive pay, but contrary to agency theory the impact of board independence on this sensitivity is in contrast and weakens the relationship of managerial pay and performance, making the independent director's role ambiguous. Journal: Economic Research-Ekonomska Istraživanja Pages: 3092-3118 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1867214 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1867214 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3092-3118 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1804970_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maryna Brychko Author-X-Name-First: Maryna Author-X-Name-Last: Brychko Author-Name: Yuriy Bilan Author-X-Name-First: Yuriy Author-X-Name-Last: Bilan Author-Name: Serhiy Lyeonov Author-X-Name-First: Serhiy Author-X-Name-Last: Lyeonov Author-Name: Grzegorz Mentel Author-X-Name-First: Grzegorz Author-X-Name-Last: Mentel Title: Trust crisis in the financial sector and macroeconomic stability: a structural equation modelling approach Abstract: Although the growing body of literature that recognises a destabilising role of the trust crisis in the macroeconomic stability, the understanding of mediational pathways remains limited. The current paper fills the gap by contributing to the existing literature by examining closely the mediating effect of the trust crisis in the financial sector on the indicators of macroeconomic stability due to the anticipated impact of the financial intermediation development and the monetary policy transmission mechanism, as well as their combinatorial impact. A method of structural equation modelling was used to analyse the input data. It has been empirically confirmed that exacerbation of the trust crisis in the financial sector without the use of regulatory measures is detrimental to macroeconomic stability. The results of the mediation analysis show that transmission channels of the monetary policy mechanism and developed financial sector mitigate the harmful effects of deepening the trust crisis in the financial sector and lead to an increase in macroeconomic stability indicators. From a practical perspective, the findings revealed that interest, credit, and currency channels of the monetary policy transmission mechanism could be used to cope with the erosion of the trust crisis in the financial sector to macroeconomic stability. Journal: Economic Research-Ekonomska Istraživanja Pages: 828-855 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1804970 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1804970 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:828-855 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1751672_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zdenko Braičić Author-X-Name-First: Zdenko Author-X-Name-Last: Braičić Title: The influence of demogeographic development on spatial contents and models of primary education in Istria Abstract: This work explores the influence of demographic processes, especially birth rate’s movements, on the changes in the features and organisation of primary education in Istria between years 2001 and 2017. The analyses were implemented on the level of municipalities and cities, and greater spatial units of Istria – coastal area, the inland and the city of Pula. We analysed the changes in population and student contingent, fluctuations of birth rate, net migration and the changes in primary education (number of students and classes, number of teachers and schools). The results have pointed out to the existence of a positive connection between birth rate’s change and number of students in primary schools, but also that birth rate has a postponed effect on the size of the student contingent. Spatial disparities between the Istria’s inland and coast are determined also in the features of primary education that generally adapts to demographic processes more slowly. Journal: Economic Research-Ekonomska Istraživanja Pages: 21-38 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1751672 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1751672 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:21-38 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1789888_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jing Guan Author-X-Name-First: Jing Author-X-Name-Last: Guan Title: Does school-based private health insurance improve students’ health status? Evidence from China Abstract: Private health insurance is an important supplement to social health insurance. However, there is a lack of research on the impact of school-based private health insurance programs on students’ health in developing countries. This study aims to investigate the causal impact of school-based supplementary private health insurance programs on the self-rated health status of Chinese secondary school students, with an average age of 14, using a longitudinal database, the China Education Panel Survey (CEPS). The study exploits the cross-school variation and discrete feature of the response variable by applying a two-level ordered logit model with a random effect at the school level. An ordered logit propensity score matching method, clustering the standard errors by school, is applied for the robustness check. Lagged values of potential endogenous covariates are included in both methods to control the effect of unobserved individual heterogeneities. The results indicate that participating in uniform school-based private health insurance programs does not improve student self-rated health status, whereas individualized health insurance significantly improves student self-rated health status. Journal: Economic Research-Ekonomska Istraživanja Pages: 469-483 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1789888 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1789888 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:469-483 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1862686_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tian Lan Author-X-Name-First: Tian Author-X-Name-Last: Lan Author-Name: Yu Chen Author-X-Name-First: Yu Author-X-Name-Last: Chen Author-Name: Huafang Li Author-X-Name-First: Huafang Author-X-Name-Last: Li Author-Name: Lijia Guo Author-X-Name-First: Lijia Author-X-Name-Last: Guo Author-Name: Jiashun Huang Author-X-Name-First: Jiashun Author-X-Name-Last: Huang Title: From driver to enabler: the moderating effect of corporate social responsibility on firm performance Abstract: Corporate social responsibility (CSR) is assumed to have a direct influence on firm performance. However, the existing literature provides a mixed depiction of the relationship between CSR and firm performance. In this study, CSR is considered as an enabler for firm performance, rather than a direct driving force. Using a sample of U.S. firms, we test the enabler hypothesis and find that CSR positively moderates the relationship between marketing investments and firm financial performance, i.e., the enabling hypothesis is supported. The moderating effect of CSR is further moderated by how firms treat their employees. Mistreating employees weakens CSR’s moderating effect because it may make customers to perceive CSR activities as self-interested makeups rather than purely charitable actions in nature. Overall, our study suggests a logic shift from considering CSR as a driver for firm performance to an enabler and provides implications for both future research and practices. Journal: Economic Research-Ekonomska Istraživanja Pages: 2240-2262 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1862686 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1862686 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2240-2262 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1862685_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aiyuan Tao Author-X-Name-First: Aiyuan Author-X-Name-Last: Tao Author-Name: Ce Shi Author-X-Name-First: Ce Author-X-Name-Last: Shi Author-Name: Fengling Zou Author-X-Name-First: Fengling Author-X-Name-Last: Zou Title: Research on the impact of merger on capacity and social welfare in different market environments Abstract: Based on the current context of DE-Capacity in China, this article explores the impact of the merger of public and private firms on capacity and social welfare, with the aim of giving theoretical support to the current practice of mergers and acquisitions in China. With a mixed oligopoly model and Cournot-Nash equilibrium, we conclude that the merger of firms can achieve the goal of DE-Capacity in the market environment dominated by public firms, and that at the same time the social welfare will increase. We also find that if the modest privatisation is considered in the merger then the ultimate social welfare can also obtain further growth with DE-Capacity. In particular, according to the goal of welfare maximisation under different efficiency, we give the optimal privatisation ratio for the merger of public and private firms. However, in the market environment dominated by private firms, the merger of public and private firms cannot achieve the result of increasing social welfare along with DE-Capacity. Journal: Economic Research-Ekonomska Istraživanja Pages: 2225-2239 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1862685 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1862685 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2225-2239 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844579_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhenpeng Tang Author-X-Name-First: Zhenpeng Author-X-Name-Last: Tang Author-Name: Tingting Zhang Author-X-Name-First: Tingting Author-X-Name-Last: Zhang Author-Name: Chongshan Liu Author-X-Name-First: Chongshan Author-X-Name-Last: Liu Author-Name: Junchuan Wu Author-X-Name-First: Junchuan Author-X-Name-Last: Wu Title: A scientometric review on literature of macroprudential policy Abstract: Macroprudential policy is closely related to financial stability, systemic risk and the procyclicality of the financial sector, and has attracted considerable attention of scholars after the 2008 global financial crisis. Based on the 467 documents together with 14,597 references collected from the Web of Science core collection for the period of 2005–2018, this article conducts a scientometric analysis of macroprudential policy. The article applies basic analysis, co-citation analysis, cluster analysis, citation burstness detection, scientific research cooperation analysis and co-occurrence analysis of keywords. Through the document co-citation analysis, the article shows the key themes of macroprudential policy research which include: the effectiveness of macroprudential policies, financial market intermediaries, containment of systemic risks, monetary policy and liquidity. The article identifies influential scholars, documents, research institutions, journals and research hotspots in the field of research on macroprudential policy. The scientometric analysis in the article presents an objective perspective of the inheritance and evolution of scientific knowledge at different levels in the field of macroprudential policy. Journal: Economic Research-Ekonomska Istraživanja Pages: 1498-1519 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844579 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844579 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1498-1519 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1819852_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alina-Petronela Haller Author-X-Name-First: Alina-Petronela Author-X-Name-Last: Haller Author-Name: Gina Ionela Butnaru Author-X-Name-First: Gina Ionela Author-X-Name-Last: Butnaru Author-Name: Georgia-Daniela Tacu Hârșan Author-X-Name-First: Georgia-Daniela Tacu Author-X-Name-Last: Hârșan Author-Name: Mirela Ştefănică Author-X-Name-First: Mirela Author-X-Name-Last: Ştefănică Title: The relationship between tourism and economic growth in the EU-28. Is there a tendency towards convergence? Abstract: Tourism significantly increased in the EU-28 in recent years. In the present study, the 28 member states were analysed for the period between 2012 and 2018, depending on data availability. The authors tested empirically whether economic convergence took place from the perspective of three types of revenue from the tourism sector. The contribution of tourism revenue to economic growth varied across different countries. The analysis of β and σ-convergence showed a low-intensity and slow process based on the revenues generated by accommodation, transport, and restaurant and coffee shop services. Contrary to expectations, the factors analysed did not strongly support the EU-28 tourism sector convergence. We argue the existence of a positive and direct relationship between tourism and economic growth. The convergence did exist but its pace was sometimes slow and of low intensity, preceded by periods of divergence. The three types of services generated tourism revenue but not decisively. The paper complements the literature using indicators that strictly describe the tourism sector and brings into focus findings that contradict those from other studies. Our conclusion is that convergence was not accelerated, but slow and it was not determined by tourism factors but by related ones. Journal: Economic Research-Ekonomska Istraživanja Pages: 1121-1145 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1819852 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1819852 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1121-1145 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1865181_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Faisal Mahmood Author-X-Name-First: Faisal Author-X-Name-Last: Mahmood Author-Name: Faisal Qadeer Author-X-Name-First: Faisal Author-X-Name-Last: Qadeer Author-Name: Maria Saleem Author-X-Name-First: Maria Author-X-Name-Last: Saleem Author-Name: Heesup Han Author-X-Name-First: Heesup Author-X-Name-Last: Han Author-Name: Antonio Ariza-Montes Author-X-Name-First: Antonio Author-X-Name-Last: Ariza-Montes Title: Corporate social responsibility and firms’ financial performance: a multi-level serial analysis underpinning social identity theory Abstract: This research aims to investigate how firms’ Corporate Social Responsibility (CSR) perception and disclosure derive accounting, market, and perception-based Firms’ Financial Performance (FFP) through the serial mediation of individual-level organizational identification (OID) and employees' innovative job performance (EIJP). Philosophically, this research comes under the beliefs or worldview of postpositivism and employed a quantitative research design. And thus, the approach to theory development is deductive. Multi-method, multi-source and multilevel data with temporal breaks are collected from 60 manufacturing firms listed on the Pakistan Stock Exchange (PSE). Primary data are collected by following the survey strategy and by conducting multiple surveys. While the secondary data are collected from the annual and sustainability reports published by selected firms on their official websites. This research found the serial mediation of OID and employees’ innovative job performance on the CSR-FFP relationship. Our results will assist the management of the firms to understand the strategic implications of their CSR initiatives. In particular, this research contributed to understand why CSR is viewed to have strategic importance for the firms and how social identity theory (SIT) might be utilized in such endeavors. Journal: Economic Research-Ekonomska Istraživanja Pages: 2447-2468 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1865181 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1865181 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2447-2468 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875860_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Merter Mert Author-X-Name-First: Merter Author-X-Name-Last: Mert Title: Economic growth under Solow-neutrality Abstract: This study is the first attempt to measure growth depending on the equation of the concave production possibility frontier, under Solow-neutrality. Although there is evidence that the nature of technological progress is Solow-neutral, Solow-neutrality is not compatible with the steady-state. This study solves that contradiction. To do this, we make three simple contributions. First, the natural rate of growth has been explained in harmony with the economic concepts such as constant returns to scale, full capacity and steady-state, under Solow-neutrality. Secondly, the equation of the concave production possibility frontier has been obtained when the nature of technological progress is Solow-neutral. Thirdly, economic growth has been explained based on the equation of the concave production possibility frontier, under Solow-neutrality. According to the first result of the study, Solow-neutrality becomes compatible with the long-run equilibrium growth and the steady-state under specific conditions. According to the second result of the study, positive economic growth occurs under specific conditions. Journal: Economic Research-Ekonomska Istraživanja Pages: 3440-3467 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1875860 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875860 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3440-3467 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844587_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ting Cui Author-X-Name-First: Ting Author-X-Name-Last: Cui Author-Name: Chan Wang Author-X-Name-First: Chan Author-X-Name-Last: Wang Author-Name: Pu-yan Nie Author-X-Name-First: Pu-yan Author-X-Name-Last: Nie Title: Advertising investment under switching costs Abstract: Switching costs are exceedingly important in service industries including platform firms and IT firms, and, have a strong effect on firms’ advertising investments and market structure. This study examines the effects of switching costs on advertising using a two-stage discrete-time dynamic duopoly model. Firstly, we argue that switching costs reduce firms’ advertising investments. Secondly, both brand stealing effects and brand expansion effects of advertising promote firms’ competition regarding pricing and advertising investments. Finally, firms with high prices invest more in advertising thank others. Because of switching costs, firms compete in terms of both price and advertising investment. This article captures the relationship between switching costs and advertising investments in detail. The managerial policy is that firms to determine advertising investment should consider switching costs. Journal: Economic Research-Ekonomska Istraživanja Pages: 1676-1689 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844587 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844587 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1676-1689 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1819849_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qing Li Author-X-Name-First: Qing Author-X-Name-Last: Li Author-Name: Yonghui Han Author-X-Name-First: Yonghui Author-X-Name-Last: Han Author-Name: Ziwen Li Author-X-Name-First: Ziwen Author-X-Name-Last: Li Author-Name: Dongming Wei Author-X-Name-First: Dongming Author-X-Name-Last: Wei Author-Name: Fan Zhang Author-X-Name-First: Fan Author-X-Name-Last: Zhang Title: The influence of cultural exchange on international trade: an empirical test of Confucius Institutes based on China and the ‘Belt and Road’ areas Abstract: With the implementation of the Belt and Road initiative, the development of trade governance between China and countries along the line has expanded. Firstly, this paper analyzes the impact of cultural exchanges through Confucius Institutes on regional trade cooperation from three dimensions: improving cultural identity, reducing trade costs and sharing information. Secondly, we utilise data trade data from the 64 countries along the line from 2004 to 2015 to examine the effects of Confucius Institutes in regional trade cooperation with China. Overall, we found that Confucius Institutes have significantly promoted the trade growth of China and those countries. Compared to exports, Confucius Institutes promote greater growth imports to the Belt and Road countries from China. Compared to countries in the Road, Confucius Institutes better promoted trade growth between China and countries in the Belt. This empirical conclusion stands under various robustness tests. Forth, after the 12th five-year-plan, the promoting effects of the Confucius Institute has been strengthening. Fifth, the smaller the cultural distance, the stronger the promoting effects of the Confucius Institute on the trade in BRI countries. However, the effect of language similarity is not significant. This study indicates that the Chinese government should pay more attention to the economic effects of cultural factors, such as the Confucius Institute, in policy design. Journal: Economic Research-Ekonomska Istraživanja Pages: 1033-1059 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1819849 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1819849 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1033-1059 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1867212_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Liu Yang Author-X-Name-First: Liu Author-X-Name-Last: Yang Author-Name: Yuhuan Yi Author-X-Name-First: Yuhuan Author-X-Name-Last: Yi Author-Name: Shanshan Wang Author-X-Name-First: Shanshan Author-X-Name-Last: Wang Title: Banks’ maturity mismatch, financial stability, and macroeconomic dynamics Abstract: The average maturity of total bank assets has been rising sharply following the 4-trillion-yuan stimulus package proposed by the Chinese government in 2009. This paper investigates the macroeconomic implications of maturity mismatch problem using the Chinese data over the period 2007Q1–2019Q4. We extend the New-Keynesian DSGE framework from several dimensions: (i) financial frictions between banks and households; (ii) multi-period loan contracts; (iii) dynamic differential reserve requirement as a macroprudential regulation tool. After estimating the model with Chinese data, the simulation results indicate that the sluggish adjustment of financing cost caused by maturity mismatch will attenuate the real sector fluctuation, however, the feedback effects will amplify the responses of the banking sector. Meanwhile, a severe maturity mismatch will dampen the effect of the required reserve rate as a tool to keep financial stability when confronted with productivity shock. Journal: Economic Research-Ekonomska Istraživanja Pages: 3038-3063 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1867212 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1867212 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3038-3063 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1828129_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Boris Tušek Author-X-Name-First: Boris Author-X-Name-Last: Tušek Author-Name: Ana Ježovita Author-X-Name-First: Ana Author-X-Name-Last: Ježovita Author-Name: Petra Halar Author-X-Name-First: Petra Author-X-Name-Last: Halar Title: The importance and differences of analytical procedures' application for auditing blockchain technology between external and internal auditors in Croatia Abstract: Nowadays audit profession is faced with an excessive evolution of the information and communication technology (ICT). The effects of ICT on auditing are dual. On the one hand, auditing is faced with the digitalization of companies’ business operations, and on the other, auditors must be able to adapt their methodologies to these changes in order to be able to audit implemented ICT in the companies’ business operations. One of the latest ICT innovations includes the application of blockchain technology (BCT) in different business operations of a company, which represents the object of auditing. In order to audit BCT, auditors must apply appropriate audit procedures, whereas analytical procedures (APs) represent the most useful one. The subjects of this paper are external and internal auditors, and their application of APs for auditing implemented BCT in the companies’ business operations, in Croatia. Therefore, the main objective of this paper is to investigate the differences in the APs’ application and its usefulness for auditing BCT, as an emerging ICT, between external and internal auditors. To investigate the main objective of the paper, desk research and survey research were conducted. Overall results indicated that external and internal auditors in Croatia are aware that auditing BCT requires the application of advanced APs, for what they need to possess excellent knowledge about APs and BCT. Obtained results showed that auditors in Croatia possess below-average knowledge about APs and BCT. Therefore, the necessity for specialized education of external and internal auditors is inevitable. Regarding the investigation of differences in the readiness to audit BCT between external and internal auditors in Croatia, the results confirmed that external auditors are more ready to audit BCT than internal auditors. Finally, research results confirmed that the application of advanced APs in audit engagements will increase the efficiency and effectiveness of companies’ business operations supported by the BCT. Journal: Economic Research-Ekonomska Istraživanja Pages: 1385-1408 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1828129 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1828129 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1385-1408 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1752763_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tijana Vukić Author-X-Name-First: Tijana Author-X-Name-Last: Vukić Author-Name: Kristina Nefat Author-X-Name-First: Kristina Author-X-Name-Last: Nefat Author-Name: Zvonimir Peranić Author-X-Name-First: Zvonimir Author-X-Name-Last: Peranić Title: Pula students’ television competencies Abstract: Educators and teachers’ media competencies are a prerequisite for children and youth’s successful media use as future active democratic citizens. In Croatia, however, they are not yet systematically acquired and are mostly studied in general, in elementary schools, while student populations and television competencies are marginalized. Therefore, we conducted a quantitative empirical study of future educators and teachers’ television competencies on a sample of the 140 first-year undergraduate students of the Juraj Dobrila University of Pula. The data were collected by a questionnaire while descriptive and inferential statistics were used in the processing of the collected data. The results show students’ low TV competencies in general and a difference in relation to the study and educational module. Students studying Preschool Education (which includes the Media Culture course) are more competent than their colleagues are, while future teachers have less TV competencies than others do. Such an outcome highlights the need to upgrade the university curricula for educators and teachers. Journal: Economic Research-Ekonomska Istraživanja Pages: 90-108 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1752763 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1752763 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:90-108 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1874460_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Drahomira Pavelkova Author-X-Name-First: Drahomira Author-X-Name-Last: Pavelkova Author-Name: Miroslav Zizka Author-X-Name-First: Miroslav Author-X-Name-Last: Zizka Author-Name: Lubor Homolka Author-X-Name-First: Lubor Author-X-Name-Last: Homolka Author-Name: Adriana Knapkova Author-X-Name-First: Adriana Author-X-Name-Last: Knapkova Author-Name: Natalie Pelloneova Author-X-Name-First: Natalie Author-X-Name-Last: Pelloneova Title: Do clustered firms outperform the non-clustered? Evidence of financial performance in traditional industries Abstract: Previous research presented in numbers of studies strongly suggests that locating in a cluster generates valuable benefits to clustered firms. These include better access to suppliers and other scarce inputs, superior knowledge and innovation, a better position from which to build a social network as well as proximate to successful competitors. Yet when the positive impact of agglomeration and clustering has been questioned on the strictly financial performance of clustered firms, the results of these studies are not so convincing and question the enthusiasm for cluster theory shown by scholars, practitioners, and policymakers. The aim of our research is to enrich existing knowledge concerning the benefits of clustering, as well as to test if localisation in a natural cluster, and membership in a cluster organisation has a positive impact on financial performance. We propose to measure that by selected financial indicators such as ROA, ROS, labour productivity and Economic Value Added, focussing our research on traditional industrial sectors – plastics and textiles seated in the Czech Republic. The results of analysing firm-level data in the period of 2009–2016 fail to confirm any significant influence of firm localisation in natural cluster or membership in the cluster organisation on financial performance for firms in studied sectors. We achieved the same results by investigation of potential differences for young firms, SMEs or underperforming firms. Journal: Economic Research-Ekonomska Istraživanja Pages: 3270-3292 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1874460 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1874460 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3270-3292 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860790_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Domen Malc Author-X-Name-First: Domen Author-X-Name-Last: Malc Author-Name: Aleksandra Selinšek Author-X-Name-First: Aleksandra Author-X-Name-Last: Selinšek Author-Name: Jasmina Dlačić Author-X-Name-First: Jasmina Author-X-Name-Last: Dlačić Author-Name: Borut Milfelner Author-X-Name-First: Borut Author-X-Name-Last: Milfelner Title: Exploring the emotional side of price fairness perceptions and its consequences Abstract: In the present research, we examined whether emotional responses determine price fairness perceptions and resulting behaviours. The relationships among negative emotional response, price fairness perception, self-protective behaviour, and negative word-of-mouth were hypothesized and empirically investigated. Furthermore, the moderating role of moral foundation was addressed and tested. Results indicated that there is a strong relationship between negative emotions and price fairness perceptions. While the latter had no significant effect on self-protective behaviour, it had a noticeable one on negative word-of-mouth. There was also a significant positive relationship between the two types of behaviours, where self-protective behaviour positively influenced negative word-of-mouth. Furthermore, the relationship between price fairness and negative word-of-mouth was significantly greater among respondents who scored higher on the moral foundation scale. Such results indicate that behaviour of those with a higher moral foundation appears to rely more on price fairness, while the behaviour of the second group (respondents with lower moral foundation scores) is determined primarily by emotional response. Our research contributes to the knowledge of consumer behaviour by providing an insight into different customer reactions regarding what they perceive to be unfair prices. Journal: Economic Research-Ekonomska Istraživanja Pages: 1931-1948 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860790 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860790 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1931-1948 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1798264_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Michal Mičík Author-X-Name-First: Michal Author-X-Name-Last: Mičík Author-Name: Hana Kunešová Author-X-Name-First: Hana Author-X-Name-Last: Kunešová Title: Using an eye tracker to optimise career websites as a communication channel with Generation Y Abstract: This paper presents a research study detailing the procedure and results of experimental eye-tracking research to evaluate employers’ career websites. The objective of this research was to gain an insight into Generation Y’s perspective on the career websites of prospective employers. The objective was developed into several research questions and hypotheses. The eye-tracking research method was used to test the websites. The eye-tracking tests were supplemented by an in-depth interview and a standardised questionnaire with the aim of acquiring the respondents’ subjective views and preferences. The research study contributes to an understanding of how prospective employees from Generation Y view the career websites of employers and the importance of the elements presented on them; it allowed factors that affect the perceived attractiveness of career websites to be identified and provided information as to what Millennials liked the most/least about the organisations’ career websites and what would be advisable to change in order for the career websites to better serve their purpose. Based on the research findings, recommendations were made for creating attractive career websites for job seekers from Generation Y. Journal: Economic Research-Ekonomska Istraživanja Pages: 66-89 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1798264 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1798264 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:66-89 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1812418_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vítor da Conceição Gonçalves Author-X-Name-First: Vítor da Conceição Author-X-Name-Last: Gonçalves Author-Name: Joaquim Miranda Sarmento Author-X-Name-First: Joaquim Author-X-Name-Last: Miranda Sarmento Author-Name: Ricardo Rodrigues Author-X-Name-First: Ricardo Author-X-Name-Last: Rodrigues Title: Aftermath of the sovereign debt crisis, the new challenges to competitiveness in Portugal Abstract: This paper focuses on the interconnections between sovereign debt and the competitiveness of nations in the aftermath of the recent sovereign debt crises in the Eurozone. Further, it identifies new challenges to improving competitiveness. Based on a deductive approach, we analyse secondary data regarding sovereign debt and competitiveness in 28 EU countries for the period from 2006 to 2017. We also look at the recent theoretical developments in the competitiveness of companies, nations, and regions with the goal of identifying the new challenges to Portuguese competitiveness. In the period under analysis, Greece, Ireland, and Portugal had considerable losses in competitiveness and increases in their sovereign debt ratio. Despite benefiting directly from Porter’s insights into improving the country’s competitiveness, the Portuguese sovereign debt ratio has increased steeply. A previous analysis identified a path; however, there are new challenges such as those associated with EU competitiveness, shared value, and smart connected products. These need to be considered to support the creation of new strategies and policies for a small and open economy. Based on our analysis, we argue that competitiveness-oriented policies must more explicitly consider the negative implications of sovereign debt, and must recognize the new challenges to competitiveness. Journal: Economic Research-Ekonomska Istraživanja Pages: 998-1012 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1812418 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1812418 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:998-1012 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1874463_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zahid Mahmood Author-X-Name-First: Zahid Author-X-Name-Last: Mahmood Author-Name: Wadi B. Alonazi Author-X-Name-First: Wadi B. Author-X-Name-Last: Alonazi Author-Name: Muhammad Awais Baloch Author-X-Name-First: Muhammad Awais Author-X-Name-Last: Baloch Author-Name: Rab Nawaz Lodhi Author-X-Name-First: Rab Nawaz Author-X-Name-Last: Lodhi Title: The dark triad and counterproductive work behaviours: A multiple mediation analysis Abstract: Prior studies on the dark side of the organisation tend to overlook some important mediator(s) in the relationship between the dark triad personalities (D.T.P.s) and counterproductive work behaviour (C.W.B.). Hence, this study examines the multiple-mediation model by incorporating perceived organisational politics and perceived accountability in the relationship between D.T.P.s and C.W.B. The sample of 290 employees is selected through a random sampling technique from the hospitality industry. Partial least squares structural equation modelling (P.L.S.-S.E.M.) and bootstrapping are employed to examine the multiple-mediation model. The results show that perceived organisational politics and perceived accountability mediate the association of the D.T.P.s and C.W.B. Our findings provide policymakers with a vision into the existence of the D.T.P.s and their potential consequences for C.W.B. This study encourages decision-makers and practitioners to develop an ethical climate, job standards, and systems of accountability to achieve productive goals. Journal: Economic Research-Ekonomska Istraživanja Pages: 3321-3342 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1874463 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1874463 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3321-3342 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1825107_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Zubair Mumtaz Author-X-Name-First: Muhammad Zubair Author-X-Name-Last: Mumtaz Author-Name: Zachary Alexander Smith Author-X-Name-First: Zachary Alexander Author-X-Name-Last: Smith Title: The behavior of household finance on demographic characteristics in Pakistan Abstract: This study analyzes the effect of demographic characteristics on household finance in Pakistan. Using Household Integrated Economic Survey data and applying the proportional sampling technique, we determine that household size, secondary and tertiary education, gender, size of income, urban area, occupation, and province-wise residency are the important predictors of household finance. We split our dataset controlling for household size, age, and income. This study identifies a small variation in the determinants of household finance when examining the behavior of small- and large-sized households, young and mature households, and low- and high-income households. We compare our results with previous literature and report that the behavior of households varies in different countries due to different demographic characteristics. Hence, the behavior households vary across countries; however, there is no specific factor that varies as we move from country to country. Journal: Economic Research-Ekonomska Istraživanja Pages: 1409-1427 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1825107 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1825107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1409-1427 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1819850_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Trina Mjeda Author-X-Name-First: Trina Author-X-Name-Last: Mjeda Author-Name: Nela Vlahinić Lenz Author-X-Name-First: Nela Vlahinić Author-X-Name-Last: Lenz Author-Name: Ljerka Cerović Author-X-Name-First: Ljerka Author-X-Name-Last: Cerović Title: The microeconomic approach to food demand modelling: empirical results for Croatian households Abstract: This paper provides a detailed analysis of food expenditures of Croatian households by using microeconomic approach and food system modelling. The aim is to provide the in-depth research of Croatian food demand using a methodology that process household-level consumption data. Consequently, we estimate various economic and socio-demographic parameters affecting aggregate demand for food and empirically derive different food demand elasticities. QUAIDS model have been used in order to perform simultaneous modelling of a demand system with the assumption of a rational consumer, which behaves independently of other consumers. The research results show significant variability in household consumption, which is influenced not only by economic, but also by socio-demographic determinants of demand. The main findings do not deviate in large scale when compared with other (post)transition countries of a similar geo-political profile. These results provide a deeper understanding of Croatian households’ behaviour and could be used as a powerful tool in simulating the effects of public policy changes on a range of indicators, from the consumer well-being to the effects on budget revenues. Journal: Economic Research-Ekonomska Istraživanja Pages: 1079-1093 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1819850 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1819850 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1079-1093 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1836992_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vicente Guerola-Navarro Author-X-Name-First: Vicente Author-X-Name-Last: Guerola-Navarro Author-Name: Raul Oltra-Badenes Author-X-Name-First: Raul Author-X-Name-Last: Oltra-Badenes Author-Name: Hermenegildo Gil-Gomez Author-X-Name-First: Hermenegildo Author-X-Name-Last: Gil-Gomez Author-Name: Jose Antonio Gil-Gomez Author-X-Name-First: Jose Antonio Author-X-Name-Last: Gil-Gomez Title: Research model for measuring the impact of customer relationship management (CRM) on performance indicators Abstract: Customer Relationship Management (CRM) has established itself as one of the fastest growing business management technology solutions in recent years, which makes it a key tool for companies that seek sustainable commercial success over time. The three CRM modules (sales, marketing, and services) are a definitive tool to obtain better business results through the customer-centred approach of modern marketing theories. Journal: Economic Research-Ekonomska Istraživanja Pages: 2669-2691 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1836992 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1836992 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2669-2691 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1845967_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Goran Popović Author-X-Name-First: Goran Author-X-Name-Last: Popović Author-Name: Ognjen Erić Author-X-Name-First: Ognjen Author-X-Name-Last: Erić Author-Name: Stanko Stanić Author-X-Name-First: Stanko Author-X-Name-Last: Stanić Title: Effects of technological changes and trade liberalisation on industrial development in the Western Balkan Countries Abstract: The transition process in the Western Balkan Countries (W.B.C.) is followed by efforts focused on modernisation and industrial manufacture growth. However, industries in these countries are still under the pressure of the need for restructuring and the rules of an open market. Opening towards the world and transferring new technologies are related processes. Although they are of the same importance, adoption of new technologies is a process which is more demanding than trade liberalisation process. Technological and trade openness pander to other factors of development and contribute to higher efficiency of investments. Industrial manufacture growth spurs economic growth. Furthermore, share of industrial production in G.D.P. as dependent variable represents the scope and quality of industrial development. The hypothesis is that the share of industrial production in G.D.P. is affected by: Technological readiness, Manufacture value added and Merchandise trade as well as Gross investments and Innovations. Results of panel analysis indicate that Technological readiness, Manufacture value added and Gross investments have positive and significant impact on industrial development. Negative coefficient of merchandise trade liberalisation in the panel model implies slowdown of industrial development, and one of the reasons is continuously high merchandise trade deficit in W.B.C. Journal: Economic Research-Ekonomska Istraživanja Pages: 2873-2889 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1845967 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1845967 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2873-2889 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1831944_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tomas Kliestik Author-X-Name-First: Tomas Author-X-Name-Last: Kliestik Author-Name: Jaroslav Belas Author-X-Name-First: Jaroslav Author-X-Name-Last: Belas Author-Name: Katarina Valaskova Author-X-Name-First: Katarina Author-X-Name-Last: Valaskova Author-Name: Elvira Nica Author-X-Name-First: Elvira Author-X-Name-Last: Nica Author-Name: Pavol Durana Author-X-Name-First: Pavol Author-X-Name-Last: Durana Title: Earnings management in V4 countries: the evidence of earnings smoothing and inflating Abstract: Earnings management is one of the most challenging, debated and controversial topics in finance and financial management. Organisational, legislative, and social norms regarding the ethics of earnings management may vary significantly, with the views of top management and economic environment playing significant roles in shaping the organisational social norm. Thus, the aim of this research is to assess if earnings management is the common practice of enterprises within V4 countries. A novel approach of the selection process to assess the ability of selected earnings management detection models was applied. To highlight discrepancies and similarities among the countries, the non-parametric alternative of analysis of variance was applied. The research confirmed that enterprises do manipulate earnings, typical is upward manipulation. Furthermore, the research unveiled the extent of manipulation with earnings in unique country samples and thus emphasised the importance of both corporate and national ethical principles and managerial decisions, which affect corporate financial reporting quality. However, it is increasingly challenging to identify various aspects and incentives which forced enterprises operating at the global level to smooth and inflate earnings to improve earnings presented in the financial statements and to misinterpret financial results. Journal: Economic Research-Ekonomska Istraživanja Pages: 1452-1470 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1831944 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1831944 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1452-1470 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1865827_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Suzana Laporšek Author-X-Name-First: Suzana Author-X-Name-Last: Laporšek Author-Name: Primož Dolenc Author-X-Name-First: Primož Author-X-Name-Last: Dolenc Author-Name: Andraž Grum Author-X-Name-First: Andraž Author-X-Name-Last: Grum Author-Name: Igor Stubelj Author-X-Name-First: Igor Author-X-Name-Last: Stubelj Title: Ownership structure and firm performance – The case of Slovenia Abstract: The article studies the relationship between ownership structure and performance of the Slovenian join stock companies, with special focus on the comparison of performance of state- and privately-owned joint stock companies and ownership concentration. The empirical analysis employs firm-level annual financial reports data and data on ownership structure of all Slovenian join stock companies for the 2005–2017 period. Using panel regression analyses we find that Slovenian state-owned joint stock companies are less profitable than their privately-owned counterparts. In contrast, we do not observe statistically significant relationship between ownership concentration and firm performance. The empirical findings point on the need of further actions in improvement of corporate governance of state-owned firms in Slovenia. Journal: Economic Research-Ekonomska Istraživanja Pages: 2975-2996 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1865827 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1865827 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2975-2996 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1845969_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Qiu-Su Wang Author-X-Name-First: Qiu-Su Author-X-Name-Last: Wang Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Yu-Fei Hua Author-X-Name-First: Yu-Fei Author-X-Name-Last: Hua Author-Name: Muhammad Umar Author-X-Name-First: Muhammad Author-X-Name-Last: Umar Title: Can fiscal decentralisation regulate the impact of industrial structure on energy efficiency? Abstract: This study applies the slack-based measure-data envelopment analysis (SBM-DEA) method to measure energy efficiency and tests the spatial spill-over effects of fiscal decentralisation, industrial structure and energy efficiency using the spatial Durbin model. The results show that China's energy efficiency presents a clear geographical step distribution, and the Eastern and Western regions have higher energy efficiency than the Central region. Fiscal decentralisation has a positive effect on the energy efficiency of the Eastern and Central regions by upgrading the industrial structure. In addition, fiscal decentralisation has significant, positive externalities on the surrounding areas, promoting environmental protection and energy conservation in all regions of China. The results are in line with the tenets of environmental federalism (Oates & Schwab): through the allocation and transfer of industrial factors, fiscal decentralisation affects energy governance. Therefore, local governments should formulate policies and targets according to their regions’ different economic development levels, and the Central and Western areas, which have greater space for improvement and low energy efficiency, should receive attention to balance regional differences. Journal: Economic Research-Ekonomska Istraživanja Pages: 1727-1751 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1845969 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1845969 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1727-1751 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1863829_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lisha Jiang Author-X-Name-First: Lisha Author-X-Name-Last: Jiang Author-Name: Jacob Cherian Author-X-Name-First: Jacob Author-X-Name-Last: Cherian Author-Name: Muhammad Safdar Sial Author-X-Name-First: Muhammad Safdar Author-X-Name-Last: Sial Author-Name: Peng Wan Author-X-Name-First: Peng Author-X-Name-Last: Wan Author-Name: José António Filipe Author-X-Name-First: José António Author-X-Name-Last: Filipe Author-Name: Mário Nuno Mata Author-X-Name-First: Mário Nuno Author-X-Name-Last: Mata Author-Name: Xiangyu Chen Author-X-Name-First: Xiangyu Author-X-Name-Last: Chen Title: The moderating role of CSR in board gender diversity and firm financial performance: empirical evidence from an emerging economy Abstract: The current study aims to investigate the moderating role of corporate social responsibility (CSR) in board gender diversity and firm financial performance. We used the panel data regression (fixed effect) in our analysis to check the moderating role of CSR in the board gender diversity and the firm financial performance. We collected the data of Chinese listed companies from the Shenzhen and Shanghai stock exchanges from the China stock market and accounting research (CSMAR) database. We used a two-stage least square (TSLS) regression model to control the possible problem of endogeneity. Our results show that higher representation of female directors in the board is positively related to firm financial performance and that CSR has a significantly positive effect when moderating the relation between board gender diversity and firm financial performance. Besides, three control variables (board size, board member average age, and Big4) have a positive impact on the firm performance, having the leverage variable a negative impact on the firm performance. Our findings hold for a set of robustness tests. This study has important implications, namely by enriching the existing literature on CSR and by highlighting the importance of board gender diversity, and emphasizing the importance of the reporting of more CSR activities and its impact on the decision-making process. Journal: Economic Research-Ekonomska Istraživanja Pages: 2354-2373 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1863829 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1863829 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2354-2373 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1848607_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yanjun Ren Author-X-Name-First: Yanjun Author-X-Name-Last: Ren Author-Name: Yanling Peng Author-X-Name-First: Yanling Author-X-Name-Last: Peng Author-Name: Bente Castro Campos Author-X-Name-First: Bente Author-X-Name-Last: Castro Campos Author-Name: Houjian Li Author-X-Name-First: Houjian Author-X-Name-Last: Li Title: Higher minimum wage, better labour market returns for rural migrants? Evidence from China Abstract: Using data from the 2013 China Household Income Project (CHIP), this study investigates the effects of minimum wages on labour market returns for rural migrants in China and sheds light on the potential underlying mechanisms of these effects. An instrumental variable estimation is used to address the endogeneity problem of minimum wages on labour market returns. Our empirical findings indicate that minimum wages have positive effects on migrants’ wages. Specifically, we observe higher effects for women and migrants who have higher education levels. Regarding the possible mechanisms through which minimum wages influence migrants’ labour market returns, we find that minimum wages tend to increase rural migrants’ working time but have no significant effects on allowances related to work. We could not obtain conclusive results for social insurance due to its potential endogeneity. Journal: Economic Research-Ekonomska Istraživanja Pages: 1814-1835 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1848607 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1848607 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1814-1835 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1820362_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gentjan Çera Author-X-Name-First: Gentjan Author-X-Name-Last: Çera Author-Name: Khurram Ajaz Khan Author-X-Name-First: Khurram Ajaz Author-X-Name-Last: Khan Author-Name: Ahmad Mlouk Author-X-Name-First: Ahmad Author-X-Name-Last: Mlouk Author-Name: Tomáš Brabenec Author-X-Name-First: Tomáš Author-X-Name-Last: Brabenec Title: Improving financial capability: the mediating role of financial behaviour Abstract: This paper investigates the collective impact of financial literacy and inclusion on individuals’ financial capability focusing on the mediating role of financial behaviour. The research is conducted on an individual-level survey. The relationships were examined by using PLS-SEM. Financial capability can be improved by increasing individuals’ financial knowledge, financial behaviour and promoting their inclusion in financial services. Furthermore, the indirect effect of financial knowledge and attitude on financial capability is found to be significant, highlighting the importance of financial behaviour. The results assist policymakers and industry leaders in understanding the most influential factors on financial capability in the context of a post-communist transition country. This enables them to design policies and services aimed at equipping citizens with knowledge and skills to make best use of their financial resources. Journal: Economic Research-Ekonomska Istraživanja Pages: 1265-1282 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1820362 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1820362 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1265-1282 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1819853_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mohammad Nourani Author-X-Name-First: Mohammad Author-X-Name-Last: Nourani Author-Name: Nurhafiza Abdul Kader Malim Author-X-Name-First: Nurhafiza Abdul Kader Author-X-Name-Last: Malim Author-Name: Md Aslam Mia Author-X-Name-First: Md Aslam Author-X-Name-Last: Mia Title: Revisiting efficiency of microfinance institutions (MFIs): an application of network data envelopment analysis Abstract: In order to achieve financial inclusion objectives of Sustainable Development Goals (SDGs) and provide continuous financial support to the unbanked population, microfinance institutions (MFIs) must attain efficiency in their operations. Hence, the main purpose of this study is to examine various efficiencies of MFIs based on their goals and operational mechanisms. By utilizing a unique production process and network data envelopment analysis (NDEA) technique, we estimated three different types of efficiencies (operational, financial and outreach) of 90 MFIs from 2013 to 2018. It was discovered that the overall efficiency of the MFIs was not up to the required standard and it became even worse when the financial and social outreach efficiencies were considered. However, operational efficiency (ability to generate intermediaries) was relatively better and remained high among the regulated MFIs. On the contrary, the financial and social outreach efficiencies were found to be better among the unregulated MFIs. Moreover, our results also highlight the divergence in efficiency between regions, legal status and regulatory environment; with projection analysis suggesting a simultaneous reduction in input, and an increase in output of inefficient MFIs to facilitate their attainment of efficiency. Policy implications are subsequently discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 1146-1169 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1819853 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1819853 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1146-1169 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1842225_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wei Zhou Author-X-Name-First: Wei Author-X-Name-Last: Zhou Author-Name: Man Liu Author-X-Name-First: Man Author-X-Name-Last: Liu Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Title: Investment decision making based on the probabilistic hesitant financial data: model and empirical study Abstract: This paper proposes a portfolio selection model from the perspective of probabilistic hesitant financial data (PHFD). PHFD can be interpreted as the new form of information presentation that is obtained by transforming real financial data into probabilistic hesitant fuzzy elements. Based on the above data and model, we can derive the optimal investment ratios and give suggestions for investors. Specifically, this paper first develops a transformation algorithm to transform the general share returns into PHFD. The transformed data can directly show all the returns and their occurrence probabilities. Then, the portfolio selection and risk portfolio selection models based on PHFD, namely the probabilistic hesitant portfolio selection (PHPS) model and the risk probabilistic hesitant portfolio selection (RPHPS) model, are proposed. Furthermore, the investment decision-making methods are provided to show their practical application in financial markets. It is pointed out that the PHPS model for general investors is constructed based on the maximum-score or minimum-deviation principles to get the optimal investment ratios, and the RPHPS model provides the optimal investment ratios for three types of risk investors with the aim of obtaining the maximum return or taking the minimum risk. Finally, an empirical study based on the real data of China’s stock markets is shown in detail. The results verify the effectiveness and practicability of the proposed methods. Journal: Economic Research-Ekonomska Istraživanja Pages: 2812-2832 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1842225 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1842225 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2812-2832 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1805345_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kai Zhao Author-X-Name-First: Kai Author-X-Name-Last: Zhao Author-Name: Hua-Hua Huang Author-X-Name-First: Hua-Hua Author-X-Name-Last: Huang Author-Name: Wan-Shu Wu Author-X-Name-First: Wan-Shu Author-X-Name-Last: Wu Title: Shareholding structure, private benefit of control and incentive intensity: from the perspective of enterprise strategic behaviour Abstract: This paper studies theoretically and empirically the relationship among shareholding structure, the private benefit of control and incentive intensity. By integrating the principal–agent theory and the market competition theory into the three-stage dynamic game model, we built the dual principal–agent relationship including both ‘shareholder-manager’ and ‘controlling shareholders-small and medium shareholders’. Empirically, the panel data of 1971 listed enterprises in China from the year 2007 to 2014 are analysed in order to justify the theoretical results by using two-way fixed effect model, dynamic panel model, and threshold regression model. It is shown that for enterprise managers, the higher their ability level and risk aversion, the stronger their incentive intensity will be. However, for shareholders, the private benefit of control and the incentive intensity show a non-linear relationship with the change of ownership concentration. Journal: Economic Research-Ekonomska Istraživanja Pages: 856-879 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1805345 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1805345 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:856-879 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1782765_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: José Manuel Guaita Martínez Author-X-Name-First: José Manuel Author-X-Name-Last: Guaita Martínez Author-Name: José María Martín Martín Author-X-Name-First: José María Author-X-Name-Last: Martín Martín Author-Name: María Sol Ostos Rey Author-X-Name-First: María Sol Author-X-Name-Last: Ostos Rey Author-Name: Mónica de Castro Pardo Author-X-Name-First: Mónica Author-X-Name-Last: de Castro Pardo Title: Constructing Knowledge Economy Composite Indicators using an MCA-DEA approach. Abstract: Composite indicators are a remarkably useful tool in policy analysis and public communication for assessing phenomena, such as Knowledge-Based Economy (KBE), that cannot be expressed by means of a simple indicator. The objective of this study is to propose and compare three MCA-DEA models from a “Benefit of Doubt” (BoD) approach in order to build KBE Composite Indicators. To show the effectiveness of the models, this paper proposes a case study of 36 European countries to assess the degree of development of KBE. The results revealed differences with respect to the optimal weights assigned to the sub-indicators, the discriminating power, the operability, and the participatory nature of the models. Model 1 yielded high scores for every country and low discriminating power. Model 2 favored the most efficient countries in terms of KBE and allows for the incorporation of expert knowledge, thereby giving flexibility to the process. Model 3 made it possible to construct composite indicators from an optimal balance approach and yielded low results overall. These results demonstrate the necessity to analyze the different choices for measuring KBE in order to determine which indicator is more suitable for each context. Journal: Economic Research-Ekonomska Istraživanja Pages: 331-351 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1782765 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1782765 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:331-351 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1835519_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tamar Buil López-Menchero Author-X-Name-First: Tamar Author-X-Name-Last: Buil López-Menchero Author-Name: Pedro Mata García Author-X-Name-First: Pedro Author-X-Name-Last: Mata García Author-Name: María Gomez Campillo Author-X-Name-First: María Author-X-Name-Last: Gomez Campillo Author-Name: Juan-Francisco Delgado-de Miguel Author-X-Name-First: Juan-Francisco Author-X-Name-Last: Delgado-de Miguel Title: Outlets malls of the future: an approach to customer’s expectations Abstract: In recent years, the number of outlets has increased significantly; however, little research has been done with reference to users’ expectations about the outlets in the years to come. Our research tries to determine which expectations customers have about the future outlet mall in terms of stores, entertainment venues and technological innovation, and whether these expectations are conditioned by demographic factors. We examined a sample of 1531 respondents from an online panel survey. We used the chi-square test of independence to compare proportions among demographic characteristics. Our findings showed that there are significant differences between men’s and women’s expectations when analysing stores categories. Personal factors, like age and occupation, condition preferences over leisure activities and technological innovations. These results represent an important starting point for decision makers who wish to manage outlet malls based on a customer-centric strategy. Journal: Economic Research-Ekonomska Istraživanja Pages: 2593-2608 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1835519 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1835519 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2593-2608 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844029_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rubén Herrera Author-X-Name-First: Rubén Author-X-Name-Last: Herrera Author-Name: Francisco Climent Author-X-Name-First: Francisco Author-X-Name-Last: Climent Author-Name: Alexandre Momparler Author-X-Name-First: Alexandre Author-X-Name-Last: Momparler Author-Name: Pedro Carmona Author-X-Name-First: Pedro Author-X-Name-Last: Carmona Title: Can Euribor be fixed? Abstract: The manipulation of Euro Interbank Offered Rate (Euribor) is a problem with great impact on international financial markets. This paper focuses on two aspects of the Euribor benchmark rate for the period 2004–2018: the specific features that make the Index more vulnerable to manipulation and the potential for Index manipulation over the studied period. To address the first aspect, we examine the range and the standard deviation of daily quotes, as well as the panel banks’ quote submissions to the Euribor administrator, the maximum and minimum quotes and the daily variation of submissions. As a result, we found a group of five banks with similar and extreme submission patterns, which might be a sign of manipulation. Regarding the second aspect, changes are made in the quotes submitted by panel banks by switching minimum and maximum daily quotes. Thus, potential for Euribor manipulation is measured as the difference between the observed Euribor rate and the estimated rate recalculated with adjusted quotes. The results indicate that potential for Euribor manipulation is higher when the number of banks in the panel is lower, when there are many banks involved in the manipulation of the Index, and in times of financial distress. Journal: Economic Research-Ekonomska Istraživanja Pages: 2833-2852 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844029 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844029 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2833-2852 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1862689_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Antonio de Lucas Ancillo Author-X-Name-First: Antonio Author-X-Name-Last: de Lucas Ancillo Author-Name: María Teresa del Val Núñez Author-X-Name-First: María Teresa Author-X-Name-Last: del Val Núñez Author-Name: Sorin Gavrila Gavrila Author-X-Name-First: Sorin Gavrila Author-X-Name-Last: Gavrila Title: Workplace change within the COVID-19 context: a grounded theory approach Abstract: The purpose is to investigate the current status and future evolution of the workplace within the COVID-19 pandemic context. Documents, publications and surveys from numerous sources have been analyzed to find out more about the employees’ and organizations’ experience with remote working and the advantages and disadvantages of accessing the workplace during the pandemic. The analysis of the data made possible the identification of patterns within the available literature regarding what has happened and, especially, its influence on the workplace. The revolution initiated by COVID-19 has changed the way companies and employees work and will continue doing so, requiring a constant reinvention of how they operate and causing actions never seen before, generating deep changes in the workplace. Therefore, the idea of the workplace will never be what was expected before COVID-19, where reinvention of work, technology and safety are key points in its transformation process. Journal: Economic Research-Ekonomska Istraživanja Pages: 2297-2316 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1862689 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1862689 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2297-2316 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1867604_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Khaled Saleh Al-Omoush Author-X-Name-First: Khaled Saleh Author-X-Name-Last: Al-Omoush Author-Name: Alessandro Zardini Author-X-Name-First: Alessandro Author-X-Name-Last: Zardini Author-Name: Raed M Al-Qirem Author-X-Name-First: Raed M Author-X-Name-Last: Al-Qirem Author-Name: Samuel Ribeiro-Navarrete Author-X-Name-First: Samuel Author-X-Name-Last: Ribeiro-Navarrete Title: Big crisis data, contradictions and perceived value of social media crowdsourcing in pandemics Abstract: This study examines the impact of big crisis data on the contradictions, trust and perceived value of social media crowdsourcing in pandemics. The study also examines the impact of contradictions on trust and the perceived value of social media crowdsourcing. Finally, the study explores the impact of trust on the perceived value of social media crowdsourcing during pandemics. Data were collected from 405 respondents to an online survey. PLS-SEM was used to analyse the data and test the research model. The results show that big crisis data has a significant positive impact on contradictions and a significant negative impact on the perceived value of social media crowdsourcing. The results also confirm a significant negative impact of contradictions and a significant positive impact of trust on perceived value. Journal: Economic Research-Ekonomska Istraživanja Pages: 450-468 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1867604 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1867604 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:450-468 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1799233_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Iván Ventre Author-X-Name-First: Iván Author-X-Name-Last: Ventre Author-Name: Alejandro Mollá-Descals Author-X-Name-First: Alejandro Author-X-Name-Last: Mollá-Descals Author-Name: Marta Frasquet Author-X-Name-First: Marta Author-X-Name-Last: Frasquet Title: Drivers of social commerce usage: a multi-group analysis comparing Facebook and Instagram Abstract: Social media are increasingly used as platforms to not only socialise but also to shop for products and services. Social commerce is the new trend in e-commerce that leverages the enhanced consumer-to-consumer interactions to support shopping processes. Based on the concept of social commerce constructs suggested by Nick Hajli, this article investigates the role of social commerce constructs, emotional and informative support, and trust as drivers of social commerce intention. We apply multi-group analysis to validate the drivers of social commerce for two of the most relevant social media platforms: Facebook and Instagram. Based on a sample of 800 social commerce users, our findings reveal that social commerce constructs are strong drivers of social commerce intention for both social media platforms; however, there are differences between the two as Facebook seems to generate higher emotional support and trust than Instagram. Journal: Economic Research-Ekonomska Istraživanja Pages: 570-589 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1799233 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1799233 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:570-589 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860794_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihaela Mocanu Author-X-Name-First: Mihaela Author-X-Name-Last: Mocanu Author-Name: Sergiu-Bogdan Constantin Author-X-Name-First: Sergiu-Bogdan Author-X-Name-Last: Constantin Author-Name: Vasile Răileanu Author-X-Name-First: Vasile Author-X-Name-Last: Răileanu Title: Determinants of tax avoidance – evidence on profit tax-paying companies in Romania Abstract: Our objective is to investigate the determinants of tax avoidance in Romanian companies in 2013–2017. Our initial sample comprises 236 privately owned companies that are payers of profit tax and have been found guilty of tax evasion. This was matched with 236 ‘compliant’ companies structured similarly by industry, whereas the final sample comprises 1674-year-observations. We defined ‘compliant’ those companies that have never been prosecuted for tax evasion. Our main finding is that larger companies with lower financial performance and lower leverage ratio are more inclined towards tax avoidance. The geographical region and the industry sector in which companies operate in are also determining their tax avoidant-behaviour. Surprisingly, the fiscal regulations amended starting with 2016 did not lead to an apparent exacerbation of tax avoidance among profit tax payers. Journal: Economic Research-Ekonomska Istraživanja Pages: 2013-2033 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860794 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860794 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2013-2033 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1865826_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shuai Yang Author-X-Name-First: Shuai Author-X-Name-Last: Yang Author-Name: Shihua Chen Author-X-Name-First: Shihua Author-X-Name-Last: Chen Title: Market reactions for targets of M&A rumours—evidence from China Abstract: This paper investigates investors’ reactions to takeover rumours in China’s stock markets from 2004 to 2014. While we find pre-rumour price run-ups (abnormal returns) for merger and acquisition (M&A) targets, the pre-rumour market overreaction is significantly positive only for target firms that are state-owned enterprises (SOEs). There are no significant abnormal returns for M&A rumour targets over a 41-day event window (−20, +20). Nonetheless, capital market reactions to true rumours are higher than reactions to false rumours, indicating that investors can typically distinguish between them. Finally, we document that while firms with higher institutional ownership have a higher probability of being the subject of false M&A rumours, rumoured targets with higher institutional ownership experience lower market reactions. Journal: Economic Research-Ekonomska Istraživanja Pages: 2956-2974 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1865826 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1865826 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2956-2974 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1804424_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Haiyang Xia Author-X-Name-First: Haiyang Author-X-Name-Last: Xia Author-Name: Tijun Fan Author-X-Name-First: Tijun Author-X-Name-Last: Fan Author-Name: Gaoxiang Lou Author-X-Name-First: Gaoxiang Author-X-Name-Last: Lou Title: Environmental certification in a differentiated duopoly Abstract: The articleaims to explore the role of horizontal product differentiation in promoting/hindering firm’s participation in environmental certification. To this purpose, we consider a differentiated duopoly model where firms compete in both prices and environmental qualities. The result shows that when the level of horizontal differentiation relative to the degree of vertical differentiation is sufficiently high, only the symmetric equilibrium where both firms choose to or both choose not to certify their products exists. Asymmetric equilibrium (vertical dominance equilibrium) occurs when the level of horizontal differentiation relative to the degree of vertical differentiation is sufficiently low. Journal: Economic Research-Ekonomska Istraživanja Pages: 650-669 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1804424 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1804424 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:650-669 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875253_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xinyi Zhang Author-X-Name-First: Xinyi Author-X-Name-Last: Zhang Author-Name: Giray Gozgor Author-X-Name-First: Giray Author-X-Name-Last: Gozgor Author-Name: Zhou Lu Author-X-Name-First: Zhou Author-X-Name-Last: Lu Author-Name: Jinhua Zhang Author-X-Name-First: Jinhua Author-X-Name-Last: Zhang Title: Employment hysteresis in the United States during the COVID-19 pandemic Abstract: In this paper, we test the validity of the employment hysteresis hypothesis. For this purpose, we use daily employment data at the national and state levels in the United States from January 8, 2020, to May 30, 2020. We apply the modified version of the Kapetanios-Shin unit root test, along with finite-sample critical values. We find that the employment hysteresis hypothesis is valid in the United States during the COVID-19 era. The validity of the findings does not change when data at the national and state levels are used. The evidence is also valid when the employment levels for all firms and small firms are considered. The results are also robust to employment levels for workers at different income levels and employment in five different sectors. Journal: Economic Research-Ekonomska Istraživanja Pages: 3343-3354 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1875253 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875253 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3343-3354 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1865828_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yosuke Tomita Author-X-Name-First: Yosuke Author-X-Name-Last: Tomita Author-Name: Akinori Kimura Author-X-Name-First: Akinori Author-X-Name-Last: Kimura Title: Financial resource of public social security expenditure, the rule of law, and economic inequality: international comparison of legal origins Abstract: This study indicates that the strength of the rule of law affects social security expenditure and its financial resources. However, legal origins affect the strength of the rule of law. We use data from 36 member countries of the Organisation for Economic Co-operation and Development. The legal origins affect the rule of law and have different marginal effects on public financial resources. Further, social security expenditures have a correction effect on economic inequality. However, the marginal effect of the social security expenditure on economic inequality differs based on its legal origins. Increasing social security expenditure affects correcting economic inequality to elaborate concerning all legal origins. Particularly in countries that adopted French legal origins, high social security expenditure further improves economic inequality. In contrast, increases in social security expenditures of countries with English legal origins do not improve economic inequality to a large extent. The results of this study suggest that differences in legal origins result in various types of capitalism. Journal: Economic Research-Ekonomska Istraživanja Pages: 2997-3014 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1865828 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1865828 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2997-3014 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860793_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Junjian Gu Author-X-Name-First: Junjian Author-X-Name-Last: Gu Title: Voluntary IFRS adoption and accounting quality: Evidence from Japan Abstract: Accounting scholars have discussed the determinants of International Financial Reporting Standards (IFRS) adoption and its outcomes. However, little research focuses on the Asian countries that voluntarily adopted IFRS on a limited basis. In this study, we focus on a specific country, Japan, the largest nation worldwide that allows voluntary IFRS adoption. According to expectancy theory, we predict that voluntary IFRS adoption with motivation similar to that of the International Accounting Standards Board can improve accounting quality by enhancing motivation to adhere to the IFRS guidelines, which increases financial reporting comparability. We find that voluntary IFRS adoption by Japanese firms with positive motivation reduces income smoothing and enhances the extent of conditional conservatism. Additionally, we find that these associations primarily exist in firms with higher leverage, banker investors, a higher degree of tax avoidance and in regions with strong outside investor rights. Our main findings are robust to several sensitivity tests. This study fills a gap in the existing literature on IFRS adoption by investigating the effect of voluntary IFRS adoption on accounting quality from an adoption motivation perspective. Journal: Economic Research-Ekonomska Istraživanja Pages: 1985-2012 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860793 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860793 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1985-2012 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1865829_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jinyong Chen Author-X-Name-First: Jinyong Author-X-Name-Last: Chen Author-Name: Hua Lei Author-X-Name-First: Hua Author-X-Name-Last: Lei Author-Name: Jie Luo Author-X-Name-First: Jie Author-X-Name-Last: Luo Author-Name: Xiangxi Tang Author-X-Name-First: Xiangxi Author-X-Name-Last: Tang Author-Name: Muhammad Safdar Sial Author-X-Name-First: Muhammad Safdar Author-X-Name-Last: Sial Author-Name: Sarminah Samad Author-X-Name-First: Sarminah Author-X-Name-Last: Samad Title: The effect of the revision of intangible assets accounting standards on enterprise technology innovation Abstract: Against the institutional background of building an innovative country, this article constructs the influence mechanism of the accounting standards for intangible assets for enterprise technology innovation. We select panel data from the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2002 to 2015. We focus on the two dimensions of innovation input and innovation output and use Poisson regression, negative binomial regression, zero expansion regression, and other methods to examine the effects of the revision of the intangible assets accounting standards on enterprise technology innovation. Our research reveals the following: (1) In general, the revision of the intangible assets accounting standards can promote enterprises’ technological innovation activities; (2) This effect is heterogeneous by ownership: before the revision of accounting standards for intangible assets, state-owned enterprises had more innovation input than non-state-owned enterprises, but the innovation output of non-state-owned enterprises has become greater than that of state-owned enterprises even though the policy only significantly improved the innovation output of the latter; and (3) The system lacks a continuous effect. The revision of the intangible assets accounting standards has only a one-year lag effect on the incentive effect of enterprise innovation input activities, mainly because enterprise innovation input has only a one- to two-year lag effect on output. The implementation of this system has not changed the status quo that Chinese patent rights are based on applied short-term technology research and development. Based on the findings, this article proposes some pertinent policy suggestions. Journal: Economic Research-Ekonomska Istraživanja Pages: 3015-3037 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1865829 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1865829 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3015-3037 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1828130_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dawit Bahta Author-X-Name-First: Dawit Author-X-Name-Last: Bahta Author-Name: Jiang Yun Author-X-Name-First: Jiang Author-X-Name-Last: Yun Author-Name: Md Rashidul Islam Author-X-Name-First: Md Rashidul Author-X-Name-Last: Islam Author-Name: Kuyon Joseph Bikanyi Author-X-Name-First: Kuyon Joseph Author-X-Name-Last: Bikanyi Title: How does CSR enhance the financial performance of SMEs? The mediating role of firm reputation Abstract: This study investigates the link between corporate social responsibility (CSR) and the performance of small and medium enterprises (SMEs) and the mediating role of firm reputation from a developing country perspective. Empirical research was carried out, and data were gathered using a questionnaire from 402 owners/managers of SMEs in Eritrea, a country in East Africa. Smart-Partial Least Squares structural equation modelling was employed. The results showed that CSR significantly influences the performance of SMEs, and this relationship is partially mediated by firm reputation. This research contributes to the knowledge of how CSR activities lead to SMEs’ financial performance. This strengthens prior evidence on the impact of CSR on business performance while also contributing significantly to the literature on the mediating role of reputation between social and financial performance. The application of the relationship to SMEs in developing nations reinforces the originality of this study. It makes substantial contributions to the literature in terms of theory, practice, and policy. Journal: Economic Research-Ekonomska Istraživanja Pages: 1428-1451 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1828130 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1828130 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1428-1451 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1862687_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dmytro Osiichuk Author-X-Name-First: Dmytro Author-X-Name-Last: Osiichuk Author-Name: Paweł Mielcarz Author-X-Name-First: Paweł Author-X-Name-Last: Mielcarz Title: The nonmonotonicity of cash-cash flow relationship: the role of uncertainty and financing constraints Abstract: Relying on panel firm-level data from an emerging economy, the paper postulates and empirically verifies the pattern of a U-shaped relationship between cash flows and cash holdings. The positive cash-cash flow sensitivity is postulated to be driven by precautionary motive, which is engendered by excessive volatility of cash flows. Therefore, cash accumulation appears to serve the primary purpose of mitigating the problem of unpredictability of cash flows. While revealing no significant cash-cash flow relationship for the majority of firms, the analysis of firm-level cash-cash flow sensitivity coefficients shows that the companies with the lowest and the highest cash flows maintain disproportionately higher cash reserves than their counterparts with intermediate cash flows. The firms exhibiting negative cash-cash flow relationship are found to be of younger age, smaller size, lower liquidity, and asset tangibility than the remainder of the research sample. These firms are evidenced to accumulate cash reserves from equity issuances, while their overall capacity to procure external financing remains impaired. Their financing patterns are reminiscent of the agency problem of ‘gambling for resurrection’. In turn, the firms exhibiting positive cash-cash flow sensitivity are documented to maintain cash reserves in order to be able to alleviate cash flow volatility. Journal: Economic Research-Ekonomska Istraživanja Pages: 2263-2283 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1862687 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1862687 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2263-2283 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860797_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ying Li Author-X-Name-First: Ying Author-X-Name-Last: Li Author-Name: Yung-Ho Chiu Author-X-Name-First: Yung-Ho Author-X-Name-Last: Chiu Author-Name: Miao Wu Author-X-Name-First: Miao Author-X-Name-Last: Wu Author-Name: Yushan Li Author-X-Name-First: Yushan Author-X-Name-Last: Li Author-Name: Tai-Yu Lin Author-X-Name-First: Tai-Yu Author-X-Name-Last: Lin Title: Chinese liquor company management efficiency from a social responsibility perspective: a two stage dynamic directional distance function Abstract: Because the liquor industry is an important industry in China, alcohol companies have greater social responsibilities when upgrading their production processes to improve efficiencies. Two main data envelopment analysis (DEA) methods have been used for efficiency analyses: radial models, such as CCR (Charnes, Cooper, Rhodes) and BCC (Banker, Charnes, Cooper) and non-radial methods such as SBM (slacks-based model); however, both have disadvantages. The radial DEA model ignores the non-radial slacks and the non-radial DEA model ignores the characteristics of the same proportion in the radial DEA model. Therefore, this research used a dynamic two-stage directional distance function (DDF) model to analyse the production efficiencies of Chinese listed liquor companies from 2016 to 2018 by evaluating each company’s poverty alleviation input efficiencies, business operations efficiencies, and their social responsibility efficiencies, which was based on their wastewater treatment efficiencies. To overcome the disadvantages in traditional data envelopment models, the DDF model consisted of both input and output direction vectors, the indicator values for which indicated their relative importance or priorities. The analyses found that the indicator efficiencies at most liquor companies had declined, with the poverty alleviation indicator efficiencies being generally lower than the wastewater treatment indicator efficiencies. Several policy and management recommendations are given to improve the overall corporate efficiency and social responsibility in the Chinese liquor industry. Journal: Economic Research-Ekonomska Istraživanja Pages: 2085-2114 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860797 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860797 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2085-2114 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1858921_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hafezali Iqbal Hussain Author-X-Name-First: Hafezali Iqbal Author-X-Name-Last: Hussain Author-Name: Sebastian Kot Author-X-Name-First: Sebastian Author-X-Name-Last: Kot Author-Name: Fakarudin Kamarudin Author-X-Name-First: Fakarudin Author-X-Name-Last: Kamarudin Author-Name: Lim Huang Yee Author-X-Name-First: Lim Huang Author-X-Name-Last: Yee Title: Impact of Rule of Law and Government Size to the Microfinance Efficiency Abstract: This study examines the impact of rule of law and government size under the dimensions of economic freedom to the social and financial efficiency of microfinance institutions (MFIs) from Thailand, Philippines, Malaysia, Indonesia, and Cambodia 2011 to 2018. The Data Envelopment Analysis (DEA) approach has been applied to identify the efficiency level of MFIs. At the same time, the Pooled Ordinary Least Square (PoOLS) and Generalized Least Square (GeLS) methods comprising the Fixed Effect (FEMod) and Random Effect (REMod) models are used to examine the impact of dimensions of economic freedom and potential determinants on the efficiency level of MFIs. Overall, the results revealed that the technical efficiencies for both social and financial efficiency are contaminated by managerial inefficiency, which is measured by pure technical efficiency. This indicates, although the MFIs had been operating on a relatively optimal scale, they were facing the inefficiency from the managerial side. Besides, the results from the panel regression analysis have implied that both property rights and government integrity under the measurement of rule of law positively influence the MFIs’ financial efficiency. Meanwhile, the impact of government size shows both tax burden and government spending are significantly positive to the social efficiency of MFIs. As the policy implication, the information provides suggestion to the government on how its role can help in improving the efficiency level of MFIs and implements some useful initiatives to help MFIs to sustain in the long term. In addition to that policymakers can identify the relevant inputs of MFIs and thus revise the policy accordingly and design new policies and regulations based on different economic freedom dimensions. The results of the present study provide a reference to guide them in decision making on their investments. For academicians or researchers, they can obtain more information regarding the efficiency of MFIs that is valuable for further research or study. Journal: Economic Research-Ekonomska Istraživanja Pages: 1870-1895 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1858921 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1858921 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1870-1895 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1782764_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Juying Zeng Author-X-Name-First: Juying Author-X-Name-Last: Zeng Author-Name: Ruyu Zhao Author-X-Name-First: Ruyu Author-X-Name-Last: Zhao Author-Name: Weidong Dai Author-X-Name-First: Weidong Author-X-Name-Last: Dai Title: Extending synthetic control method for multiple treated units: an application to environmental intervention Abstract: Taking the environmental interventions on air quality at G20 Hangzhou Summit as a natural experiment, this paper innovatively establishes an extended synthetic control method with multiple units to evaluate the dynamic treatment effects on air quality improvement at the Summit. The method constructs data-driven weights according to the fluctuation of urban air quality to obtain a more robust and stable estimation with smaller root mean squared prediction error (RMSPE). By minimising RMSPE for pre-intervention model fitting, the study takes nine cities under policy intervention in Zhejiang as treatment cities, and 45 key cities without policy intervention as control cities during 201501–201706 as the final improved experimental scheme. The policy effect of environmental regulations on the average monthly air quality composite index of treated cities in Zhejiang is -0.84 during 201607–201702; while no significant treatment effect is observed since 201702. The results indicate that the environmental policy for the G20 Hangzhou Summit lasted a relatively short period, and it had a significant short-term improvement effect while losing its long-term improving effect on air quality in treated cities. The identification validates the extended synthetic control method with multiple units could also be applied to the policy effect evaluation in other areas. Journal: Economic Research-Ekonomska Istraživanja Pages: 311-330 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1782764 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1782764 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:311-330 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1842224_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jose Antonio Vicente Pascual Author-X-Name-First: Jose Antonio Author-X-Name-Last: Vicente Pascual Author-Name: Alberto Ruozzi Lopez Author-X-Name-First: Alberto Author-X-Name-Last: Ruozzi Lopez Author-Name: Alfonso Jesus Torres Marín Author-X-Name-First: Alfonso Jesus Author-X-Name-Last: Torres Marín Author-Name: Belen López Vázquez Author-X-Name-First: Belen López Author-X-Name-Last: Vázquez Title: Multiple paths for being recognized as a high impact firm in the banking sector Abstract: There is a call for firms in general and banks in particular to contribute to the generation of positive impacts (social, economic and environmental), paired with an increasing relevance for banks to communicate to their stakeholders the positive contributions they generate and their adherence to Corporate Social Responsibility (CSR) principles, for example, through recognized certifications of their positive impact generation. Subsequently, in order to contribute to knowledge of banks’ choices for generating a positive impact, the research question driving this research is: “What are the dimensions of impact (community, governance, workers, environment and customers) and/or their combinations and the degree of focus on each one which are necessary or sufficient for banks to achieve (or not) recognition of their high impact generation?” To answer this question, a sample of bank entities (n = 38) in the B Corp database is analyzed with fsQCA. Results show six combinations of focus on different impact dimensions that are sufficient for banks to achieve a high impact score, with the focus on the corporate governance dimension being the most prevalent among them. In addition, four combinations of scarce focus on different impact dimensions were sufficient for not achieving a high impact score, with the customers dimension being the most prevalent among them. Journal: Economic Research-Ekonomska Istraživanja Pages: 2790-2811 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1842224 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1842224 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2790-2811 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1819851_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hedieh Shakeri Author-X-Name-First: Hedieh Author-X-Name-Last: Shakeri Author-Name: Mohammad Khalilzadeh Author-X-Name-First: Mohammad Author-X-Name-Last: Khalilzadeh Author-Name: Saulius Raslanas Author-X-Name-First: Saulius Author-X-Name-Last: Raslanas Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Title: What do project managers need to know to succeed in face-to-face communication? Abstract: Despite emphasising the great importance of project communications to enhance success in the literature, there are few studies underlining the application of psychology to project communications, and no studies regarding the identification and analysis of factors affecting face-to-face communications with stakeholders in different situations. The research here aims to fundamentally address this shortcoming. The factors affecting face-to-face communications and different communication situations have been identified by interview with several experts in psychology and project managers working in oil and gas megaprojects. The data have been analysed by using two questionnaires and the hybrid Fuzzy DEMATEL-ISM and BWM methods. The final results show that the importance of each of these effective factors in face-to-face communication varies in different situations, and that some of these factors influence each other and some are influenced by one or another. Proxima has the greatest influence on other factors. Also, body language has great influence on other factors. The results of the current study could still serve as a reflection of what might be expected at a more general level for face-to-face communications to support good communications planning. The Video Neuro advertising Recommender System improved by applying the obtained research results. Journal: Economic Research-Ekonomska Istraživanja Pages: 1094-1120 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1819851 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1819851 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1094-1120 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875858_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sergej Gričar Author-X-Name-First: Sergej Author-X-Name-Last: Gričar Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Author-Name: Vesna Karadžić Author-X-Name-First: Vesna Author-X-Name-Last: Karadžić Author-Name: Tamara Backović Vulić Author-X-Name-First: Tamara Author-X-Name-Last: Backović Vulić Title: Tourism-led economic growth in Montenegro and Slovenia Abstract: This article expounds one of the first attempts to explore the relationship between tourist arrivals and gross domestic product (GDP) in Montenegro and Slovenia. Both countries are newcomers on the tourist destinations map, derived from what was previously Yugoslav republics existing as a singular emerging tourist destination. Data vector for empirical analysis covers quarterly change of GDP at constant prices and monthly data for tourist arrivals during January 2010 – December 2019 as an endogenous variable. The cointegration is used in the modelling structure. The empirical results confirm research hypothesis of uni-causal relationship of economic growth-led domestic tourism growth in Montenegro and one cointegrated vector. No cointegration vector was confirmed for Slovenia. These results are important for research, policymakers and tourism practice. Considering that, tourism and economic growth have a different distribution of causalities during the expansion period with a boost of tourist arrivals and vice versa during the economic downturn. Journal: Economic Research-Ekonomska Istraživanja Pages: 3401-3420 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1875858 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875858 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3401-3420 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844030_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vladimir Matyushok Author-X-Name-First: Vladimir Author-X-Name-Last: Matyushok Author-Name: Vera Krasavina Author-X-Name-First: Vera Author-X-Name-Last: Krasavina Author-Name: Andrey Berezin Author-X-Name-First: Andrey Author-X-Name-Last: Berezin Author-Name: Javier Sendra García Author-X-Name-First: Javier Sendra Author-X-Name-Last: García Title: The global economy in technological transformation conditions: A review of modern trends Abstract: Despite the neo-industrial marathon of most developed countries, Russia, China, India, and other developing countries will determine the trend of the world economy in this century. Exogenous factors influence the development of national economic systems, which are particularly significant in the context of the intensification of globalization processes. This study identifies and analyzes the most important new trends in the world economy and investigates the effect of these key trends for the economy and society. The authors emphasize the importance of fifth-generation networks as a digital breakthrough for the connectivity of devices. The authors then investigate the effect of the development of artificial intelligence as one of the key elements of the new technological revolution. Following this, the factors and preconditions behind the emergence of new trends in the world economy are presented, and these trends’ interrelationship and impact on the future of the world economy as part of neo-industrialization are investigated. To this end, a system analysis and economic and statistical methods are used to identify new trends. The identified trends shape the strategy of the economic development of many countries, including Russia, which is highly exposed to external factors. Journal: Economic Research-Ekonomska Istraživanja Pages: 1471-1497 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844030 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844030 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1471-1497 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1804425_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maja Zaman Groff Author-X-Name-First: Maja Zaman Author-X-Name-Last: Groff Author-Name: Barbara Mörec Author-X-Name-First: Barbara Author-X-Name-Last: Mörec Title: IFRS 9 transition effect on equity in a post bank recovery environment: the case of Slovenia Abstract: On January 1, 2018, IFRS 9 became effective in the EU. It introduced the expected credit loss model to allow for timely recognition of credit losses, estimated not only on the actual credit loss experience but also on forward looking information related to current loan portfolio. Although the transition to IFRS 9 should lead to increased impairments and decrease in banks’ equity, this effect is ambiguous in the settings characterised by combined effects of optimistic macroeconomic outlook and strong regulatory intervention related to extensive loan portfolio restructuring. This paper investigates day-one transition effect of IFRS 9 on level of loan impairments and total equity of banks in Slovenia, Eurozone country, which barely averted international bailout in 2013 by extensive state assisted bank restructuring. The comparative analysis is done on banks that transferred deteriorated loan portfolio to the state’s Bank Assets Management Company and all other banks. In line with expectations we find that banks without extensive asset portfolio improvements recognised additional loan impairments on transition to IFRS 9, whereas the opposite effect is observed for banks which performed state-assisted loan portfolio restructuring. Our study provides additional insight on the effect of institutional and regulatory setting on IFRS 9 implementation effects. Journal: Economic Research-Ekonomska Istraživanja Pages: 670-686 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1804425 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1804425 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:670-686 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1819848_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anita Maček Author-X-Name-First: Anita Author-X-Name-Last: Maček Author-Name: Rasto Ovin Author-X-Name-First: Rasto Author-X-Name-Last: Ovin Author-Name: Marko Divjak Author-X-Name-First: Marko Author-X-Name-Last: Divjak Author-Name: Hazbo Skoko Author-X-Name-First: Hazbo Author-X-Name-Last: Skoko Author-Name: Tatjana Horvat Author-X-Name-First: Tatjana Author-X-Name-Last: Horvat Title: Foreign direct investments’ openness in local communities – the case of Slovenia and Serbia Abstract: Inward foreign direct investments are usually cited as an essential tool for economic growth and are often listed as one of the priorities by national governments, especially in transition countries strive. When local communities are concerned, the economic effects of international capital flows in principle should not differ from the national economy. Despite the threats they can also pose, they should mostly represent the opportunity for technological improvements and raising the competitiveness of the economy. When inward foreign direct investments are more or less limited to a local community, its leadership is in a position to follow them carefully. In this case, they are usually also well informed on sentiments of the population regarding these investments. These processes may add to the governments’ responsibility when planning the investments but often also add to the transparency of other stakeholders, which could help the governments to manage foreign direct investments in the local community. To offer a novelty with research in the field, the authors added this perspective to existing studies, predominantly analysing foreign direct investment effects in the national economy. The paper brings a comparative analysis of sentiments in local communities in Slovenia and Serbia. Statistical analysis based on opinion polls, although not free of statistical risks, enabled expected conclusions but also opened new insights. Journal: Economic Research-Ekonomska Istraživanja Pages: 1013-1032 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1819848 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1819848 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1013-1032 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1820358_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anica Iancu Author-X-Name-First: Anica Author-X-Name-Last: Iancu Author-Name: Luminita Popescu Author-X-Name-First: Luminita Author-X-Name-Last: Popescu Author-Name: Virgil Popescu Author-X-Name-First: Virgil Author-X-Name-Last: Popescu Title: Factors influencing social entrepreneurship intentions in Romania Abstract: The current study aims to make known the factors influencing the decision to conduct business with social impact, given that the concept of social entrepreneurship is quite a new one in Romania. The investigative method used was quantitative research, by applying questionnaires to 300 students at both bachelor and master level at the Faculty of Economics and Business Administration, University of Craiova. The results indicate two categories of factors that influence the intention of social entrepreneurship in the investigated area, namely: those with negative influence (lack of necessary funds, fear of failure, lack of experience and involvement in social projects and activities) and those with positive influence (knowledge of the concept of social entrepreneurship and social problems in the studied region that can be solved through entrepreneurial initiatives). Journal: Economic Research-Ekonomska Istraživanja Pages: 1190-1201 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1820358 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1820358 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1190-1201 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844588_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jan Dvorsky Author-X-Name-First: Jan Author-X-Name-Last: Dvorsky Author-Name: Jaroslav Belas Author-X-Name-First: Jaroslav Author-X-Name-Last: Belas Author-Name: Beata Gavurova Author-X-Name-First: Beata Author-X-Name-Last: Gavurova Author-Name: Tomas Brabenec Author-X-Name-First: Tomas Author-X-Name-Last: Brabenec Title: Business risk management in the context of small and medium-sized enterprises Abstract: The aim of this paper is to review the impact of entrepreneurs' attitudes toward the defined business risks on the perception of the future of small and medium-sized enterprises (SMEs). 454 SMEs from the Czech Republic (CR) participated in the research and completed an online questionnaire. Structural equation modelling and factor analysis were used to identify the causal relationships between the examined variables. Entrepreneurs' attitudes toward business failure also have a positive effect on the future of the SME. The perception of financial risk in positive indicators of financial performance and the perception of financial risk as part of the company's everyday life have the most significant impact on future business. Operational risk is reflected in the utilisation of corporate resources, reducing customer complaints about the quality of the company's products and the company's independence of a limited number of suppliers. The company's sales volume adequacy provides a source of market risk. It has the third strongest positive impact on the future business in the SME segment. The research results provide a valuable platform for the authors of national and regional development strategic plans looking for SME support and development as well as the authors of the relevant policies. Journal: Economic Research-Ekonomska Istraživanja Pages: 1690-1708 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844588 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844588 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1690-1708 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1867213_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ying Zhou Author-X-Name-First: Ying Author-X-Name-Last: Zhou Author-Name: Mohammad Shamsu Uddin Author-X-Name-First: Mohammad Shamsu Author-X-Name-Last: Uddin Author-Name: Tabassum Habib Author-X-Name-First: Tabassum Author-X-Name-Last: Habib Author-Name: Guotai Chi Author-X-Name-First: Guotai Author-X-Name-Last: Chi Author-Name: Kunpeng Yuan Author-X-Name-First: Kunpeng Author-X-Name-Last: Yuan Title: Feature selection in credit risk modeling: an international evidence Abstract: This paper aims to discover a suitable combination of contemporary feature selection techniques and robust prediction classifiers. As such, to examine the impact of the feature selection method on classifier performance, we use two Chinese and three other real-world credit scoring datasets. The utilized feature selection methods are the least absolute shrinkage and selection operator (LASSO), multivariate adaptive regression splines (MARS). In contrast, the examined classifiers are the classification and regression trees (CART), logistic regression (LR), artificial neural network (ANN), and support vector machines (SVM). Empirical findings confirm that LASSO's feature selection method, followed by robust classifier SVM, demonstrates remarkable improvement and outperforms other competitive classifiers. Moreover, ANN also offers improved accuracy with feature selection methods; LR only can improve classification efficiency through performing feature selection via LASSO. Nonetheless, CART does not provide any indication of improvement in any combination. The proposed credit scoring modeling strategy may use to develop policy, progressive ideas, operational guidelines for effective credit risk management of lending, and other financial institutions. The finding of this study has practical value, as to date, there is no consensus about the combination of feature selection method and prediction classifiers. Journal: Economic Research-Ekonomska Istraživanja Pages: 3064-3091 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1867213 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1867213 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3064-3091 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1844583_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nalleli Patricia Bolaños Author-X-Name-First: Nalleli Patricia Author-X-Name-Last: Bolaños Author-Name: Edgar J. Saucedo-Acosta Author-X-Name-First: Edgar J. Author-X-Name-Last: Saucedo-Acosta Author-Name: Diana D. Del Callejo Canal Author-X-Name-First: Diana D. Author-X-Name-Last: Del Callejo Canal Title: Inequality, social capital, and varieties of capitalism in Latin America Abstract: This paper aims to research whether the varieties of capitalism impact the relationship between social capital and inequality in developed economies (coordinated and liberal economies) and Latin America (hierarchical economies) in the period from 2000 to 2016. To do that, the study uses a panel analysis of developed economies and Latin America, that is, a fixed effect panel static analysis. The model includes one dependent variable (Gini index) and ten independent variables (generalised trust, informal economy, years of schooling, union density, market capitalization, annual gross domestic product, gross domestic product per capita, health expenditure, feminine labour force, and gross capital). The findings show that the relationship between inequality and social capital is negative and significant and that hierarchical economies (Latin America) amplified such a relationship. Journal: Economic Research-Ekonomska Istraživanja Pages: 1583-1602 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1844583 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1844583 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1583-1602 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1805636_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Warunya Hongwiengjan Author-X-Name-First: Warunya Author-X-Name-Last: Hongwiengjan Author-Name: Dawud Thongtha Author-X-Name-First: Dawud Author-X-Name-Last: Thongtha Title: An analytical approximation of option prices via TGARCH model Abstract: An option is a financial contract that can be used to reduce risks in an investment. It is widely known that a fair price of this contract depends significantly on the volatility of an underlying asset price, which may be affected differently by positive and negative information. Therefore, the fair price of option has been studied through various methods. In this research, an analytical formula for European option pricing via the TGARCH model is derived based on an Edgeworth expansion of the density of cumulative asset return. Furthermore, the accuracy of the proposed method is investigated by comparing numerical results with the GARCH model, TGARCH model, analytical approximation via the GARCH model and Monte Carlo technique. The results reveal that in the case of in the money (ITM) with K/St ≤ 0.95, the proposed method performed better than the others. The behaviour of the proposed method is also discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 948-969 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1805636 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1805636 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:948-969 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1863831_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lenka Ližbetinová Author-X-Name-First: Lenka Author-X-Name-Last: Ližbetinová Author-Name: Miloš Hitka Author-X-Name-First: Miloš Author-X-Name-Last: Hitka Author-Name: Radovan Soušek Author-X-Name-First: Radovan Author-X-Name-Last: Soušek Author-Name: Zdeněk Caha Author-X-Name-First: Zdeněk Author-X-Name-Last: Caha Title: Motivational preferences within job positions are different: empirical study from the Czech transport and logistics enterprises Abstract: The aim of the article is to determine the basic differences that motivate the employees in the sector of transport and logistics in various job positions in the Czech Republic. The article is based on a questionnaire for a research sample of 2363 respondents, which was carried out in the course of the years of 2018 and 2019. The basic descriptive statistics of analysis of variance (ANOVA) – the Tukey HSD Test has been used for the processing of the data. The results show the significant differences in terms of the career and relationship motivational preferences of managers in contrast to the lower preference in the case of the employees at lower hierarchical levels. The presented results of the article are usable for a base for further research apart for their practical use for the creation and modification of motivational programs of the businesses operating in the sector of transport and logistics. Journal: Economic Research-Ekonomska Istraživanja Pages: 2387-2407 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1863831 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1863831 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2387-2407 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860109_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Emmanuel Mensah Author-X-Name-First: Emmanuel Author-X-Name-Last: Mensah Title: The effect of IFRS adoption on financial reporting quality: evidence from listed manufacturing firms in Ghana Abstract: This paper sought to examine the pre- and post-IFRS adoption effects on the financial reporting quality (FRQ) of manufacturing firms listed on the Ghana Stock Exchange (GSE) via means of correlation analysis, as well as regression analysis using a standard Fixed Effect (FE) model and the Ordinary Least Squares (OLS) technique. Data was sourced from the audited annual reports of eleven manufacturing firms observed over the period 2001 to 2006 for the pre-adoption era, and 2007 to 2014 for the post adoption era, making 148 firm-year observations. Using earnings management, measured by modified Jones’ discretionary accruals, as a proxy for FRQ, the regression results showed a significant negative effect of IFRS adoption on earnings management, thus indicating an improvement in the FRQ. On the extent of earnings management practices both pre- and post-IFRS adoption, the study finds a decrease in the post-adoption era as against the pre-adoption era, also signifying an improvement in accounting quality after the adoption of IFRS. The findings of this study indicate that, IFRS adoption enhances the quality of firms’ financial reports within the Ghanaian capital market, which is envisaged to boost investor confidence and attract more capital. Journal: Economic Research-Ekonomska Istraživanja Pages: 2890-2905 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860109 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2890-2905 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1874459_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Limin Wang Author-X-Name-First: Limin Author-X-Name-Last: Wang Author-Name: Yingying Xu Author-X-Name-First: Yingying Author-X-Name-Last: Xu Author-Name: Sultan Salem Author-X-Name-First: Sultan Author-X-Name-Last: Salem Title: Theoretical and experimental evidence on stock market volatilities: a two-phase flow model Abstract: The volume–volatility relationship usually ignores possible effects of stock shares. This article proposes a two-phase flow model assuming that capital and stock flows determine stock price and return volatility. Computational simulations suggest that monodirectional capital or stock flows and collective flows exert different effects on stock return volatilities. Considering the impact of stock flows, the positive relationship between capital and return volatility is no longer guaranteed. The inflow of capital and the outflow of stock increase stock price similarly; but exhibit completely different effects on stock return volatilities. A persistent stock inflow (outflow) reduces (intensifies) return volatilities, whereas a monodirectional persistent capital outflow has no such effect. When capital and stock flows’ velocities satisfy critical values determined by the initial state of the market, the market enlargement accompanied with increasing stock and capital shows no impact on market stability because of stable return volatilities. Otherwise, stock flows drive return volatilities with stronger effects than capital flows. Further experimental studies that simulate the real stock market through a trading system provide strong evidence supporting the two-phase flow model. Given similar driving forces of capital and stock flows, the interaction of them should be considered in constructing investment strategies and setting policies. Journal: Economic Research-Ekonomska Istraživanja Pages: 3245-3269 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1874459 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1874459 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3245-3269 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1863830_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maryam Batool Author-X-Name-First: Maryam Author-X-Name-Last: Batool Author-Name: Huma Ghulam Author-X-Name-First: Huma Author-X-Name-Last: Ghulam Author-Name: Muhammad Azmat Hayat Author-X-Name-First: Muhammad Azmat Author-X-Name-Last: Hayat Author-Name: Muhammad Zahid Naeem Author-X-Name-First: Muhammad Zahid Author-X-Name-Last: Naeem Author-Name: Abdullah Ejaz Author-X-Name-First: Abdullah Author-X-Name-Last: Ejaz Author-Name: Zulfiqar Ali Imran Author-X-Name-First: Zulfiqar Ali Author-X-Name-Last: Imran Author-Name: Cristi Spulbar Author-X-Name-First: Cristi Author-X-Name-Last: Spulbar Author-Name: Ramona Birau Author-X-Name-First: Ramona Author-X-Name-Last: Birau Author-Name: Tiberiu Horațiu Gorun Author-X-Name-First: Tiberiu Horațiu Author-X-Name-Last: Gorun Title: How COVID-19 has shaken the sharing economy? An analysis using Google trends data Abstract: COVID-19 pandemic has disrupted the economies around the world and the economic fallout from preventive measures such as lockdown is enormous. It has massive repercussions for the sharing economy as well. This research paper empirically analyses the impact of lockdown restrictions on five major sectors of the sharing economy such as ride-hailing, accommodation, freelance work, entertainment and delivery services. To evaluate this impact, we employed the difference-in-difference estimation technique using the Google trends data for selected countries. Daily search data of 2019 and 2020 is reindexed to examine the change in search patterns that occurred after lockdown. The empirical results show that transportation and accommodation sectors are negatively impacted by COVID-19 related lockdown while the other sectors of the sharing economy such as freelance work, streaming services and online deliveries are seeing a surge in searches. The findings of this study provide vital insights into the economic disruptions caused by COVID-19 related lockdown. We have highlighted the sectors that are booming during pandemic thus the sharing economy platforms and government have opportunities to invest in these sectors to jump-start the economy. The recently unemployed gig workers can also be employed in these sectors to address the problem of unemployment. Journal: Economic Research-Ekonomska Istraživanja Pages: 2374-2386 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1863830 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1863830 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2374-2386 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860795_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jiangfeng Hu Author-X-Name-First: Jiangfeng Author-X-Name-Last: Hu Author-Name: Zhao Wang Author-X-Name-First: Zhao Author-X-Name-Last: Wang Author-Name: Qinghua Huang Author-X-Name-First: Qinghua Author-X-Name-Last: Huang Title: Factor allocation structure and green-biased technological progress in Chinese agriculture Abstract: In this paper, a nonparametric method is used to measure the total factor productivity (TFP) growth index in Chinese agriculture from 1981 to 2017, and the factor bias of technological progress is identified based on the theory of induced technological progress. Then, according to the degree of dependence of technological progress on fertiliser, biased technological progress is divided into green-biased technological progress and pollution-biased technological progress, and then empirical test the factors allocation structure that induce and promote green-biased technological progress. The results show that China's agricultural TFP has undergone three stages of accelerated growth, negative growth and fluctuation, and the growth momentum has undergone three transformations, which are jointly driven by technological efficiency and technological progress, dominated by technological progress and dominated by technological efficiency. Biased technological progress has contributed to the long-term growth of agricultural TFP in most regions of China, but it is mainly biased towards capital-using and fertiliser-using. The labour/capital ratio and the capital/fertiliser ratio are increased, reducing the capital/soil ratio, which can induce and promote green-biased technological progress while suppressing pollution-biased technological progress. The mechanism test results show that increasing labour input can indirectly promote green technological progress by reducing mechanisation. Journal: Economic Research-Ekonomska Istraživanja Pages: 2034-2058 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860795 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860795 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2034-2058 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1869577_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: H. E. Cha Author-X-Name-First: H. E. Author-X-Name-Last: Cha Title: Does rationality matter to the central bank? Abstract: Rationality is one of the main assumptions in economics, and is represented as the rational expectation in macroeconomics. As such, it is important to note that the effectiveness of economic policy depends on the degree of economic agents’ rationality. According to this point of view, it is only natural to ask how the central bank views economic agents to be either rational or bounded rational. In implementing economic policies, it is possible to assume that the central bank views economic agents to be bounded rational. This is due to the fact that most theoretical arguments state that policy under rationality is not as effective as one under bounded rationality. Based on this argument, this paper employs bounded rational New Keynesian Model proposed by Gabaix to know if rationality matters to the central bank. As a result, as long as the central bank does not follow the full gradualism, it is possible to conclude that the rationality matters to the central bank. However, it is not anymore if the central bank employs full gradualism in monetary policy rule. Journal: Economic Research-Ekonomska Istraživanja Pages: 3183-3200 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1869577 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1869577 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3183-3200 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1782245_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sangwook Sung Author-X-Name-First: Sangwook Author-X-Name-Last: Sung Author-Name: Dohyun Chun Author-X-Name-First: Dohyun Author-X-Name-Last: Chun Author-Name: Hoon Cho Author-X-Name-First: Hoon Author-X-Name-Last: Cho Author-Name: Doojin Ryu Author-X-Name-First: Doojin Author-X-Name-Last: Ryu Title: Hedge fund market runs during financial crises Abstract: Hedge funds exit financial markets simultaneously after enormous shocks, such as the global financial crisis. While previous studies highlight only fund investors’ synchronized withdrawals as the major driver of massive asset liquidations, we primarily focus on informed and rational fund managers and suggest a theoretical model that illustrates fund managers’ synchronized market runs. This study shows that the possibility of runs induces panic-based market runs not because of systematic risk itself but because of the fear of runs. We find that when the market regime changes from a normal to a ‘bad’ state in which runs are possible, hedge funds reduce their investments prior to runs. In addition, market runs are more likely to occur in markets in which hedge funds have greater market exposure and uninformed traders are more sensitive to past price movements. Journal: Economic Research-Ekonomska Istraživanja Pages: 266-291 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1782245 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1782245 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:266-291 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1782242_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fazelina Sahul Hamid Author-X-Name-First: Fazelina Author-X-Name-Last: Sahul Hamid Author-Name: Mansor H. Ibrahim Author-X-Name-First: Mansor H. Author-X-Name-Last: Ibrahim Title: Competition, diversification and performance in dual banking: a panel VAR analysis Abstract: This article investigates the dynamic relationship among competition, diversification and bank performance using data for 18 countries with a dual banking system over the period 2000 to 2016. Analyses using panel vector autoregression (P.V.A.R.) model, impulse response function (I.R.F.) and variance decomposition (V.D.C.) methods confirm that market power increases the profitability and the stability of banks the dual banking system while revenue diversification reduces them. Market power increases revenue diversification of banks. Segregating the sample of banks into emerging and developing countries, we find that positive impact of market power on profitability is stronger for emerging countries. Even though we find that revenue diversification has a more damaging effect on the profitability of banks in the developing countries, it only dampens the stability of banks in emerging countries. In addition, we find that asset diversification dampens the stability of banks. However, it has a more positive impact on the profitability of banks in emerging economies. Journal: Economic Research-Ekonomska Istraživanja Pages: 194-220 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1782242 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1782242 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:194-220 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1863827_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Siming Yu Author-X-Name-First: Siming Author-X-Name-Last: Yu Author-Name: Muhammad Safdar Sial Author-X-Name-First: Muhammad Safdar Author-X-Name-Last: Sial Author-Name: Malik Shahzad Shabbir Author-X-Name-First: Malik Shahzad Author-X-Name-Last: Shabbir Author-Name: Muhammad Moiz Author-X-Name-First: Muhammad Author-X-Name-Last: Moiz Author-Name: Peng Wan Author-X-Name-First: Peng Author-X-Name-Last: Wan Author-Name: Jacob Cherian Author-X-Name-First: Jacob Author-X-Name-Last: Cherian Title: Does higher population matter for labour market? Evidence from rapid migration in Canada Abstract: Canada has been a host country to migrants for decades through its attractive immigration policy. To enrich the literature, this article analyses the impact of immigration on the Canadian labour market at the regional level. For this purpose, 10 provinces of Canada have been selected for this study with the data spanning over 12 years from 2006 to 2017. Through the empirical analysis, the article finds there is a significant negative impact of immigration on the native employment level. Whereas the opposite results are found on the national level and the impact on the income of native workers is found to be negative and significant. The employed natives are also found to be migrating to other states at a higher rate in regions where immigration is higher. These results show that natives employees in the labour market tend to migrate and immigration hence offsetting the wage effects on the regional level. Journal: Economic Research-Ekonomska Istraživanja Pages: 2337-2353 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1863827 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1863827 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2337-2353 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1782243_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Željka Mesić Author-X-Name-First: Željka Author-X-Name-Last: Mesić Author-Name: Kristina Petljak Author-X-Name-First: Kristina Author-X-Name-Last: Petljak Author-Name: Darija Borović Author-X-Name-First: Darija Author-X-Name-Last: Borović Author-Name: Marina Tomić Author-X-Name-First: Marina Author-X-Name-Last: Tomić Title: Segmentation of local food consumers based on altruistic motives and perceived purchasing barriers: a Croatian study Abstract: This is the first empirical study which has segmented consumers based on their altruistic motives and perceived barriers in purchasing local food in a developing country, which has received little prior research attention and as such, provides a valuable contribution to the local food research stream. An empirical study was conducted via an online questionnaire on a sample of 402 Croatian local food consumers. In such a way we identified two consumer segments: (1) embedded local food consumers and (2) disinclined local food consumers. Embedded local food consumers report a significantly higher mean score concerning altruistic motives and a significantly lower mean score for perceived barriers in purchasing local food compared to the other segment. Also, they buy and consume local food more often and put more emphasis on personal motives, such as freshness, quality, and taste. Embedded local food consumers are more satisfied with the current local food supply and are willing to pay higher prices for local food as compared to disinclined local food consumers. This empirical study fills the evident research gap in local food literature regarding altruistic motives and barriers in purchasing locally produced food. Journal: Economic Research-Ekonomska Istraživanja Pages: 221-242 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1782243 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1782243 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:221-242 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1780145_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shangfeng Zhang Author-X-Name-First: Shangfeng Author-X-Name-Last: Zhang Author-Name: Yaoxin Liu Author-X-Name-First: Yaoxin Author-X-Name-Last: Liu Author-Name: Haitong Chen Author-X-Name-First: Haitong Author-X-Name-Last: Chen Author-Name: Chun Zhu Author-X-Name-First: Chun Author-X-Name-Last: Zhu Author-Name: Congcong Chen Author-X-Name-First: Congcong Author-X-Name-Last: Chen Author-Name: Chenpei Hu Author-X-Name-First: Chenpei Author-X-Name-Last: Hu Author-Name: Longbin Xu Author-X-Name-First: Longbin Author-X-Name-Last: Xu Author-Name: Yinan Yang Author-X-Name-First: Yinan Author-X-Name-Last: Yang Title: The level effect and volatility effect of uncertainty shocks in China Abstract: Previous studies have assumed that the volatility of exogenous shocks is constant, which can only measure the level effects of uncertain shocks. This article introduces the time-varying volatility model into a Dynamic Stochastic General Equilibrium (D.S.G.E.) model and uses the third-order perturbation method to identify and decompose the level and volatility effects of uncertainty shocks. Based on the results of empirical research in China, the effect of volatility shocks is different from that of level shocks: the effect of level shocks is direct and positive, and its impact is larger, while the effect of volatility shocks is indirect and negative, and its impact is smaller. This article also finds that the impact of uncertainty shocks will lead to economic stagnation, inflation, and the stagflation effect. Journal: Economic Research-Ekonomska Istraživanja Pages: 172-193 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1780145 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1780145 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:172-193 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1835520_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fernando Castelló-Sirvent Author-X-Name-First: Fernando Author-X-Name-Last: Castelló-Sirvent Author-Name: Vanessa Roger-Monzó Author-X-Name-First: Vanessa Author-X-Name-Last: Roger-Monzó Author-Name: Juan Manuel García-García Author-X-Name-First: Juan Manuel Author-X-Name-Last: García-García Title: International economic policy: a fuzzy set qualitative comparative analysis on think tanks in the press Abstract: This study examines the conditions that explain leading think tanks’ successful strategies for the growth of world media representation of the European Union’s (EU) international economic policy (N = 19). A fuzzy set qualitative comparative analysis (fsQCA) was developed throughout 2009–2018, which begins with the euro crisis. The causal conditions used are: the years of experience of each think tank; the attributes of its media representation (number of languages in which they spread their messages in the media, thematic concentration, and media concentration); and the macroeconomic characteristics of the countries from which they carry out their main activity (competitiveness and belonging to the euro). This data has been obtained through Factiva® (Dow Jones & Company©), the Global Competitiveness Index (World Economic Forum), and the European Central Bank. The core conditions analysis shows the importance of the think tank experience and the diversity of languages for their successful strategies. Likewise, the different pathways suggest that the thematic concentration and membership of the euro are sufficient conditions to explain the increased influence of the EU think tanks on the international public agenda. Journal: Economic Research-Ekonomska Istraživanja Pages: 2609-2627 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1835520 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1835520 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2609-2627 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1875254_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wenting Xue Author-X-Name-First: Wenting Author-X-Name-Last: Xue Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Xiaomei Mi Author-X-Name-First: Xiaomei Author-X-Name-Last: Mi Author-Name: Zhiliang Ren Author-X-Name-First: Zhiliang Author-X-Name-Last: Ren Title: Dynamic reference point method with probabilistic linguistic information based on the regret theory for public health emergency decision-making Abstract: Group emergency decision-making is an uncertain and dynamic process, in which the decision makers may be bounded rational and have a risk appetite. To depict the vague qualitative assessments, the probabilistic linguistic term sets are employed to express the perceptions of decision makers. First, considering the regret-aversion of the decision makers’ psychological characteristic, the value function and the regret-rejoice function in the regret theory are modified to adapt the probabilistic linguistic information. Second, the definition and aggregation operators of the probabilistic linguistic time variable are proposed to describe and aggregate the dynamic decision information. Third, the probabilistic linguistic models based on the dynamic reference point method and the regret theory are studied to maximise the expectation-levels of alternatives at the relative time point. The proposed method is applied to select the optimal response strategy for the outbreak of COVID-19 in China. Finally, the comparative analysis is designed to verify the applicability and reasonability of the proposed method. Journal: Economic Research-Ekonomska Istraživanja Pages: 3355-3381 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1875254 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1875254 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3355-3381 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1874462_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Luisa Marti Author-X-Name-First: Luisa Author-X-Name-Last: Marti Author-Name: Rosa Puertas Author-X-Name-First: Rosa Author-X-Name-Last: Puertas Title: European countries’ vulnerability to COVID-19: multicriteria decision-making techniques Abstract: COVID-19 has triggered an unprecedented health crisis, crippling economic activity around the world. The aim of this paper is to analyse European countries' vulnerability to the associated consequences. The analysis will focus on three areas that a priori are expected to be most severely affected by the pandemic – health, society and work – examining the possible relationship with countries’ wealth. The multicriteria decision-making Technique for Order Preference by Similarity to the Ideal Solution (TOPSIS) will be used to generate a ranking of countries based on criteria that define each of these three areas. The findings will provide authorities with quantitative information to guide their aid policies. The results show that Eastern European countries should direct their resources towards addressing health-related and social issues. Conversely, those that have higher GDP per capita and that have been hardest hit by coronavirus will have to make changes to their labour systems in order to minimize the fallout. Journal: Economic Research-Ekonomska Istraživanja Pages: 3309-3320 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2021.1874462 File-URL: http://hdl.handle.net/10.1080/1331677X.2021.1874462 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:3309-3320 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1860789_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ewa Aksman Author-X-Name-First: Ewa Author-X-Name-Last: Aksman Title: How much would it cost to eliminate the at-risk-of-poverty rate? Evidence from the European Union Abstract: The aim of this paper is to assess the cost of eliminating the at-risk-of-poverty rate, based on the Lorenz curve approach (the Gini coefficient, the Kakwani progressivity coefficient). A set of new equations that allow to find a link between cost of closing the relative poverty gap and income inequality is proposed. The main finding is that, after the initial allocation of social benefits, the share of benefits that are still needed to close the relative poverty gap in the pre-government income is a function not only of the at-risk-of-poverty rate, but also of the relative poverty line, the Gini coefficient of income of the poor, and the Kakwani progressivity coefficient of extra benefits. The empirical application of the methodology adopted is illustrated with the use of EU household sample (the data is derived from the EU-Survey on Income and Living Conditions). In line with the suggested decomposition, in the research sample ranking countries according to the at-risk-of-poverty rate does not coincide with the way they are sorted by the share of extra benefits. Journal: Economic Research-Ekonomska Istraživanja Pages: 1913-1930 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1860789 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1860789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:1913-1930 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1789887_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ming-Che Wu Author-X-Name-First: Ming-Che Author-X-Name-Last: Wu Author-Name: Yung-Shi Liau Author-X-Name-First: Yung-Shi Author-X-Name-Last: Liau Author-Name: Yung-Chang Wang Author-X-Name-First: Yung-Chang Author-X-Name-Last: Wang Title: Are there contagion effects in the REIT market? The case of Brexit Abstract: On June 23, 2016 the Brexit event that tremendously surprised and shocked investors around the world was considered the largest black swan with a political earthquake in 2016, and even spread to the international financial market and real estate market. This study uses the heteroscedasticity biases based on correlation coefficients by Forbes and Rigobon and the GJR-GARCH model to examine the contagion effects of the Brexit event on global REITs markets. The data are collected at the daily interval covering the time period from June 23, 2015 to December 30, 2016. Evidence reveals that no REITs markets suffered from Brexit, suggesting no transmission of Brexit across REITs markets, even the neighbouring markets, is found. Journal: Economic Research-Ekonomska Istraživanja Pages: 410-426 Issue: 1 Volume: 34 Year: 2021 Month: 1 X-DOI: 10.1080/1331677X.2020.1789887 File-URL: http://hdl.handle.net/10.1080/1331677X.2020.1789887 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:410-426 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517627_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Valentin Cojanu Author-X-Name-First: Valentin Author-X-Name-Last: Cojanu Title: On Economic Frontiers: Exploring the Rationale Behind Modern Market Integration Abstract: This paper suggests that the benefits of market integration project reach an asymptotic limit in the realm of close communities when adherence to the same values is critical to achieve internal market reform rather than the other way round. An optimal context of market integration is hypothesized as a territory circumscribed by economic frontiers within which jurisdictions are willing, on the one hand, to share resources with other members to reap the benefits from externalities and economies of scale, and, on the other hand, are able to target policy initiatives at a geographical scale that reflect directly regional commonality. This theoretical framework is illustrated with a discussion of Romania as a country case by drawing on cluster analysis and trade integration data. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-20 Issue: 4 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517627 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517627 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:4:p:1-20 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517628_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pavle Jakovac Author-X-Name-First: Pavle Author-X-Name-Last: Jakovac Title: Empirical Analysis on Economic Growth and Energy Consumption Relationship in Croatia¹ Abstract: This paper investigates the causal relationship between economic growth and energy consumption in Croatia for the period 1952-2010. Using Chow breakpoint test we identified a structural break in the year 1989. Therefore, we have conducted our analysis on two sub-samples. The first one refers to the period 1952-1989 while the second one refers to the period 1993-2010. The years between 1990 and 1992 have been omitted from the analysis due to massive damage to the Croatian economy caused by the war at that time. Our findings suggest that there is a bidirectional feedback in the short-run and that causality runs from energy consumption to economic growth in the long-run in the first sub-sample. At that time, especially in mid 1970s, Croatia became a medium developed industrial country with the industry sector as the biggest consumer of energy so energy consumption played an important role in the growth process. After the structural break, we found a unidirectional causality running from economic growth to energy consumption. In this case, energy conservation policies together with the establishment of a competitive energy market may be feasible with little or no detrimental side effects to economic growth and employment. Journal: Economic Research-Ekonomska Istraživanja Pages: 21-42 Issue: 4 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517628 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517628 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:4:p:21-42 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517629_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Irimie Emil Popa Author-X-Name-First: Irimie Emil Author-X-Name-Last: Popa Author-Name: Georgeta Span Author-X-Name-First: Georgeta Author-X-Name-Last: Span Author-Name: Madalina Dumitru Author-X-Name-First: Madalina Author-X-Name-Last: Dumitru Author-Name: Valentin Florentin Dumitru Author-X-Name-First: Valentin Florentin Author-X-Name-Last: Dumitru Author-Name: Crina Loana Filip Author-X-Name-First: Crina Loana Author-X-Name-Last: Filip Title: Empirical Study on the Implications of Qualitative Factors in Making Decisions Related to the Materiality Level: The Case of Romania Abstract: The paper aims to present the importance of qualitative factors in determining the materiality level in an audit mission. According to the literature a quantitative approach of materiality is insufficient for appropriate decisions, therefore it is required a more serious treatment of this issue. Data collected in the research were processed using the Ordered Logit Model, and the results showed that there is a significant correlation between the materiality level and the sectors in which the audited companies operate, the auditor’s experience in the field and the longevity of the relationship with the client. There is no any correlation between the materiality level and the needs of the users of financial statements or the management objectives. Journal: Economic Research-Ekonomska Istraživanja Pages: 43-58 Issue: 4 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517629 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517629 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:4:p:43-58 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517630_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marie Mikušová Author-X-Name-First: Marie Author-X-Name-Last: Mikušová Title: Do Small Organizations Have an Effort to Survive? Survey from Small Czech Organizations Abstract: This paper presents some results of research carried out in 2011. The research was focused on the relationship of small organizations to crisis prevention. The purpose is to find out the attitude of small organizations to crises from strategic point of view in order to ensure not only their survival but also their competiveness. The goal is to identify what strategies, if any, small organizations use for crises prevention.The factor analysis identified two crisis prevention strategies. One strategy is focused on creating and updating a crisis plan and crisis team. The other is based on appropriate behaviour to employees and surroundings so that the organization builds up their loyalty. Preparation for crises is mostly complicated by the financing gap which could be expected in small organizations and managers also declared they were too busy to deal with crisis prevention. Based on the statistically processed data obtained from empirical research the author came to the conclusion that, although many small organizations know their weaknesses and external threats and try to take precautionary measures, the preparation for a potential crisis has still not become a normal part of managerial work and it is not appreciated as a feature of competitiveness. Statistical tools of correlation analysis and factor analysis were used in the research. Journal: Economic Research-Ekonomska Istraživanja Pages: 59-76 Issue: 4 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517630 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517630 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:4:p:59-76 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517631_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Osman Karatepe Author-X-Name-First: Osman Author-X-Name-Last: Karatepe Title: Inking Perceived Ethical Climate to Performance Outcomes: The Mediating Role of Job Embeddedness Abstract: A conceptual model examining job embeddedness as a mediator of the impact of perceived ethical climate on job performance and extra-role customer service is developed and tested. Data obtained from frontline hotel employee-supervisor dyads in Nigeria were used to assess these relationships via structural equation modeling. The results suggest that job embeddedness fully mediates the effect of perceived ethical climate on frontline employees’ performance outcomes. Specifically, employees with favorable perceptions of the firm’s ethical climate are embedded in their jobs. Such employees in turn display elevated levels of job performance and extra-role customer service behaviors. Implications of the results are discussed and their implications for future research are offered. Journal: Economic Research-Ekonomska Istraživanja Pages: 77-90 Issue: 4 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517631 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517631 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:4:p:77-90 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517632_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Milica Bulajic Author-X-Name-First: Milica Author-X-Name-Last: Bulajic Author-Name: Veljko Jeremic Author-X-Name-First: Veljko Author-X-Name-Last: Jeremic Author-Name: Snezana Knezevic Author-X-Name-First: Snezana Author-X-Name-Last: Knezevic Author-Name: Nevenka Zarkic-Joksimovic Author-X-Name-First: Nevenka Author-X-Name-Last: Zarkic-Joksimovic Title: A Statistical Approach to Evaluating Efficiency of Banks Abstract: Evaluating efficiency of banks has always represented a challenge for researchers. Although many different methods have been proposed, no particular approach is agreed upon. In this paper, statistical I–distance method is proposed. We employed this method on the Serbian banks in the five-year period. Results obtained by I-distance methodology are presented and thoroughly elaborated. Journal: Economic Research-Ekonomska Istraživanja Pages: 91-100 Issue: 4 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517632 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517632 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:4:p:91-100 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517633_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Martin Grančay Author-X-Name-First: Martin Author-X-Name-Last: Grančay Title: North Atlantic Civil Aviation: Liberalization Vs. Crisis – A Regression Analysis Abstract: In 2007, the European Commission and US government signed an agreement liberalizing international air transportation between the two continents. It was expected to increase the annual number of passengers by up to 11 million and generate more than 5 billion EUR in consumer surplus. However, in 2008 the market was struck by global economic crisis. We use regression analysis to distinguish between positive impacts of liberalization and negative impacts of the crisis. We come to the conclusion that had the market not been reinforced by liberalization, annual transatlantic traffic would have shrunk at a pace 3-7 million passengers faster. The results are a clear indication that if European and US airlines want to remain competitive in the coming era of Asian dominance, further liberalization efforts have to be undertaken. Journal: Economic Research-Ekonomska Istraživanja Pages: 101-112 Issue: 4 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517633 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517633 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:4:p:101-112 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517634_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marjan Petreski Author-X-Name-First: Marjan Author-X-Name-Last: Petreski Author-Name: Nikica Mojsoska-Blazevski Author-X-Name-First: Nikica Author-X-Name-Last: Mojsoska-Blazevski Title: Real Wages in the Manufacturing Industry in Macedonia: The Role of Macroeconomic Factors, with Reference to Recession Times Abstract: In this paper we analyze the determinants of real wages in Macedonia’s manufacturing sector. We emphasize the macroeconomic aspects involved, and use econometric panel data techniques to model the behaviour of real wages for the period 2005-2010, using monthly data. We find non-negligible persistence of real wages. We further find a role for overall unemployment, real exchange rate and the tariff index in determining real wages. Journal: Economic Research-Ekonomska Istraživanja Pages: 113-126 Issue: 4 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517634 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517634 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:4:p:113-126 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517635_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tomasz Wołowiec Author-X-Name-First: Tomasz Author-X-Name-Last: Wołowiec Author-Name: Tomasz Skica Author-X-Name-First: Tomasz Author-X-Name-Last: Skica Title: The Instruments of Stimulating Entrepreneurship by Local Government Units (Lgu’S) Abstract: This article diagnoses the use of instruments supporting entrepreneurship by the Podkarpackie Province communes. The main research problem was formulated as follows: Do the instruments of supporting entrepreneurship used by self-government affect the development of economic initiatives in the area of the surveyed communes? We analyzed it in two areas. The first one focuses on the present state, analyzing the quality and directions of actions taken by commune authorities in supporting economic initiatives as well as their results. The second one attempts at pointing the solutions conducive to enterprise development and instruments ensuring their stimulation. The results of the conducted analyses allowed us to assess the effectiveness of the instruments supporting entrepreneurship used by local government units. The main conclusion derived from the research is that the use of fiscal instruments does not constitute the strongest factor in determining the location of economic activity. The use of tax forms of support dependant on the economic situation turns out to be much less important than the use of solutions such as improvement of infrastructure conditions, selection of areas for investment, lease of commune facilities for economic activities, creation of capital back-up comprised of loan funds, as well as implementation of organizational changes aiming at better efficiency of the office. Journal: Economic Research-Ekonomska Istraživanja Pages: 127-146 Issue: 4 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517635 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517635 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:4:p:127-146 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1106330_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vasile Brătian Author-X-Name-First: Vasile Author-X-Name-Last: Brătian Author-Name: Amelia Bucur Author-X-Name-First: Amelia Author-X-Name-Last: Bucur Author-Name: Camelia Oprean Author-X-Name-First: Camelia Author-X-Name-Last: Oprean Author-Name: Cristina Tănăsescu Author-X-Name-First: Cristina Author-X-Name-Last: Tănăsescu Title: Discretionary vs nondiscretionary in fiscal mechanism – non-automatic fiscal stabilisers vs automatic fiscal stabilisers Abstract: The goal of the present study is to increase the intelligibility of macroeconomic phenomena triggered by governmental intervention in economy by means of fiscal policies. During cyclical movements, fiscal policy can play an important role in order to help stabilise the economy. But discretionary policy usually implies implementation lags and is not automatically reversed when economic conditions change. In contrast, automatic fiscal stabilisers (SFA) ensure a prompter, and self-correcting fiscal response. The present study aims to tackle the topic of discretionary vs nondiscretionary characteristic of fiscal stabilisers (SF). In this context, the scope of the research undertaking is to launch a scientific debate over the definitions of the concepts of non-automatic fiscal stabilisers (SfnA) and SFAs. We describe how we can quantify the discretionary and non-discretionary character of the fiscal policy, by the analysis of the structure of the conventional budget balance (SBc), budget balance associated with the current GDP. In the final part of this article, we propose a quantitative equilibrium model for establishing the mathematical prerequisites for an SF to become automatic. Likewise, on the basis of the proposed mathematical model we have performed a qualitative analysis of the influence factors. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-17 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2015.1106330 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1106330 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1-17 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1106331_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pavla Odehnalová Author-X-Name-First: Pavla Author-X-Name-Last: Odehnalová Author-Name: Lenka Komárková Author-X-Name-First: Lenka Author-X-Name-Last: Komárková Author-Name: Petr Pirožek Author-X-Name-First: Petr Author-X-Name-Last: Pirožek Title: The association of selected economic parameters in construction output – an international comparison Abstract: The aim of this article is to illustrate the impact which the ongoing economic crisis, together with the 2012 amendment to the Public Procurement Act, has had on the construction industry in the Czech Republic (CR) and in neighbouring Austria. In 2012 and 2013, a research project entitled ‘Cross-border cooperation between construction companies in the South Moravian Region, Lower Austria and the city of Vienna’ was carried out. The research took the form of a questionnaire addressed to 3000 construction companies in these regions. The results of the questionnaire then underwent statistical analysis. The research showed that in the CR price was no longer linked with quality in construction work and that customers were guided by other measurable criteria, such as the warranty. The statistical investigation among companies also showed that there is a clear relationship between quality and the cost of the work carried out, and that the warranty is an important criterion for measuring the quality of construction work. Journal: Economic Research-Ekonomska Istraživanja Pages: 18-31 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2015.1106331 File-URL: http://hdl.handle.net/10.1080/1331677X.2015.1106331 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:18-31 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1152559_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Radosław Pastusiak Author-X-Name-First: Radosław Author-X-Name-Last: Pastusiak Author-Name: Katarzyna Miszczyńska Author-X-Name-First: Katarzyna Author-X-Name-Last: Miszczyńska Author-Name: Bartłomiej Krzeczewski Author-X-Name-First: Bartłomiej Author-X-Name-Last: Krzeczewski Title: Does public offering improve company’s financial performance? The example of Poland Abstract: The main aim of this article is to compare the financial performance of private and publicly traded companies in accordance with ownership structure and size. The analysis carried out in the article leads to the conclusion that in Poland private companies perform better than companies that are publicly traded on the Warsaw Stock Exchange (WSE). Statistically significant results are obtained for medium-sized companies. Moreover, it turns out that medium-sized enterprises operate better than large companies as far as profitability is concerned, at least in the group of private companies where results are statistically significant. The analyses conducted in the article are aimed at filling in the gap in studies comparing profitability between publicly traded and private companies. Journal: Economic Research-Ekonomska Istraživanja Pages: 32-49 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1152559 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1152559 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:32-49 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1152560_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aleksandras Krylovas Author-X-Name-First: Aleksandras Author-X-Name-Last: Krylovas Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Author-X-Name-Last: Kazimieras Zavadskas Author-Name: Natalja Kosareva Author-X-Name-First: Natalja Author-X-Name-Last: Kosareva Title: Multiple criteria decision-making KEMIRA-M method for solution of location alternatives Abstract: Choice of location in many cases is a key factor setting up a new business object. In this article the KEMIRA-M method is proposed to establish priority of criteria and determine criteria weights. Weighted sum of criteria values was applied for ranking the alternatives. This technique is useful if the evaluation criteria naturally consist of several logically explained groups of criteria. Method requires much less initial information and is based upon searching the solution of optimisation problem. KEMIRA-M is applied for the case study of construction site for non-hazardous waste incineration plant in Vilnius City. Journal: Economic Research-Ekonomska Istraživanja Pages: 50-65 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1152560 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1152560 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:50-65 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1156554_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lukáš Malec Author-X-Name-First: Lukáš Author-X-Name-Last: Malec Author-Name: Josef Abrhám Author-X-Name-First: Josef Author-X-Name-Last: Abrhám Title: Determinants of tourism industry in selected European countries: a smooth partial least squares approach Abstract: Various events, such as the global economic crisis, have seriously hampered long-term stable tourism processes with a particular relevance to international visits. In this study, we use the smooth paths of partial least squares (PLS; more specifically its PLS-SVD algorithm) and principal component analysis (PCA) dependent on a time parameter to descriptively examine the multivariate connections of tourism and economic growth during the periods close to the crisis. A novel approach regarding the paths of leading singular values and corresponding singular vectors and describing the maximum covariance strength reveals many practical outputs as time lags and mutual connections between sets of data. From the base of Central European countries analysed here, only Switzerland shows a significant tourism lagged situation, where the results provide relative perceptive conditions to non-residents with stable conditions for domestic tourism. Our findings show great evidence of similar behaviour in the Austria, Slovenia and Poland group as well as the Czech Republic and Slovakia group. Also the Czech Republic and Slovakia are potentially very sensitive to non-resident visits. Germany reveals its strong interconnection to the European economy. On the other hand, in the case of Hungary, simultaneous changes in income and consumer prices form ideal conditions for tourism. Journal: Economic Research-Ekonomska Istraživanja Pages: 66-84 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1156554 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1156554 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:66-84 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1160792_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nawazish Mirza Author-X-Name-First: Nawazish Author-X-Name-Last: Mirza Author-Name: Birjees Rahat Author-X-Name-First: Birjees Author-X-Name-Last: Rahat Author-Name: Krishna Reddy Author-X-Name-First: Krishna Author-X-Name-Last: Reddy Title: Financial leverage and stock returns: evidence from an emerging economy Abstract: The aim of this research was to examine the propositions of Campbell et al. and Mirza et al. on pricing of leverage in stock returns using a comprehensive set of firms listed on the Karachi Stock Exchange (KSE) over a period of 13 years. Our results suggest that while size, value and, more importantly, financial leverage are systematic in nature, market risk premium is not a relevant factor. The results confirm the notion of leverage premium and have important implications for financial managers, investment analysts and other market participants who use asset pricing frameworks for investment appraisals. These findings have global relevance, notably for other emerging and developing economies where default risk is of importance due to cyclical nature of cash flows and low recovery rates owing to weaknesses of legal structure. Journal: Economic Research-Ekonomska Istraživanja Pages: 85-100 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1160792 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1160792 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:85-100 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1163945_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ana Arzenšek Author-X-Name-First: Ana Author-X-Name-Last: Arzenšek Author-Name: Kristijan Musek Lešnik Author-X-Name-First: Kristijan Musek Author-X-Name-Last: Lešnik Title: Human resources in a draught: how managers construed the role and meaning of human resource management during the 2008 economic crisis in Slovenia Abstract: An empirical study of interpretive schemas regarding human resource management (HRM) and its social responsibility of selected manufacturers in the automotive industry and of financial institutions is presented. We were interested in how participants interpreted the role of the HRM department during the economic crisis of 2008. It was assumed that HRM is subjected to increased accommodation processes during economic turbulence. Interpretive schemas regarding HRM of three selected manufacturers in the automotive industry and of three financial institutions from Slovenia were studied. Over a three-year period, 31 interviews with their management, HRM, and union representatives were conducted. In addition, content analysis of annual reports was made. The results have shown that the current crisis has not yet been a factor of diminished roles and meaning of HRM. While the manufacturing companies are considerably homogeneous in their scope of adjustments to the crisis, the financial companies considerably differ from each other regarding their scope of activities and are going through schema change. Factors, discovered in this study, add to the knowledge framework of successful HRM change and explain levels of social responsibility towards employees working in the companies. Journal: Economic Research-Ekonomska Istraživanja Pages: 101-117 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1163945 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1163945 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:101-117 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1163946_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Danica Bakotić Author-X-Name-First: Danica Author-X-Name-Last: Bakotić Title: Relationship between job satisfaction and organisational performance Abstract: The purpose of this study is to explore the link between job satisfaction and organisational performance and to determine if there is an empirically provable relationship between these two variables, and the direction and the intensity of this relationship. Empirical research was conducted on a research sample of 40 large- and medium-sized Croatian companies, with 5806 employees surveyed. The results of this study show the existence of a clear link between employees’ job satisfaction and organisational performance in both directions, but with pretty weak intensity. Detailed analysis showed that the connection between job satisfaction and organisational performance is stronger than the connection between organisational performance and job satisfaction. It could be stated that job satisfaction determines organisational performance, rather than organisational performance determining job satisfaction. Journal: Economic Research-Ekonomska Istraživanja Pages: 118-130 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1163946 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1163946 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:118-130 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1163947_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Matea Matić Author-X-Name-First: Matea Author-X-Name-Last: Matić Author-Name: Perica Vojinić Author-X-Name-First: Perica Author-X-Name-Last: Vojinić Author-Name: Marija Bečić Author-X-Name-First: Marija Author-X-Name-Last: Bečić Title: Differences between domestic and expatriate managers in the Croatian hospitality industry Abstract: In order to set up organisational business activity, hotel chains prefer employing managers from the country of origin when entering the foreign market. The Croatian tourism market is characterised by the presence of a significant number of foreign hotels that employ a certain number of expatriate managers. The purpose of this article is to determine the differences in personal and professional characteristics between domestic and expatriate managers in the Croatian hospitality industry. The research was conducted in 2011 and 2012 using the questionnaire on a sample of middle- and top-level domestic and expatriate managers employed in Croatian hospitality companies. Several tests of inferential statistics were performed and the results suggested that Croatian and foreign managers do not differentiate significantly in personal characteristics (age, education attainment, marital status and dependents). However, significant differences exist regarding their professional characteristics, such as field of education, managerial level, authority and career satisfaction. Journal: Economic Research-Ekonomska Istraživanja Pages: 131-139 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1163947 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1163947 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:131-139 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1163948_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Omer Iskenderoglu Author-X-Name-First: Omer Author-X-Name-Last: Iskenderoglu Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Title: A research for the competitive environment hypothesis in the short-run for the Turkish manufacturing industry Abstract: The competitive environment hypothesis is one of the basic ideas in mainstream economic theory. It states that the competitive process eliminates all economic profits and losses in the long-run so profits do not persist. This article studies the competitive environment hypothesis of 125 Istanbul Stock Exchange (ISE) quoted manufacturing firms that survived during the period of 2009:1–2010:4, which can be considered as the short-run. Net income after tax to total assets (return on assets [ROA]) and net income after tax to total equity (return on equity [ROE]) are both used as profit measures. Starting with Levin et al. and Im et al.’s panel unit root tests, pooled Ordinary Least Squares (OLS), panel fixed effects and cross-sectional analysis are employed. The results indicate that competitive environment hypothesis is viable and profits do not persist in the short-run. Journal: Economic Research-Ekonomska Istraživanja Pages: 140-147 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1163948 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1163948 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:140-147 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1163949_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ali Uyar Author-X-Name-First: Ali Author-X-Name-Last: Uyar Author-Name: Merve Kılıç Author-X-Name-First: Merve Author-X-Name-Last: Kılıç Author-Name: Başak Ataman Gökçen Author-X-Name-First: Başak Author-X-Name-Last: Ataman Gökçen Title: Compliance with IAS/IFRS and firm characteristics: evidence from the emerging capital market of Turkey Abstract: The purpose of this study is to investigate the compliance level of Turkish firms with international accounting standards (IAS) and international financial reporting standards (IFRS), and to examine the factors that impact adoption level of firms to IAS/IFRS. This study is based on a comprehensive questionnaire survey about IAS/IFRS implementation of largest Turkish industrial firms, namely ICI 500. The findings and implications are important as these companies are expected to be the leading adopters of IAS/IFRS. Firstly, we determined that firms do not implement all IAS/IFRS (international accounting standards/international financial reporting standards) equally; some are used more, some less. As a second stage in the study, we tried to determine what firm characteristics impact compliance with IAS/IFRS. We found that listing status, training staff, foreign ownership, and firm size are significant determinants of IAS/IFRS compliance, whereas leverage and profitability are not. Journal: Economic Research-Ekonomska Istraživanja Pages: 148-161 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1163949 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1163949 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:148-161 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1164923_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bojana Korošec Author-X-Name-First: Bojana Author-X-Name-Last: Korošec Author-Name: Mateja Jerman Author-X-Name-First: Mateja Author-X-Name-Last: Jerman Author-Name: Polona Tominc Author-X-Name-First: Polona Author-X-Name-Last: Tominc Title: The impairment test of goodwill: an empirical analysis of incentives for earnings management in Italian publicly traded companies Abstract: Since the current International Accounting Standard 36 introduced substantial subjectivity while testing goodwill for impairment, this study aims to establish if management exploits the discretion and performs the impairment test of goodwill opportunistically. The presence of discretion, while applying impairment test, is tested on the sample of Italian publicly traded companies in the period of the current financial crisis. Despite the fact that the sample of companies consists of those with market to book ratio less than one, only 26% of the companies recorded a goodwill write-off. The logistic regression was used to test contracting and reporting incentives. The results of the analysis indicate that even in the case of IFRS users some incentives exist, while recognising the impairment losses of goodwill. Journal: Economic Research-Ekonomska Istraživanja Pages: 162-176 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1164923 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1164923 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:162-176 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1164924_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aurora Murgea Author-X-Name-First: Aurora Author-X-Name-Last: Murgea Title: Seasonal affective disorder and the Romanian stock market Abstract: A large number of studies conducted in economic psychology, cognitive sciences and behavioural finances support the idea that economic actions are not a result of a rational utility maximising behaviour, but seem to be driven by other factors, such as personality traits, psychological factors, gender, age and genetic heritage. In this context, capital markets are sometimes non-efficient and an anomaly-based trading strategy could be used to enhance the returns, especially in the case of emergent markets. This article analyses the presence of the Seasonal Affective Disorder (SAD) effect on the Romanian stock market, in a time span that includes calm, growth periods and volatile periods as the one of the 2008 global financial crisis. The results support the existence of a correlation between the number of hours of daylight and market returns before and after the last financial crisis, even if the effect seems to change after the crisis. Journal: Economic Research-Ekonomska Istraživanja Pages: 177-192 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1164924 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1164924 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:177-192 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1164925_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Halil Nadiri Author-X-Name-First: Halil Author-X-Name-Last: Nadiri Title: Diagnosing the impact of retail bank customers’ perceived justice on their service recovery satisfaction and post-purchase behaviours: an empirical study in financial centre of middle east Abstract: The banking sector ranks among the top three sectors in terms of frequency of complaints. The purpose of this study is to assess the effects of perceived justice on recovery satisfaction and to examine the relationships between recovery satisfaction and customer relationship variables in the banking sector where there are lack of empirical studies. Empirical observations were made through questionnaires conducted with 178 retail bank customers in Dubai. The data are analysed through partial least squares (PLS) approach to path modelling to estimate the measurement and structural parameters. The results revealed that distributive justice (DJ), procedural justice (PJ) and interactional justice (IJ) had significant positive effects on service recovery satisfaction, while IJ has the strongest effect with respect to others. Also, service recovery satisfaction had a significant positive effect on trust. The structural model results also revealed that customers’ perceptions of trust had a significant positive effect on their WOM communication and repurchase intentions. The results of the study show that the service recovery satisfaction is a vital mediating variable between perceived justice of customers and customer relationship variables. Furthermore, the mediational role of trust between service recovery satisfaction and future intentions is extensive. Journal: Economic Research-Ekonomska Istraživanja Pages: 193-216 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1164925 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1164925 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:193-216 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1164926_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana Stankovska Author-X-Name-First: Ivana Author-X-Name-Last: Stankovska Author-Name: Saso Josimovski Author-X-Name-First: Saso Author-X-Name-Last: Josimovski Author-Name: Christopher Edwards Author-X-Name-First: Christopher Author-X-Name-Last: Edwards Title: Digital channels diminish SME barriers: the case of the UK Abstract: This article investigates the usage of digital channels by UK small- and medium-sized enterprises (SMEs) and assesses the impact caused on their strategic marketing position. The research is based on statistical analysis of 66 surveyed SMEs in the context of the digital era. Despite indications from the relevant literature about the reluctance of SMEs to adopt advances in technological communication, the research reported indicates a high level of usage of digital channels, especially social media (SM). The web 2.0 technologies that facilitate the new digital channels are standardised, interactive, ubiquitous and cheap. These features change the way how companies communicate and shift fundamental marketing and business concepts. Due to this shift, the SMEs’ barriers for technology adoption, including lack of financial resources, knowledge and skills, are diminishing. The latter, supported also by the research findings, increases the impact of SMEs bringing them closer to the large corporations in the global marketplace. The study is significant because it extends previous knowledge on technology adoption, with findings about the adoption of digital channels by SMEs, but more importantly, it opens up a novel insight into strategic literature for SMEs. Journal: Economic Research-Ekonomska Istraživanja Pages: 217-232 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1164926 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1164926 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:217-232 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1166345_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marcin Staniewski Author-X-Name-First: Marcin Author-X-Name-Last: Staniewski Author-Name: Katarzyna Awruk Author-X-Name-First: Katarzyna Author-X-Name-Last: Awruk Title: Start-up intentions of potential entrepreneurs – the contribution of hope to success Abstract: In line with Ajzen’s theory of planned behaviour (1991), an individual’s behaviour is a product of intentions based on attitude toward behaviour, subjective norms, and perceived control. It seems important to seek factors that underlie business intentions and that go beyond Ajzen’s theory when adapting the model to business-related behaviour. This study aims to determine the predictive value of Snyder’s hope of success for start-up intentions. The study was conducted at the University of Finance and Management in Warsaw (Poland) with 347 students of various majors using the Start-up Intentions Questionnaire (SuIQ), the Hope Scale (HS), and the Multidimensional Personal and Business Data Sheet. Potential entrepreneurs displayed stronger start-up intentions than people who did not plan to start a business. Positive correlations were found between start-up intentions and the scores in the HS subscales. The scores in Pathways were the only variables in the regression model that were significant predictors of start-up intentions. The other independent variables – the score for Agency, the total HS score, age, and sex – did not achieve the required significance level. Deepening one’s convictions, especially about one’s skills and persistence in solving problems, may be considered one of the factors underlying start-up intentions. Journal: Economic Research-Ekonomska Istraživanja Pages: 233-249 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1166345 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1166345 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:233-249 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1169704_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nurul Shahnaz Mahdzan Author-X-Name-First: Nurul Shahnaz Author-X-Name-Last: Mahdzan Author-Name: Rozaimah Zainudin Author-X-Name-First: Rozaimah Author-X-Name-Last: Zainudin Author-Name: Nikoo Karimi Shahri Author-X-Name-First: Nikoo Karimi Author-X-Name-Last: Shahri Title: Interindustry dividend policy determinants in the context of an emerging market Abstract: This article examines the determinants of the dividend policies of public listed firms in Malaysia for the period 2005 to 2009. A panel regression estimation model is used to identify the determinants of dividend policy within Malaysian firms. These determinants are then examined across eight different industries – Technology, Industrial, Consumer Noncyclical, Basic Material, Communication, Consumer Cyclical, Diversified and Energy – to investigate possible divergences in the determinants of dividend payouts in the context of an emerging market. Empirical findings show that firm size, leverage position, and profitability are significantly and inversely related to the dividend policy of firms in Malaysia. However, the industry-specific determinants of dividend policy display a number of variances that could plausibly be used as an indication of the selection of stocks in specific industries by potential investors. The results indicate that agency cost is positively related to dividend policy for the Basic Material industry. In addition, size and leverage play an important role in determining dividend payout for firms in the Technology and Consumer Noncyclical industries. For the Industrial sector, the size and profitability significantly affect the dividend policy of firms. However, the results failed to display any significant results for the Energy and Consumer Cyclical industries. Journal: Economic Research-Ekonomska Istraživanja Pages: 250-262 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1169704 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1169704 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:250-262 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1168038_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mojca Duh Author-X-Name-First: Mojca Author-X-Name-Last: Duh Author-Name: Jernej Belak Author-X-Name-First: Jernej Author-X-Name-Last: Belak Author-Name: Borut Milfelner Author-X-Name-First: Borut Author-X-Name-Last: Milfelner Title: The importance of culture for enterprise dynamics: the role of type and strength of culture Abstract: Nowadays, enterprises can gain and sustain a competitive advantage in hypercompetitive environments for only a limited period of time. In order to be able to do that, enterprises must be dynamic. Even though – several authors suggest a positive association between organisational culture and the enterprise’s dynamic – we are still lacking the empirical support for such assertion. Therefore, we empirically tested the association between the type and strength of culture and the level of enterprises’ dynamics. Since organisational culture and the enterprises’ dynamics are both a complex phenomenon, we applied a case study approach combined with quantitative methods. The research indicates that the adhocracy culture type positively influences the level of enterprises’ dynamics. Regarding the strength of culture, our research results show that positive effects of strong culture exceed the eventual negative effects of such culture and positively influence the level of enterprises’ dynamics. Journal: Economic Research-Ekonomska Istraživanja Pages: 263-285 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1168038 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1168038 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:263-285 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1168039_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ansgar Belke Author-X-Name-First: Ansgar Author-X-Name-Last: Belke Title: Global liquidity and strategies of exit from unconventional monetary policies Abstract: We develop some main characteristics of a roadmap of how the European Central Bank (ECB) should further reduce the volume of its balance sheets and roll back credit easing in order to prevent inflation. The exit should be step-by-step rather than a one-off. Communicating about the exit strategy must be an integral part of the strategy. Price stability should take precedence in all decisions. Due to vagabonding global liquidity, there is a strong case for globally coordinating monetary exit strategies. Given non-surmountable practical problems of coordinating exit with asymmetric country interests, however, the ECB should go ahead – perhaps jointly with some Far Eastern economies. Coordination of monetary and fiscal exit would potentially undermine ECB independence and is also technically out of reach within the euro area. Journal: Economic Research-Ekonomska Istraživanja Pages: 286-313 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1168039 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1168039 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:286-313 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1168040_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ljiljana Božić Author-X-Name-First: Ljiljana Author-X-Name-Last: Božić Author-Name: Edo Rajh Author-X-Name-First: Edo Author-X-Name-Last: Rajh Title: The factors constraining innovation performance of SMEs in Croatia Abstract: The aim of this article is to identify innovation barriers that limit innovation performance of small and medium enterprises (SME) in Croatia. Data are obtained using an online survey. The sample consists of 94 SMEs that have experience in innovation activities. The impact of constraints to innovation is measured on five-point scale. Employing the factor analysis, we reduced number of variables to four factors. Cluster analysis is used to group SMEs according to factors that constrain their innovation activities. SMEs are grouped into three clusters. Results reveal that firms are mostly constrained by external factors. In two out of three clusters, firms report high intensity of financial constraints to their innovation activity. The findings reveal that the least pronounced constraints to innovation in SMEs in Croatia are organisational constraints. Journal: Economic Research-Ekonomska Istraživanja Pages: 314-324 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1168040 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1168040 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:314-324 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1168041_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Željko Mateljak Author-X-Name-First: Željko Author-X-Name-Last: Mateljak Author-Name: Damir Mihanović Author-X-Name-First: Damir Author-X-Name-Last: Mihanović Title: Operational planning level of development in production enterprises in the machine building industry and its impact on the effectiveness of production Abstract: This article examines the interdependence between the operational planning level of development and the effectiveness of the production process. The operational planning level of development has been measured by the scale of six intensity levels (1–6) to evaluate each of the eight targeted tasks (planning raw and materials, work planning, planning tools and equipment, capacity planning, termination of production, scheduling by work centres, drafting and launching of work documentation and various records terms and performance), while the effectiveness of the production process has been measured by the following indicators: productivity, stock turnover rate, capacity utilisation rate, delivery time and fallout ratio. The results have shown that enterprises with higher operational planning level of development present better effectiveness of the production process in comparison to enterprises with less operational planning level of development. Journal: Economic Research-Ekonomska Istraživanja Pages: 325-342 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1168041 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1168041 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:325-342 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1168042_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sejfudin Zahirović Author-X-Name-First: Sejfudin Author-X-Name-Last: Zahirović Author-Name: Jasmina Okičić Author-X-Name-First: Jasmina Author-X-Name-Last: Okičić Title: Effects of risk aversion on securities portfolio performance in underdeveloped capital markets: the case of the capital market of Bosnia and Herzegovina Abstract: The main goal of this article is to examine risk aversion impact on securities portfolio performance in underdeveloped capital markets. For the purpose of this research, portfolio performance was taken as a dependent variable, whereas investors’ attitude towards risk was considered as an independent variable. The analysis results have revealed that, ceteris paribus, an increase in risk aversion leads to a decrease in expected return and the creation of more superior securities portfolio. The article is expected to produce useful pieces of information which might be helpful for investors in the process of creating their portfolios in underdeveloped capital markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 343-359 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1168042 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1168042 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:343-359 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1169701_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Danilo Lučić Author-X-Name-First: Danilo Author-X-Name-Last: Lučić Author-Name: Mladen Radišić Author-X-Name-First: Mladen Author-X-Name-Last: Radišić Author-Name: Dušan Dobromirov Author-X-Name-First: Dušan Author-X-Name-Last: Dobromirov Title: Causality between corruption and the level of GDP Abstract: Interaction between corruption and economic development is one of the most widely studied topics in the recent history of scientific research. Because of the strong influence of both these factors on the standard of living, we have tried to answer the following question: In what time frame is the interaction between these two factors most prominent? Taking into account the data of the level of corruption (as measured by the Corruption Perception Index (CPI) and economic development (as measured by the movement of GDP per year), in the time period from 1995 to 2011, we divided the research results into three time zones: zone 1 – which covers the time period of the first five years (short-term impacts), zone 2 – which covers the time period of the next five years (medium-term impacts), and finally zone 3 – which covers the time period of the last five years (long-term impacts). Based on the research results, we have come to conclusion that the strongest causality between these two factors are in zone 2, the so-called medium-term framework. The empirical findings of this article suggest that further research in this direction is necessary, if we take into account the fact that corruption is present in almost all countries of the world. Journal: Economic Research-Ekonomska Istraživanja Pages: 360-379 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1169701 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1169701 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:360-379 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1169702_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hrvoje Jošić Author-X-Name-First: Hrvoje Author-X-Name-Last: Jošić Author-Name: Mislav Jošić Author-X-Name-First: Mislav Author-X-Name-Last: Jošić Title: Alternative measures of internal distance in estimating home bias in trade: the case of Croatia Abstract: The existence of home bias in trade is considered as one of six main puzzles in international economics. The measurement of the average intra-national distance has become the crucial issue in estimating the home bias in goods trade for countries with no internal trade data. The aim of this article is to demonstrate how different internal distance measurement affects home bias in trade. The results of the analysis indicate that sub-unit based weighted measures perform better in the assessment of Croatia’s internal distance than area based and measures based on relation to neighbour countries. In estimating the model, we use data on import values for Croatia according to standard gravity theory. Regression analysis corroborates theoretical assumptions regarding the impact of geographical distance of countries and transport costs on bilateral trade flows; imports from world are positively correlated with the GDP of imported countries and negatively correlated with the distance between them. The values of home bias variable for Croatia’s total imports were slightly higher than results obtained from previous explorations for EU countries meaning that there is still place for Croatia’s deeper integration into EU trade flows. Journal: Economic Research-Ekonomska Istraživanja Pages: 380-394 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1169702 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1169702 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:380-394 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1169703_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Milan Kostić Author-X-Name-First: Milan Author-X-Name-Last: Kostić Author-Name: Ljiljana Maksimović Author-X-Name-First: Ljiljana Author-X-Name-Last: Maksimović Author-Name: Boban Stojanović Author-X-Name-First: Boban Author-X-Name-Last: Stojanović Title: The limitations of competition in the insurance markets of Slovenia, Croatia and Serbia Abstract: The article analyses the situation in the insurance markets of Slovenia, Croatia, and Serbia in order to provide the insight into the limitation of competition. The study of the limitation of competition was conducted using the theoretically founded indicators of concentration and inequality as follows: Concentration ratio, Herfindahl-Hirschman index, Lorenz curve, Gini coefficient, and Entropy index. The indicators were calculated for all the countries between 2004 and 2011. By comparatively analysing the obtained values of the indicators of concentration and inequality, we came to the conclusion that all three markets are characterised by a similar movement of the indicator, as well as that Croatian market, despite the relatively uneven market share distribution between individual companies, is more competitive than the other two. Journal: Economic Research-Ekonomska Istraživanja Pages: 395-418 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1169703 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1169703 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:395-418 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1169705_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alina Cristina Nuţă Author-X-Name-First: Alina Cristina Author-X-Name-Last: Nuţă Author-Name: Constantin Zaman Author-X-Name-First: Constantin Author-X-Name-Last: Zaman Author-Name: Florian Marcel Nuţă Author-X-Name-First: Florian Marcel Author-X-Name-Last: Nuţă Title: Romanian pensions system at a glance: some equity comments Abstract: The main objective of this study is to analyse the equity issues of the Romanian pension system. The analysis is carried out at two levels: at the nationwide level, aimed at identifying the welfare implications of recent reforms adopted by the Romanian government on the unitary system of pensions, and at the regional level, where we try to identify differences and similarities across counties with respect to nominal and real average benefits received by pensioners. The conclusions of the analysis show that the new pension law ended up with an increase of the average benefit for high pensions, while low benefits remained practically the same as they were before the reform. At regional levels, in most of the counties the average real pension (indexed by the cost of living) is above the nominal one. Journal: Economic Research-Ekonomska Istraživanja Pages: 419-433 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1169705 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1169705 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:419-433 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1174388_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana Rašić Bakarić Author-X-Name-First: Ivana Author-X-Name-Last: Rašić Bakarić Author-Name: Marina Tkalec Author-X-Name-First: Marina Author-X-Name-Last: Tkalec Author-Name: Maruška Vizek Author-X-Name-First: Maruška Author-X-Name-Last: Vizek Title: Constructing a composite coincident indicator for a post-transition country Abstract: The aim of this article is to construct a monthly coincident indicator of real economic activity in Croatia. For that purpose, we use a database containing altogether 278 time series, ranging from January 1998 to December 2010. In step one we use correlation analysis, logit and Markov switching (MS) model in order to select time series that closely follow the overall business cycle and its turning points. The following four series have been detected as having the best coincident properties: industrial production, volume of retail sales, VAT revenues and total credit to households. In step two we apply dynamic factor model methodology to the aforementioned coincident series in order to estimate their common component, which is then used to construct a monthly coincident indicator of real economic activity. Journal: Economic Research-Ekonomska Istraživanja Pages: 434-445 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1174388 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1174388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:434-445 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1174389_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ramona Orăștean Author-X-Name-First: Ramona Author-X-Name-Last: Orăștean Author-Name: Silvia Mărginean Author-X-Name-First: Silvia Author-X-Name-Last: Mărginean Author-Name: Claudiu Opreana Author-X-Name-First: Claudiu Author-X-Name-Last: Opreana Title: IMF lending arrangements in emerging and developing countries – participation and prediction Abstract: The literature on determinants of International Monetary Fund (IMF) interventions in emerging and developing countries shows that the IMF’s decisions are determined by political and economic causes. This article empirically investigates economic factors, showing that a country’s probability to sign an IMF arrangement can be predicted by looking at a core group of macroeconomic variables. Using discriminant analysis we develop a score function that allows us to predict a country’s future participation in IMF programmes. The study covers 153 emerging and developing countries, over more than 30 years (1980–2011) and 654 agreements, for both non-concessional and concessional loans. The proposed tools are simple, consistent and relevant and they can be used both to monitor an IMF country and its economic development in real time and to forecast future demand for IMF aid. Journal: Economic Research-Ekonomska Istraživanja Pages: 446-458 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1174389 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1174389 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:446-458 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1174390_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ana Knezevic Author-X-Name-First: Ana Author-X-Name-Last: Knezevic Author-Name: Dusan Dobromirov Author-X-Name-First: Dusan Author-X-Name-Last: Dobromirov Title: The determinants of Serbian banking industry profitability Abstract: This article investigates the impact of bank-specific, market-specific and macroeconomic factors on the profitability of the banking sector in Serbia in the period 2004–2011. We use three panel datasets: for all banks in a sample and for domestic and foreign banks. The Hausman test was performed in order to test whether a fixed or a random effects model should be used in the regression analysis. The results are compared to the findings of previous research which was focused on EU countries. Moreover, the crisis effect on the profitability of banks in Serbia has been considered. The results show that bank-specific and market-specific factors have influence on bank profitability, but macroeconomic factors do not. We find that influence of liquidity ratio and a measure of financial development on profitability of banks are in contrast in Serbia compared to EU countries. The results also show that different factors influence profitability of domestic and foreign banks and that crisis has an opposite effect on profitability of domestic and foreign banks. Journal: Economic Research-Ekonomska Istraživanja Pages: 459-474 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1174390 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1174390 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:459-474 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1174391_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Milica Obadović Author-X-Name-First: Milica Author-X-Name-Last: Obadović Author-Name: Evica Petrović Author-X-Name-First: Evica Author-X-Name-Last: Petrović Author-Name: Nenad Vunjak Author-X-Name-First: Nenad Author-X-Name-Last: Vunjak Author-Name: Mirjana Ilić Author-X-Name-First: Mirjana Author-X-Name-Last: Ilić Title: Assessing the accuracy of delta-normal VaR evaluation for Serbian government bond portfolio Abstract: Interest rate risk is immanent to all sorts of bonds with a fixed interest rate and has a major impact on the value of the bond. The aim of this article is to evaluate this risk over a period of five years (2008–2012), applying the delta-normal Value-at-Risk (VaR) method to a portfolio consisting of bonds that were continuously traded at the Belgrade Stock Exchange and to assess the accuracy of the method for different confidence levels in that period. The results demonstrated that the method underestimated the risk for the confidence levels of 99.5% and 99% and overestimated the risk for the confidence level of 90%. Journal: Economic Research-Ekonomska Istraživanja Pages: 475-484 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1174391 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1174391 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:475-484 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1175725_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alin Marius Andrieș Author-X-Name-First: Alin Marius Author-X-Name-Last: Andrieș Author-Name: Silviu Gabriel Ursu Author-X-Name-First: Silviu Gabriel Author-X-Name-Last: Ursu Title: Financial crisis and bank efficiency: An empirical study of European banks Abstract: This article uses the frontier technique to highlight the differences in the impact of the global financial crisis on the efficiency of 783 commercial banks from the EU during the period 2004–2010. We emphasise the distinctions between large and small banks, publicly traded and privately held banks, as well as the statuses of banks’ country of origin, especially for the year in which they joined the EU and held eurozone membership. Our results show that the crisis has a significant and positive impact on both the cost and profit inefficiencies of the commercial banks from the EU, and that this impact is higher on eurozone banks. In terms of cost efficiency, the most affected by the crisis are the large publicly traded banks, operating in old members of the EU. With regard to the profit inefficiency, the global financial crisis seems to have had a lower impact on the large public banks. Journal: Economic Research-Ekonomska Istraživanja Pages: 485-497 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1175725 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1175725 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:485-497 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1175726_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sandra Pepur Author-X-Name-First: Sandra Author-X-Name-Last: Pepur Author-Name: Marijana Ćurak Author-X-Name-First: Marijana Author-X-Name-Last: Ćurak Author-Name: Klime Poposki Author-X-Name-First: Klime Author-X-Name-Last: Poposki Title: Corporate capital structure: the case of large Croatian companies Abstract: A growing body of research literature deals with the debt policy decisions of companies. Although the subject of corporate capital structure has been intriguing scientists for a number of years, very little research has been conducted on the sample of companies in an emerging market environment such as Croatia. The objective of this article is to identify the main determinants of capital structure in case of large companies in Croatia during the period from 2001–2010. The chosen set of explanatory variables is driven by firm-specific (internal) characteristics and is additionally extended by macroeconomic (external) features. The results obtained by dynamic panel data methodology reveal that neither of the two competing theories exclusively and completely explain the financing behaviour of the analysed companies, and that inflation and development of the banking sector are important factors that affect the corporate leverage level. Journal: Economic Research-Ekonomska Istraživanja Pages: 498-514 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1175726 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1175726 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:498-514 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1175727_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana Tomas Žiković Author-X-Name-First: Ivana Author-X-Name-Last: Tomas Žiković Title: Modelling the impact of macroeconomic variables on aggregate corporate insolvency: case of Croatia Abstract: The majority of research papers dealing with corporate failure and insolvency in transition countries use a combination of financial ratios in investigating corporate failures, i.e., the microeconomic approach. By relying solely on the microeconomic approach, it is not possible to completely capture the complexity of business operations. In recent years, there has been a growing interest in exploring the predictive power of macroeconomic variables in forecasting insolvencies. As the macroeconomic approach has been applied mainly in the analysis of developed economies, this article investigates the influence of macroeconomic variables on aggregate corporate insolvency in Croatia, using the vector error-correction model (VECM) for the period 2000–2011. The results have shown a long-run dynamic connection between the corporate insolvency rate and the rate of unemployment while corporate credits, long-term interest rates and industrial production have a short-term effect on the corporate insolvency rate. Journal: Economic Research-Ekonomska Istraživanja Pages: 515-528 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1175727 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1175727 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:515-528 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1175728_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sepehr Ghazinoory Author-X-Name-First: Sepehr Author-X-Name-Last: Ghazinoory Author-Name: Amir Khorasani Author-X-Name-First: Amir Author-X-Name-Last: Khorasani Author-Name: Ali Asghar Anvari Rostamy Author-X-Name-First: Ali Asghar Anvari Author-X-Name-Last: Rostamy Author-Name: Ghazaleh Taheriattar Author-X-Name-First: Ghazaleh Author-X-Name-Last: Taheriattar Author-Name: Mona Rashidirad Author-X-Name-First: Mona Author-X-Name-Last: Rashidirad Title: Performance appraisals of ICT companies in the Tehran stock market: contradiction with the global trend Abstract: The impact of information & communication technology (ICT) in increasing financial transactions in different fields, shows the positive developments of this industry in Iran. But could the ICT industry also be effective in the economic capital of the country? This could occur when the ICT industry has a good performance in the capital markets. In this research, the ICT industry in the Tehran Stock Exchange was used to assess its performance in the economy's capital. The data and documents related to the profitability of corporates in ICT industry for six years over the range studied. A total of eight corporate companies with the nature of ICT, and 68 other corporate companies from a total of 17 industries were selected. To discover the informational efficiency, runs test, for analysing trend, linear regression and for comparative assessment, a TOPSIS model has been used. The results showed that the ICT industry in the Tehran Stock Exchange does not have even a weak level of efficiency of information. In addition, it has had a declining trend and finally, in comparison to other industries, it has delivered a poor performance; the results are completely inconsistent with results from other countries and show that Iran's ICT status needs fundamental reflection. Journal: Economic Research-Ekonomska Istraživanja Pages: 529-544 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1175728 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1175728 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:529-544 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1175729_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vladimir Kašćelan Author-X-Name-First: Vladimir Author-X-Name-Last: Kašćelan Author-Name: Ljiljana Kašćelan Author-X-Name-First: Ljiljana Author-X-Name-Last: Kašćelan Author-Name: Milijana Novović Burić Author-X-Name-First: Milijana Author-X-Name-Last: Novović Burić Title: A nonparametric data mining approach for risk prediction in car insurance: a case study from the Montenegrin market Abstract: For prediction of risk in car insurance we used the nonparametric data mining techniques such as clustering, support vector regression (SVR) and kernel logistic regression (KLR). The goal of these techniques is to classify risk and predict claim size based on data, thus helping the insurer to assess the risk and calculate actual premiums. We proved that used data mining techniques can predict claim sizes and their occurrence, based on the case study data, with better accuracy than the standard methods. This represents the basis for calculation of net risk premium. Also, the article discusses advantages of data mining methods compared to standard methods for risk assessment in car insurance, as well as the specificities of the obtained results due to small insurance market, such as Montenegrin. Journal: Economic Research-Ekonomska Istraživanja Pages: 545-558 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1175729 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1175729 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:545-558 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1177465_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Edmundas Jasinskas Author-X-Name-First: Edmundas Author-X-Name-Last: Jasinskas Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Author-Name: Biruta Svagzdiene Author-X-Name-First: Biruta Author-X-Name-Last: Svagzdiene Author-Name: Arturas Simanavicius Author-X-Name-First: Arturas Author-X-Name-Last: Simanavicius Title: Impact of hotel service quality on the loyalty of customers Abstract: The hotel business is rapidly developing due to growing demand for such services as well as the growing opportunities for travel. As a result, hotels face demanding customers, since the requirements for quality grow with an increased use of hotels’ services, in order to increase the competitive ability of a hotel, the issue of customer loyalty is also important. The aim of this article is to assess the impact of the quality of hotel services on the loyalty of customers. In the article the original created methodology SERQUALOYL is presented, where two methodologies were adapted: SERQUAL methodology used in the research of service quality, and the methodology for the determination of customer’s loyalty level stage, applied in loyalty research. The results of research have revealed that the conformity of expected quality with the quality experienced has a significant influence on the customer’s loyalty. The hotels, in order to increase the competitive ability and to obtain a higher number of loyal customers, should firstly make the expectations of customers coincide with the offered service quality. Journal: Economic Research-Ekonomska Istraživanja Pages: 559-572 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1177465 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1177465 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:559-572 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1174387_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Leonid G. Melnyk Author-X-Name-First: Leonid G. Author-X-Name-Last: Melnyk Author-Name: Oleksandr V. Kubatko Author-X-Name-First: Oleksandr V. Author-X-Name-Last: Kubatko Author-Name: Oleksandra V. Kubatko Author-X-Name-First: Oleksandra V. Author-X-Name-Last: Kubatko Title: Were Ukrainian regions too different to start interregional confrontation: economic, social and ecological convergence aspects? Abstract: This article deals with analysis of economic, social and ecological disparities of Ukrainian regions. Regional economic disparities are measured through the convergence concept and the article employs panel data analysis with fixed and random effects estimations. Our empirical results show the presence of economic convergence in Ukrainian regions. Initially it was found that poor regions do grow relatively faster than the rich. Moreover, the difference between poor and rich regions has been decreased 1.8 times during 1999 and 2010. In addition, it was found that the presence of ecological convergence in the Ukraine and initially ‘clean’ regions do increase pollution faster than initially ‘dirty’ regions. That is, Ukrainian regions were converging to some environmental steady state through the process of increasing pollution. Ukrainian regions were also experiencing health convergence with negative policy implications, since all regions do converge to some health levels through an increase in morbidity. The economic growth of Ukrainian regions was achieved through sacrificing environmental situations and increased morbidity. Therefore, there were no clear economic reasons to start interregional confrontation that has taken place in the Ukraine, since all regions were on the same track of development. Journal: Economic Research-Ekonomska Istraživanja Pages: 573-582 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1174387 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1174387 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:573-582 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1177464_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Katarina Poldrugovac Author-X-Name-First: Katarina Author-X-Name-Last: Poldrugovac Author-Name: Metka Tekavcic Author-X-Name-First: Metka Author-X-Name-Last: Tekavcic Author-Name: Sandra Jankovic Author-X-Name-First: Sandra Author-X-Name-Last: Jankovic Title: Efficiency in the hotel industry: an empirical examination of the most influential factors Abstract: The purpose of this article is to provide insights into hotel efficiency and investigate which hotels are performing better. Hotel efficiency is examined using data envelopment analysis (DEA) and the output-oriented BCC model is applied on the hotels’ internal accounting information. The study further explores whether there are differences in efficiency between hotels of different size and quality. The results show that average efficiency is high, but not all hotels are performing at their maximum efficiency. A significant relationship between size and hotel efficiency has been found. This study provides a potential framework for efficiency measurement and contributes to the growing body of knowledge in the area of hotel efficiency in the context of a country that is predominantly concentrated on seasonal seaside tourism. The results of this research offer useful insights for hotel managers, suggest ways of enhancing hotel productivity and provide guidance on which aspects to focus their attention in the decision-making process. Journal: Economic Research-Ekonomska Istraživanja Pages: 583-597 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1177464 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1177464 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:583-597 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1189841_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abubakar Mohammed Abubakar Author-X-Name-First: Abubakar Author-X-Name-Last: Mohammed Abubakar Title: Does eWOM influence destination trust and travel intention: a medical tourism perspective Abstract: Virtual community membership has a strong influence on a tourist’s behaviours and the way information is transmitted. Drawing on trust transfer theory as a theoretical framework, this study tests an empirical model that investigates the influence of electronic word-of-mouth (eWOM) on destination trust and travel intention. The study also diagnoses gender differences in the proposed model. Data were obtained from a sample of 216 tourists in Cyprus. The findings from regression analyses suggest that eWOM is positively related to travel intention; eWOM is positively related to destination trust; and destination trust is positively related to travel intention. Additionally, the impact of eWOM on destination trust was significant for both genders but stronger for men, while the impact of destination trust on travel intention was stronger for women. The paper extends the existing literature regarding new response variables associated with eWOM. Journal: Economic Research-Ekonomska Istraživanja Pages: 598-611 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1189841 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1189841 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:598-611 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1189842_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alenka Kavkler Author-X-Name-First: Alenka Author-X-Name-Last: Kavkler Author-Name: Darja Boršič Author-X-Name-First: Darja Author-X-Name-Last: Boršič Author-Name: Jani Bekő Author-X-Name-First: Jani Author-X-Name-Last: Bekő Title: Is the PPP valid for the EA-11 countries? New evidence from nonlinear unit root tests Abstract: In the empirical literature there is a prevalent view that real exchange rates tend to converge towards levels predicted by the Purchasing Power Parity (PPP) only in the long-run and that short-run deviations from the PPP relationship are frequently sizable. The progressing of European monetary integration and the forming of monetary union spurred the interest of researchers to assess the relevance of the PPP theory in the case of the single European currency. Our paper therefore examines this exchange rate theory by testing a dataset of monthly real exchange rates for a sample of 11 eurozone members with respect to different benchmark currencies. Because of the documented drawbacks of linear specifications in examining this exchange rate theory, we utilise a nonlinear unit root test based on the ESTAR model proposed by Kapetanios, Shin, and Snell (2003). The results of unit root tests for the US dollar-based real exchange rate series as well as for Japanese yen-based series suggest that the PPP proposition does not hold in the case of eurozone countries. The absence of real exchange rates’ nonlinear reversion reported in this study thus confirms the thesis of Wu and Lin (2011) regarding the PPP relationship since the inception of the euro. Journal: Economic Research-Ekonomska Istraživanja Pages: 612-622 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1189842 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1189842 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:612-622 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1193945_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Cristina Silvia Nistor Author-X-Name-First: Cristina Silvia Author-X-Name-Last: Nistor Author-Name: Adela Deaconu Author-X-Name-First: Adela Author-X-Name-Last: Deaconu Title: Public accounting history in post-communist Romania Abstract: Having a longitudinal approach of the Romanian public accounting system’s evolution, this historical study proposes the development of a framework in order to assess in a descriptive manner the change of public accounting and its implications for Romania, a European emerging country. The evolution from cash accounting to accrual accounting took place during three time periods within the timeframe 1991–2015. For each of these time periods we investigated influential factors such as period, place, people, practices, propagation, products, and profession. The study shows that under the influence of the international managerial public reform and the internal factors analysed, the public accounting system shifts from the old values of the post-communist period to new reference bases such as International Public Sector Accounting Standards (IPSAS). The results of the study place Romania, an East European country, on the map of international public sector accounting systems as a relatively new arrival but with serious intentions of integration. Journal: Economic Research-Ekonomska Istraživanja Pages: 623-642 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1193945 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1193945 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:623-642 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1193946_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tomas Baležentis Author-X-Name-First: Tomas Author-X-Name-Last: Baležentis Author-Name: Alvydas Baležentis Author-X-Name-First: Alvydas Author-X-Name-Last: Baležentis Title: Dynamics of the total factor productivity in Lithuanian family farms with a statistical inference: the bootstrapped Malmquist indices and Multiple Correspondence Analysis Abstract: The paper combines the bootstrapped Malmquist productivity index and the Multiple Correspondence Analysis to measure the changes in the total factor productivity. The bootstrapped Malmquist productivity index enables us to identify insignificant change in the total factor productivity, whereas the Multiple Correspondence Analysis relates the estimates to the environmental variables. A sample of Lithuanian family farms is utilised to test the proposed framework. Specifically, the research covers 200 family farms and the period of 2004–2009. The analysis showed that the total factor productivity decreased by some 15–18% during 2004–2009 depending on the farming type. Multiple Correspondence Analysis suggested that all of the farming types exhibited change in the total factor productivity close to the average, although the crop farming was located in the more stochastic area. Journal: Economic Research-Ekonomska Istraživanja Pages: 643-664 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1193946 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1193946 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:643-664 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1193949_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivan-Damir Anić Author-X-Name-First: Ivan-Damir Author-X-Name-Last: Anić Author-Name: Anita Ciunova-Shuleska Author-X-Name-First: Anita Author-X-Name-Last: Ciunova-Shuleska Author-Name: Sunčana Piri Rajh Author-X-Name-First: Sunčana Piri Author-X-Name-Last: Rajh Author-Name: Edo Rajh Author-X-Name-First: Edo Author-X-Name-Last: Rajh Author-Name: Arnela Bevanda Author-X-Name-First: Arnela Author-X-Name-Last: Bevanda Title: Differences in consumer decision-making styles among selected south-east European countries Abstract: Fast changes in retailing and complex consumer decision-making processes have increased the need for additional investigation of differences and similarities in consumer decision-making styles (CDMS) in various countries. This paper tests the reliability and validity of Sproles and Kendall’s Consumer Style Inventory (CSI) instrument, identifies and compares CDMS in Croatia, Bosnia and Herzegovina and Macedonia (FYR). Data obtained from surveys conducted among university students in observed countries (n = 1.206) were analysed by using exploratory and confirmatory factor analyses and the analysis of variance (ANOVA). The results provided support for six factors, which means that the original US eight-model cannot be fully applied in this region. Croatian consumers are the least brand-conscious and novelty-fashion conscious. Macedonian consumers are the most quality-conscious, brand-conscious, novelty-fashion conscious, recreational shopping conscious and brand-loyal, while Bosnian consumers are the most confused by overchoice. The traits of price consciousness and impulsiveness were not tested because of lack of reliability among items. The paper provides guidelines for marketers on how to position and more effectively advertise their products and services in analysed countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 665-681 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1193949 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1193949 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:665-681 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1193948_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dželila Kramer Author-X-Name-First: Dželila Author-X-Name-Last: Kramer Author-Name: Mitja Čok Author-X-Name-First: Mitja Author-X-Name-Last: Čok Author-Name: Andreja Cirman Author-X-Name-First: Andreja Author-X-Name-Last: Cirman Author-Name: Miroslav Verbič Author-X-Name-First: Miroslav Author-X-Name-Last: Verbič Title: Switching personal income tax and social security contributions between Slovenia and the Federation of Bosnia and Herzegovina Abstract: This article examines policy switching between Slovenia and the Federation of Bosnia and Herzegovina (FBH). The idea behind it is that national microsimulation models can be used to apply Slovenian parameters to the FBH data, as established by the Personal Income Tax (PIT) Act and Social Security Contributions (SSC) Act. Accordingly, we introduce FBH parameters to Slovenian data. Along these lines, we investigate the effects on public finance systems with respect to revenues from PIT and SSC, average after-tax income, tax progressivity, income inequality, and the redistributive effect in each of these two countries, using the other country’s PIT and SSC solutions. This is the first fiscal comparison of Slovenia and the FBH, as well as the first policy switching analysis of the two countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 682-695 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1193948 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1193948 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:682-695 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1193950_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Feyyaz Zeren Author-X-Name-First: Feyyaz Author-X-Name-Last: Zeren Author-Name: Mustafa Koç Author-X-Name-First: Mustafa Author-X-Name-Last: Koç Title: Time varying causality between stock market and exchange rate: evidence from Turkey, Japan and England Abstract: In this study, the relationship between exchange rates and stock market indices in Turkey, Japan and England was analysed by using the time varying causality test. First, by the Kapetanios unit root test that allows determining structural breaks endogenously and more than two breaks, stationary levels and break numbers of series were identified. Second, based on the belief that the result of especially long-term causality can have different consequences in different periods due to economic and political crises, a time-varying causality test with bootstrap developed by R. Scott Hacker and Abdulnasser Hatemi-J was used. As a result of the study using monthly data spanning the period of January 1990 to April 2013, there existed two-way causality for the three countries in periods when local and global crises were occurring. Journal: Economic Research-Ekonomska Istraživanja Pages: 696-705 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1193950 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1193950 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:696-705 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1195276_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Oktay Emir Author-X-Name-First: Oktay Author-X-Name-Last: Emir Title: A study of the relationship between service atmosphere and customer loyalty with specific reference to structural equation modelling Abstract: The main purpose of this paper is to investigate the relationship between service atmosphere and customer loyalty. To this end, 650 questionnaire forms were administered to German tourists in Antalya; of these, 485 were deemed valid and used in the analysis. The results of the study suggest that there is a statistically significant relationship between the internal and external components of a hotel atmosphere and employee factors. The highest level of relationship was found for the items, ‘nice music was played in the Hotel, landscape arrangements of hotel are pleasant’ and ‘waiting time during registration procedures is short’. Journal: Economic Research-Ekonomska Istraživanja Pages: 706-720 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1195276 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1195276 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:706-720 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1197548_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Osman M. Karatepe Author-X-Name-First: Osman M. Author-X-Name-Last: Karatepe Author-Name: M. Mithat Uner Author-X-Name-First: M. Author-X-Name-Last: Mithat Uner Author-Name: Akin Kocak Author-X-Name-First: Akin Author-X-Name-Last: Kocak Title: Investigating the impact of customer orientation on innovativeness: evidence from born-global firms in Turkey Abstract: Our study develops and tests a research model that investigates the impact of born-globals’ customer orientation on innovativeness through the mediating roles of technological capability, relationship quality, and relationship information process. Data obtained from 197 small and medium-sized born-global firms in Turkey were used to gauge these relationships through structural equation modelling. The results suggest that born-globals’ customer orientation influences innovativeness indirectly through the mediating role of technological capability. Simply put, technological capability acts as a full mediator between customer orientation and innovativeness. Contrary to our predictions, relationship quality and relationship information process do not significantly influence innovativeness. Therefore, the empirical data do not support the mediating roles of relationship quality and relationship information process. In short, our study contributes to current knowledge by examining the factors that influence the innovativeness of born-globals using data obtained from born-globals in Turkey, which is a newly industrialised country. Journal: Economic Research-Ekonomska Istraživanja Pages: 721-734 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1197548 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1197548 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:721-734 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1197549_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aviral Kumar Tiwari Author-X-Name-First: Aviral Kumar Author-X-Name-Last: Tiwari Author-Name: Mihai Mutascu Author-X-Name-First: Mihai Author-X-Name-Last: Mutascu Title: The revenues-spending nexus in Romania: a TAR and MTAR approach Abstract: This study is an attempt to test the relationship between revenues and government spending, in the case of Romania, over the 1999Q1–2012Q1 period. For this purpose, we have chosen the Threshold Autoregressive (TAR) and Momentum-TAR (MTAR) approaches. The main results obtained through the TAR and MTAR models offer support for the spend-tax hypothesis, with long-run asymmetric adjustment for Romania. Considering this case, whenever dealing with budgetary disequilibrium, it is recommended the Romanian government prioritises the spending component of fiscal policy, with adjustments in the level and structure of public expenditures. Journal: Economic Research-Ekonomska Istraživanja Pages: 735-745 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1197549 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1197549 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:735-745 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1197550_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Naeem Akram Author-X-Name-First: Naeem Author-X-Name-Last: Akram Title: Public debt and pro-poor economic growth evidence from South Asian countries Abstract: Over the years, most developing countries have failed to collect enough revenues to finance their budgets. As a result, they face the problem of twin deficits and are relying on public external and domestic debt to finance their developmental activities. NGOs and anti-globalisation movements have propagated the view that instead of reducing poverty public debt has increased the miseries of the poor. The current study examines the consequences of public debt for economic growth and poverty regarding selected South Asian countries, i.e., Bangladesh, India, Pakistan and Sri Lanka, for the period 1975–2010. It develops an empirical model that incorporates the role of public debt into growth equations and the model is extended to incorporate the effects of debt on poverty. The model is estimated by using standard panel data estimation methodologies. The results shows that although public debt has a negative impact on economic growth, neither public external debt nor external debt servicing has a significant relationship with income inequality, suggesting that public external debt is as good/bad for poor as it is for rich. However, domestic debt has a positive relationship with economic growth and a negative relationship with the GINI coefficient, indicating that domestic debt is pro-poor. Journal: Economic Research-Ekonomska Istraživanja Pages: 746-757 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1197550 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1197550 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:746-757 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1197551_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bojana Olgić Draženović Author-X-Name-First: Bojana Author-X-Name-Last: Olgić Draženović Author-Name: Tino Kusanović Author-X-Name-First: Tino Author-X-Name-Last: Kusanović Title: Determinants of capital market in the new member EU countries Abstract: The capital market is an important source of financing for viable investment projects and further economic development. Development of long-term financial markets is particularly important for transition EU countries, taking into account that stock markets in these countries did not start to operate until the mid-1990s. Despite legislation infrastructure quality, functional training and significant progress in market effectiveness, the capital market in many transition economies may be regarded as shallow, illiquid and nontransparent. At the same time, one can observe the strong development of ‘institutional saving’, i.e., financial development related to financial institutions like pension funds, investment funds, and insurance companies. The phenomenon of growth of institutional investors is especially important for capital markets in CEE transition countries, including the Republic of Croatia. The goal of this paper is to test the impulse of non-bank financial intermediaries’ development, and also the influence of implementing the above-mentioned structure reform on capital markets development in the selected transition countries. By applying a panel data approach on a sample of six CEE countries over the period between 1995 and 2010, we provide further evidence on the specific determinants of emerging European capital markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 758-769 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1197551 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1197551 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:758-769 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1197552_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ibrahim Akman Author-X-Name-First: Ibrahim Author-X-Name-Last: Akman Author-Name: Mohammad Rehan Author-X-Name-First: Mohammad Author-X-Name-Last: Rehan Title: Examination of factors influencing employees’ adoption of mobile commerce and services in Turkey Abstract: This study first reviews and discusses mobile technology issues from a global perspective, and then investigates the impact of demographic (gender, age, income), personal (ICT experience, work experience), and organisational (sector) factors related to employees on adopting mobile commerce (m-commerce) and mobile services (m-services). A survey is conducted among employees from government- and private-sector organisations for this purpose, assuming that this group plays an important role in helping to adopt new technologies in societies. Based on this survey, the results indicate that gender, experience, and sector have an impact on attitude towards using m-technologies and that such attitude has a significant effect on the actual use of m-technologies. Journal: Economic Research-Ekonomska Istraživanja Pages: 770-781 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1197552 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1197552 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:770-781 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1197553_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Radu Ciobanu Author-X-Name-First: Radu Author-X-Name-Last: Ciobanu Title: Does the geographic location influence takeovers? Abstract: The aim of this study is to examine whether there is an impact of geographical proximity, between the acquirer and the target company of a takeover process, on the success of the transaction. In order to do this we analysed a complete database of all the takeover bids between 2000 and 2014 on the Romanian capital market. The evidence reveals that not only is the geographical proximity important for the success of the transaction, but that also takeovers can occur across distant locations if the target firm has a long history of its activity that can be monitored by the acquiring companies. We have also tested if there are NUTS regions characteristics that can influence the decision-making, but the results were inconclusive. Journal: Economic Research-Ekonomska Istraživanja Pages: 782-798 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1197553 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1197553 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:782-798 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1197554_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Faisal Khan Author-X-Name-First: Faisal Author-X-Name-Last: Khan Author-Name: Saif-Ur Rehman Author-X-Name-First: Saif-Ur Author-X-Name-Last: Rehman Author-Name: Hashim Khan Author-X-Name-First: Hashim Author-X-Name-Last: Khan Author-Name: Tie Xu Author-X-Name-First: Tie Author-X-Name-Last: Xu Title: Pricing of risk and volatility dynamics on an emerging stock market: evidence from both aggregate and disaggregate data Abstract: This study analyses risk-return trade-off and behaviour of various volatility dynamics including: volatility, its persistence, mean reversion and speed of mean reversion along with asymmetry and leverage effect on the Pakistani stock market by employing aggregate (aggregate market level) and disaggregate (sectoral level) monthly data for the period from 1998 to 2012. Three generalised autoregressive conditional heteroscedasticity models were applied: GARCH (1,1) for various volatility dynamics; EGARCH for asymmetric and leverage effect and GARCH-M for pricing of risk. The outcomes of the study are as follows: first, the volatility shocks are quite persistent but with varying degrees across the sectors. Both the ARCH effect (short-term effect) and GARCH effect (long-term effect) play their role in generating conditional future stock returns volatility. Further, overall the volatility process is mean reverting; however, the speed of mean reversion varies across the sectors. Secondly, the current study finds little evidence of asymmetry and leverage effect at both aggregate and disaggregates data. Thirdly, the pricing of risk (positive risk premium) is also evident, particularly at the disaggregate data in the Pakistani stock market. Finally, this research study sets the implications for both the policy makers and investors. Journal: Economic Research-Ekonomska Istraživanja Pages: 799-815 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1197554 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1197554 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:799-815 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1235983_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ondrej Zizlavsky Author-X-Name-First: Ondrej Author-X-Name-Last: Zizlavsky Title: Innovation performance measurement: research into Czech business practice Abstract: This article deals with innovation performance and its measurement. The objective is to present the measuring of innovation performance as it is implemented in today’s Czech business environment. It begins with a comprehensive theory and the definition of essential terms. The theoretical part is followed by the analysis of the current state of the issue from the perspective of enterprises in the Czech Republic. The analysis consists of four own primary questionnaire surveys. The research outputs reveal weaknesses in current approaches to innovation effectiveness measurement. Our enterprises use all possible means to increase productivity and achieve operational excellence. However, they tend to neglect the important area of research and development. It has been proven, with help of questionnaire surveys, that many enterprises still do not measure innovation performance despite the importance of innovation as an engine of growth. Only a few organisations appear to have an effective system for measuring their overall innovation performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 816-838 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1235983 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1235983 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:816-838 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1237301_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Beata Szetela Author-X-Name-First: Beata Author-X-Name-Last: Szetela Author-Name: Grzegorz Mentel Author-X-Name-First: Grzegorz Author-X-Name-Last: Mentel Author-Name: Jacek Brożyna Author-X-Name-First: Jacek Author-X-Name-Last: Brożyna Title: In search of insolvency among European countries Abstract: The global financial crisis has proven to be one of the worst and most-demanding events ever. According to common understanding, it is highly unlikely for a country to go bankrupt. However, we have seen a number of countries on the verge of bankruptcy, as well as many which have officially gone bankrupt. It is probable that many more will do so in the future. This knowledge has led us to the question: how probable is it that a sovereign might suffer serious solvency problems? The purpose of this study was to apply a multivariate discriminant analysis (MDA) as an effective tool for a recognition and differentiation among defaulted and non-defaulted nations. The performed analysis was based on data up to 2012 for 26 emerging and 20 developed European countries. The results indicated a high predictive power for ‘non-liquid’ macroeconomic variables like import, export, investment, population and GDP ratios, underlining MDA as the most suitable model for insolvency prediction, compared to other popular methods like probit and logit model. But unlike in other studies the debt/lending/revenue ratios were characterised by weak predictive power. Journal: Economic Research-Ekonomska Istraživanja Pages: 839-856 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1237301 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1237301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:839-856 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1237302_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Kannan Govindan Author-X-Name-First: Kannan Author-X-Name-Last: Govindan Author-Name: Jurgita Antucheviciene Author-X-Name-First: Jurgita Author-X-Name-Last: Antucheviciene Author-Name: Zenonas Turskis Author-X-Name-First: Zenonas Author-X-Name-Last: Turskis Title: Hybrid multiple criteria decision-making methods: a review of applications for sustainability issues Abstract: Formal decision-making methods can be used to help improve the overall sustainability of industries and organisations. Recently, there has been a great proliferation of works aggregating sustainability criteria by using diverse multiple criteria decision-making (MCDM) techniques. A number of review papers summarising these techniques have been published. During the past few years, new approaches for hybrid MCDM (HMCDM) methods have been developed, but they have not yet been completely reviewed. This article aims to fill this gap and to summarise publications related to the application of HMCDM. The current study is limited solely to papers available in the Thomson Reuters Web of Science Core Collection database. The main findings report that HMCDM methods have been increasingly applied for supporting decisions in different domains of sustainability. The most frequently used methods emphasise the advantages of hybrid approaches over individual methods, and we conclude that they can assist decision-makers in handling information such as stakeholders’ preferences, interconnected or contradictory criteria, and uncertain environments. The main contribution of this work is identifying hybrid approaches as improvements for decision-making related to sustainability issues, while also promoting future application of the approaches. Journal: Economic Research-Ekonomska Istraživanja Pages: 857-887 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1237302 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1237302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:857-887 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1193947_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vladimir Matveenko Author-X-Name-First: Vladimir Author-X-Name-Last: Matveenko Title: Labour institutions and vulnerability of developing economies under capital inflows Abstract: The paper argues that labour institutions, such as efficiency wages or their analogues more typical for the former planned economies, can aggravate a vulnerability of developing economies caused by windfalls, such as additional oil income or foreign aid. The economy is modelled by use of the, so-called, fK endogenous growth model based on microfoundations describing the labour institutions. Despite a rather small formal difference, the model differs much in its properties from traditional growth models. The fK model generalises the well-known AK model but is free of the known shortcomings of the latter. Our analytical results as well as computer simulations show that, despite the presence of temporary acceleration opportunities, the unstable windfalls prohibit long-run sustainable growth. The windfall can be followed by a restructuring leading to a long-run economic decline after ceasing the capital inflow. The effect of the capital inflow depends on the relation between the expected inflow growth rate and the economic growth rate of the benchmark model (without inflow), as well as on the time preferences in the economy. If the capital inflow is expected to grow faster than the proper growth rate of the economy, this can lead to a decline in wages. Journal: Economic Research-Ekonomska Istraživanja Pages: 888-903 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1193947 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1193947 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:888-903 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1204101_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zorica Krželj Čolović Author-X-Name-First: Zorica Author-X-Name-Last: Krželj Čolović Author-Name: Ivona Milić Beran Author-X-Name-First: Ivona Author-X-Name-Last: Milić Beran Author-Name: Ivona Vrdoljak Raguž Author-X-Name-First: Ivona Author-X-Name-Last: Vrdoljak Raguž Title: The impact of clustering on the business performance of Croatian SMHEs Abstract: The purpose of this paper is to study how clustering affects the results of operations of small and medium hospitality enterprises (SMHEs) in Croatia and to support SMHEs tend to cluster, forming critical masses in one place, to take advantage of synergies such as increased productivity, a higher pace of innovation and in essence the possibility of becoming more competitive. What are clusters and in what way do they increase business performance and the competitiveness are frequently asked questions. The paper presents the results of the impact of clustering in SMHEs in the Republic of Croatia on business performance. The special focus is given to financial and non-financial indicators that are significant for measuring business performance in SMHEs. The methodology of research includes a literature search of clustering in hospitality enterprises research, collection of data directly from managers of SMHEs and from the Croatian Bureau of Statistics, analysis of the financial and non-financial data of 72 SMHEs in the Republic of Croatia. The research takes a longitudinal approach, examining SMHEs that are in clusters in Croatia over a two-year period as well as a control group of non-clustered SMHEs for comparison. The emphasis is on seeking to establish the impact of clustering on business performance. In this paper, the impact of clustering of 72 SMHEs involved in the study is discussed. The research has shown that the advantages of clustering in SMHEs have not been utilised in Croatia. The originality of this research is based on the fact that it refers to an area that has not been explored enough in the Republic of Croatia. Journal: Economic Research-Ekonomska Istraživanja Pages: 904-913 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1204101 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1204101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:904-913 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1206683_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Iris Mihajlović Author-X-Name-First: Iris Author-X-Name-Last: Mihajlović Author-Name: Niko Koncul Author-X-Name-First: Niko Author-X-Name-Last: Koncul Title: Changes in consumer behaviour – the challenges for providers of tourist services in the destination Abstract: The article studies the manner in which contents of services of tourist products at the destination are specialised, according to the needs and requirements of tourists. The first part highlights a theoretical review on the history of the tourism industry with emphasis on motives as a key factor, which is important in tourist decision-making when choosing the destination. In order to study the level of the specialisation of tourist offers in Dubrovnik particularly, in accordance with needs of tourists, the research was focused on: (1) tourist behaviour in terms of selection of key factors that meet tourist needs, important when making decisions about travelling to a destination; and (2) attitudes of the tourist consumers in accordance with the level of specialised contents of services used. Using the method of inferential statistics, the empirical research was conducted on a sample size of 327 tourists. Demographic characteristics and characteristics of the tourists’ stay in Dubrovnik were taken into account, considering the assessment level of the specialisation and defining the main factors that influence the selection of a destination. Our findings speak in favour of the majority of services in Dubrovnik having specialised features and content, in accordance with the needs of tourists. Journal: Economic Research-Ekonomska Istraživanja Pages: 914-937 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1206683 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1206683 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:914-937 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1164922_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Majid Mahmoodi Author-X-Name-First: Majid Author-X-Name-Last: Mahmoodi Author-Name: Elahe Mahmoodi Author-X-Name-First: Elahe Author-X-Name-Last: Mahmoodi Title: Foreign direct investment, exports and economic growth: evidence from two panels of developing countries Abstract: The purpose of this article is to examine the causal relationship between foreign direct investment (FDI), exports and economic growth in two panels of developing countries (eight European developing countries and eight Asian developing countries). Panel-VECM causality is employed for investigating a tri-variate model of FDI, exports and GDP. Causality results in the European developing panel indicate bidirectional causality between GDP and FDI, and unidirectional causality from GDP and FDI to exports in the short-run. The empirical results of the Asian developing panel indicate bidirectional causality between exports and economic growth in the short-run. Moreover, there is evidence of long-run causality from export and FDI to economic growth, and long-run causality from economic growth and export to FDI for both of the aforementioned panels. Journal: Economic Research-Ekonomska Istraživanja Pages: 938-949 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1164922 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1164922 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:938-949 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1198981_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jolita Vveinhardt Author-X-Name-First: Jolita Author-X-Name-Last: Vveinhardt Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Title: Management culture and mobbing in a social organisation: whether a special status provides a guarantee of safety Abstract: The authors of the article present the findings of the research conducted in a social organisation. The main findings reveal that cases of mobbing in employees’ interrelations have been recorded in the organisation. Moreover, the correlation (from strongest to weakest) of relations of mobbing in the employees’ relations and management culture have also been determined. The research revealed the mistakes in organization of management culture processes which prevent the achievement of a higher level of management culture within the organization. According to the authors of this article, after the implementation of changes in management culture, the management quality of all processes would also improve. On the basis of the results of the research, the authors provide the developed model intended for social organizations. The purpose of this model is preventive: it is designed to reduce the number of interpersonal conflicts, and also to facilitate conflict resolution and to improve psycho-social climate. The increase of the social competence of employees provided for in the model can be identified as a certain instrument, which allows the potential victim to avoid conflict, to resolve it independently, or deal with it with the help of the organization, which would spend less resources in this case and could allocate greater efforts for the implementation of its mission. Journal: Economic Research-Ekonomska Istraživanja Pages: 950-966 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1198981 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1198981 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:950-966 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1204100_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Z. Bilgen Susanli Author-X-Name-First: Z. Bilgen Author-X-Name-Last: Susanli Author-Name: Ozlem Inanc-Tuncer Author-X-Name-First: Ozlem Author-X-Name-Last: Inanc-Tuncer Author-Name: Serhat Kologlugil Author-X-Name-First: Serhat Author-X-Name-Last: Kologlugil Title: Child domestic labour and mothers’ employment in Turkey Abstract: This paper takes an initial step in studying the determinants of child domestic labour and its relationship with mothers’ employment in Turkey. We focus on children that are responsible for performing the domestic chores in their households. Using household level data from Demographic and Health Survey (2003), we find that the probability of child domestic labour is greater if the oldest child in the household is female; and this is stronger in rural areas. We also find that the likelihood of child domestic labour decreases with parental education. Our findings also suggest that the unobservable factors that increase the probability that a mother works increases the probability of child domestic labour in urban areas, but the opposite is true for rural areas. Journal: Economic Research-Ekonomska Istraživanja Pages: 967-979 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1204100 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1204100 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:967-979 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1235504_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Setareh Sodeyfi Author-X-Name-First: Setareh Author-X-Name-Last: Sodeyfi Author-Name: Salih Katircioglu Author-X-Name-First: Salih Author-X-Name-Last: Katircioglu Title: Interactions between business conditions, economic growth and crude oil prices Abstract: This study aims to research the empirical relationship between business conditions (BCs) and crude oil prices by employing a time series analysis for a panel of regions. BCs have been proxied by real income and real industrial production (IND) as advised in the relevant literature. Results suggest that economic activity and industrial value added are in a long-term relationship with oil price movements in the selected countries and regions. Gross domestic product (GDP) and IND are significantly affected by oil prices worldwide. Real income converges to long-term paths significantly, but at low levels through the channel of oil price movements. Oil price has a negative impact on business activities in some countries while it has a positive impact in others. Therefore, the sign of coefficient of oil prices on business conditions has found significant in this research study. Journal: Economic Research-Ekonomska Istraživanja Pages: 980-990 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1235504 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1235504 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:980-990 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1235505_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lorena Škuflić Author-X-Name-First: Lorena Author-X-Name-Last: Škuflić Author-Name: Marko Družić Author-X-Name-First: Marko Author-X-Name-Last: Družić Title: Deindustrialisation and productivity in the EU Abstract: This article is envisioned as a first step in a comprehensive analysis of the European Union’s (EU) industrial base, designed to inform the current debate, and future policy decisions regarding deindustrialisation and reindustrialisation in the EU. We focus on the study of deindustrialisation and productivity, to determine the causes of deindustrialisation and its relation to productivity in the EU, and whether it can be explained primarily as a natural process, or alternatively as a negative economic trend. Our results indicate that the main causes of deindustrialisation in the EU were shifting demand patterns caused by rising GDP per capita, followed by growing international trade which corroborates the hypothesis that the process is natural. In the second part we take a closer look at manufacturing productivity as an integral cause of deindustrialisation. We analyse the impact of market dynamics, concentration and firm size on manufacturing productivity, where we find evidence which supports the conclusion that a higher level of market dynamics increases productivity, while firm size and market concentration seem to decrease industry productivity. Journal: Economic Research-Ekonomska Istraživanja Pages: 991-1002 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1235505 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1235505 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:991-1002 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1257844_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: 7th International scientific conference by Juraj Dobrila University of Pula and Istrian Development Agency Journal: Economic Research-Ekonomska Istraživanja Pages: 1003-1004 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1257844 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1257844 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1003-1004 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1211948_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Svetlana Sokolov-Mladenović Author-X-Name-First: Svetlana Author-X-Name-Last: Sokolov-Mladenović Author-Name: Slobodan Cvetanović Author-X-Name-First: Slobodan Author-X-Name-Last: Cvetanović Author-Name: Igor Mladenović Author-X-Name-First: Igor Author-X-Name-Last: Mladenović Title: R&D expenditure and economic growth: EU28 evidence for the period 2002–2012 Abstract: In this paper, we investigate the influence of R&D expenditure on economic growth in the EU28 during the period of 2002–2012. For this purpose, we constructed a multiple regression model, which showed that, ceteris paribus, an increase in R&D expenditure as a percentage of GDP by 1% would cause an increase of real GDP growth rate by 2.2%. This model takes into consideration actual financial crises and emphasises the negative influence of fertility rate in the EU28 on economic growth. We believe that the achieved research results can be beneficial to the economic policy makers in the innovation and demographic areas. Journal: Economic Research-Ekonomska Istraživanja Pages: 1005-1020 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1211948 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1211948 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1005-1020 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1211954_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana Barišić Author-X-Name-First: Ivana Author-X-Name-Last: Barišić Author-Name: Boris Tušek Author-X-Name-First: Boris Author-X-Name-Last: Tušek Title: The importance of the supportive control environment for internal audit effectiveness – the case of Croatian companies Abstract: The paper investigates whether a supportive control environment is associated with the internal audit effectiveness and what characteristics of a control environment are important in this respect. A survey was conducted via a questionnaire on 54 mostly large companies in Croatia. Appropriate methods of statistical analysis were used in order to analyse the survey results. According to the research results, in the case of a supportive control environment there is a greater chance that the internal audit will be effective and that its recommendations will be taken into account to a greater extent. In addition, the survey results showed a statistically significant correlation between perceived internal audit effectiveness and a higher level of supportive control environment. Journal: Economic Research-Ekonomska Istraživanja Pages: 1021-1037 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1211954 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1211954 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1021-1037 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1211955_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Manuel Benazić Author-X-Name-First: Manuel Author-X-Name-Last: Benazić Author-Name: Jasmin Rami Author-X-Name-First: Jasmin Author-X-Name-Last: Rami Title: Monetary policy and unemployment in Croatia Abstract: Achieving full employment is one of the most important economic policy tasks. Economic policy affects employment primarily through monetary and fiscal policies, which with their instruments affect aggregate supply and demand for goods and services. The aim of this article is to determine the impact of monetary policy on unemployment in Croatia. For this purpose, the bounds testing (ARDL) approach for cointegration is applied. The results indicate the existence of stable cointegration relationship between the variables and show that Croatian monetary policy is quite limited in reducing unemployment. Journal: Economic Research-Ekonomska Istraživanja Pages: 1038-1049 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1211955 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1211955 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1038-1049 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1211953_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Francesca Maria Cesaroni Author-X-Name-First: Francesca Maria Author-X-Name-Last: Cesaroni Author-Name: Annalisa Sentuti Author-X-Name-First: Annalisa Author-X-Name-Last: Sentuti Title: Economic crisis, women entrepreneurs and bank loans: some empirical evidence from Italy Abstract: This paper presents the main findings from an empirical research project, whose aim was to answer the following research questions: (1)Did men and women entrepreneurs ask for new bank loans during the crisis? (2) Did they obtain required bank loans at the same conditions? (3) Which variables, other than gender, influence access to bank credit? Data show that firms were very cautious in access to finance during the crisis and female-led firms asked for bank loans more rarely than male-led ones. Entrepreneurs’ gender, age and education, banking history and industry only slightly affected access to credit during the crisis. Journal: Economic Research-Ekonomska Istraživanja Pages: 1050-1061 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1211953 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1211953 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1050-1061 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1211956_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ana Tomovska Misoska Author-X-Name-First: Ana Tomovska Author-X-Name-Last: Misoska Author-Name: Makedonka Dimitrova Author-X-Name-First: Makedonka Author-X-Name-Last: Dimitrova Author-Name: Jadranka Mrsik Author-X-Name-First: Jadranka Author-X-Name-Last: Mrsik Title: Drivers of entrepreneurial intentions among business students in Macedonia Abstract: Studies find that entrepreneurial intentions determine the likelihood of starting a business whereas the Theory of Planned Behaviour suggests that intentions capture the motivational aspect of behaviour and are dependent on behavioural, normative and control beliefs. This research endeavours to identify factors that drive entrepreneurial intentions among Macedonian business students. The Partial least square approach to the Structural equation modelling was applied. Findings highlight the impact of entrepreneurship education, support systems and a favourable business climate on entrepreneurial intentions, which correspond to the majority of the European countries as well as global tendencies. Journal: Economic Research-Ekonomska Istraživanja Pages: 1062-1074 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1211956 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1211956 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1062-1074 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1211946_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Doris Gomezelj Omerzel Author-X-Name-First: Doris Author-X-Name-Last: Gomezelj Omerzel Author-Name: Dora Smolčić Jurdana Author-X-Name-First: Dora Author-X-Name-Last: Smolčić Jurdana Title: The influence of intellectual capital on innovativeness and growth in tourism SMEs: empirical evidence from Slovenia and Croatia Abstract: The innovative capability of an organisation depends on the intellectual capital that it possesses. Our research attempts to examine the influence individual intellectual capital components have on the innovativeness and consequent growth of a company. This article proposes a classification and measurement method of intellectual capital, highlighting the following three components; human capital, organisational capital, and social capital. Our aim is to explain innovation performance and company growth by showing the importance of each intellectual capital dimension on a specific type of innovation (product, process, marketing, and organisational). To this end, a questionnaire survey was performed on 2800 Slovenian and 1700 Croatian small and medium enterprises (SMEs) in the tourism area. A data sample of 359 companies was analysed using SPSS 19 and the EQS 6 statistical programme to employ multivariate data analyses techniques through developed hypotheses. Journal: Economic Research-Ekonomska Istraživanja Pages: 1075-1090 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1211946 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1211946 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1075-1090 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1211949_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maja Šerić Author-X-Name-First: Maja Author-X-Name-Last: Šerić Author-Name: Irene Gil Saura Author-X-Name-First: Irene Author-X-Name-Last: Gil Saura Author-Name: Daniela Garbin Praničević Author-X-Name-First: Daniela Author-X-Name-Last: Garbin Praničević Title: Latest technology and communication consistency in hospitality: a comparison between two Mediterranean countries Abstract: The goal of this research is to examine customers′ perceptions of the latest technology solutions and marketing communications within the hotel context in two Mediterranean countries – Croatia and Italy. In particular, hotel guests of four- and five-star hotels located in these countries participated in the research. Firstly, guest perceptions of advanced Information and Communication Technology (ICT) and communication consistency are analysed and compared in Croatian and Italian hotels. Secondly, the impact of ICT on communication consistency is tested in both studies. The findings show that the level of customer perceptions of communication consistency is relatively high in both countries, while the perception of technology is moderate. The influence of ICT on communication consistency is also corroborated. The findings of this study have important implications for marketing managers who deal with increasingly demanding consumers in the current digital environment. Journal: Economic Research-Ekonomska Istraživanja Pages: 1091-1108 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1211949 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1211949 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1091-1108 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1211952_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Davor Mikulić Author-X-Name-First: Davor Author-X-Name-Last: Mikulić Author-Name: Ivana Rašić Bakarić Author-X-Name-First: Ivana Author-X-Name-Last: Rašić Bakarić Author-Name: Sunčana Slijepčević Author-X-Name-First: Sunčana Author-X-Name-Last: Slijepčević Title: The socioeconomic impact of energy saving renovation measures in urban buildings Abstract: The purpose of the paper is to investigate the role of measures oriented to energy savings in residential buildings in the economic development at the regional level. The aim of the paper is to estimate overall socio-economic impact of energy saving renovation measures in the Croatian urban areas. Impact assessment is based on input–output methodology which is able to quantify direct and indirect effects of investment in the energy saving projects on the economic activity and employment. Gross output, gross value added and employment multipliers for building renovation projects are estimated to be in the range 2.5–2.9. Journal: Economic Research-Ekonomska Istraživanja Pages: 1109-1125 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1211952 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1211952 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1109-1125 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1211947_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tina Bratkovič Kregar Author-X-Name-First: Tina Author-X-Name-Last: Bratkovič Kregar Author-Name: Boštjan Antončič Author-X-Name-First: Boštjan Author-X-Name-Last: Antončič Title: The relationship between the entrepreneur’s personal network multiplexity and firm growth Abstract: The purpose of the paper is to develop a consistent measure of the entrepreneurs’ personal network multiplexity and to analyse its relationship to firm growth. The research goals were achieved with a quantitative approach. The data were collected with a structured questionnaire delivered to micro and small firms in Slovenia. The research results confirmed the multidimensionality of the network multiplexity concept and showed that it may influence firm growth. Entrepreneurs’ personal networks represent an important form of support during the entrepreneurial process, therefore they need to be efficiently and carefully managed by entrepreneurs. Journal: Economic Research-Ekonomska Istraživanja Pages: 1126-1135 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1211947 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1211947 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1126-1135 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1213651_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marta Begonja Author-X-Name-First: Marta Author-X-Name-Last: Begonja Author-Name: Filip Čićek Author-X-Name-First: Filip Author-X-Name-Last: Čićek Author-Name: Bernardo Balboni Author-X-Name-First: Bernardo Author-X-Name-Last: Balboni Author-Name: Ani Gerbin Author-X-Name-First: Ani Author-X-Name-Last: Gerbin Title: Innovation and business performance determinants of SMEs in the Adriatic region that introduced social innovation Abstract: The objective of this study is to investigate innovation and business performance determinants of Small and Medium Enterprises (SMEs) located in the Adriatic region that introduced social innovation and to compare these SMEs with SMEs that did not introduce social innovation or did not innovate at all. This research is a part of wider research on innovation in the Adriatic Region conducted as part of the EU-funded project PACINNO. The results show that social innovators perceive their business performance to be higher than their competitors and are exporting significantly more than other firms. This study contributes to the under-researched area of social innovation in the Adriatic Region with quantitative empirical results. In addition, the results can serve as guidelines for policy makers and other stakeholders, particularly in the field of social innovation. Journal: Economic Research-Ekonomska Istraživanja Pages: 1136-1149 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1213651 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1213651 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1136-1149 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1213650_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nikša Alfirević Author-X-Name-First: Nikša Author-X-Name-Last: Alfirević Author-Name: Jurica Pavičić Author-X-Name-First: Jurica Author-X-Name-Last: Pavičić Author-Name: Renata Relja Author-X-Name-First: Renata Author-X-Name-Last: Relja Title: School management innovation and principal support systems: toward the agenda for Croatian school reform Abstract: In this paper, we discuss if the current educational management practices in Croatian schools are in line with the constructivist prescriptions and what is their relationship with the available principal support tools. Our research is based on previous empirical results, related to the perceived needs of school principals for training and support. Namely, in 2011, the surveyed school principals required additional competencies to be developed in the fields of school marketing and management. At that time, the primary school principals are being surveyed, related to their managerial practices and the obtained results are interpreted in the context of the already announced, comprehensive school reform in Croatia, designed according to the constructivist educational theories. The empirical results demonstrate that the managerial practices of Croatian primary schools are not compatible with the constructivist theory of education. One group of principals (27.6%) have adequate delegation skills and focus on the specific fields of project management and school marketing, while the majority demonstrate one (or several) forms of ineffective practices. There is limited empirical evidence of the statistically significant differences in the usage of principal support tools/approaches, although the specific usage patterns have been identified. Journal: Economic Research-Ekonomska Istraživanja Pages: 1150-1164 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1213650 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1213650 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1150-1164 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1211951_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mladenka Popadić Author-X-Name-First: Mladenka Author-X-Name-Last: Popadić Author-Name: Matej Černe Author-X-Name-First: Matej Author-X-Name-Last: Černe Title: Exploratory and exploitative innovation: the moderating role of partner geographic diversity Abstract: The aim of this study is to explore the effect of exploratory and exploitative innovation separately and ambidexterity premise simultaneously relating to firms’ innovation performance. To test these relationships, we applied a hierarchical linear regression analysis to a large sample of international organisations (by using the Community Innovation Survey [CIS] 2006 micro data). We show that the relationship between exploratory innovation and a firm’s innovation performance is moderated by geographically different partners. We found that ambidexterity premise in innovation context undermines innovation performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 1165-1181 Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1211951 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1211951 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:1165-1181 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1272291_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: Editorial Board 2016 Journal: Economic Research-Ekonomska Istraživanja Pages: (ebi)-(ebi) Issue: 1 Volume: 29 Year: 2016 Month: 1 X-DOI: 10.1080/1331677X.2016.1272291 File-URL: http://hdl.handle.net/10.1080/1331677X.2016.1272291 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:(ebi)-(ebi) Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517387_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Robert Zenzerović Author-X-Name-First: Robert Author-X-Name-Last: Zenzerović Title: Business′ Financial Problems Prediction - Croatian Experience Abstract: Actual development in economy, characterized with global crisis, emphasizes the importance of financial instability prediction. Financial instability in transitional countries is often predicted using the model derived using the data from companies operating in developed countries. Some researches have found that simple application of those models in different environment like transitional do not obtain the same result like when applied in developed country. Therefore, new GCE3 model was derived using the data from Croatian companies’ sample. New model, carried out by using the multiple discriminant analysis, include six independent variables that consist of solvency and liquidity ratios, as well as ratio Total revenues/total expenses. Analysis of model classification accuracy favours the possibilities of its practical usage in wide area of everyday business activities making it very useful financial instability prediction tool. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-15 Issue: 4 Volume: 22 Year: 2009 Month: 1 X-DOI: 10.1080/1331677X.2009.11517387 File-URL: http://hdl.handle.net/10.1080/1331677X.2009.11517387 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:22:y:2009:i:4:p:1-15 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517388_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mete Feridun Author-X-Name-First: Mete Author-X-Name-Last: Feridun Author-Name: Bansi Sawhney Author-X-Name-First: Bansi Author-X-Name-Last: Sawhney Author-Name: Abdul Jalil Author-X-Name-First: Abdul Author-X-Name-Last: Jalil Title: Stock Market and Investment in Turkey: Evidence from Cointegration and Causality Tests Abstract: The objective of this paper is to investigate the causal effect of business investments on stock returns in Turkey for the period following the liberalization of capital flows (1987:01-2006:03). According to results of the cointegration tests and error correction model (ECM) causality is found to run from stock returns to business investments and not vice versa. Journal: Economic Research-Ekonomska Istraživanja Pages: 17-29 Issue: 4 Volume: 22 Year: 2009 Month: 1 X-DOI: 10.1080/1331677X.2009.11517388 File-URL: http://hdl.handle.net/10.1080/1331677X.2009.11517388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:22:y:2009:i:4:p:17-29 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517389_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sejfudin Zahirović Author-X-Name-First: Sejfudin Author-X-Name-Last: Zahirović Author-Name: Adnan Rovčanin Author-X-Name-First: Adnan Author-X-Name-Last: Rovčanin Author-Name: Jasmina Okičić Author-X-Name-First: Jasmina Author-X-Name-Last: Okičić Title: Beta Coefficient Analysis on the Capital Market of Bosnia and Herzegovina Abstract: In this paper authors research: how changes on the capital markets (developed financial markets and financial markets of transitional countries) determine investor's decision about the scope of international portfolio diversification, in other words about the scope of reduction of system risks, and whether beta coefficient movements on the financial market of BandH (beta coefficient estimation on BandH financial market are made) can be an indicator for investors in which stocks to invest. Journal: Economic Research-Ekonomska Istraživanja Pages: 30-39 Issue: 4 Volume: 22 Year: 2009 Month: 1 X-DOI: 10.1080/1331677X.2009.11517389 File-URL: http://hdl.handle.net/10.1080/1331677X.2009.11517389 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:22:y:2009:i:4:p:30-39 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517390_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivica Pervan Author-X-Name-First: Ivica Author-X-Name-Last: Pervan Author-Name: Marijana Vasilj Author-X-Name-First: Marijana Author-X-Name-Last: Vasilj Title: The Value Relevance Of Book Value and Earnings – Empirical Analasis On Croatian Corporations From Zagreb Stock Exchange Abstract: The aim of this research is analyzing relationship between accounting information and share prices on Croatian capital market, using value relevance approach. The research was conducted on a sample of corporations from Zagreb Stock Exchange, which consisted of 72 corporations in 2007. and 63 corporations in 2006. The research results show that accounting earnings and book values, observed jointly and individually, are significantly and positively related to share prices. The common explanatory power amounts 71,5% in 2007., and 70,4% in 2006., which indicates that earnings and book values jointly explain about 70% share prices in selected period. The research results indicate that accounting information on Croatian capital market are value relevant, and results are comparable to research results from developed and transition countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 41-51 Issue: 4 Volume: 22 Year: 2009 Month: 1 X-DOI: 10.1080/1331677X.2009.11517390 File-URL: http://hdl.handle.net/10.1080/1331677X.2009.11517390 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:22:y:2009:i:4:p:41-51 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517391_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tina Jakaša Author-X-Name-First: Tina Author-X-Name-Last: Jakaša Author-Name: Diana Bratić Author-X-Name-First: Diana Author-X-Name-Last: Bratić Author-Name: Fivos Iliopoulos Author-X-Name-First: Fivos Author-X-Name-Last: Iliopoulos Title: The Impact of Changing Business Environment on Risk Types Abstract: The changes in business environment resulted in new types of risks in the electric power companies. Therefore, it is very important for electric power companies to identify risks and to find correlations between them on a regular basis, so as to protect and increase the company value. This paper proposes the following three hypothesises: H1 There are changes in types of risks in electric power companies in the course of the last decade. H2 There is a correlation between the intensity of market competition and the impact of the present types of risks. H3 There is a correlation between present types of risks in electric power companies. All theses were proven to be true. Moreover, we identified the most critical risks that the electric power companies are facing today, and have compared them with those of a decade ago. We explored the intensity of market competition and examined a relationship with different types of risks. Journal: Economic Research-Ekonomska Istraživanja Pages: 52-68 Issue: 4 Volume: 22 Year: 2009 Month: 1 X-DOI: 10.1080/1331677X.2009.11517391 File-URL: http://hdl.handle.net/10.1080/1331677X.2009.11517391 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:22:y:2009:i:4:p:52-68 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517392_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Edo Rajh Author-X-Name-First: Edo Author-X-Name-Last: Rajh Author-Name: Đurđana Ozretić Došen Author-X-Name-First: Đurđana Author-X-Name-Last: Ozretić Došen Title: The Effects of Marketing Mix Elements on Service Brand Equity Abstract: This paper explores the effects of selected marketing mix elements on service brand equity. Research hypotheses about the relationship between marketing mix elements, brand equity dimensions and brand equity itself, in the context of service brands, are defined on the basis of the literature review. A survey was conducted in order to collect relevant empirical data. Structural equation modeling is used to test research hypotheses. The findings of the research indicate that some marketing mix elements may have a negative effect on service brand equity. Also, the findings suggest that advertising, employees, interior appearance, price level and service operation have a positive effect on service brand equity. The results indicate the importance of a strategic approach to building service brands, with establishing the equity of service brands being the long-term goal. The main contribution of this paper comes from the findings about the effects of different marketing mix elements on service brand equity, and the importance of a strategic approach to building and managing service brands. Journal: Economic Research-Ekonomska Istraživanja Pages: 69-83 Issue: 4 Volume: 22 Year: 2009 Month: 1 X-DOI: 10.1080/1331677X.2009.11517392 File-URL: http://hdl.handle.net/10.1080/1331677X.2009.11517392 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:22:y:2009:i:4:p:69-83 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517393_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mojca Indihar Štemberger Author-X-Name-First: Mojca Indihar Author-X-Name-Last: Štemberger Author-Name: Vesna Bosilj-Vukšić Author-X-Name-First: Vesna Author-X-Name-Last: Bosilj-Vukšić Author-Name: Mojca Indihar Jaklić Author-X-Name-First: Mojca Indihar Author-X-Name-Last: Jaklić Title: Business Process Management Software Selection – Two Case Studies Abstract: The interest in business processes management (BPM) is intense among practitioners and scholars and is still growing. Many business process management software (BPMS) tools that are used to serve a variety of applications in BPM are on the market and it is quite difficult to select the appropriate one. The paper presents a flexible method for BPMS selection, which can be applied in different companies and for various project types because the selection criteria are connected to project goals and critical success factors. The method has been developed on the basis of relevant literature and practical experience in BPM projects. It is based on Analytic Hierarchy Process (AHP) method. The applicability of proposed method is demonstrated with two case studies that are also used to analyse and discuss it. Journal: Economic Research-Ekonomska Istraživanja Pages: 84-99 Issue: 4 Volume: 22 Year: 2009 Month: 1 X-DOI: 10.1080/1331677X.2009.11517393 File-URL: http://hdl.handle.net/10.1080/1331677X.2009.11517393 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:22:y:2009:i:4:p:84-99 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517394_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ines Kersan-Škabić Author-X-Name-First: Ines Author-X-Name-Last: Kersan-Škabić Author-Name: Daniel Tomić Author-X-Name-First: Daniel Author-X-Name-Last: Tomić Title: Recognizing Euroscepticism in Croatia – Study Upon a Student Population Abstract: The paper sets out to provide a consise systematic exposition of a rising euroscepticism in Croatia, giving particular attention to sources and conflicts that euroscepticism generate as well as to consequences that can or will occur. Sources of euroscepticism inside the academic youth are analyzed through the survey of student population. Results shows that students’ population are eurosceptical beause of economic cost they expect Croatia will have with the entrance in the EU (fear of poverty and exploitation of national resources, losing sovereignity and bigger emigration pressures). On the other side they also expect some positive influence of EU membership such as better employment possibilities, higher standard of living and more efficient state of law. Journal: Economic Research-Ekonomska Istraživanja Pages: 100-117 Issue: 4 Volume: 22 Year: 2009 Month: 1 X-DOI: 10.1080/1331677X.2009.11517394 File-URL: http://hdl.handle.net/10.1080/1331677X.2009.11517394 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:22:y:2009:i:4:p:100-117 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517395_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hatice Karaçay Çakmak Author-X-Name-First: Hatice Author-X-Name-Last: Karaçay Çakmak Title: A Theoretical Glance at Military Expenditures Abstract: Economic schools have discussed the subject of military expenditures from different perspectives. The point of view of the standard Keynesian economics and of the under consumptionist theories is relatively similar. They argue that military expenditures constitute the most appropriate financial policy instrument against economic fluctuations and recessions. On the other hand, many left Keynesian economists argue that potential positive effects of public expenditures upon economic growth do not valid for military expenditures. The neoclassical analysis regards military expenditures as a security problem. In this study we aim to develop a theoretical glance for military expenditures from different analysis. Journal: Economic Research-Ekonomska Istraživanja Pages: 118-127 Issue: 4 Volume: 22 Year: 2009 Month: 1 X-DOI: 10.1080/1331677X.2009.11517395 File-URL: http://hdl.handle.net/10.1080/1331677X.2009.11517395 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:22:y:2009:i:4:p:118-127 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517490_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Josip Tica Author-X-Name-First: Josip Author-X-Name-Last: Tica Author-Name: Petar Sorić Author-X-Name-First: Petar Author-X-Name-Last: Sorić Title: Economic Integrations and Purchasing Power Parity Assumption Abstract: The goal of the paper is to investigate in which way economic integration and economic relations affect mean reverting properties of real exchange rates. We have employed unconstrained and constrained augmented Dickey-Fuller unit root test and Im Pesaran Shin panel unit root test in order to investigate mean reverting properties of real exchange rates in transition, ASEAN, MERCOSUR countries and China vis à vis Germany and the USA. Our analysis is interesting due to the fact that it provides evidence of the impact of (further) integration on the problems with price competitiveness in EU and EMU periphery countries. Evidence suggests that economic relations of ASEAN and MERCOSUR countries vis à vis the USA and transition countries vis à vis Germany are affecting mean reverting properties of relative exchange rates. In all three groups of countries evidence of stationarity of real exchange rates is much stronger vis à vis major economic partner. Journal: Economic Research-Ekonomska Istraživanja Pages: 4-17 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517490 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517490 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:4-17 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517491_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Burcu Kiran Author-X-Name-First: Burcu Author-X-Name-Last: Kiran Title: The Sustainability of Turkish External Debt: Evidence from Fractionally Integrated Approach Under Structural Breaks Abstract: This paper examines the external debt sustainability in Turkey over the period 1970-2010 by using fractionally integrated approach. As a first step, possible structural breaks in the data are not taken into consideration. The findings from Robinson(1994a) test reveal that the process is non-stationary with long memory, therefore, there is no evidence of external debt sustainability in Turkey. In the second step, structural breaks identified by Bai and Perron (1998, 2003) multiple structural break test, are included in the Robinson test. The results in the context of structural breaks still show that the external debt in Turkey is not sustainable. Journal: Economic Research-Ekonomska Istraživanja Pages: 18-29 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517491 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517491 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:18-29 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517492_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jasminka Radolović Author-X-Name-First: Jasminka Author-X-Name-Last: Radolović Title: Transfer Pricing Model Based on Multiple-Factor Transfer Pricing Model using the Transactional Net Margin Method Abstract: Decision-making process on the optimization of transfer pricing has two dimensions that need to be considered: optimization dimension in terms of available capacity, tax laws of countries, available market and other indicators of the individual company, and dimension of transfer pricing regulation at the international level in accordance with the OECD Guidelines. Current multiple-factor transfer pricing model examines only the first dimension of transfer pricing between related parties. Transfer price method, expressed in a form of transfer pricing model using the transactional net margin method, is built in a multiple-factor transfer pricing model in order to meet the conditions of transfer prices at arm’s length principle. In this way a new transfer pricing model is formed; a model that optimizes the operations of multinational companies and is in line with the OECD Guidelines on transfer prices. Journal: Economic Research-Ekonomska Istraživanja Pages: 30-42 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517492 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517492 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:30-42 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517493_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hans Ruediger Kaufmann Author-X-Name-First: Hans Ruediger Author-X-Name-Last: Kaufmann Author-Name: Haritini Tsangari Author-X-Name-First: Haritini Author-X-Name-Last: Tsangari Author-Name: Demetris Vrontis Author-X-Name-First: Demetris Author-X-Name-Last: Vrontis Title: Innovativeness of European SMES: Mission Not Yet Accomplished Abstract: The paper aims to contribute to the discussion on the catalytic role of SMEs in generating innovation as a basis for a competitive economy. It focuses on six European countries, representing both established and transitional settings (United Kingdom, Cyprus, Spain, Italy, Greece and Lithuania). The statistical methods used included ANCOVA, multiple regression analysis and chi-square tests. The factors explaining the innovation levels were provided. Innovation and corporate culture indices were created and found to be correlated. Four variables were shown to explain innovation management in the six countries: corporate culture, formal processes/innovation department, company size and review of products. The respective SME perceptions, key factors and levels of innovation management were thus differentiated for the six countries. This comprehensive differentiated approach is an innovative contribution to the field. Journal: Economic Research-Ekonomska Istraživanja Pages: 43-60 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517493 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517493 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:43-60 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517494_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tina Bratkovič Author-X-Name-First: Tina Author-X-Name-Last: Bratkovič Author-Name: Boštjan Antončič Author-X-Name-First: Boštjan Author-X-Name-Last: Antončič Author-Name: Alex F. DeNoble Author-X-Name-First: Alex F. Author-X-Name-Last: DeNoble Title: Relationships Between Networking, Entrepreneurial Self-Efficacy and Firm Growth: The Case Of Slovenian Companies Abstract: Social networks represent the immediate environment in which entrepreneurs are embedded and they therefore have a great influence on entrepreneurs’ behavior. Entrepreneurs’ social networks can provide entrepreneurs and their firms with information, support and access to resources. The support of the environment is important for reinforcing self-efficacy which is recognized as a predictor of firm performance. In this study, we developed and empirically tested hypotheses about the relationships between networking, entrepreneurial self-efficacy and small firm growth. The findings show that entrepreneurs can enhance entrepreneurial self-efficacy through network support, and consequently contribute to relative firm growth. The study provides significant contributions to entrepreneurship network theory and holds important implications for theory and practice. Journal: Economic Research-Ekonomska Istraživanja Pages: 61-71 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517494 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517494 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:61-71 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517495_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sarfaraz Hashemkhani Zolfani Author-X-Name-First: Sarfaraz Hashemkhani Author-X-Name-Last: Zolfani Author-Name: Nahid Rezaeiniya Author-X-Name-First: Nahid Author-X-Name-Last: Rezaeiniya Author-Name: Mohammad Hasan Aghdaie Author-X-Name-First: Mohammad Hasan Author-X-Name-Last: Aghdaie Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Title: Quality Control Manager Selection Based on AHP- COPRAS-G Methods: A Case in Iran Abstract: Due to the increasing competition of globalization and fast technological improvements and world markets, demands of companies to have professional human resources are increasing too. It is an important problem of an organization to select the most appropriate personnel among the candidates. Quality control manager is important personnel in organizations and it’s so important to select the best candidate for this work. In this paper we proposed a personnel selection system based on Analytic Hierarchy Process (AHP) and Complex proportional assessment of alternatives with grey relations (COPRAS-G) method. At first seven criteria is identified including: knowledge of product and raw material properties, Experience and educational background, Administrative orientation, Behavioral flexibility, Risk evaluation ability, Payment and Team work and after that AHP applied for calculating weight of each criteria and finally using COPRAS- G method for selecting the best candidate for this job. This study can be used as a pattern for personnel selection and future researches. Journal: Economic Research-Ekonomska Istraživanja Pages: 72-86 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517495 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517495 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:72-86 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517496_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Darko Medved Author-X-Name-First: Darko Author-X-Name-Last: Medved Author-Name: Slavka Kavčič Author-X-Name-First: Slavka Author-X-Name-Last: Kavčič Title: An Empirical Study of Efficiency in Croatia and Slovenia Insurance Markets Abstract: In this paper we analyze insurance efficiency in Slovenia and Croatia between 2006 and 2010 using a Data Envelopment Analysis. We perform both intra- and inter- country efficiency surveys. The intra country survey indicates that on average companies in Croatia operate more efficiently than companies in Slovenia. A positive trend of scale efficiency improvement due to mergers and acquisitions which took place in recent years in Croatia is also detected. Nevertheless, the inter-industry analysis indicates that the Slovenian insurance industry dominates Croatian cost and technical efficiency, which shows a low efficiency position of the insurance market in Croatia. Analysis also shows that inefficiency in Croatia is more affected by inefficient internal company operation than in Slovenia. Journal: Economic Research-Ekonomska Istraživanja Pages: 87-98 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517496 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517496 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:87-98 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517497_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Arjana Brezigar Masten Author-X-Name-First: Arjana Brezigar Author-X-Name-Last: Masten Author-Name: Igor Masten Author-X-Name-First: Igor Author-X-Name-Last: Masten Title: Predicting Bankruptcy with Semi-Parametric Single-Index Model Abstract: Semi-parametric methods are virtually neglected in the bankruptcy prediction literature. This paper compares the logit model, as the standard parametric model for bankruptcy prediction, to the semi-parametric model developed by Klein and Spady (1993). Special care is devoted to the effect of choice-based sampling prediction accuracy. The choice of the sampling and estimation method lead to a similar trade offs. Using choice-based sampling and logit model leads to minimization of risk exposure. Samples unbalanced across groups and the semi-parametric method allow for better overall prediction accuracy and thus profit maximization. Journal: Economic Research-Ekonomska Istraživanja Pages: 99-108 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517497 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517497 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:99-108 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517498_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nuno Carlos Leitão Author-X-Name-First: Nuno Carlos Author-X-Name-Last: Leitão Author-Name: Bogdan Dima Author-X-Name-First: Bogdan Author-X-Name-Last: Dima Author-Name: Stefana Dima (Cristea) Author-X-Name-First: Stefana Author-X-Name-Last: Dima (Cristea) Title: Immigration and Trade Abstract: This paper investigates the relationship between intra-industry trade (IIT), horizontal IIT, vertical IIT (VIIT) and immigration flows using a gravity model for the period 1995-2008 amongst Portugal and European Union’s Member States (EU-27). Using a panel data approach, the results show a positive correlation between immigration and IIT. These outcomes indicate that the immigration can reduce transaction costs between home and host country. We also consider the economic dimension which appears to exercise a positive effect on trade. Our research confirms the hypothesis that there is a negative effect of transportation costs on trade. Journal: Economic Research-Ekonomska Istraživanja Pages: 110-118 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517498 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517498 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:110-118 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517499_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Shahbaz Author-X-Name-First: Muhammad Author-X-Name-Last: Shahbaz Author-Name: Muhammad Shahbaz Shabbir Author-X-Name-First: Muhammad Shahbaz Author-X-Name-Last: Shabbir Title: Military Spending and Economic Growth in Pakistan: New Evidence from Rolling Window Approach Abstract: Purpose: This paper re-investigates causality between military spending and economic growth by applying autoregressive distributed lag model or ARDL bounds testing approach to cointegration. Furthermore, rolling window approach (RWA) to cointegration is also applied to confirm the established long run relation between the variables. The VECM Granger causality is used to detect the direction of causality between military spending and economic growth. Our empirical exercise indicated long run relationship between military spending and economic growth as confirmed by rolling window approach. Moreover, negative unidirectional causality is found running from defense spending to economic growth. This paper opens up new sights for policy-making authorities to sustain economic growth by curtailing defense spending. Journal: Economic Research-Ekonomska Istraživanja Pages: 119-131 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517499 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517499 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:119-131 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517500_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zoran Ježić Author-X-Name-First: Zoran Author-X-Name-Last: Ježić Title: Hypercomplex Knowledge in a Knowledge-Based Economy Abstract: The paper provides a definition of hypercomplexity and hypercomplex knowledge in knowledge-based economies and proves the hypothesis that development, application and expansion of new technological achievements have a direct impact on a country’s economic growth.Data collected from relevant databases for 110 world countries were used in the calculations. Data for other countries have not been published, which is a typical limitation in the application of such research methodology.Developmental lags of the Republic of Croatia have been established by the method of transformation of variables in the analysed developmental indicators and their components, and proposals for their improvement have been provided. Taking into consideration the established effect of the increase in the Research Capacity Development Index, Technology and Innovation Efficiency Index, and the Ability to Absorb Knowledge and Technology Index on economic growth, Croatia needs to invest additional resources in the increase in human capital and labour productivity in order to reduce developmental lags. Journal: Economic Research-Ekonomska Istraživanja Pages: 132-144 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517500 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517500 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:132-144 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517501_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ariana Nefat Author-X-Name-First: Ariana Author-X-Name-Last: Nefat Author-Name: Mauro Dujmović Author-X-Name-First: Mauro Author-X-Name-Last: Dujmović Title: Children’S Advertising on Television and their Consumer Socialisation: Parents’ Attitudes Abstract: One of the most controversial issues in marketing is marketing towards children. Beginning with the analysis of the process of children’s involvement in consumption, child’s ability to understand and critically respond to an advertisement, parents’ attitudes to children’s advertising and possible directions and solutions to the problem of advertising to children the article empirically examines parents’ attitudes towards television advertising. Research results include parents of children aged between 10-12 and indicate that parents in general have no positive attitude to advertising to children and show mild interest for the prohibition of television advertisements. Journal: Economic Research-Ekonomska Istraživanja Pages: 145-156 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517501 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517501 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:145-156 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517502_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivanka Spasić Author-X-Name-First: Ivanka Author-X-Name-Last: Spasić Author-Name: Milorad Bejatović Author-X-Name-First: Milorad Author-X-Name-Last: Bejatović Author-Name: Marijana Dukić-Mijatović Author-X-Name-First: Marijana Author-X-Name-Last: Dukić-Mijatović Title: Factoring - Instrument Of Financing In Business Practice –Some Important Legal Aspects Abstract: Succesful business practice needs constant sources of financial means. One of the biggest problems of business practice is how to provide these financial means. Among many other methods, business practice is using factoring as a method of financing. Factoring, as a special method of financing, is realised in practice by factoring contracts.Factoring contract is a legal transaction based on the institute of assignment, under which the creditor assigns its receivables to factor (generally specialized companies).Factoring has some common functions, first and most important of these functions is the function of financing (of the supplier). Other functions of factoring like advance payment, book keeping, regarding claims, collecting of the claims, protection against failures of payment are also very important.Commercial practice has developed numerous forms of factoring agreements. In spite of their diversity, all kind of factoring agreements have certain common characteristics in terms of their subject mater, conclusion, effect, termination etc.The factoring contracts are not fully encompassed by existing provisions of the law, but are regulated under the UNIDROIT Convention on International Factoring.In this article, the autors are analizing characteristics of factoring and the factoring contract. Journal: Economic Research-Ekonomska Istraživanja Pages: 157-173 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517502 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517502 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:157-173 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517503_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Adela Delalić Author-X-Name-First: Adela Author-X-Name-Last: Delalić Title: Multidimensional Aspects of Poverty in Bosnia and Herzegovina Abstract: This article explores possibilities for extending the existing standard analyses of poverty in Bosnia and Herzegovina, based on monetary measures of poverty / welfare. Through the investigation of previous and available studies and related databases it is concluded that it is possible to create a new, non-monetary measures of poverty that can be used to determine multidimensional indicators of poverty. The paper proposes two new non-monetary measures of poverty: education and deprivation, which contribute to more accurate assessment and analysis of poverty in the country. On the basis of determined indicators of poverty, based on consumption, education and deprivation, conclusions about the state of poverty in the country and recommendations for the future researches are given. Journal: Economic Research-Ekonomska Istraživanja Pages: 174-183 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517503 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517503 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:174-183 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517504_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marta Božina Beroš Author-X-Name-First: Marta Božina Author-X-Name-Last: Beroš Title: “Country Analysis: Understanding Economic and Political Performance” By David M. Currie, PHD professor of Finance and Economics at the Crummer Graduate School Of Business, Rollins College Journal: Economic Research-Ekonomska Istraživanja Pages: 184-185 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517504 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517504 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:184-185 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517505_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ana Jovièiæ Author-X-Name-First: Ana Author-X-Name-Last: Jovièiæ Author-Name: Dragan N. Ðurièin Author-X-Name-First: Dragan N. Author-X-Name-Last: Ðurièin Author-Name: Stevo V. Janoševié Author-X-Name-First: Stevo V. Author-X-Name-Last: Janoševié Author-Name: Ðorðe M. Kalièanin Author-X-Name-First: Ðorðe M. Author-X-Name-Last: Kalièanin Title: Menadžment I Strategija Journal: Economic Research-Ekonomska Istraživanja Pages: 186-187 Issue: 1 Volume: 25 Year: 2012 Month: 1 X-DOI: 10.1080/1331677X.2012.11517505 File-URL: http://hdl.handle.net/10.1080/1331677X.2012.11517505 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:25:y:2012:i:1:p:186-187 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517451_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Robert Zenzerović Author-X-Name-First: Robert Author-X-Name-Last: Zenzerović Title: Asymmetry in Mean-Reverting Behavior of Asean Stock Market Returns Abstract: The present paper characterizes the mean-reverting behavior of six ASEAN markets – Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam – using an autoregressive exponential GARCH-in mean model and daily data from August 2000 to May 2010. The results indicate fast speed of mean-reversion in the returns of these markets but with quite distinct patterns of return dynamics. The evidence seems strong to suggest asymmetric mean reversion and overreaction during market downturns in the Indonesian market. The Vietnamese market exhibits most persistent return autocorrelation with some evidence pointing to higher persistence during market downturns. However, there is no evidence indicating significant serial correlation in the markets of Singapore and Thailand. Finally, the leverage effect is documented in all markets except Vietnam. We tentatively attribute these differences to stages of market development and, accordingly their levels of efficiency, and to the degree of market volatility. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-14 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517451 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517451 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:1-14 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517452_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jiancai Pi Author-X-Name-First: Jiancai Author-X-Name-Last: Pi Title: Fairness and Incentives in Relation-Based Societies Abstract: This paper mainly discusses the effects of fairness on incentives in relation-based societies (e.g., China) through the principal-agent framework. Our analyses give the conditions under which the consideration of fairness will decrease or increase the agent’s efficiency wage. At the same time, our analyses give the conditions under which taking into account fairness will make the principal’s constraint to incentivize the agent easier or harder to be satisfied. In a word, this paper finds that the incentive effects of fairness are condition-dependent, and that moral hazard problems are more subtle and difficult to be tackled when fairness is taken into account. Journal: Economic Research-Ekonomska Istraživanja Pages: 15-25 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517452 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517452 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:15-25 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517453_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Robert Maršanić Author-X-Name-First: Robert Author-X-Name-Last: Maršanić Author-Name: Zdenka Zenzerović Author-X-Name-First: Zdenka Author-X-Name-Last: Zenzerović Author-Name: Edna Mrnjavac Author-X-Name-First: Edna Author-X-Name-Last: Mrnjavac Title: Application of the Queuing Theory in the Planning of Optimal Number of Servers (Ramps) In Closed Parking Systems Abstract: The principal objective of this scientific paper is to learn how to efficiently organise traffic areas and especially the size of parking capacities and hence how to ensure a quality parking service to local population and tourists as a component of the overall offer in urban and tourist destinations and how to ensure a return of investments in a reasonable period to parties investing in the parking capacity. What is the optimal capacity and how to calculate it in the best possible way by connecting parking supply and demand? This paper presents the application of the queuing theory to the planning of the optimal number of servers (ramps) in closed parking systems, since parking area can be defined as a queuing system. The illustrated model has been tested on the example of the "Delta" parking area in the City of Rijeka and the particular value of the model is its universal application. This approach has shown that by using the queuing theory, the optimal number of servers (ramps) in closed parking systems can be determined. Journal: Economic Research-Ekonomska Istraživanja Pages: 26-43 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517453 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517453 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:26-43 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517454_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Author-Name: Saša Stjepanovič Author-X-Name-First: Saša Author-X-Name-Last: Stjepanovič Title: Computable General Equilibrium Model for Croatian Economy Abstract: Computable General Equlibrium models or CGE models, are one of the most useful models in a global development planning and macroeconomic analysis. CGE models are discovered in 1960., but there was no major development until 1978. These models have become a standard tool of empirical economic analysis. These models dominate in major part of applied econometric analysis, which is involved on problem solving in economic development and local economic policies. They are inevitable tools for analysis in international trade and government planning, changes in oil markets, and at the same time they are used in the analysis in tax reforms, welfare distributions, and even in the analysis of global warming. From that it concludes that uses of CGE models are very wide-spread. In the last few years, improvements in a specification of the model, availability of data and development in computer technology results in increased efficiency and reduced cost of analysis, which is based on CGE models. CGE models are most commonly used for analysis in countries that are in transition, but basic framework and specification of a model can be used from global to the local level. Journal: Economic Research-Ekonomska Istraživanja Pages: 44-59 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517454 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517454 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:44-59 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517455_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yener Altunbas Author-X-Name-First: Yener Author-X-Name-Last: Altunbas Author-Name: Ayhan Kapusuzoglu Author-X-Name-First: Ayhan Author-X-Name-Last: Kapusuzoglu Title: The Causality Between Energy Consumption and Economic Growth in United Kingdom Abstract: This study aims to examine the relationship between the energy consumption (EC) and economic growth (GDP) in the United Kingdom during the period between 1987 and 2007. Augmented Dickey-Fuller (ADF) and Philips-Perron (PP) unit root tests, the Johansen Cointegration test and standard Granger causality test were applied to examine the relationship between EC and GDP. Since the analysis results indicated no cointegration relationship between the variables of EC and GDP, it was found that there is no long-term relationship between the variables; however, in the short run, there is a unidirectional causality relationship from GDP to EC. Journal: Economic Research-Ekonomska Istraživanja Pages: 60-67 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517455 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517455 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:60-67 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517456_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nuno Carlos Leitão Author-X-Name-First: Nuno Carlos Author-X-Name-Last: Leitão Title: United States’ Intra-Industry Trade Abstract: The main objective of this manuscript is to explain the horizontal and vertical intra-industry trade of United States with trade partner of NAFTA, European Union and ASEAN. Identify the determinants of intra-industry trade, horizontal and vertical. Using a panel data approach, the results show a negative correlation between endowments and intra-industry trade. These results indicate that intra-industry trade occurs more frequently among countries that are similar in terms of factor endowments. The findings support the theory that, in general, there is no positive statistical association between HIIT and HO variables. Our results also confirm the hypothesis that trade increases if the transportation costs decrease. Journal: Economic Research-Ekonomska Istraživanja Pages: 68-76 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517456 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517456 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:68-76 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517457_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chunchao Wang Author-X-Name-First: Chunchao Author-X-Name-Last: Wang Author-Name: Jiliang Hu Author-X-Name-First: Jiliang Author-X-Name-Last: Hu Author-Name: Jingwen Yu Author-X-Name-First: Jingwen Author-X-Name-Last: Yu Title: Can Structural Adjustment of Government Governance Improve Economic Performance? Abstract: The paper employs M-form and U-form organization theory to analyze the structural innovation of government governance, and tries to study the resources integration and economic performances among different cities in a metropolis circle by using the example of Wuhan metropolis circle in China. Specifically, we focus on analyzing the difference between economic performance before and after the formation of Wuhan metropolis circle. The research result shows that, on the one hand, the formation of Wuhan metropolis circle can make full use of the U-form organization; on the other hand, different cities also benefit from coordinated regional development and rational resources allocation thanks to the formation of metropolis circle. Furthermore, each city has individual characteristics and complementary to other cities. Consequently, the economic performance of theses cities greatly differs from each other. Journal: Economic Research-Ekonomska Istraživanja Pages: 77-88 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517457 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517457 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:77-88 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517458_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marc Escrihuela-Villar Author-X-Name-First: Marc Author-X-Name-Last: Escrihuela-Villar Author-Name: Jorge Guillén Author-X-Name-First: Jorge Author-X-Name-Last: Guillén Title: On Collusion Sustainability with Stacked Reversion Abstract: We consider a multi-period oligopoly model to analyze cartel sustainability where a subset of collusive firms is exogenously given. We assume that in case of cheating only the cheater is expelled from the cartel and collusion continues without the cheater. We show that, in our model, when firms compete in quantities and the cartel is sufficiently small, a Stackelberg leader cartel can always be sustained if firms are patient enough. Furthermore, in this case collusion is more easily sustained than when firms play grim trigger strategies. The opposite result is obtained in a price-setting supergame with differentiated products. Journal: Economic Research-Ekonomska Istraživanja Pages: 89-98 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517458 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517458 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:89-98 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517459_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vojislav Marjanović Author-X-Name-First: Vojislav Author-X-Name-Last: Marjanović Author-Name: Jelena Gavrilović Author-X-Name-First: Jelena Author-X-Name-Last: Gavrilović Author-Name: Nenad Stanić Author-X-Name-First: Nenad Author-X-Name-Last: Stanić Title: Us American Versus German Activity-Based Costing. Effects on Business Decisions Management in Theautomotive Industry Abstract: This paper seeks to describe the role that activity-oriented cost accounting systems, i.e. US American and German activity-based costing, play in the establishment of supply-chainnetworks in the modern automotive industry. These costaccounting systems are the subject of analysis for two reasons: they relatively successfully describe the causality principle between cost drivers and cost objects and represent two different approaches of cost calculation within the activity-oriented concept. Also, the paper attempts to show that the efficiency of these systems is contingent on the value chain activity to which the systems were applied. Although based on identical conceptual frameworks, these systems do not have the same cost allocation purposes in automotive industry. Journal: Economic Research-Ekonomska Istraživanja Pages: 99-111 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517459 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517459 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:99-111 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517460_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Selma Kadić Author-X-Name-First: Selma Author-X-Name-Last: Kadić Author-Name: Mirko Palić Author-X-Name-First: Mirko Author-X-Name-Last: Palić Author-Name: Mirko Čičić Author-X-Name-First: Mirko Author-X-Name-Last: Čičić Title: Improvement of Personal Sales Efficiency in Automotive Retailing Abstract: Sale has existed for centuries, but the principles behind it have changed over time. Contemporary theory emphasizes increase of customer productivity through strategic sales organization that converges with marketing in order to achieve greater strategic importance in the organization. This study uses a qualitative research method (in-depth interviews) with the aim of determining the relationship between sales and marketing, as well as learning about the perceptions of sales managers on the definition of sales strategy and atmosphere design as variables that affect sales efficiency in automotive retailing. Research results from Bosnia and Herzegovina and Croatia were compared and they indicate a lack of coordination between marketing and sales efforts/departments, and the inadequate use of atmospheric factors in both of the observed markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 112-125 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517460 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517460 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:112-125 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517461_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gianfranco Capodaglio Author-X-Name-First: Gianfranco Author-X-Name-Last: Capodaglio Author-Name: Matteo Santi Author-X-Name-First: Matteo Author-X-Name-Last: Santi Author-Name: Ivanoe Tozzi Author-X-Name-First: Ivanoe Author-X-Name-Last: Tozzi Title: The Introduction Of International Accounting Standards in the Italian Small and Medium Sized Entities Abstract: Considering the fact that the Italian government is ready to review both tax regulations and civil regulations governing financial statements, the paper try to summarize the considerations of Italian accounting science on introduction of International Accounting Standards in the national system. Accounting changes seen in recent years are significantly impacting the financial statements of the European companies: on one hand, listed companies are adopting International Accounting Standards, and on the other hand, SMEs are facing new regulations that are about to be reviewed by the Italian Government. Journal: Economic Research-Ekonomska Istraživanja Pages: 126-136 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517461 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:126-136 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517462_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Šaban Gračanin Author-X-Name-First: Šaban Author-X-Name-Last: Gračanin Author-Name: Edin Kalač Author-X-Name-First: Edin Author-X-Name-Last: Kalač Title: The Impact of Fair Value Accounting on the Crisis in Banking Sector of Eu and USA Abstract: Authors who criticize fair value accounting (FVA) claim that the use of fair value accounting as a measurement attribute had essential impact on the origin, spreading and strengthening of actual global financial crisis. Similar outlook towards the possible impact of fair value accounting on the stability of global financial system and real economy was previously expressed by the European Central Bank (ECB), in its notes and assumptions. In the light of above mentioned criticism, of great number of researches and ongoing debates over the FVA issue, in the center of the world accounting and financial community currently are requirements for a deep reform and even withdrawal of FVA standards. In this work we analyze the correctness of such statements and the impact of fair value accounting on the EU and USA banks financial results before and during the crisis. We will try to answer the questions - Whether the use of fair value accounting contributed to originating and strengthening of the current financial crisis? Would the market have reacted differently if the banks hadn’t shown financial losses during 2008? Should regulatory institutions still insist upon the use of fair value?The analysis is based on the secondary data. Sources of secondary data for this topic are surveys, organizational records and data collected through qualitative research in literature. Journal: Economic Research-Ekonomska Istraživanja Pages: 126-153 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517462 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517462 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:126-153 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517463_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tihomir Jovanovski Author-X-Name-First: Tihomir Author-X-Name-Last: Jovanovski Author-Name: Mehmed Muric Author-X-Name-First: Mehmed Author-X-Name-Last: Muric Title: The Phenomenon of Lag in Application of the Measures of Monetary Policy Abstract: This paper discusses the theoretical aspect of the phenomenon of lag in the application of the measures of monetary policy. Monetary and fiscal policy faces the phenomenon of lag. One of the controversial and pressing questions of monetary policy is the nature and length of lag between the application of the measures of monetary policy and the effects on macroeconomic aggregates. While the monetary strategy points to several possible reasons for the lag, there is no general agreement on the length of the lag. The study of the phenomenon of lag imposes two questions: what does the lag of the application of monetary processes and policy imply and why are the asset holders not capable of immediately adjusting their portfolios at the time of disbalance? There are two categories of lag known in economic literature: the inside lag (which encompasses the recognition of the problem and the implementation of measures) and the outside lag (which encompasses the reaction of macroeconomic aggregates to the applied measures of monetary policy). The paper descriptively notes the different identifications of time lag and provides schematic representations of the effects of the observed phenomenon. Journal: Economic Research-Ekonomska Istraživanja Pages: 154-163 Issue: 2 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517463 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517463 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:2:p:154-163 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517618_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Matea Matić Author-X-Name-First: Matea Author-X-Name-Last: Matić Title: The Impact of Demographic and Socio-Psychological Factors on Consumers Ethnocentric Tendencies in Croatia Abstract: The purpose of this paper is to determine the impact of demographic, socio-psychological factors and the intensity of ethnocentric tendencies among Croatian consumers that will lead to the conceptualization of consumers ethnocentric profile in Croatia. The research was conducted using the questionnaire method on a sample of 1000 respondents in Croatia. The resultswere processed using a multivariate statistic that is used for the factor and descriptive inferential statistical analysis. Statistics showed the causes of consumer ethnocentrism to be psychological,associated with the structure of consumer’s social environment which cannot develop in isolation but as part of a set of socio-psychological, economic,political and demographic influences. As a result, consumer’s ethnocentrism cannot be fully identified only assumed. Consumer’s ethnocentrism will depend on country, values, customs and behavioral patterns. The statistical analysis concluded regardless of gender the consumer who is expressing high ethnocentric tendencies would be older, less educated, with low income, highly religious and is dissatisfied with their life in Croatia. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-14 Issue: 3 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517618 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517618 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:3:p:1-14 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517619_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bogdan Dima Author-X-Name-First: Bogdan Author-X-Name-Last: Dima Author-Name: Stefana Dima (Cristea) Author-X-Name-First: Stefana Author-X-Name-Last: Dima (Cristea) Author-Name: Nicoleta Claudia Moldovan Author-X-Name-First: Nicoleta Author-X-Name-Last: Claudia Moldovan Author-Name: Marilen Gabriel Pirtead Author-X-Name-First: Marilen Author-X-Name-Last: Gabriel Pirtead Title: National Legislative Systems and Foreign Standards and Regulations: The Case of International Financialreporting Standards` Adoption Abstract: This study is focused on the linkages between the legislative families as descriptors of national legislative systems and International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). We consider such analysis as a case study for the more general issue of explaining the preferences of national regulators in the adoption of foreign norms, rules, standards and practices. By using a dataset of 162 jurisdictions and dummy variables designed to capture the current stage of IFRSs adoption and, respectively, the taxonomy of their legislative systems, we find that a full IFRSs adoption is more likely to occur in countries which have principles-based on legislative mono-systems. In addition, we observe that a strong rule of law, with an effective mechanism of property rights reinforcement, as well as the pre-adoption existence of a pro-growth set of public policies can contribute to the encouragement of IFRSs adoption. Journal: Economic Research-Ekonomska Istraživanja Pages: 15-30 Issue: 3 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517619 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517619 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:3:p:15-30 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517620_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Saša Popović Author-X-Name-First: Saša Author-X-Name-Last: Popović Author-Name: Ana Mugoša Author-X-Name-First: Ana Author-X-Name-Last: Mugoša Author-Name: Andrija Đurović Author-X-Name-First: Andrija Author-X-Name-Last: Đurović Title: Adaptive Markets Hypothesis: Empirical Evidence from Montenegro Equity Market Abstract: In this paper we examined adaptive markets hypothesis (AMH) using three factors we assumed that affect weak-form of market efficiency: observation period, time horizon represented by rolling window sizes and data aggregation level. We have analyzed market value weighted index MONEX20, which is proxy from Montenegro equity market, over 2004-2011 period. Rolling window analysis with fixed parameter in each window is employed to measure the persistence of deviations from a random walk hypothesis (RWH) over time. Actually, using rolling sample approach we checked whether short-range linear dependence is varying over time. This method was applied on the first order serial autocorrelation coefficients (AC1), as well as on runs test, since evidence on non-normality properties of MONEX20 suggests using non-parametric test. The evidence was found that all three factors impact degree of weak-form Montenegro equity market efficiency which has serious consequences on profit opportunities over time on this market. Journal: Economic Research-Ekonomska Istraživanja Pages: 31-46 Issue: 3 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517620 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517620 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:3:p:31-46 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517621_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zoran Ivanovski Author-X-Name-First: Zoran Author-X-Name-Last: Ivanovski Author-Name: Toni Draganov Stojanovskib Author-X-Name-First: Toni Author-X-Name-Last: Draganov Stojanovskib Author-Name: Nadica Ivanovska Author-X-Name-First: Nadica Author-X-Name-Last: Ivanovska Title: Interest Rate Risk of Bond Prices on Macedonian Stock Exchange - Empirical Test of the Duration, Modified Duration and Convexity and Bonds Valuation Abstract: This article presents a valuation of Treasury Bonds (T-Bonds) on the Macedonian Stock Exchange (MSE) and an empirical test of duration, modified duration and convexity of the T-bonds at MSE in order to determine sensitivity of bonds prices on interest rate changes. The main goal of this study is to determine how standard valuation models fit in case of T-Bonds that are traded on MSE and to verify whether they offer reliable results compared with average bonds prices on MSE. We test the sensitivity of T-Bonds on MSE on interest rate changes and determine that duration and convexity jointly are a more accurate measure as approximation of bond prices changes than duration only. Our final conclusion is that T-Bonds traded at MSE are not sensitive on interest rate changes due to institutional investors’ permanent higher demand, while at the same time the market has a limited offer of risk-free instruments. Journal: Economic Research-Ekonomska Istraživanja Pages: 47-62 Issue: 3 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517621 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517621 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:3:p:47-62 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517622_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zoran Aralica Author-X-Name-First: Zoran Author-X-Name-Last: Aralica Author-Name: Valerija Botrić Author-X-Name-First: Valerija Author-X-Name-Last: Botrić Title: Ievaluation of Research and Development Tax Incentives Scheme in Croatia Abstract: According to the European Innovation Scoreboard metrics Croatia belongs to the group of moderate innovators, i.e. a country with below average innovation performance in comparison to the EU average in the period 2009-2010. Government subsidies are frequently introduced to improve countries’ innovation performance. Whether existing R&D tax scheme in Croatia produces expected results is the key research question analyzed in the paper. Based on the microeconometric analysis of individual firms’ data, we confirm positive effect of the subsidies on expenditures in research and development as well as on product innovation. However, the significant effect on process innovation is not found. Journal: Economic Research-Ekonomska Istraživanja Pages: 63-80 Issue: 3 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517622 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517622 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:3:p:63-80 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517623_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fatih Ecer Author-X-Name-First: Fatih Author-X-Name-Last: Ecer Title: Comparing the Bank Failure Prediction Performance of Neural Networks and Support Vector Machines: The Turkish Case Abstract: Experience from the banking crises during the past two decades suggest that advanced prediction models are needed for helping prevent bank failures. This paper compares the ability of artificial neural networks and support vector machines in predicting bank failures. Although artificial neural networks have widely been applied complex problems in business, the literature utilizing support vector machines is relatively narrow and their capability for predicting bank failures is not very familiar. In this paper, these two intelligent techniques are applied to a dataset of Turkish commercial banks. Empirical findings show that although the prediction performance of the two models can be considered as satisfactory, neural networks show slightly better predictive ability than support vector machines. In addition, different types of error from each model also indicate that neural network models are better predictors. Journal: Economic Research-Ekonomska Istraživanja Pages: 81-98 Issue: 3 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517623 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517623 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:3:p:81-98 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517624_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mustafa Okur Author-X-Name-First: Mustafa Author-X-Name-Last: Okur Author-Name: Emrah Cevik Author-X-Name-First: Emrah Author-X-Name-Last: Cevik Title: Testing Intraday Volatility Spillovers in Turkish Capital Markets: Evidence from Ise Abstract: The aim of this article is to examine the presence of volatility transmission between futures index and underlying stock index by using intraday data in Turkey. We first examined the sudden changes in the variance of futures index return and the underlying spot index return. Then we employed the causality in the variance tests proposed by Hong (2001) and Hafner and Herwartz (2006). According to the empirical results, the spot market was found to be Granger cause of futures market and this result suggests that the spot market plays a more dominant role in the price discovery process in Turkey. Journal: Economic Research-Ekonomska Istraživanja Pages: 99-116 Issue: 3 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517624 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517624 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:3:p:99-116 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517625_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bora Aktan Author-X-Name-First: Bora Author-X-Name-Last: Aktan Author-Name: Sok-Gee Chan Author-X-Name-First: Sok-Gee Author-X-Name-Last: Chan Author-Name: Sasa Žiković Author-X-Name-First: Sasa Author-X-Name-Last: Žiković Author-Name: Pinar Evrim-Mandaci Author-X-Name-First: Pinar Author-X-Name-Last: Evrim-Mandaci Title: Off-Balance Sheet Activities Impact on Commercial Banks Performance: An Emerging Market Perspective Abstract: This paper examines the effect of off-balance sheet (OBS) activities on performance of the banks listed on Istanbul Stock Exchange (ISE). We use four measures of performance including bank’s risk exposures, profitability, leverage, and liquidity position. We find that both bank-specific risk and foreign exchange rate risk are positively related with OBS activities. This indicates that OBS activities increase bank-specific and foreign exchange risk exposures of the banks in Turkey. The positive relationship might serve as a warning to bank’s speculative action using OBS transactions in the market. The results also indicate that OBS activities, due to its hedging perception, improve bank’s stock returns but have a negative impact on return on equity. In addition, OBS activities do not have a statistically significant impact on leverage or liquidity. Journal: Economic Research-Ekonomska Istraživanja Pages: 117-132 Issue: 3 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517625 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517625 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:3:p:117-132 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517626_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gökgöz Fazil Author-X-Name-First: Gökgöz Author-X-Name-Last: Fazil Author-Name: Altintaş İpek Author-X-Name-First: Altintaş Author-X-Name-Last: İpek Title: Does Idiosyncratic Volatility Matter in the Emerging Markets? Istanbul Stock Exchange Evidence Abstract: In finance literature, Capital Asset Pricing Model predict only systematic risk is priced in equilibrium and neglect firm specific (idiosyncratic) risk which can be eliminated by diversification. However in real world investors, who are disable to diversify their portfolios, should take into consideration idiosyncratic risk beside of systematic risk in prediction of expected return. In this article, we examine real market conditions in Istanbul Stock Exchange (ISE), an emerging market stock exchange, over the period 2007:01 to 2010:12 by studying market wide and idiosyncratic volatility following the methodology of Campbell et al.(2001). Our findings suggest that, in 2007-2010 period, idiosyncratic volatility is the biggest component of total volatility and shows no trend in this period. Beside that our analyses about the predictive ability of various measures of idiosyncratic risk provide evidence that idiosyncratic volatility is not a significant predictor for future return. Journal: Economic Research-Ekonomska Istraživanja Pages: 133-150 Issue: 3 Volume: 26 Year: 2013 Month: 1 X-DOI: 10.1080/1331677X.2013.11517626 File-URL: http://hdl.handle.net/10.1080/1331677X.2013.11517626 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:26:y:2013:i:3:p:133-150 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1546123_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dianshuang Wang Author-X-Name-First: Dianshuang Author-X-Name-Last: Wang Title: International labour movement, public intermediate input and wage inequality: a dynamic approach Abstract: This article incorporates the public intermediate input in a dynamic model with two final private sectors and a public sector and investigates impacts of an inflow of skilled and unskilled labour on wage inequality. The public intermediate input can be accumulated and its accumulated stock serves as a public input for private production. From the analysis, in the steady state equilibrium, an increase in the skilled and unskilled labour endowment raise the stock of public intermediate input. Also, an inflow of skilled labour reduces the wage of skilled labour and raises the wage of unskilled labour, and an inflow of unskilled labour increases both the wages of skilled and unskilled labour. Concerning their impacts on the wage inequality, an inflow of skilled labour decreases the wage inequality, while the result of an inflow of unskilled labour on wage inequality is ambiguous. If the production elasticity of the public intermediate input stock in the skill-using sector is small enough, an inflow of unskilled labour narrows down wage inequality. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-16 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1546123 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1546123 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1545594_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tina Bratkovič Kregar Author-X-Name-First: Tina Author-X-Name-Last: Bratkovič Kregar Author-Name: Boštjan Antončič Author-X-Name-First: Boštjan Author-X-Name-Last: Antončič Author-Name: Mitja Ruzzier Author-X-Name-First: Mitja Author-X-Name-Last: Ruzzier Title: Linking a multidimensional construct of networking self-efficacy to firm growth Abstract: The purpose of the study is to develop a multidimensional construct of networking self-efficacy, empirically test its multidimensionality, and analyse its relationship to firm growth. The empirical study is based on data collected through a structured questionnaire that was emailed to entrepreneurs from small- and medium-sized firms in Slovenia. The developed scale was examined for convergent and discriminant validity with exploratory and confirmatory factor analyses. The predictive validity of the scale was measured by linking networking self-efficacy to firm growth. The results confirmed a three-dimensional structure of the networking self-efficacy construct and a positive relationship between networking self-efficacy and firm growth. The results of the study show that a stronger sense of networking self-efficacy can actually result in greater network support and consequently also better firm growth. Thus, entrepreneurs should be confident in their abilities to obtain and efficiently use resources acquired through their personal networks in order to exploit all the benefits of their social networks. Journal: Economic Research-Ekonomska Istraživanja Pages: 17-32 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1545594 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1545594 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:17-32 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1545596_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Milivoje Davidovic Author-X-Name-First: Milivoje Author-X-Name-Last: Davidovic Author-Name: Ozren Uzelac Author-X-Name-First: Ozren Author-X-Name-Last: Uzelac Author-Name: Vera Zelenovic Author-X-Name-First: Vera Author-X-Name-Last: Zelenovic Title: Efficiency dynamics of the Croatian banking industry: DEA investigation Abstract: The paper deals with the efficiency dynamics of the Croatian banking industry, covering the period from 2006 to 2015. We have implemented the intermediation approach, using interest and non-interest expenses and revenues as the input and output variables, respectively. The variable return to scale (BCC) Data Envelopment Analysis (DEA) output-oriented model has been implemented, and we have estimated the crisis-driven efficiency trends, as well as the impact of the EU membership. We further estimated the efficiency effects of the relative market power/size, ownership structure, and origin of capital. The global crisis had detrimental effects since the overall efficiency score dropped by about 3%. On the contrary, Croatian banks have largely benefited from the EU membership, and the efficiency score after the EU association increased by about 45%. The market leaders are more efficient than the competitive fringe, which is in line with the efficiency structure hypothesis. In addition, the biggest banks are the most efficient ones, meaning that the scale efficiency hypothesis has also been upheld. Contrary to the agency theory hypothesis, state-owned banks are permanently more efficient than private banks. Finally, the results support the home-field advantage hypothesis exclusively for the pre-crisis period (2006–2009). Journal: Economic Research-Ekonomska Istraživanja Pages: 33-49 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1545596 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1545596 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:33-49 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1550004_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Oana Simona Hudea Author-X-Name-First: Oana Simona Author-X-Name-Last: Hudea Title: The Romanian versus Eurozone economy via a DSGE model Abstract: The present paper has as main purpose to reveal, in a new-Keynesian manner, the evolution of the Romanian economy, as compared to that of the Eurozone, for a period of 14.5 years, since 2000 to 2014. The analysis is based on dynamic modelling, considering price and wage stickiness, as well as the manifestation of 20 structural shocks acting on and altering the model variables, all captured in the context of the general equilibrium of markets. The estimation of parameters and the standard deviation of shocks, achieved by resorting to the Bayesian approach, via the use of the Metropolis-Hastings algorithm, a Markov Chain Monte Carlo instrument, was rendered and construed accordingly, revealing compatibility not only with other authors’ results, but also with the economic reality of the time. Journal: Economic Research-Ekonomska Istraživanja Pages: 50-65 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1550004 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1550004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:50-65 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1547202_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: David Servera-Francés Author-X-Name-First: David Author-X-Name-Last: Servera-Francés Author-Name: Lidia Piqueras-Tomás Author-X-Name-First: Lidia Author-X-Name-Last: Piqueras-Tomás Title: The effects of corporate social responsibility on consumer loyalty through consumer perceived value Abstract: This study analyses how consumers perceive the corporate social responsibility (CSR) actions carried out by retailing firms. Specifically, our study empirically demonstrates that investment in CSR policies increases consumer value, satisfaction and loyalty to the company. To achieve this, we propose and test a model of causal relationships. The model was tested with a sample of 408 Spanish supermarket and hypermarket consumers. Methodologically, a variance-based method to estimate the structural model – PLS path modelling – has been chosen. The results show that CSR policies increase consumers’ perceived value towards the company as well as trust, commitment, satisfaction and loyalty. The originality and value of this paper is the study of consumer-oriented CSR as a variable that allows competitive differentiation of the company, by improving the relationship with the consumers and the generation of perceived value. Although CSR and consumer value have become attractive research topics in the business literature, their interrelationships are not well understood. In this study, we analyse a real sample of consumers, which allows us a more accurate approximation of the real consumer perception of CSR. Journal: Economic Research-Ekonomska Istraživanja Pages: 66-84 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1547202 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1547202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:66-84 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1545595_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eunil Park Author-X-Name-First: Eunil Author-X-Name-Last: Park Author-Name: Jang Seob Oh Author-X-Name-First: Jang Seob Author-X-Name-Last: Oh Author-Name: Yongwoo Cho Author-X-Name-First: Yongwoo Author-X-Name-Last: Cho Author-Name: Sang Jib Kwon Author-X-Name-First: Sang Jib Author-X-Name-Last: Kwon Title: Effects of initial public offerings on economic performance of small and medium-sized enterprises Abstract: This study investigates the effects of the initial public offerings (I.P.O.s) of small and medium-sized enterprises (S.M.E.s) and their efforts to cooperate with large conglomerates on S.M.E.s’ economic performance and job creation. This study conducted a series of analyses of variance with a 2 × 2 between-subject design (I.P.O.s and cooperation with large conglomerates) and multiple regression analyses for credit ratings using 4419 and 3919 samples, respectively, of S.M.E.s from the Korea Innovation Survey. The results showed that I.P.O.s and cooperation with large conglomerates are positively associated with S.M.E.s’ job creation as well as multiple economic outcomes. Moreover, several scholars have argued that more accurate credit rating criteria should be proposed to evaluate the potential values of S.M.E.s because the current criteria mainly focus on their short-term financial and economic performance. Based on the results of the multiple regression analyses, this study found that I.P.O.s have a negative effect on S.M.E.s’ credit ratings, whereas cooperation with large conglomerates and job creation have no effect and the growth rates of net income and current assets have a positive effect. Journal: Economic Research-Ekonomska Istraživanja Pages: 85-100 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1545595 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1545595 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:85-100 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1550003_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Goran Buturac Author-X-Name-First: Goran Author-X-Name-Last: Buturac Author-Name: Davor Mikulić Author-X-Name-First: Davor Author-X-Name-Last: Mikulić Author-Name: Petra Palić Author-X-Name-First: Petra Author-X-Name-Last: Palić Title: Sources of export growth and development of manufacturing industry: empirical evidence from Croatia Abstract: The article quantifies the sources of manufacturing export growth in Croatia. The research objectives are achieved by applying the constant market share method (C.M.S.) and input–output model. While the C.M.S. method quantifies the factors which explain trends in manufacturing exports, the input–output method quantifies the impacts of manufacturing exports on other domestic sectors. The obtained results show that after the E.U. accession export performance of the Croatian manufacturing industry have substantially improved. The results indicate that a gain in competitiveness in the Croatian manufacturing industry was the most important factor which determined the increasing share of national companies in a period from 2013 to 2015. Besides the manufacturing industry, export growth indirectly contributes to better performance of all domestic producers included in the value added chain of exporters. Indirect effects are the most pronounced for agriculture, trade, transport and business services. Journal: Economic Research-Ekonomska Istraživanja Pages: 101-127 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1550003 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1550003 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:101-127 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1552174_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Afsin Sahin Author-X-Name-First: Afsin Author-X-Name-Last: Sahin Author-Name: M. Hakan Berument Author-X-Name-First: M. Hakan Author-X-Name-Last: Berument Title: Asymmetric effects of central bank funding on commercial banking sector behaviour Abstract: In this paper, we assess the effects of Central Bank Funding (C.B.F.) on commercial bank lending behaviour by using weekly Turkish data from 7 January 2011 to 5 June 2015. To be specific, using the Nonlinear Autoregressive Distributed Lag Error Correction Model, we assess the effects of C.B.F. provided daily by the Central Bank of the Republic of Turkey through Open Market Operations to financial markets. Our empirical evidence reveals that for all types of lending, an increase in C.B.F. (which has a higher cost for commercial banks relative to alternatives) forces commercial banks to borrow from higher-cost channels, i.e., we find that increasing C.B.F. discourages commercial bank lending. We also find that decreases in C.B.F. that proxy what commercial banks can borrow more cheaply from alternative sources increase commercial bank lending. However, increasing C.B.F. is more effective than decreasing C.B.F. for Total Bank Loans, Total Credit Cards and Automobile Loans, and decreasing C.B.F. is more effective in the short run for Consumption Loans, Housing Loans and Commercial Loans: short-run asymmetry. Therefore, we can report only limited support for long-run asymmetry, and consequently, claim that there is magnitude (an increase versus decrease in C.B.F.) and category asymmetry (across different lending categories). Journal: Economic Research-Ekonomska Istraživanja Pages: 128-147 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1552174 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1552174 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:128-147 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1552175_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eva Gatarik Author-X-Name-First: Eva Author-X-Name-Last: Gatarik Title: The value of knowledge sharing in decision-making and organisational development: a model-theoretic systemic analysis of an intervention in an Austrian S.M.E. Abstract: This paper addresses the question of how to cultivate organisational development to support organisations towards a sustainable future. Seeking to identify, systematise and elucidate the process of redevelopment in an Austrian small/medium enterprise by means of Language-Information-Reality, a multidimensional system of semantics, it is argued that sustainable organisational development can be explained by the enactment and management of four well-selected knowledge components: expertise, competence and capabilities in their operational influence upon organisational action, as well as explanatory meta-theoretical reflection. This paper contributes to the theory on organisational development by demonstrating the value of knowledge sharing by individual employees from different domains of expertise, and acknowledges the research leading to the paradigm of sense-making in organisations. Journal: Economic Research-Ekonomska Istraživanja Pages: 148-167 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1552175 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1552175 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:148-167 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1552176_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Viktor Vojtko Author-X-Name-First: Viktor Author-X-Name-Last: Vojtko Author-Name: Ladislav Rolínek Author-X-Name-First: Ladislav Author-X-Name-Last: Rolínek Author-Name: Miroslav Plevný Author-X-Name-First: Miroslav Author-X-Name-Last: Plevný Title: System dynamics model of crises in small and medium enterprises Abstract: The article aims to improve existing theories of business development and crisis management with a special emphasis on inner dynamics of crises in small and medium enterprises (S.M.E.s). For these purposes, combined perspectives of system dynamics, company life cycles, crisis management, resilience and business continuity management in S.M.E.s have been used. Based on data of about 554 crises from 183 companies collected in the Czech Republic, the most common crises types and their combinations have been identified using association rules mining method. Then, a simulation system dynamics model synthesizing the main findings and allowing scenario analysis to explain and avoid some of the crises in S.M.E.s has been developed for a case study of manufacturing company. Such a simulation model enriches the present knowledge and explains complex dynamics of crises in S.M.E.s in a novel way. When properly calibrated, this model could be used as a supporting tool for decision-making in manufacturing S.M.E.s. Journal: Economic Research-Ekonomska Istraživanja Pages: 168-186 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1552176 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1552176 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:168-186 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1550001_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Saqib Gulzar Author-X-Name-First: Saqib Author-X-Name-Last: Gulzar Author-Name: Ghulam Mujtaba Kayani Author-X-Name-First: Ghulam Author-X-Name-Last: Mujtaba Kayani Author-Name: Hui Xiaofeng Author-X-Name-First: Hui Author-X-Name-Last: Xiaofeng Author-Name: Usman Ayub Author-X-Name-First: Usman Author-X-Name-Last: Ayub Author-Name: Amir Rafique Author-X-Name-First: Amir Author-X-Name-Last: Rafique Title: Financial cointegration and spillover effect of global financial crisis: a study of emerging Asian financial markets Abstract: This paper examines the financial cointegration and spillover effect of the global financial crisis to emerging Asian financial markets (India, China, Pakistan, Malaysia, Russia and Korea). The analysis used daily stock returns, divided into three time periods: pre-, during and post-crisis from 1 July 2005 to 30 June 2015. We applied the Johansen and Juselius cointegration test, the vector error correction model (V.E.C.M.) and the G.A.R.C.H.-B.E.K.K. model for an examination of integration and conditional volatility. We find long-term cointegration between the U.S. market and emerging stock markets, and the level of cointegration increased after the crisis period. The V.E.C.M. and impulse response function reveal that a shock in the U.S. financial market has a short-term impact on the returns of emerging financial markets. Past shocks and volatility have more effect on the selected stock markets during all time periods. The Korea Composite Stock Price Index and the Bombay stock exchange (B.S.E.) are the only stock markets that have cross-market news and volatility spillover effects during the crisis period. After the crisis period, news effects are positive on the B.S.E. and the Russian Trading System and have a negative effecton the Kuala Lumpur Stock Exchange and the Shanghai Stock Exchange. Journal: Economic Research-Ekonomska Istraživanja Pages: 187-218 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1550001 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1550001 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:187-218 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1543054_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jagannath Roy Author-X-Name-First: Jagannath Author-X-Name-Last: Roy Author-Name: Haresh Kumar Sharma Author-X-Name-First: Haresh Kumar Author-X-Name-Last: Sharma Author-Name: Samarjit Kar Author-X-Name-First: Samarjit Author-X-Name-Last: Kar Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Jonas Saparauskas Author-X-Name-First: Jonas Author-X-Name-Last: Saparauskas Title: An extended COPRAS model for multi-criteria decision-making problems and its application in web-based hotel evaluation and selection Abstract: Facilitation of suitable accommodation for different travellers is the prime concern of travel agencies. Travel agencies must keep themselves competitive and sustain a good pace of growth to continue raising profits by attracting and retaining as many tourists as possible through meeting their various prospective needs. To achieve this, the agencies must prepare well-organised data for hotels and destinations from a quality control perspective. Initially, the hotels are ranked and evaluated according to performance across several criteria from the tourists’ viewpoint. The relative importance of each criterion is mainly subjective and depends on the assessor’s judgement. Additionally, hotels’ rankings vary across different websites, resulting in inconsistencies. To handle such inconsistencies and subjectivity, this paper presents a collective decision-making evaluation framework by integrating a weighted interval rough number (WIRN) method and a WIRN-based complex proportional assessment (COPRAS) model to evaluate and rank hotels. An empirical example and a real-world case study from the Indian tourism industry are presented to validate the applicability of the proposed framework. Finally, a comparison and sensitivity analysis are performed to examine the validity and robustness of the proposed model. Journal: Economic Research-Ekonomska Istraživanja Pages: 219-253 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1543054 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1543054 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:219-253 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1556108_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bilal Bin Saeed Author-X-Name-First: Bilal Author-X-Name-Last: Bin Saeed Author-Name: Bilal Afsar Author-X-Name-First: Bilal Author-X-Name-Last: Afsar Author-Name: Asad Shahjehan Author-X-Name-First: Asad Author-X-Name-Last: Shahjehan Author-Name: Syed Imad Shah Author-X-Name-First: Syed Author-X-Name-Last: Imad Shah Title: Does transformational leadership foster innovative work behavior? The roles of psychological empowerment, intrinsic motivation, and creative process engagement Abstract: This study examines how transformational leadership relates to employee’s innovative work behavior through intrinsic motivation, psychological empowerment, and creative process engagement. On the basis of an interactional approach, this study hypothesized that (a) there is an interaction between transformational leadership, intrinsic motivation, and psychological empowerment, such that transformational leadership has the strongest positive relationship with innovative work behavior when employees have high levels of intrinsic motivation and psychological empowerment; and (b) creative process engagement mediates the effect that this three-way interaction between transformational leadership, intrinsic motivation, and psychological empowerment has on innovative work behavior. In Study 1, we used a time-lagged research design, collecting multi-source data from 347 software engineers and their respective supervisors, working in IT companies in China. The results of Study 1 supported our hypotheses. In Study 2, we used a more temporally rigorous research design in which data were collected in three stages, with a six-month time interval separating Stages 1 and 2, and Stages 2 and 3. On the basis of the time-lagged and multi-source data from 393 software engineers and their respective supervisors, from IT companies in Pakistan, we found that Study 2 produced the same results as Study 1. Journal: Economic Research-Ekonomska Istraživanja Pages: 254-281 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1556108 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1556108 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:254-281 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1553681_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dawid Szutowski Author-X-Name-First: Dawid Author-X-Name-Last: Szutowski Author-Name: Aleksandra Szulczewska-Remi Author-X-Name-First: Aleksandra Author-X-Name-Last: Szulczewska-Remi Author-Name: Piotr Ratajczak Author-X-Name-First: Piotr Author-X-Name-Last: Ratajczak Title: Managing innovation processes in industrial sector. Qualitative study Abstract: The aim of this paper was to confirm the conceptual representation of innovation process by raising two interrelated questions: what is the impact of interactions on company innovation performance, and what is the relation between the design of innovation processes and company innovation performance? The aim was achieved through in-depth literature studies using the Salsa method and empirical study relying on the semi-structured interviews carried out with 24 respondents from Central and Eastern European companies. The paper presents a six-stage innovation process and the link between the design of the process, interactions within the process and innovation performance. The research suggested that designing the process to assure pre-preparation, reproducibility, information sharing, control together with managing outcome, resource interactions, external cooperation are essential from the innovation performance viewpoint. In most of the studied companies active innovation managing process was noted. The interviewees pointed out routines, formalised procedures, information sharing, transparency, reproducibility, and traceability as the key elements of improved innovation performance. Also, the role of resources interactions, benefit interactions and outcome interactions appearing at different stages of innovation process was discussed. The paper attempts to fulfil the research gap concerning the role of interactions and design of innovation process in increasing its efficiency. Journal: Economic Research-Ekonomska Istraživanja Pages: 282-300 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1553681 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1553681 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:282-300 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1556110_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bolesław Kołodziejczyk Author-X-Name-First: Bolesław Author-X-Name-Last: Kołodziejczyk Author-Name: Paweł Mielcarz Author-X-Name-First: Paweł Author-X-Name-Last: Mielcarz Author-Name: Dmytro Osiichuk Author-X-Name-First: Dmytro Author-X-Name-Last: Osiichuk Title: The concept of the real estate portfolio matrix and its application for structural analysis of the Polish commercial real estate market Abstract: This paper presents an innovative model for property portfolio assessment based on the concept of a growth-share matrix. The proposed real estate portfolio matrix uses two primary qualities of properties: their potential to accrue value over the holding period and their ability to generate stable positive cash flows. The aim of the model is to utilise these two dimensions in the assessment of the qualities of individual properties and to identify their subsets to meet preferences of different groups of real estate investors. The concept was developed to provide companies with strategic advice on how to optimise the sales strategy of their non-core property assets. This method can be applied successfully to both commercial and residential properties. The concept is subsequently utilised for the purpose of post-hoc structural analysis of the Polish commercial real estate market. Transaction analysis accentuates the prevalence of core assets in terms of both transaction volume and value. Value-added assets constitute a much smaller market segment but may nevertheless present a good opportunity for portfolio diversification. Speculative assets appear to be scarce, which is characteristic of the current phase of real estate market conjuncture. Journal: Economic Research-Ekonomska Istraživanja Pages: 301-320 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1556110 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1556110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:301-320 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1547203_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Enrique Bernal Jurado Author-X-Name-First: Enrique Author-X-Name-Last: Bernal Jurado Author-Name: Domingo Fernández Uclés Author-X-Name-First: Domingo Author-X-Name-Last: Fernández Uclés Author-Name: Adoración Mozas Moral Author-X-Name-First: Adoración Author-X-Name-Last: Mozas Moral Author-Name: Miguel Jesús Medina Viruel Author-X-Name-First: Miguel Jesús Author-X-Name-Last: Medina Viruel Title: Agri-food companies in the social media: a comparison of organic and non-organic firms Abstract: Organic agri-food products in Spain face major commercial problems in the home market as a result of consumers’ lack of information about this type of product and difficulties in accessing it, and the considerable price differential between organic products and their conventional equivalents. This study proposes that consideration should be given to social media as a factor for mitigating these commercial problems and improving the competitiveness of organic food companies. Specifically, the aim of this research was to examine the social media penetration and activity of olive oil sector companies and ascertain whether organic and non-organic operators present differences in this respect. To this end, a checklist was used to analyse the social media activity of 663 olive oil companies in total, comprising both organic and non-organic producers. The results reveal statistically significant differences in social media penetration and use by organic and non-organic operators, with the former being more active in these networks. Nevertheless, the social media efforts of organic operators are less effective, owing to the limited demand for their products. Journal: Economic Research-Ekonomska Istraživanja Pages: 321-334 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1547203 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1547203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:321-334 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1547204_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: C. Devece Author-X-Name-First: C. Author-X-Name-Last: Devece Author-Name: D. Palacios Author-X-Name-First: D. Author-X-Name-Last: Palacios Author-Name: B. Ribeiro-Navarrete Author-X-Name-First: B. Author-X-Name-Last: Ribeiro-Navarrete Title: The effectiveness of crowdsourcing in knowledge-based industries: the moderating role of transformational leadership and organisational learning Abstract: Crowdsourcing provides an opportunity for SMEs to exploit collective knowledge that is located outside the organisation. Crowdsourcing allows organisations to keep pace with a fast-changing environment by solving business problems, supporting R&D activities, and fostering innovation cheaply, flexibly, and dynamically. Nevertheless, managing crowdsourcing is difficult, and positive outcomes are not guaranteed. Drawing on the Resource-based View, we study transformational leadership and organisational learning capability as complementary assets to help SMEs deploy crowdsourcing. An empirical study of Spanish telecommunications and biotechnology companies confirmed the moderating effect of organisational learning on the relationship between crowdsourcing and organisational performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 335-351 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1547204 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1547204 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:335-351 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1553683_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Josep Crespo-Hervás Author-X-Name-First: Josep Author-X-Name-Last: Crespo-Hervás Author-Name: Ferran Calabuig-Moreno Author-X-Name-First: Ferran Author-X-Name-Last: Calabuig-Moreno Author-Name: Vicente Prado-Gascó Author-X-Name-First: Vicente Author-X-Name-Last: Prado-Gascó Author-Name: Vicente Añó-Sanz Author-X-Name-First: Vicente Author-X-Name-Last: Añó-Sanz Author-Name: Juan Núñez-Pomar Author-X-Name-First: Juan Author-X-Name-Last: Núñez-Pomar Title: The role of passion in the quality-value-satisfaction-intentions chain: linear models and the QCA approach for athletes Abstract: The aim of this research is to determine the role of passion on future intentions, perceived value, and athletes’ satisfaction in relation to participatory sport events by combining two methodological approaches: linear models and qualitative comparative analysis (QCA). A sample of participatory sporting event athletes (n = 302) was analysed. The results suggest that there is a direct effect of harmonic passion (HP) on future intentions (FI), value (PV) and satisfaction (AS) and a direct effect of obsessive passion (OP) on satisfaction. Considering the indirect effects, both interactions were significant for the effect of perceived quality (PQ) and perceived value on satisfaction. In addition, there also seems to be a moderating effect of harmonic passion on the relationship of service quality and perceived value on future intentions. Studying the necessary conditions test, none of the conditions seem to be a necessary condition of future intentions. On the other hand, considering sufficient analysis, three sufficiency condition combinations (AS; PV*SQ; ∼OP*HP*PV) explain 87% of FI. The findings contribute to the prediction of the sport consumer decision-making process and to the understanding of how certain intrinsic variables of customers (passion) relate to service evaluations and can affect consumer assessments of overall perception of the sporting event performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 352-369 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1553683 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1553683 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:352-369 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1561319_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Radosław Kurach Author-X-Name-First: Radosław Author-X-Name-Last: Kurach Title: Do they beat the market in the new regulatory environment – the case of Polish pension funds Abstract: In this study, we attempt to verify if the funds constituting the (quasi)mandatory capital pillar of the Polish pension system outperformed the market in the 2014–2016 period. This research objective was raised a few times in the past, but nowadays it gains a new context. In our research the sample starts at the moment when a set of regulations was implemented to facilitate competition among funds, which should further translate into improved portfolio results. Analysing the monthly data, we employ the Performance Change Measurement approach of Grinblatt and Titman (1993) to address the question of the investment outcomes. Despite the fact that the relatively short period is verified, we do not find any convincing proof of the superior portfolio performance under the new regulatory framework. Consequently, we argue that further changes should be oriented toward fund fee reduction rather than motivating managers to greater analytical effort. Journal: Economic Research-Ekonomska Istraživanja Pages: 370-383 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1561319 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1561319 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:370-383 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1523739_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tonći Svilokos Author-X-Name-First: Tonći Author-X-Name-Last: Svilokos Author-Name: Perica Vojinić Author-X-Name-First: Perica Author-X-Name-Last: Vojinić Author-Name: Meri Šuman Tolić Author-X-Name-First: Meri Author-X-Name-Last: Šuman Tolić Title: The role of the financial sector in the process of industrialisation in Central and Eastern European countries Abstract: Increasing numbers of economists and policymakers consider that reindustrialisation is a key factor in enhancing economic growth and a better standard of living in post-crisis Europe. Therefore, a new European Union industrial policy focuses on increasing manufacturing share in gross domestic product (G.D.P.). The assumption of recently developed theoretical models states that development of the financial sector is essential for economic growth and therefore for the growth of the manufacturing industry. The aim of this research is to examine the importance of the financial conditions in the process of industrialisation in Central and Eastern European countries. The results of a macro panel model that examines which factors influence the manufacturing value added as a percentage of G.D.P. suggest that the role of the financial sector is very important for the level of industrialisation in the analysed countries. The research is based on data collected from the World Development Indicators database published by the World Bank for the period from 2005 to 2015. Journal: Economic Research-Ekonomska Istraživanja Pages: 384-402 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1523739 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1523739 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:384-402 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1545593_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Adam Zaremba Author-X-Name-First: Adam Author-X-Name-Last: Zaremba Author-Name: Jerzy Nikorowski Author-X-Name-First: Jerzy Author-X-Name-Last: Nikorowski Title: Trading costs, short sale constraints, and the performance of stock market anomalies in Emerging Europe Abstract: The study has investigated the impact of trading costs and short-sale constraints on the performance of 70 stock market anomalies in Emerging Europe. While over 30 of the replicated strategies – mostly related to value, momentum, technical analysis, profitability, and issuance effects – delivered significant abnormal returns, the impact of trading costs and short-sale constraints proved truly lethal to most strategies. Once we accounted for commissions, bid-ask spreads, company size, weighting method, and short-sale unavailability, only a handful of anomalies remain significantly profitable. Our research relied on sorting procedures and cross-sectional tests applied to a sample of over 1,800 stocks from the Czech Republic, Hungary, Poland, Russia and Turkey in the years 2000 to 2015. Journal: Economic Research-Ekonomska Istraživanja Pages: 403-422 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1545593 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1545593 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:403-422 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1550002_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Iskra Sokolovska Author-X-Name-First: Iskra Author-X-Name-Last: Sokolovska Author-Name: Aleksandar Kešeljević Author-X-Name-First: Aleksandar Author-X-Name-Last: Kešeljević Title: Does sustainability pay off? A multi-factor analysis on regional DJSI and renewable stock indices Abstract: The private sector arguably plays a greater role in sustainability transitions through private investment. The authors apply the four- and five-factor Fama-French models to the Dow Jones Sustainability Index (DJSI) and a range of renewable energy indices to evaluate the financial attractiveness of sustainability in general, relative to alternative investments. They find both overperformance and underperformance in the regional DJSIs over the period 2006–2016. In contrast, renewable energy indices have high betas and negative alphas, which makes them financially unattractive. These results imply the need for public support in sustainability transitions, as high risk and low return deter private investment. Journal: Economic Research-Ekonomska Istraživanja Pages: 423-439 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1550002 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1550002 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:423-439 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1551147_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Ather Ashraf Author-X-Name-First: Muhammad Author-X-Name-Last: Ather Ashraf Author-Name: Omar Masood Author-X-Name-First: Omar Author-X-Name-Last: Masood Author-Name: Manuela Tvaronavičienė Author-X-Name-First: Manuela Author-X-Name-Last: Tvaronavičienė Author-Name: Bora Aktan Author-X-Name-First: Bora Author-X-Name-Last: Aktan Author-Name: Kristina Garškaitė-Milvydienė Author-X-Name-First: Kristina Author-X-Name-Last: Garškaitė-Milvydienė Author-Name: Natalja Lace Author-X-Name-First: Natalja Author-X-Name-Last: Lace Title: Factors affecting development patterns: econometric investigation of the Japan equity market Abstract: In this paper it is assumed that equity markets reflect the development of the overall economy of a country. Equity markets, among other factors, are considerably affected by factors such as inflation or deflation. Therefore, when inflationary or deflationary pressures appear, Central Banks try to manage those pressures in order to minimise their impact on the economy. In this paper, the case of Japan will be examined. Japan can be considered an example of a country which was under extended deflationary pressures for about three decades. In this study, the authors investigate different time frames for the Japan equity market. The research is based on Japan equity market (NIKKEI) returns. The authors aim to answer the question of whether the Japanese market complies with the Efficient Market Hypothesis (EMH) for different time frames, as well as test analytically if Japan’s stock market and economy have improved after the implementation of different attempts at Quantitative Easing (QEs), a Zero Interest Rate Policy (ZIRP) or a Negative Interest Rate Policy (NIRP) to curb deflationary impacts on the economy. The analysis and obtained results could be useful for risk and portfolio management, and could be extended to other markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 440-453 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1551147 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1551147 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:440-453 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1553682_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Li-Chen Chou Author-X-Name-First: Li-Chen Author-X-Name-Last: Chou Author-Name: Wan-Hao Zhang Author-X-Name-First: Wan-Hao Author-X-Name-Last: Zhang Author-Name: Shinn-Shyr Wang Author-X-Name-First: Shinn-Shyr Author-X-Name-Last: Wang Title: The determinants of a pornography actress’s career life Abstract: Statistics on Japanese adult video (A.V.) indicated that it is an industry that produces over 4500 videos every month and has recently provided 5.27 hundred million U.S. dollars a year. All related stories and sex toys promote the culture and trades of sex goods in Japan at home and abroad. They even affect the mass in sexual life, knowledge, chats as well as values in both good and bad ways. Nonetheless, almost no empirical analysis exists of this industry. This study investigates empirically the influences of debuting age, risky-sex movies and other related factors on the career life of Japanese A.V. actresses. By analysing data concerning the Japanese A.V. actresses whose careers commenced between 2002 and 2014, the authors found that the larger the cup size of an actress, the more likely she also serves as a model entertainer, and the longer she stays. On the contrary, an A.V. actress has to retire earlier or leave the industry because of a later starting age or the numbers of risky-sex movies she has produced. Journal: Economic Research-Ekonomska Istraživanja Pages: 454-472 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1553682 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1553682 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:454-472 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1555048_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aiyuan Tao Author-X-Name-First: Aiyuan Author-X-Name-Last: Tao Author-Name: Yingjun Zhu Author-X-Name-First: Yingjun Author-X-Name-Last: Zhu Author-Name: Xiangqing Zou Author-X-Name-First: Xiangqing Author-X-Name-Last: Zou Title: Efficiency comparison of unit and ad valorem taxation in mixed duopoly Abstract: In this paper, we consider the relative efficiency of unit taxation and ad valorem taxation in terms of welfare implications in different imperfectly competitive markets. Under the assumption that these two taxations can produce the same total output in equilibrium, which is also used by Anderson (2001), we show that ad valorem taxation is always welfare superior to unit taxation under full nationalisation, full privatisation, and partial privatisation. Journal: Economic Research-Ekonomska Istraživanja Pages: 473-491 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1555048 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1555048 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:473-491 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1556106_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sabina Mirzaei Nobari Author-X-Name-First: Sabina Mirzaei Author-X-Name-Last: Nobari Author-Name: Vahidreza Yousefi Author-X-Name-First: Vahidreza Author-X-Name-Last: Yousefi Author-Name: Ehsan Mehrabanfar Author-X-Name-First: Ehsan Author-X-Name-Last: Mehrabanfar Author-Name: Amir Hossein Jahanikia Author-X-Name-First: Amir Hossein Author-X-Name-Last: Jahanikia Author-Name: Amir Mohammad Khadivi Author-X-Name-First: Amir Mohammad Author-X-Name-Last: Khadivi Title: Development of a complementary fuzzy decision support system for employees’ performance evaluation Abstract: This study aims to improve employee evaluation system in one of the leading automobile manufacturers in Iran by designing a fuzzy decision support system (F.D.S.S.). Since this manufacturer is a large-sized company with over 35,000 employees, the number of managers regularly evaluated requires too much capacity from the human resource team and hence increases the rate of possible misjudgements. However, the proposed F.D.S.S. can reduce the rate of unfair or inconsistent assessments by converting qualitative assessments of the panel to linguistic variables. This action increases the precision of assessment and improves the quality of evaluations. The proposed F.D.S.S. is compared with a fuzzy TOPSIS method to confirm its reliability and validity in which the results show consistency with fuzzy TOPSIS. As a result, the F.D.S.S. is implemented for evaluation of managers in this automobile company instead of the traditional method. Journal: Economic Research-Ekonomska Istraživanja Pages: 492-509 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1556106 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1556106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:492-509 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1556107_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Soheila Khoshnevis Yazdi Author-X-Name-First: Soheila Author-X-Name-Last: Khoshnevis Yazdi Author-Name: Anahita Golestani Dariani Author-X-Name-First: Anahita Golestani Author-X-Name-Last: Dariani Title: CO2 emissions, urbanisation and economic growth: evidence from Asian countries Abstract: This paper empirically examines the dynamic causal relationships between CO2 emissions, energy consumption, economic growth, trade openness and urbanisation for the period 1980–2014 using the pooled mean group (P.M.G.) approach and panel Granger causality tests for Asian countries. Using panel unit root tests we found that all variables integrated of order 1. From the Pedroni panel cointegration test, there is a long-run relationship among the variables. The results showed that urbanisation increases energy consumption and CO2 emissions. Environmental quality is considered a normal good in the long run. The Granger causality test results support that there is a bidirectional causal relationship between economic growth, urbanisation and CO2 emissions. Consumption is greater than the impact on CO2 emissions in the eastern region and some evidence supports the compact city theory. These results contribute not only to advancing the existing literature, but also deserve special attention from policymakers and urban planners in Asian countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 510-530 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1556107 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1556107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:510-530 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1556109_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Damira Keček Author-X-Name-First: Damira Author-X-Name-Last: Keček Author-Name: Valter Boljunčić Author-X-Name-First: Valter Author-X-Name-Last: Boljunčić Author-Name: Marin Milković Author-X-Name-First: Marin Author-X-Name-Last: Milković Title: Effects of final expenditures on ICT goods and services on the croatian domestic output and imports – the input-output approach Abstract: Information and Communication Technology (ICT) has a significant role in the growth and development of almost every national economy. The aim of this paper is to estimate the overall contribution of final expenditures on ICT goods and services on the domestic output and imports of Croatia in terms of gross value added (GVA) and employment. In order to quantify the direct, indirect and induced effects of final expenditures on ICT goods and services to the overall Croatian economy, input-output (IO) analysis is applied. The results of the empirical analysis show that of all three categories of total final uses, the final consumption expenditure on ICT goods and services recorded the highest total contribution in terms of GVA and in terms of employment. The final consumption expenditure of households had the most important role in generating GVA and employment, while the impact of government and non-profit organisations serving households expenditures was limited. At the activity section level, the majority of GVA and the number of jobs were generated in the activity section J – Information and Communication. The total number of employees induced by final expenditures on goods and services produced by the ICT sectors is estimated at 2.8%. The ICT sectors contributed to the total Croatian GVA in a range higher than 4.5%. Journal: Economic Research-Ekonomska Istraživanja Pages: 531-554 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1556109 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1556109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:531-554 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1558086_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Saima Hussain Author-X-Name-First: Saima Author-X-Name-Last: Hussain Author-Name: Sara Qazi Author-X-Name-First: Sara Author-X-Name-Last: Qazi Author-Name: Rizwan Raheem Ahmed Author-X-Name-First: Rizwan Raheem Author-X-Name-Last: Ahmed Author-Name: Jolita Vveinhardt Author-X-Name-First: Jolita Author-X-Name-Last: Vveinhardt Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Title: Innovative user engagement and playfulness on adoption intentions of technological products: evidence from SEM-based multivariate approach Abstract: Using ubiquitous computing devices, also UCD, is a conscious decision made by consumers, success of which depends on how much it involves and engages the user that results in functional, hedonic and social experiences in user’s context and long-term success for organization. User engagement, tested in multifarious concepts, indicates that experiences that are significantly hedonic create an affective bond with the device and deliver high value to the consumer. This study verifies and investigates the dispositional and impacting factors that influence a consumer’s adoption intention for radical or incremental innovation or loyalty to an incumbent ubiquitous computing device through concept of user engagement, self-congruity theory, innovativeness and playfulness. The research was based on a survey questionnaire collected from users of ubiquitous computing devices (UCDs) belonging to an educated urban population from an age group of 18 to 35 years residing in Karachi through convenience and self-selection sampling. In total, 654 complete responses were received coded in SPSS and the model was analysed through AMOS 23.0. Results indicate that three dimensions of user engagement are significant for ubiquitous computing devices (UCDs): focused attention, interaction appeal and perceived usability. The first two are significantly positive towards playfulness creating an association with self-concept leading to innovative consumer’s innovation adoption and others having loyalty with incumbent device. The research theoretically contributes by identification of user engagement dimensions and significance of incumbent loyalty in innovation adoption phenomenon. Journal: Economic Research-Ekonomska Istraživanja Pages: 555-577 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1558086 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1558086 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:555-577 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1559072_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Katarzyna Przybyła Author-X-Name-First: Katarzyna Author-X-Name-Last: Przybyła Author-Name: Marian Kachniarz Author-X-Name-First: Marian Author-X-Name-Last: Kachniarz Author-Name: Alina Kulczyk-Dynowska Author-X-Name-First: Alina Author-X-Name-Last: Kulczyk-Dynowska Author-Name: David Ramsey Author-X-Name-First: David Author-X-Name-Last: Ramsey Title: The impact of changes in administrative status on the tourist functions of cities: a case study from Poland Abstract: This article analyses transformations in the tourist functions of Polish cities in the years 2005–2016. The trajectory of these changes is assessed according to the status of a city resulting from administrative reforms. The first stage of the research is based on the theory of the economic base of a city using two measures – the index of surplus workers (ISW) and Florence’s index of specialisation (FIS). Changes in the level and structure of employment are analysed, with particular emphasis on employment in tourism. In the second stage of the study, based on a group of diagnostic features characterising the tourist functions carried out by cities, taxonomic synthetic measures were constructed, which reflect the level of development of these functions. This information is summarised in the form of an analysis of divergence in the level of tourist functions using the Wilcoxon signed-rank test and the Student’s t-test. This analysis confirmed the hypothesis about the positive impact of the status of voivodship capital on the dynamics of changes in tourist functions. Journal: Economic Research-Ekonomska Istraživanja Pages: 578-603 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1559072 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1559072 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:578-603 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1561317_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eva Hýblová Author-X-Name-First: Eva Author-X-Name-Last: Hýblová Title: The current problems of harmonization of accounting for small and medium-sized enterprises Abstract: Financial statements provide significant information about the financial position and performance of an enterprise. In the global world, it is necessary that the information is comparable at the international level. This requirement poses a problem for small and medium-sized enterprises as they do their reporting in compliance with the national legislations, which are based on Directive 2013/34/EU in the EU member states. No application of the Directive in national legislations guarantees the harmonisation of financial statements. Another direction in harmonisation is the IFRS for Small and Medium-sized Entities (SMEs) which the EU has not acknowledged as a basis for financial statement creation although its significance is not negligible globally – around 80 jurisdictions use it or allow its use currently. The paper aims to analyse the current state of harmonisation of financial statements of small and medium-sized enterprises. Based on the identification of essential differences between the national legislation and the Standard, it attempts to answer the question whether (and how) the financial position and performance of an enterprise will change if the accounting framework changes, i.e., in the case of transfer from reporting based on national legislations to reporting based on the Standard. Journal: Economic Research-Ekonomska Istraživanja Pages: 604-621 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1561317 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1561317 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:604-621 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1561318_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Balteş Nicolae Author-X-Name-First: Balteş Author-X-Name-Last: Nicolae Author-Name: Rodean (Cozma) Maria-Daciana Author-X-Name-First: Rodean (Cozma) Author-X-Name-Last: Maria-Daciana Title: Technical analysis in estimating currency risk portfolios: case study: commercial banks in Romania Abstract: Value at Risk method became one of the most used tools in bank management in order to estimate the losses resulting from a foreign currency portfolio. The study aims to estimate the maximum loss for the euro currency due to exchange rate volatility by establishing VaR, starting from the method based on historical simulations. The sample of the research consists of the four commercial banks listed on the Bucharest Stock Exchange (BSE), respectively: Romanian Commercial Bank SA (member of Erste – BCR Group); Romanian Development Bank – Groupe Societe Generale (BRD); Transylvania Bank SA (BT) and Carpatica Bank (BCC), based on a number of 757 observations corresponding to the working days in the period 1 January 2012 – 31 December 2014. The results obtained from the research showed that in case of the analyzed banks the maximum anticipated loss in a future time horizon of 10 days, with a relevance of 1%, does not exceed 2% of the net positions on the euro currency. The study could not be extended to other currencies, because in the information available for the four commercial banks only the net position on the euro currency is separately expressed. Journal: Economic Research-Ekonomska Istraživanja Pages: 622-634 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1561318 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1561318 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:622-634 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1561320_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Adegbemi Onakoya Author-X-Name-First: Adegbemi Author-X-Name-Last: Onakoya Author-Name: Babatunde Johnson Author-X-Name-First: Babatunde Author-X-Name-Last: Johnson Author-Name: Grace Ogundajo Author-X-Name-First: Grace Author-X-Name-Last: Ogundajo Title: Poverty and trade liberalization: empirical evidence from 21 African countries Abstract: The study investigated the possible nexus between trade liberalization and poverty in 21 African countries covering the period 2005–2014. The study deployed the following econometric tests: descriptive statistics; the correlation matrix and variance inflator; the panel unit root test; the pooled OLS technique; and the panel co-integration test (Johansen co-integration test). In order to confirm the robustness and validity of the regression model result, Ramsey RESET, cross dependence, autocorrelation and heteroscedasticity tests were conducted. The findings reveal that foreign direct investment and inflation rate had a positive relationship with the human development index while exchange rates and trade openness were negatively related to poverty level at the 5 percent level. The study recommended urgent policy measures aimed at revamping the poverty alleviation programmes. The study recommended that in a bid to diversify export market, developing countries should target other developing countries in the spirit of South–South cooperation. Such countries should also consider the joining or strengthening of regional economic integration. Incentives for production and human capacity building in the export-oriented sector should be emplaced. Social and economic policies are required to protect any country against the adverse effects of lowered trade barriers. Journal: Economic Research-Ekonomska Istraživanja Pages: 635-656 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1561320 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1561320 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:635-656 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1561321_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Miroslav Verbič Author-X-Name-First: Miroslav Author-X-Name-Last: Verbič Author-Name: Mitja Čok Author-X-Name-First: Mitja Author-X-Name-Last: Čok Author-Name: Petar Perić Author-X-Name-First: Petar Author-X-Name-Last: Perić Title: An economic analysis of the illegal marijuana market in Slovenia Abstract: The purpose of the article is to analyse the illegal marijuana market in Slovenia. We present an analysis of marijuana consumption patterns and point out which socio-economic and demographic groups are most inclined to marijuana use. We provide an empirical analysis of marijuana demand by calculating odds ratios and marginal effects based on logit and probit discrete choice models. We evaluate the likely size of the industry by estimating the level of consumption and retail expenditure by using data on the prevalence of marijuana use and its retail prices. Our findings provide insights to the marijuana consumption, offer support to government decision-making and evaluation of alternative policy approaches, and give estimates of the likely revenue that the government could raise by subjecting marijuana to taxation in a manner similar to fine-cut tobacco. Journal: Economic Research-Ekonomska Istraživanja Pages: 657-672 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1561321 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1561321 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:657-672 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1578677_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Garikai Makuyana Author-X-Name-First: Garikai Author-X-Name-Last: Makuyana Author-Name: Nicholas M. Odhiambo Author-X-Name-First: Nicholas M. Author-X-Name-Last: Odhiambo Title: Public and private investment and economic growth in Malawi: an ARDL-bounds testing approach Abstract: This paper examines the relative contribution of public and private investment to economic growth in Malawi from 1970 to 2014 – using the recently developed autoregressive distributed lag model (ARDL) bounds testing procedure. The study also examines the crowding-out or crowding-in effect of public investment on private investment. Unlike most previous studies on this subject which are cross-sectional in nature, this study examines the differential impacts of public and private investment on economic growth focusing on Malawi. The main finding of this study is that while private investment contributes more to economic growth than public investment in Malawi, infrastructural public investment tends to crowd-in private investment. Journal: Economic Research-Ekonomska Istraživanja Pages: 673-689 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1578677 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1578677 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:673-689 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1578678_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aysa Ipek Erdogan Author-X-Name-First: Aysa Ipek Author-X-Name-Last: Erdogan Title: Determinants of perceived bank financing accessibility for SMEs: evidence from an emerging market Abstract: To contribute to the small and medium-sized enterprises (SMEs) financing literature, this paper uses a unique sample of 492 Turkish SMEs to analyse the firm-level determinants of SME perceptions of bank financing accessibility. Logistic regression results reveal that older and relatively more innovative firms are more positive about their ability to secure bank loans, as are SMEs that have longer relationships with their oldest banks. Firms with two owners are more inclined than firms with a single owner and firms with three or more owners to perceive accessing bank loans as easy. This finding signals that although bank loan applications of firms with two owners have higher credibility than those of firms with a single owner, having more than two owners creates more complex agency problems for banks. Compared with firms incurring a loss, firms that make a profit or break even perceive it to be easier to obtain bank financing. SMEs in the service industry are more positive about accessing bank loans than are firms in manufacturing and other industries. Journal: Economic Research-Ekonomska Istraživanja Pages: 690-716 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1578678 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1578678 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:690-716 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1578679_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mingqing Xing Author-X-Name-First: Mingqing Author-X-Name-Last: Xing Title: Strategic R&D risk choices of public and private firms Abstract: This paper investigates the R&D (research and development) risk choices of private and public firms in a product differentiated mixed duopoly market. Using the canonical models of R&D risk choice in a mixed market, it compares market performances between Cournot and Bertrand. The main findings are (i) public firm always engages in higher R&D risks than private firm under Cournot, (ii) public firm mostly chooses higher R&D risks, but may choose lower R&D risks than private firm if the degree of product substitution is sufficiently large under Bertrand, (iii) both public and private firms are more willing to take R&D risks under Bertrand than under Cournot, and (iv) from the perspective of social welfare, private firm always assumes too low R&D risks under Cournot. However, it takes excessive risks if the degree of product substitution is large enough under Bertrand. Journal: Economic Research-Ekonomska Istraživanja Pages: 717-741 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1578679 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1578679 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:717-741 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1579662_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abdul Rafay Author-X-Name-First: Abdul Author-X-Name-Last: Rafay Author-Name: Saqib Farid Author-X-Name-First: Saqib Author-X-Name-Last: Farid Title: Islamic banking system: a credit channel of monetary policy – evidence from an emerging economy Abstract: Since its inception, Islamic banking in Pakistan has shown remarkable growth and development. Most recent statistics reveal that industry has captured around 13% of the total banking market in Pakistan. This outstanding growth of the industry highlights the crucial role of Islamic banks for monetary policy considerations. This study aimed to evaluate the role of Islamic banks in the monetary transmission process in Pakistan. The study examined the role of two most crucial balance sheet items of Islamic banks in the monetary transmission process: (1) Islamic deposits and (2) Islamic financing. The paper employed time series techniques such as the J.J. co-integration test, Vector Auto Regression, Variance Decomposition Analysis and Impulse Response Function to investigate the role of Islamic banks in the monetary transmission process. The study sample covered the time period 2007–2017. The results revealed the significant role of Islamic banks in transmitting monetary decisions to the real economy. Moreover, the evidence demonstrated the active bank lending channel of Islamic banking in Pakistan. The findings also corroborated the functional role of Islamic banks along with their conventional counterparts for effective formulation of monetary policy in Pakistan. Journal: Economic Research-Ekonomska Istraživanja Pages: 742-754 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1579662 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1579662 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:742-754 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1579663_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Slavica Tomić Author-X-Name-First: Slavica Author-X-Name-Last: Tomić Author-Name: Ksenija Leković Author-X-Name-First: Ksenija Author-X-Name-Last: Leković Author-Name: Jelena Tadić Author-X-Name-First: Jelena Author-X-Name-Last: Tadić Title: Consumer behaviour: the influence of age and family structure on the choice of activities in a tourist destination Abstract: Changes in the structure of consumers’ (tourists’) needs that shape tourism in accordance with the modern way of life attribute greater importance to different types of consumers/tourists. Understanding consumer behaviour (tourists as consumers) is significant in terms of tourism destination management. This paper presents the results of a research conducted with the aim of identifying activities (visiting cultural and historical attractions, sport and recreation, health, fun, gastronomy, shopping, cultural entertainment events) that consumers/tourists prefer in a tourist destination depending on their age and family structure. Two hypotheses were set in this paper: H1: There is a statistically significant difference between the age of tourists and the activity preferences in a tourist destination; and H2: There is a statistically significant difference between the family structure of tourists and the activity preferences in a tourist destination. The sample included 1117 respondents from the area of the Autonomous Province of Vojvodina. A survey was conducted from January to March 2017. In accordance with the defined hypotheses, descriptive statistics and a statistical test of multivariate analysis of variance (MANOVA) were used. Journal: Economic Research-Ekonomska Istraživanja Pages: 755-771 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1579663 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1579663 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:755-771 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1583585_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gordon L. Brady Author-X-Name-First: Gordon L. Author-X-Name-Last: Brady Author-Name: Cosimo Magazzino Author-X-Name-First: Cosimo Author-X-Name-Last: Magazzino Title: The sustainability of Italian fiscal policy: myth or reality? Abstract: In this paper, we analyse the sustainability of Italian public finances using a unique database covering the period 1862–2013. This paper focuses on empirical tests for the sustainability and solvency of fiscal policies. A necessary but not sufficient condition implies that the growth rate of public debt should at the limit be smaller than the asymptotic rate of interest. In addition, the debt-to-G.D.P. ratio must eventually stabilise at a steady-state level. The results of unit root and stationarity tests show that the variables are non-stationary at levels, but stationary in first-differences form, or I(1). Some breaks in the series emerge, however, given internal and external crises (wars, oil shocks, regime changes, institutional reforms). Therefore, the empirical analysis is conducted for the entire period, as well as two sub‐periods (1862–1913 and 1947–2013). Moreover, anecdotal evidence and visual inspection of the series confirm our results. Furthermore, we conduct tests on cointegration, which evidence that a long-run relationship between public expenditure and revenues is found only for the first sub-period (1862–1913). In essence, the paper’s results reveal that Italy had sustainability problems in the Republican age. Journal: Economic Research-Ekonomska Istraživanja Pages: 772-796 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1583585 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1583585 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:772-796 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1583586_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tai-An Chung Author-X-Name-First: Tai-An Author-X-Name-Last: Chung Author-Name: Chun-Yao Tseng Author-X-Name-First: Chun-Yao Author-X-Name-Last: Tseng Title: The knowledge intensity and the economic performance in Taiwan’s knowledge intensity business services Abstract: The service sector plays a key role to employment growth and increased public well-being in OECD countries. The service industries contributed more than 63% of GDP in 2016 and have become the core of economy in Taiwan. Within the service sectors, knowledge-intensive business services (KIBS) particularly illustrate higher levels of productivity and profitability. Moreover, due to lack of the clear measurements of the knowledge intensity with prior investigations in KIBS, the aim of this article is to explore the knowledge intensity of Taiwan’s KIBS. This study then further probes into the relationship between knowledge intensity and economic performance. Panel data from 13 service sectors in Taiwan during the period 2007–2015 is analysed with a fixed effect model. This empirical research shows four findings: first, 13 industries are classified into three groups as high, low, and no level of knowledge intensity; second, most of the level of knowledge intensity has been increased from stage one to stage two; third, education level and vocational training rate positively influence productivity; and, finally, the percentage of knowledge workers and vocational training rate have a positive effect on the margin rate. Journal: Economic Research-Ekonomska Istraživanja Pages: 797-811 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1583586 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1583586 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:797-811 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1559746_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Thian-Hee Yiew Author-X-Name-First: Thian-Hee Author-X-Name-Last: Yiew Author-Name: Chee-Yin Yip Author-X-Name-First: Chee-Yin Author-X-Name-Last: Yip Author-Name: Yan-Ling Tan Author-X-Name-First: Yan-Ling Author-X-Name-Last: Tan Author-Name: Muzafar Shah Habibullah Author-X-Name-First: Muzafar Shah Author-X-Name-Last: Habibullah Author-Name: C Alih Khadijah Author-X-Name-First: C Author-X-Name-Last: Alih Khadijah Title: Can oil prices predict the direction of exchange rate movements? An empirical and economic analysis for the case of India Abstract: This study investigates whether oil prices have enough predictive information to predict the direction of the movement of exchange rate by examining the type of cointegration relationship between exchange rate and oil prices in India between 1991Q1 and 2013Q1. Our findings suggest the existence of cointegration relationship between exchange rate and oil prices using both Engle–Granger two-step cointegration test and Johansen cointegration test. Using a momentum threshold autoregressive consistent model, we find evidence in favour of asymmetric cointegration between the two variables. Nevertheless we find no evidence to support asymmetric cointegration relationship between the two variables when threshold autoregressive, threshold autoregressive consistent, and momentum threshold autoregressive models are used. Thus, the results suggest that for certain time period, the adjustment process between exchange rate and oil price is constant, which makes it conducive for predicting the direction of exchange rate movement. However, evidence of asymmetric cointegration suggests that the stable relationship is likely to be interrupted with intervals of structural change implying correction in the dynamics of influencing factors. Journal: Economic Research-Ekonomska Istraživanja Pages: 812-823 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1559746 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1559746 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:812-823 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1585269_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Cheng-Hua Wang Author-X-Name-First: Cheng-Hua Author-X-Name-Last: Wang Author-Name: Mowshine McChamp Author-X-Name-First: Mowshine Author-X-Name-Last: McChamp Title: Looking at both sides of leader and follower political skill on work outcomes: the mediating role of job satisfaction Abstract: Based on existing research addressing political skill and social networks, this study explores the congruence effects of the political skills of leaders and followers on workers’ job satisfaction, and the resulting effect on followers’ life satisfaction and affective commitment. Using cross-level polynomial regressions and 3 D response surface analysis on 305 leader and follower dyads, the results supported the congruence and effect hypothesis. Furthermore, this study has also discovered incongruence effects: when leaders’ political skills are higher than those of their followers, the degree of decline in job satisfaction, life satisfaction, and affective commitment is greater than the size of difference between the political skills of leaders and followers. This study also reveals the importance of leaders and followers possessing political skills, especially considering its important effect on work attitude and performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 824-849 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1585269 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1585269 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:824-849 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1583588_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: José Luis Sánchez García Author-X-Name-First: José Luis Author-X-Name-Last: Sánchez García Author-Name: Ismael Beiro Pérez Author-X-Name-First: Ismael Author-X-Name-Last: Beiro Pérez Author-Name: Juan María Díez Sanz Author-X-Name-First: Juan María Author-X-Name-Last: Díez Sanz Title: Hunger and sustainability Abstract: This paper examines the problem of world hunger and discusses potential solutions to it. It reflects on the debate about whether transgenic foods should be used, which is more of a social controversy than a scientific one. Sustainability is considered a key driver for innovation that can be used as a basis for assessing the problem of hunger in the world, and the question is inseparable from its ethical aspects. Given that economic growth does not directly equate to human development, this paper states that it is necessary to address the problem of poverty and hunger from the capacity development framework according to human rights. Poverty causes disability by limiting human development; it creates the conditions for the violation of human rights; therefore, an institutional framework and social initiatives aimed at protecting the poor should be established. Finally, the main lines of research in the field of biotechnology are outlined, such as the development of genetically modified organisms and the need to continue defining methods, based on the development of capabilities. Such capabilities should be embedded in educational programmes, to establish guidelines that are incorporated into curricula as transversal orientations to be able to make sustainability a social reality. Journal: Economic Research-Ekonomska Istraživanja Pages: 850-875 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1583588 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1583588 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:850-875 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1585896_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dragos Paun Author-X-Name-First: Dragos Author-X-Name-Last: Paun Title: Tax competition and factors influencing the gross domestic product and foreign direct investments of CEE countries Abstract: In the beginning of the twenty-first century, governments have tried to attract companies by offering different tax incentives or even changing their entire tax regime. Among the countries that have attracted foreign investments we have countries in Eastern Europe which enjoyed the benefits of the Single European Market and the stability that an EU membership brings. Given the importance of foreign capital we focus our paper on the factors the impact FDI and GDP. The main objective of the paper was to assess the impact of taxation on the GDP and FDI but our analysis has allowed to also view the impact of other factors such as infrastructure, unemployment, cost of doing business and labour force. We have selected 11 countries of the 13 New Member States that have joined the EU after 2004 and looked at data for the years 2005–2015. To see which factors influence the GDP and FDI, we have used the method of panel least squares. The results of our analysis show that taxation does play a role in the increase of the GDP and the attraction of FDI. Nevertheless, it is not the main factor and countries should not only rely on reduction of fiscal pressure. Journal: Economic Research-Ekonomska Istraživanja Pages: 876-893 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1585896 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1585896 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:876-893 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1588766_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Monika Czerwonka Author-X-Name-First: Monika Author-X-Name-Last: Czerwonka Title: Cultural, cognitive and personality traits in risk-taking behaviour: evidence from Poland and the United States of America Abstract: The study analyses the susceptibility to risk-taking behaviour in relation to cultural, cognitive and personality traits. For the requirements of the research, undergraduate students with the same major but from two different cultural regions (Poland and the USA) were examined. In order to better understand them, the ten-item personality inventory (TIPI) method – a 10-item measure of the Big-Five personality dimensions – was used. A domain-specific risk-taking (DOSPERT) scale was used to assess risk-taking, while cognitive aspects of behaviour were measured by a cognitive reflection test. It is important to point out that Polish students reported significantly greater proneness to risk-taking than their American counterparts. It was revealed that participants scoring highly in the cognitive reflection test were characterised with lower risk-taking propensity. Consistent with past research, high scores in extraversion and low scores in conscientiousness predicted overall risk-taking behaviour. As follows from the study, men reported significantly greater willingness to take risks than women. Journal: Economic Research-Ekonomska Istraživanja Pages: 894-908 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1588766 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1588766 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:894-908 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1584043_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mircea Andrei Scridon Author-X-Name-First: Mircea Andrei Author-X-Name-Last: Scridon Author-Name: Sorin Adrian Achim Author-X-Name-First: Sorin Adrian Author-X-Name-Last: Achim Author-Name: Mirela Oana Pintea Author-X-Name-First: Mirela Oana Author-X-Name-Last: Pintea Author-Name: Marius Dan Gavriletea Author-X-Name-First: Marius Dan Author-X-Name-Last: Gavriletea Title: Risk and perceived value: antecedents of customer satisfaction and loyalty in a sustainable business model Abstract: In the contemporary economic environment, each company that succeeds in creating and offering value to its clients/consumers will be able to survive in the market and even record profit for the medium and long time – thus value represents a driving force for a sustainable business model. Considering the significant role of perceived value within strategic management, the main purpose of this research is to identify and test an adequate conceptual frame in order to study the value concept and its connections with satisfaction, loyalty and perceived risk in order to offer a proper management tool for monitoring the sustainability of an existing business. So, this study proposed and tested concepts in the context of the S.M.E. market in Romania. Results show that both risk and value play a significant role in influencing satisfaction and customer loyalty, thus, in the end, company bottom line. Journal: Economic Research-Ekonomska Istraživanja Pages: 909-924 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1584043 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1584043 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:909-924 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1590217_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vytautas Snieska Author-X-Name-First: Vytautas Author-X-Name-Last: Snieska Author-Name: Ineta Zykiene Author-X-Name-First: Ineta Author-X-Name-Last: Zykiene Author-Name: Daiva Burksaitiene Author-X-Name-First: Daiva Author-X-Name-Last: Burksaitiene Title: Evaluation of location’s attractiveness for business growth in smart development Abstract: The issue of a location's attractiveness for business development in literature lacks approach, when attractiveness is assessed not as a set of factors which determine individual attractiveness, but as a locality's ability to attract, maintain, and create business and investments. The contribution of the research to the discipline is a multi-criterion model of factors determining the location’s attractiveness for business development in the context of smart growth, as a methodological tool to evaluate and analyse the scientific problem in a question which is proposed by us. The attractiveness of a location for business development in the model is combined with the concept of smart development. A new and reliable instrument for decision-makers and managers is presented. An example of panel data analysis of 36 indicators and 3600 observations from 10 cross-sections of annual data for determining the role of quantitative indicators in attractiveness index is provided and timing lags influence is assessed. The method proposed is suitable for the attractiveness analysis of any location if the necessary data is available. Journal: Economic Research-Ekonomska Istraživanja Pages: 925-946 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1590217 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1590217 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:925-946 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1583584_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marko Crnogorac Author-X-Name-First: Marko Author-X-Name-Last: Crnogorac Author-Name: Santiago Lago-Peñas Author-X-Name-First: Santiago Author-X-Name-Last: Lago-Peñas Title: Fiscal policy in former Yugoslavian countries (2001–2014): stylised facts and budget elasticities Abstract: The aim of this paper is to analyse fiscal policy in former Yugoslavian countries over the period 2001–2014. The contribution of the paper is threefold; first, we build a homogeneous database to describe the evolution of the main fiscal aggregates in each country using an identical analytical structure. Second, we analyse the composition of national tax revenues to determine whether common patterns are still present, or if they have evolved in different ways over time. Third, we pool data to analyse and compute the elasticity of budget imbalance, taxes and expenditure to the output gap. Our results show that tax revenue composition is still similar and that the economic cycle is very relevant in explaining the dynamics of both deficit and expenditure over Gross Domestic Product, but not revenues. Journal: Economic Research-Ekonomska Istraživanja Pages: 947-967 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1583584 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1583584 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:947-967 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1583587_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maja Pervan Author-X-Name-First: Maja Author-X-Name-Last: Pervan Author-Name: Ivica Pervan Author-X-Name-First: Ivica Author-X-Name-Last: Pervan Author-Name: Marijana Ćurak Author-X-Name-First: Marijana Author-X-Name-Last: Ćurak Title: Determinants of firm profitability in the Croatian manufacturing industry: evidence from dynamic panel analysis Abstract: Given that the goal of this study was to examine the influence of different factors on a firm’s profitability, we designed a model with three categories of profitability determinants: firm-specific, industry-specific and macroeconomic. The analysis was performed on 9359 firms operating in the Croatian manufacturing industry during the 2006–2015 period. Since the designed model was formulated in a way that encompasses the dynamic aspect of profitability, the General Method of Moments (G.M.M.) dynamic panel estimator was applied. Formulation of such a model adds to the existing literature if one takes into account that a dynamic analysis of the drivers of profitability has not been done using data from the Croatian manufacturing sector. The results of the conducted analysis revealed that a firm’s age, labour cost and industry concentration, as well as G.D.P. growth and inflation, have significant influence on a firm’s profitability. Journal: Economic Research-Ekonomska Istraživanja Pages: 968-981 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1583587 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1583587 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:968-981 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1585272_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bruno Škrinjarić Author-X-Name-First: Bruno Author-X-Name-Last: Škrinjarić Author-Name: Jelena Budak Author-X-Name-First: Jelena Author-X-Name-Last: Budak Author-Name: Edo Rajh Author-X-Name-First: Edo Author-X-Name-Last: Rajh Title: Perceived quality of privacy protection regulations and online privacy concern Abstract: This study examines the impact of regulation as an antecedent of online privacy concern. Previous research found that perceived effectiveness and enforcement of regulatory policies reduce online privacy concern; however, it does not explain what factors influence this relationship. Based on the survey data, the empirical analysis is conducted on a large sample of internet users in Croatia. Our methodology consists of two parts: first, we use confirmatory factor analysis to validate the latent constructs used in the main model; and then we proceed with model estimation using OLS and ordered probit techniques. This study fills the gap in the existing body of knowledge by analysing different perceptions of the existing legislation and government effort to protect online privacy in the context of sociodemographic characteristics of respondents, computer anxiety, individual desire to maintain control of personal information online, as well as intensity and diversity of online activities. Our results indicate that perceived effectiveness of government regulation reduces online privacy concern whereas computer anxiety has a major positive impact on online privacy concern. These findings might be useful for national policy-makers and for business strategies, especially in the context of the GDPR regulation introduced in 2018. Journal: Economic Research-Ekonomska Istraživanja Pages: 982-1000 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1585272 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1585272 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:982-1000 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1595081_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Matej Švigelj Author-X-Name-First: Matej Author-X-Name-Last: Švigelj Author-Name: Nevenka Hrovatin Author-X-Name-First: Nevenka Author-X-Name-Last: Hrovatin Author-Name: Jelena Zorić Author-X-Name-First: Jelena Author-X-Name-Last: Zorić Title: Are Internet users in Slovenia willing to pay for fast broadband and what drives them to migrate? Abstract: The European Union (EU) member states are faced with a significant gap between availability of high-speed broadband and the share of households subscribed to such Internet access. This paper investigates the determinants of Internet users’ willingness to pay (WTP) for next-generation access (NGA) in Slovenia. Following the EU Digital Agenda target whereby all households should have Internet access of at least 30 Mbps by 2020, the WTP for an Internet speed of 30 Mbps is analysed. The results show that characteristics relating to the current use of Internet services and characteristics of Internet users both play an important role in explaining the WTP for NGA In particular, the presence of a student or pupil in the household, household income, subscription to mobile broadband and the quality of Internet services positively influence the WTP decision, while respondents that are employed or are already subscribed to fibre have lower WTP The results of our analysis may help Internet service providers and policymakers identify remedies which can reduce the demand gap for NGA networks. Journal: Economic Research-Ekonomska Istraživanja Pages: 1001-1018 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1595081 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1595081 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1001-1018 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1595080_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ioan Batrancea Author-X-Name-First: Ioan Author-X-Name-Last: Batrancea Author-Name: Larissa Batrancea Author-X-Name-First: Larissa Author-X-Name-Last: Batrancea Author-Name: Anca Nichita Author-X-Name-First: Anca Author-X-Name-Last: Nichita Author-Name: Lucian Gaban Author-X-Name-First: Lucian Author-X-Name-Last: Gaban Author-Name: Ema Masca Author-X-Name-First: Ema Author-X-Name-Last: Masca Author-Name: Ioan-Dan Morar Author-X-Name-First: Ioan-Dan Author-X-Name-Last: Morar Author-Name: Gheorghe Fatacean Author-X-Name-First: Gheorghe Author-X-Name-Last: Fatacean Author-Name: Andrei Moscviciov Author-X-Name-First: Andrei Author-X-Name-Last: Moscviciov Title: An econometric approach on production, costs and profit in Romanian coal mining enterprises Abstract: Global economic growth is based on increased consumption of electricity both from renewable resources, such as water and wind and non-renewable resources, such as coal (lignite), natural gas or petroleum. Coal continues to represent an important energy source in the European Union, particularly in Germany, France and Spain, where it accounts for 15% of the primary energy, out of which 80% is used in electricity supply. The coal (lignite) mines from the Oltenia region contribute significantly to generating power in Romania. The study aims to show that an increase in production within the coal (lignite) mining industry can be determined by increasing direct and indirect costs or by increasing variable costs and profit. We also examine the non-linear relation between variable costs and production on the one hand and between profit and production on the other hand. Our results show that there is a concave relationship between variable costs and production, and also a concave relationship between profit and production, which indicate that Romanian coal enterprises have an optimal production level that maximises both variable costs and their profitability. In addition, a robustness check of our results confirms that variable costs and profitability decrease as they move away from their optimal level. Journal: Economic Research-Ekonomska Istraživanja Pages: 1019-1036 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1595080 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1595080 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1019-1036 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1578680_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Joanna Baran Author-X-Name-First: Joanna Author-X-Name-Last: Baran Author-Name: Aleksandra K. Górecka Author-X-Name-First: Aleksandra K. Author-X-Name-Last: Górecka Title: Economic and environmental aspects of inland transport in EU countries Abstract: Transport is one of the most essential sectors of the EU member state economies. Measurement of the efficiency of transport operations seems to be interesting from the perspective of both the economy as a whole and individual companies operating in the transport sector. The largest proportion of freight transport in the European Union is done by road. The purpose of this paper is to determine the efficiency of road and rail freight transport in old and new European Union countries based on the data envelopment analysis (DEA) method. To that end, the authors present a literature review reflecting the current state of research on the importance of transport and its development in relation to the economy and environmental problems. Additionally, the methods of data analysis and variables are described. The empirical part is divided into a presentation of DEA results and correlation between the transport efficiency, gross domestic product (GDP), and CO2 emissions results. Moreover, spatial analysis was used to characterize road and rail transport efficiency in EU member states. The last section gives a summary of the study, and the obtained results are compared with data from the literature review. Journal: Economic Research-Ekonomska Istraživanja Pages: 1037-1059 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1578680 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1578680 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1037-1059 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1585268_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Asad Shahjehan Author-X-Name-First: Asad Author-X-Name-Last: Shahjehan Author-Name: Javeria Andleeb Qureshi Author-X-Name-First: Javeria Andleeb Author-X-Name-Last: Qureshi Title: Personality and impulsive buying behaviors. A necessary condition analysis Abstract: Personality traits sufficiently explain the tendency of an individual displaying impulsive buying behaviours. However, necessity notions of causality imply that the desired level of impulsive buying behaviours would not exist if the required personality traits were not present. To date, an appropriate analytical tool to assess necessary conditions has been lacking. This study applies a newly developed method ‘Necessary Condition Analysis’ on a sample of 640 university students (in February 2017) to evaluate the necessity of personality traits for displaying impulsive buying behaviours. Results show that for lower level impulsive buying behaviours an individual’s conscientiousness is necessary, for medium level agreeableness, extraversion and openness become necessary conditions, while conscientiousness is a complementary necessary condition. Lastly, neuroticism is necessary for highest levels complemented by other personality traits. Application of NCA fundamentally changes our understanding regarding personality traits and impulsive buying behaviour relationship. Practically focusing on necessary conditions would be more effective than focusing on general predictors that only partially explain the outcomes. Journal: Economic Research-Ekonomska Istraživanja Pages: 1060-1072 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1585268 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1585268 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1060-1072 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1615971_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shouzhen Zeng Author-X-Name-First: Shouzhen Author-X-Name-Last: Zeng Author-Name: Xinming Peng Author-X-Name-First: Xinming Author-X-Name-Last: Peng Author-Name: Tomas Baležentis Author-X-Name-First: Tomas Author-X-Name-Last: Baležentis Author-Name: Dalia Streimikiene Author-X-Name-First: Dalia Author-X-Name-Last: Streimikiene Title: Prioritization of low-carbon suppliers based on Pythagorean fuzzy group decision making with self-confidence level Abstract: Business decisions often require economic analysis involving uncertainties. This study brings forward the multi-attribute group decision making (MAGDM) framework based upon Pythagorean fuzzy (PF) sets with self-confidence of decision makers. By incorporating the ideas of the order-inducing variables of the induced ordered weighted averaging (IOWA) operator, we propose two PF confidence aggregation methods, namely PF confidence induced ordered weighted averaging (PFCIOWA) operator and PF confidence induced hybrid weighted averaging (PFCIHWA) operator. The focal property of the devised operators is their ability to take into consideration both the evaluation data and its corresponding confidence levels. Moreover, a MAGDM method based on the developed operators is adopted. Finally, the practicality of the method is tested by using low carbon supplier selection problems. The new approach is compared against the existing ones in order to check its applicability and validity. As an empirical case, the low carbon supplier selection problem is solved. Journal: Economic Research-Ekonomska Istraživanja Pages: 1073-1087 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1615971 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1615971 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1073-1087 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1613250_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jalil Heidary Dahooie Author-X-Name-First: Jalil Author-X-Name-Last: Heidary Dahooie Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Amir Salar Vanaki Author-X-Name-First: Amir Salar Author-X-Name-Last: Vanaki Author-Name: Hamid Reza Firoozfar Author-X-Name-First: Hamid Reza Author-X-Name-Last: Firoozfar Author-Name: Mahnaz Lari Author-X-Name-First: Mahnaz Author-X-Name-Last: Lari Author-Name: Zenonas Turskis Author-X-Name-First: Zenonas Author-X-Name-Last: Turskis Title: A new evaluation model for corporate financial performance using integrated CCSD and FCM-ARAS approach Abstract: The financial performance is an indicator of financial stability, health and condition of any organisation. It could be utilised as a proper measure of the firm’s credibility and its ability to pay off debts. Financial institutions use this measure to determine the lending policy and applicants’ credits. This study proposes a model based on the CCSD weighing method and hybrid FCM-ARAS approach for clustering and evaluating the financial performance to enable banks to identify target groups and design appropriate and relevant policies. Based on previous studies and the views of senior financial managers of a public bank in Iran, eight economic criteria were evaluated. The presented method was used to assess the financial performance of 58 manufacturing companies applying for loans from a federal bank in Iran. However, the CCSD method was used to calculate criteria weights, and a hybrid FCM-ARAS approach was developed and applied to financial evaluation and clustering the companies. The use of the CCSD method can eliminate errors caused by subjective models and human judgments, and increase the accuracy of the assessment. In this study, the debt ratio and equity to total assets and ROA were identified as the main criteria to assess financial performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 1088-1113 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1613250 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1613250 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1088-1113 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1613249_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Siniša Sremac Author-X-Name-First: Siniša Author-X-Name-Last: Sremac Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Bojan Matić Author-X-Name-First: Bojan Author-X-Name-Last: Matić Author-Name: Miloš Kopić Author-X-Name-First: Miloš Author-X-Name-Last: Kopić Author-Name: Željko Stević Author-X-Name-First: Željko Author-X-Name-Last: Stević Title: Neuro-fuzzy inference systems approach to decision support system for economic order quantity Abstract: Supply chain management (SCM) has a dynamic structure involving the constant flow of information, product, and funds among different participants. SCM is a complex process and most often characterized by uncertainty. Many values are stochastic and cannot be precisely determined and described by classical mathematical methods. Therefore, in solving real and complex problems individual methods of artificial intelligence are increasingly used, or their combination in the form of hybrid methods. This paper has proposed the decision support system for determining economic order quantity and order implementation based on Adaptive neuro-fuzzy inference systems - ANFIS. A combination of two concepts of artificial intelligence in the form of hybrid neuro-fuzzy method has been applied into the decision support system in order to exploit the individual advantages of both methods. This method can deal with complexity and uncertainty in SCM better than classical methods because they it stems from experts’ opinions. The proposed decision support system showed good results for determining the amount of economic order and it is presented as a successful tool for planning in SCM. Sensitivity analysis has been applied, which indicates that the decision support system gives valid results. The proposed system is flexible and can be applied to various types of goods in SCM. Journal: Economic Research-Ekonomska Istraživanja Pages: 1114-1137 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1613249 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1613249 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1114-1137 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1588765_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Valentina Peleckienė Author-X-Name-First: Valentina Author-X-Name-Last: Peleckienė Author-Name: Kęstutis Peleckis Author-X-Name-First: Kęstutis Author-X-Name-Last: Peleckis Author-Name: Gitana Dudzevičiūtė Author-X-Name-First: Gitana Author-X-Name-Last: Dudzevičiūtė Author-Name: Kęstutis K. Peleckis Author-X-Name-First: Kęstutis K. Author-X-Name-Last: Peleckis Title: The relationship between insurance and economic growth: evidence from the European Union countries Abstract: This paper has examined the relationships between insurance and economic growth across the European Union countries which belong to the European Insurance Federation. Using annual data over the period of 2004–2015, the authors have done this by applying descriptive statistics analysis and econometric methods as well. This research has contributed to understanding the importance of the insurance–growth nexus and combined different approaches prevailing in the recent scientific literature. The research has led to the following broad conclusions: (1) descriptive statistics analysis has shown that the insurance sector development is higher in economically rich countries, such as the UK, Denmark, Finland, Ireland, France and The Netherlands; (2) a positive statistically significant relationship between insurance penetration and economic growth has been detected in Luxembourg, Denmark, The Netherlands and Finland. Besides, a negative statistically significant relationship has been identified in Austria, Belgium, Malta, Estonia and Slovakia; (3) Granger test has shown unidirectional causality running from GDP to insurance in Luxembourg and Finland; and unidirectional causality from insurance to GDP in The Netherlands, Malta and Estonia. The case of Austria has shown bidirectional causality between the variables. The analysis has presented the absence of causality between insurance and economic growth in Slovakia. Journal: Economic Research-Ekonomska Istraživanja Pages: 1138-1151 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1588765 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1588765 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1138-1151 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1592007_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abd Hair Awang Author-X-Name-First: Abd Hair Author-X-Name-Last: Awang Author-Name: Noorsafiza Mohd Sapie Author-X-Name-First: Noorsafiza Author-X-Name-Last: Mohd Sapie Author-Name: Mohd Yusof Hussain Author-X-Name-First: Mohd Yusof Author-X-Name-Last: Hussain Author-Name: Suraiya Ishak Author-X-Name-First: Suraiya Author-X-Name-Last: Ishak Author-Name: Rozman Md Yusof Author-X-Name-First: Rozman Author-X-Name-Last: Md Yusof Title: Nurturing innovative employees: effects of organisational learning and work environment Abstract: The present study examines the effects of organisational learning and work environment on the formation of employees’ innovative work behaviour. A stratified sampling technique was used for the sample of employees at micro and small-scale manufacturing enterprises located in selected cities of the East Coast Economic Region, Peninsular Malaysia. The authors’ analysis revealed innovative work behaviour of micro and small manufacturing enterprises at a moderate level. Moreover, the innovative work behaviour at micro-enterprises is significantly lower than small enterprises. The innovation outputs are made up of employees with high innovative work behaviour. Overall, statistical evidence indicated that organisational learning and work environment have a significant influence on the formation of innovative work behaviour. Thus, the micro-small-sized enterprises should raise their employees’ innovative work behaviour in order to improve the performance of organisational innovation and competitiveness. Empirical evidence has shown that employees’ engagement in innovation is an effective resource for micro-small-sized enterprises to be more innovative. Journal: Economic Research-Ekonomska Istraživanja Pages: 1152-1168 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1592007 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1592007 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1152-1168 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1592695_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dan Qu Author-X-Name-First: Dan Author-X-Name-Last: Qu Author-Name: Saisai Guo Author-X-Name-First: Saisai Author-X-Name-Last: Guo Author-Name: Lafang Wang Author-X-Name-First: Lafang Author-X-Name-Last: Wang Title: Experience, tenure and gender wage difference: evidence from China Abstract: This paper studies the returns to general labour market experience and firm-specific tenure, using data from China. Specifically, it focuses on explaining the gender wage difference from the perspective of general human capital and specific human capital. It applies the Heckman maximum likelihood estimator and Topel two-step estimation methodology to correct sample selection bias and individual heterogeneity. After correcting the errors, the authors find that returns to experience are higher for men than women, especially for married men and women. Furthermore, the return to tenure is higher than that to general experience. For men, the former is about 6% higher than the latter. But for women, tenure contributes 7–8% more to the wage growth than experience. The return of general experience mainly contributes to gender wage difference in China. Empirical results also show that the cross section analysis downward biases the returns to potential experience and a simple Topel-2S estimation in the panel study upward biases the returns. Journal: Economic Research-Ekonomska Istraživanja Pages: 1169-1184 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1592695 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1592695 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1169-1184 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1627894_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jordan Kjosevski Author-X-Name-First: Jordan Author-X-Name-Last: Kjosevski Author-Name: Mihail Petkovski Author-X-Name-First: Mihail Author-X-Name-Last: Petkovski Author-Name: Elena Naumovska Author-X-Name-First: Elena Author-X-Name-Last: Naumovska Title: Bank-specific and macroeconomic determinants of non-performing loans in the Republic of Macedonia: Comparative analysis of enterprise and household NPLs Abstract: The purpose of this paper is to explore the influence of bank-specific and macroeconomic determinants of all non-performing loans (NPLs) to enterprises and households in the Republic of Macedonia. The analysis is performed for the whole banking sector for the period 2003Q4 to 2014Q4, by applying the Autoregressive Distributed Lag Modelling Approach (ARDL), the co-integration model implementing quarterly time series. The results of the research indicate that the profitability of banks, the growth of loans to enterprises and to households respectively, as well as the growth of GDP, all have a negative impact, while banks’ solvency and unemployment have a positive impact on the rise of non-performing loans in both models. In addition, regarding enterprises, we found that the exchange rate has a positive and statistically significant impact on the level of NPLs, while inflation has a negative and statistically significant impact on the increase in non-performing loans to households. The main contribution of this paper is that the results obtained by econometric analysis may be used for forecasting non-performing loans several years in the future, as well as for stress-testing both the entire banking system and the individual banks operating in the Republic of Macedonia. Journal: Economic Research-Ekonomska Istraživanja Pages: 1185-1203 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1627894 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1627894 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1185-1203 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1629978_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ines Kersan-Škabić Author-X-Name-First: Ines Author-X-Name-Last: Kersan-Škabić Title: The drivers of global value chain (GVC) participation in EU member states Abstract: Integration within the EU single market increases the interconnection and interdependence of the EU economies. Global value chain (GVC) participation has become one of the most widely used indicators to measure the dispersion of the production process among different countries. The EU member states rate differently in the GVC participation index. The highest participation is in Luxembourg and Slovakia and the lowest is in Croatia. The aim of this paper is to identify the most important variables that influence the GVC participation index in the EU member states (EU-15 and EU new member states). The research employs dynamic panel data (GMM) methodology. The obtained results are very similar for the EU-15 and EU-NMS indicating that the most important drivers of GVC participation are: GDP growth, lag GVC participation, FDI, development of financial sector, share of services in GDP and share of high-tech products in export, and level of wages. However, the indicators and strength of the influence of some of these variables differ between the two groups of countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 1204-1218 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1629978 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1629978 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1204-1218 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1627895_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chenxi Liu Author-X-Name-First: Chenxi Author-X-Name-Last: Liu Author-Name: Xinmin Liu Author-X-Name-First: Xinmin Author-X-Name-Last: Liu Title: Research on knowledge transfer behaviour in cooperative innovation and simulation Abstract: This paper constructs an evolutionary game model of team members’ knowledge transfer behaviour with reciprocal preference in team innovation activities, studies the strategy selection of team members, and simulates the evolution equilibrium strategy of the model with different parameter changes. The results show that the proportion of initial reciprocal actors, the proportion of sharing, and the degree of knowledge complementation are all conducive to the formation of reciprocal cooperation of knowledge transfer, while the work conflict is just the opposite. In addition, the influence of reciprocal preference on evolutionary equilibrium is related to the spreads in reciprocity and self-interested behaviour. This paper extends the research on the reciprocal cooperation of knowledge team from the perspective of behavioural economics. Journal: Economic Research-Ekonomska Istraživanja Pages: 1219-1236 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1627895 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1627895 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1219-1236 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1627893_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Petr Suchánek Author-X-Name-First: Petr Author-X-Name-Last: Suchánek Author-Name: Maria Králová Author-X-Name-First: Maria Author-X-Name-Last: Králová Title: Customer satisfaction, loyalty, knowledge and competitiveness in the food industry Abstract: The subject of this article is customer satisfaction, loyalty, knowledge and business competitiveness from the perspective of a food-industry customer. This article aims to analyse the relationship between customer satisfaction, customer loyalty, product knowledge, business competitiveness and other selected factors which influence customer satisfaction. The research is aimed at customers who purchase the product in question repeatedly and have personal experience with this product. The research was carried out using a questionnaire which was presented to the respondents, who were customers of the selected companies. In order to model the relationships between the factors, a structural equation model approach was used. The research showed the direct influence of the product-knowledge variable on customer expectation and product competitiveness, as well as the influence of customer loyalty on product knowledge. Increased loyalty thus leads to the customer’s increased knowledge of the product. The rate of repeat purchase of the same product is important for the relationship between the variables. In this case, customer expectation was shown to be an important variable which is influenced by customer satisfaction. It can be concluded that when a product’s price is set correctly in relation to its quality, the price does not affect other research factors. Journal: Economic Research-Ekonomska Istraživanja Pages: 1237-1255 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1627893 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1627893 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1237-1255 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1627892_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Adrian Lubowiecki-Vikuk Author-X-Name-First: Adrian Author-X-Name-Last: Lubowiecki-Vikuk Author-Name: Diana Dryglas Author-X-Name-First: Diana Author-X-Name-Last: Dryglas Title: Medical tourism services and medical tourism destinations in Central and Eastern Europe - the opinion of Britons and Germans Abstract: The aim of this paper is to identify preferred Central and Eastern Europe (CEE) medical tourism destinations (MTD) and medical services in the context of socio-demographic determinants. The computer-assisted web interviewing (CAWI) method was used. A total of 282 completed self-administered questionnaires were collected from Britons and Germans, who constitute a large segment of medical tourists in CEE. Subsequently, the responses were analysed using the chi-square test and the method of logistic regression function. The results indicated that the chosen destinations and medical services vary depending on gender, age and nationality. The survey results have implications for scholars, allowing them to understand the way Britons and Germans evaluate MTDs and medical services in CEE, as well as for medical tourism facilitators/brokers and destination management organisations engaged in the process of creating a medical tourism product. The obtained results have also implications for further research related to the development of medical tourism in CEE. Journal: Economic Research-Ekonomska Istraživanja Pages: 1256-1274 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1627892 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1627892 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1256-1274 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1632726_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Francisco Jareño Author-X-Name-First: Francisco Author-X-Name-Last: Jareño Author-Name: Marta Tolentino Author-X-Name-First: Marta Author-X-Name-Last: Tolentino Author-Name: María de la O González Author-X-Name-First: María de la O Author-X-Name-Last: González Author-Name: Alejandro Oliver Author-X-Name-First: Alejandro Author-X-Name-Last: Oliver Title: Impact of changes in the level, slope and curvature of interest rates on U.S. sector returns: an asymmetric nonlinear cointegration approach Abstract: This article examines the sensitivity of U.S. sector equity indices to changes in nominal interest rates and in the corresponding principal components (level, slope and curvature of the U.S. yield curve) over the period 1990–2013 using factor models and a nonlinear autoregressive distributed lag (N.A.R.D.L.) approach. Furthermore, for robustness, this research analyses whether the sensitivity of sector stock returns is different depending on the stage of the economy, splitting the whole sample period into two sub-periods: pre-crisis and subprime crisis. In general, the empirical results confirm a substantial exposure to interest rate risk that depends on the model used and the period analysed. In addition, considering the three principal components of the U.S. yield curve, the sensitivity to changes in these components tends to be stronger during the subprime crisis sub-period. Finally, in the N.A.R.D.L. context, about 50% of sectors show long-run relations between sector stock returns and the explanatory factors, mainly during the whole sample and the pre-crisis sub-period. Nevertheless, short-run responses may be mostly shown in the subprime crisis sub-period. Therefore, our results evidence that nominal interest rates and its three components would have asymmetric effects on the U.S. stock returns at sector level, depending on the stage of the economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 1275-1297 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1632726 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1632726 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1275-1297 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1631199_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rafał Nagaj Author-X-Name-First: Rafał Author-X-Name-Last: Nagaj Author-Name: Piotr Szkudlarek Author-X-Name-First: Piotr Author-X-Name-Last: Szkudlarek Title: The change in the perception of the state by students in Poland and Lithuania in the context of research on social Capital Abstract: The aim of the article is to assess changes in the perception of the state by students in the context of research concerning social capital. The paper studies whether the knowledge and the social competences gained during the three years of study are reflected in the perception of the state by young people. The paper uses the results of a survey analysis conducted at the universities in Poland and Lithuania. The theoretical part of the article presents chosen issues concerning social capital in relation to the state. The article presents conclusions regarding the assessment of changes in the perception of the state by young people in Poland and Lithuania in the context of democracy, social participation, trust and social norms. This research enables us to make a comparison of the results between the two countries and from two research periods and is an original contribution to the discussion about the role of the young generation in society. The results of the research indicate that the knowledge and the social competencies acquired during three years of study in most cases were not reflected in the change of perception of the state by Polish and Lithuanian young people. Journal: Economic Research-Ekonomska Istraživanja Pages: 1298-1319 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1631199 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1631199 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1298-1319 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1628652_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nisha Jia Author-X-Name-First: Nisha Author-X-Name-Last: Jia Author-Name: Yonghui Han Author-X-Name-First: Yonghui Author-X-Name-Last: Han Author-Name: Keming Peng Author-X-Name-First: Keming Author-X-Name-Last: Peng Author-Name: Hongzhen Lei Author-X-Name-First: Hongzhen Author-X-Name-Last: Lei Title: FDI and labour share of home-country: empirical evidence from micro data of Chinese enterprises Abstract: When an enterprise is operating globally, it will surely lead to the flow of production factors, and thus change the factor income distribution in the home country. This paper studies the influence of FDI on the labour share in enterprises’ home country under the background of continuous economic globalisation. Based on the theory of Heterogeneity of FDI Motivation, this paper first analyzes the influence mechanism of FDI on home country labour share. Then, with the micro data of Chinese enterprises, this paper adopts Mahalanobis distance matching and Difference-in-Differences (DID) estimation to have empirical test on the influence of FDI on the labour share in enterprises’ home country. The results show that, overall, enterprises’ FDI and labour share in the home country present a negative correlation. In terms of heterogeneity of FDI motivation, market-seeking FDI significantly decreases the labour share in the home country, while resources-seeking and technology-seeking FDI significantly increase the labour share in the home country. From the perspective of host country heterogeneity, FDI in developed countries significantly increases the labour share in the home country, while the FDI in developing countries inhibits the increase of labour share in the home country. Journal: Economic Research-Ekonomska Istraživanja Pages: 1320-1335 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1628652 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1628652 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1320-1335 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1629329_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Senad Bećirović Author-X-Name-First: Senad Author-X-Name-Last: Bećirović Author-Name: Amna Brdarević Čeljo Author-X-Name-First: Amna Author-X-Name-Last: Brdarević Čeljo Author-Name: Irena Zavrl Author-X-Name-First: Irena Author-X-Name-Last: Zavrl Title: Research into intercultural effectiveness in a multicultural educational milieu in Bosnia and Herzegovina Abstract: Enhancing intercultural effectiveness through the development of intercultural skills and competencies substantially contributes to establishing a more peaceful and tolerant society, which explains a considerable research interest it excites. The present study aims at investigating how study field, grade-point average (GPA), nationality, gender, university status, and grade level impact intercultural effectiveness of Bosnian university-level students. The research sample consisted of 184 students studying at the Departments of English Language and Literature and Psychology at three different universities in Bosnia and Herzegovina. A 2 × 4 ANCOVA indicated that intercultural effectiveness varied significantly by study field and GPA, with small effect size in both cases. The interaction effect of study field x GPA was also significant, with an almost moderate effect size. Similarly, a two-way MANOVA revealed that nationality and gender had a significant effect on the combined dependent variables of intercultural effectiveness and their interaction effect was also significant, with a small effect size. On the other hand, a two-way MANOVA revealed an insignificant impact of grade level and university status on the combined dependent variables of intercultural effectiveness. The interaction effect of grade level x university status was also insignificant, with a small effect size. The present study shows that intercultural effectiveness can be further developed and increased in the university milieu and is thus expected to contribute to recognising the importance of its enhancement through curricula and teaching content in particular. Journal: Economic Research-Ekonomska Istraživanja Pages: 1336-1351 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1629329 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1629329 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1336-1351 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1559073_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana Načinović Braje Author-X-Name-First: Ivana Author-X-Name-Last: Načinović Braje Author-Name: Maja Klindžić Author-X-Name-First: Maja Author-X-Name-Last: Klindžić Author-Name: Lovorka Galetić Author-X-Name-First: Lovorka Author-X-Name-Last: Galetić Title: The role of individual variable pay in a collectivistic culture society: an evaluation Abstract: With increasing worldwide use of individual variable pay (IVP) and thereby some theoretical suggestions to drop it in collectivistic societies it is worth examining the role of variable pay in such cultural surroundings. This paper aims at answering the following research questions: what kind of IVP systems are offered in collectivistic societies, is the implementation of IVP systems related to some specific company characteristic and what results can companies achieve by using IVP systems. A primary research of compensation practices was conducted among 58 Croatian medium and large companies. The research carried out shows that in Croatia, which is a highly collectivistic society, companies offer IVP such as pay for performance, sales commissions and occasional bonuses to its employees. Non-parametric testing has shown that the use of individual-based pay for performance is dependent upon the size and ownership structure of the company. However, contrary to some previous findings and expectations, our analysis reveals only minor differences in organisational outcomes between companies that apply or do not apply individual incentives. Research results support the thesis of global convergence of compensation practices and show that collectivistic heritage does not inhibit the implementation of IVP. Journal: Economic Research-Ekonomska Istraživanja Pages: 1352-1372 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2018.1559073 File-URL: http://hdl.handle.net/10.1080/1331677X.2018.1559073 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1352-1372 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1634613_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bin-Feng Chai Author-X-Name-First: Bin-Feng Author-X-Name-Last: Chai Author-Name: Sultan Sikandar Mirza Author-X-Name-First: Sultan Sikandar Author-X-Name-Last: Mirza Title: Political association, managerial power heterogeneity, and corporate risk-taking in China Abstract: This article investigates the impact of political association and managerial power heterogeneity on corporate risk-taking using data of listed companies in China from 2006 to 2015. Politically associated companies demonstrate higher corporate risk-taking, and the impact of managerial power thereon depends on the source thereof. Structurally speaking, board of directors’ supervision, and shareholders’ supervision power are positively associated with corporate risk-taking, but ownership, expert, and prestige power are negatively associated. Political association weakens the influence of structural and prestige power on corporate risk-taking and strengthens the impact of ownership and expert power thereon. The article adds to the literature on political association, managerial power, and corporate risk-taking. Journal: Economic Research-Ekonomska Istraživanja Pages: 1373-1393 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1634613 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1634613 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1373-1393 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1636700_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Murat Anil Mercan Author-X-Name-First: Murat Anil Author-X-Name-Last: Mercan Author-Name: Mesut Karakas Author-X-Name-First: Mesut Author-X-Name-Last: Karakas Title: Do immigrants work longer hours than natives in Europe? Abstract: The difference between the working hours of natives and immigrants has begun to attract a great deal of attention in U.S. migration research, but this phenomenon has yet to be studied in a European context. In this article, we examine this difference in working hours for 13 European countries (Austria, Belgium, Denmark, Greece, Spain, Finland, France, Luxembourg, the Netherlands, Norway, Portugal, Sweden and the U.K.) for the period 1995–2013. Contrary to popular belief, we find that immigrants usually work fewer hours than natives in most of the countries studied. In addition, we observe that native workers in Western and Southern Europe have, over time, tended to increase their number of hours worked compared to immigrants. However, the opposite is true is for Northern Europe, where natives’ working hours have generally decreased compared to immigrants, even following the global economic crisis in 2008. Journal: Economic Research-Ekonomska Istraživanja Pages: 1394-1406 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1636700 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1636700 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1394-1406 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1636696_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aliya Zhakanova Isiksal Author-X-Name-First: Aliya Zhakanova Author-X-Name-Last: Isiksal Author-Name: Achim Backhaus Author-X-Name-First: Achim Author-X-Name-Last: Backhaus Author-Name: Dennis Jung Author-X-Name-First: Dennis Author-X-Name-Last: Jung Title: Value investing across asset classes Abstract: The objective of this study is to derive two long-only value risk premium multi-asset strategies, as well as naive investment strategies (equal weighted investment strategy and 60/40 portfolio) which are back tested out-of-sample and evaluated for the period from January 1995 to December 2015. The obtained results exhibit superior excess return for the absolute and relative value strategies compared to the naive investment strategies, and display more effective risk-reward ratios due to better distributed returns. However, the findings emphasise concurrently that the value investing strategies should be applied as a complementary portfolio instrument in the context of dynamic asset allocation due to value phase shifts to mitigate drawdown. Moreover, the overall statistical inference presents that the most influential determinants are interest rate related factors like the inflation rate and macro-economic driven variables, such as the I.S.M. Composite Index and the oil price. The multivariate regression analysis also shows a strong dependency between the value strategy returns, stocks and commodities. Journal: Economic Research-Ekonomska Istraživanja Pages: 1407-1429 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1636696 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1636696 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1407-1429 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638291_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivica Urban Author-X-Name-First: Ivica Author-X-Name-Last: Urban Author-Name: Mitja Čok Author-X-Name-First: Mitja Author-X-Name-Last: Čok Author-Name: Miroslav Verbič Author-X-Name-First: Miroslav Author-X-Name-Last: Verbič Title: The burden of labour taxation in Croatia, Slovenia and Slovakia in the period 2011–2017 Abstract: This paper analyses the developments in labor income taxation in Croatia, Slovenia and Slovakia during the period 2011–2017. While the systems of social insurance contributions in these countries were relatively stable, their personal income taxes have undergone more important changes. Using tax-benefit microsimulation models, we compute average and marginal tax rates for the sample units and assess the impact of tax-benefit systems on income distribution. Journal: Economic Research-Ekonomska Istraživanja Pages: 1430-1456 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638291 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638291 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1430-1456 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638283_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Igor Ivašković Author-X-Name-First: Igor Author-X-Name-Last: Ivašković Title: The stakeholder-strategy relationship in non-profit basketball clubs Abstract: The aim of this study is to contribute to a better understanding of the stakeholder-strategy relationship in non-profit sport clubs and to answer the following questions; (1) how hierarchies of organisational aims and actual strategic decisions change due to involvement of certain interest groups in the strategic processes of the observed organisations; (2) how clubs on different quality levels differentiate regarding stakeholders’ hierarchies, hierarchies of aims, and regarding actual strategic decisions. The data were collected from 73 basketball clubs from four South-East European countries. Findings show that private sponsors are the most influential stakeholders in top quality clubs that pursue top sport and financial results more than local community inclusion and other non-profit objectives. Higher-quality level clubs pursue cost reductions, top sport results, and fast results, while clubs where volunteers, local communities, the state and municipal authorities had stronger impact give more emphasis to growth, local community aims, and lowering risk. Journal: Economic Research-Ekonomska Istraživanja Pages: 1457-1475 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638283 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638283 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1457-1475 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638280_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xincheng Wang Author-X-Name-First: Xincheng Author-X-Name-Last: Wang Author-Name: Jide Sun Author-X-Name-First: Jide Author-X-Name-Last: Sun Author-Name: Xiaoxue Liu Author-X-Name-First: Xiaoxue Author-X-Name-Last: Liu Author-Name: Mian Zheng Author-X-Name-First: Mian Author-X-Name-Last: Zheng Author-Name: Jiawen Fu Author-X-Name-First: Jiawen Author-X-Name-Last: Fu Title: Psychological contract’s effect on job mobility: Evidence from Chinese construction worker Abstract: The subject of this study is that the psychological contract (PC) approaches to job mobility within the construction industry with special reference to migrant construction workers in China. Using a semi-structured interview to elicit a full range of the PC’s content of construction worker, we unravel the mechanism of such contract to influence the informal job mobility of workers through the lens of the evolutionary game framework. The results demonstrate that, in the case of fulfilling PC, the informal job mobility of workers is under control, and both workers and employers benefit from this situation. This study deepens the understanding of the PC’s effect on the job mobility of construction workers in China during the course of economic change. The theoretical and practical implications are discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 1476-1497 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638280 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638280 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1476-1497 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1637765_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Guiwu Wei Author-X-Name-First: Guiwu Author-X-Name-Last: Wei Title: The generalized dice similarity measures for multiple attribute decision making with hesitant fuzzy linguistic information Abstract: In this paper, we shall present some novel Dice similarity measures of hesitant fuzzy linguistic term sets and the generalized Dice similarity measures of hesitant fuzzy linguistic term sets and indicate that the Dice similarity measures and asymmetric measures (projection measures) are the special cases of the generalized Dice similarity measures in some parameter values. Then, we propose the generalized Dice similarity measures-based multiple attribute decision making models with hesitant fuzzy linguistic term sets. Finally, a practical example concerning the evaluation of the quality of movies is given to illustrate the applicability and advantage of the proposed generalized Dice similarity measures. Journal: Economic Research-Ekonomska Istraživanja Pages: 1498-1520 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1637765 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1637765 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1498-1520 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1636698_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: I-Chun Tsai Author-X-Name-First: I-Chun Author-X-Name-Last: Tsai Title: European house price deviation: infectivity and the momentum effect Abstract: This study investigated whether house price deviation (irrational house prices) between European countries is mutually contagious or whether irrational behaviour in relation to house prices is mainly caused by domestic factors. This study investigated eight eurozone countries and the United Kingdom’s (U.K.) house price deviation was estimated using the house price–income model, after which the price deviation in each country was analysed and divided into the components of self-influence and influence from other housing markets. The U.K.’s house price deviation was discovered to have the greatest impact on the other European housing markets, whereas France’s house price deviation was the most affected by the other housing markets. Italy’s house price deviation was the least relevant to the other markets with a 95.5% rate of change and susceptibility to domestic changes. This study quantified the dynamic assessment for infectivity and self-influence in relation to house price deviation and discovered that apart from Italy, whether other countries’ levels of infection in relation to house price deviation were significantly correlated to their domestic inflation rates. Finally, the empirical results of this study indicate that the U.K.’s high inflation rate had a significant impact on the imbalance in the eurozone housing markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 1521-1541 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1636698 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1636698 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1521-1541 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1632728_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andrius Grybauskas Author-X-Name-First: Andrius Author-X-Name-Last: Grybauskas Author-Name: Vaida Pilinkienė Author-X-Name-First: Vaida Author-X-Name-Last: Pilinkienė Title: A Comparative Analysis of R.E.I.T.s, R.E.O.C.s and P.R.E.O.C.s Using a Stochastic Frontier Approach Abstract: Although the first real estate investment trust (R.E.I.T.) was created in 1960s, according to the latest data of 2018, only 13 out of 28 European countries had such systems on their stock-exchange. Many economists have published detailed studies stating the advantages of R.E.I.T.s, however, the developing part of Europe is still slow to react with legislative initiatives. This article extends the existing research on R.E.I.T. efficiencies and compares them to private real estate operating companies (P.R.E.O.C.s) as well as real estate operating companies (R.E.O.C.s) across the U.S., Canada and the European Union by using a stochastic frontier, panel-data models of translog cost functions while trying to identify whether a significant benefit arises from different corporate structures. The results confirm that out of 666 companies under consideration, all types of real estate (R.E.) firms achieve economies of scale. Furthermore, in the time period of 2014–2016, REITs on average were less reliant on short-term debt, they had a lower debt-to-equity ratio, were more efficient at managing costs in three stochastic translog models and partially in fourth, had a stronger economy of scale effect when their assets size increased, and remained competitively profitable though were outperformed in the profit and revenue area. Journal: Economic Research-Ekonomska Istraživanja Pages: 1542-1560 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1632728 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1632728 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1542-1560 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638289_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wioletta Grzenda Author-X-Name-First: Wioletta Author-X-Name-Last: Grzenda Title: Socioeconomic aspects of long-term unemployment in the context of the ageing population of Europe: the case of Poland Abstract: In view of the ageing populations of Europe, an important current challenge for labour markets is to increase the professional activity of those social groups whose participation in the labour market is insufficient. This work focuses on people unemployed for 12 months or more. The main purpose of this study is designation of those social groups which have the greatest problems with getting out of long-term unemployment, and assessment of the consequences of long-term unemployment, depending on its duration, in the context of the ageing society. We have investigated this problem using the example of Poland, which suffers from particularly low fertility rates. In this study, data from the Labour Force Survey (L.F.S.) for Poland have been used to model the duration of long-term unemployment. In the analysis the accelerated failure time models (A.F.T.) in the Bayesian approach have been used. Our results show, among other things, that difficulties in getting out of long-term unemployment mainly affect women and people who have children or who looked after children directly before the start of their job search. This, in consequence, may deepen the problem of the decrease in labour supply caused by the ageing population. Journal: Economic Research-Ekonomska Istraživanja Pages: 1561-1582 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638289 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638289 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1561-1582 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638282_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eyup Kadioglu Author-X-Name-First: Eyup Author-X-Name-Last: Kadioglu Author-Name: Burak Gunalp Author-X-Name-First: Burak Author-X-Name-Last: Gunalp Title: Profitability of brokerage houses in Turkey Abstract: This paper uses a direct measure of efficiency to examine the relationship between market structure and the performance of brokerage houses in Turkey. This methodology involves two stages: First, a stochastic translog cost frontier is specified to obtain a direct measure of efficiency. Second, this measure is included in a profitability equation along with market concentration and market share variables. These two equations are then estimated using quarterly data from 112 brokerage houses for the period 2008–2015. The results show that the efficiency of brokerage houses does not influence profitability when measured directly. Market share, on the other hand, is found to be one of the main determinants of profitability, providing support for the relative market power hypothesis. Journal: Economic Research-Ekonomska Istraživanja Pages: 1583-1601 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638282 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638282 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1583-1601 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1636699_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Claudiu Cicea Author-X-Name-First: Claudiu Author-X-Name-Last: Cicea Author-Name: Ion Popa Author-X-Name-First: Ion Author-X-Name-Last: Popa Author-Name: Corina Marinescu Author-X-Name-First: Corina Author-X-Name-Last: Marinescu Author-Name: Simona Cătălina Ștefan Author-X-Name-First: Simona Cătălina Author-X-Name-Last: Ștefan Title: Determinants of SMEs’ performance: evidence from European countries Abstract: This article aims to examine how certain economic and social factors influence short- and long-term performance of small and medium enterprises (SMEs). SMEs' performance is defined by using the value added (VA) by SMEs, as a percent of the total VA by enterprises. The study targets European Union (EU) countries selected by the authors following a cluster analysis procedure. In order to obtain short- and long-term influences, an analysis that carries out three types of tests is conducted: testing stationarity, testing cointegration and testing causality between the indicators identified as influencing factors and the variable measuring the performance of SMEs. The novelty and originality of this research are defined in terms of addressing the performance of SMEs from a new perspective, using an econometric basis in a macroeconomic view. From an econometric perspective, the results are among the most varied, both in the long- and short-term, however they also have a correspondent economic explanation. Journal: Economic Research-Ekonomska Istraživanja Pages: 1602-1620 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1636699 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1636699 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1602-1620 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1636697_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Kai-Hua Wang Author-X-Name-First: Kai-Hua Author-X-Name-Last: Wang Author-Name: Heng-Guo Zhang Author-X-Name-First: Heng-Guo Author-X-Name-Last: Zhang Author-Name: Rui Nian Author-X-Name-First: Rui Author-X-Name-Last: Nian Title: Can onshore spot market progress influence offshore N.D.F. market development for the C.N.Y? Abstract: This study utilises a time-varying wavelet analysis to examine the relationship between the onshore spot market and the offshore non-deliverable forward (N.D.F.) market of the Chinese Yuan (C.N.Y.). Given the presence of structural changes in the two markets, we did not find any stable causality during the sample period. However, in some sub-samples, we found that there is a strong nonlinear causal relationship running from the onshore spot market to the offshore N.D.F. market. Ties between the two markets are closer after the widening of the onshore trading band, first in April 2012, second in March 2014 and again in August 2015. The onshore spot market is heavily influenced by interventions by the People's Bank of China (P.B.C.). These findings imply that offshore N.D.F. market development is not divorced from onshore development, as developments in the onshore spot market influence the offshore N.D.F. market. The results show that the exchange rate markets for the C.N.Y. are not efficient. Thus, to successfully internationalise the C.N.Y., financial expansion of the onshore spot market should keep pace with the growing offshore N.D.F. market to minimise destabilisation of the C.N.Y. Journal: Economic Research-Ekonomska Istraživanja Pages: 1621-1644 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1636697 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1636697 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1621-1644 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1640624_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Oana Simona Hudea Author-X-Name-First: Oana Simona Author-X-Name-Last: Hudea Title: The behaviour of the Romanian economy analysed based on a dynamic stochastic general equilibrium model Abstract: This paper aims to reveal the dynamic behaviour of the Romanian economy over a period of 14 and a half years, from 2000Q1 to 2014Q2, considering the stochastic action of 20 structural shocks. The study is based on a well-known dynamic stochastic general equilibrium model developed for the Swedish economy, which is adjusted to allow the author to capture the essential characteristics of the target country. Subsequent to the selection of the equations to be implemented for the effective estimation, the calibration of several parameters and the setting of the prior distributions for others, a Monte Carlo Markov Chains method is used, namely the Metropolis–Hastings algorithm, in order to reveal the overall results of the estimation process, thereafter properly construed considering their manifestation context. Journal: Economic Research-Ekonomska Istraživanja Pages: 1645-1666 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1640624 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1640624 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1645-1666 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638808_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiyue Tang Author-X-Name-First: Xiyue Author-X-Name-Last: Tang Author-Name: Guiwu Wei Author-X-Name-First: Guiwu Author-X-Name-Last: Wei Author-Name: Hui Gao Author-X-Name-First: Hui Author-X-Name-Last: Gao Title: Pythagorean fuzzy Muirhead mean operators in multiple attribute decision making for evaluating of emerging technology commercialization Abstract: In today’s world, with the advancement of technology, several emerging technologies are coming. Faced with massive emerging technologies which are the component of the technology pool, how to identify the commercial potential of emerging technologies in theory and practice is an important problem. The scientific approach to the selection of these emerging technologies is one of the main objectives of the research. In this paper, we extend Muirhead mean (MM) operator and dual MM (DMM) operator to process the Pythagorean fuzzy numbers (PFNs) and then to solve the multiple attribute decision making (MADM) problems. Firstly, we develop some Pythagorean fuzzy Muirhead mean operators by extending MM and DMM operators to Pythagorean fuzzy information. Then, we prove some properties and discuss some special cases with respect to the parameter vector. Moreover, we present some new methods to deal with MADM problems with the PFNs based on the proposed MM and DMM operators. Finally, we verify the validity and reliability of our methods by using an application example for potential evaluation of emerging technology commercialization, and analyze the advantages of our methods by comparing with other existing methods. Journal: Economic Research-Ekonomska Istraživanja Pages: 1667-1696 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638808 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638808 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1667-1696 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638287_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Goran Đurić Author-X-Name-First: Goran Author-X-Name-Last: Đurić Author-Name: Gordana Todorović Author-X-Name-First: Gordana Author-X-Name-Last: Todorović Author-Name: Aleksandar Đorđević Author-X-Name-First: Aleksandar Author-X-Name-Last: Đorđević Author-Name: Ankica Borota Tišma Author-X-Name-First: Ankica Author-X-Name-Last: Borota Tišma Title: A New Fuzzy Risk Management Model for Production Supply Chain Economic and Social Sustainability Abstract: The issues of operational, organisational and process risk assessment in supply chains (SCs) are the most usually analysed, while other risk groups (like economic and social risks) are not taken into account, even though they have a critical effect on the competitive advantage and SCs sustainability over long time periods. The determination of risk value that may arise due to the materialisation of each defined risk factor (RF) is based on the assessment of the severity of RF consequences and frequency of RF occurrence. These judgments are obtained by decision makers and modelled by using fuzzy set theory. The relative importance of RFs are stated by fuzzy pair-wise comparison matrices in compliance with fuzzy analytical hierarchy process (FAHP). The risk level of SCs could be obtained in an exact way by applying fuzzy logic. The proposed model, to be presented in this paper, provides a possibility to easily and simply determine risk level from the automotive industry SC and to propose appropriate management initiatives that should lead to a reduction or elimination of RF influence. Journal: Economic Research-Ekonomska Istraživanja Pages: 1697-1715 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638287 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638287 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1697-1715 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1629325_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Beata Szetela Author-X-Name-First: Beata Author-X-Name-Last: Szetela Author-Name: Grzegorz Mentel Author-X-Name-First: Grzegorz Author-X-Name-Last: Mentel Author-Name: Jacek Brożyna Author-X-Name-First: Jacek Author-X-Name-Last: Brożyna Title: Modelling European sovereign default probabilities with copulas Abstract: The goal of this article is to investigate a dependence among sovereign countries’ risk of default. The analysis was based on data for 42 European countries during the period 1994–2013. Three models were used to calculate default probabilities: Li’s based on transition matrix and prudent unconditional and conditional on previous defaults estimation technique for low default portfolios. The relationship was analysed through the use of different types of copulas. The analysis has shown no regularity in a selection of the optimal copula. The results differ based on the model and rating grade combination used. Journal: Economic Research-Ekonomska Istraživanja Pages: 1716-1726 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1629325 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1629325 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1716-1726 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638286_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Adam Zaremba Author-X-Name-First: Adam Author-X-Name-Last: Zaremba Author-Name: Jan Jakub Szczygielski Author-X-Name-First: Jan Jakub Author-X-Name-Last: Szczygielski Title: Limits to arbitrage, investor sentiment, and factor returns in international government bond markets Abstract: The perspective of behavioural finance is that anomalies in the cross-section of returns are driven by mispricing that arises from investor irrationality that cannot be easily arbitraged away. In this study, we examine the implications of this for international government bond markets. Using data for 25 countries for the years 1992–2015, we replicate multiple factor strategies that represent four major return drivers: defensive (low-risk), carry, value and momentum. We investigate the relationships between the performance of these strategies and market-wide measures of limits to arbitrage and investor sentiment. We find that the defensive strategy performs best during tight arbitrage conditions whereas severe limits to arbitrage negatively affect momentum profits. Journal: Economic Research-Ekonomska Istraživanja Pages: 1727-1743 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638286 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638286 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1727-1743 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638284_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Imlak Shaikh Author-X-Name-First: Imlak Author-X-Name-Last: Shaikh Title: The impact of terrorism on Indian securities market Abstract: The paper aims to examine the relationship between stock returns and terrorist attacks for the Indian securities market in last 30 years. The stock market returns have been modelled using conditional volatility framework, and there are good enough shreds of evidence to confirm that terrorist activity and cross-border tension has disrupted the investors’ sentiment. The market response to the terrorist attack holds different facets like Target, Location, Number-of-perpetrators, and Property-value has produced a significant impact on the financial market. At the outset, attack day hold an adverse effect on the market and remains unstable till next few days followed by the recent terrorist attack. The results also imply that market participant considers the nature of terrorist attack in their portfolio selection and long-term investment strategy. The practical implications of the study are threefold: (i) investors do regard the terrorist attack in their investment proposal (ii) investors take the short position due to terrorist attack that result into the rise of general stock market volatility and (iii) the financial planning within short-horizon gets postponed followed by the recent terrorist attack. Journal: Economic Research-Ekonomska Istraživanja Pages: 1744-1764 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638284 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638284 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1744-1764 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638279_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Soheila Khoshnevis Yazdi Author-X-Name-First: Soheila Khoshnevis Author-X-Name-Last: Yazdi Title: Structural breaks, international tourism development and economic growth Abstract: This study examines the causal relationships between tourism, physical capital, human capital, household consumption expenditure and economic growth for the period 1981–2014 using Structural Breaks tests, Autoregressive Lag (Distributed A.R.D.L.) approach and Granger causality test. There is one cointegrating relationship between these variables, while the V.E.C.M. comprises both a short- and long-run relation. Tourism has a negative impact on Iranian's economic growth both in the short- and long-run. The results showed there is unidirectional causality running from international tourism to economic growth. Our findings have also empirically verified the presence of the Tourism-Led Growth Hypothesis (T.L.G.H.) in Iran. Tourism could be an effective substance for the growth of the Iranian economy. They showed that tourism is in part an endogenous growth process, requiring a systematic allocation of resources to sustain its development for local and regional economies. Journal: Economic Research-Ekonomska Istraživanja Pages: 1765-1776 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638279 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638279 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1765-1776 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1637764_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Woo Sung Kim Author-X-Name-First: Woo Sung Author-X-Name-Last: Kim Author-Name: Sekyung Oh Author-X-Name-First: Sekyung Author-X-Name-Last: Oh Title: Corporate social responsibility, business groups and financial performance: a study of listed Indian firms Abstract: This study explores the relationship between corporate social responsibility (C.S.R.) and financial performance of Indian firms. We also examine the relationship between C.S.R. and financial performance in context of Indian business group firms, which are known to have unique characteristics which differ from those of Indian stand-alone firms. Using a sample of Indian listed firms between 2010 and 2015, we find that C.S.R., as measured by E.S.G. disclosure score, has a U-shaped relationship with Tobin’s Q, supporting the slack resource theory at lower level of CSR and supporting the stakeholder theory at higher level of C.S.R. The empirical results imply that an improvement in CSR actions does not always result in higher firm value but should exceed a certain level of C.S.R. to have a positive effect on firm value. In addition, we find that at lower level, a negative relationship between C.S.R. and Tobin’s Q weakens in group affiliate firms. However, this complement effect of business group disappears at higher level, weakening the positive relationship between C.S.R. and Tobin’s Q. This study offers new insights for the different influence of business groups on C.S.R. performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 1777-1793 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1637764 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1637764 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1777-1793 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638290_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Zakaria Author-X-Name-First: Muhammad Author-X-Name-Last: Zakaria Author-Name: Wen Jun Author-X-Name-First: Wen Author-X-Name-Last: Jun Author-Name: Haseeb Ahmed Author-X-Name-First: Haseeb Author-X-Name-Last: Ahmed Title: Effect of terrorism on economic growth in Pakistan: an empirical analysis Abstract: The paper examines the impact of terrorism on economic growth in Pakistan. Channel variables, such as foreign direct investment (FDI), domestic investment, and government spending, through which terrorism influences economic growth, are identified. For empirical analysis, annual data for the period 1972–2014 are used, and a structural model is estimated using the generalised method of moments (GMM) estimation approach. The results reveal that (1) the impact of terrorism on FDI and domestic investment is significantly negative, whereas the impact on government spending is significantly positive and (2) the net effect of terrorism on economic growth is negative. One per cent increase in terrorism reduces FDI by 0.104 per cent, domestic investment by 0.039 per cent and economic growth by 0.002 per cent. To increase economic growth more resources must be allocated to improve law and order. To attract foreign investment, complementary domestic investment must be increased. Journal: Economic Research-Ekonomska Istraživanja Pages: 1794-1812 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638290 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638290 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1794-1812 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1640627_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Ansar Majeed Author-X-Name-First: Muhammad Ansar Author-X-Name-Last: Majeed Author-Name: Chao Yan Author-X-Name-First: Chao Author-X-Name-Last: Yan Title: Financial statement comparability and corporate tax avoidance: evidence from China Abstract: This paper examines whether financial statement comparability (hereafter referred to as comparability) is associated with corporate tax avoidance. We document the negative relationship between comparability and tax avoidance. Our findings indicate that comparability reduces information asymmetry, which makes the monitoring of managerial activities more effective. In addition, comparable information may increase the risk of detection of aggressive tax strategies, which leads to reputational, regulatory and political risks. We further examine how analyst coverage and product market competition influence the relationship between comparability and corporate tax avoidance. The results show that analyst coverage substitutes for the effect of comparability on tax avoidance. However, we do not obtain any conclusive evidence that product market competition plays a complementary role to comparability in reducing tax avoidance. Our results are robust to the various measures of comparability and tax avoidance and alternative methodological techniques. Journal: Economic Research-Ekonomska Istraživanja Pages: 1813-1843 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1640627 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1640627 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1813-1843 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1640625_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marie Mikušová Author-X-Name-First: Marie Author-X-Name-Last: Mikušová Author-Name: Petra Horváthová Author-X-Name-First: Petra Author-X-Name-Last: Horváthová Title: Prepared for a crisis? Basic elements of crisis management in an organisation Abstract: The aim of this paper is to identify the basic elements that must be taken into account when constituting the complete process of crisis management in an organisation. This study explains the following: the identification of the basic elements; the sequence of the basic elements’ relationships in the creation of crisis management; the reason for their importance in this process; terms; and the person/team responsible for their determination. The identification of the elements is based on a mind map. The logic progress of each action is presented in the network. Detailed graphical and tabular representations of the verbal accompaniment have been used to highlight the diversity of the activities and skills required when creating crisis management in an organisation. Thus, the elements presented and their relationships are a tool for managers. Their practical usefulness has been confirmed in several applications in different organisations. Journal: Economic Research-Ekonomska Istraživanja Pages: 1844-1868 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1640625 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1640625 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1844-1868 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1640622_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Petra Maresova Author-X-Name-First: Petra Author-X-Name-Last: Maresova Author-Name: Kamil Kuca Author-X-Name-First: Kamil Author-X-Name-Last: Kuca Title: Are the current methods for the distribution of public funds in secondary education effective? Multiple criteria model in the Czech Republic Abstract: The aim of the paper is to analyse the current financing system for schools in the Czech Republic and the subsequent formulation of criteria for improving the redistribution of funds from public sources. First, the method of retrospective analysis of expenditures on education financing at European level and the developed countries of the OECD. Second, the multiple criteria model for the distribution of funds is established using Expert Choice. Finally, a method of guided interviews will be exploited in order to detect attitudes, priorities of representatives from the education department and the economic department in the Czech Republic. In the analysis of secondary school finance decision-making, individual solution options and key criteria were specified. The criteria include justice, motivation, stability, controllability and simplicity. Based on the multi-criteria evaluation output, it is possible to recommend the inclusion of three elements in the current financing system of secondary education in the Czech Republic. These are the tracking of graduates in the labour market, assessment of schools and teachers. Journal: Economic Research-Ekonomska Istraživanja Pages: 1869-1882 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1640622 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1640622 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1869-1882 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1640623_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: K. Voloshenko Author-X-Name-First: K. Author-X-Name-Last: Voloshenko Author-Name: A. Ponomarev Author-X-Name-First: A. Author-X-Name-Last: Ponomarev Title: Modelling of regulatory factor and managerial impact assessment in the regional economy sectors: a case-study of the Kaliningrad region (Russia) Abstract: This article discusses the methodology of developing tools for assessing regulatory factors and managerial impacts on the regional economy and individual sectors and businesses. The potential of projection models is investigated, including balance models, convergence of regional and sectoral projection and compiling reliable and representative data sets capable of describing the current economic situation. An attempt was made to develop a series of models for several regional economies; to that end, the modelling of managerial and regulatory impact assessment was used in combination with the well-known value chain approach. In the interests of effective public administration, one of the requirements is to create sectoral model formats compatible with the regional projection models. Results of pilot modelling managerial and regulatory impacts on Kaliningrad region’s economies are presented through examples of agribusiness, transport, industry, tourism and recreation. Implementation of regulatory impact modelling in the framework of the suggested approach is proved for other regions. The main advantage of the developed models for the regional management is their ability to reduce uncertainty in decision-making due to obtaining estimates of the impact of the decisions on the changing situation and the conditions for the development of sectors and industries. Journal: Economic Research-Ekonomska Istraživanja Pages: 1883-1902 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1640623 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1640623 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1883-1902 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638288_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ligita Gaspareniene Author-X-Name-First: Ligita Author-X-Name-Last: Gaspareniene Author-Name: Rita Remeikiene Author-X-Name-First: Rita Author-X-Name-Last: Remeikiene Author-Name: Alius Sadeckas Author-X-Name-First: Alius Author-X-Name-Last: Sadeckas Author-Name: Viktoras Chadyšas Author-X-Name-First: Viktoras Author-X-Name-Last: Chadyšas Title: A Preference for Corporate Borrowing in Alternative Markets over Borrowing from Banks under the Impact of Monetary Policies: a Lithuanian Case Abstract: An analysis of the scientific literature has revealed that companies in advanced countries have mixed capital structures, whereas companies in less advanced countries mostly depend on bank credits and loans. The reason for dependence on bank funding lies in the fact that corporate bonds are profitable only to large companies with a high credit rating, while small and medium companies—as well as large companies with lower credit ratings—find bank loans to be a more attractive method of external financing. This article focuses on the impact of particular financial and economic determinants on corporate borrowing in Lithuania. With a view to providing not only theoretical, but also practical insight in the problems of corporate financing, we have included such financial determinants as interest rates and bond yields. Journal: Economic Research-Ekonomska Istraživanja Pages: 1903-1921 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638288 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638288 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1903-1921 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638285_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xinyu Wu Author-X-Name-First: Xinyu Author-X-Name-Last: Wu Author-Name: Haibin Xie Author-X-Name-First: Haibin Author-X-Name-Last: Xie Author-Name: Xindan Li Author-X-Name-First: Xindan Author-X-Name-Last: Li Title: Probability weighting functions obtained from Hong Kong index option market Abstract: In this paper we estimate the pricing kernel from the Hong Kong index option market and obtain the empirical probability weighting functions based on the rank-dependent expected utility. The empirical pricing kernel is estimated semi-parametrically as the ratio of the risk-neutral and objective densities. We employ a two-step estimation procedure to estimate the objective and risk-neutral densities under a consistent parametric framework of the non-affine generalised autoregressive conditional heteroskedasticity (G.A.R.C.H.) diffusion model. In the first step, we develop a continuous particle filters-based maximum likelihood estimation method to estimate the objective parameters of the G.A.R.C.H. diffusion model using the Hang Seng Index (H.S.I.) returns. In the second step of our estimation, we depart from the usual pure calibration approach and use the H.S.I. option prices to estimate the risk-neutral parameters of the G.A.R.C.H. diffusion model by constraining certain parameters to be consistent with the time-series behaviour of H.S.I. returns. Based on the estimated objective and risk-neutral parameters, the objective and risk-neutral densities are obtained by inverting the corresponding characteristic functions. Empirical results indicate that the empirical pricing kernel estimated from the Hong Kong index option market is non-monotonic and the estimated probability weighting functions are S-shaped, which implies that investors underweight small probability events and overweight large ones. Journal: Economic Research-Ekonomska Istraživanja Pages: 1922-1943 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638285 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638285 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1922-1943 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1635036_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dariush Mohamadi Zanjirani Author-X-Name-First: Dariush Mohamadi Author-X-Name-Last: Zanjirani Author-Name: Sarfaraz Hashemkhani Zolfani Author-X-Name-First: Sarfaraz Author-X-Name-Last: Hashemkhani Zolfani Author-Name: Olegas Prentkovskis Author-X-Name-First: Olegas Author-X-Name-Last: Prentkovskis Title: L.A.R.G. supplier selection based on integrating house of quality, Taguchi loss function and M.O.P.A. Abstract: Nowadays, companies are able to obtain the key to success in global competition by choosing the right suppliers who are more align with their strategies. It is clear that applying appropriate attitudes and criteria have a great importance in choosing suppliers in the process of decision-making by chain managers and especially purchasing managers. In this study tried to apply Lean, Agile, Resilient and Green (L.A.R.G.) approach in a model designed to select the consistence supplier. Accordingly, at first, while reviewing and exploiting the literature, the most main logistics needs of the company concerned in the light of the objectives that followed on the fields of the LARG attitudes, are refined and selected, then their degree of significance is determined through Multi-Objective Performance Analysis (M.O.P.A.). The house of quality (H.O.Q.) matrix is applied to determine the importance degree of the technical characteristics of the suppliers and Taguchi loss function is applied to determine the degree of their performance deviation from the target value in each one of the technical characteristics (ultimate judgment about their competency). The considered suppliers are ranked based on the results of the loss function analysis. A sensitivity analysis was conducted to analyse the impact of different conditions on suppliers’ ranking and validation of the ranking results were Satisfied by applying the T.O.P.S.I.S. method. Journal: Economic Research-Ekonomska Istraživanja Pages: 1944-1964 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1635036 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1635036 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1944-1964 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642786_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yu Jiang Author-X-Name-First: Yu Author-X-Name-Last: Jiang Title: Dynamics in the co-movement of economic growth and stock return: comparison between the United States and China Abstract: The performance of the stock market is usually regarded as the barometer of economic growth and stock return and economic growth are, therefore, believed to co-move. However, the co-movement may exhibit different characteristics in various economic systems. This paper studies the co-movement of stock return and economic growth in two representative countries, the U.S. and China, with entirely different economic systems. The degree of co-movement is measured by the correlation of stock index return and G.D.P. growth rate and a time-varying copula model is applied to capture the dynamic characteristics of the co-movement. Empirical results show that the co-movement of stock return and economic growth is relatively strong but fluctuant in the U.S. and is relatively weak but stable in China. The differences in the co-movement can be interpreted by different economic growth modes in the U.S. and China. Journal: Economic Research-Ekonomska Istraživanja Pages: 1965-1976 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642786 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1965-1976 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642785_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mira Dimitrić Author-X-Name-First: Mira Author-X-Name-Last: Dimitrić Author-Name: Ivana Tomas Žiković Author-X-Name-First: Ivana Author-X-Name-Last: Tomas Žiković Author-Name: Andrea Arbula Blecich Author-X-Name-First: Andrea Author-X-Name-Last: Arbula Blecich Title: Profitability determinants of hotel companies in selected Mediterranean countries Abstract: Tourism is one of the most important industries in the Mediterranean countries, which strongly contributes to the economic activity, capital investment and job creation. Therefore, the purpose of this paper is to examine the determinants influencing profitability of hotel companies in selected Mediterranean countries. Thereby, dynamic panel data models are estimated on an extensive dataset for the period from 2007 to 2015. The paper provides evidence on differences among internal profitability determinants of hotel companies operating in tourism competitive countries. The results indicate that the cash flow to operating revenue has a statistically significant and positive impact on profitability in all observed countries. The total asset turnover ratio is significant for all countries except Portugal, while labour productivity is significant only for Spain, which is also the country with the highest turnover per employee. The solvency ratio is positively related to profitability, except for Greece as the most indebted country. Size proved to be significant for hotels in Spain and Portugal, while age is the variable by which the countries mostly differ, as findings show a different impact of underlying variable on hotel profitability. Findings provide information to shareholders that would ensure profitability of hotel companies operating in different countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 1977-1993 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642785 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1977-1993 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642781_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Josefina Fernández-Guadaño Author-X-Name-First: Josefina Author-X-Name-Last: Fernández-Guadaño Author-Name: Manuel López-Millán Author-X-Name-First: Manuel Author-X-Name-Last: López-Millán Title: Assessing employee-owned firms: an examination of the Spanish economic model Abstract: Employee-owned firms (EOFs) form part of the so-called social economy, and they are seen as an alternative business model that aims to establish itself as a third way, different to conventional capitalist firms and public enterprises. These firms meet the Spanish legal requirements (Law 44/2015) for employee ownership designation. This paper assesses whether the capital ownership structure is a key factor determining operating performance, productivity and solvency, or in other words, the impact the firm’s capital ownership structure may have on its economic performance, labour factor and capital factor. Based on a sample of small employee-owned firms and non-employee owned firms, the study develops an empirical methodology using a panel data analysis. The study shows the characteristics of Spain’s EOFs as an alternative legal form of employee share ownership, which is included in the Social Economy, but different from cooperative societies. Journal: Economic Research-Ekonomska Istraživanja Pages: 1994-2008 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642781 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642781 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:1994-2008 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642780_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Kai-Hua Wang Author-X-Name-First: Kai-Hua Author-X-Name-Last: Wang Author-Name: Ran Tao Author-X-Name-First: Ran Author-X-Name-Last: Tao Author-Name: Oana-Ramona Lobonţ Author-X-Name-First: Oana-Ramona Author-X-Name-Last: Lobonţ Title: Does the covered interest rate parity fit for China? Abstract: This paper aims to investigate whether the covered interest rate parity (C.I.P.) holds or not through examining the dynamic link between nominal interest rate differential (N.I.R.D.) and nominal exchange rate (N.E.R.) in China. With economic transitions and structural changes existing, we find that the C.I.P. condition using full-sample data does not always hold. Consequently, we apply a time-varying rolling-window approach to revisiting the dynamic causal relationship, and the results show that N.I.R.D. has both positive and negative impacts on N.E.R. in several sub-periods, and in turn, N.E.R. has the same effects on N.I.R.D. for China. Exchange regime reform, currency-specific market risk and capital control are considered in explaining the deviations in some sub-sample periods. Therefore, empirical results have important implications for distinguishing factors that bring about the C.I.P. deviations and further offers policy suggestions for the Chinese monetary authority. Journal: Economic Research-Ekonomska Istraživanja Pages: 2009-2027 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642780 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642780 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2009-2027 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1637763_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kai-Hua Wang Author-X-Name-First: Kai-Hua Author-X-Name-Last: Wang Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Ran Tao Author-X-Name-First: Ran Author-X-Name-Last: Tao Author-Name: De-Ping Xiong Author-X-Name-First: De-Ping Author-X-Name-Last: Xiong Title: Does the purchasing power parity fit for China? Abstract: This paper aims to assess whether the purchasing power parity (PPP) holds by examining the dynamic link between nominal exchange rate (NER) and relative consumer price (RCP) in China. With economic transitions and structural changes existing, we discover that by using full sample data the PPP does not hold. Consequently, we apply the rolling window causality method in order to reconsider the dynamic causal link, and as a result we observe NER having both positive and negative impacts on RCP in some sub-periods. However, RCP has no effect on the NER, meaning that the PPP does not hold. Trade cost, restrictions and imperfect competition are considered in explaining the deviations in some sub-sample periods. Therefore, this empirical result has important implications for stakeholders to distinguish factors that bring about the PPP deviations and further offers policy suggestions for the Chinese monetary authority. Journal: Economic Research-Ekonomska Istraživanja Pages: 2028-2043 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1637763 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1637763 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2028-2043 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1640626_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yingying Xu Author-X-Name-First: Yingying Author-X-Name-Last: Xu Title: The anchoring of inflation expectations in time and frequency domains Abstract: This paper introduces wavelet analysis as a tool for investigating the anchoring of inflation expectations in the United States. We show that the anchoring of inflation expectations varies for different groups of economic agents and changes across time and frequency. For consumers, we confirm significant lead-lag relationships between short- and long-term inflation expectations at medium frequencies of one to four years of scale, thus suggesting that short-term inflation expectations had fed into long-term inflation expectations over the crisis period. However, no such relationship is found for professional forecasters. These results indicate that long-term inflation expectations were de-anchored during the crisis period for consumers but not for professional forecasters. Although consumers’ long-term inflation expectations have been re-anchored since 2014 at medium frequencies, we find signs of de-anchoring at higher time scales of approximately eight years. Journal: Economic Research-Ekonomska Istraživanja Pages: 2044-2062 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1640626 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1640626 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2044-2062 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642777_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hana Černá Silovská Author-X-Name-First: Hana Author-X-Name-Last: Černá Silovská Author-Name: Petr Kolařík Author-X-Name-First: Petr Author-X-Name-Last: Kolařík Title: Traditional and alternative methods of tourist event evaluation: case study of the Czech Republic Abstract: This contribution presents and discusses selected methods and techniques applied in the area of tourist event assessment with a main focus on their economic effects evaluation. Besides the traditional evaluation models, such as the Input-output analysis or the CGE model, one newer and less common methodology – the local multiplier LM3 is introduced. This evaluation method has not been applied yet (in its full version) on any particular event, but it seems to have a potential to become more widespread, especially for evaluating events of local character and impact. This paper also observes the current research stages in terms of event tourism in the Czech Republic, where event industry increased its importance in the last decades. It offers an exhaustive listing of all the studies observing primarily event economic impacts in the Czech regions. The results of this study present a classification of the Czech events´ economic impact studies according to the applied methodology and also some recommendations for selection particular methodology according to a specific type of an event. Journal: Economic Research-Ekonomska Istraživanja Pages: 2063-2079 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642777 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642777 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2063-2079 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642778_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bazyli Czyżewski Author-X-Name-First: Bazyli Author-X-Name-Last: Czyżewski Author-Name: Piotr Kułyk Author-X-Name-First: Piotr Author-X-Name-Last: Kułyk Author-Name: Łukasz Kryszak Author-X-Name-First: Łukasz Author-X-Name-Last: Kryszak Title: Drivers for farmland value revisited: adapting the returns discount model (RDM) to the sustainable paradigm Abstract: In recent studies many researchers have identified non-agricultural attributes of land that significantly contribute to its value. They claim that the increasing proportion of the value of land may now be explained by environmental amenities in rural areas. On the other hand, mainstream economics says that farmland values are determined by the discounted stream of returns (present value model). The main aim of this work was to adapt neoclassical concept of the Returns Discount Model (RDM) of Saphiro–Gordon type to the case of a land market in Poland. We introduced a modified RDM (i.e. the multilevel variance component model) to answer whether it remains applicable to the valuation of farmland in the context of sustainable agriculture. It was found that in spite of the growing role of non-productive functions of agriculture the improved RDM continues to perform well as a tool to assess changes in land prices. Journal: Economic Research-Ekonomska Istraživanja Pages: 2080-2098 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642778 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642778 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2080-2098 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642783_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Manzoor Ahmad Author-X-Name-First: Manzoor Author-X-Name-Last: Ahmad Author-Name: Zahoor Ul Haq Author-X-Name-First: Zahoor Author-X-Name-Last: Ul Haq Author-Name: Zeeshan Khan Author-X-Name-First: Zeeshan Author-X-Name-Last: Khan Author-Name: Shoukat Iqbal Khattak Author-X-Name-First: Shoukat Iqbal Author-X-Name-Last: Khattak Author-Name: Zia Ur Rahman Author-X-Name-First: Zia Author-X-Name-Last: Ur Rahman Author-Name: Shehzad Khan Author-X-Name-First: Shehzad Author-X-Name-Last: Khan Title: Does the inflow of remittances cause environmental degradation? Empirical evidence from China Abstract: Remittances inflow plays a significant role in promoting the economic welfare of a country; it has a multidimensional effect on the economy and links with the carbon emissions. This study examines the possible asymmetric transmissions from remittances to carbon dioxide emissions (CO2) in China using time series data from 1980 to 2014. The Non-linear NARDL method is employed to check the longrun asymmetric relationship between remittances inflow and carbon emissions. The findings show that a positive shock in remittances causes an increase in CO2 emissions, while a negative shock in remittances causes a decrease in CO2 emissions. The results support the existence of an asymmetric cointegrating relationship between remittances and CO2 emissions in both short run and the long run. The NARDL dynamic multiplier graph assumes that positive remittances shocks are highe compared to the negative remittances shocks. It suggests that policymakers in China should consider remittances as a policy instrument especially designing strategies and policies related to sustainable environmental quality in the long run. Journal: Economic Research-Ekonomska Istraživanja Pages: 2099-2121 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642783 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642783 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2099-2121 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642779_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ikram Ullah Author-X-Name-First: Ikram Author-X-Name-Last: Ullah Author-Name: Muhammad Idrees Khawaja Author-X-Name-First: Muhammad Idrees Author-X-Name-Last: Khawaja Author-Name: Nasir Iqbal Author-X-Name-First: Nasir Author-X-Name-Last: Iqbal Title: Sustainability, market conditions and outreach: the vicious misconception of the win-win proposition in the microfinance industry Abstract: The shift of the Microfinance Institutions (MFIs) from the poverty-lending approach to the financial system approach is likely to have two counterbalancing effects on the social mission of poverty alleviation and women empowerment. On the one hand – and as is desirable – financial sustainability could cause MFIs to increase the depth and breadth of their outreach. But on the other hand – and possibly at the cost of the social mission – financial sustainability may become the core objective of the MFIs. The aim of this paper is to investigate which of the two outcomes is most likely in MFIs following the financial system approach. For this purpose, the paper first develops a theoretical framework to deduce testable hypotheses. The hypotheses are then tested with data from 158 rated MFIs, using various panel data estimation techniques. Results obtained thus reveal that majority of the MFIs in developing countries hold some market power. Besides, we find that financial sustainability is at odds with the social mission of alleviating poverty and empowering women and does not translate into depth and breadth of outreach. The study also discusses some policy implications of the results. Journal: Economic Research-Ekonomska Istraživanja Pages: 2122-2137 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642779 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642779 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2122-2137 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1579661_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dragan Tevdovski Author-X-Name-First: Dragan Author-X-Name-Last: Tevdovski Author-Name: Goran Petrevski Author-X-Name-First: Goran Author-X-Name-Last: Petrevski Author-Name: Jane Bogoev Author-X-Name-First: Jane Author-X-Name-Last: Bogoev Title: The effects of macroeconomic policies under fixed exchange rates: A Bayesian VAR analysis Abstract: We analyse the effects of fiscal and monetary policies in Croatia and Macedonia estimated by a Bayesian vector autoregression (VAR). The main results of the study are as follows. Fiscal tightening leads to economic expansion in Macedonia and a decline in economic activity in Croatia. In both countries fiscal tightening leads to a decline in inflation and money market rates. Monetary tightening leads to output contraction and a decline in inflation in both countries. We find an opposite reaction of the fiscal authorities to a monetary shock, i.e., monetary contraction is accompanied by fiscal tightening in Croatia and by loose fiscal policy in Macedonia. Journal: Economic Research-Ekonomska Istraživanja Pages: 2138-2160 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1579661 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1579661 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2138-2160 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1645711_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sergej Gričar Author-X-Name-First: Sergej Author-X-Name-Last: Gričar Author-Name: Violeta Šugar Author-X-Name-First: Violeta Author-X-Name-Last: Šugar Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Small and medium enterprises led-growth in two Adriatic countries: Granger causality approach Abstract: This paper investigates causal relationships between gross domestic product (GDP) and the number of small and medium sized enterprises (SMEs) controlled for unemployment rates (UNR) within Slovenia and Croatia. Macro-economic time series data on GDP, SMEs and UNR are analysed in a unit root framework and applied regression analysis. These processes are known as the Johansen co-integration test and Granger-Causality-test. The results show that UNR, GDP and SMEs did not have causal relationships in Croatia between January 2008 and December 2013. UNR and SMEs have a bidirectional relationship in Slovenia with a greater number of SMEs per capita than in Croatia. During their economic recovery period between January 2014 and December 2017, Slovenia and Croatia have experienced the causal unidirectional relation from SMEs to GDP as a positive signal under seen to policy makers on usefulness of investment in SMEs during economic prosperity. The results of a vector autoregressive model suggest a 1% change in the number of SMEs in Croatia decreases GDP in the time of crisis by almost 1.8%. For Slovenia, there is no statistically significant cointegration vector pertained to SMEs-led growth. Finally, the unidirectional causality relation from SMEs to UNR is statistically significant for Slovenia. Journal: Economic Research-Ekonomska Istraživanja Pages: 2161-2179 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1645711 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1645711 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2161-2179 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1645715_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Asil Azimli Author-X-Name-First: Asil Author-X-Name-Last: Azimli Title: Pricing the accrual effect in an emerging market Abstract: Empirical finding that the stocks with low accruals return higher than the stocks with high accruals is one of the most prominent market anomalies documented in financial economics literature. Evidence from developed markets suggests that the Capital Asset Pricing Model (CAPM), three-factor (3 F) model with the factors of excess market return (rm -rf), size (SMB) and value (HML) and five-factor (5 F) model with additional earnings-based profitability (RMW) and investment (CMA) factors cannot deflate the accrual effect. Recent evidence from the U.S. market suggests that accrual effect loses power when it is conditioned against a cash-based operating profitability factor. This paper investigates the accrual effect and its pricing for the stocks listed on Borsa Istanbul (BIST). Portfolio analysis reveals a significant accrual effect among the profitable stocks that gain strength when conditioned against CAPM. However, the 3 F model can deflate the accrual effect and different profitability factors, including cash-based operating profitability factor, and investment factor cannot improve its pricing or economic performance in an emerging market. Journal: Economic Research-Ekonomska Istraživanja Pages: 2180-2194 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1645715 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1645715 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2180-2194 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1637762_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Maciej Malaczewski Author-X-Name-First: Maciej Author-X-Name-Last: Malaczewski Title: Substitutes or complements? Relationship between natural resources and physical capital – a few stylised facts Abstract: This paper considers the complementarity and substitutability of natural resources and physical capital. Unlike existing empirical research, concentrated on the estimation of the elasticity of substitution between energy and capital, the author focuses on macro data and the growth theory approach. The author considers the standard economic long-run growth models with substitutability or complementarity among natural resource use and physical capital in the production process. He derives from these models empirically verifiable theoretical relationships between their rates of growth. The author also uses cross-country long-run data to obtain an empirical correlation between these growth rates and finds evidence in favour of gross complementarity between the examined factors of production on the macro level in the long run. Journal: Economic Research-Ekonomska Istraživanja Pages: 2195-2211 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1637762 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1637762 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2195-2211 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1645718_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Daniel Tomić Author-X-Name-First: Daniel Author-X-Name-Last: Tomić Title: Empirical evidence of an S-curve in Croatia Abstract: The impact of currency depreciation on the trade balance is still an empirically unanswered question within international and financial economics. This paper is pointed towards partial clarification of that question as the author analyses trade perspectives in Croatia through the concept of an S-curve. The S-curve is an extension of the J-curve, for the impact of exchange rate depreciation wears out after a while and there is no further improvement when all impacts are realised, meaning that at the top of the curve the slope is zero or negative. By focusing on the relationship between the terms of trade (exchange rate) and trade balance the author is trying to provide some new insights into trade dynamics over a business cycle in Croatia. The main result is that both unconditional and conditional relations (conditional to technology’s role identified in the vector error correction model) are consistent with the empirical S-curve pattern of cross-correlations between the trade balance and the terms of trade (exchange rate). Nonetheless, the inability of the S-curve to depict the strength and/or the speed of the adjustment process before and after the terms of trade/exchange rate depreciation explains its limitation within policy recommendations for Croatia. Journal: Economic Research-Ekonomska Istraživanja Pages: 2212-2230 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1645718 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1645718 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2212-2230 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1645717_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eduard Alonso-Paulí Author-X-Name-First: Eduard Author-X-Name-Last: Alonso-Paulí Title: Contracting with a quiet-life manager Abstract: The aim of this paper is to analyse how employees may affect firm’s corporate governance. We analyse shareholder–manager relationship through a principal-agent framework. The manager is the agent in charge of taking decisions for firm’s success. Yet, when deciding, the manager takes into account employees’ preferences, i.e., the manager wants to enjoy a ‘quiet life’. We build a theoretical (mathematical) model based on principal-agent models in which the manager (the agent) interacts with the shareholder (principal) but it is influenced by employee’s decisions. Our results highlight that having a quiet-life manager is not necessarily linked to a destruction of value, as suggested in recent research. It might even recover part of the efficient decisions (at a cost borne by the shareholder). This research links the management of human resources with corporate governance enlarging the concept of corporate governance itself. It may help to differentiate better situations where labour is highly protected from those that are not as protected, which in turn has implications on the level of manager’s discretion. Journal: Economic Research-Ekonomska Istraživanja Pages: 2231-2251 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1645717 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1645717 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2231-2251 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1645713_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dina Lončarić Author-X-Name-First: Dina Author-X-Name-Last: Lončarić Author-Name: Marina Perišić Prodan Author-X-Name-First: Marina Author-X-Name-Last: Perišić Prodan Author-Name: Jasmina Dlačić Author-X-Name-First: Jasmina Author-X-Name-Last: Dlačić Title: The role of market mavens in co-creating tourist experiences and increasing loyalty to service providers Abstract: The purpose of this paper is to explain the role of market mavens in the tourist sector and to explore the importance of tourist experience co-creation in increasing loyalty to service providers. A survey was conducted on a sample of 425 Croatian residents who had travelled at least once in the year before the study. Two hypotheses were set and empirically tested by partial least square structural equation modelling (PLS-SEM). This research confirms that market mavens are inclined to share tourist experiences and to engage in tourist experience co-creation. It also shows that if market mavens are co-creating tourist experience with travel professionals they are more likely to continue to collaborate with the same service provider, hence, demonstrating loyalty. This paper contributes to knowledge of consumer behaviour in tourism by emphasising the role of market mavens in co-creating tourist experience. The scientific contribution is found in testing the influence of market mavens on co-creating tourist experience and loyalty to service providers. The paper also explains the implications for service providers in tourism. Learning about the influence of market mavens on the process of co-creating tourist experience can help service providers to engage more with these individuals to enhance their loyalty. Journal: Economic Research-Ekonomska Istraživanja Pages: 2252-2268 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1645713 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1645713 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2252-2268 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642788_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: J. Erjavec Author-X-Name-First: J. Author-X-Name-Last: Erjavec Author-Name: A. Popovič Author-X-Name-First: A. Author-X-Name-Last: Popovič Author-Name: P. Trkman Author-X-Name-First: P. Author-X-Name-Last: Trkman Title: The effect of personality traits and knowledge on the quality of decisions in supply chains Abstract: Supply chain and operations management requires frequent decision making, and decisions are importantly influenced by the personality traits and knowledge of the decision maker. Thus, we analyse the effect of those factors on the confidence and quality of decisions taken in the context of supply chain management. The data were gathered via an online supply chain simulation game where subjects needed to make several decisions. Personality traits of the participants were tested using the Big Five model. The structural model was estimated using the partial least squares structural equation modelling approach. We found that decision-makers with lower levels of extraversion and agreeableness and higher levels of conscientiousness and openness make better decisions. On the other hand, neuroticism and agreeableness negatively affect confidence in decisions. Tested knowledge positively influences both decision-makers’ confidence in and the quality of their decisions while self-reported knowledge has no significant effect. Therefore, the companies should carefully consider how an individual’s personality matches the type of job at hand and rely on tested instead of self-reported knowledge. Journal: Economic Research-Ekonomska Istraživanja Pages: 2269-2292 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642788 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2269-2292 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642787_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihalj Bakator Author-X-Name-First: Mihalj Author-X-Name-Last: Bakator Author-Name: Nataša Đalić Author-X-Name-First: Nataša Author-X-Name-Last: Đalić Author-Name: Nikola Petrović Author-X-Name-First: Nikola Author-X-Name-Last: Petrović Author-Name: Mina Paunović Author-X-Name-First: Mina Author-X-Name-Last: Paunović Author-Name: Edit Terek Author-X-Name-First: Edit Author-X-Name-Last: Terek Title: Transition economy and market factors: the influence of advertising on customer satisfaction in Serbia Abstract: Transition economies often face various issues in their socio-economic structures. Several studies analysed the differences and similarities between traditional capitalist economies and transition economies. In this research, advertising and customer satisfaction, two crucial market-driving factors, are measured in the emerging economy of Serbia. Additionally, perceived quality, brand credibility and brand relationship quality are included in the study as mediating factors. Four hundred thirty-two (432) customers and consumers participated in the survey. The findings indicate that advertising has a strong positive correlation with customer satisfaction. This provides support and invites future research in the domain of emerging economies when it comes to key market factors such as advertising and customers’ post-purchase experiences. Journal: Economic Research-Ekonomska Istraživanja Pages: 2293-2309 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642787 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642787 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2293-2309 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1645716_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wei Zhou Author-X-Name-First: Wei Author-X-Name-Last: Zhou Author-Name: Jin Chen Author-X-Name-First: Jin Author-X-Name-Last: Chen Author-Name: Yang Huang Author-X-Name-First: Yang Author-X-Name-Last: Huang Title: Co-Citation Analysis and Burst Detection on Financial Bubbles with Scientometrics Approach Abstract: It is found that financial crises generally happen accompanied by the collapse of financial bubbles. Therefore, many scholars have carried out researches on financial bubbles. In this paper, we analyse the current status and explore the development of financial bubbles with scientometric technique. By downloading and analysing 1048 articles from Web of Science, the main findings of this paper are: 1) Three hot topics in the financial bubble research are ‘Ledoit-Sornette financial bubble model’, ‘European Union emission trading scheme’ and ‘agent-based model’; 2) the current research status of financial bubble is clearly demonstrated by the most productive subject categories, countries, institutions, journals, authors, and cited articles; 3) the investigations that related to ‘Chinese stock market’ contribute significantly in the financial bubble research; and 4) the burst detection analysis shows that the new trends in recent years are ‘asset price bubble’, ‘herd behaviour’, ‘crashes’, and ‘econophysics’. Therefore, this paper provides the knowledge domain, the overall intellectual structure, and the emerging trends of the financial bubble research by analysing the status quo, the co-citations, and the burst detection, which presents more accurate and comprehensive insights into research topics and research development trends over time from various perspectives. Journal: Economic Research-Ekonomska Istraživanja Pages: 2310-2328 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1645716 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1645716 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2310-2328 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642789_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Magdalena Radulescu Author-X-Name-First: Magdalena Author-X-Name-Last: Radulescu Author-Name: Luminita Serbanescu Author-X-Name-First: Luminita Author-X-Name-Last: Serbanescu Author-Name: Crenguta Ileana Sinisi Author-X-Name-First: Crenguta Ileana Author-X-Name-Last: Sinisi Title: Consumption vs. Investments for stimulating economic growth and employment in the CEE Countries – a panel analysis Abstract: The aim of this paper is to find out if the high economic growth rates achieved by the CEE countries are based either on consumption or on investments, considering many exogenous factors that impact on the economic growth and how these factors can contribute to the employment process in the CEE economies to stress if these trends of economic growth and employment are sustainable in the long run. We performed two Panel Least Squares and Pool Least Squares estimations to determine the impact of the exogenous variables on the economic growth (as GDP per capita growth) and on the unemployment rate in the short and long run, depending on the lags of the exogenous variables used in the analysis. We used yearly data series during 2004–2017 for eight selected CEE countries. Our results show that private consumption is positively related with economic growth in the short run, but it doesn’t support the job creation process, in the same way as the savings rate can’t determine positive effects on the employment. Public spending is strongly and negatively correlated with economic growth and positively correlated with the unemployment rate in the CEE region, while the net export is weakly impacting on the economic growth in the CEE region and doesn’t support the employment process in this area. The impact of the domestic investments on the economic growth is weaker in the CEE area than the impact of both private and public spending, but they are positively correlated with the economic growth and negatively correlated with the unemployment rate, while the correlation of the foreign direct investments (FDIs) with both economic growth and unemployment is very weak, as it is the case of net exports. We conclude that the economic growth in the CEE area is mainly based on the private consumption in the short run but the private consumption doesn’t support the job creation process either in the long run or in the short run. The qualitative factors included in the analysis by using global competitiveness index (corruption control, bureaucracy, infrastructure quality, governance effectiveness, political stability, rule of law factors, property rights, markets efficiency, etc.) and corruption perception index are strongly and positively correlated with the economic growth and negatively correlated with the unemployment rate. Journal: Economic Research-Ekonomska Istraživanja Pages: 2329-2353 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642789 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2329-2353 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1638281_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marko Milošević Author-X-Name-First: Marko Author-X-Name-Last: Milošević Author-Name: Goran Anđelić Author-X-Name-First: Goran Author-X-Name-Last: Anđelić Author-Name: Slobodan Vidaković Author-X-Name-First: Slobodan Author-X-Name-Last: Vidaković Author-Name: Vladimir Đaković Author-X-Name-First: Vladimir Author-X-Name-Last: Đaković Title: The influence of holiday effect on the rate of return of emerging markets: a case study of Slovenia, Croatia and Hungary Abstract: Taking into account the current trends and opportunities in the financial markets of developing countries, the subject of the research is to analyse, test and quantify the impact of the holiday effect on the daily return rates from investing activities for the observed financial markets of Slovenia, Croatia and Hungary. The aim of the research is to gain a concrete, empirically tested and quantified knowledge of the capabilities and effectiveness of autoregressive conditional heteroscedasticity (A.R.C.H.) and generalized autoregressive conditional heteroscedasticity (G.A.R.C.H.) models, in order to quantify the impact of the holiday effect on the rates of return from investing activities in the observed financial markets. The time period covered by the research is 2003–2016, where the length of the research time horizon makes possible model effectiveness testing in the periods before, during and after the global financial crisis. The methodology also includes S.I.C.–A.I.C. (Schwarz and Akaike) model selection criteria and a number of tests suitable for or adapted to the specific characteristics of financial markets in developing countries. The research results confirm the role and importance of the application of econometric models in order to quantify the risks of investing activities in the financial markets of developing countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 2354-2376 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1638281 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1638281 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2354-2376 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642776_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tsung-chun Chen Author-X-Name-First: Tsung-chun Author-X-Name-Last: Chen Author-Name: Dong-Qiang Guo Author-X-Name-First: Dong-Qiang Author-X-Name-Last: Guo Author-Name: Hsiao-Min Chen Author-X-Name-First: Hsiao-Min Author-X-Name-Last: Chen Author-Name: Tzu-ti Wei Author-X-Name-First: Tzu-ti Author-X-Name-Last: Wei Title: Effects of R&D intensity on firm performance in Taiwan’s semiconductor industry Abstract: This study examined the impact of research and development (R&D) investment behaviour on the corporate performance of the Taiwanese semiconductor industry, which faced the economic downturn caused by the global financial crisis of 2008, for the period 2005–2016. A dynamic panel data model was used to empirically analyse the impact of R&D intensity on business performance. A generalised method of moments estimator was adopted to avoid endogeneity problems caused by adding dynamics to the model. Further, the model was used to explore the impact of the lag effect of R&D investments on business performance. It was found that significant R&D investments in a given period may reduce business performance in the same period and continue to influence it in the next few periods, thus indicating the presence of a positive and lagged effect of R&D investments in the high-tech industry. Firm size was also found to be positively correlated with business performance, that is, the larger the firm size, the greater is the use of resources for R&D, which, in turn, leads to more sophisticated technologies and profitable outcomes, forming a positive cycle. This indicates that R&D expenditures affect firms’ sustainable management. Journal: Economic Research-Ekonomska Istraživanja Pages: 2377-2392 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642776 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642776 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2377-2392 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1635898_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhaohan Ding Author-X-Name-First: Zhaohan Author-X-Name-Last: Ding Author-Name: Saide Saide Author-X-Name-First: Saide Author-X-Name-Last: Saide Author-Name: Endang Siti Astuti Author-X-Name-First: Endang Author-X-Name-Last: Siti Astuti Author-Name: Didi Muwardi Author-X-Name-First: Didi Author-X-Name-Last: Muwardi Author-Name: Najamuddin Najamuddin Author-X-Name-First: Najamuddin Author-X-Name-Last: Najamuddin Author-Name: Mutiara Jannati Author-X-Name-First: Mutiara Author-X-Name-Last: Jannati Author-Name: Herzavina Herzavina Author-X-Name-First: Herzavina Author-X-Name-Last: Herzavina Title: An adoption of acceptance model for the multi-purpose system in university library Abstract: Since previous study offered a more general context of the IT acceptance model, here we place specific emphasis on the library context. Our study examines whether and why the Technology Acceptance Model (T.A.M.) can be used in a multi-purpose system (M.P.S.) in a university. The M.P.S. is a system for users to borrow, return and renew books on loan. The variables in this study were modified, such as Perceived Usefulness (P.U.) and Perceived Ease of Use (P.E.O.U.) as independent variables and acceptance of IT as a dependent variable. The sampling technique used was proportionate stratified random, using 98 students of the Faculty of Teacher Training and Education who have implemented the M.P.S. system. Data processing techniques used multiple linear regression analysis with the SPSS data processing tool. The results showed that usefulness and ease of use have significantly positive effect on the M.P.S. acceptance model. The research focused on a university context in single province in Indonesia. Further research may extend the study with a focus on profit or non-profit organisations and different geographical areas. Journal: Economic Research-Ekonomska Istraživanja Pages: 2393-2403 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1635898 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1635898 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2393-2403 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1645712_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kun Li Author-X-Name-First: Kun Author-X-Name-Last: Li Author-Name: Joseph D. Cursio Author-X-Name-First: Joseph D. Author-X-Name-Last: Cursio Author-Name: Yunchuan Sun Author-X-Name-First: Yunchuan Author-X-Name-Last: Sun Author-Name: Zizheng Zhu Author-X-Name-First: Zizheng Author-X-Name-Last: Zhu Title: Determinants of price fluctuations in the electricity market: a study with PCA and NARDL models Abstract: In the modern electricity markets, negative prices and spike prices coexist as a pair of opposite economic phenomena. This study investigates how these extreme prices play as the determinants to drive price fluctuations in the electricity market. We construct a two-stage analysis including a principal component analysis (PCA) and a nonlinear autoregressive distributed lags model (NARDL). We apply this analytical method to the wholesale Pennsylvania, New Jersey and Maryland (PJM) electricity market. We find that according to PCA, in the individual transmission lines, spike prices are determinants with largest explanatory power to the variation of prices, while according to NARDL, from the standpoint of the overall market, negative prices have a larger potential effect on both the real-time market and the forward market. These results are valuable and contributive to managers and operators in the electricity markets for policy decision making. Journal: Economic Research-Ekonomska Istraživanja Pages: 2404-2421 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1645712 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1645712 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2404-2421 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1645710_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yu-Sheng Kao Author-X-Name-First: Yu-Sheng Author-X-Name-Last: Kao Author-Name: Kai Zhao Author-X-Name-First: Kai Author-X-Name-Last: Zhao Author-Name: Yu-Cheng Ku Author-X-Name-First: Yu-Cheng Author-X-Name-Last: Ku Author-Name: Chien-Chung Nieh Author-X-Name-First: Chien-Chung Author-X-Name-Last: Nieh Title: The asymmetric contagion effect from the U.S. stock market around the subprime crisis between 2007 and 2010 Abstract: This study employed Enders and Siklos asymmetric co-integration frameworks, including the momentum threshold autoregressive (M-TAR) and logistic smooth transition co-integration (LSTC) models, to investigate whether contagion effects had existed in international stock markets by using the changes in the asymmetric co-integration relationships between the U.S. S&P 500 Index and a total of 23 markets in Asia, Europe, and America during the subprime crisis. The main findings demonstrated that the subprime crisis did not reinforce co-movement trends between the S&P 500 Index and these stock markets, by the application of the Engle-Granger (1987) symmetric co-integration test. However, with the application of the asymmetric co-integration frameworks, both M-TAR and LSTC showed there existed contagion effects between them in the aftermath of Lehman Brothers’ bankruptcy in 2008; transition speeds between these two regimes also substantially increased in the LSTC during the financial crisis. Only the Chinese market was not affected by the U.S. market during this crisis; only an interdependence effect existed between the U.S. and China. The subprime crisis determined the degree of contagion, depending on the financial linkage to the U.S. market, which further demonstrates the differences in the causes and influence between the subprime crisis and other financial crises in emerging markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 2422-2454 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1645710 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1645710 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2422-2454 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1633372_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Uroš Godnov Author-X-Name-First: Uroš Author-X-Name-Last: Godnov Author-Name: Tjaša Redek Author-X-Name-First: Tjaša Author-X-Name-Last: Redek Title: The use of user-generated content for business intelligence in tourism: insights from an analysis of Croatian hotels Abstract: Web-based peer review sites are gaining importance in travellers’ decision-making and provide information for destinations' management. Textual reviews are especially important, but very extensive and hard to process. This article discusses the benefits of recent developments in computational linguistics and shows it can be used, based on a study of 18,000 reviews of Croatian hotels. Results show that numerical evaluation rarely provides sufficient information, while textual reviews reveal details about facilities’ competitive (dis)advantages. Being very extensive, the reviews are difficult to use. By applying computational linguistics the study illustrates how the information can be summarised and used in decision-making. The study extends the application of computational linguistics methodology to tourism literature and provides the first extensive analysis of TripAdvisor data for Croatia. Journal: Economic Research-Ekonomska Istraživanja Pages: 2455-2480 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1633372 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1633372 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2455-2480 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1650655_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Adriana Tiron-Tudor Author-X-Name-First: Adriana Author-X-Name-Last: Tiron-Tudor Author-Name: Andra Maria Achim (Nasca) Author-X-Name-First: Andra Maria Author-X-Name-Last: Achim (Nasca) Title: Accounting quality and stock price informativeness: a cross-country study Abstract: This study investigates how accounting quality impacts the incorporation of firm-specific information into stock prices. Using data from 18 developed countries that apply IFRS, during the period 2004–2015, we find strong evidence that supports the hypothesis that accounting quality determines stock price informativeness. The results yield important policy implications because stock prices are a valuable source of information for many users, especially for the management of the listed companies. The study reveals accounting quality’s direct influence over the stock price informativeness, in the way that along with the improvement of accounting quality also increases the amount of firm-specific information embedded into stock prices. Journal: Economic Research-Ekonomska Istraživanja Pages: 2481-2499 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1650655 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1650655 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2481-2499 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1615972_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jaroslav Belas Author-X-Name-First: Jaroslav Author-X-Name-Last: Belas Author-Name: Beata Gavurova Author-X-Name-First: Beata Author-X-Name-Last: Gavurova Author-Name: Samuel Korony Author-X-Name-First: Samuel Author-X-Name-Last: Korony Author-Name: Martin Cepel Author-X-Name-First: Martin Author-X-Name-Last: Cepel Title: Attitude of University Students toward entrepreneurship environment and toward entrepreneurship propensity in Czech Republic and Slovak Republic – International Comparison Abstract: On the basis of online survey (made in 2017) about entrepreneurship environment we wanted to find out which entrepreneurship conditions are different from the viewpoint of Czech university students (156 men and 252 women) and Slovak university students (216 men and 352 women). From 40 available questionnaire items about two-thirds of them were different in a group of Czech university students compared with Slovak university students (p < 0.05). Czech university students trust more in: entrepreneurial support from the state, macroeconomic environment, quality of entrepreneurship environment and quality of university education compared with Slovak students. In contrast, Slovak students are more optimistic about the image of entrepreneurs in the media, about personal attributes for entrepreneurship, about career growth in entrepreneurship and are more ready to start entrepreneurship after graduation. CART decision tree was used for the multivariate classification problem between Czech university students and Slovak university students. A final CART decision tree model involved only four questionnaire items. Two of them were related to rather macroeconomic conditions - “Legal conditions for doing entrepreneurship are of high quality” and “I consider the macroeconomic environment of my country to be positive for entrepreneurship”. These items were significantly more positively accepted in a group of Czech university students. The other pair of involved items was concerned with personality traits - “Every person has certain prerequisites for entrepreneurship” and “The most important characteristics of an entrepreneur are specializsation, persistence, responsibility, and risk-resistance.” They were more valued in the case of Slovak university students. Average correct classification rate of CART decision tree model with four mentioned items was 71.0%. Journal: Economic Research-Ekonomska Istraživanja Pages: 2500-2514 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1615972 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1615972 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2500-2514 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1650656_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Md Reza Sultanuzzaman Author-X-Name-First: Md Reza Author-X-Name-Last: Sultanuzzaman Author-Name: Hongzhong Fan Author-X-Name-First: Hongzhong Author-X-Name-Last: Fan Author-Name: Elyas Abdulahi Mohamued Author-X-Name-First: Elyas Abdulahi Author-X-Name-Last: Mohamued Author-Name: Md Ismail Hossain Author-X-Name-First: Md Ismail Author-X-Name-Last: Hossain Author-Name: Mollah Aminul Islam Author-X-Name-First: Mollah Aminul Author-X-Name-Last: Islam Title: Effects of export and technology on economic growth: Selected emerging Asian economies Abstract: Recent studies regarding the impacts of technology spillover and international trade have gained momentum in the emerging economies. Empirical evidences show that some countries gain and other loss to grasp the opportunities of international trade and technological innovation to compete in the global market. This paper examines the effect of export and technology on the economic performance of emerging Asian countries, using the Generalized Method of Moments (GMM) model between the periods 2000–2016. Following the Solow economic growth model, the result identifies a positive and significant effect of export and technology on the economic growth of the emerging Asian economies. Similarly, the long-run estimation ascertains the significant and positive impacts of trade and technology on the economic growth of the countries. The results are robust using alternative dynamic panel models, representing the pivotal role of export and technology to the economic growth of the countries. Thus, we recommend policymakers to device attractive policies that can enhance the advancement of technology and trade to maintain sustained economic growth. This would also fasten the internationalisation process and enable to compete efficiently in the global markets in terms of quality of exports and standardisation. Journal: Economic Research-Ekonomska Istraživanja Pages: 2515-2531 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1650656 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1650656 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2515-2531 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1645714_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Katarzyna Kubiszewska Author-X-Name-First: Katarzyna Author-X-Name-Last: Kubiszewska Title: Banking stability during the economic transformation process in selected countries of the Western Balkans Abstract: Economic transformation is still an ongoing process in many European countries. Despite common economic roots, the current economic situations are developing differently in different countries. This article will consider the process of economic transformation in terms of the banking sector. It aims to assess the level of banking stability throughout the transformation process in the Western Balkan region, and to assess the determinates of banking stability. A tool based on the Macroeconomic Stability Pentagon is used to estimate banking stability. The study finds that in most of the researched countries, the most common determinates of banking stability are market concentration and market competition. Additionally, it finds that the stability of banking systems in two countries – relatively the most transformed in the region (Croatia) and the one which is considered the most delayed (Serbia) – are influenced by similar factors, while the other banking systems in the region, despite common roots and experiences, vary in terms of the factors affecting their banking stability. Journal: Economic Research-Ekonomska Istraživanja Pages: 2532-2553 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1645714 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1645714 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2532-2553 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1650657_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rangan Gupta Author-X-Name-First: Rangan Author-X-Name-Last: Gupta Author-Name: Chi Keung Marco Lau Author-X-Name-First: Chi Keung Marco Author-X-Name-Last: Lau Author-Name: Vasilios Plakandaras Author-X-Name-First: Vasilios Author-X-Name-Last: Plakandaras Author-Name: Wing-Keung Wong Author-X-Name-First: Wing-Keung Author-X-Name-Last: Wong Title: The role of housing sentiment in forecasting U.S. home sales growth: evidence from a Bayesian compressed vector autoregressive model Abstract: Accurate forecasts of home sales can provide valuable information for not only policymakers, but also financial institutions and real estate professionals. Against this backdrop, the objective of our article is to analyse the role of consumers’ home buying attitudes in forecasting quarterly U.S. home sales growth. Our results show that the home sentiment index in standard classical and Minnesota prior-based Bayesian V.A.R.s fail to add to the forecasting accuracy of the growth of home sales derived from standard economic variables already included in the models. However, when shrinkage is achieved by compressing the data using a Bayesian compressed V.A.R. (instead of the parameters as in the B.V.A.R.), growth of U.S. home sales can be forecasted more accurately, with the housing market sentiment improving the accuracy of the forecasts relative to the information contained in economic variables only. Journal: Economic Research-Ekonomska Istraživanja Pages: 2554-2567 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1650657 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1650657 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2554-2567 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1651666_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Saisomphorn Larhsoukanh Author-X-Name-First: Saisomphorn Author-X-Name-Last: Larhsoukanh Author-Name: Chengzhang Wang Author-X-Name-First: Chengzhang Author-X-Name-Last: Wang Title: Determining optimal meeting frequency: a bargaining solution to improve a poorly functioning PPP industry under budget constraints Abstract: This study uniquely addresses declining business profitability because of a lack of coordinated meetings between the public and private sectors. We determine optimal meeting frequency (i.e., the highest number of regularly scheduled meetings of the Standing Committee of the inter-agency coordination per year at which profit can be maximised) for poorly functioning public–private partnership (PPP) industries (i.e., their average return on assets or ROA < 0). The tourism industry in emerging countries such as Laos provides an example of a PPP. Using two-person Nash bargaining theory and given budget constraints, we find that the government should conduct bimonthly meetings to improve PPP industry competitiveness. We believe that our study makes a significant contribution to the literature because few emerging studies use mathematical models to address the problem of public and private sector meeting frequency and collaboration. Journal: Economic Research-Ekonomska Istraživanja Pages: 2568-2583 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1651666 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1651666 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2568-2583 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1642784_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yingying Shi Author-X-Name-First: Yingying Author-X-Name-Last: Shi Title: Economic description of tolerance in a society with asymmetric social cost functions Abstract: The evolutionary game dynamics of social tolerance among heterogeneous economic agents have been discussed in an economic interaction model with asymmetric social cost functions, where the individual cost depends only on the share of intolerant people in the opposite group. We show that, very different from the symmetric function case studied previously , economic interactions between individuals in a society with asymmetric social cost functions can be exactly solved in phase plane, and rich behaviours can be revealed by using algebraic approach. Our contribution consists in offering the explicit formula of evolutionary trajectories in the phase plane for the first time. The property of equilibrium is shown to be closely related to the group populations. Based on the explicit formula in the phase plane, the equilibriums of the evolutionary dynamics can be easily identified, and the evolutionary trajectory can be exactly analysed. We also show that the explicit solutions obtained would be especially suited to effective control of the evolutionary dynamics of social tolerance. The necessary and sufficient conditions of the full tolerance equilibrium under asymmetric social cost function are also discussed, which provides guidance and reference to set policies and development strategy of social tolerance. Journal: Economic Research-Ekonomska Istraživanja Pages: 2584-2593 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1642784 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1642784 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2584-2593 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1653780_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Petra Horváthová Author-X-Name-First: Petra Author-X-Name-Last: Horváthová Author-Name: Andrea Čopíková Author-X-Name-First: Andrea Author-X-Name-Last: Čopíková Author-Name: Kateřina Mokrá Author-X-Name-First: Kateřina Author-X-Name-Last: Mokrá Title: Methodology proposal of the creation of competency models and competency model for the position of a sales manager in an industrial organisation using the AHP method and Saaty's method of determining weights Abstract: The aim of this paper is to create a competency model for the position of a sales manager in a manufacturing industry organisation according to the proposed methodology of the competency models creation. The competency model will be created using the AHP method and Saaty's method of determining weights. There is briefly explained the issue of competencies and competency models in the introductory part of the paper and then the used methods are clarified. The application part of the paper describes the methodology of the competency model creation and the process of the competency model creation for the position of a sales manager. The proposed methodology for the creation of competency models can be used in organisations of various specialisation and for any job position. Created competency models can be mainly used for employee selection, training and development, employee evaluation and remuneration. Journal: Economic Research-Ekonomska Istraživanja Pages: 2594-2613 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1653780 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1653780 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2594-2613 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1650653_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jacek Jaworski Author-X-Name-First: Jacek Author-X-Name-Last: Jaworski Author-Name: Leszek Czerwonka Author-X-Name-First: Leszek Author-X-Name-Last: Czerwonka Title: Meta-study on relationship between macroeconomic and institutional environment and internal determinants of enterprises’ capital structure Abstract: The enterprise capital structure is influenced by internal factors, i.e., the share of fixed assets in total assets, the size and growth of the enterprise, its liquidity and profitability, and the non-debt tax shield. The literature shows that external factors – macroeconomic and institutional specifics of enterprises’ environment – may shape the strength and direction of these dependencies. The main aim of this article is to identify the relationship between external factors and the impact of internal determinants on the capital structure. The study includes the meta-analysis of papers which provide information on the relationship between internal factors and the capital structure for 35 countries. The study includes the papers published after 2000 whose research covered the period 1993–2017. A statistically significant relationship between four external factors (inflation, G.D.P. growth rate, G.D.P., index of protection of the creditors and debtors rights) and the strength and direction of the impact of internal factors on the capital structure has been found. In addition, the unambiguously negative impact of two internal factors (liquidity and profitability of the enterprise) on indebtedness was diagnosed. It also reveals that the pecking order theory constitutes a strong theoretical basis for research into the capital structure of enterprises. Journal: Economic Research-Ekonomska Istraživanja Pages: 2614-2637 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1650653 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1650653 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2614-2637 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1650652_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abdul Rashid Author-X-Name-First: Abdul Author-X-Name-Last: Rashid Author-Name: Madiha Fayyaz Author-X-Name-First: Madiha Author-X-Name-Last: Fayyaz Author-Name: Maria Karim Author-X-Name-First: Maria Author-X-Name-Last: Karim Title: Investor sentiment, momentum, and stock returns: an examination for direct and indirect effects Abstract: This paper aims to analyse the impact of behavioural biases on asset pricing by hypothesising that sentiment and momentum are relevant risk factors in Pakistan equity market. The paper also examines the influence of sentiment and momentum factors on market risk, size, and value premiums by estimating the interacted asset-pricing model. To carry out the empirical analysis, monthly stock returns of firms listed on Pakistan Stock Exchange are used for the period 2000–2013. The empirical results indicate that both investor sentiment and momentum factors have a significant impact on the required rate of returns. Specifically, it is found that the premium for both factors is positive and statistically significant. Further, the estimated results provide evidence that the inclusion of these two factors in the Fama-French three-factor model considerably increases the prediction power of the model. The results also reveal that the inclusion of sentiment factor in the Carhart four-factor model significantly increases the prediction power of the model. Yet, the estimation results indicate that the prediction power of the model further increases when the interaction terms are added to the model in order to examine the indirect effects of sentiment and momentum. The results of the interacted model provide evidence of a significant impact of investor sentiment and momentum factors on market risk, size, and value premiums. Although investor sentiment negatively affects all the three premiums, the effect of momentum is positive for both market risk and size premium, whereas, it is negative for value premium. The findings are helpful in explaining and understanding the effects of behavioural biases on stock returns in Pakistan. The findings of the indirect effects suggest that investor sentiment and momentum factors significantly increase the chance of mispricing in Pakistan equity market. Journal: Economic Research-Ekonomska Istraživanja Pages: 2638-2656 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1650652 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1650652 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2638-2656 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1653784_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Asad Shahjehan Author-X-Name-First: Asad Author-X-Name-Last: Shahjehan Author-Name: Bilal Afsar Author-X-Name-First: Bilal Author-X-Name-Last: Afsar Author-Name: Syed Imad Shah Author-X-Name-First: Syed Imad Author-X-Name-Last: Shah Title: Is organizational commitment-job satisfaction relationship necessary for organizational commitment-citizenship behavior relationships? A Meta-Analytical Necessary Condition Analysis Abstract: Meta-analyses on the relationships of organisational commitment (OC), job satisfaction (JS) and organisational citizenship behaviour (OCB) have been used to assess necessity of one another by evaluating their causality through the notion of sufficiency. This study applies necessity condition analysis (NCA) on r values collected from a systematic review of the relationship between OC, JS, and OCB and tests their relations under the notion of necessity. Two meta-analyses were performed on 140 error adjusted effects reported from 70 studies which fulfilled study’s selection and inclusion criteria. Meta-analytical results provided positive and significant OC–JS (ř = 0.546) and OC–OCB (ř = 0.374) relationships. NCA scatterplot, statistics, and bottleneck analysis confirmed the necessity of OC–JS relationship for medium and high level of the desired OC–OCB relation. This study fulfilled the literature gap on the mutual relationship of OC, JS, and OCB by focusing on the notion of necessity rather than the traditional employed notion of sufficiency through a novel method that is testing necessity hypotheses through meta-analyses. For researchers, this method provides a novel approach to analyse meta-analytical data, while enabling practitioners for identifying and focusing on necessary relationships rather than diverging their energies and resources on factors that partially affect the outcomes. Journal: Economic Research-Ekonomska Istraživanja Pages: 2657-2679 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1653784 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1653784 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2657-2679 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1653785_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zheng-Zheng Li Author-X-Name-First: Zheng-Zheng Author-X-Name-Last: Li Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Ran Tao Author-X-Name-First: Ran Author-X-Name-Last: Tao Author-Name: Lin-Na Hao Author-X-Name-First: Lin-Na Author-X-Name-Last: Hao Title: Enhance or depress? The effect of trade on active females in the labour market Abstract: The objective of this study is to provide evidence for the existence of threshold effects in trade openness, which affects the female labour force participation rate (FLFPR) in Asian countries. The authors employ the proportion of export, import and total trade volume to gross domestic product to denote export and import dependency and trade openness, respectively. The panel threshold regression results indicate that there exists an optimal value in the correlation between trade openness and FLFPR below which an increase in trade openness will enhance the FLFPR; an adverse relationship exists when trade openness exceeds the threshold value. This relationship is attributed to the trade-off between the cost reduction effect and the technology channel. Furthermore, the authors further categorise trade openness into export and import dependency. The findings reveal that export dependency also has a single threshold effect on FLFPR, while import dependency exerts a negative effect on FLFPR regardless of threshold effect. Therefore, the government could promote female participation in the labour force by regulating the export policy. Journal: Economic Research-Ekonomska Istraživanja Pages: 2680-2698 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1653785 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1653785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2680-2698 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1653212_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ion Anghel Author-X-Name-First: Ion Author-X-Name-Last: Anghel Author-Name: Marian Siminică Author-X-Name-First: Marian Author-X-Name-Last: Siminică Author-Name: Mirela Cristea Author-X-Name-First: Mirela Author-X-Name-Last: Cristea Author-Name: Graţiela Georgiana Noja Author-X-Name-First: Graţiela Georgiana Author-X-Name-Last: Noja Author-Name: Mirela Sichigea Author-X-Name-First: Mirela Author-X-Name-Last: Sichigea Title: Bioeconomy credentials and intellectual capital: a comparative modelling approach for the E.U.-13 and E.U.-15 Abstract: Acknowledging the importance of the bioeconomy as an important dimension of sustainable economic development, and particularly for E.U. strategies, this paper aims to identify and assess several bioeconomy modellers under the compelling effects of education and research–development–innovation activities. Within this frame of reference, the authors have assessed the role of intellectual capital in shaping bioeconomy outcomes, distinct for the new E.U.-13 and E.U.-15. A complex set of methods and macro-econometric models was applied on two balanced panels, compiled during 1995–2016, that bind random effects models with panel-corrected standard errors, spatial analysis and structural equation modelling. Overall, the importance of research, development, innovation and specific skills acquired in the field of bioeconomy is outlined, as key elements of E.U. economic strategies, being essential for all Member States. Journal: Economic Research-Ekonomska Istraživanja Pages: 2699-2722 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1653212 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1653212 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2699-2722 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1655464_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zeeshan Khan Author-X-Name-First: Zeeshan Author-X-Name-Last: Khan Author-Name: Fazli Rabbi Author-X-Name-First: Fazli Author-X-Name-Last: Rabbi Author-Name: Manzoor Ahmad Author-X-Name-First: Manzoor Author-X-Name-Last: Ahmad Author-Name: Yang Siqun Author-X-Name-First: Yang Author-X-Name-Last: Siqun Title: Remittances inflow and private investment: a case study of South Asian economies via panel data analysis Abstract: This study examines the association between remittances inflow and investment. The data of five major South Asian countries that receive a significant portion of remittances including India, Sri Lanka, Pakistan, Nepal, and Bangladesh are considered from 1990 to 2016. Pooled ordinary least square (OLS), the fixed effect within group estimator (FEWGE), fixed effect (FE) and random effect (RE) are used for the analysis of the data. Unit root tests were employed and then followed by a pooled mean group (PMG) analysis to analyse the long-run relationship between private investment and remittances while controlling for several other variables, such as real-interest rate, economic growth, and the interaction between remittances inflow and business freedom. We use the error correction mechanism (ECM) to find the short-run relationship among variables. Our findings reveal that private investment is positively affected by remittances inflow. Moreover, remittances flow with low business freedom opposes the positive association in the case of these sampled countries. We recommend channelising remittances and lower barriers to business freedom, which may pave the way for a conducive investment-friendly environment. Journal: Economic Research-Ekonomska Istraživanja Pages: 2723-2742 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1655464 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1655464 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2723-2742 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1655465_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fadi Shihadeh Author-X-Name-First: Fadi Author-X-Name-Last: Shihadeh Author-Name: Sisira Kumara Naradda Gamage Author-X-Name-First: Sisira Kumara Author-X-Name-Last: Naradda Gamage Author-Name: Azzam (M. T) Hannoon Author-X-Name-First: Azzam (M. T) Author-X-Name-Last: Hannoon Title: The causal relationship between SME sustainability and banks’ risk Abstract: This study aims to examine the influence of banks’ credit to SMEs on non-performing loans. Many studies find that access to financial sources has become an obstacle to the growth and sustainability of SMEs. This study uses theoretical and empirical approaches to support the study’s hypothesis. Data are presented for 15 banks in Palestine, covering the period 2006 to 2016.The study uses empirical techniques regarding to examine the relationship between the variables. Evidence shows that encouraging banks to lend more money to SMEs through the use of a guarantee fund could decrease their risk. Thus, enhancing credit to SMEs could improve the growth and sustainability of these firms. The study recommending policymakers and bank’s managers could develop their strategies according to SME’s needing. Therefore, enhancing the growth in these firms and reducing the bank’s risk. Furthermore, adopting the guarantee funds in developing countries could decrease the bank’s risk, thus lending more to SME. The value of this paper comes from the importance of SME in the economic growth and development sustainability. Therefore, there is a need to convince banks to enhance SME credit through a guarantee fund and that extending this type of credit would positively influence banks’ activities. Journal: Economic Research-Ekonomska Istraživanja Pages: 2743-2760 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1655465 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1655465 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2743-2760 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1655657_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kai-Hua Wang Author-X-Name-First: Kai-Hua Author-X-Name-Last: Wang Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Ran Tao Author-X-Name-First: Ran Author-X-Name-Last: Tao Title: Time-varying character for short-term capital flow from the interest rate aspect in China Abstract: This study investigates the causal link between short-term capital flow and interest rate differential with the bootstrap Granger full-sample causality and sub-sample rolling-window methods. The empirical results indicate that there is a unidirectional link from interest rate differential to short-term capital flow. However, when considering structural breaks in the above series, the full-sample causality test cannot be relied on. Hence, the time-varying rolling-window method is employed to examine the dynamic causal nexus. Being influenced by the U.S. monetary, world economic situation, Chinese intervention policies and other factors, interest rate differential has influences on short-term capital flow in some periods, but the reverse effect does not exist. Therefore, it is important for authorities to focus on specific backgrounds (e.g., economic situation, monetary policies) and further utilise interest rate and capital control to alleviate negative effects from violent fluctuation of short-term capital flow on the Chinese economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 2761-2779 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1655657 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1655657 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2761-2779 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1653211_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shi-jie Jiang Author-X-Name-First: Shi-jie Author-X-Name-Last: Jiang Author-Name: Feiyun Xiang Author-X-Name-First: Feiyun Author-X-Name-Last: Xiang Author-Name: Ning Zhang Author-X-Name-First: Ning Author-X-Name-Last: Zhang Title: Asymmetric adjustment of insurance profits: evidence from the U.S. non-life insurance markets Abstract: Insurance profits in non-life insurance markets display a large fluctuation that may make it hard for insurance companies to control their operating volatility. By taking into account asymmetries in dynamics of insurance profits, this paper provides empirical evidence of the visualised cycles in insurance markets and relevant underwriting strategies of insurance companies. The results hint at the possible existence of overconfidence in underwriting activities when the underwriting result turns bad. Compared with the whole insurance industry, insurance companies engage more speculative behaviour in underwriting activities on the general liability insurance. For regulation purposes, the government should maintain more disciplined underwriting policies of insurance companies in different insurance lines in order to avoid irrational pricing strategies and improve the economic efficiency of insurance supply. Journal: Economic Research-Ekonomska Istraživanja Pages: 2780-2797 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1653211 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1653211 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2780-2797 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1655466_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Justyna Dobroszek Author-X-Name-First: Justyna Author-X-Name-Last: Dobroszek Author-Name: Ewelina Zarzycka Author-X-Name-First: Ewelina Author-X-Name-Last: Zarzycka Author-Name: Alina Almasan Author-X-Name-First: Alina Author-X-Name-Last: Almasan Author-Name: Cristina Circa Author-X-Name-First: Cristina Author-X-Name-Last: Circa Title: Managers’ perception of the management accounting information system in transition countries Abstract: The aim of this study is to investigate the perception of managers from transition countries, as regards the management accounting information system. The research was conducted between May 2015 and March 2016 among businesses operating in Poland and Romania. The data were processed by means of cluster analysis. The findings indicate that the financial information used in operational management is highly rated by managers. Of the three profiles of managers distinguished, those defined as supporters and neutrals dominate in both countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 2798-2817 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1655466 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1655466 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2798-2817 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1653210_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Miao-Sheng Chen Author-X-Name-First: Miao-Sheng Author-X-Name-Last: Chen Author-Name: Jing Chung Author-X-Name-First: Jing Author-X-Name-Last: Chung Author-Name: Po-Yu Chen Author-X-Name-First: Po-Yu Author-X-Name-Last: Chen Title: Employee business at various levels of a hierarchy for organisations completing case work Abstract: This article describes a model for examining the contribution of supervisors to an organization by considering the case work they complete as a production system. The average delay in case work is referred to as the service level. At a given service level, the minimization of total wages within one hour can be studied as a cost function. With this cost function, wage spending on handled-case time and idle time can be formulated. The ratio between the handled-case time and idle time of all employees at the kth level within 1 hour is defined as the ‘busy index’ at the kth level. From the optimal hierarchical structure, we find the following two properties: (1) Given any two levels i and j, the ratio between the idle times of ith and jth levels is independent not only of the service level but also the rate of arriving cases; and (2) At each level, the busy indices are proportional to the square root of each level’s wage rates. This implies that the busy indices decrease with the hierarchical level. Ultimately, when the wage rates at all levels are equal, the increment also becomes equal. Journal: Economic Research-Ekonomska Istraživanja Pages: 2818-2828 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1653210 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1653210 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2818-2828 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1650654_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tjaša Štrukelj Author-X-Name-First: Tjaša Author-X-Name-Last: Štrukelj Author-Name: Simona Sternad Zabukovšek Author-X-Name-First: Simona Author-X-Name-Last: Sternad Zabukovšek Title: Enterprise values and enterprise policy interdependence Abstract: Enterprise governance results in enterprise policy, which is influenced by enterprise values. The aim of our research was to identify how enterprise values influence enterprise policy innovation. The study focuses on four value factors and their relationships as well as on their influence on enterprise policy innovation. The results show that enterprises should pay attention to the chain of value factors identified in our study (V3 → V2 → V4 → V1). Namely, factors ‘extremes of the values of enterprise’s key stakeholders’ (V3), ‘analysis of the values of enterprise’s key stakeholders’ (V2), and ‘importance of the examination of the values of enterprise’s key stakeholders’ (V4) have an indirect impact on factor ‘enterprise policy innovation (EPI) via factor ‘values of enterprise’s key stakeholders’ (V1), which influences the factor ‘enterprise policy innovation’ (EPI) directly. The identified chain of value factors has a strong effect on factor ‘enterprise policy innovation’ (EPI) via factor ‘values of enterprise’s key stakeholders’ (V1). The implications happen via enterprise’s management and the basic-realisation process. Journal: Economic Research-Ekonomska Istraživanja Pages: 2829-2849 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1650654 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1650654 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2829-2849 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1655656_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Roman Fiala Author-X-Name-First: Roman Author-X-Name-Last: Fiala Author-Name: Veronika Hedija Author-X-Name-First: Veronika Author-X-Name-Last: Hedija Title: Testing the validity of Gibrat’s law in the context of profitability performance Abstract: The purpose of the article is to investigate whether the profitability of firms affects the validity of Gibrat’s law. We begin with the thesis that small firms have less access to outside financial sources (especially bank loans) than large companies, so the role of profit in generating growth varies depending on firm size and is probably more important for smaller companies. We divided a large sample of companies (about 30,000 firms) into three profitability groups (lower 25%, middle 50%, and upper 25% of firms) to examine whether the size-growth relationship is influenced by profitability. Gibrat’s law was verified both at the aggregate level and at the industry level (using one-digit NACE classification). The results show that the validity of Gibrat’s law is not significantly influenced by the amount of firm profit at the aggregate level or at the industry level. In most sectors and profitability groups, smaller firms grow faster than their larger counterparts do. Journal: Economic Research-Ekonomska Istraživanja Pages: 2850-2863 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1655656 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1655656 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2850-2863 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1655658_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Renata Korsakienė Author-X-Name-First: Renata Author-X-Name-Last: Korsakienė Author-Name: Svajonė Bekešienė Author-X-Name-First: Svajonė Author-X-Name-Last: Bekešienė Author-Name: Šárka Hošková-Mayerová Author-X-Name-First: Šárka Author-X-Name-Last: Hošková-Mayerová Title: The effects of entrepreneurs’ characteristics on internationalisation of gazelle firms: a case of Lithuania Abstract: In recent years so-called Gazelle firms or high growth firms (H.G.F.s) have been the interest of policymakers, however little is known about entrepreneur-level determinants affecting internationalisation of these firms. Thus, the research aims to extend the literature addressing the impact of entrepreneurs' characteristics on the internationalisation of H.G.F.s in Lithuania. The research sample was drawn from the population of Lithuanian H.G.F.s directly approaching the owners and members of the management team. The final sample included 177 internationalised firms. The analysis was based on the binomial logistic regression to test the hypotheses. The results reveal that entrepreneurial networks and foreign language capabilities of owners/managers are good predictors of internationalisation degree. However, the research confirms the decreasing effect of domestic ties, the higher degree of internationalisation. The research did not reveal the significance of entrepreneurial and managerial competencies of owners/managers for internationalisation success. Furthermore, the study did not support the relationship of owners/managers' education abroad and internationalisation. The research makes the twofold contribution to the extant literature. First, the research develops and tests the relationships surrounding the internationalisation of H.G.F.s as related to managerial and entrepreneurial competencies, entrepreneurial networks and international background of owners/managers. Second, the research highlights entrepreneur-level determinants affecting internationalisation of H.G.F.s in Central and Eastern European (C.E.E.) country’s context. Journal: Economic Research-Ekonomska Istraživanja Pages: 2864-2881 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1655658 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1655658 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2864-2881 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1658534_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hannan Amoozad Mahdiraji Author-X-Name-First: Hannan Amoozad Author-X-Name-Last: Mahdiraji Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Author-X-Name-Last: Kazimieras Zavadskas Author-Name: Aliakbar Kazeminia Author-X-Name-First: Aliakbar Author-X-Name-Last: Kazeminia Author-Name: AliAsghar Abbasi Kamardi Author-X-Name-First: AliAsghar Author-X-Name-Last: Abbasi Kamardi Title: Marketing strategies evaluation based on big data analysis: a CLUSTERING-MCDM approach Abstract: Nowadays, a huge amount of data is generated due to rapid Information and Communication Technology development. In this paper, a digital banking strategy has been suggested applying these big data for Iranian banking industry. This strategy would guide Iranian banks to analyse and distinguish customers’ needs to offer services proportionate to their manner. In this research, the balances of more than 2,600,000 accounts over 400 weeks are computed in a bank. These accounts are clustered based on justified RFM parameters containing maximum balances, the most number of maximum balances and the last week number with the maximum balance using k-means method. Subsequently, the clusters are prioritised employing Best Worst Method- COmplex PRoportional ASsessment methods considering the diverse inner value of each cluster. The accounts are classified into six clusters. The experts named the clusters as special, loyal, silver- high interaction, silver- low interaction, bronze, averted- low interaction. silver- low interaction cluster and loyal cluster are picked in order by experts and BWM-COPRAS as the most influential clusters and the digital banking strategy is developed for them. RFM parameters are modelled for customers’ accounts singly. The aggregation of the separate accounts of a customer should be considered. Journal: Economic Research-Ekonomska Istraživanja Pages: 2882-2898 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1658534 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1658534 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2882-2898 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1653783_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Agata Szymańska Author-X-Name-First: Agata Author-X-Name-Last: Szymańska Title: Comparison of the stabilising effects of government spending shocks in the Czech Republic, Hungary and Poland Abstract: This study examines the effects of government spending shocks in three Central and Eastern European (CEE) countries: the Czech Republic, Hungary and Poland. The article uses structural vector autoregression (SVAR) models with an identification scheme based on that of Blanchard and Perotti (2002). The results of government spending shocks in these countries are consistent with the general view that the spending innovation increases output in the short term. The impulse response functions show that the maximum response of output to spending shocks is lagged. In order to measure the effects of fiscal shocks, the peak and cumulative multipliers are calculated. In the baseline specification, which is the same for each country, the calculated peak spending multiplier (adjusted to be interpreted in the national currency) ranges from 0.2 in the Czech Republic to more than 1 in Poland. The response of GDP to spending shock is larger than 1 cumulatively. Journal: Economic Research-Ekonomska Istraživanja Pages: 2899-2923 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1653783 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1653783 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2899-2923 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1653781_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shiue-Hung Lin Author-X-Name-First: Shiue-Hung Author-X-Name-Last: Lin Author-Name: Yungho Weng Author-X-Name-First: Yungho Author-X-Name-Last: Weng Title: Market size, productivity and product quality regarding firm heterogeneity Abstract: The importance of market scale really affects a set of economic orientations in real world, such as economic structure, trade patterns, competitive behaviours of firms, and decisions of government policies and enterprises, etc. Simultaneously, considering the production efficiency and product quality as the productivity calculation of one firm, our expanded model tries to answer how does the market scale of the world affect the operation and survival of enterprises and how does the asymmetrical market scales derive the changes of firms' exporting decisions. Our article gets the following two results. When the global market expands, we find that those combinations of production efficiency and product quality originally unable to serve the domestic market or be exported are turned to meet domestic or export demand. Next, the effect of the asymmetric scale between two countries’ markets would derive the four areas which describe different export decisions under various production efficiency–product quality combinations. This explains that reasonable combinations of production efficiency and product quality will be the critical point to export. Journal: Economic Research-Ekonomska Istraživanja Pages: 2924-2940 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1653781 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1653781 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2924-2940 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1653779_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Shailender Singh Author-X-Name-First: Shailender Author-X-Name-Last: Singh Author-Name: Chen Guan Ru Author-X-Name-First: Chen Guan Author-X-Name-Last: Ru Title: Price rigidity, market competition, and product differentiation Abstract: This study develops a two-period model in which the manufacturer determines a price floor and sets production output before demand becomes certain. The model defines the distance between price floor and high-demand-state price in concern to the degree of price flexibility. While conflicting empirical results underscore the importance of theoretical underpinnings, this study shows that economies of scale determine the relation between market competition and price rigidity. A decline in output leads to higher average costs in the industry characterised by economies of scale, a hike in average costs adds pressure on the inventory liquidation that drives price cutting in the low-demand state. Prices tend to more fluctuate as the product becomes more homogeneous or more players enter into the industry. The knowledge of the relationship between market competition, product homogeneity, and price rigidity is critical in formulating antitrust and monetary policies. Journal: Economic Research-Ekonomska Istraživanja Pages: 2941-2958 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1653779 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1653779 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2941-2958 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1658531_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Huo Yuanyuan Author-X-Name-First: Huo Author-X-Name-Last: Yuanyuan Author-Name: Feng Zongxian Author-X-Name-First: Feng Author-X-Name-Last: Zongxian Title: Is collective financing feasible for small and micro-sized enterprises? An evolutionary game analysis of the credit market in China Abstract: With regards to the evolutionary game model of collective financing between commercial banks and small and medium-sized enterprises (SMEs), the self-guarantee mechanism formed within the enterprise group is taken as the research background in the paper. Under the circumstances of mortgage assets and unsecured assets, the changing trend of the strategies of both sides in the process of collective financing is made a discussion respectively. Followed by the evolutionary game, it is concluded that under the stable management strategy, commercial banks will offer different loan strategies (collective or separate) after comprehensively judging the repayment probability of enterprises. For SMEs, loans at a reasonable rate can prompt them to pay them back on time, however, high loan costs can lead to the possibility of total financing default and the adverse circumstances of risk diffusion. More importantly, collective financing of unsecured assets does not increase the bank’s credit risk, while not only can it help banks reduce the cost of loan review, but also alleviate the problem of information opacity in SMEs, prevent the occurrence of default risk and reduce the threshold for enterprises to obtain funds and also provide a new way to solve the financing problems of SMEs. Journal: Economic Research-Ekonomska Istraživanja Pages: 2959-2977 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1658531 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1658531 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2959-2977 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1656096_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Min-Yen Chang Author-X-Name-First: Min-Yen Author-X-Name-Last: Chang Author-Name: Xiaozhong Cui Author-X-Name-First: Xiaozhong Author-X-Name-Last: Cui Author-Name: Chun-Chu Liu Author-X-Name-First: Chun-Chu Author-X-Name-Last: Liu Author-Name: Yu-Ti Lai Author-X-Name-First: Yu-Ti Author-X-Name-Last: Lai Title: Evaluating the criteria for financial holding company operating ability based on the DEMATEL approach – the case of Taiwan Abstract: Evaluating criteria selection has significant impacts on data envelopment analysis (DEA) efficiency estimates. Selecting the proper evaluation criteria lead to successful and meaningful results of decision-making. This study aims to use the Decision Making Trial and Evaluation Laboratory (DEMATEL) method to evaluate the most important constructs and criteria and also establish causality relationships among others for financial holding companies (FHCs) of banks’ operating ability in Taiwan. In this research 15 criteria were confirmed through reviewing various articles associated with this issue. Then, the information from the questionnaire was turned into the DEMATEL questionnaire and was distributed among nine experts and also members of the FHCs of Taiwan. The research results show that employees, total assets, total liabilities, non-interest income, income on investments, net profits before tax, net worth, and EPS are eight causal criteria. Furthermore, operating expenses, capital, interest expenses, interest income, operating income, return on assets (ROA), and return on equity (ROE) are seven effect criteria. Journal: Economic Research-Ekonomska Istraživanja Pages: 2978-2994 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1656096 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1656096 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2978-2994 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1658530_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mingqing Xing Author-X-Name-First: Mingqing Author-X-Name-Last: Xing Author-Name: Tingting Tan Author-X-Name-First: Tingting Author-X-Name-Last: Tan Author-Name: Xia Wang Author-X-Name-First: Xia Author-X-Name-Last: Wang Title: Environmental R&D subsidy, spillovers and privatization in a mixed duopoly Abstract: The study considers an environmental R&D subsidy in a mixed duopoly with spillovers. Public and private firms compete in environmental R&D investments and the government sets the subsidy to environmental R&D. This study examines three cases: (a) the public firm cares for the environment and maximises the welfare; (b) it does not care for the environment and maximises the sum of consumer and producer surpluses net of subsidy; and (c) it is privatised and maximises its own profit. The main findings are as follows: 1) the optimal subsidies are positive in all three cases; 2) the optimal subsidy always increases with spillovers in case (a), but it may decrease with spillovers in cases (b) and (c); 3) the optimal subsidy is higher in case (a) than in case (b) if the seriousness of environmental damage generated by pollution is small, however the opposite case may be the case if it is large; 4) the use of subsidy results in higher total R&D and lower environmental damage in all three cases; 5) privatisation lowers optimal subsidy (or environmental damage) no matter whether the public firm cares for the environment or not; and 6) privatisation reduces welfare if the public firm cares for the environment, but may raise welfare if it does not care for the environment. Journal: Economic Research-Ekonomska Istraživanja Pages: 2995-3021 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1658530 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1658530 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:2995-3021 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1656097_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xing Bao Author-X-Name-First: Xing Author-X-Name-Last: Bao Author-Name: Titing Cui Author-X-Name-First: Titing Author-X-Name-Last: Cui Author-Name: Zhongliang Zheng Author-X-Name-First: Zhongliang Author-X-Name-Last: Zheng Author-Name: Haiyun Liu Author-X-Name-First: Haiyun Author-X-Name-Last: Liu Title: An efficient hybrid differential evolutionary algorithm for zbilevel optimisation problems Abstract: Bilevel problems are widely used to describe the decision problems with hierarchical upper–lower-level structures in many economic fields. The bilevel optimisation problem (BLOP) is intrinsically NP-hard when its objectives and constraints are complex and the decision variables are large in scale at both levels. An efficient hybrid differential evolutionary algorithm for BLOP (HDEAB) is proposed where the optimal lower level value function mapping method, the differential evolutionary algorithm, k-nearest neighbours (KNN) and a nested local search are hybridised to improve the computational accuracy and efficiency. To show the performance of the HDEAB, numerical studies were conducted on SMD (Sinha, Maro and Deb) instances and an application example of optimising a venture capital staged-financing contract. The results demonstrate that the HDEAB outperforms the BLEAQ (bilevel evolutionary algorithm based on quadratic approximations) greatly in solving the BLOPs with different scales. Journal: Economic Research-Ekonomska Istraživanja Pages: 3022-3039 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1656097 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1656097 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3022-3039 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1655659_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ioana Ignat (Neacşu) Author-X-Name-First: Ioana Author-X-Name-Last: Ignat (Neacşu) Author-Name: Liliana Feleagă Author-X-Name-First: Liliana Author-X-Name-Last: Feleagă Title: Research regarding the issues of the arm’s length principle mentioned by I.A.S. 24 Abstract: This article illustrates, based on a case study, the steps that companies should follow in order to substantiate the compliance of their related party transactions with the arm’s length principle (as required by I.A.S. 24). The case study takes into consideration the provisions of the O.E.C.D. transfer pricing guidelines, and where the application was required of domestic legislation, we applied the Romanian one. We found that the most important step is represented by a comparability analysis between related party transactions and comparable market transactions. Further on, in relation to the comparability analysis, in practice two situations are met: the use of comparable entities’ information from the year under analysis and the use of this information from previous years. In this context we selected a sample of comparables and analysed if these two practical approaches impact the final conclusion regarding the compliance with the arm’s length principle. We found that there can be a small difference among the results obtained in the two situations. Mainly, the article presents important findings for professionals from the accounting and finance area in order to understand the mechanism of the arm’s length principle. Journal: Economic Research-Ekonomska Istraživanja Pages: 3040-3057 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1655659 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1655659 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3040-3057 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1655467_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nurudeen Abu Author-X-Name-First: Nurudeen Author-X-Name-Last: Abu Author-Name: Marcin Waldemar Staniewski Author-X-Name-First: Marcin Waldemar Author-X-Name-Last: Staniewski Title: Determinants of corruption in Nigeria: evidence from various estimation techniques Abstract: Reducing corruption has been one major challenge facing government and policy makers in Nigeria. This study employs the ARDL, CCR and FMOLS methods to assess the determinants of corruption in Nigeria over the period 1984–2016. The result of the cointegration test indicates that corruption and its determinants (economic development, political rights, military expenditure, rents, civil liberties and openness) have a long-run relationship. The results of the ARDL, CCR and FMOLS estimation demonstrate that economic development, political rights, military expenditure, rents, civil liberties and openness, are the main determinants of corruption in the long-run. Higher-economic development, greater civil liberties, more openness and higher military expenditure are related to lower corruption, but higher rents and political rights are associated with higher corruption. Based on these outcomes, this study recommends policies to promote economic development, civil liberties, political rights and openness, including reducing the reliance on the oil sector to curb corruption in Nigeria. Journal: Economic Research-Ekonomska Istraživanja Pages: 3058-3082 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1655467 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1655467 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3058-3082 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1653782_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anna Czapkiewicz Author-X-Name-First: Anna Author-X-Name-Last: Czapkiewicz Author-Name: Adam Zaremba Author-X-Name-First: Adam Author-X-Name-Last: Zaremba Author-Name: Jan Jakub Szczygielski Author-X-Name-First: Jan Jakub Author-X-Name-Last: Szczygielski Title: Predicting the performance of equity anomalies in frontier emerging markets: a Markov switching model approach Abstract: Equity anomalies in frontier markets appear and disappear over time. This article aims to demonstrate the predictability of which of these transient anomalies will be profitable using a Markov switching model. To do so, we examine 140 equity anomalies identified in the literature using a unique sample of over 3,600 stocks from 23 frontier equity markets between 1997 and 2016. The application of a Markov switching model reveals that the time-series pattern of expected returns is dependent upon the type of anomaly; some anomalies become unprofitable over time whereas profitability increases in tandem with the development of a specific stock market for other types of anomalies. Results further indicate that forecasts of the next month’s return obtained from this model can translate into profitable investment strategies. We find that an anomaly selection strategy that relies on the model produces abnormal returns and outperforms a naïve benchmark that considers all the anomalies. We go onto demonstrate that our results are robust. Journal: Economic Research-Ekonomska Istraživanja Pages: 3083-3099 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1653782 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1653782 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3083-3099 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1653213_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ibrar Hussain Author-X-Name-First: Ibrar Author-X-Name-Last: Hussain Author-Name: Jawad Hussain Author-X-Name-First: Jawad Author-X-Name-Last: Hussain Author-Name: Arshad Ali Khan Author-X-Name-First: Arshad Author-X-Name-Last: Ali Khan Author-Name: Yahya Khan Author-X-Name-First: Yahya Author-X-Name-Last: Khan Title: An analysis of the asymmetric impact of exchange rate changes on G.D.P. in Pakistan: application of non-linear A.R.D.L. Abstract: Exchange rate fluctuations play a vital role in influencing macroeconomic variables including economic growth via the channels of net exports and investments. This study claims to be the first in assessing the asymmetric effect of exchange rate fluctuations on G.D.P. in Pakistan whose currency had the title of ‘worst currency of South Asia’ in 2018 after more than 20% depreciation in just three months. In this study, we employ a recently developed technique of Non-linear A.R.D.L. by Shin, Yu, and Greenwood-Nimmo (2014) to test for possible asymmetric effect of exchange rate on G.D.P. along with the proxies of fiscal and monetary policies. Both A.R.D.L. and N.A.R.D.L. are applied on annual data range from 1972 to 2014. The results of A.R.D.L. are found poor and co-integration relationship lost when the assumption of symmetry is taken into consideration. On the contrary, Non-linear A.R.D.L. technique carry more rich information related to the issue at hand and co-integration relationship is confirmed. From the results we found that week currency hurts G.D.P. growth, while strong currency adds to growth. Besides these, we confirm asymmetric impact of exchange rate on G.D.P. growth in Pakistan and find the evidence of short-run, long-run and adjustment asymmetry. To achieve the objective of sustained growth, exchange rate management should focus to restore stability and go for more strong currency in Pakistan. Future research needs to consider capital flows and exchange rate regimes in the form of ‘Sudden Stop hypothesis’ when investigating the asymmetric impact of exchange rate. Journal: Economic Research-Ekonomska Istraživanja Pages: 3100-3117 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1653213 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1653213 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3100-3117 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1661004_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dubravka Jurlina Alibegović Author-X-Name-First: Dubravka Jurlina Author-X-Name-Last: Alibegović Author-Name: Ivana Rašić Bakarić Author-X-Name-First: Ivana Rašić Author-X-Name-Last: Bakarić Author-Name: Sunčana Slijepčević Author-X-Name-First: Sunčana Author-X-Name-Last: Slijepčević Title: Impact assessment of entrepreneurial zones on local economic outcomes Abstract: The paper explores the existence of differences in local economic outcomes between local government units with and without entrepreneurial zone in Croatia. The analysis is based on the data related to the business results of entrepreneurs, local government budgets and local development during 2004–2016 period. Bivariate statistic methods have been used to analyse whether the differences in business results of entrepreneurs, fiscal performance and level of development at the local level have been determinate by the existence of entrepreneurial zone in the local government unit. The results of this research reveal that entrepreneurial zones are important for the local economic outcomes. The results of empirical analysis confirm that local self-government units with entrepreneurial zones are more successful than units that do not have an entrepreneurial zone. The differences are particularly pronounced when looking at fiscal performance of local government units and business results of entrepreneurs. Investment in establishment of entrepreneurial infrastructure is also positively correlated with the level of local development and level of unemployment. Journal: Economic Research-Ekonomska Istraživanja Pages: 3118-3133 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1661004 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1661004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3118-3133 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1661001_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Huijun Li Author-X-Name-First: Huijun Author-X-Name-Last: Li Author-Name: Bo Li Author-X-Name-First: Bo Author-X-Name-Last: Li Title: The threshold effect of environmental regulation on the green transition of the industrial economy in China Abstract: The goal of environmental regulation is to simultaneously achieve a win–win situation of economic growth and environmental quality. Based on the Porter hypothesis and panel data from 2001 to 2011, this study conducts empirical research on the intensity of environmental regulation and industrial green transformation in China. The results indicate that environmental regulation can effectively promote industrial green transformation by improving green total factor productivity (G.T.F.P.). But there is no simple linear relationship between the two. And there is a threshold effect, that is, the degree of influence of environmental regulation on industrial green transformation can change with the change of threshold value. Therefore, government policy should not focus only on the environmental regulation intensity, which cannot efficiently improve the G.T.F.P., or accelerate the green transition process. Instead, government should adopt different environmental policies in different industrial sectors. Journal: Economic Research-Ekonomska Istraživanja Pages: 3134-3149 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1661001 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1661001 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3134-3149 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1661000_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Yusuf Amin Author-X-Name-First: Muhammad Yusuf Author-X-Name-Last: Amin Author-Name: Mustafa Besim Author-X-Name-First: Mustafa Author-X-Name-Last: Besim Author-Name: Zahoor Ul Haq Author-X-Name-First: Zahoor Ul Author-X-Name-Last: Haq Title: Does state ownership really matter for capital structure in selected G-20 economies? Abstract: The effect of state ownership on the capital structure decisions of enterprises in selected G-20 countries is estimated using financial and accounting data of 252 state-owned and 6503 non-state-owned firms for the period 2011–2015. The results indicate that state ownership is positively associated with leverage in all the selected G-20 countries. However, this phenomenon changed when countries were considered according to their income levels because state-owned enterprises in high-income countries carry more debt, while the opposite is true for lower-middle-income countries. The results were also divergent when the effects of various firm-specific variables were compared between state and non-state-owned enterprises across the development spectrum. Journal: Economic Research-Ekonomska Istraživanja Pages: 3150-3167 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1661000 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1661000 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3150-3167 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1660906_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xian-Zhou Zhao Author-X-Name-First: Xian-Zhou Author-X-Name-Last: Zhao Author-Name: Yu-Bing Zhao Author-X-Name-First: Yu-Bing Author-X-Name-Last: Zhao Author-Name: Li-Chen Chou Author-X-Name-First: Li-Chen Author-X-Name-Last: Chou Author-Name: Barbara Hoinunnem Leivang Author-X-Name-First: Barbara Hoinunnem Author-X-Name-Last: Leivang Title: Changes in gender wage differentials in China: a regression and decomposition based on the data of CHIPS1995–2013 Abstract: Following the enactment of the Labour Law in 1995, China’s urban labour market witnessed a divergence in both gender wage gap and discrimination against female workers before 2007, and thereafter a convergence in both. Contributions of endowment differentials between male and female workers to wage gap were diminishing because of the consistent improvement in the female workers’ endowments. Discrimination against women, on the other hand, kept increasing and exceeded that of endowment differentials and eventually became the dominating contributor by 2002. Driven by the optimisation of female workers’ endowments, the execution of new labour market legislation, the transformation of previously limitless labour supply into shortage, as well as the reform of income distribution policies, a long-term trend of convergence in both gender wage gap and discrimination has been forming. China has been striding forward into a society with more equity and justice ever since 2007. Journal: Economic Research-Ekonomska Istraživanja Pages: 3168-3188 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1660906 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1660906 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3168-3188 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1592006_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tao Hong Author-X-Name-First: Tao Author-X-Name-Last: Hong Author-Name: Nannan Yu Author-X-Name-First: Nannan Author-X-Name-Last: Yu Author-Name: Servaas Storm Author-X-Name-First: Servaas Author-X-Name-Last: Storm Author-Name: Bo Gao Author-X-Name-First: Bo Author-X-Name-Last: Gao Title: How much does regional integration contribute to growth? An analysis of the impact of domestic market integration on regional economic performance in China (1997–2011) Abstract: This study analyses domestic market integration’s (DMI’s) dynamic influence on regional economic growth in China. The authors construct a matrix of annual DMI indices for 29 provinces for 1997–2015. They calculate the reciprocal matrix and combine it with the β-convergence model and spatial econometrics to analyse the relationships between DMI and regional economic growth. Their findings indicate that the relation between these two variables is not straightforward, and 2004 was a tipping-point year. Before 2004, the statistical relationship between DMI and regional economic growth was downward sloping, which suggests a trend of divergence and negative spillover effects across the 29 provinces. After 2004, the relationship between DMI and regional economic growth becomes positive: increased DMI now is strengthening (regional) economic growth. The authors provide the possible explanations for the unstable relationship combined with China’s reality as well. Journal: Economic Research-Ekonomska Istraživanja Pages: 3189-3210 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1592006 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1592006 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3189-3210 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1661005_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Huiting Liu Author-X-Name-First: Huiting Author-X-Name-Last: Liu Author-Name: Qinying He Author-X-Name-First: Qinying Author-X-Name-Last: He Title: The effect of basic public service on urban-rural income inequality: a sys-GMM approach Abstract: Based on provincial panel data of China ranging from 2004 to 2015, this paper has empirically examined the effect of basic public service on the urban–rural income inequality with a system generalised method of moments (sys-GMM). We arrive at the following conclusions: 1) the improvement of public service provision is conducive to narrowing the urban–rural income gap; 2) compared with the ‘hard’ public services (including infrastructure, environmental protection and cultural facilities), the ‘soft’ public services (including education, medical care and social security) play a more significant role in reducing the disparity; 3) the household registration system impairs the welfare brought by the ‘soft’ public services and exacerbates the passive effect of ‘hard’ public services on the income gap; 4) the interactive impact of household registration regulation and public service provision on the income gap is more significant in developed areas. These findings suggest the government should give priority to the improvement of ‘soft’ public services, reevaluate the way of spending on ‘hard’ public services in rural areas and deepen the household registration system reform. Journal: Economic Research-Ekonomska Istraživanja Pages: 3211-3229 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1661005 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1661005 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3211-3229 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1661002_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chan Wang Author-X-Name-First: Chan Author-X-Name-Last: Wang Author-Name: You-hua Chen Author-X-Name-First: You-hua Author-X-Name-Last: Chen Author-Name: Pu-yan Nie Author-X-Name-First: Pu-yan Author-X-Name-Last: Nie Author-Name: X. Henry Wang Author-X-Name-First: X. Henry Author-X-Name-Last: Wang Title: Effects of celebrity endorsement on firms’ competition: from industrial organisation perspective Abstract: Product endorsement is employed by many firms and most studies have proceeded based on management perspectives and ignored the strategic effects (or indirect effects). However, as a non-price competition, product endorsement behaviour’s strategic effects are valuable to be considered and convenient to be captured by industrial organisation perspective. So, this paper’s purpose is to reveal the strategic effects of product endorsement by industrial organisation perspective. First, the results of this paper show that celebrity endorsement decreases the rival’s benefits. Second, under a unique endorser, the lower efficiency (measured by marginal production cost) firm’s celebrity endorsement improves price difference and dispersion, which are direct effects of product endorsement. The higher efficiency firm’s endorsement promotes the producer surplus, consumer surplus and social welfare, which are called indirect effects. Finally, celebrity endorsement has trigger effects. If one firm launches celebrity endorsement, the rational reaction for its rivals is also to engage in a similar behaviour. This paper expands the celebrity endorsement issue from management to economics perspective. Journal: Economic Research-Ekonomska Istraživanja Pages: 3230-3252 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1661002 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1661002 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3230-3252 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1660198_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Eleonora Kontuš Author-X-Name-First: Eleonora Author-X-Name-Last: Kontuš Author-Name: Damir Mihanović Author-X-Name-First: Damir Author-X-Name-Last: Mihanović Title: Management of liquidity and liquid assets in small and medium-sized enterprises Abstract: Management of liquidity and liquid assets focuses on cash inflows and outflows along with a trade-off between liquidity versus investment of surplus cash in order to improve profitability. Firstly, the purpose of the empirical part of the study is to analyse liquidity of small and medium-sized enterprises (S.M.E.s) and, secondly, to explore the dependence between liquidity and profitability. Thirdly, the aim of the theoretical research is to explore liquidity and liquid assets as well as their determinants. In this part we focus on developing a new mathematical model for calculating net earnings through decreasing the amount of liquid assets. With this model, S.M.E.s can consider net earnings in managing and decreasing liquid assets in order to improve profitability. Journal: Economic Research-Ekonomska Istraživanja Pages: 3253-3271 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1660198 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1660198 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3253-3271 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1658533_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Xiaomei Mi Author-X-Name-First: Xiaomei Author-X-Name-Last: Mi Author-Name: Jiamei Li Author-X-Name-First: Jiamei Author-X-Name-Last: Li Author-Name: Huchang Liao Author-X-Name-First: Huchang Author-X-Name-Last: Liao Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Author-Name: Abdullah Al-Barakati Author-X-Name-First: Abdullah Author-X-Name-Last: Al-Barakati Author-Name: Ahmed Barnawi Author-X-Name-First: Ahmed Author-X-Name-Last: Barnawi Author-Name: Osman Taylan Author-X-Name-First: Osman Author-X-Name-Last: Taylan Author-Name: Enrique Herrera-Viedma Author-X-Name-First: Enrique Author-X-Name-Last: Herrera-Viedma Title: Hospitality brand management by a score-based q-rung orthopair fuzzy V.I.K.O.R. method integrated with the best worst method Abstract: Hospitality brand management is a primary concern in the hotel industry and the evaluation of brands can be considered as a decision-making problem with multiple criteria. The evaluation information of brands may be uncertain sometimes. The q-rung orthopair fuzzy set (q-R.O.F.S.), which represents the preference degree of a person from the positive and negative aspects, has turned out to be an efficient tool in depicting uncertainty and vagueness in the decision-making process. This article dedicates to presenting an integrated multiple criteria decision-making method with q-R.O.F.S.. Firstly, a score function of the q-R.O.F.S. is proposed to solve the deficiencies of two existing score functions. Then, a weight-determining method based on the additive consistency of the preference relation is developed. A decision-making method integrating the score function, the best worst method and the VIsekriterijumska optimizacija I KOmpromisno Resenje (V.I.K.O.R.) which means multiple criteria compromise optimisation in English) method is further proposed. Finally, a case study regarding the hospitality brand management is provided to show the applicability and validity of the proposed method. Journal: Economic Research-Ekonomska Istraživanja Pages: 3272-3301 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1658533 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1658533 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3272-3301 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1658532_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Laura Južnik Rotar Author-X-Name-First: Laura Južnik Author-X-Name-Last: Rotar Author-Name: Roberta Kontošić Pamić Author-X-Name-First: Roberta Kontošić Author-X-Name-Last: Pamić Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Contributions of small and medium enterprises to employment in the European Union countries Abstract: The main aim of the research is to investigate whether small- and medium-sized enterprises (SMEs) employment affects total European Union (EU-28) employment using panel data models during the 2005–2016 period. The panel econometric results confirm the significant association between SMEs employment in service sectors and overall economy employment, whereas the effect of SMEs industry sectors employment was found insignificant. The results are robust in a spite of the fact that during the studied period the EU-28 countries experienced economic crisis suggesting the important role that SMEs can play in job creation and in reduction of unemployment even when macro-economic enabling environment might be less favourable. Journal: Economic Research-Ekonomska Istraživanja Pages: 3302-3314 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1658532 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1658532 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3302-3314 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1663436_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Romualdas Ginevičius Author-X-Name-First: Romualdas Author-X-Name-Last: Ginevičius Author-Name: Gitana Dudzevičiūtė Author-X-Name-First: Gitana Author-X-Name-Last: Dudzevičiūtė Author-Name: Martin Schieg Author-X-Name-First: Martin Author-X-Name-Last: Schieg Author-Name: Kęstutis Peleckis Author-X-Name-First: Kęstutis Author-X-Name-Last: Peleckis Title: The inter-linkages between financial and economic development in the European Union Countries Abstract: The paper has investigated the relationships between financial and economic development in the European Union countries using annual data over the period of 1998–2016. The authors have done this by looking at descriptive statistics and also by applying econometric methods. This study has combined different approaches prevailing in the scientific literature and contributed to understanding the importance of the interrelationship between the variables. The investigation has led to the conclusions as follows: (1) the countries with the middle GDP per capita indicators have demonstrated the highest level of financial development; (2) unidirectional causality running from real GDP to financial development has been detected in Denmark, Portugal and Latvia; (3) unidirectional causality running from financial development to real GDP has been found in Austria; (4) two-way causal relationships between financial and economic development have been detected in Luxembourg, France and United Kingdom; (5) the results of Finland, Germany, Czech Republic, Slovakia, Croatia and Bulgaria have supported the neutrality approach. The research provides general insights and a better understanding to formulate the directions for sustainable economic development in the countries under consideration. Journal: Economic Research-Ekonomska Istraživanja Pages: 3315-3332 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1663436 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1663436 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3315-3332 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1661003_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jana Vychytilová Author-X-Name-First: Jana Author-X-Name-Last: Vychytilová Author-Name: Drahomíra Pavelková Author-X-Name-First: Drahomíra Author-X-Name-Last: Pavelková Author-Name: Ha Pham Author-X-Name-First: Ha Author-X-Name-Last: Pham Author-Name: Tomáš Urbánek Author-X-Name-First: Tomáš Author-X-Name-Last: Urbánek Title: Macroeconomic factors explaining stock volatility: multi-country empirical evidence from the auto industry Abstract: This paper aims to explore which macroeconomic factors affect the volatility of the automakers stock prices by employing a multifactor model. The study uses quarterly panel data of 39 automakers quoted on the stock exchanges in the 11 countries. It studies the effects of 19 macroeconomic variables from January 2000 to December 2017, and proposes the mixed-effect model constructed based on employing genetic algorithm and AIC criterion, and compares its explanatory power with the existing multifactor model (El Khoury, 2015). This paper suggests that the proposed model can shed more light on explaining the variability of stock prices of the quoted automakers. The findings show there are positive linkages between automaker's stock return volatility and explanatory variables such as stock market development, GDP and unemployment. Conversely, an inverse linkage between the dependent variable and money supply and IPI was found. The study demonstrates that selected macroeconomic factors can also be used as predictors. Journal: Economic Research-Ekonomska Istraživanja Pages: 3333-3347 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1661003 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1661003 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3333-3347 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1663546_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chen Yian Author-X-Name-First: Chen Author-X-Name-Last: Yian Title: Misallocation of human capital and productivity: evidence from China Abstract: The purpose of the paper is to outline the empirical framework of the model of the impact misallocation of human capital on productivity (TFP).Using provincial panel data from 2001 to 2015, this paper studies the effect of the misallocation of human capital on productivity in China. We find that misallocation of human capital reduces China’s productivity significantly. Most importantly, we argue that the important channels through which misallocation of human capital affects productivity are industrial structure upgrading, technological innovation and labour productivity. Furthermore, counterfactual experiments show that eliminating the labour mismatch between industries completely could be associated with an increase in productivity of around 41% for the whole sample in China. The results suggest correcting the current imperfections of incentives in non-productive sectors, where encouraging more human capital to work in high-tech enterprises may be a vital measure to stimulate the development of emerging economies. Journal: Economic Research-Ekonomska Istraživanja Pages: 3348-3365 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1663546 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1663546 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3348-3365 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1661006_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ayesha Afzal Author-X-Name-First: Ayesha Author-X-Name-Last: Afzal Author-Name: Nawazish Mirza Author-X-Name-First: Nawazish Author-X-Name-Last: Mirza Author-Name: Fatima Arshad Author-X-Name-First: Fatima Author-X-Name-Last: Arshad Title: Conditional vs unconditional cash transfers: a study of poverty demographics in Pakistan Abstract: This paper aims to provide a detailed demographic description of poverty in Pakistan with an attempt to highlight those segments of the poor who can be aided to transition out of extreme poverty through appropriate policy measures. Data are collected from the Household Integrated Economic Survey (HIES) for the years 1985–2016 and captures falling poverty, gender-wise division of the employed and unemployed, type of employment (self-employed, unpaid workers, employers, employees) by gender, labour participation of vulnerable age groups, as well as unemployed widows. The paper discusses the effectiveness of conditional (CCT) and unconditional (UCT) cash transfer programs across the world and using data indicators, highlights the appropriate target groups in need of such intervention in Pakistan. The existing components of BISP are discussed, with policy recommendations targeted to enhance its impact by focusing UCTs on the most vulnerable segments. CCTs can be used to improve health and education outcomes; given Pakistan’s lagging performance, illiteracy among youth, infant and maternal health are of particular consideration. Cash transfers can be made conditional, subject to regular health checkups for mothers and children and mandatory school attendance to improve these outcomes. The paper further suggests an extension of the program to provide short-term financial relief to the temporarily unemployed. Journal: Economic Research-Ekonomska Istraživanja Pages: 3366-3383 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1661006 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1661006 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3366-3383 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1660201_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zia Ur Rahman Author-X-Name-First: Zia Ur Author-X-Name-Last: Rahman Author-Name: Hongbo Cai Author-X-Name-First: Hongbo Author-X-Name-Last: Cai Author-Name: Shoukat Iqbal Khattak Author-X-Name-First: Shoukat Iqbal Author-X-Name-Last: Khattak Author-Name: Mohammad Maruf Hasan Author-X-Name-First: Mohammad Maruf Author-X-Name-Last: Hasan Title: Energy production-income-carbon emissions nexus in the perspective of N.A.F.T.A. and B.R.I.C. nations: a dynamic panel data approach Abstract: This paper has attempted to examine the impact of innovation and energy production (i. e., oil, natural gas, and coal) on carbon dioxide emissions (CO2e) in the context of the Environmental Kuznets Curve (E.K.C.) hypothesis. Data were analysed for economies in B.R.I.C. (Brazil, India, Russia, and China) and North American Free Trade Agreement (N.A.F.T.A.) (the U.S., Canada, and Mexico) from 1992 to 2016. Based on the Hausman specification test, the panel mean group (P.M.G.) estimation approach was adopted. The empirical results suggested that an upsurge in coal and oil production has increased, while the gas production has disrupted CO2e in the long run. An insignificant yet positive relationship was observed between innovation and CO2e. The positive effect of per capita income and the negative effect of per capita income (square) on CO2e validated the presence of the E.K.C. hypothesis in the sampled economies. With the results showing an acute over-dependency on carbon-intensive energy sources (coal and oil), an imminent need exists for production of natural gas; at the same time, more investments are needed for exploration of low carbon-intensive renewable energy sources for environmental sustainability. Journal: Economic Research-Ekonomska Istraživanja Pages: 3384-3397 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1660201 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1660201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3384-3397 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1661788_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Łukasz Arendt Author-X-Name-First: Łukasz Author-X-Name-Last: Arendt Author-Name: Wojciech Grabowski Author-X-Name-First: Wojciech Author-X-Name-Last: Grabowski Title: Technical change and wage premium shifts among task-content groups in Poland Abstract: The article examines shifts in the wage premium between respective task-content groups of the labour force in Poland. The parameters of a microeconometric, multilevel model are estimated, and wage premiums for task-content occupation groups are calculated. Individual data from the 2004 to 2016 editions of Structure of Earnings by Occupation (S.E.O.) survey are used. A positive wage premium is reported in the group of non-routine jobs and a negative wage premium in the case of routine jobs, which is in line with the hypothesis of labour market polarisation. We find that labour market processes in Poland have not led to growing wage dispersion between task-content groups, but they enhanced changes in the wage premium within these groups. Journal: Economic Research-Ekonomska Istraživanja Pages: 3398-3416 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1661788 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1661788 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3398-3416 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1660199_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anh Ngoc Mai Author-X-Name-First: Anh Ngoc Author-X-Name-Last: Mai Author-Name: Huong Van Vu Author-X-Name-First: Huong Van Author-X-Name-Last: Vu Author-Name: Bien Xuan Bui Author-X-Name-First: Bien Xuan Author-X-Name-Last: Bui Author-Name: Tuyen Quang Tran Author-X-Name-First: Tuyen Quang Author-X-Name-Last: Tran Title: The lasting effects of innovation on firm profitability: panel evidence from a transitional economy Abstract: This study is the first to study the lasting effects of innovation on firm profitability in Vietnam. Using a unique panel dataset for the period 2005–2015, our results show that innovators achieve higher profit in comparison with non-innovating firms. The positive effects of innovation on firm profitability are observed not only in the short term but also in the longer term. The benefits of innovation for firm profitability can be seen in higher export probability, better productivity, better access to formal credit, and the ability to secure government support, but only after innovation. Journal: Economic Research-Ekonomska Istraživanja Pages: 3417-3436 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1660199 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1660199 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3417-3436 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1663437_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bilal Afsar Author-X-Name-First: Bilal Author-X-Name-Last: Afsar Author-Name: Asad Shahjehan Author-X-Name-First: Asad Author-X-Name-Last: Shahjehan Author-Name: Sajjad Ahmad Afridi Author-X-Name-First: Sajjad Ahmad Author-X-Name-Last: Afridi Author-Name: Syed Imad Shah Author-X-Name-First: Syed Imad Author-X-Name-Last: Shah Author-Name: Bilal Bin Saeed Author-X-Name-First: Bilal Bin Author-X-Name-Last: Saeed Author-Name: Shakir Hafeez Author-X-Name-First: Shakir Author-X-Name-Last: Hafeez Title: How moral efficacy and moral attentiveness moderate the effect of abusive supervision on moral courage? Abstract: Moral courage is a competency exercised in the workplace as employees face ethical challenges with a moral response. Managers exert considerable effort to foster subordinates’ moral courage given its positive organisational consequences. However abusive supervision, not uncommon in the organisational context, negatively affects moral courage. The purpose of this article is to examine the relationship between abusive supervision and moral courage as well as to test the moderating roles of moral efficacy and moral attentiveness on that very relationship. Data were collected from six public hospitals in Pakistan. The sample included 359 nurses and 121 nurse heads. The moderating roles were tested using the moderated hierarchical regression analysis. Results revealed that there was a significant negative relationship between abusive supervision and moral courage. In addition, this very relation was weaker when both moral efficacy and moral attentiveness were higher than when they were lower. The study provided new insights into the influence that abusive supervision might have on nurses’ moral courage and it also offered a practical assistance to employees in the health care industry and their leaders that moral efficacy and moral attentiveness would act as neutralisers in mitigating the pernicious effect of abusive supervision on nurses’ moral courage. Journal: Economic Research-Ekonomska Istraživanja Pages: 3437-3456 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1663437 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1663437 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3437-3456 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1660202_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Wei Zhou Author-X-Name-First: Wei Author-X-Name-Last: Zhou Author-Name: Qingjuan Chen Author-X-Name-First: Qingjuan Author-X-Name-Last: Chen Author-Name: Sun Meng Author-X-Name-First: Sun Author-X-Name-Last: Meng Title: Knowledge mapping of credit risk research: scientometrics analysis using CiteSpace Abstract: To understand the development track of credit risk research clearly and discover the hidden internal connections between literatures, this article utilises the scientific information measurement software – CiteSpace – to conduct a scientometric analysis (citation analysis, co-citation analysis and co-occurrence analysis) of 2,384 articles on credit risk from Web of Science (W.o.S.) during 1998 and 2017. According to the research results, some useful conclusions can be drawn as follows: (1) Credit risk research has become interdisciplinary and subject involved are ‘Business Finance’, ‘Economics’, ‘Operations Research Management Science’, ‘Mathematics Interdisciplinary Applications’; (2) The U.S., Europe, and Asia make the majority of contributions and there are numerous collaborations among countries; (3) The key researchers with influence and authority in this field mainly are Merton Robert Cox and Jarrow Robert Alan; (4) ‘Rollover risk’, ‘Arbitrage-free pricing’, ‘Default cycle’, ‘Credit risk evaluation’ and ‘Correlated default’ are the major research area; (5) ‘Crisis’, ‘Contagion’, ‘Monetary policy’, ‘Counterparty risk’ and ‘Systemic risk’ have become major research hotspot currently. Finally, we hope this scientometric analysis can provides some inspiration for credit risk researchers. Journal: Economic Research-Ekonomska Istraživanja Pages: 3457-3484 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1660202 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1660202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3457-3484 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1658529_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bojan Peček Author-X-Name-First: Bojan Author-X-Name-Last: Peček Author-Name: Andrej Kovačič Author-X-Name-First: Andrej Author-X-Name-Last: Kovačič Title: Methodology of monitoring key risk indicators Abstract: Like in many preventive activities, the effectiveness of a risk policy is hard to measure. The objective of this article is to represent the methodology of monitoring a risk management policy. We use the Markov chain methodology for the calculation of the key risk indicators (K.R.I.s) of the process. Observing them through time, it is possible to conclude the positive attitude of the risk-preventing measures undertaken on the observed process. The methodology is represented in the case of archaeological excavations. Journal: Economic Research-Ekonomska Istraživanja Pages: 3485-3501 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1658529 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1658529 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3485-3501 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1666022_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tatjana Horvat Author-X-Name-First: Tatjana Author-X-Name-Last: Horvat Author-Name: Bernardka Žvorc Author-X-Name-First: Bernardka Author-X-Name-Last: Žvorc Author-Name: Hazbo Skoko Author-X-Name-First: Hazbo Author-X-Name-Last: Skoko Title: Impact of school management on legally adequate content of a budget plan: The evidence from Slovenia Abstract: Management of a primary school in Slovenia is binded to preparing content of budget plan by law and by legal requirements of a local community. Budget plan is a result of financial planning. By Slovenian law management of a primary school is responsible for preparing for budget plan. Management of a primary school in Slovenia is actually a headmaster, usually elected by teachers and thus having no preliminary financial education. The only employee in school, assisting management in budget plan preparation, is an accountant. In our study, we tested if attitude of management to planning together with communication between management and accountant, impacts legally adequate content of schools’ budget plans. This was tested on a sample of public primary schools in Slovenia with the t-test for independent samples and the principal components analysis. We found that only communication between the management and accountant impacts legally adequate content of these plans. These findings suggest more financial trainings for schools’ management and increased role of local communities, as well as state’s institutions, in controlling if plans are law-compliant. Since schools are major consumers of public money, inadequate schools’ plans impact negatively local community’s and state’s budgets. Journal: Economic Research-Ekonomska Istraživanja Pages: 3502-3518 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1666022 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1666022 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3502-3518 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1666024_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alina Stundziene Author-X-Name-First: Alina Author-X-Name-Last: Stundziene Author-Name: Asta Saboniene Author-X-Name-First: Asta Author-X-Name-Last: Saboniene Title: Tangible investment and labour productivity: Evidence from European manufacturing Abstract: Labour productivity is one of the key drivers for higher earnings and welfare standards in every economy. The problem of how to ensure the growth of labour productivity is especially relevant to less developed economies and forces justification of the factors affecting sustainable productivity growth. The purpose of this research is to test if the investment in tangible assets improves labour productivity in the European manufacturing industry and to reveal the countries with inefficient investment. The results show that with consideration of all European countries, a 1% increase in gross investment in tangible goods (G.I.T.G.) per person employed (P.E.) has a 0.0373% long-run effect on apparent labour productivity (A.L.P.). Considering various types of investments in tangibles, only an increase in gross investment in existing buildings and structures (G.I.E.B.S.) per P.E. and gross investment in machinery and equipment (G.I.M.E.) per P.E. caused growth of A.L.P. However, the impact of investment in assets on A.L.P. significantly differs among the countries and it is revealed that many European countries, which are characterised by low productivity, use investment inefficiently. Journal: Economic Research-Ekonomska Istraživanja Pages: 3519-3537 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1666024 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1666024 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3519-3537 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1660200_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fevzi Yildirim Author-X-Name-First: Fevzi Author-X-Name-Last: Yildirim Author-Name: Muhammet Sait Dinc Author-X-Name-First: Muhammet Sait Author-X-Name-Last: Dinc Title: Factors influencing burnout of the principals: a pilot study in Flemish schools of Belgium Abstract: Burnout is a real problem with serious consequences for the health. Employees who work in stressful professions are more likely to suffer from burnout. The school principalship is one of these high-stress professions. It is characterised by overwhelming responsibilities, information confusion, and emotional anxiety. The purpose of this study is to examine common work-related stressors encountered by principals in Flemish schools of Belgium and assess their relative weight in terms of predicting school principal burnout. Using the survey method, 545 responses were collected from school principals of both primary and secondary schools. A structural equation modelling (SEM) was constructed to test both the reliability and validity of the measurement as well as the structural model. The study findings showed that role conflict, role ambiguity, and workload, along with some personal factors such as age and gender have significant and positive influences on burnout of principals. Journal: Economic Research-Ekonomska Istraživanja Pages: 3538-3553 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1660200 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1660200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3538-3553 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1669063_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Joanna Stawska Author-X-Name-First: Joanna Author-X-Name-Last: Stawska Author-Name: Maciej Malaczewski Author-X-Name-First: Maciej Author-X-Name-Last: Malaczewski Author-Name: Agata Szymańska Author-X-Name-First: Agata Author-X-Name-Last: Szymańska Title: Combined monetary and fiscal policy: the Nash Equilibrium for the case of non-cooperative game Abstract: The importance of the central bank and the government conducting their policies has increased recently, with more attention being given to the effectiveness of policy mix. The non-cooperative models of the monetary and fiscal game are frequently employed to study interactions between both authorities. The models assume that the authorities take into account each other’s choices when making decisions. It is also important to remember when seeking equilibrium in the non-cooperative models that in the Nash Equilibrium (which is sought in this study) the parties try to come up with the best response to the opponent’s decision. The aim of the paper is to present the Nash Equilibrium in a non-cooperative game between the government and the central bank using a non-cooperative model of a fiscal-monetary game (a policy-mix MODEL). This study demonstrates that in the Nash Equilibrium in the model, the budget deficit and interest rate of an EU member state depend on the exogenous data (external to the model), such as inflation target, base inflation and the Maastricht deficit limit. This study is enhanced by an analysis of the government and central bank’s sensitivity to the deep parameters of economic variables. Journal: Economic Research-Ekonomska Istraživanja Pages: 3554-3569 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1669063 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1669063 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3554-3569 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1667257_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Weilun Huang Author-X-Name-First: Weilun Author-X-Name-Last: Huang Title: The impact on people’s holding intention of bitcoin by their perceived risk and value Abstract: This article has developed a structural equation model, aimed at evaluating the impact factors on people’s holding intention of Bitcoin, a cryptocurrency created by the Blockchain technology. Specifically, this study directs its attention on the Bitcoin holder's perceived value and risk, the moderating effects of gender, income, age, and the experience of digital token provided by the respondents. The conclusions are: (1) The majority of individuals do not have any understanding of the values or risks of Bitcoin; (2) The more transaction and speculative risks of Bitcoin people perceive, the less government intervention they are expected to have. Nevertheless, even if government intervention is necessary, it would not impact their holding intention; (3) The higher value of Bitcoin people perceive, the more government intervention people would prefer. Despite this preference, people's holding intention remains intact. However, its degree of influence is definitely less conspicuous than the above effect of the second conclusion; and (4) The government advocacy about the values and risks of Bitcoin should be differentiated by the more nuanced factors such as gender, income, the experience of digital token usage, and age of users, in order to obtain an effective regulation of Bitcoin. Journal: Economic Research-Ekonomska Istraživanja Pages: 3570-3585 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1667257 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1667257 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3570-3585 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1674179_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Charles Shaaba Saba Author-X-Name-First: Charles Shaaba Author-X-Name-Last: Saba Author-Name: Nicholas Ngepah Author-X-Name-First: Nicholas Author-X-Name-Last: Ngepah Title: Military expenditure and economic growth: evidence from a heterogeneous panel of African countries Abstract: This study investigates the causal relationship between military expenditure and economic growth by using a balanced panel of 35 African countries spanning 1990 to 2015. It uses the more recently developed bivariate heterogeneous panel causality, GMM and SGMM estimation techniques. The country-by-country causality results reveal:(i) no causal relationship between military expenditure and growth in seven countries; (ii) unidirectional causality from military expenditure to growth in two countries; (iii) unidirectional relationship from growth to military expenditure in fourteen countries; and (iv) bidirectional relationship in twelve countries. These findings imply: (i) that the seven African countries with no causality can pursue defence policy objectives independently from growth policy objectives; (ii) in the fourteen countries, the fact that growth causes military expenditure and not vice versa implies that, defence decisions are not made in a way as to relatively promote growth; (iii) two African countries effectively use military expenditure for growth aims, hence military expenditure causes growth; and (iv) the bidirectional causality in the 12 countries implies that both growth and defence policy objectives can be pursued together. The GMMs results show that military expenditure has a significant negative impact on growth in Africa. Journal: Economic Research-Ekonomska Istraživanja Pages: 3586-3606 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1674179 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1674179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3586-3606 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1674176_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihaela Simionescu Author-X-Name-First: Mihaela Author-X-Name-Last: Simionescu Title: European economic integration and migration in Romania Abstract: Considering the recent debates on the benefits of European economic integration, the purpose of this paper is to assess the impact of EU membership on the migration process in the case of Romania. The paper focussed on two directions of research: comparisons with neighbouring countries that are not member or candidates for EU and the explanation of the remittances based on the economic situation in the destination countries. The approach based on comparisons used difference-in-difference estimator as quantitative method, while the approach based on economic factors in destination countries employed mixed-effects models. The results based on these two approaches indicated that Romania did not send more migrants abroad in the period 2002–2017 compared to Ukraine and Republic of Moldova due its EU membership. On the other hand, Romania gained around 2.5 percentage points more remittances due its EU membership compared to Republic of Moldova and Ukraine. However, the unemployment and the GDP per capita in the destination countries are more important determinants of remittances rather than EU membership in the period 2010–2017. The results reveal that the remittances of Romanian migrants are conditioned by labour market issues in the destination countries, the unemployment in host country having a greater impact on remittances compared to GDP per capita and EU membership. It is expected that a future economic crisis will reduce remittances gained by Romania from other EU countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 3607-3626 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1674176 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1674176 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3607-3626 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1674175_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mohsen Mohammadi Khyareh Author-X-Name-First: Mohsen Author-X-Name-Last: Mohammadi Khyareh Title: A cointegration analysis of tax evasion, corruption and entrepreneurship in OECD countries Abstract: This paper explores the long-run relationship among tax evasion, corruption and different stages of entrepreneurial activities for 31 OECD countries based on a series of annual data during the period of 2000–2010. The analysis was conducted using Dynamic Ordinary Least Squares (DOLS) and Fully Modified OLS (FMOLS) approaches. The results clearly suggest the existence of a statistically significant long-run relationship between Tax evasion, corruption and entrepreneurial activities. In addition, the findings reveal that (1) corruption has a negative impact on all three stages of entrepreneurial motivation, total entrepreneurship activity and established entrepreneurship, and (2) using the DOLS and FMOLS estimates, tax evasion has a negative effect on the TEA and established entrepreneurship, while it has a positive impact on the entrepreneurial motivation. Consequently, if entrepreneurship is one of the main drivers of economic growth, policymakers and the government should simultaneously adopt policies to combat corruption and reduce institutional weaknesses when trying to reduce tax evasion. Journal: Economic Research-Ekonomska Istraživanja Pages: 3627-3646 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1674175 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1674175 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3627-3646 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1670088_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Bilal Khan Author-X-Name-First: Muhammad Bilal Author-X-Name-Last: Khan Author-Name: Xie Huobao Author-X-Name-First: Xie Author-X-Name-Last: Huobao Author-Name: Hummera Saleem Author-X-Name-First: Hummera Author-X-Name-Last: Saleem Title: Direct impact of inflow of foreign direct investment on poverty reduction in Pakistan: a bonds testing approach Abstract: This empirical study examines the relationship between foreign direct investment (FDI) and poverty reduction using some control variables in the context of Pakistan. The time-series data has been used to cover the period 1985–2016. The study found robust results of co-integration between FDI and poverty reduction in the long-run analysis. Moreover, to find the correlation between FDI and poverty reduction, this study used autoregressive distributed lag (ARDL) technique to check the co-integration between FDI and poverty. The short-run and long-run analysis results indicate that FDI, the mobile phone users (per 100 inhabitants), life expectancy, and government expenditure contributes to poverty reduction. The results of variance decomposition method showed that bidirectional causality found between FDI and poverty reduction or both are Granger cause of each other. The ratio of inflow of FDI is not too high in Pakistan, so government with scared financial resources should improve the policies regarding FDI inflow. This analysis suggests policymakers divert their attention towards the betterment of institutions, establish FDI attractive inflow trading zones like other emerging economies. Journal: Economic Research-Ekonomska Istraživanja Pages: 3647-3666 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1670088 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1670088 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3647-3666 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1646146_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jun Liu Author-X-Name-First: Jun Author-X-Name-Last: Liu Author-Name: Mengtian Wang Author-X-Name-First: Mengtian Author-X-Name-Last: Wang Author-Name: Pan Xu Author-X-Name-First: Pan Author-X-Name-Last: Xu Author-Name: Shouzhen Zeng Author-X-Name-First: Shouzhen Author-X-Name-Last: Zeng Author-Name: Meiling Liu Author-X-Name-First: Meiling Author-X-Name-Last: Liu Title: Intuitionistic linguistic multi-attribute decision making algorithm based on integrated distance measure Abstract: This study aims to integrate the intuitionistic linguistic multi-attribute decision making (MADM) method which builds upon an integrated distance measure into supplier evaluation and selection problems. More specifically, an intuitionistic linguistic integrated distance measure based on ordered weighted averaging operator (OWA) and weighted average approach is presented and applied. The desirable characteristics and families of the developed distance operator are further explored. In addition, based on the proposed distance measure, a supplier selection problem for an automobile factory is used to test the practicality of its framework. The effectiveness and applicability of the presented framework for supplier selection are examined by carrying comparative analysis against the existing techniques of aggregation. Journal: Economic Research-Ekonomska Istraživanja Pages: 3667-3683 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1646146 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1646146 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3667-3683 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1674177_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mile Bošnjak Author-X-Name-First: Mile Author-X-Name-Last: Bošnjak Title: Time-varying parameters approach to sustainability of international trade flows: the case of Croatia and Serbia compared Abstract: The empirical literature that relies on conventional cointegration approaches fails to support the existence of cointegration between exports and imports in some countries. This article moves a step ahead and contributes to existing literature to overcome the issue of the unexplained relationship between exports and imports. The research samples consist of quarterly data over the periods 2000q1–2017q2 and 2004q1–2017q2 for the Croatian and the Serbian cases, respectively. The results illustrated that the state-space model with time-varying parameters (T.V.P.) is well suited to establish the relationship between exports and imports when the standard cointegrating relationship does not hold. Journal: Economic Research-Ekonomska Istraživanja Pages: 3684-3699 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1674177 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1674177 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3684-3699 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1675078_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mohammad Enamul Hoque Author-X-Name-First: Mohammad Enamul Author-X-Name-Last: Hoque Author-Name: Low Soo Wah Author-X-Name-First: Low Author-X-Name-Last: Soo Wah Author-Name: Mohd Azlan Shah Zaidi Author-X-Name-First: Mohd Azlan Shah Author-X-Name-Last: Zaidi Title: Oil price shocks, global economic policy uncertainty, geopolitical risk, and stock price in Malaysia: Factor augmented VAR approach Abstract: This article examines the impacts of the geopolitical risk, global economic policy uncertainty, and oil price shocks on stock prices in Malaysia using factor augmented SVAR approach. The findings show that while geopolitical risk has no significant direct impacts on the overall stock market, its indirect impacts are significant and transmitted through the global economic policy uncertainty and oil shocks channels. Global economic policy uncertainty exerts negative effects on the overall stock market and its impacts are magnified by geopolitical risk. Oil related shocks exhibit asymmetric effects on both the aggregated and sectoral stock price. The impacts of oil demand shock on stock price are amplified by global economic uncertainty factor whereas oil supply shocks impacts are amplified by the geopolitical risk factor. At sectoral level, the impacts of all the global shocks vary across different sectors and time. The overall findings imply that global economic policy uncertainty and oil demand shock factors are systematic risk factors that can be employed to forecast stock market returns. The findings also provide implications for policymakers to regulate markets in maintaining financial stability and investors to react to future shocks in these global economic factors with regard to the risks and opportunities. Journal: Economic Research-Ekonomska Istraživanja Pages: 3700-3732 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1675078 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1675078 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3700-3732 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1674174_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yang Qu Author-X-Name-First: Yang Author-X-Name-Last: Qu Author-Name: Pan Xiong Author-X-Name-First: Pan Author-X-Name-Last: Xiong Title: Empirical study on the efficiency of the stock index futures market from the information and functional perspectives – empirical evidence from China Abstract: This paper studies the effectiveness of the CSI 300 index futures markets from the perspective of information efficiency and function efficiency and examines the nonlinear dynamic characteristics of efficiency by using nonparametric methods. For information effectiveness, we find that the price of stock index futures follows a random walk. For function effectiveness, the results show that (1) the average optimal hedge ratio is 0.8702, and the average effective level reaches 86.11%. (2) The error correction mechanism is only supported by stock index futures. The error correction effect only exists in the extreme regime (only 6% of the total observed value). Most of the time (94%), both prices are subject to random walk process. There is no arbitrage trade between futures and spots. (3) Both linear and nonlinear leadership are observed in stock index futures. The nonlinear leadership is mainly reflected in stock index futures. Both leadership types are influenced by institutional changes and significant financial events and evolve over time, which indicates that stock index futures cannot play the dominant role in price discovery. In sum, we conclude that the CSI 300 stock index futures market is effective, despite the flaws in price discovery. Journal: Economic Research-Ekonomska Istraživanja Pages: 3733-3753 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1674174 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1674174 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3733-3753 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1675079_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tatjana Jovanović Author-X-Name-First: Tatjana Author-X-Name-Last: Jovanović Author-Name: Ivana Dražić-Lutilsky Author-X-Name-First: Ivana Author-X-Name-Last: Dražić-Lutilsky Author-Name: Davor Vašiček Author-X-Name-First: Davor Author-X-Name-Last: Vašiček Title: Implementation of cost accounting as the economic pillar of management accounting systems in public hospitals – the case of Slovenia and Croatia Abstract: Healthcare sector expenditures persistently rise due to various public health, demographic, and socio-cultural reasons. This fact caused repeated calls for reforms of the economic model in the healthcare sector due to increased concern for efficiency. The aim of this paper is the comparison of the Slovenian and Croatian healthcare systems, focusing mainly on the current development stage and the future challenges of the management (cost) accounting systems. The research is mainly interested in the analysis of capabilities of cost tracking according to different criteria and identification of the main constraints in the implementation of a full costing method in Slovenian and Croatian hospitals. The methodology of the literature review and electronic survey was used to assess the practice in both countries. Analysing the data collected from the responses of 26 (100%) Slovenian and 52 (91.22%) Croatian hospital accountants and financial officers, it is possible to claim that Slovenian and Croatian management accounting systems are at a very early development stage. Nevertheless, the analysis reveals several similarities, as well as differences, between the two systems, and it can be concluded that Slovenia has succeeded in making greater progress, especially when observing systematical cost monitoring and implementation of national cost analysis. Journal: Economic Research-Ekonomska Istraživanja Pages: 3754-3772 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1675079 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1675079 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3754-3772 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1674178_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Duo Liu Author-X-Name-First: Duo Author-X-Name-Last: Liu Author-Name: George S. Chen Author-X-Name-First: George S. Author-X-Name-Last: Chen Author-Name: Dalin Zhi Author-X-Name-First: Dalin Author-X-Name-Last: Zhi Title: Do extensive producer services promote manufacturing agglomeration? Evidence from territorial servitisation in Northeast China Abstract: We examine the effect of territorial servitisation on the spatial development of the manufacturing sector in Northeast China. Using data from 34 prefectural cities from 2003 to 2016, we find that the concentration of producer services promotes manufacturing agglomeration in the region. The novelty of our paper lies in the external instruments used to control for circular causation in the service–manufacturing nexus and spatial spill-overs of territorial servitisation during estimations. Our results are independent of a series of robustness tests and suggest that a synchronised development of the service and manufacturing sectors enables the region to fully internalise territorial servitisation. Journal: Economic Research-Ekonomska Istraživanja Pages: 3773-3794 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1674178 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1674178 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3773-3794 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1678499_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Piotr Staszkiewicz Author-X-Name-First: Piotr Author-X-Name-Last: Staszkiewicz Author-Name: Anna Szelągowska Author-X-Name-First: Anna Author-X-Name-Last: Szelągowska Title: Ultimate owner and risk of company performance Abstract: The purpose of this paper is to investigate the links between a company’s ultimate owner and the risk involved with financial performance. The study tests hypotheses on the relation between ultimate ownership origin and risk of return on assets. The research adopts cross-sectional data from a unique sample of 32,614 companies across 43 European countries with ultimate owners from 105 countries. The results indicate that the domestic ultimate owner is, in general, less likely to be a risk-taker than overseas investors. The research develops the nature of ownership-performance relations in the specific economic context of Europe. The results add robust evidence on attitudes towards performance risk of Europe wide ultimate owners. Journal: Economic Research-Ekonomska Istraživanja Pages: 3795-3812 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1678499 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1678499 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3795-3812 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1675525_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihaela Onofrei Author-X-Name-First: Mihaela Author-X-Name-Last: Onofrei Author-Name: Dumitru Nicuşor Cărăuşu Author-X-Name-First: Dumitru Nicuşor Author-X-Name-Last: Cărăuşu Author-Name: Dan Lupu Author-X-Name-First: Dan Author-X-Name-Last: Lupu Title: The role of the macroeconomic environment in shaping capital market co-movement in C.E.E. countries Abstract: This article revisits the relationship between the contagion and co-movement of 10 Central and Eastern European (C.E.E.) financial markets in relation to two major Western European capital markets using wavelet-based methodology. Based upon an A.R.D.L. panel model we found that foreign monetary policy, national exchange rate and economic cycle play a key role in both short- and long-term co-movement between capital markets. While a stable economic environment coupled with a strong national currency can reduce the degree of short-term co-movement between capital markets, changes in foreign monetary policy could increase the effect of external shocks. Furthermore, we find that inflation, foreign exchange rate and foreign economic cycle play an important role after longer periods. By ensuring a stable economic environment national authorities can help mitigate the effects of external shocks on national capital markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 3813-3834 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1675525 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1675525 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3813-3834 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1679213_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kuo-Jung Lee Author-X-Name-First: Kuo-Jung Author-X-Name-Last: Lee Title: The effects of social responsibility on company value: a real options perspective of Taiwan companies Abstract: Corporate social responsibility (CSR) is a subject that has garnered considerable attention in recent years. This study conducts the empirical study by using a real options perspective to examine whether a company’s CSR commitment tends to increase its market value. According to Taiwan’s CommonWealth Magazine, this study distinguishes CSR and non-CSR companies. The paper estimates and compares the real options values of CSR and non-CSR companies and shows that high percentage of the company value is attributed to real options. This study finds that a company’s commitment to fulfilling its social responsibility increases its real options value and that the higher the number of CSR Awards won by a company, the higher its real options value. Compared with 10 years ago, investors now pay more attention to companies’ CSR performance. In addition, the higher a company’s size, systematic risk, fixed asset ratio, debt ratio, or skewness in stock returns, the higher a real options value is likely to be. Journal: Economic Research-Ekonomska Istraživanja Pages: 3835-3852 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1679213 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1679213 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3835-3852 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1677487_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Claudia Sevilla-Sevilla Author-X-Name-First: Claudia Author-X-Name-Last: Sevilla-Sevilla Author-Name: José Mondéjar-Jiménez Author-X-Name-First: José Author-X-Name-Last: Mondéjar-Jiménez Author-Name: María Dolores Reina-Paz Author-X-Name-First: María Dolores Author-X-Name-Last: Reina-Paz Title: Before a hotel room booking, do perceptions vary by gender? The case of Spain Abstract: Corporate Social Responsibility (CSR) is implemented unevenly in the Spanish tourism industry. The hotel infrastructure of the country is not an exception. This study analyses the environmental, social and economic dimensions of initiatives with respect to the hotel offer which consumers living in Spain appreciate and value more based on their gender. Empirical analysis is approached using a model of structural equations in which the intensity and sign of differences between men and women can be seen. The main results show that aspects related to the environment are the most important for both genders. The dimensions in which differences are defined are the economic, more valued by men; and social, more valued by women. The document provides relevant information, filling a knowledge gap in this field. Journal: Economic Research-Ekonomska Istraživanja Pages: 3853-3868 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1677487 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1677487 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3853-3868 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1674679_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Abdul Kamal Author-X-Name-First: Muhammad Abdul Author-X-Name-Last: Kamal Author-Name: Assad Ullah Author-X-Name-First: Assad Author-X-Name-Last: Ullah Author-Name: Jiajia Zheng Author-X-Name-First: Jiajia Author-X-Name-Last: Zheng Author-Name: Bowen Zheng Author-X-Name-First: Bowen Author-X-Name-Last: Zheng Author-Name: Huizhu Xia Author-X-Name-First: Huizhu Author-X-Name-Last: Xia Title: Natural resource or market seeking motive of China’s FDI in asia? New evidence at income and sub-regional level Abstract: Asia is a heterogeneous region including countries with distinct features in quite a few facets. This study is designed to unravel the motivations of Chinese FDI in 30 Asian countries (For list of countries see Appendix 1.) during 2003–2016. For estimation, we utilised the Random effect (RE), Fixed effect (FE) and System-GMM (SGMM) methodologies. We transpired that both market and natural resource (mineral richness) seeking motives of Chinese FDI in the whole sample analysis. With respect to income group, we confirmed the market seeking FDI in both high and middle-income countries whereas, mineral richness is priority for Chinese FDI in middle-income group. Thus, Chinese firms targeted middle income developing economies to acquire non-fuel natural resources. Analogously, on the regional basis, the results show that in all regression models, GDP is positive and significant predictor, characterising market seeking FDI by Chinese firms in West, East and South East Asia. In resource seeking motive, among the two types of natural resources, mineral richness affect Chinese FDI positively in East & South East Asia. In a nutshell, seeking market is the common motive for Chinese FDI in the entire sample, whereas the resource seeking motive varies across the income groups and regions. Journal: Economic Research-Ekonomska Istraživanja Pages: 3869-3894 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1674679 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1674679 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3869-3894 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1679214_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Petra Horváthová Author-X-Name-First: Petra Author-X-Name-Last: Horváthová Author-Name: Marie Mikušová Author-X-Name-First: Marie Author-X-Name-Last: Mikušová Author-Name: Kateřina Kashi Author-X-Name-First: Kateřina Author-X-Name-Last: Kashi Title: Evaluation of the employees’ engagement factors importance methodology including generation Y Abstract: Employee engagement has a major impact on both, staff performance and overall organisation performance. Factors affecting the level of engagement vary depending on the age of the workers. These differences should be recognised by the organisation and taken into account when increasing workers' engagement. Aim of this article is to introduce a new way how to evaluate the importance of employees’ engagement factors including also generation Y and provide the results of practical implementation of pilot research. The methods used to fulfil the aim were the modification and addition of already existing engagement model, which, however, does not reflect the differences of young employees on the labour market, and also Saaty’s method of determining weights. To fulfil the objectives, the authors have executed a survey by using the written questionnaire on a sample size of 664 respondents. Main outputs of the article include proposal of adjusted engagement model, questionnaire used to evaluate the importance of engagement’s factors and pilot practical application of evaluating the engagement’s factors of employees in a selected company. Journal: Economic Research-Ekonomska Istraživanja Pages: 3895-3917 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1679214 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1679214 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3895-3917 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1677260_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jon Reiersen Author-X-Name-First: Jon Author-X-Name-Last: Reiersen Title: Exchange networks, markets and trust Abstract: Network-based transactions are attractive as a system for economic exchange because they give network members greater protection against opportunism and exchange hazards compared to more anonymous market transactions. At the same time, networks restrict the possibilities to exploit economies of scale and other efficiency enhancing properties of markets. When the problem-solving capacity of networks do not make up for the losses generated by not trading with outsiders, trust is important to promote transactions among strangers in the anonymously market. This paper offers an economic analysis of this idea. With the help of a social evolutionary model, it is also demonstrated that mutual trust relations can survive in the anonymous market, even when there is a clear danger of opportunism, and the conventional mechanisms like repetitions and contracts are ruled out. Journal: Economic Research-Ekonomska Istraživanja Pages: 3918-3934 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1677260 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1677260 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3918-3934 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1678500_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hüseyin Arasli Author-X-Name-First: Hüseyin Author-X-Name-Last: Arasli Author-Name: Hasan Evrim Arici Author-X-Name-First: Hasan Evrim Author-X-Name-Last: Arici Author-Name: Hüseyin Ilgen Author-X-Name-First: Hüseyin Author-X-Name-Last: Ilgen Title: Blackbox between job crafting and job embeddedness of immigrant hotel employees: a serial mediation model Abstract: This study explores the influence of job crafting (JC) on migrant employees’ and its sensitivities on job embeddedness (JE) with the application of a serial mediation mechanism which takes into consideration the psychological capital and their work engagement as mediators. The data for this study was collected from immigrant employees in the hotel sector in North Cyprus. Both convenience and judgmental sampling techniques made up of 572 dyads were used. The findings of this study reveal that immigrant employees’ psychological capital and their work engagement has a mediating effect on the relationships between organizational crafting and the perceptions of employees’ job embeddedness. This study will serve as a substantial research evidence and tool for managers/owners in the hospitality industry for the purpose of retaining, engaging and embedding immigrant employees. The novelty of this study is the fact that it analyzes the work environment and conditions where organizational job crafting affects job embeddedness to determine the perceptions of immigrant employees using a serial mediation model. Journal: Economic Research-Ekonomska Istraživanja Pages: 3935-3962 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1678500 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1678500 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3935-3962 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1680303_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Cristina Gabriela Cosmulese Author-X-Name-First: Cristina Gabriela Author-X-Name-Last: Cosmulese Author-Name: Marian Socoliuc Author-X-Name-First: Marian Author-X-Name-Last: Socoliuc Author-Name: Marius - Sorin Ciubotariu Author-X-Name-First: Marius - Sorin Author-X-Name-Last: Ciubotariu Author-Name: Svetlana Mihaila Author-X-Name-First: Svetlana Author-X-Name-Last: Mihaila Author-Name: Veronica Grosu Author-X-Name-First: Veronica Author-X-Name-Last: Grosu Title: An empirical analysis of stakeholders’ expectations and integrated reporting quality Abstract: Within the present-day economic situation ensuring a competitive position coincides with its ability of managing its relationship with the stakeholders regarding the distribution of the added value and setting up of a legit consensus between them and the company itself. The main objectives of the study focus both on identifying the reasons that led to the development of the information transparency in order to satisfy the stakeholders’ expectations within the Integrated Reporting (IR) and on the dynamic analysis of the main economic and financial factors (from a sample of 180 companies quoted on the stock exchange during 2008–2017) that were the foundation of the statistical design for evaluating the companies’ ability to satisfy the stakeholders’ expectations. The research methods refer to identifying those evaluation methods in terms of the IR’s quality and compliance regarding the stakeholders’ expectations based on the analysis of the database and the econometric model. The final results can be very useful both for those companies that are already using or will choose to apply the IR in the near future and for the potential stakeholders as they have the option of evaluating beforehand the degree of satisfaction of their expectations in relationship with the reporting company. Journal: Economic Research-Ekonomska Istraživanja Pages: 3963-3986 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1680303 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1680303 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3963-3986 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1670713_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Antonio Díaz Author-X-Name-First: Antonio Author-X-Name-Last: Díaz Author-Name: Francisco Jareño Author-X-Name-First: Francisco Author-X-Name-Last: Jareño Author-Name: Eliseo Navarro Author-X-Name-First: Eliseo Author-X-Name-Last: Navarro Title: Zero-coupon interest rates: Evaluating three alternative datasets Abstract: The zero-coupon yield curve is a common input for most financial purposes. We consider three popular yield curve datasets and explore the extent to which the decision as to what dataset to use for a particular application may have an impact on the results. Many term structure papers evaluate alternative models for estimating zero coupon bonds based on their ability to replicate bond prices. However, in this paper we take a step forward by analyzing the consequences of using these alternative datasets in estimates of other moments and variables such as interest rate volatilities or the resulting forward rates and their correlations. After finding significant differences, we also explore the existence of volatility spillover effects among these three datasets. Finally, we illustrate the relevance of the choice of one particular dataset by examining the differences that may arise when testing the expectations hypothesis. In the conclusions, we provide guidance to end users in selecting a particular dataset. Journal: Economic Research-Ekonomska Istraživanja Pages: 3987-4014 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1670713 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1670713 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:3987-4014 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1679211_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lianbiao Cui Author-X-Name-First: Lianbiao Author-X-Name-Last: Cui Author-Name: Yi Sun Author-X-Name-First: Yi Author-X-Name-Last: Sun Author-Name: Rasa Melnikiene Author-X-Name-First: Rasa Author-X-Name-Last: Melnikiene Author-Name: Malin Song Author-X-Name-First: Malin Author-X-Name-Last: Song Author-Name: Jianlei Mo Author-X-Name-First: Jianlei Author-X-Name-Last: Mo Title: Exploring the impacts of Sino–US trade disruptions with a multi-regional CGE model Abstract: With the aim to explore the boundary effects of the Sino–US trade war, this study considers a multi-region CGE model to set up six trade disruption scenarios based on the severity of trade friction, and empirically examines the gains and losses for China and the US, as well as potential impacts on other countries. The results show that: (1) Sino–US trade disruptions will likely result in a lose-lose situation; (2) compared to agriculture, China’s restriction on manufacturing imports may generate a greater negative impact on the US; (3) a trade diversion pattern is observed, indicating shrinking of bilateral trades between the two countries and increasing exports toward third trading partners; (4) although the US trade sanctions will substantially reduce the trade deficit with China, the trade deficits with other countries will likely increase. By empirically quantifying the boundary effects of Sino–US trade disruptions, this study sheds light on the negative effects of a trade war for both countries, as compared to proper negotiations. Journal: Economic Research-Ekonomska Istraživanja Pages: 4015-4032 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1679211 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1679211 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:4015-4032 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1678502_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Zhi Wen Author-X-Name-First: Zhi Author-X-Name-Last: Wen Author-Name: Huchang Liao Author-X-Name-First: Huchang Author-X-Name-Last: Liao Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Author-X-Name-Last: Kazimieras Zavadskas Author-Name: Abdullah Al-Barakati Author-X-Name-First: Abdullah Author-X-Name-Last: Al-Barakati Title: Selection third-party logistics service providers in supply chain finance by a hesitant fuzzy linguistic combined compromise solution method Abstract: In supply chain finance, the multiple criteria decision making (MCDM) problem of selecting a suitable third-party logistics (3PL) service supplier is of great significance to financial institutions. A suitable 3PL service supplier can not only help financial institutions carry out the supply chain finance business, but also can replace financial institutions to supervise the operation of a target financing supply chain, thus reducing the operational risks of financial institutions. As a useful MCDM method, the combined compromise solution (CoCoSo) method mainly combines a compromise decision algorithm with an aggregation strategy to obtain a compromise solution. This study extends the CoCoSo method to hesitant fuzzy linguistic environment to solve the multi-expert MCDM problem of the 3PL service supplier selection. Target criteria whose values are in linguistic forms are considered in the process of normalizing the decision matrix. A new integration approach with respect to subordinate compromise scores is introduced, and the subjective and objective weights of criteria are considered simultaneously in this extended process to avoid one-sidedness of criterion weights. A case study about the 3PL service supplier selection is given, in which the sensitivity analysis and comparative analysis are provided to highlight the advantages of the proposed method. Journal: Economic Research-Ekonomska Istraživanja Pages: 4033-4058 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1678502 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1678502 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:4033-4058 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1592008_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jannett Ayup-Gonzalez Author-X-Name-First: Jannett Author-X-Name-Last: Ayup-Gonzalez Author-Name: Esther Calderon-Monge Author-X-Name-First: Esther Author-X-Name-Last: Calderon-Monge Author-Name: Agustin Carrilero-Castillo Author-X-Name-First: Agustin Author-X-Name-Last: Carrilero-Castillo Title: The effects of management and environmental factors on franchise continuity Abstract: There is abundant evidence that franchises boost the economies of developed and emerging market economies. In Mexico, for example, despite its limited growth, the franchise system is dynamic. Over the past three decades, the inconsistent continuity of the global franchise business format may also be noted. The aim here is to analyse the factors linked to franchise continuity in the Mexican hospitality sector by applying panel data methodology to a sample of 253 hospitality sector chains between 2002 and 2016. The results showed that franchised outlets, proven and improved know-how, and market factors, under conditions of endogeneity, maintained a positive effect on the continuity of the franchise business format. Journal: Economic Research-Ekonomska Istraživanja Pages: 4059-4074 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1592008 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1592008 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:4059-4074 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_1717161_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: Correction Journal: Economic Research-Ekonomska Istraživanja Pages: 4075-4075 Issue: 1 Volume: 32 Year: 2019 Month: 1 X-DOI: 10.1080/1331677X.2019.1717161 File-URL: http://hdl.handle.net/10.1080/1331677X.2019.1717161 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:4075-4075 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517476_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hrvoje Šapina Author-X-Name-First: Hrvoje Author-X-Name-Last: Šapina Author-Name: Sabina Ibrahimagič Author-X-Name-First: Sabina Author-X-Name-Last: Ibrahimagič Title: Causes of Auditor Mistakes in Published Audit Reports in Bosnia and Herzegovina Abstract: The authors carried out research in which they identified errors in published audit reports carried out by some independent auditors from Bosnia and Herzegovina. They also carried out the analysis on causes for the identified errors. Through the analysis of the collected audit reports it has been established the existence of numerous deviations comparing to the requirements of the International Standards on Auditing (ISA) 700 and 701, with aspect of the formal contents of the reports as well as the essence of the reports. The research established that the causes of the identified errors are: inadequate legislature in Bosnia and Herzegovina, inadequate continuous education of the auditors, insufficiently developed auditing practice, absence or inadequate internal control of quality in most audit firms, and absence of public supervision on the state level. The recently passed law which refers to accounting and auditing opens some more space for certain improvements, especially through establishing the Audit Chamber and the Public Supervision Board. Journal: Economic Research-Ekonomska Istraživanja Pages: 164-174 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517476 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517476 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:164-174 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517477_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marta Božina Beroš Author-X-Name-First: Marta Božina Author-X-Name-Last: Beroš Title: Reflections on the Securities Holding System in Croatia in Light of the Unidroit’s Convention on Intermediated Securities Abstract: Securities holding systems are vital for the effective functioning of capital markets. They reduce the risks associated with transfer of securities between market participants; their smooth functioning depends from certainty as to the rights and obligations of different subjects. If there is no such certainty, the system is prone to legal risk and – in time of financial duress – to systemic risk as well. The purpose of this paper is twofold: first, to analyse the difference between various systems of holding securities and second (section 1 and 2), to assess the Croatian securities holding system (section 3). Our attention is especially focused on Croatian legislation governing securities, with emphasis on the national Central Clearing and Depository Agency. In section 4 we discuss the UNIDROIT’s Convention on Intermediated Securities. Finally, section 5 discusses recent EU regulatory initiatives which are part of an overarching post-crisis reform agenda in the financial markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 175-187 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517477 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517477 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:175-187 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517478_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Morteza Yazdani Author-X-Name-First: Morteza Author-X-Name-Last: Yazdani Author-Name: Ali Alidoosti Author-X-Name-First: Ali Author-X-Name-Last: Alidoosti Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Kazimieras Author-X-Name-Last: Zavadskas Title: Risk Analysis of Critical Infrastructures Using Fuzzy Copras Abstract: Critical infrastructures play a significant role in countries because of the essentiality of nation security, public safety, socioeconomic security, and way of life. According to the importance of infrastructures, it is a necessity to analyze the potential risks to do not allow these risks be converted into events. The main purpose of this paper is to provide a developed framework with the aim to overcome limitations of the classical approach to build a more secure, safer, and more resilient critical infrastructures in order to develop, implement, control. The proposed framework extends conventional RAMCAP (Risk Analysis and Management for Critical Asset Protection) through introducing new parameters the effects on risk value. According to the complexity of problem and the inherent uncertainty, this research adopts the fuzzy COPRAS (COPRAS-F) as a fuzzy multi criteria decision making technique to determine the weights of each criterion and the importance of alternatives with respect to criteria. Case analysis is implemented to illustrate the capability and effectiveness of the model for ranking the risk of critical infrastructures. The proposed model demonstrates a significant improvement in comparison with conventional RAMCAP. Journal: Economic Research-Ekonomska Istraživanja Pages: 27-40 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517478 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517478 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:27-40 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517479_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Yu Hsing Author-X-Name-First: Yu Author-X-Name-Last: Hsing Title: Macroeconomic Variables and the Stock Market: The Case of Croatia Abstract: This paper examines the relationship between the Croatian stock market index and relevant macroeconomic variables. Applying the GARCH model, this paper finds that the Croatian stock market index is positively associated with real GDP, the M1/GDP ratio, the German stock market index and the euro area government bond yield and is negatively influenced by the ratio of the government deficit to GDP, the domestic real interest rate, the HRK/USD exchange rate, and the expected inflation rate. Hence, to promote a healthy stock market, the authorities are expected to pursue economic growth, fiscal discipline, moderate increase in the money supply, the appreciation of the kuna, and a relatively low interest rate or expected inflation rate. Journal: Economic Research-Ekonomska Istraživanja Pages: 41-50 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517479 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517479 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:41-50 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517480_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mahreen Mahmud Author-X-Name-First: Mahreen Author-X-Name-Last: Mahmud Author-Name: Nawazish Mirza Author-X-Name-First: Nawazish Author-X-Name-Last: Mirza Title: Volatility Dynamics in an Emerging Economy: Case of Karachi Stock Exchange Abstract: The paper aims to model and forecast the volatility in the stocks traded at the Karachi Stock Exchange before and during the recent financial crisis using the GARCH, EGARCH and GJR-GARCH models. We find the stock return volatility to be characterized by clustering and displaying asymmetries. Results point to the capability of the EGARCH(1,1) model at forecasting for both periods lending support to the use of GARCH family of models for emerging markets during crisis. We find evidence for a synthetically constructed index based on trading volume capturing the volatility structure of the market as well as that based on market capitalization which has important implications for investors. Journal: Economic Research-Ekonomska Istraživanja Pages: 51-64 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517480 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517480 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:51-64 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517481_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Elif Kaya Author-X-Name-First: Elif Author-X-Name-Last: Kaya Author-Name: Eralp Bektaş Author-X-Name-First: Eralp Author-X-Name-Last: Bektaş Author-Name: Mete Feridun Author-X-Name-First: Mete Author-X-Name-Last: Feridun Title: Stock Market and Banking sector Development in Turkey: Do they have the Same Impact on Economic Growth? Abstract: This article investigates the impact of financial stock market development and banking sector development on economic growth in the case of Turkey using Johansen cointegration and Granger causality tests for the period between 01:1988 and 12:2004. The results suggest that banking sector development has positive impact on economic growth and vice versa. Hence, the results lend support to both demand following and supply leading hypotheses for banking sector development and economic growth relationship. However, the results fail to yield the same conclusion for the stock market-economic growth relationship. Journal: Economic Research-Ekonomska Istraživanja Pages: 65-74 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517481 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517481 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:65-74 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517482_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vesna Bucevska Author-X-Name-First: Vesna Author-X-Name-Last: Bucevska Title: The Role of Remittances in Financial Crisis: Empirical Evidence from Macedonia Abstract: The recent global financial crisis has heated the debate among economists on the role of migrant workers’ remittances in times of financial crisis: Are they a shock absorber or a shock transmitter? The objective of this paper is to find out whether the remittances sent to Macedonia have a stabilizing or destabilizing effect. By specifying a vector error correction (VEC) model, we find evidence that real remittances have a destabilizing effect on the output both of the home country (Macedonia) and the host country (Germany). Consequently, they could not cushion large fluctuations in Macedonian output in stage of economic downturn. Journal: Economic Research-Ekonomska Istraživanja Pages: 75-90 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517482 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517482 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:75-90 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517483_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Merima Balavac Author-X-Name-First: Merima Author-X-Name-Last: Balavac Title: The Role of Remittences in the Explanation of Feldstein-Horioka Paradox: Evidence from Transition Economies Abstract: We measure the level of capital mobility following Feldstein and Horioka (1980) who assume that measuring the extent to which national saving and investment rates are correlated indicate the degree of financial integration into the world economy. While they surprisingly found the high positive correlation between saving and investment in developed OECD economies, subsequent empirical studies on the sample of less developed economies found smaller saving-investment correlation. Concentrating on the determinants of investments in the transition economies that could explain now conventional, puzzling Feldstein-Horioka results for transition economies, we were the first who consider remittances as possible explanation. The results of panel analysis seem to support the hypothesis of capital mobility among the economies in transition for the period 1995-2007. Highly significant effect of remittances on investment supports our argument that a significant portion of received remittances is directed toward investment in transition economies. Journal: Economic Research-Ekonomska Istraživanja Pages: 91-106 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517483 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517483 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:91-106 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517484_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Barbara Mörec Author-X-Name-First: Barbara Author-X-Name-Last: Mörec Author-Name: Matevž Rašković Author-X-Name-First: Matevž Author-X-Name-Last: Rašković Title: Overview and Estimation of the 2008 Financial and Economic Crisis ‘Effect Size‘ on SME Capital Structures: Case of Slovenia Abstract: Myriad factors have been identified to impact a company’s capital structure. However, the majority of academic interest is focused on the internal (company) determinants of capital structure, and much less on external environment determinants, such as restricted access to financial resources; especially for micro, small and medium-sized companies (SMEs). As a small country, and member of the EU and Eurozone, Slovenia provides an ideal setting for the study of the impact of the 2008 financial and economic crisis on the capital structures of SMEs; especially given the dominance of the banking sector, as the prime financing vehicle for companies. In this context we employ a novel power analysis estimation approach in the literature, employing Cohen’s d and McGraw-Wong’s common language (CL) effect size statistics. We analyzed the capital structures of Slovenian SMEs between 2006 and 2009. Our study shows that SMEs were unable to tap into “soft budget constraints” made available by the banking sector to large companies, and have been correspondingly harder hit by the crisis. Journal: Economic Research-Ekonomska Istraživanja Pages: 107-125 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517484 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517484 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:107-125 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517485_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tomas Balešentis Author-X-Name-First: Tomas Author-X-Name-Last: Balešentis Author-Name: Alvydas Balešentis Author-X-Name-First: Alvydas Author-X-Name-Last: Balešentis Author-Name: Willem K. M. Brauers Author-X-Name-First: Willem K. M. Author-X-Name-Last: Brauers Title: Multi–Objective Optimization of Well–Being in the Eu-Ropean Union Member STATES Abstract: Well-being is of crucial importance for both individual and society as a whole. It is therefore important to quantify performance and progress made by certain states, regions, communities, social groups, and individuals in improving their well–being. The aim of study was to offer a new framework for multi–criteria assessment as well as international comparison of objective well–being. Well–being is a multi–dimensional phenomenon; hence the appropriate indicator system should be capable to identify the most important underlying processes influencing well–being. For our research we have established the indicator system of twelve indicators identifying various dimensions of well–being. Therefore we propose MULTIMOORA, a model which can be used for approaching the objective of societal well–being. It is applied for international comparison of the well-being in the EU Member States. Consequently, it was revealed that Ireland, the Netherlands, Denmark, Austria, France, Cyprus, Finland, Germany, and Belgium have achieved the highest level of well–being as of 2009. At the other end of spectrum, Czech Republic, Lithuania, Slovakia, Bulgaria, Poland, Hungary, Estonia, Latvia, and Romania can be considered as those peculiar with relatively lowest well–being. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-15 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517485 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517485 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:1-15 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517486_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Pu-yan Nie Author-X-Name-First: Pu-yan Author-X-Name-Last: Nie Title: Spatial maintenance goods under monopoly Abstract: This study addresses the effects of monopolistic firms’ location and guarantee time limit on pricing for goods requiring high maintenance expenditure, such as elevators, televisions and computers. A spatial maintenance model of two stages within a guaranteed time limit is outlined in this paper. Based on this model, location, maintenance commitment and pricing are all characterized under a monopoly situation. This paper outlines the optimal price and location for the monopolist. The effects of guarantee time limit on price are discussed. Journal: Economic Research-Ekonomska Istraživanja Pages: 16-26 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517486 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517486 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:16-26 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517487_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Judita Peterlin Author-X-Name-First: Judita Author-X-Name-Last: Peterlin Author-Name: Vlado Dimovski Author-X-Name-First: Vlado Author-X-Name-Last: Dimovski Author-Name: Miha Uhan Author-X-Name-First: Miha Author-X-Name-Last: Uhan Author-Name: Sandra Penger Author-X-Name-First: Sandra Author-X-Name-Last: Penger Title: Re Thinking the Corporate Social Responsibility in Slovenia: Empirical Evidence Abstract: AbstractThe paper identifies positive and educational effects of implementation of corporate social responsibility (CSR) through the project “Re.think”, as a result of collaboration between Slovenian academic institution, Faculty of Economics University of Ljubljana, and international mobile company Si.mobil. CSR has gained importance throughout the last decades in both, academic community as well as among practitioners in business environment. The paper provides the appropriate combination of relevant factors, methods and techniques for greater awareness of CSR. Qualitative and quantitative methods were used in order to triangulate the findings of the research. Through the principal axis factoring and multiple regression techniques seven identified factors have been interpreted as a group of indicators fostering the development of CSR in Slovenia. The results indicate that the implementation of CSR activities is strengthening the creation of socially responsible organizational reputation. Journal: Economic Research-Ekonomska Istraživanja Pages: 126-142 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517487 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517487 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:126-142 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517488_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alen Belullo Author-X-Name-First: Alen Author-X-Name-Last: Belullo Author-Name: Tina Dužman Author-X-Name-First: Tina Author-X-Name-Last: Dužman Title: Relations Among Government Revenues and Gross Domestic Product (GDP) of the Republic Of Croatia Abstract: AbstractThe aim of this paper is to analyse the relations between the gross domestic product (GDP) and budget revenues of the Republic of Croatia in the period from the first quarter of 2000 to the first quarter of 2010.Vector autoregressive model is used for the analysis. The interdependence between selected macroeconomic values was examined using cointegration analysis, which has proved that there is statistically significant, long-run stable relationship between the GDP and budget revenues.Granger Causality Test has proved that GDP in the Granger sense has a significant impact on changes in state revenues. Journal: Economic Research-Ekonomska Istraživanja Pages: 143-152 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517488 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517488 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:143-152 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517489_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anton Jamnik Author-X-Name-First: Anton Author-X-Name-Last: Jamnik Title: Business Ethics in Financial Sector Abstract: Proponents of the financial theory of the firm generally argue that other constituencies should either protect themselves (workers can bargain for safer working conditions, for example) or seek regulatory protection by means of occupational safety and health laws. On the financial theory of the firm, the responsibility for upholding ethical standards, forcing the internalization of costs, and so on, belong ultimately to government, not to corporate managers. The main argument for this position is that corporate managers have neither the right nor the ability to pursue multiple, nonfinancial goals.By contrast, stakeholder theory contends that the list of corporate constituencies includes all those who have a legitimate interest in the activities of a firm, regardless of any interest that the firm takes in them. Furthermore, the interests of these stakeholder groups merit consideration for their own sake, not because of their usefulness to the firm. Stakeholder theory has not been developed as a full-fledged alternative to the financial theory, and it is questionable whether it is necessarily incompatible with it. SWM is justified on the financial theory for its benefits to the whole of society, which includes all stakeholder groups. Corporate managers need not consider the interests of all stakeholders as long as these interests are adequately protected by some means, such as government regulation. In addition, managing a corporation with attention to stakeholder interests may be an effective means for maximizing shareholder value. Some very successful companies are driven by philosophies that put employees or customers first. Journal: Economic Research-Ekonomska Istraživanja Pages: 153-163 Issue: 4 Volume: 24 Year: 2011 Month: 1 X-DOI: 10.1080/1331677X.2011.11517489 File-URL: http://hdl.handle.net/10.1080/1331677X.2011.11517489 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:24:y:2011:i:4:p:153-163 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_947103_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alvydas Baležentis Author-X-Name-First: Alvydas Author-X-Name-Last: Baležentis Author-Name: Kristina Balkienė Author-X-Name-First: Kristina Author-X-Name-Last: Balkienė Title: Innovation policy measurement: analysis of Lithuania’s case Abstract: The article seeks to justify a need and possibilities to form Lithuania’s innovation performance measurement framework in terms of existing international practice. To do so different analytical tools, known worldwide in innovation fields, are discussed and the main categories of the assessment are summarised. Taking into account the various instances from the index practice, Lithuania’s innovation performance results and their tendencies in comparison with other countries are analysed. To conclude, several suggestions are drawn for the measurement framework of the Lithuanian innovation policy. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-14 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.947103 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.947103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:1-14 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_947104_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Chyi-Lu Jang Author-X-Name-First: Chyi-Lu Author-X-Name-Last: Jang Author-Name: Chun-Ping Chang Author-X-Name-First: Chun-Ping Author-X-Name-Last: Chang Title: National income and fishery consumption: a global investigation Abstract: We apply the panel unit root tests, heterogeneous panel co-integration analysis, and panel-based error correction models (ECM) to examine the long-term co-integrated relationship between national income and fishery consumption in a panel of 101 countries for the period 1970–2006. In addition, we utilise a panel dynamic ordinary least squares (DOLS) model, to assess the effect of national income on fish consumption, and vice versa. Our empirical results provide clear support for a positive long-term co-integrated relationship between national income and fishery consumption after allowing for a heterogeneous country effect. Further, we display a bi-directional causality among these variables via the dynamic panel-based ECM in the long-term, and demonstrate that fish is a common food. Finally, our full sample is divided into developed, developing, southern hemisphere countries (SHC) and northern hemisphere countries (NHC) to discover the broader effect of income on fish consumption if any, and vice versa, among different levels of economic development and diverse regions. This facilitates our understanding and provides more insight into the characteristic of fishery among different levels of economic–geography conditions. We propose fishery policy recommendations through our findings. Journal: Economic Research-Ekonomska Istraživanja Pages: 15-33 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.947104 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.947104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:15-33 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_947105_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Fumitaka Furuoka Author-X-Name-First: Fumitaka Author-X-Name-Last: Furuoka Title: Are unemployment rates stationary in Asia-Pacific countries? New findings from Fourier ADF test Abstract: This article examines whether the unemployment rates in five Asia-Pacific countries can be described as a stationary process. It employs a newly developed nonlinear Fourier ADF test for this purpose. The findings indicated that South Korea’s unemployment rate could be described as a stationary process; the unemployment rates in Australia and Hong Kong could be considered as a stationary process around the structural breaks; in China and Japan the unemployment rates exhibited a weak tendency to return to equilibrium level. Journal: Economic Research-Ekonomska Istraživanja Pages: 34-45 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.947105 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.947105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:34-45 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_947106_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Kešeljević Aleksandar Author-X-Name-First: Kešeljević Author-X-Name-Last: Aleksandar Title: Is economics scientific discipline loyal to its own starting points and fundamental principles? Abstract: The article argues that the economic scientific community, by disregarding the importance of freedom which was essential for its emancipation and market as its key criterion of choice, is disloyal to its own starting points and fundamental principles. By dictating strict methodological rules the neoclassical school has consolidated its monopoly position within economics. The article highlights that this methodological normativism is substantially reducing the diversity of methodological approaches and that such restriction of freedom has become a source of subordination within economic community. The author argues that today a new emancipation is needed, with a strong emphasis on the freedom to forge new approaches and acute awareness of the fact that no theoretical platform can persist without adequate demand for its findings in the science market. Journal: Economic Research-Ekonomska Istraživanja Pages: 46-54 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.947106 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.947106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:46-54 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_947107_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihail Petkovski Author-X-Name-First: Mihail Author-X-Name-Last: Petkovski Author-Name: Jordan Kjosevski Author-X-Name-First: Jordan Author-X-Name-Last: Kjosevski Title: Does banking sector development promote economic growth? An empirical analysis for selected countries in Central and South Eastern Europe Abstract: Economic growth is one of the ultimate goals of any economic system. This article examines the question whether in 16 transition economies from Central and South Eastern Europe the banking sector influences economic growth. The empirical investigation was carried out using a generalised method of moments (GMM) dynamic panel method. We measure the development in the banking sector using the bank credit to the private sector, interest rates, and ratio of quasi money (RQM). The research results show that credit to the private sector and interest margin (IM) are negatively related to the economic growth, while RQM is positively related to economic growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 55-66 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.947107 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.947107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:55-66 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_947109_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Miroslav Verbič Author-X-Name-First: Miroslav Author-X-Name-Last: Verbič Author-Name: Sašo Polanec Author-X-Name-First: Sašo Author-X-Name-Last: Polanec Title: Innovativeness and intangibles in transition: the case of Slovenia Abstract: The article presents the micro data on intangibles for Slovenia during the period 1994–2005 using an augmented method by Corrado et al. and analyses the role of intangibles in the Slovenian economy during the transition. By examining the organisational, information and communication technologies (ICT) and research and development (R&D) component of intangibles, we observe a decrease in the value of R&D capital that was to some extent offset by an increase in the value of ICT capital. We find that organisational workers had higher productivity than the average worker. The dynamic of change was gradual during the transition. The capitalisation of intangibles implied an average 4.5% increase of gross domestic product (GDP) for the new member states. Nonetheless, a worrying convergence can be observed between the tangible and the intangible capital. One can thus expect the intangibles have an important role in the future growth in Slovenia and across the European countries, but only if proper attention is devoted to them in terms of policy measures and regulation. Journal: Economic Research-Ekonomska Istraživanja Pages: 67-85 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.947109 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.947109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:67-85 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_947133_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Magdalena Rădulescu Author-X-Name-First: Magdalena Author-X-Name-Last: Rădulescu Author-Name: Elena Druica Author-X-Name-First: Elena Author-X-Name-Last: Druica Title: The impact of fiscal policy on foreign direct investments. Empiric evidence from Romania Abstract: Economic stimulus programmes can be an incentive for foreign investment, but many developing countries do not have the financial resources to successfully compete with the investment promotion packages of developed countries. Once the Central and Eastern European (CEE) countries acceded to the eurozone, they will lose their monetary instruments to adjust the macroeconomic imbalances. Using linear regression, this article presents the impact of the fiscal and monetary policies on attracting the foreign direct investments (FDIs) in Romania, based on monthly data series during 2000–2010. Based on economic literature and on such empiric analysis, the article will propose some directions for the Romanian macroeconomic policy in the short-term in the context of crisis, because the FDIs are the engine for recovery and economic growth. In Romania, empiric results have shown that monetary factors such as higher interest rates and higher inflation attracted FDIs. Fiscal factors (mainly direct taxes) seem to play a less important role, being relevant only in the long-term. So, Romania should also focus on improving the other non-financial factors that greatly influence the investment environment here (infrastructure, legal and political stability). Only then can the fiscal stimulus be effective in attracting FDIs and supporting the economic growth in the same time. The article begins with presenting some findings from the economic literature regarding taxation and FDIs, it then follows the empiric analysis for Romania and ends with conclusions and some issues for a further research. Journal: Economic Research-Ekonomska Istraživanja Pages: 86-106 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.947133 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.947133 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:86-106 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_947108_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Cletus Ambe Shu Author-X-Name-First: Cletus Author-X-Name-Last: Ambe Shu Author-Name: Bilge Oney Author-X-Name-First: Bilge Author-X-Name-Last: Oney Title: Outreach and performance analysis of microfinance institutions in Cameroon Abstract: Since people with low incomes do not have access to financial institutions, and in most developing countries only public workers benefit from the services of public banks, the poor and private workers with low incomes cannot borrow from these public banks. Hence, microfinancial institutions (MFIs) have become the answer to those who cannot benefit from the financial services of the public banks. This study compares the performance and outreach aspect of the MFIs in Cameroon against the African benchmark. Furthermore, it investigates if there is a trade-off between performance and outreach. A total of six selected MFIs with branches all over Cameroon were chosen for this study. Using the difference of mean test, the findings of the study revealed that generally, the MFIs in Cameroon implemented a low cost strategy and are heavily exposed to default risk. We also concluded a trade-off between the performance and outreach factors. MFIs in Cameroon are more focused on making profits, instead of reaching out to the poorest of the poor in the communities. Journal: Economic Research-Ekonomska Istraživanja Pages: 107-119 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.947108 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.947108 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:107-119 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_947134_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alka Obadić Author-X-Name-First: Alka Author-X-Name-Last: Obadić Author-Name: Lela Tijanić Author-X-Name-First: Lela Author-X-Name-Last: Tijanić Title: Multivariate analysis of the Croatian clusters Abstract: Clusters have an important role in fostering regional and national economic development. Clustering can help the members to take advantages of the benefits discussed in this article. The aim of the article is to identify the reasons why some of the cluster members in Croatia do not recognise the benefits of clustering? In this article the authors use a multivariate analysis to obtain results to confirm if there are significant differences among firms that: (1) think that clustering helps them; (2) believe that the idea is good but does not function in practice; and (3) consider that clusters are not necessary. Our analysis suggests that different attitudes toward satisfaction with exchange of information, joint promotion, education and market research are the main reasons why these observed cluster members differ. The result of our study can be useful in formulating policies for the future cluster development programmes in Croatia. Journal: Economic Research-Ekonomska Istraživanja Pages: 120-133 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.947134 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.947134 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:120-133 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_952114_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Srđan Marinković Author-X-Name-First: Srđan Author-X-Name-Last: Marinković Author-Name: Ognjen Radović Author-X-Name-First: Ognjen Author-X-Name-Last: Radović Title: Bank net interest margin related to risk, ownership and size: an exploratory study of the Serbian banking industry Abstract: The article empirically explores bank-specific, industry-specific and macroeconomic determinants of the net interest margin (NIM) in the Serbian banking industry. The baseline regression results suggest that banks with an above-average equity-to-asset ratio tend to report higher NIMs. The chosen proxy for loan default risk also appears statistically significant, but contrary to what is suggested by theory, indicates that the relation between default risk and the NIM is inverse. Amongst industry-specific determinants, only the proxy for concentration appears significant, as expected, and carries the prefix envisaged. Despite its narrow focus, this article does not ignore other possible determinants of the bank NIM. The type of bank ownership, as well as size effects, are explored further in order to gain insights into the influence of those variables on the NIM. The approach we follow does not include proxies for such determinants, but rather involves testing differences in regression results for banks that belong to different groups (proposed by Angbazo, 1997). Where size is taken into account, results indicate that large banks are better able to insulate books against interest rate risk by managing liabilities, while the superior performance of foreign banks could be attributed to their conservative lending practices and better access to foreign finance. Journal: Economic Research-Ekonomska Istraživanja Pages: 134-154 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.952114 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.952114 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:134-154 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_952110_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Silvo Dajčman Author-X-Name-First: Silvo Author-X-Name-Last: Dajčman Title: Was there a contagion between major European and Croatian stock markets? An analysis of co-exceedances Abstract: This article examines extreme returns co-movement and contagion between the Croatian and 10 European stock markets during major financial market distress periods in the period from end of 2003 until start of 2012. The extreme return co-movement analysis is based on analysis of coincidences of extreme return shocks (co-exceedances; extreme returns are defined as lower 5% daily returns in the empirical return distributions) across investigated countries. I found that the first instances of co-exceedances between the Croatian and the observed European stock markets occurred in the 2007, during the subprime mortgage crisis as the predecessor of the global financial crisis. With the start of the global financial crisis, the count of co-exceedances across all observed pairs of stock markets markedly increased. In order to separate contagion from interdependence, I further applied a multinomial logistic function, that enabled me to control for common world and regional factors that affected all investigated stock markets simultaneously. In controlling for these factors I found that the increase in the count of negative return co-exceedances between the Croatian and major European stock markets during the global financial crisis and the eurozone debt crisis cannot be attributed to contagion. Journal: Economic Research-Ekonomska Istraživanja Pages: 155-168 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.952110 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.952110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:155-168 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_952112_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Simona Laura Dragos Author-X-Name-First: Simona Laura Author-X-Name-Last: Dragos Title: Life and non-life insurance demand: the different effects of influence factors in emerging countries from Europe and Asia Abstract: Urbanisation, incomes and their distributions, and the population degree of education are relevant factors for the development of insurance sector. This study estimates the different effects of the previously mentioned factors for life and non-life sector. We used the econometrics of panel data on 17 emerging economies from Asia and Europe over a 10-year period. We showed that urbanisation influenced significantly the life insurance demand in Asia, but not in Europe. Also, education was found to be significant only for the non-life sector in both regions and income was non-significant in Asia for non-life sector. Journal: Economic Research-Ekonomska Istraživanja Pages: 169-180 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.952112 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.952112 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:169-180 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_947132_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivica Pervan Author-X-Name-First: Ivica Author-X-Name-Last: Pervan Author-Name: Marijana Bartulović Author-X-Name-First: Marijana Author-X-Name-Last: Bartulović Title: Value relevance of accounting information: evidence from South Eastern European countries Abstract: In this article the authors analysed value relevance of accounting information based on a sample of 97 corporations listed on one of the following capital markets: Ljubljana Stock Exchange, Zagreb Stock Exchange, Sarajevo Stock Exchange, Banja Luka Stock Exchange and Belgrade Stock Exchange. Research results show that accounting information is value relevant on all the observed markets. Value relevance analysis for the period 2005–2010 has shown that there was no increase in the explanatory power of accounting variables, but just the opposite. Research results indicate decreases or large oscillations in the value relevance for the observed period. Journal: Economic Research-Ekonomska Istraživanja Pages: 181-190 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.947132 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.947132 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:181-190 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_952107_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jelena Minović Author-X-Name-First: Jelena Author-X-Name-Last: Minović Author-Name: Boško Živković Author-X-Name-First: Boško Author-X-Name-Last: Živković Title: CAPM augmented with liquidity and size premium in the Croatian stock market Abstract: This article examines the following models: Capital Asset Pricing Model (CAPM) (Sharpe, 1964), and Liquidity CAPM (Hearn, Piesse and Strange, 2009) in the Croatian stock market. We used daily data for the period 2005–2009. The goal of this article is to examine the impact of an overall market factor, factor related to the firm size, and factor of liquidity risk on expected asset returns in the Croatian stock market. We found that Liquidity Capital Asset Pricing Model (LCAPM) model performs better in explaining stock returns than the standard CAPM. Additionally, LCAPM may indeed be a good tool for realistic assessment of the expected asset returns. The combination of company size and illiquidity in asset pricing in the context of the Fama and French cross-sectional framework can improve the description of equilibrium in the Croatian stock market. Journal: Economic Research-Ekonomska Istraživanja Pages: 191-206 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.952107 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.952107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:191-206 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_952113_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sonja Jovanović Author-X-Name-First: Sonja Author-X-Name-Last: Jovanović Author-Name: Vesna Janković Milić Author-X-Name-First: Vesna Author-X-Name-Last: Janković Milić Author-Name: Bojan Krstić Author-X-Name-First: Bojan Author-X-Name-Last: Krstić Title: Homogeneity analysis of south-eastern European countries according to tourism competitiveness performances Abstract: The purpose of this research is to analyse the competitiveness of south-eastern Europe (SEE) countries with the help of The Travel and Tourism Competitiveness Index (TTCI) and The Global Competitiveness Index (GCI), as well as to explore the correlation and mutual influence of these two indices. The aim is to explore the homogeneity of SEE countries according to tourism competitiveness performance. The research was conducted on the basis of secondary data sources and statistical methods, with emphasis on the cluster analysis. Structurally, the article is composed of the following parts: Analyses of the competitiveness of SEE countries according to GCI and TTCI, exploration of SEE countries homogeneity according to the GCI and the TTCI sub-indices, as well as according to the pillars within the TTCI. The research results indicate that there exists a high correlation between the TTCI and GCI, as well as that SEE countries are not homogenous according to these indices. The research provides the initial framework for benchmarking the tourism performance of different countries, and determination of objectives and strategies for improving tourism competitiveness. Journal: Economic Research-Ekonomska Istraživanja Pages: 207-220 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.952113 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.952113 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:207-220 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_952109_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dina Korent Author-X-Name-First: Dina Author-X-Name-Last: Korent Author-Name: Ivana Đunđek Author-X-Name-First: Ivana Author-X-Name-Last: Đunđek Author-Name: Marina Klačmer Čalopa Author-X-Name-First: Marina Klačmer Author-X-Name-Last: Čalopa Title: Corporate governance practices and firm performance measured by Croatian Corporate Governance Index (CCGI®) Abstract: The area of corporate governance (CG) determines the way in which a corporation is managed and monitored. The purpose of this article is to investigate whether there is a correlation between company performance and CG practices, while the general objective is to set up regression models of the company success measured by Tobin’s Q and CG practices measured by Croatian Corporate Governance Index (CCGI®). Data used for processing the topic were from secondary sources, mostly books and articles, as well available annual questionnaires of CG codex for the period from 2007 to 2010.Results obtained in this research indicate that CG is an important factor in explaining the business performance of Croatian companies included in the official share index of the Zagreb Stock Exchange (ZSE) CROBEX® (Croatian equity index). Journal: Economic Research-Ekonomska Istraživanja Pages: 221-231 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.952109 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.952109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:221-231 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_952092_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: You-hua Chen Author-X-Name-First: You-hua Author-X-Name-Last: Chen Author-Name: Pu-yan Nie Author-X-Name-First: Pu-yan Author-X-Name-Last: Nie Title: Duopoly innovation under product externalities Abstract: This study argues that product substitutability and complementary have major effects on the relationship between innovation and competition and some interesting conclusions are derived. First, innovative investment is reduced with market power. The total quantity of products and social welfare are increased with market power while decreased with increasing of substitutability or deceasing of complementary. Second, the equilibrium products and innovative investment are lower than those under social optimality. Finally, by comparison with Cournot quantity competition, Bertrand price competition is keener. But the main conclusions are the same under both kinds of competitions. Journal: Economic Research-Ekonomska Istraživanja Pages: 232-243 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.952092 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.952092 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:232-243 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_952106_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anna M. Gil-Lafuente Author-X-Name-First: Anna M. Author-X-Name-Last: Gil-Lafuente Author-Name: José M. Merigó Author-X-Name-First: José M. Author-X-Name-Last: Merigó Author-Name: Emilio Vizuete Author-X-Name-First: Emilio Author-X-Name-Last: Vizuete Title: Analysis of luxury resort hotels by using the Fuzzy Analytic Hierarchy Process and the Fuzzy Delphi Method Abstract: ‘Experience Economy’ is an accelerator switching the experience process of consumption into eternal memory, perfecting value and promoting positive after-buying intention. This research uses the Fuzzy Delphi Method (FDM) and Fuzzy Analytic Hierarchy Process (FAHP) to construct a system of evaluation criteria focused on understanding the luxury resort hotels (LRHs) industry in Taiwan and Macao. One finding of this study is that objective hotels in these two territories exhibit different hotel operating characteristic (the unity LRHs mode in Taiwan vs involving casino LRHs in Macao) and customer markets. These Macanese LRHs define them as ‘international operations’, in contrast the Taiwanese position themselves as ‘domestic businesses’. The other finding is that Taiwan based evaluation criteria on ‘consumer-orientation’ and ‘operation and management’, while Macao stressed evaluation based on ‘operation and management’ to manage LRHs industry. Journal: Economic Research-Ekonomska Istraživanja Pages: 244-266 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.952106 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.952106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:244-266 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_952108_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lukrecija Djeri Author-X-Name-First: Lukrecija Author-X-Name-Last: Djeri Author-Name: Tanja Armenski Author-X-Name-First: Tanja Author-X-Name-Last: Armenski Author-Name: Dragan Tesanovic Author-X-Name-First: Dragan Author-X-Name-Last: Tesanovic Author-Name: Milan Bradić Author-X-Name-First: Milan Author-X-Name-Last: Bradić Author-Name: Svetlana Vukosav Author-X-Name-First: Svetlana Author-X-Name-Last: Vukosav Title: Consumer behaviour: influence of place of residence on the decision-making process when choosing a tourist destination Abstract: Regarding the previous literature on the decision-making process when choosing a destination, this article tries to contribute to current literature by surveying inhabitants from the Bačka region (Vojvodina/Serbia) with respect to the aspect of place of residence on the purchase decision-making process which involves five different phases: need awareness, search for information, estimation of alternatives, decision about purchasing a tourist product or service, feedback after purchasing and discrimination coefficient. The results show that place of residence strongly affects all phases of the decision-making process. The researchers also managed to address the most sensible and vulnerable indicator of the decision-making process when choosing a destination. Journal: Economic Research-Ekonomska Istraživanja Pages: 267-279 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.952108 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.952108 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:267-279 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_952090_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Syed Kumail Abbas Rizvi Author-X-Name-First: Syed Kumail Abbas Author-X-Name-Last: Rizvi Author-Name: Bushra Naqvi Author-X-Name-First: Bushra Author-X-Name-Last: Naqvi Author-Name: Christian Bordes Author-X-Name-First: Christian Author-X-Name-Last: Bordes Author-Name: Nawazish Mirza Author-X-Name-First: Nawazish Author-X-Name-Last: Mirza Title: Inflation volatility: an Asian perspective Abstract: For the quarterly data of 10 Asian economies, ranging from the first quarter of 1991 to last quarter of 2012, we model inflation volatility as a time varying process through different symmetric and asymmetric GARCH specifications. We also propose to model inflation volatility on the basis of cyclic component of inflation obtained from an Hodrick Prescott (HP) filter instead of actual inflation when the latter does not fulfil the criterion of stationarity. Through news impact curves (NICs) we tried to highlight the behaviour of inflation volatility in response to lagged inflation shocks under different GARCH specifications. In our results the leverage parameter shows the expected sign and is significant for almost all countries suggesting strong asymmetry in inflation volatility. The hyperbolic sign integral shape of NICs based on Glosten-Jagannathan-Runkle GARCH (GJR-GARCH) highlights the importance of inflation stabilisation programmes particularly because of the subsequent evidence obtained in favour of bidirectional causality running between inflation and inflation volatility. There is also evidence in favour of the argument that a cyclic component of inflation obtained through an HP filter could be used as a suitable proxy of inflation for volatility estimation. Journal: Economic Research-Ekonomska Istraživanja Pages: 280-303 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.952090 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.952090 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:280-303 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_952091_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Stanka Setnikar Cankar Author-X-Name-First: Stanka Author-X-Name-Last: Setnikar Cankar Author-Name: Janko Seljak Author-X-Name-First: Janko Author-X-Name-Last: Seljak Author-Name: Veronika Petkovšek Author-X-Name-First: Veronika Author-X-Name-Last: Petkovšek Title: Factors that influence cross-border cooperation between businesses in the Alps–Adriatic region Abstract: Cross-border cooperation is becoming an increasingly important factor in establishing a stimulating business environment. The aim of the article is to introduce factors that influence cross-border cooperation between businesses in the Alps–Adriatic region. A descriptive and analytical approach is used. On the basis of the results of empirical international research into cross-border cooperation in the Alps–Adriatic region between Carinthia, Friuli-Venezia Giulia (FVG) and Slovenia the article shows and analyses the barriers that businesses face in cross-border cooperation and the factors they consider to best stimulate cross-border cooperation. The results show that good personal relations, language skills and shared interests are the most important factors; the level of assistance and administrative/legislative barriers are the biggest barriers in cross-border cooperation. Different factors stimulating cross-border cooperation can be used to create a base for future strategies and training for business managers. Journal: Economic Research-Ekonomska Istraživanja Pages: 304-319 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.952091 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.952091 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:304-319 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_947150_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abdolreza Yazdani-Chamzini Author-X-Name-First: Abdolreza Author-X-Name-Last: Yazdani-Chamzini Author-Name: Shahram Shariati Author-X-Name-First: Shahram Author-X-Name-Last: Shariati Author-Name: Siamak Haji Yakhchali Author-X-Name-First: Siamak Author-X-Name-Last: Haji Yakhchali Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Author-X-Name-Last: Kazimieras Zavadskas Title: Proposing a new methodology for prioritising the investment strategies in the private sector of Iran Abstract: This article proposes a systematic and organised approach for group decision-making in the presence of the uncertainty involved in expert judgments as used in multi-criteria decision-making (MCDM) issues. This procedure comprises the selection of the optimum alternative with respect to the evaluation criteria under consideration, in particular to select the strategy of investing. However, the selection of the investment strategy is difficult on account of considering the numerous quantitative and qualitative parameters like benefits, opportunities, costs, and risks. However, it is possible that these parameters have a significant influence on each other. A decision-making trial and evaluation laboratory (DEMATEL), used to define the influential network of elements, can be employed to construct a network relationship map (NRM). On the other hand, according to whether the information is incomplete or unavailable, uncertainty is an inseparable part of making decision for solving the MCDM problems. Therefore, this article proposes a new hybrid model based on analytic hierarchical process (AHP), DEMATEL, and Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) techniques under fuzzy environment to evaluate the problem of the selection of the investment strategy. To achieve the aim, a three-step process is presented to solve a sophisticated problem. First, the AHP method is employed to break down the investment problem into simple structure and calculate the importance weights of criteria by using a pair-wise comparison process. Second, the DEMATEL technique is applied for considering interdependence and dependencies and computing the global weights of benefit, opportunities, cost, and risk (BOCR) factors. Finally, the fuzzy TOPSIS methodology is used for prioritising the possible alternatives. To demonstrate the potential application of the proposed model, a numerical example is illustrated and investigated. The results show that the proposed model has a high ability to prioritise the strategies of investing. Journal: Economic Research-Ekonomska Istraživanja Pages: 320-345 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.947150 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.947150 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:320-345 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_966969_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Iva Tomić Author-X-Name-First: Iva Author-X-Name-Last: Tomić Title: Structural unemployment in Croatia – How important is the occupational mismatch? Abstract: This article studies the importance of structural unemployment in the Croatian labour market via occupational mismatch between vacancies and unemployment in the period 2004–2011. The matching function which incorporates the effect of occupational mismatch on the flow of filled vacancies is used for the aggregate market as well as for different submarkets based on the grouping of similar occupations. It appears that occupational mismatch does not have an impact on the aggregate flow of filled vacancies. The portion of total unemployment that can be attributed to occupational mismatch is estimated to be only up to 6%, while the portion of unemployment attributed to mismatch in different submarkets varies greatly. Journal: Economic Research-Ekonomska Istraživanja Pages: 346-365 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.966969 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.966969 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:346-365 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_966973_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Irena Kedmenec Author-X-Name-First: Irena Author-X-Name-Last: Kedmenec Author-Name: Polona Tominc Author-X-Name-First: Polona Author-X-Name-Last: Tominc Author-Name: Miroslav Rebernik Author-X-Name-First: Miroslav Author-X-Name-Last: Rebernik Title: Gender differences in the usage of resources in the entrepreneurial opportunity identification process in Slovenia and Croatia Abstract: While entrepreneurship research is usually focused on early-stage or established entrepreneurship, in this article we are taking a step back to earlier stages in the entrepreneurial process and focus on the opportunity identification and resources that might support it. The article provides a clearer insight into the extent of resources possessed by adults in Slovenia and Croatia, into gender differences in the opportunity identification process and the usage of resources within this process. Our research shows that women possess on average lower levels of resources, which explain their lower opportunity identification prevalence. Results show that the increase in resources, especially in the area of human capital consisting of skills, knowledge and experiences for entrepreneurship, has a significant and positive effect on opportunity identification among women. Journal: Economic Research-Ekonomska Istraživanja Pages: 366-377 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.966973 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.966973 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:366-377 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_966971_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Navid Rikhtegar Author-X-Name-First: Navid Author-X-Name-Last: Rikhtegar Author-Name: Nabiollah Mansouri Author-X-Name-First: Nabiollah Author-X-Name-Last: Mansouri Author-Name: Amir Ahadi Oroumieh Author-X-Name-First: Amir Author-X-Name-Last: Ahadi Oroumieh Author-Name: Abdolreza Yazdani-Chamzini Author-X-Name-First: Abdolreza Author-X-Name-Last: Yazdani-Chamzini Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Author-X-Name-Last: Kazimieras Zavadskas Author-Name: Simona Kildienė Author-X-Name-First: Simona Author-X-Name-Last: Kildienė Title: Environmental impact assessment based on group decision-making methods in mining projects Abstract: Mining operations usually comprise a spread spectrum of environmental challenges, which are often unique to each mine site. This is due to the fact that mining activities, directly or indirectly, have an adverse impact on environment and ecology. For this reason, the environmental impact assessment (EIA) process has been developed for evaluation of the possible impact of mine development and operations on the environment, including the natural, social and economic aspects. In this article, an EIA methodology based on analytic network process and fuzzy simple additive weight (SAW) is proposed to formulate the environmental risks pertaining to mining projects. In the system of the proposed model, the importance weights are calculated by an ANP process. Then, fuzzy SAW is employed to evaluate the preference ratings of the alternatives. The merit of using fuzzy logic is to handle the inherent uncertainty in modelling an EIA problem by simplifying the sophisticated structure of the problem under consideration. The proposed model is utilised to assess the environmental impact generated by zinc and lead mining projects located in Zanjan, Iran to shape the future industrial and mining structure of the region. Finally, the environmental impacts are ranked from the most to the least risky. Journal: Economic Research-Ekonomska Istraživanja Pages: 378-392 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.966971 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.966971 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:378-392 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_966970_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Josipa Mijoč Author-X-Name-First: Josipa Author-X-Name-Last: Mijoč Author-Name: Dubravka Pekanov Starčević Author-X-Name-First: Dubravka Author-X-Name-Last: Pekanov Starčević Author-Name: Ivo Mijoč Author-X-Name-First: Ivo Author-X-Name-Last: Mijoč Title: Investigation of the relationship between contemporary cost management methods and improvement in financial performance Abstract: This article gives an overview of contemporary cost management (CCM) methods (target costing [TC], activity-based costing [ABC] method, total quality management [TQM]), and presents the benefits of introducing them to business practices. Previous studies have considered the possibility of cost reduction and optimisation by introducing CCM methods thus improving company performance. This explorative empirical study is a first step in investigating the relationship between CCM methods and financial performance. The aim of the research is to clarify the conceptual and methodological ambiguities surrounding the justification of using adopted measurement scales. This study is based on the outcomes of a questionnaire completed by a representative sample of 48 Croatian limited companies. The findings highlight the influence of CCM methods on the financial performance of the companies surveyed. They also provide the basis for recommendations to management accountants and raise more questions for research. Based on psychometric characteristics of measurement constructs, the questionnaire applied in this study can serve as a starting point for instrument development in future research. Journal: Economic Research-Ekonomska Istraživanja Pages: 393-413 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.966970 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.966970 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:393-413 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_967533_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Osman M. Karatepe Author-X-Name-First: Osman M. Author-X-Name-Last: Karatepe Author-Name: Rita Anumbose Nkendong Author-X-Name-First: Rita Author-X-Name-Last: Anumbose Nkendong Title: The relationship between customer-related social stressors and job outcomes: the mediating role of emotional exhaustion Abstract: Using the health impairment process of the Job Demands-Resources (JD-R) model as the theoretical framework, this study proposes and tests a research model that investigates the mediating role of emotional exhaustion in the relationship between customer-related social stressors and job outcomes. Job performance, extra-role customer service, and turnover intentions are three job outcomes used in the current study. Respondents were full-time frontline hotel employees in Cameroon. Data were obtained from these employees with a time lag of one month. The results of structural equation modelling (SEM) suggest that emotional exhaustion fully mediates the relationship between customer-related social stressors, as manifested by disproportionate customer expectations (DCE), customer verbal aggression (CVA), disliked customers (DC), and ambiguous customer expectations (ACE), and the aforementioned job outcomes. Specifically, the results suggest that the indicators of customer-related social stressors jointly affect emotional exhaustion that, in turn, leads to negative job outcomes such as poor job performance, reduced extra-role customer service, and increased turnover intentions. Journal: Economic Research-Ekonomska Istraživanja Pages: 414-426 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.967533 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.967533 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:414-426 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_967534_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Seyed Mehrshad Parvin Hosseini Author-X-Name-First: Seyed Mehrshad Author-X-Name-Last: Parvin Hosseini Author-Name: Chor Foon Tang Author-X-Name-First: Chor Foon Author-X-Name-Last: Tang Title: The effects of oil and non-oil exports on economic growth: a case study of the Iranian economy Abstract: This study attempts to re-investigate the role of oil and non-oil exports in economic growth in Iran using the multivariate cointegration and Granger causality methods. This study covers the annual data from 1970 to 2008. Throughout this study, our empirical results indicate that the variables are cointegrated and the Granger causality test reveals evidence of uni-directional causality from oil and non-oil exports to economic growth. Therefore, we confirm that the export-led growth hypothesis is valid in Iran. However, results show that oil export has an inverse effect on economic growth, thus we suggest encouraging non-oil export activities in order to stimulate long-term economic growth in Iran. Journal: Economic Research-Ekonomska Istraživanja Pages: 427-441 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.967534 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.967534 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:427-441 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_966972_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Tatjana Vilutienė Author-X-Name-First: Tatjana Author-X-Name-Last: Vilutienė Author-Name: Valentinas Podvezko Author-X-Name-First: Valentinas Author-X-Name-Last: Podvezko Author-Name: Gintautas Ambrasas Author-X-Name-First: Gintautas Author-X-Name-Last: Ambrasas Author-Name: Vaidotas Šarka Author-X-Name-First: Vaidotas Author-X-Name-Last: Šarka Title: Forecasting the demand for blue-collar workers in the construction sector in 2020: the case of Lithuania Abstract: After 2020 all new buildings must be energy efficient, which means that the construction industry workforce must be prepared and up-skilled. Formal and informal continuing education must respond to these changes, which means the curriculum needs to be updated and supplemented with the necessary knowledge and skills. This article provides the forecasts for blue-collar worker demand by 2020 in the construction industry and the number of construction workers who should be up-skilled or have extra training to be able to build energy efficient buildings and to install the renewable energy systems. The need for blue-collar workers in the construction sector up to the year 2020 was estimated by the use of mathematical models and expert evaluation, as well as taking into account the Lithuanian economic growth forecasts for the year 2020, trends of employment changes in the construction sector, the impact of EU support to the national economy and other factors having significant impact on employment in the construction sector. Journal: Economic Research-Ekonomska Istraživanja Pages: 442-462 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.966972 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.966972 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:442-462 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_970451_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ljiljana Kašćelan Author-X-Name-First: Ljiljana Author-X-Name-Last: Kašćelan Author-Name: Vladimir Kašćelan Author-X-Name-First: Vladimir Author-X-Name-Last: Kašćelan Author-Name: Miomir Jovanović Author-X-Name-First: Miomir Author-X-Name-Last: Jovanović Title: Analysis of investors’ preferences in the Montenegro stock market using data mining techniques Abstract: This article analyses the preferences of different types of investors to stock characteristics in the Montenegrin stock market. The majority of papers deal with stock portfolio analysis of the institutional investors. Since the number of individual investors in the Montenegrin market is much higher, the analysis of their trading behaviour is also very significant. In this article, using data mining techniques, we tested trading behaviour with stocks for both types of investors. We prove that data mining techniques, such as logistic regression, clustering and decision trees, provide good results in this type of analysis. The analysis may be useful to the future investors, brokers and stock exchange. Journal: Economic Research-Ekonomska Istraživanja Pages: 463-482 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.970451 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.970451 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:463-482 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_967537_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ivana Blešić Author-X-Name-First: Ivana Author-X-Name-Last: Blešić Author-Name: Jovanka Popov-Raljić Author-X-Name-First: Jovanka Author-X-Name-Last: Popov-Raljić Author-Name: Lenko Uravić Author-X-Name-First: Lenko Author-X-Name-Last: Uravić Author-Name: Uglješa Stankov Author-X-Name-First: Uglješa Author-X-Name-Last: Stankov Author-Name: Lukrecija Đeri Author-X-Name-First: Lukrecija Author-X-Name-Last: Đeri Author-Name: Milana Pantelić Author-X-Name-First: Milana Author-X-Name-Last: Pantelić Author-Name: Tanja Armenski Author-X-Name-First: Tanja Author-X-Name-Last: Armenski Title: An importance-performance analysis of service quality in spa hotels Abstract: This paper identifies the results of a questionnaire designed to measure service quality in spa hotels in the Republic of Serbia. Service quality was measured with a model based on the original SERVQUAL model. Due to the fact that many previous research papers have shown that SERVQUAL is insufficient to identify and measure all determinants of service quality in hospitality, the original SERVQUAL model has been slightly changed. Namely, this modified version of SERVQUAL was adjusted to measure a large number of tangible and intangible elements of the service quality in spa hotels. Based on the research results, seven dimensions of the service quality were identified: assurance, food and benefits, empathy, entertainment, recreation facilities and wellness, responsiveness and reliability. After applying the modified SERVQUAL model, an Importance – Performance Analysis (IPA) was performed. By using an Importance – Performance Analysis (IPA), this paper examines the efficiency of hotel resources allocation and the possibility of designing management strategies to improve the quality of hotel service. Journal: Economic Research-Ekonomska Istraživanja Pages: 483-495 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.967537 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.967537 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:483-495 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_974337_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Cristian Mihai Dragos Author-X-Name-First: Cristian Mihai Author-X-Name-Last: Dragos Author-Name: Vasile Dinu Author-X-Name-First: Vasile Author-X-Name-Last: Dinu Author-Name: Ciprian Marcel Pop Author-X-Name-First: Ciprian Marcel Author-X-Name-Last: Pop Author-Name: Dan Cristian Dabija Author-X-Name-First: Dan Cristian Author-X-Name-Last: Dabija Title: Scientometric approach of productivity in scholarly economics and business Abstract: Some scientometric studies attempt to explain the factors affecting a country’s scientific output, which is usually measured by proxy variables such as the number of articles and citations in internationally-renowned journals. This paper highlights the main drivers for scientific output in economics and business, namely, financing of education and research, population size, the number of scholarly journals and English as the official language. We use multiple OLS regressions and data provided by Web of Knowledge and the World Bank covering 56 nations. The study also highlights the relationship between scientific output and the efficiency in using the research funding. The rankings of sample countries show that there is a learning process at national level, the output being doubled by efficiency. Journal: Economic Research-Ekonomska Istraživanja Pages: 496-507 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.974337 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.974337 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:496-507 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_974340_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sandra Penger Author-X-Name-First: Sandra Author-X-Name-Last: Penger Author-Name: Matej Černe Author-X-Name-First: Matej Author-X-Name-Last: Černe Title: Authentic leadership, employees’ job satisfaction, and work engagement: a hierarchical linear modelling approach Abstract: The purpose of this study is to develop and test empirically a multilevel model of cross-level interactions between authentic leadership at the team level and job satisfaction and work engagement at the individual level. Using data from 23 team supervisors and 289 team members, the study also investigates the mediating role of perceived supervisor support in the proposed cross-level relationships. For validation of the measurement instrument, we first applied confirmatory factor analysis using LISREL 8.80 software. The hierarchical linear modelling analysis demonstrated a positive relationship between authentic leadership, employees’ job satisfaction, and work engagement. In addition, the relationship between authentic leadership and job satisfaction is fully mediated by perceived supervisor support, whereas we have also found support for partial mediation of perceived supervisor support in the relationship between authentic leadership and employees’ work engagement. A key originality and the theoretical and methodological contribution of this study lies in a multilevel approach that builds upon a sample of leaders and a number of their followers. We also address managerial implications and discuss future research suggestions. Journal: Economic Research-Ekonomska Istraživanja Pages: 508-526 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.974340 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.974340 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:508-526 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_970452_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Resul Aydemir Author-X-Name-First: Resul Author-X-Name-Last: Aydemir Title: Empirical analysis of collusive behaviour in the Turkish deposits market Abstract: This paper examines the degree of cartel formation in the Turkish banking industry for the period 2002–2011. Taking up a conjectural variation approach, it is found that Turkish banks appear to have exercised collusive pricing during the sample period. This result is a reflection of the fines imposed by the Competition Authority on March 8, 2013 after its recent investigation of the banking industry. It was also found that the size distribution of banking institutions is significant in explaining the differences in conduct patterns, and in particular, smaller banks have acted more collusively than larger ones. The estimation results also demonstrated that there has been less collusive behaviour among Turkish banks following the 2008 global financial crisis. Journal: Economic Research-Ekonomska Istraživanja Pages: 527-538 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.970452 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.970452 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:527-538 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_967535_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andreea-Daniela Gangone Author-X-Name-First: Andreea-Daniela Author-X-Name-Last: Gangone Author-Name: Mariana-Cristina Gănescu Author-X-Name-First: Mariana-Cristina Author-X-Name-Last: Gănescu Title: Corporate social responsibility in emerging and developing economies in Central and Eastern Europe – a measurement model from the stakeholder theory perspective Abstract: Based on the idea that the development of complex relationships with stakeholders generates significant benefits for organisations, this article aims to create an original model for assessing corporate social responsibility from the stakeholder theory perspective by building a Stakeholder Satisfaction National Index. Our model identified eight stakeholder groups, defined their expectations and suggested 26 indicators to assess the extent to which these expectations are met by organisations in emerging and developing economies in Central and Eastern Europe. A linear regression model for panel data with fixed/random effects was employed in order to get statistically significant results while investigating the correlation between categories of stakeholders. Results revealed that there is a certain correlation between the National Index of Stakeholder Satisfaction and the Index of Human Development and also allowed a two-dimensional categorisation of emerging and developing economies in Central and Eastern Europe, highlighting their potential to align the global requirements of corporate social responsibility and sustainable development. Journal: Economic Research-Ekonomska Istraživanja Pages: 539-558 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.967535 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.967535 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:539-558 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_974916_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Paweł Mielcarz Author-X-Name-First: Paweł Author-X-Name-Last: Mielcarz Author-Name: Franjo Mlinarič Author-X-Name-First: Franjo Author-X-Name-Last: Mlinarič Title: The superiority of FCFF over EVA and FCFE in capital budgeting Abstract: Misapplication and misinterpretation of capital budgeting techniques can lead to serious capital allocation and capital structure problems. Mainstream literature suggests at least ten approaches for free cash flow and discount rate estimation (leading to the same net present value – NPV) but their benefits vary a lot. We emphasise the application risks when using these techniques without considering the cost of capital for the whole company, thus leading to value decreasing investment decisions. A comparative analysis with a classical free cash flow to equity (FCFE) and economic value added (EVA) methodology will make a strong case for free cash flow to firm (FCFF) as the most efficient approach. We also shed additional light on the main risks associated with the FCFE technique and project-based weighted average cost of capital (WACC) in the capital budgeting process. Journal: Economic Research-Ekonomska Istraživanja Pages: 559-572 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.974916 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.974916 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:559-572 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_970450_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Predrag Stančić Author-X-Name-First: Predrag Author-X-Name-Last: Stančić Author-Name: Milan Čupić Author-X-Name-First: Milan Author-X-Name-Last: Čupić Author-Name: Vladimir Obradović Author-X-Name-First: Vladimir Author-X-Name-Last: Obradović Title: Influence of board and ownership structure on bank profitability: evidence from South East Europe Abstract: We investigate the impact of board and ownership structure on profitability of 74 commercial banks from four transition economies of South East Europe over the 2005–2010 period. We analyse this relation using Ordinary Least Squares regression analysis on an unbalanced panel data-set of 377 observations. We find negative and significant relationship between board size and bank profitability, while the proportion of independent directors on the board is negatively, but insignificantly related to bank profitability. Impact of ownership concentration on bank profitability is negative, but weak. We also find that privately held domestic banks outperform state-owned and foreign banks. Important factors influencing bank profitability in South East Europe are also bank size and bank capitalisation. Journal: Economic Research-Ekonomska Istraživanja Pages: 573-589 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.970450 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.970450 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:573-589 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_974339_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Oguzhan Ozcelebi Author-X-Name-First: Oguzhan Author-X-Name-Last: Ozcelebi Author-Name: Nurtac Yildirim Author-X-Name-First: Nurtac Author-X-Name-Last: Yildirim Author-Name: Aydan Kansu Author-X-Name-First: Aydan Author-X-Name-Last: Kansu Title: Possible effects of domestic and foreign factors on monetary policy implementation in Turkey: a DSGE-VAR approach Abstract: In this paper, we attempt to explore the possible effects of technology, foreign output, price and terms of trade shocks on short-term interest rates in Turkey within a dynamic stochastic general equilibrium-vector autoregressive (DSGE-VAR) framework. In a sense, the primary aim of our paper is to analyse whether the Central Bank of the Republic of Turkey (CBRT) should consider the role of technology, foreign output, price and terms of trade shocks in its monetary policy implementation. Empirical results reveal that the above-mentioned factors have importance for the CBRT, which intends to control economy-wide interest rates in order to maintain price stability. Journal: Economic Research-Ekonomska Istraživanja Pages: 590-606 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.974339 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.974339 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:590-606 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_967538_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Manuel Benazić Author-X-Name-First: Manuel Author-X-Name-Last: Benazić Title: Determinants of retail trade in Croatia Abstract: It is well known that retail trade is one of the most important parts of any economy. Retail trade is also a very important component of GDP, whereby rising retail trade means a growth in consumption and a fall in unemployment. Therefore, policy makers must be able to recognise how changes in economic variables affect changes in retail trade. The main goal of this paper is to analyse the effects of changes in retail prices, net wages and short-term interest rate on nominal retail trade in Croatia using the bounds testing (ARDL) approach for cointegration. The results indicate the existence of a stable cointegration relationship between the variables. In the long-run, an increase in retail prices and short-term interest rate leads to a reduction in nominal retail trade while an increase in net wages boosts an increase in nominal retail trade. In the short-run, a positive change in retail prices has a positive effect on the change in nominal retail trade while positive changes in net wages and short-term interest rate have negative effects on nominal retail trade. Journal: Economic Research-Ekonomska Istraživanja Pages: 607-628 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.967538 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.967538 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:607-628 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_970453_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mihaela Simionescu Author-X-Name-First: Mihaela Author-X-Name-Last: Simionescu Title: Fan chart or Monte Carlo simulations for assessing the uncertainty of inflation forecasts in Romania? Abstract: The objective of this paper is to make a comparison between two methodologies used to assess the forecasts of uncertainty: a numerical method based on Monte Carlo simulations and a graphical representation represented by the fan charts. For the inflation rate predictions made for Romania over the period Q4:2012– Q4:2013, a fan chart based on BVAR models with non-informative priors presents a lower degree of uncertainty compared with a fan chart using VAR models. The numerical procedure is based on forecasts that use auto-regressive models and the Monte Carlo method. In this case, the probabilities that the inflation forecasts are greater than the National Bank of Romania’s (NBR’s) target and the previous value increased from a quarter to the next. Therefore, this method of assessing the forecast uncertainty is a better tool than the fan charts. Moreover, the simple NBR methodology that did not take into account the probability distribution of the forecasts should be replaced by the fan charts. The forecast’s uncertainty assessment is necessary for the establishment of monetary policy. Journal: Economic Research-Ekonomska Istraživanja Pages: 629-644 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.970453 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.970453 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:629-644 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_975513_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andreja Jaklič Author-X-Name-First: Andreja Author-X-Name-Last: Jaklič Author-Name: Jože P. Damijan Author-X-Name-First: Jože P. Author-X-Name-Last: Damijan Author-Name: Matija Rojec Author-X-Name-First: Matija Author-X-Name-Last: Rojec Author-Name: Aljaž Kunčič Author-X-Name-First: Aljaž Author-X-Name-Last: Kunčič Title: Relevance of innovation cooperation for firms’ innovation activity: the case of Slovenia Abstract: The paper analyses the importance of innovation cooperation on the innovation activity of Slovenian firms, and puts it within the broader context of firm’s innovation activity determinants. Probit estimations based on firm-level data confirm that, next to R&D spending, innovation cooperation is the most important factor in firms’ probability to innovate. This paper is the first to explicitly analyse the effect of variety and different types of innovation cooperation. Within innovation cooperation, a significant and positive effect on innovation activity is confirmed for domestic as well as for international innovation cooperation, for public as well as private cooperation, especially with customers, suppliers and advisors, but not for cooperation with public institutions such as universities and R&D institutes. Innovation cooperation should, thus, be more intensively promoted, especially in countries that lag behind in own R&D spending. Journal: Economic Research-Ekonomska Istraživanja Pages: 645-661 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.975513 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.975513 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:645-661 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_974917_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Vesna Paraušić Author-X-Name-First: Vesna Author-X-Name-Last: Paraušić Author-Name: Drago Cvijanović Author-X-Name-First: Drago Author-X-Name-Last: Cvijanović Author-Name: Branko Mihailović Author-X-Name-First: Branko Author-X-Name-Last: Mihailović Author-Name: Kristina Veljković Author-X-Name-First: Kristina Author-X-Name-Last: Veljković Title: Correlation between the state of cluster development and national competitiveness in the Global Competitiveness Report of the World Economic Forum 2012–2013 Abstract: This paper explores the correlation between state of cluster development in a country and its national competitiveness. Our research hypothesis is that high positive correlation exists between cluster development and national competiveness, meaning that the countries in which clusters are deep and well-developed are at the same time countries that have a high national competitiveness in certain segments of industry and vice versa. The source of the data analysed in this paper is the Competitiveness report of the World Economic Forum 2012–2013 (hereinafter WEF), which includes 144 economies. Linear correlation, including confidence intervals, was used in data analysis. Research hypothesis is accepted by the data. Developing countries cannot follow the direction from building high competitiveness to the development of clusters, but national competitiveness can significantly be improved by development of clusters and encouraging innovation and productivity within the framework of cluster-directed economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 662-672 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.974917 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.974917 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:662-672 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_975515_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anita Radman Peša Author-X-Name-First: Anita Radman Author-X-Name-Last: Peša Author-Name: Mejra Festić Author-X-Name-First: Mejra Author-X-Name-Last: Festić Title: Panel regression of stock market indices dynamics in south-eastern European economies Abstract: We tested the hypothesis of pro-cyclicality of the stock exchanges indices regarding economic activity of south-eastern European countries (SEE) in the Two-Stage Least Squares (TSLS) model in order to demonstrate the degree and pace of integration of ‘new’ financial markets into larger ones (EU). Rising stock prices in the SEE countries may be the sign of economic growth in the region in the light of the financial integration process. Results of panel estimates support the hypothesis of pro-cyclicality in the period of transition of the SEE region and financial integration, due to the opening of the market economy and re-pricing of systematic risk followed by large capital inflows, GDP growth, trade liberalisation and increased industrial production as well as the implementation of reforms regarding EU integration. Also significant is the negative coefficient of government debt in the SEE group results could be interpreted as a ‘contagion effect’ of the recent global financial crisis that spread beyond national borders. Journal: Economic Research-Ekonomska Istraživanja Pages: 673-688 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.975515 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.975515 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:673-688 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_975921_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ibrahim Akman Author-X-Name-First: Ibrahim Author-X-Name-Last: Akman Author-Name: Mohammad Rehan Author-X-Name-First: Mohammad Author-X-Name-Last: Rehan Title: Online purchase behaviour among professionals: a socio-demographic perspective for Turkey Abstract: This study reports the findings of a survey concerning the impact of professionals’ selected socio-demographic factors with regard to their online purchasing behaviour in Turkey, since this consumer group plays an important role in adopting new technologies in societies. The survey has been conducted using a ‘face-to-face interview’ approach during an IT event. To keep in line with the available literature, gender, age, education level, income and daily Internet usage, constitute the socio-demographic variants for this study. Five hypotheses were constructed to investigate the nature of the relationship between the socio-demographic factors and the usage of online purchasing. The chi-square method was selected to test the hypotheses. According to the test results, age, income and education level have a significant impact on the online purchasing behaviour of professionals. Journal: Economic Research-Ekonomska Istraživanja Pages: 689-699 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.975921 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.975921 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:689-699 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_974341_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mirjana Radovic-Markovic Author-X-Name-First: Mirjana Author-X-Name-Last: Radovic-Markovic Title: Unleashing the potential of the small and medium enterprise sector in Serbia Abstract: This article focusses on the economic aspects of the private sector, on the macroeconomic environment as well as on the empirical evidence of the privatisation process and small and medium enterprises (SME) development in Serbia. The author finds that the private sector is characterised by low competitiveness, an impeded access to finance sources and an undeveloped financial market. Moreover, chronical insolvency, an inadequate labour market structure, an uneven regional distribution, an inefficient legislature, a burden of administrative procedures and a high rate of corruption in the administration make an impact on employing the potential of the SME sector in Serbia. Therefore, it is not realistic to expect that all the potentials of this sector will be well employed in the near future. Journal: Economic Research-Ekonomska Istraživanja Pages: 700-712 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.974341 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.974341 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:700-712 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_975519_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Khalid Zaman Author-X-Name-First: Khalid Author-X-Name-Last: Zaman Author-Name: Bashir Ahmad Khilji Author-X-Name-First: Bashir Ahmad Author-X-Name-Last: Khilji Author-Name: Usama Awan Author-X-Name-First: Usama Author-X-Name-Last: Awan Author-Name: Ghulam Ali Author-X-Name-First: Ghulam Author-X-Name-Last: Ali Author-Name: Imran Naseem Author-X-Name-First: Imran Author-X-Name-Last: Naseem Title: Measuring pro-poor sectoral analysis for Pakistan: trickle down? Abstract: The study aims to establish a pro-poor growth index called the ‘Poverty Equivalent Growth Rate’, which considers both the extent of sectoral growth and the benefits reaching the poor in Pakistan, using 21 household surveys between 1964 and 2011. The result reveals that despite the positive signs in agriculture growth, the growth process may not be classifiable as pro-poor. The result points out that compared with the non-poor, the poor overall benefited less from the revitalisation of agricultural processes; however, the trend was reversed during 2002 to 2011 when the poverty equivalent growth rates are higher than the growth rate of industry, manufacturing, commodity producing and services value added, which shows sectoral growth favours the poor more than non-poor in Pakistan. Journal: Economic Research-Ekonomska Istraživanja Pages: 713-728 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.975519 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.975519 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:713-728 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_975920_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nuru Giritli Author-X-Name-First: Nuru Author-X-Name-Last: Giritli Author-Name: Glenn P. Jenkins Author-X-Name-First: Glenn P. Author-X-Name-Last: Jenkins Author-Name: Sevin Ugural Author-X-Name-First: Sevin Author-X-Name-Last: Ugural Title: Economic repercussions of opening the border to labour movements between North and South Cyprus Abstract: Recent policy changes in Cyprus represent the first phase of the integration of the labour markets of North and South Cyprus that could eventually lead to the integration of North Cyprus into the EU. Employment of construction workers from the North by South Cyprus has reduced the supply of workers in North Cyprus, while increasing individual incomes. To study the effects on economic well-being and wealth allocation in North Cyprus, a computable general equilibrium (CGE) model of the economy is employed. Moves to maintain labour market stability by issuing additional permits to workers entering North Cyprus from Turkey are also studied. This policy has significantly benefited all stakeholders in Cyprus. Journal: Economic Research-Ekonomska Istraživanja Pages: 729-739 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.975920 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.975920 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:729-739 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_975514_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Liang-Chun Ho Author-X-Name-First: Liang-Chun Author-X-Name-Last: Ho Author-Name: Chia-Hsing Huang Author-X-Name-First: Chia-Hsing Author-X-Name-Last: Huang Title: Did the contagion effect exist? Evidence from Abu Dhabi, Jordan and America Abstract: This article aims to test the contagion effect between the stock markets of Abu Dhabi, Jordan and America. The Lagrange multiplier (LM) principle for causality in variance test is used in this study. Four American stock indexes, Dow Jones Industrial Average, NASDAQ Composite, RUSSELL 2000, and PHLX Semiconductor Sector Index, are in this study. The testing results of the four major American stock price indexes and the Jordan stock index (Amman) are significant. The testing results of the four American stock price indexes and the Abu Dhabi stock index (ADX) are also significant. This study finds that the variances of returns of four major American stock price indexes have the contagion effects on the variances of stock index returns of Jordan and Abu Dhabi. Journal: Economic Research-Ekonomska Istraživanja Pages: 740-754 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.975514 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.975514 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:740-754 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_970449_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Beriz Čivić Author-X-Name-First: Beriz Author-X-Name-Last: Čivić Title: Customer relationship management in business operations of trading companies in Bosnia and Herzegovina Abstract: The article analyses the presence of certain elements of customer relationship management (CRM) in trading companies in Bosnia and Herzegovina (BiH) and their influence on the realisation of the set marketing goals of business operations. The analysis of the influence of certain aspects of CRM on the level of realisation of marketing goals of business activities is made by the multivariate analysis of variance (MANOVA). It has been established that there is a significant effect of the analysed elements of CRM on the level of realisation of certain marketing goals. Journal: Economic Research-Ekonomska Istraživanja Pages: 755-770 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.970449 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.970449 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:755-770 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_975518_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anna Czapkiewicz Author-X-Name-First: Anna Author-X-Name-Last: Czapkiewicz Author-Name: Tomasz Wójtowicz Author-X-Name-First: Tomasz Author-X-Name-Last: Wójtowicz Title: The four-factor asset pricing model on the Polish stock market Abstract: In the three-factor asset pricing model a cross sectional portfolio returns variation is explained by the excess return of the market portfolio (RM), stock capitalisation and a factor associated with the book-to-market (B/M) ratio. This model, however, does not explain the momentum effect. Since this effect is present on many stock markets, the three-factor model is augmented by the momentum factor. This article presents the study of the four-factor asset pricing model on the Warsaw Stock Exchange (WSE) which is one of the largest stock markets in Central and Eastern Europe. The empirical analysis is based on monthly data from the period April 2003–December 2012 which includes different stages of the business cycle. This article shows that momentum is a significant factor on the WSE and the four-factor model describes the returns variation much better than the three-factor model. Journal: Economic Research-Ekonomska Istraživanja Pages: 771-783 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.975518 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.975518 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:771-783 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_974338_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Branko Matić Author-X-Name-First: Branko Author-X-Name-Last: Matić Author-Name: Nikola Papac Author-X-Name-First: Nikola Author-X-Name-Last: Papac Title: Measuring the quality of corporate governance in the banking sector of Bosnia and Herzegovina Abstract: A good system of corporate governance is a key prerequisite for sustainable economic growth and increased efficiency of an economic system and it guarantees easier access to foreign sources of capital. The financial system of Bosnia and Herzegovina is dominated by the banking system. The banking system is mostly owned by foreign enterprises. It is characterised by a very high level of ownership concentration and a closed system of corporate governance. A successful corporation requires efficient and successful management, as development of good practice in corporate governance is a sine qua non for corporations aiming to prosper on the market. Measuring corporate governance provides a clear overview of strengths and weaknesses of the system of corporate governance, not only for banks, but also for other enterprises. It is a foundation for a long-term sustainable and socially responsible growth and development, both of the banking system and the entire economic system of Bosnia and Herzegovina. Journal: Economic Research-Ekonomska Istraživanja Pages: 784-798 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.974338 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.974338 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:784-798 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_975516_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marko D. Petrović Author-X-Name-First: Marko D. Author-X-Name-Last: Petrović Author-Name: Tamara Jovanović Author-X-Name-First: Tamara Author-X-Name-Last: Jovanović Author-Name: Jelica J. Marković Author-X-Name-First: Jelica J. Author-X-Name-Last: Marković Author-Name: Tanja Armenski Author-X-Name-First: Tanja Author-X-Name-Last: Armenski Author-Name: Vladimir Marković Author-X-Name-First: Vladimir Author-X-Name-Last: Marković Title: Why should gender differences in hospitality really matter? A study of personnel’s service orientation and job satisfaction in hotels Abstract: In this article we examine the gender differences among hotel employees in service orientation and job satisfaction. To determine these differences, we used a service orientation scale (SOS), developed by Dienhart, Gregoire, Downey and Knight and a job satisfaction scale developed by Lytle. Our assumptions were that there would be significant gender differences in service orientation and job satisfaction. Our research proved factor structures of the two scales we used. Specifically, we showed gender differences in two of three factors, concerning service orientation (organisational support and customer focus), and no gender differences in job satisfaction. Our study revealed that organisational support is more important to men because they value more structured labour and service procedures than women (t = 2.21, df = 110, p = 0.03). In contrast, customer focus is more relevant to a women because it is more crucial to see satisfied guests, as well as having a good relationship with them (t = 2.07, df = 110, p = 0.04). It is of great importance for hotel management to have in mind that male and female employees respond and behave differently depending on the stimuli in the work environment and their satisfaction varies because of it. Journal: Economic Research-Ekonomska Istraživanja Pages: 799-817 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.975516 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.975516 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:799-817 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_974915_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Najla Podrug Author-X-Name-First: Najla Author-X-Name-Last: Podrug Author-Name: Davor Filipović Author-X-Name-First: Davor Author-X-Name-Last: Filipović Author-Name: Ines Stančić Author-X-Name-First: Ines Author-X-Name-Last: Stančić Title: Analysis of cultural differences between Croatia, Brazil, Germany and Serbia Abstract: In the context of globalisation process and the growth of economical interdependence between countries, national culture is becoming more and more important. The article presents comparative analysis of national cultures. Empirical research was conducted during 2012 in Croatia, Brazil, Germany, Serbia and Spain while results for Spain were used for standardisation purposes. Estimated positions on the dimensions of national cultures (power distance, uncertainty avoidance, individualism/collectivism, masculinity/femininity and long versus short-term orientation) were done by using a narrow-sample strategy. The ranking of the countries from Hofstede’s original research was confirmed in all dimensions with the exception of uncertainty avoidance for Croatia and Brazil. The most significant change is the move from collectivism towards individualism in Brazil, Croatia and Serbia which confirms Hofstede’s assumption about a cultural change towards individualism as a consequence of global economic growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 818-829 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.974915 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.974915 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:818-829 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_974920_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Slobodan Cvetanovic Author-X-Name-First: Slobodan Author-X-Name-Last: Cvetanovic Author-Name: Danijela Despotović Author-X-Name-First: Danijela Author-X-Name-Last: Despotović Author-Name: Igor Mladenović Author-X-Name-First: Igor Author-X-Name-Last: Mladenović Author-Name: Dušanka Jovović Author-X-Name-First: Dušanka Author-X-Name-Last: Jovović Title: The analysis of innovation in Western Balkan countries in 2012 Abstract: The positive correlation between innovativeness and economic growth has been confirmed in plenty of empirical and theoretical research. Issues related to the conditions contributing to the promotion of innovation have a leading role in the development of methods for the stimulation of economic growth in the contemporary economic environment. Complex and multiple correlations between innovation and economic growth have an impact on the key economic factors, not only in economically developed and generally highly innovative countries, but also in less developed countries, such as the Western Balkan countries. This article first gives retrospective views on the importance of innovation and the applicable national innovation systems for the economic development of countries. Further, the article provides a brief insight into the metrics of the global innovation index (GII) and the global competitiveness index (GCI). The focus of analysis has been the relationship between innovation outputs and innovation inputs, as well as the relationship between the GII and the GCI of six Western Balkan countries (Albania, Bosnia and Herzegovina, Macedonia, Serbia, Croatia, and Montenegro), and a group of six selected European Union (EU) countries, five of which border this region (Bulgaria, Greece, Hungary, Romania, and Slovenia), whereas Austria, as a highly developed and highly innovative country, is geographically located very close to the Western Balkans. Journal: Economic Research-Ekonomska Istraživanja Pages: 830-846 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.974920 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.974920 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:830-846 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_975517_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Aleksandra Vujko Author-X-Name-First: Aleksandra Author-X-Name-Last: Vujko Author-Name: Tamara Gajic Author-X-Name-First: Tamara Author-X-Name-Last: Gajic Title: Opportunities for tourism development and cooperation in the region by improving the quality of tourism services – the ‘Danube Cycle Route’ case study Abstract: The Danube Cycle Route connects countries, various cultures and traditions and has favourable trends in the development of tourism in the region. Improving the quality of supply of the Route in the Bijelo Brdo (Croatia) – Petrovaradin (Serbia) section, in terms of investment in road infrastructure, signs for tourists and designing thematic maps and guides, might strengthen cross-border cooperation between Croatia and Serbia, which would result in a direct impact on tourism and the economy of both countries. After analysing the current situation of the quality of supply, on the aforementioned relation, the aim of this study was to design a series of measures to improve cycle tourism. For the purpose of this paper the survey was conducted during the year 2010, where foreign tourists – cyclists from eight countries – participated. The cyclists were asked to analyse the condition of the Route in the section Bijelo Brdo – Petrovaradin. The initial hypothesis was that that the existing tourism supply is on a relatively poor level of development, and that long-term positive effects in this part of the region can be achieved by some strategic measures to enhance the quality. This work will result in the synthesis of theory, statistical methods, and secondary publications since the analysis of the obtained data may lead to the confirmation of the main hypothesis. The survey method is used in the study, whereas the chi-square test is used to determine the frequency of specific deviations. The reliability of the scale is assessed by Cronbach’s alpha coefficient, and the confirmatory factor analysis is applied to assess the validity. Journal: Economic Research-Ekonomska Istraživanja Pages: 847-860 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.975517 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.975517 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:847-860 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_974918_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Elena Shakina Author-X-Name-First: Elena Author-X-Name-Last: Shakina Author-Name: Angel Barajas Author-X-Name-First: Angel Author-X-Name-Last: Barajas Title: The dynamics of intellectual resources during the economic crisis Abstract: This study investigates factors of corporate success over the crisis period of 2008–2009. We advocate the idea that investments in intangibles allow a company to be better off, even if the markets go down. The hypothesis put forward in this article was tested on a sample of more than 300 companies which operate in developed and emerging European markets, and belong to traditional and innovative industries. The application of statistical tools showed a robust significant link between the companies’ investment decisions and their performance before and during the crisis. This study contributes to empirical corporate finance as it provides evidence that investment restriction is not the best response to an economic recession. Journal: Economic Research-Ekonomska Istraživanja Pages: 861-881 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.974918 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.974918 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:861-881 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_976058_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jelena Stankevičienė Author-X-Name-First: Jelena Author-X-Name-Last: Stankevičienė Author-Name: Julija Čepulytė Author-X-Name-First: Julija Author-X-Name-Last: Čepulytė Title: Sustainable value creation: coherence of corporate social responsibility and performance of socially responsible investment funds Abstract: This article analyses the coherence of corporate social responsibility of companies and the performance of socially responsible funds, as such companies include elements of corporate social responsibility in their investment strategies and the funds tend to include more socially responsible companies in their portfolio. In addition, the ability of these variables to create sustainable value is considered. A methodology for the evaluation of sustainable performance of socially responsible investment funds is proposed in the article. The application of the proposed methodology reveals the importance of being responsible from the social and ecological standpoints and provides evidence of the existence of a relationship between these variables and value creation. The study shows that there exists a relationship between the sustainable performance of companies and the financial results of socially responsible investment funds. The investigation has proven that variables such as intellectual capital, social and ecological performances of companies have a major impact on the performances of socially responsible investment funds. It has been noticed that the method is sensitive to the availability of social and ecological performance information, which is represented by companies in their sustainability reports. Journal: Economic Research-Ekonomska Istraživanja Pages: 882-898 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.976058 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.976058 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:882-898 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_975919_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Willem K.M. Brauers Author-X-Name-First: Willem K.M. Author-X-Name-Last: Brauers Author-Name: Edmundas K. Zavadskas Author-X-Name-First: Edmundas K. Author-X-Name-Last: Zavadskas Title: The ordinal dominance theory as applied to the most attractive retail cities of the Benelux area Abstract: An important estate broker for retail in Europe has performed statistical research on retail business in cities in the Benelux area (Belgium, the Netherlands, Luxemburg). The broker choose five characteristics to rate 30 Benelux cities on their retail business. However, summing these ranks is not allowed as they do not represent cardinal numbers. Hence, calculating the medians and quartiles of this ordinal number series signifies a possible alternative. The disadvantages of this approach are: many ex aequos and to be operational at least six terms are needed, whereas only five characteristics are present here. Instead, an Ordinal Dominance Theory was developed that only needs at least three terms. Finally, a SWOT-analysis was made concerning retail business for the main Belgian cities, Brussels, Antwerp and Ghent. Journal: Economic Research-Ekonomska Istraživanja Pages: 899-915 Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.975919 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.975919 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:899-915 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_994274_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: Editorial Board Journal: Economic Research-Ekonomska Istraživanja Pages: (ebi)-(ebi) Issue: 1 Volume: 27 Year: 2014 Month: 1 X-DOI: 10.1080/1331677X.2014.994274 File-URL: http://hdl.handle.net/10.1080/1331677X.2014.994274 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:27:y:2014:i:1:p:(ebi)-(ebi) Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517397_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Douglason Omotor Author-X-Name-First: Douglason Author-X-Name-Last: Omotor Title: An Aggregate Import Demand Function for Nigeria Abstract: Being a small open economy, Nigeria requires imports, such as capital and intermediate goods to grow and develop. This paper uses a time series econometric technique, precisely the error-correction mechanism, to identify the factors responsible for import demand. The results show that imports, income and relative prices are all cointegrated. The econometric estimates of the import-demand function for Nigeria suggests that import demand is largely determined by real income (GDP) and less sensitive to relative prices. In addition, the structural policy shift to liberalization since 1986 is found to have little but significant impact on import demand. Development of local industries with low import content is suggested given that exchange rate policy and devaluation generally are likely to be ineffective in influencing import demand of Nigeria. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-13 Issue: 1 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517397 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517397 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:1:p:1-13 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517398_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Rasim Yilmaz Author-X-Name-First: Rasim Author-X-Name-Last: Yilmaz Author-Name: Cuneyt Koyuncu Author-X-Name-First: Cuneyt Author-X-Name-Last: Koyuncu Title: Foreign Bank Participation and Banking Crises in Transition Economies Abstract: Using a fixed effect multivariate panel logit econometric model and taking possible endogenity problem into account, we test the hypothesis that foreign bank participation contributes to decrease in banking crises in transition economies in 1990-2006. The results suggest that foreign bank participation decreases the possibility of banking crises, controlling for other factors that may cause banking crises. This paper contributes to the literature by presenting the first empirical evidence on the negative relationship between the actual level of foreign bank presence (or foreign bank concentration) and banking crises for transition countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 15-28 Issue: 1 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517398 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517398 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:1:p:15-28 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517399_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Azra Zaimović Author-X-Name-First: Azra Author-X-Name-Last: Zaimović Author-Name: Azra Delalić Author-X-Name-First: Azra Author-X-Name-Last: Delalić Title: Possibilities of Risk Diversification in Regional Stock Exchanges Abstract: This research investigates diversification possibilities of the four West Balkan capital markets: Sarajevo, Banja Luka, Zagreb and Belgrade Stock Exchanges. Although these markets are highly segmented with different regulations, the capital flow between them is without constraints. By analyzing six main stock market indices in a 34-month period, from 2006 till 2008, we found low to medium positive statistically significant correlation between indices returns pairs. Even though the analyzed period included the second half of 2008, when the ongoing financial and economic crisis became global, the results are encouraging. By Markowitz portfolio selection process, the diversification effect was proven on the analyzed capital markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 30-46 Issue: 1 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517399 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517399 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:1:p:30-46 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517400_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Amorino Poropat Author-X-Name-First: Amorino Author-X-Name-Last: Poropat Title: The Land Plot–The Introduction of Planning Script Abstract: The purpose of this paper is to bring to life universal spatial planning rules whose marks are symbols reminiscent of letters for writing words, and are in practice pictures of drawings. The goal of the research is to determine general terms for the development of a hierarchy of use with four levels of land plots. The research methodology includes an analysis of the way spatial planning takes place at present in theory and in practice as well as experience in preparing and implementing spatial planning plans. The general terms in order from superior to subordinate units of use are: Planning area, Planning zone, Planning block and Planning parcel. Journal: Economic Research-Ekonomska Istraživanja Pages: 47-59 Issue: 1 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517400 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:1:p:47-59 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517401_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Primož Dolenc Author-X-Name-First: Primož Author-X-Name-Last: Dolenc Title: Privatization in a Post-Communist Economy: It Seems there are No Macroeconomic Effects Abstract: State-owned enterprises and privatization has long been a major economic topic. After large privatizations in Great Britain, France etc., the privatization became an interesting topic again when now transition economies changed its economic system. The purpose of this article is to present the analysis that took into consideration the privatization in Slovenia and and its potential influence on some macroeconomic variables. We found that in Slovenia privatization so far influenced only on lowering public debt, while other influences could not be proven. Journal: Economic Research-Ekonomska Istraživanja Pages: 60-72 Issue: 1 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517401 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:1:p:60-72 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517402_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Saša Žiković Author-X-Name-First: Saša Author-X-Name-Last: Žiković Author-Name: Zdenko Prohaska Author-X-Name-First: Zdenko Author-X-Name-Last: Prohaska Title: Optimisation of Decay Factor in Time Weighted (Brw) Simulation: Implications for Var Performance in Mediterranean Countries Abstract: In this paper we propose an optimisation approach to determining the optimal decay factor in time weighted (BRW) simulation. Testing of BRW simulation with different decay factors and competing VaR models is performed on a sample of nine Mediterranean countries, over a four year period that includes the ongoing financial crisis. After optimisation the BRW simulation is among the best performing tested VaR models, second only to EVT approaches. Optimising the decay factor in regards to Lopez function results in decay factor estimates that are higher than usually employed 0.97 and 0.99. The optimal decay factors are stable over time and provide significantly better backtesting results than the standard assumptions. Journal: Economic Research-Ekonomska Istraživanja Pages: 73-85 Issue: 1 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517402 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:1:p:73-85 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517403_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Salih Katircioğlu Author-X-Name-First: Salih Author-X-Name-Last: Katircioğlu Author-Name: Salih Fethi Author-X-Name-First: Salih Author-X-Name-Last: Fethi Author-Name: Ceyhun Kilinç Author-X-Name-First: Ceyhun Author-X-Name-Last: Kilinç Title: A Long Run Equilibrium Relationship between International Tourism, Higher Education, and Economic Growth in Northern Cyprus Abstract: The relationship between internatiomal tourism and economic growth deserves further attention compared to tourism demand models over the years. This study employs the bounds test for co-integration and Granger causality tests to investigate a long-run equilibrium relationship between international tourism, higher education sector, and real income growth, and the direction of causality among themselves for the Turkish Republic of Northern Cyprus (TRNC), which is not recognized by countries other than Turkey. Results reveal that international tourism and higher education are in long-run equilibrium relationship with real income growth. The major finding of this study is that although TRNC suffers from political non-recognition and emgargoes since 1974, real income growth is stimulated by growth in international tourism and higher education sector as found from Granger causality tests. Journal: Economic Research-Ekonomska Istraživanja Pages: 86-96 Issue: 1 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517403 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:1:p:86-96 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517404_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Oliver Radolović Author-X-Name-First: Oliver Author-X-Name-Last: Radolović Title: Contractual Liability of the Guest for Damage in Direct Hotel-Keeper’s Contract Abstract: The article analyzes recent tendencies in the Croatian and comparative laws according to which the contractual liability of the guest for proprietary and non-proprietary hotel-keeper’s damage is acknowledged. Through analysis of the same institute in Croatian and comparative law it is demonstrated that contractual liability of the guest, in addition to specific duties from various legal systems, determines the breach of the two main obligations of the guest: payment the price of the services and behavior in the hotel premises in accordance with the same purpose. Contractual liability of the guest for proprietary and non-proprietary damage reinforces the contractual hotel-keeper’s position and reputation, as well as the protection of his property. Guest will be liable for hotel-keeper’s proprietary damage, which includes all the regular damages and lost hotel-keeper’s profit. The most common causes of contractual liabilities of the guest for non-proprietary hotelkeeper’s damage are: 1) injury of the hotelkeeper’s reputation and 2) various types of hotelkeeper’s anxiety, dissatisfaction or discomfort. Journal: Economic Research-Ekonomska Istraživanja Pages: 97-114 Issue: 1 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517404 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:1:p:97-114 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517405_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Neško Ušćumlić Author-X-Name-First: Neško Author-X-Name-Last: Ušćumlić Title: Model of Financial Affordability of Insurance Holder in the Context of Insurance Company Risk Management Abstract: This paper analyses the manner of evaluation of insurance holder affordability conducted by an insurance company. A well done financial analysis and appropriate methodology applied enable our greater efficiency when making strategic decisions by selecting business partners, production programs, placing funds into investment programs with an aim of preserving and increasing company value, protecting interest of shareholders, insureds and other insurance creditors.Adequate macroeconomic methods are applied against a corresponding software application, the analysis and synthesis of which lead to conclusions verifying the set hypothesis that there is at least one model satisfying the required and sufficient condition to reduce the level of risk of an insurance company by determining the financial standing of an insured. On a sample of data corresponding results are obtained and commented on in the conclusion of this paper. Journal: Economic Research-Ekonomska Istraživanja Pages: 115-127 Issue: 1 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517405 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:1:p:115-127 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517406_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gordana Kordiၱ Author-X-Name-First: Gordana Author-X-Name-Last: Kordiၱ Title: Prikaz Knjige: Uspon novca – financijska povijest svijeta Journal: Economic Research-Ekonomska Istraživanja Pages: 128-130 Issue: 1 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517406 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:1:p:128-130 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517407_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lovre Božina Author-X-Name-First: Lovre Author-X-Name-Last: Božina Title: Prikaz knjige: Uspešnost poslovanja – Uticaj na dinamiku bilansa Journal: Economic Research-Ekonomska Istraživanja Pages: 131-133 Issue: 1 Volume: 23 Year: 2010 Month: 1 X-DOI: 10.1080/1331677X.2010.11517407 File-URL: http://hdl.handle.net/10.1080/1331677X.2010.11517407 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:23:y:2010:i:1:p:131-133 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_11517604_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Author-Name: Saša Stjepanović Author-X-Name-First: Saša Author-X-Name-Last: Stjepanović Title: A Fractionally Integrated Model for the Croatian Aggregate Output (GDP) Series Abstract: The general characteristics of output fluctuations in Croatia are examined under fractional integration framework. This paper evaluate the existence of long memory in real output decomposing fluctuations to transitory and permanent components. The results suggest that Croatian real output series behavior is best identified as ARFIMA model with order of integration 0.5 northeast > west. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2103839 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2103839 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2103839 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2083648_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Saqib Amin Author-X-Name-First: Saqib Author-X-Name-Last: Amin Author-Name: Iftikhar Yasin Author-X-Name-First: Iftikhar Author-X-Name-Last: Yasin Author-Name: Anna Rutkowska-Ziarko Author-X-Name-First: Anna Author-X-Name-Last: Rutkowska-Ziarko Title: Diversity-inclusion nexus: assessing the role of ethnic and religious diversity in financial inclusion; a global perspective Abstract: Diversity and financial inclusion are at the top of boardroom agendas across the financial services industry. An inclusive financial environment ensures equitable access to resources and opportunities for all. Diversity & financial inclusion is crucial for future financial management industry and its success is determined by the ability to create an inclusive culture and diverse societies. Previous studies discussed the diversity-inclusion nexus without assessing the role of ethnic and religious diversity in financial inclusion. This study empirically examines the association between ethnic and religious diversity and financial inclusion by using the dataset of 187-countries across the world. Finding shows that there is a strong positive relationship exist between financial inclusion and ethnic or religious diversity, or both. Furthermore, results are consistent for the high-, middle- and low-income countries. This study suggests that fruitful outcomes of diverse population can only be obtained by ensuring the equitable and peaceful society via cohesion. Future research can be explored these findings and confirm this by country specific implication of ethnic and religious diversity in financial inclusion. Journal: Economic Research-Ekonomska Istraživanja Pages: 1205-1225 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2083648 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2083648 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1205-1225 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2095521_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Li Zhang Author-X-Name-First: Li Author-X-Name-Last: Zhang Author-Name: Yujuan Ma Author-X-Name-First: Yujuan Author-X-Name-Last: Ma Author-Name: Yueming Hu Author-X-Name-First: Yueming Author-X-Name-Last: Hu Title: Does CEO duality worsen or fosters audit quality: evidence from Chinese firms? Abstract: The objective of this study is to examine the role of CEO duality in audit quality of Chinese firms. To address the effect of CEO duality, this study considered four characteristics of CEO duality; corporate audit culture, audit committee independence, decision making through enormous power and single leadership. The indirect effect of audit committee decision is considered between CEO duality and audit quality. A questionnaire survey is carried out to collect primary data. A questionnaire was designed to collect data from Chinese firms. Respondents of the study were the CEO’s and directors of Chinese firms; therefore, questionnaires were distributed among them by using online survey. 135 valid questionnaires were used in data analyses which is carried out by using Partial Least Square (PLS)-Structural Equation Modeling (SEM). Results of the study highlighted that; CEO duality has both positive and negative effect on audit quality. Due to the single leadership style and supportive corporate audit culture, the audit quality may be improved. However, CEO duality influences negatively on audit committee independence which has negative effect on audit committee decisions. Similarly, CEO duality allows to enjoy enormous power which may affect negatively on the decision making. Thus, decision-making through enormous power has negative effect on audit committee decisions. Finally, while making the strategies to enhance audit quality, the practitioners can consider the important points highlighted by the current study to promote audit quality. Journal: Economic Research-Ekonomska Istraživanja Pages: 687-707 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2095521 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2095521 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:687-707 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106267_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: K. Reddy Sai Sravanth Author-X-Name-First: K. Reddy Sai Author-X-Name-Last: Sravanth Author-Name: N. Sundaram Author-X-Name-First: N. Author-X-Name-Last: Sundaram Title: Analysis of socioeconomic status of young migrant farmers in India using probit regression Abstract: Rural-urban migration has been very evident in global population changes in recent decades, especially in India, where migration growth rates are among the highest in the world. Many research articles focused only on the migration of young farmers in India. This article highlights the migration of young farmers from rural to urban areas in Bengaluru, their sustainability, and a survey made on the young farmer's migration. In this context, the study was conducted in the Bangalore region on the migration of Anantapur young farmers, Andhra Pradesh. This study examines the sustainability of young farmers after migration to urban areas and, based on this objective, to find out young migrant farmers are financially well-being or not. For the purpose of analysis, 500 primary data are collected from the young migrant farmers. The Probit model is employed to assess whether young migrant farmers were economically stable or not. The study's findings show that young migrated farmers to urban areas are more likely to be unsustainable due to the cost of living and additional costs. Young migrant farmers do not have enough income so they take loans from private lenders to meet their needs. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2106267 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106267 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2106267 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2171456_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yueyan Zhang Author-X-Name-First: Yueyan Author-X-Name-Last: Zhang Author-Name: Yushi Jiang Author-X-Name-First: Yushi Author-X-Name-Last: Jiang Author-Name: Jing Song Author-X-Name-First: Jing Author-X-Name-Last: Song Author-Name: Qin Guo Author-X-Name-First: Qin Author-X-Name-Last: Guo Title: Research on the influence mechanism of environmental protection concept on consumption in the context of climate neutrality Abstract: In the context of climate and neutrality, governments of many countries have introduced plastic restrictions. Enterprises often introduce pro-environmental services with certain force to the market. Does a good intention always have a good result? Despite good intentions, most pro-environmental services require extra effort (financial, physical, mental, etc.) from the participants. This will inevitably bring negative impact on some customers’ repurchase intention. How to mitigate its negative consequences is worthy of academic attention. Previous studies show that sense of guilt motivates individuals to take prosocial actions to relieve or counteract temporary negative emotions. This paper analyzed and explained the affective mechanism of this phenomenon through two between-subject experiments. The results showed that: (1) High-autonomy effort (different from low-autonomy effort) can significantly release the sense of reactive guilt hence promote repurchase intention; (2) Low-autonomy effort (different from high-autonomy effort) will reduce people’s perceived pleasure hence suppress repurchase intention; (3) Choice diversification can improve the perceived autonomy of individuals with low actual autonomy and compensate for the lack of actual autonomy, thus weakening the negative impact of low autonomous effort on perceived pleasure, and ultimately promoting people’s repurchase intention. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2171456 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2171456 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2171456 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2089193_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hao Liu Author-X-Name-First: Hao Author-X-Name-Last: Liu Author-Name: Wei Lin Author-X-Name-First: Wei Author-X-Name-Last: Lin Author-Name: Huihui Liu Author-X-Name-First: Huihui Author-X-Name-Last: Liu Author-Name: Pishi Xiu Author-X-Name-First: Pishi Author-X-Name-Last: Xiu Title: Industry’s going upstairs: The innovative usage of industrial land and evaluation of its economic effects Abstract: The concept of ‘Industry’s Going Upstairs (IGU)’ represents an innovative usage of industrial land that transfers the enterprises’ production to high-rise industrial buildings. It is emerging in the developed areas of eastern China. This study discusses IGU policies to promote local economic development and conducts an empirical test using Guangdong city-level data and a difference-in-differences model. Theoretical analysis shows that IGU can broaden the development space of enterprises and realise industrial and labour agglomeration under supporting policies provided by local governments. The empirical results demonstrate that IGU can improve land-use efficiency and promote local industrial development. IGU is a feasible approach for addressing the current shortage of industrial land in China and is worthy of promotion and replication in other regions. Journal: Economic Research-Ekonomska Istraživanja Pages: 1402-1419 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2089193 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2089193 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1402-1419 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120046_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Nguyen Binh An Author-X-Name-First: Nguyen Author-X-Name-Last: Binh An Author-Name: Yen-Lin Kuo Author-X-Name-First: Yen-Lin Author-X-Name-Last: Kuo Author-Name: Fatma Mabrouk Author-X-Name-First: Fatma Author-X-Name-Last: Mabrouk Author-Name: Shouvik Sanyal Author-X-Name-First: Shouvik Author-X-Name-Last: Sanyal Author-Name: Iskandar Muda Author-X-Name-First: Iskandar Author-X-Name-Last: Muda Author-Name: Sanil S. Hishan Author-X-Name-First: Sanil S. Author-X-Name-Last: Hishan Author-Name: Niamat Abdulrehman Author-X-Name-First: Niamat Author-X-Name-Last: Abdulrehman Title: Ecological innovation for environmental sustainability and human capital development: the role of environmental regulations and renewable energy in advanced economies Abstract: This study examines the trends in environmental sustainability and human well-being through green technologies, clean energy, and environmental taxes using panel data for the top eight advanced economies from 1990 to 2018. The study applies an advanced panel technique, cross-sectionally augmented distributed lags (CS-ARDL), to find long-run and short-run associations between these variables. Moreover, the role of foreign investment is added as a control variable. The CS-ARDL estimation confirms the productive impact of green technologies on environmental and human well-being, providing that it helps to reduce haze pollution while promoting human development. Moreover, clean energy and environmental taxes contribute toa sustainable environment and human development. Moreover, foreign investment is a direct source of haze pollution because of more industrialization and economic activities. The study finally recommends strengthening the promotion of green technology and clean energy to achieve both environmental and human well-being in the long run. Journal: Economic Research-Ekonomska Istraživanja Pages: 243-263 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2120046 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120046 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:243-263 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2113336_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ganlin Pu Author-X-Name-First: Ganlin Author-X-Name-Last: Pu Title: A non-linear assessment of ESG and firm performance relationship: evidence from China Abstract: The main objective of this paper is to assess the non-linearities between the ESG activities and firm performance in case of an emerging market. China is identified as a case study for the present examination. Even though this research objective has been explored by past researcher, the evidence presented in literature is not conclusive. The paper hypothesizes that such conflicting or inconclusive results can potentially be attributed to wrong modeling, datasets that include both developing and the developed markets, and the prevalent endogeneity issue in corporate governance literature. For the purpose of this paper, the author uses the dynamic panel approach of First difference and the System Generalized Method of Moments. The findings from the analysis of 232 Chinese listed firm show a positive association between ESG activities and the firm performance. However, the relationship is nonlinear. In other words, the relationship between ESG activities and the firm performance is inverted U-shaped. This indicates the relationship is positive up to a certain threshold and once the ESG activities cross that threshold it start to have negative effect. The key insight from this research is that the firm has to find their threshold of ESG activities to gain maximum benefits from such activities. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2113336 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2113336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2113336 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2119428_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jan Frančeškin Author-X-Name-First: Jan Author-X-Name-Last: Frančeškin Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: Total factor productivity of the Slovenian hotel companies Abstract: The article focuses on the study of performance factors of Slovenian hotel companies through Data Envelopment Analysis between 2001 and 2018. For this purpose, we introduced a balanced panel data of 20 hotel companies which differ by their size, type, the number of hotels within the company, and location. To determine efficiency factors, we used the Malmquist index, which can be broken down into a change in efficiency and technological change. The change in efficiency was further broken down into a change in pure technical efficiency and a change in scalar efficiency. Between 2001 and 2018, hotel companies recorded decline in total factor productivity index which was mainly due to the inability to implement new production technologies. One of the key reasons for deterioration in technological change was the 2008 economic crisis. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2119428 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2119428 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2119428 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2166969_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Long Hoang Pham Author-X-Name-First: Long Hoang Author-X-Name-Last: Pham Author-Name: Milan Hrdý Author-X-Name-First: Milan Author-X-Name-Last: Hrdý Title: Determinants of S.M.E.s capital structure in the Visegrad group Abstract: In this article, we investigate the capital structure determinants of the Visegrad group, namely the Czech Republic, Slovakia, Hungary, and Poland for small- and medium-sized enterprises (S.M.E.s) from 2011 to 2018. We compare the capital structures of S.M.E.s across all mentioned countries and define how these may impact capital structure choices. The results show S.M.E.s in these countries determine their capital structure in similar ways and all the factors analysed in this study (except for growth opportunity) provide robust explanatory power for companies across all four countries. We find that profitability, liquidity, firm size, assets structure, and non-debt tax (depreciation of total assets) have a significant negative impact on capital structure for all four countries. Our study should be of interest to policymakers and companies who want to optimise their capital structure in order to improve company performance. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2166969 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2166969 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2166969 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2100435_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jun Liu Author-X-Name-First: Jun Author-X-Name-Last: Liu Author-Name: Congjia Huo Author-X-Name-First: Congjia Author-X-Name-Last: Huo Author-Name: Lingming Chen Author-X-Name-First: Lingming Author-X-Name-Last: Chen Title: A study of household income inequality in China: perspective of educational homogeneity marriage Abstract: Based on the data from the 2006 to 2017 Chinese Social Survey (C.S.S.), we measured the extent of inequality between the total household income and the average household income in China. We conclude that the Gini coefficient of total household income fluctuates between 0.47 and 0.52. The Gini coefficient of household per capita income fluctuates between 0.5 and 0.54, indicating a significant degree of household income inequality in China. We use the kernel density method to obtain the distribution of household income and find that the overall income level of society has increased. Still, the degree of household income inequality has been growing. From the perspective of educational homogeneity marriage, we use the income distribution table to analyse the internal structure of the total household income and draw the following conclusions. High-income households account for most of the whole social gain, and an increase in household income disparities has accompanied the increase in the household size. In addition, the distribution of total household income in China differs significantly in the household head's educational attainment. A relatively small number of households with a high degree of educational attainment account for a relatively large share of income, and households with a combination of high–high and high–low educational attainment have gradually increased. The proportion of social income has continued to rise. Journal: Economic Research-Ekonomska Istraživanja Pages: 2463-2483 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2100435 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2100435 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2463-2483 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179515_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yu Wang Author-X-Name-First: Yu Author-X-Name-Last: Wang Author-Name: Min Han Author-X-Name-First: Min Author-X-Name-Last: Han Author-Name: Yuan Wang Author-X-Name-First: Yuan Author-X-Name-Last: Wang Author-Name: Sara Shafiee Author-X-Name-First: Sara Author-X-Name-Last: Shafiee Title: An empirical study on customers’ behavior of passive and active resistance to innovation Abstract: Previous studies reveal that the failure rate of innovation in enterprises is higher than expected. The reason for innovation failures is due to not only the customers’ resistance towards innovation, subsequent changes and ignored factors that promote customer acceptance, but also the other disregarded factors that motivates the resistance towards innovation adaptation. The literature proved the customers’ innovation resistance (CIR) consists of two categories. Passive innovation resistance (PIR) described as initial resistance behavior before evaluating the new product; and active innovation resistance (AIR) introduced as the resistant behavior after evaluating innovative products. However, few studies have investigated the simultaneous influence of both PIR and AIR, especially using the empirical methods. The main purposes of this study are (1) to construct a model that reflects on both PIR and AIR as two categories of CIR; (2) to provide empirical evidences to highlight the influences and correlation of PIR and AIR. The method used in this paper is partial least squares path modeling (PLS-PM) method to test our model and the hypotheses. The results from this research mainly indicate that (1) PIR is negatively influenced AIR; (2) PIR (including both cognitive and situational PIR) has negative effect on customers’ innovation adoption intention (IAI) while (3) the correlation between AIR and IAI is opposite; (4) the degree of customers’ IAI with high-perceived stimulation group and low-perceived stimulation group will reverse according to the changes of PIR and AIR. This paper is helpful for enterprises to improve their innovation success rate by analyzing users’ resistance to innovation. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2179515 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179515 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2179515 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2166968_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ismail Fasanya Author-X-Name-First: Ismail Author-X-Name-Last: Fasanya Author-Name: Oluwatomisin Oyewole Author-X-Name-First: Oluwatomisin Author-X-Name-Last: Oyewole Title: Dynamic spillovers between precious metals and travel & tourism stocks in South-East Asia: do infectious disease outbreaks matter? Abstract: The interconnection between travel and leisure industry and precious metals markets has attracted a lot of interest among investors, policy makers, practitioners and market participants. We investigate the role of infectious diseases-based uncertainty on the dynamic connectedness between Southeast Asia travel and tourism stocks indices and four major precious metals namely; gold, silver, palladium, and platinum over the period 31 March 2015 to 5 February 2021. We adopt the time-varying parameter vector autoregressions (TVP-VAR) and the nonparametric causality-in-quantiles approach for its methodological superiority over linear approaches in capturing the presence of causality at different quantiles of the commodity distribution. The following is discernible from our analyses. First, we find strong spillovers between the two markets, implying there are diversification options. Second, silver and platinum are best effective portfolio diversification tools among precious metals. Third, strong evidence of nonlinearity makes it crucial for consideration when examining the role of diseases-based uncertainty in affecting the interactions between travel and tourism stocks and metals markets. Lastly, connectedness between uncertainty due to infectious diseases and the markets is stronger mostly around the lower and normal quantiles. These results have important policy implications for policymakers and market participants. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2166968 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2166968 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2166968 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080732_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yanlin Sun Author-X-Name-First: Yanlin Author-X-Name-Last: Sun Author-Name: Yuanrong Lin Author-X-Name-First: Yuanrong Author-X-Name-Last: Lin Title: Impact of industrial relatedness on manufacturing structural change: a panel data analysis for Chinese provinces Abstract: A large body of literature has explored the determinants of manufacturing structural change, but little has highlighted industrial relatedness. This study probes the impact of technological and vertical relatedness on manufacturing structural rationalisation and advancement by constructing a panel data model with province and year fixed effects using data of 30 Chinese provinces from 2000 to 2019. The empirical results show that manufacturing structural change differs based on industrial relatedness. Specifically, at the national level, technological relatedness can promote both structural rationalisation and advancement within manufacturing. Vertical relatedness holds a negative effect on structural rationalisation and no significant effect on structural advancement. Besides, the effects of industrial relatedness exhibit regional heterogeneity. In coastal China, technological relatedness can still promote structural rationalisation and advancement. Vertical relatedness has no significant effect on structural rationalisation and a negative effect on structural advancement. In inland China, governmental supports help break the dependency of regional manufacturing structural change on industrial relatedness, and the establishment of development zones restrains structural rationalisation within manufacturing. This study offers insights for policymakers to adopt different approaches to support local manufacturing development, depending on the characteristics of regional manufacturing structural evolution. Journal: Economic Research-Ekonomska Istraživanja Pages: 2508-2526 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080732 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080732 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2508-2526 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2094439_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zhongwu Li Author-X-Name-First: Zhongwu Author-X-Name-Last: Li Author-Name: Fengzhi Lu Author-X-Name-First: Fengzhi Author-X-Name-Last: Lu Author-Name: Xueliang Feng Author-X-Name-First: Xueliang Author-X-Name-Last: Feng Title: Why women’s entrepreneurial activities are low in China? The psychological perspective of self-esteem Abstract: How to increase women’s entrepreneurial activities and expand the proportion of female entrepreneurs among entire entrepreneurs has been the long-term focus of scholars. For the first time, this article uses the China Family Panel Studies (CFPS) and the National Survey on Women’s Social Status of China (NSWSS) to study why women’s entrepreneurial activities are relatively low in China from the psychological perspective of self-esteem. After controlling for related variables, the regression results show that self-esteem has a positive effect on women’s entrepreneurial activities. It indicates that the relatively low entrepreneurial activities of women are partially attributed to their low level of self-esteem. In addition, compared with cognitive ability and ‘The Big Five’ non-cognitive ability, self-esteem plays a greater role in explaining women’s entrepreneurial activities. While using propensity score matching and instrument variable methods to deal with the self-selection bias and endogenous problem of self-esteem, the results corroborate the conclusion. Further analysis indicates that social capital and risk-taking attitudes are two important mechanisms for self-esteem to influence women’s entrepreneurial activities. The attempt to incorporate the unique psychological trait of self-esteem into female entrepreneurship sheds light on the interdisciplinary research, and provides a new path for improving women’s entrepreneurial activities. Journal: Economic Research-Ekonomska Istraživanja Pages: 1906-1932 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2094439 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2094439 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1906-1932 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2097103_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yaqian Wu Author-X-Name-First: Yaqian Author-X-Name-Last: Wu Author-Name: Chunkai Zhao Author-X-Name-First: Chunkai Author-X-Name-Last: Zhao Author-Name: Jianhao Guo Author-X-Name-First: Jianhao Author-X-Name-Last: Guo Title: Mobile payment and subjective well-being in rural China Abstract: We explore the impact of mobile payment usage on the subjective well-being (S.W.B.) of rural residents in China using unique data from the China Household Finance Survey (C.H.F.S.). The estimated results show that using mobile payment has increased the S.W.B. of rural residents, and this finding still holds through several robust checks. The mechanism analysis suggests that the positive effect of mobile payment is partially explained by the reduction in transaction costs, the promotion in consumption upgrade, and the increase in social networks. Additionally, the inclusive financial attributes of mobile payment are verified through several heterogeneity analyses. Results show that the positive impact of mobile payment on S.W.B. is more pronounced in socially vulnerable groups such as the elderly, people with lower income, or lower education. Our study enriches the research on the fields of happiness effect of rural financial convenience and function of inclusive finance and has practical significance for other developing countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 2215-2232 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2097103 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2097103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2215-2232 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2119426_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Lei Zhou Author-X-Name-First: Lei Author-X-Name-Last: Zhou Author-Name: Feng Wei Author-X-Name-First: Feng Author-X-Name-Last: Wei Title: Does engaging in government initiated corporate social responsibility activities improve corporate innovation? Evidence from China Abstract: The Chinese government initiated a nationwide poverty alleviation campaign in 2016. Many Chinese listed firms engaged in poverty alleviation campaign and made significant contributions. In this study, we investigate the relationship between firms’ poverty alleviation campaign and firm innovation performance. Using a large sample of 3140 Chinese A-share listed firms on Shenzhen and Shanghai Stock Exchange from 2016 to 2019, this study demonstrates that firms’ poverty alleviation campaign contribute to the improvement of firm innovation performance. These results are more pronounced for firms with higher internet search volume. Overall, our findings provide important support for listed firms to engage in CSR activities initiated by government. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2119426 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2119426 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2119426 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2092168_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Weiyong Zou Author-X-Name-First: Weiyong Author-X-Name-Last: Zou Author-Name: Yunjun Xiong Author-X-Name-First: Yunjun Author-X-Name-Last: Xiong Title: Does artificial intelligence promote industrial upgrading? Evidence from China Abstract: Based on the panel data of 285 cities in China from 2000 to 2019, this paper searches the number of patent applications related to urban artificial intelligence from five dimensions: algorithm, data, computing power, application scenario and related technology. Combining the two perspectives of industrial upgrading and rationalization, we analyze the internal influence theory of the research topic from the theoretical and empirical perspectives. The results show that artificial intelligence is not only conducive to industrial upgrading, but also significantly inhibit the deviation of industrial structure from equilibrium, which is conducive to industrial rationalization. In addition, the conclusion of this paper is still valid after a series of robustness tests, such as eliminating the samples of central cities, winsorize treatment and instrumental variables method. Through the heterogeneity test, it is found that the promoting effect of artificial intelligence on industrial upgrading is more obvious in big cities and cities with high level of industrial upgrading. The internal mechanism test results show that artificial intelligence promotes industrial upgrading by promoting technological innovation. In cities with a high degree of marketization and Internet development, the role of artificial intelligence in promoting industrial upgrading can be strengthened. The research conclusions of this paper will be conducive to accelerating the development of artificial intelligence to promote industrial upgrading, and provide a useful reference for realizing high-quality development. Journal: Economic Research-Ekonomska Istraživanja Pages: 1666-1687 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2092168 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2092168 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1666-1687 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2117229_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xuepin Wu Author-X-Name-First: Xuepin Author-X-Name-Last: Wu Author-Name: Yuge Xiong Author-X-Name-First: Yuge Author-X-Name-Last: Xiong Title: Regional differences in urban residents' consumption behaviour in China: from the perspective of the habit formation time effect Abstract: This study constructs a panel extended linear expenditure system (ELES) model that includes the theory of internal habit formation and expands the theoretical connotation of the original model. It also decomposes the dynamic evolution characteristics of Chinese urban residents' psychological and physiological needs among various consumption expenditures. It explains the partial causes of the time effect in the panel ELES model from consumer behaviour. We have obtained the following innovative conclusions after the empirical analysis of urban residents’ consumption behaviour in different regions of China. First, urban residents have habit formation effects on seven types of consumption expenditure. Second, the timeliness of the psychological needs of various commodity expenditures differs between the eastern and mid-western region of China, and this difference has expanded since 2013. The COVID-19 pandemic has reduced the psychological needs for various commodity expenditures while having little impact on physiological needs. Finally, the study puts forward some policy recommendations, such as tapping the potential of commodity consumption with psychological needs growth, further enhance the cultivation of low-income people's consumption in the mid-western region, and implementing more detailed consumption supports with different regions' consumption preferences. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2117229 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2117229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2117229 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179512_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jin Liu Author-X-Name-First: Jin Author-X-Name-Last: Liu Author-Name: Qing Xu Author-X-Name-First: Qing Author-X-Name-Last: Xu Author-Name: Tianshu Zhou Author-X-Name-First: Tianshu Author-X-Name-Last: Zhou Title: Can pro-environmental behavior increase farmers’ income?—Evidence from arable land quality protection practices in China Abstract: In China, agricultural non-point source pollution is one of the key factors limiting farmers’ income growth, and pro-environmental behavior can address agricultural surface pollution. Based on field survey data from 591 farmers in Xinjiang, China, this study empirically estimates the impact of pro-environmental behavior on farmers’ income growth. The results show that pro-environmental behavior plays a significant positive role in increasing farmers’ income, and the positive effect continues in the long run. Specifically, pro-environmental behavior can optimize the allocation of agricultural production factors, thus resulting in farmers’ income growth. The mechanism analysis shows that pro-environmental behavior affects farmers’ income growth by promoting the increase in the size of arable land and farmers’ willingness to transfer their land in the future. These findings indicate that a sound reward–punishment system for pro-environmental behavior should be established; training on pro-environmental behavior should be strengthened, and a mechanism for linking the benefits of pro-environmental behavior among stakeholders should be constructed. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2179512 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179512 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2179512 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080746_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Lingli Qing Author-X-Name-First: Lingli Author-X-Name-Last: Qing Author-Name: Abd Alwahed Dagestani Author-X-Name-First: Abd Author-X-Name-Last: Alwahed Dagestani Author-Name: Riazullah Shinwari Author-X-Name-First: Riazullah Author-X-Name-Last: Shinwari Author-Name: Dongphil Chun Author-X-Name-First: Dongphil Author-X-Name-Last: Chun Title: Novel research methods to evaluate renewable energy and energy-related greenhouse gases: evidence from BRICS economies Abstract: This study examined renewable energy, energy efficiency which is very essential to boost up environmental quality. This research also takes other factors which has impact on greenhouse gas emissions in the BRICS nations between 2000 and 2019. On the other hand, this research differs from previous research in that it considers the impact of Energy Efficiency and Renewable Energy Electricity on greenhouse gas emissions in BRICS economies, despite the fact that Energy Efficiency and Renewable Energy Electricity have the greatest impact on greenhouse gas emissions in BRICS economies. The influence of GDP and political risk index on energy-related greenhouse gas emissions also comes under the scope of this study. Further, the order of unit root was determined using cross-sectional dependency and slope heterogeneity. The results were achieved utilising moment quantile regression (MMQ). The analysis shows that GDP causes an increase in Energy-Related Greenhouse Gases (ERGHG) at the 25th, 50th, 75th and 90th quantiles. At the 25th, 50th, 75th and 90th quantiles, however, Energy Efficiency and Renewable Energy Electricity reduce Energy-Related Greenhouse Gases. Furthermore, political risk index reduces Energy-Related Greenhouse Gas emissions. Moreover, policymakers should investigate the asymmetric behaviour of Energy Efficiency, Electricity from Renewable Energy and GDP when adopting BRICS economies energy, environment and growth policies based on empirical data. Journal: Economic Research-Ekonomska Istraživanja Pages: 960-976 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080746 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080746 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:960-976 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120036_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Kai Zhao Author-X-Name-First: Kai Author-X-Name-Last: Zhao Author-Name: Jun-mei Ye Author-X-Name-First: Jun-mei Author-X-Name-Last: Ye Title: Implementation strategy of MEI policy and SME innovation: a Chinese analysis Abstract: How to unify various policy tools into the same econometric model framework has always been an important research issue. This paper clarifies the connotation of MEI policy’s tool combination, scientifically identifies the actual impact of R&D subsidy tool, tax incentive tool, and their combination on SME innovation, and explores the best implementation strategy of MEI policy, by designing a reasonable and applicable policy identification framework. This paper confirms that R&D subsidy tool and tax incentive tool of MEI policy can form the obvious complementary effect in promoting substantive innovation of SMEs, but the mutually exclusive effect in promoting strategic innovation of SMEs. It is shown that the single tax incentive is the best implementation strategy of MEI policy to stimulate innovation for SMEs located in the central region, and the policy tool combination strategy is the best implementation scheme of MEI policy for SMEs located in the western region. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2120036 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120036 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2120036 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2116349_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: JingJing Lv Author-X-Name-First: JingJing Author-X-Name-Last: Lv Author-Name: Nan Wang Author-X-Name-First: Nan Author-X-Name-Last: Wang Author-Name: Hua Ju Author-X-Name-First: Hua Author-X-Name-Last: Ju Author-Name: XinFang Cui Author-X-Name-First: XinFang Author-X-Name-Last: Cui Title: Influence of green technology, tourism, and inclusive financial development on ecological sustainability: exploring the path toward green revolution Abstract: This study demonstrates the linkages between green technological innovations, sustainable tourism, financial development, economic growth, and ecological sustainability using China's regional data from 2000 to 2019. The study applies the novel estimation technique, Quantile Autoregressive Distributive Lag (QARDL) approach to examine long-run and short-run relationships between the stated variables. The initial findings confirm non-linearity in the data verified through J-B test statistics. It approves the implication of QARDL estimation for exploring ecological sustainability trends over the study period. The study outcomes confirm that tourism and green technology innovation assists in reducing ecological footprints in China in the long run. Moreover, financial development and economic growth reflect a direct role towards more ecological footprints; therefore, the sustainability dimension has been missing both in financial development and growth. Furthermore, the results in the short run cover the same phenomenon and confirm that ecological innovations and tourism would help in sustaining the natural environment. The study outcomes demonstrate that government officials in China should specifically implement long-term policies to support the natural environment from adverse shocks of more financial development and economic growth. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2116349 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2116349 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2116349 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180055_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Muhammad Abu Sufyan Ali Author-X-Name-First: Muhammad Abu Sufyan Author-X-Name-Last: Ali Author-Name: Zhihe Zhang Author-X-Name-First: Zhihe Author-X-Name-Last: Zhang Author-Name: Sufyan Ullah Khan Author-X-Name-First: Sufyan Ullah Author-X-Name-Last: Khan Author-Name: Arshad Ahmad Khan Author-X-Name-First: Arshad Ahmad Author-X-Name-Last: Khan Author-Name: Mohammad Musa Author-X-Name-First: Mohammad Author-X-Name-Last: Musa Author-Name: Preethu Rahman Author-X-Name-First: Preethu Author-X-Name-Last: Rahman Author-Name: Yousaf Hayat Author-X-Name-First: Yousaf Author-X-Name-Last: Hayat Title: Accounting of public preferences and valuation of terrestrial and aquatic ecosystem services restoration: Evidence from Northwestern China Abstract: The emphasis of current study is on the assessment of households’ willingness to pay (WTP) and preference heterogeneity for the upgradation of degraded terrestrial and aquatic ecosystem services across sub-basins of Heihe River. A sum of 1679 households were interviewed through choice experiment, and random parameter logit model is applied for welfare estimation. The estimated results signified the importance of selected terrestrial and aquatic ecological attributes. Sampled respondents of upper and middle basins placed highest WTP for reducing the emission of greenhouse gases among all other attributes and the WTP amount was 99.27 and 66.49 Yuan/Year respectively. Whereas in lower basin, improvement in landscape of farmland was highly valued, i.e., 107 Yuan/Year. In terrestrial ecosystem services the lowest WTP was recorded for Ejinaqi oasis size in all sub basins. In aquatic ecosystem services, improving water quality was the most valued attribute in all sub basins, and the corresponding WTP values are 122.81, 99.87 and 177.43 Yuan/Year in upper, middle and lower basins respectively, which ensure the significance of water quality in the entire basin. In aquatic ecosystem services the lowest WTP amount was recorded for leisure and entertainment conditions in each sub basin. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180055 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180055 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180055 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080731_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Linyu Wang Author-X-Name-First: Linyu Author-X-Name-Last: Wang Author-Name: Zhangzhe Shen Author-X-Name-First: Zhangzhe Author-X-Name-Last: Shen Author-Name: Ardjouman Diabate Author-X-Name-First: Ardjouman Author-X-Name-Last: Diabate Author-Name: Liying Yu Author-X-Name-First: Liying Author-X-Name-Last: Yu Title: Do the ties of corporate executives and directors affect short-term M&A return growth? Evidence from China Abstract: This article investigates whether the social ties of corporate executives and directors affect short-term return growth during the announcement period of mergers and acquisitions (M&A). We consider both the educational background and employment history of the corporate executives and directors to measure social ties. Specifically, a text analysis algorithm is employed to match employment history. Then, we choose the cumulative abnormal returns to measure the short-term return growth. Using a sample of 157 M&A deals in the Chinese market from 2000 to 2017, we find that acquirer-target social ties have a significantly negative effect on post-merger performance. However, the negative effect of social ties on post-merger firms’ short-term returns will decrease (become less negative) when the firms have good corporate governance mechanisms. Moreover, social ties could also affect the retention of the target firms. The executives and directors are more likely to remain in the post-acquisition firm when the social ties are high. Our results have important implications for policymakers and corporate governance. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080731 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080731 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2080731 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2066555_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yousaf Latif Author-X-Name-First: Yousaf Author-X-Name-Last: Latif Author-Name: Ge Shunqi Author-X-Name-First: Ge Author-X-Name-Last: Shunqi Author-Name: Zeeshan Fareed Author-X-Name-First: Zeeshan Author-X-Name-Last: Fareed Author-Name: Salman Ali Author-X-Name-First: Salman Author-X-Name-Last: Ali Author-Name: Muhammad Adnan Bashir Author-X-Name-First: Muhammad Adnan Author-X-Name-Last: Bashir Title: Do financial development and energy efficiency ensure green environment? Evidence from R.C.E.P. economies Abstract: The issue of climate change and environmental degradation has been prevailing for the last few decades. Yet economies are further expanding due to free trade agreement which accelerates the trade of energy and carbon intensive commodities across the regions. A prominent example of such free trade is the Regional Comprehensive Economic Partnership (R.C.E.P.), which mostly remains ignored. The current research study explores the influence of financial development (F.D.) and energy efficiency (E.N.E.F.) on carbon emissions in the R.C.E.P. economies. Also, this study analyses the role of economic growth and renewable energy on environmental quality during the period from 1990 to 2020. Panel data approaches such as slope heterogeneity, cross-section dependence, and the second-generation panel unit root test are used. The non-normally distributed variables are found cointegrated. Therefore, a novel method of moments quantile regression is used. The results demonstrate that F.D. and economic growth are positively associated with CO2 emissions. At the same time, E.N.E.F. and renewable energy consumption (R.E.C.) significantly reduce the emissions level and promote a green environment in all quantiles. The environmental Kuznets curve is found valid in the R.C.E.P. economies. These results are robust as validated by Fully-Modified Ordinary Least Square – a parametric approach. A two-way significant causal association exists between carbon-economic growth, carbon-F.D., carbon-R.E.C., and carbon-E.N.E.F.. The findings suggest an enhancement in R.E.C., improvement in the E.N.E.F. approaches, and implications for green F.D. in the region. Journal: Economic Research-Ekonomska Istraživanja Pages: 51-72 Issue: 1 Volume: 36 Year: 2023 Month: 1 X-DOI: 10.1080/1331677X.2022.2066555 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2066555 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:51-72 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2090404_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ru Xiao Author-X-Name-First: Ru Author-X-Name-Last: Xiao Author-Name: Chaoqun Ma Author-X-Name-First: Chaoqun Author-X-Name-Last: Ma Author-Name: Xianhua Mi Author-X-Name-First: Xianhua Author-X-Name-Last: Mi Title: The time-varying lead-lag relationship between index futures and the cash index and its factors Abstract: This paper investigates the time-varying lead-lag relationship between CSI 300 index futures and the cash index at intraday and daily frequencies under different market conditions, which is crucial in the price discovery research but rarely examined by the literature. Using a new method that is based on dynamic time warping and can capture the dynamic lead-lag relationship up to the intraday level, we find that index futures tend to lead the cash index by 0–5 minutes but it occasionally lags the cash index, and this relationship is variably affected by factors according to market conditions. Specifically, at both of the intraday and daily frequencies, the lead of index futures decreases with market volatility and the relative intensity of trading activity of index futures. The results also unveil the asymmetric effects of overnight information from the cash market on the lead times of both index futures and the cash index at a daily frequency. Moreover, the synchronization of trading hours strengthened the link between the two markets. These results have significant implications for price discovery in these markets. Journal: Economic Research-Ekonomska Istraživanja Pages: 1549-1569 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2090404 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2090404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1549-1569 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2086147_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Alina Cristina Coman (Nuţă) Author-X-Name-First: Alina Cristina Coman Author-X-Name-Last: (Nuţă) Author-Name: Dan Lupu Author-X-Name-First: Dan Author-X-Name-Last: Lupu Author-Name: Florian Marcel Nuţă Author-X-Name-First: Florian Marcel Author-X-Name-Last: Nuţă Title: The impact of public education spending on economic growth in Central and Eastern Europe. An ARDL approach with structural break Abstract: The former communist states experienced a period of turbulence in the transition to the market economy and then the accession to the EU, turbulences that also influenced the education sector. This article aims to analyze the impact of public spending on education on economic growth in 11 former communist Eastern European states, current EU members. The methodology used is ARDL with structural break. The results are consistent with those previously obtained The public education expenditure-economic growth relationship is mixed on long term; for five countries, there is no such thing; for six countries, there is one on a long term. On a short term, also, mixed results manifest for four countries are positive, and for two negative. Journal: Economic Research-Ekonomska Istraživanja Pages: 1261-1278 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2086147 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2086147 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1261-1278 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2096094_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Cristina Bota-Avram Author-X-Name-First: Cristina Author-X-Name-Last: Bota-Avram Title: Bibliometric analysis of sustainable business performance: where are we going? A science map of the field Abstract: Sustainable business performance is a rapidly growing field of research that encompasses both academia and business. The purpose of this study is to identify current and emerging research trends and provide a comprehensive map of the knowledge structure in the field of sustainable business performance, consistent with recent developments in bibliometric research. Therefore, this article offers a comprehensive bibliometric analysis based on the performance analysis and science mapping of the academic literature related to sustainable business performance published between 1996 and 2021 in 807 publications on the Web of Science. By using two powerful bibliometric visual software tools, VosViewer and CiteSpace, and by applying various bibliometric analyses such as co-citation analysis, co-authorship analysis, bibliographic coupling, co-occurrence of keywords analysis, burst detection analysis, and timeline view analysis, this paper presents the fundamental characteristics of the body of knowledge in this research field, while identifying the most influential publications, institutions, source titles, countries, and authors, and the evolution of keywords these years. The paper concludes with a discussion of the most popular research topics and identification of emerging research pattern areas that should be on the future research agenda for researchers interested in sustainable business performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 2137-2176 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2096094 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2096094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2137-2176 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2073460_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ciprian Necula Author-X-Name-First: Ciprian Author-X-Name-Last: Necula Author-Name: Bogdan Murarașu Author-X-Name-First: Bogdan Author-X-Name-Last: Murarașu Author-Name: Alina Radu Author-X-Name-First: Alina Author-X-Name-Last: Radu Author-Name: Cristina Anghelescu Author-X-Name-First: Cristina Author-X-Name-Last: Anghelescu Author-Name: Alina Zaharia Author-X-Name-First: Alina Author-X-Name-Last: Zaharia Title: Quantifying the probability of a recession in selected Central and Eastern European countries Abstract: The COVID-19 pandemic simultaneously affected most economic sectors and has already caused severe worldwide social and economic damage. In response, authorities introduced social distancing measures, with an adverse impact on economic activity. If policymakers were aware of the existing vulnerabilities, including those derived from the positioning on the business cycle, resilience could have been increased. The aim of this article is to describe various methods of dating business cycles in several Central and Eastern European (C.E.E.) countries, namely Czechia, Hungary, Poland and Romania. Furthermore, a Probit model regarding the probability of a recession is estimated, confirming the adverse effects of the pandemic, in contrast with a brightening outlook given vaccination campaigns and the E.U. recovery package. However, in case of the Romanian economy, an in-sample estimation showed a high probability of negative growth rates even in a pre-pandemic world, due to the high macroeconomic imbalances. Journal: Economic Research-Ekonomska Istraživanja Pages: 209-229 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2073460 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2073460 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:209-229 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2094437_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Muhammad Tufail Author-X-Name-First: Muhammad Author-X-Name-Last: Tufail Author-Name: Lin Song Author-X-Name-First: Lin Author-X-Name-Last: Song Author-Name: Sher Ali Author-X-Name-First: Sher Author-X-Name-Last: Ali Author-Name: Salman Wahab Author-X-Name-First: Salman Author-X-Name-Last: Wahab Author-Name: Taimoor Hassan Author-X-Name-First: Taimoor Author-X-Name-Last: Hassan Title: Does more immigration lead to more violent and property crimes? A case study of 30 selected OECD countries Abstract: In many developed countries around the world, the connection between immigration and crime has been a subject of discussion. The indigenous populations of the most advanced nations usually held the opinion that immigration fuels delinquency. Therefore, this paper provides an empirical connection between immigration and crime in the period 1988-2018 across 30 OECD countries. For empirical analysis, advanced panel econometric approaches are used which can address both heterogonous coefficients and cross-section dependency. The findings show that no statistical evidence exists to relate an increase in the number of immigrants to the rise of any kind of crime. If there is we found a significant negative association between immigrants and only one of the six kinds of crime studied. Moreover, an increase in foreign prisoners (FP) reduces all kinds of crimes. While an increase in the real gross domestic product (RGDP) only increases property crimes. The increase in M25–29 only increases serious assault (SA) out of six crime types analysed. Journal: Economic Research-Ekonomska Istraživanja Pages: 1867-1885 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2094437 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2094437 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1867-1885 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2121740_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: I-Chun Tsai Author-X-Name-First: I-Chun Author-X-Name-Last: Tsai Author-Name: Che-Chun Lin Author-X-Name-First: Che-Chun Author-X-Name-Last: Lin Title: Influence of migration policy risk on international market segmentation: analysis of housing and rental markets in the euro area Abstract: This paper aims to discuss the influence of migration policy risk on market segmentation of housing and rental markets in the Euro Area. Policy risk is represented by the Migration Policy Uncertainty Index (MPUI) and Migration Fear Index (MFI) of Germany and the United Kingdom; in this study, whether these indexes influence the interaction between the housing and rental markets of the two countries and euro-area countries was examined. The empirical results showed that the influence of the United Kingdom’s migration policy risk on the euro-area countries is higher than that of Germany. The United Kingdom’s MPUI and MFI significantly contribute to the influence of the United Kingdom’s housing market on other markets except for Belgium and Spain. Compared with housing market connectedness, the rental market connectedness is less influenced by migration policy risk and migration fear. This may be because variables related to short-term residence policies influence the rental market. The high policy risk is more likely to influence decisions related to long-term house purchase, but not those related to short-term residence. Finally, this study found that the higher the uncertainty of the migration policies of the United Kingdom and Germany is, the higher the house market segmentation is. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2121740 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2121740 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2121740 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180410_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiong-zhi Wang Author-X-Name-First: Xiong-zhi Author-X-Name-Last: Wang Author-Name: Song Liu Author-X-Name-First: Song Author-X-Name-Last: Liu Author-Name: Tingting Yang Author-X-Name-First: Tingting Author-X-Name-Last: Yang Title: Dynamic pricing and inventory control of online retail of fresh agricultural products with forward purchase behavior Abstract: In this paper we formulate and analyze a novel model on a retailer’s inventory and pricing decisions for fresh agricultural products with consumers’ forward consuming behavior under online channel. We consider a dynamic stochastic setting, where every period consists of two stages, discounting pricing stage and regular sale stage. At the beginning of the period, the retailer decides how much new fresh agricultural products to order and sets discount price for leftover inventories from the previous period which will be disposed otherwise, and determines regular price for fresh products on the second stage, respectively. Since forward purchase consumers may buy the products during discount pricing stage, which may cannibalize future sales at regular price, the retailer needs to make a trade-off decision between regular price and discounting price. We bring forward a dynamic optimization model and use nonlinear programming method of Karush Kuhn Tucker condition to obtain the optimal dynamic strategy, which is comparatively analyzed to dominate the related static strategy. We also show that consumers forward buying behavior will negatively influence the retailer’s profit. When the price is set too low in regular or discounting sales, the profit will show an up-down trend if the inventory exceeds a certain threshold. Meanwhile, when fresh goods returns are allowed and resold in the secondary stage, the retailer’s profit will increase. We finally conduct numerical studies to further characterize the optimal policy, and to evaluate the loss of efficiency under static policies when compared to the optimal dynamic policy. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180410 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180410 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180410 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180060_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yu Xia Author-X-Name-First: Yu Author-X-Name-Last: Xia Author-Name: Najid Ahmad Author-X-Name-First: Najid Author-X-Name-Last: Ahmad Author-Name: Xian-Liang Tian Author-X-Name-First: Xian-Liang Author-X-Name-Last: Tian Title: Environmental information disclosure and firm export: evidence from China Abstract: In this paper, we empirically investigate how a governmental environmental information disclosure (EID) program in China affects the extensive and intensive margins of export for a panel of Chinese industrial firms. The results show that stricter enforcement of environmental disclosure discourages firms’ participation in export. However, the export volume of remaining exporting firms increases following more environmental disclosure. The results are robust to a battery of robustness checks as well as an IV estimation. Mechanism analysis reveals that firms’ propensity of innovation increases after stricter enforcement of disclosure, lending support for the Porter hypothesis. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180060 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180060 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180060 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2076144_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Danni Wang Author-X-Name-First: Danni Author-X-Name-Last: Wang Author-Name: Zhifang Su Author-X-Name-First: Zhifang Author-X-Name-Last: Su Author-Name: Qifang Li Author-X-Name-First: Qifang Author-X-Name-Last: Li Title: Intraday volatility analysis of CSI 300 index futures: a dependent functional data method Abstract: This study introduces a new volatility model based on dependent functional data to investigate the intraday volatility characteristics of CSI 300 in the context of high-frequency data. The volatility curve is fitted and reconstructed using three methods: functional principal component analysis, Newey-West kernel, and truncation-free Bartlett kernel. We adopt a functional time series approach for short-term dynamic forecasting. The empirical results show that the proposed dependent functional volatility estimation model based on the long-term covariance of the truncated Bartlett kernel can accurately capture the intraday volatility trajectory and outperforms other models in terms of forecast accuracy and profitability. This study improves the volatility-related research methodology, which is conducive to discovering the price formation mechanism of the stock index futures market and improving risk management capabilities. Journal: Economic Research-Ekonomska Istraživanja Pages: 312-332 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2076144 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2076144 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:312-332 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2086149_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Michael Kúnin Author-X-Name-First: Michael Author-X-Name-Last: Kúnin Author-Name: Krešimir Žigić Author-X-Name-First: Krešimir Author-X-Name-Last: Žigić Title: On Jain’s digital piracy model: horizontal vs vertical product differentiation Abstract: We study how private intellectual property rights protection affects equilibrium prices in a duopoly competition between firms that offer a product variety of distinct qualities (vertical product differentiation) in a setup that is closely related to that put forward by Jain where firms offer the same qualities in equilibrium (horizontal product differentiation). Consumers may make a choice to buy a legal version, use an illegal copy (if they want to and can), or not use a product at all. Using an illegal version violates intellectual property rights protection and is thus punishable when discovered. Thus, both private and public (copyright) intellectual property rights protection are available on scene. Journal: Economic Research-Ekonomska Istraživanja Pages: 1299-1316 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2086149 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2086149 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1299-1316 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2077789_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Nicoleta Farcane Author-X-Name-First: Nicoleta Author-X-Name-Last: Farcane Author-Name: Ovidiu Constantin Bunget Author-X-Name-First: Ovidiu Constantin Author-X-Name-Last: Bunget Author-Name: Rodica Blidisel Author-X-Name-First: Rodica Author-X-Name-Last: Blidisel Author-Name: Alin Constantin Dumitrescu Author-X-Name-First: Alin Constantin Author-X-Name-Last: Dumitrescu Author-Name: Delia Deliu Author-X-Name-First: Delia Author-X-Name-Last: Deliu Author-Name: Oana Bogdan Author-X-Name-First: Oana Author-X-Name-Last: Bogdan Author-Name: Valentin Burca Author-X-Name-First: Valentin Author-X-Name-Last: Burca Title: Auditors’ perceptions on work adaptability in remote audit: a COVID-19 perspective Abstract: In the context of COVID-19, adoption of teleworking challenges companies' culture and social interaction to foster a creative and innovative workplace. The article aims to identify the auditors’ perception of different factors that influence work adaptability in remote audit activity. The research method is based on multivariate data analysis that consist of correspondence analysis, exploratory factor analysis, confirmatory factor analysis and generalised linear ordinal regression. On one hand, findings emphasise that auditors’ perception on the work efficiency of auditors in remote audits is significantly influenced by the digitalization degree of audit activities. On the other hand, the research outlines the main threats and opportunities of remote auditing in the context of the current pandemic restrictions. Where auditors perceive the benefits of remote audit, they appreciate positively the degree of adaptability and work efficiency as regards teleworking. Opportunities perceived lead to enhanced audit activity outcome if audit companies embrace emergent technologies in the new digital workplace. Nevertheless, as transition to remote audit determines increased auditors’ liability and audit risks, auditors are more cautious and sometimes reluctant about future scenarios of remote audit, if innovative emerging audit technologies and integrated GRCs are not used or are not properly implemented. Whatever the future holds for the new digital audit workplace, it is obvious that auditors working from home face specific challenges, because what they earn in efficiency, they lose in benefits that are harder to quantify, such as innovative thinking and creativity. Journal: Economic Research-Ekonomska Istraživanja Pages: 422-459 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2077789 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2077789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:422-459 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2166970_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yun Su Author-X-Name-First: Yun Author-X-Name-Last: Su Author-Name: Azizan Sabjan Muhammad Author-X-Name-First: Azizan Sabjan Author-X-Name-Last: Muhammad Title: Role of economic, and social parameters affecting life satisfaction and happiness during pre and post Covid era: a study with Marx’s perspective Abstract: A cognitive, objective, and subjective evaluation of the judgment of one's perspective of looking at life defines as life satisfaction and happiness. There is a strong association between life satisfaction, joy, and external parameters, including environmental and socioeconomic factors and green innovation technologies. Marx's theory on life satisfaction provides an exciting insight and defines that economic resources are necessary to live comfortably. The core objective of this paper is to examine the effects of contributing parameters concerning life satisfaction and happiness (LSH) in China from 2005 to 2020. For this purpose, data collected for the dependent variable collect World Happiness Index and World Bank official website. Nine independent variables related to LSH discuss freedom to make life choices (FMLC); GDP growth; Social contribution (SC); Employment rate (ER); Social support (SS); Innovation and development (ID); Life expectancy (LE); Coverage of social safety (CSS); High qualification (HQ). The maximum LSH value is 5.77, with a mean value of 5.13. The highest coefficient correlation value with LSH is CO2, with a positive correlation coefficient value of 0.80, followed by GDPG, with a negative coefficient value of 0.80. PC1 explains 76.74% of results, whereas MLR produces 0.91 R2 (p-value: 0.093, Residual standard error: 0.181). There is a need to understand correlates and determinants in further detail to set up a framework that enables policy-makers to incorporate well-being and life satisfaction measures in carving new public policies. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2166970 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2166970 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2166970 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2076143_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ana Maria Mihaela Iordache Author-X-Name-First: Ana Maria Mihaela Author-X-Name-Last: Iordache Author-Name: Ionela-Cătălina Zamfir Author-X-Name-First: Ionela-Cătălina Author-X-Name-Last: Zamfir Author-Name: Ionescu Alexandru Author-X-Name-First: Ionescu Author-X-Name-Last: Alexandru Title: Studying the cyclicality of the economy and prediction of new high risk of economic crises: a case study on the European countries from 1995 to 2018 Abstract: From ancient time the economies had periods of expansion followed by recession, each crisis was determined by various internal or external factors. With globalization, economic interconnection and the liberalization of resource exchange between states, high risk of economic crises have sprung up. The main purpose of the article is to determine a data model, using specific data analysis techniques, and based on it to study the economic cyclicality in Europe and the prediction of a possible economic crisis. The study was conducted on a number of 37 indicators selected from 11 categories, a set of 29 countries in Europe and over a period of 24 years (1995 − 2018) using the K-Means algorithm. Grouping the data for each country in three classes and describing each class by taking into account the variables with the highest discriminative power, leads to the main conclusion that in the next several years, an economic crisis in Europe has a high probability to be a reality. Journal: Economic Research-Ekonomska Istraživanja Pages: 296-311 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2076143 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2076143 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:296-311 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179509_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jin Guan Author-X-Name-First: Jin Author-X-Name-Last: Guan Author-Name: Dongwei He Author-X-Name-First: Dongwei Author-X-Name-Last: He Author-Name: Hanwen Zhang Author-X-Name-First: Hanwen Author-X-Name-Last: Zhang Author-Name: Qigui Zhu Author-X-Name-First: Qigui Author-X-Name-Last: Zhu Title: Environmental regulation and sectoral disparity in labor demand: evidence from a quasi-natural experiment in China Abstract: The trade-off between environmental regulation and job creation has been a dilemma for policymakers in the past decades. Exploiting the enterprise-level sample data, we conduct a difference-in-difference-in-differences (DDD) specification to estimate the overall effect of China’s Two Control Zones (TCZ) policy on labor demand, measured as the number of enterprise-level employees. We find that the industrial enterprises in TCZ cities, where the TCZ policy has been implemented after 1998, employed fewer workers in more polluting industries. Furthermore, these employment effects are very heterogeneous among different enterprise ownerships and control zones. The TCZ policy significantly decreased the labor demand in private enterprises or those located in the Acid Rain Control Zones (ARCZ) but had little impact on their state-owned and foreign-invested counterparts or those located in the Sulfur Dioxide Pollution Control Zones (SPCZ). Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2179509 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179509 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2179509 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2094441_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Bo Gao Author-X-Name-First: Bo Author-X-Name-Last: Gao Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Author-Name: Sana Ullah Author-X-Name-First: Sana Author-X-Name-Last: Ullah Title: A new framework to the green economy: asymmetric role of public-private partnership investment on environment in selected Asian economies Abstract: This study empirically examines the asymmetric relationship between public-private partnerships investment in the energy (PPPIE) sector and CO2 emissions for selected Asia economies from 1990 to 2019. For estimation, we used the nonlinear autoregressive distributed lag modelling (NARDL) econometric approach. The findings reveal that a positive change in PPPIE hinders environmental quality by increasing CO2 emissions in Indonesia and Russia in long run. On the contrary, a positive change in PPPIE has a negative influence on CO2 emissions in China and Turkey in long run. The negative shock of PPPIE mitigates the CO2 emissions in long-run in Russia, Indonesia, and Turkey. However, a positive change in PPPIE improves environmental quality by decreasing CO2 emissions in India, Indonesia, and Turkey in the short run. Although a negative change in PPPIE has negative effects on CO2 emissions in only Indonesia, while it has positive effects in India, Russia, and Turkey in the short run. Therefore, the government should encourage public-private partnerships investment in the renewable energy sector in the selected Asian economies by encouraging environmental quality. Journal: Economic Research-Ekonomska Istraživanja Pages: 1960-1971 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2094441 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2094441 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1960-1971 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2072357_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Muhammad Sadiq Author-X-Name-First: Muhammad Author-X-Name-Last: Sadiq Author-Name: Thanh Quang Ngo Author-X-Name-First: Thanh Quang Author-X-Name-Last: Ngo Author-Name: Adamu Abdurrahman Pantamee Author-X-Name-First: Adamu Abdurrahman Author-X-Name-Last: Pantamee Author-Name: Khurshid Khudoykulov Author-X-Name-First: Khurshid Author-X-Name-Last: Khudoykulov Author-Name: Truong Thi Ngan Author-X-Name-First: Truong Author-X-Name-Last: Thi Ngan Author-Name: Luc Phan Tan Author-X-Name-First: Luc Phan Author-X-Name-Last: Tan Title: The role of environmental social and governance in achieving sustainable development goals: evidence from ASEAN countries Abstract: Recently, sustainable development goals (SDGs) have become an international requirement that needs to be achieved and requires the focus of recent literature and regulation authorities. Thus, the current article investigates the impact of environmental, social, and governance (ESG) and economic growth on the SDG of ASEAN countries. The current study has extracted secondary data from secondary sources such as SDGs reports and world development indicators (WDI) from 1986 to 2020. The present study has used the Panel Autoregressive Distributed Lag (ARDL) to test the linkage among the variables. The results highlighted that the environmental score, social score, governance score, and economic growth positively associated with the ASEAN countries' SDGs. The current article provides help to new researchers while conducting research on achieving SDGs and guides policymakers while establishing policies regarding achieving the SDGs through ESG. Journal: Economic Research-Ekonomska Istraživanja Pages: 170-190 Issue: 1 Volume: 36 Year: 2023 Month: 1 X-DOI: 10.1080/1331677X.2022.2072357 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2072357 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:170-190 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2101018_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yating Guo Author-X-Name-First: Yating Author-X-Name-Last: Guo Author-Name: Anitha Rosland Author-X-Name-First: Anitha Author-X-Name-Last: Rosland Author-Name: Suryati Ishak Author-X-Name-First: Suryati Author-X-Name-Last: Ishak Author-Name: Mohamad Khair Afham Muhamad Senan Author-X-Name-First: Mohamad Khair Afham Author-X-Name-Last: Muhamad Senan Title: China's pattern of growth moving to sustainability and reducing inequality Abstract: The objective of this study was to identify the pattern of economic growth of China by identifying the factors that are contributing to sustainability and reducing inequality in the Chinese communities. The role of sustainable development goals has become critical for even the non- democratic country because inequality is also found in China which is rapidly increasing due to overpopulation and other factors. In this study, the questionnaire was developed on the Likert scale to collect the data from the economists to test the relationship between the hypotheses. The sample size for this study was 330 from the selected population of 800 people with a response rate of 45%. The study concludes that there is a critical role of sustainable development goals, sustainable economic policy, and labor productivity in the growth of China's economy. Further, this study also demonstrates that the Chinese government must focus on sustainability to reduce inequality in society. Significantly, this study provides a detailed insight into the relationship of factors that are contributing to China’s economic growth that was not discussed earlier in the Chinese economic context. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2101018 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2101018 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2101018 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120902_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ping Lu Author-X-Name-First: Ping Author-X-Name-Last: Lu Author-Name: Ying Wen Author-X-Name-First: Ying Author-X-Name-Last: Wen Author-Name: Zhihong Li Author-X-Name-First: Zhihong Author-X-Name-Last: Li Author-Name: Ying Ding Author-X-Name-First: Ying Author-X-Name-Last: Ding Author-Name: Xiaoyu Chen Author-X-Name-First: Xiaoyu Author-X-Name-Last: Chen Author-Name: Liangliang Han Author-X-Name-First: Liangliang Author-X-Name-Last: Han Title: The impacts of environmental regulation on regional green productivity growth in China: from the perspective of local-neighborhood effects Abstract: It is of great theoretical and practical implications for developing countries to achieve the win-win for economic growth and environmental performance. Extant studies focus on the local effect of environmental regulation, but ignore the neighborhood effect. This study tries to fill the gap from both the theoretical analysis and empirical test. We construct the theoretical framework of the local-neighborhood effect of environmental regulation on regional green productivity growth (GPG). Based on the panel data of 237 cities in China from 2011 to 2020, we employ the spatial panel models to empirically examine the local-neighborhood effects of environmental regulation on regional GPG. We further use the mediating effect models to examine the mechanism of environmental regulation affecting neighborhood GPG. The results demonstrate that both the local and neighborhood effect on regional GPG are U-shaped. The difference is that the inflection point of neighborhood effect is larger than that of local effect. The stringency of environmental regulations implemented by most cities in China is on the left side of the inflection point of the U-shaped curve, which leads to the inhibition of local and neighborhood GPG. Moreover, both green technology spillover mechanism and pollution transfer mechanism play a significant mediating role in the neighborhood effect of environmental regulation. The competition between these two mechanisms determines the U-shaped feature of neighborhood effect of environmental regulation. Finally, we put forward policy suggestions for the GPG from the perspective of local-neighborhood effect of environmental regulation. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2120902 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120902 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2120902 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2097110_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Roman Skalický Author-X-Name-First: Roman Author-X-Name-Last: Skalický Author-Name: Tomáš Meluzín Author-X-Name-First: Tomáš Author-X-Name-Last: Meluzín Author-Name: Marek Zinecker Author-X-Name-First: Marek Author-X-Name-Last: Zinecker Author-Name: Adam P. Balcerzak Author-X-Name-First: Adam P. Author-X-Name-Last: Balcerzak Author-Name: Elżbieta Rogalska Author-X-Name-First: Elżbieta Author-X-Name-Last: Rogalska Title: Brand valuation: an innovative approach based on conversion ratios Abstract: We present a novel brand valuation method based on conversion ratios. The proposed approach uses brand-related parameters, which are usually accessible, however, the established brand valuation methods have not yet used them. These key parameters include the ability to acquire new customers and retain current customers. We argue that such parameters can be reflected through the cost of reaching new customers and retaining current customers. The method proposed relies on observable inputs, hence, it specifically addresses the limitation of the brand valuation methods defined so far. The method is based on the cost savings reached by the investors who acquire the brand. It can be applied in situations in which brand users reach average to below average results not admitting the application of income-based approaches. Furthermore, the method is a suitable analytical tool supporting financial executives, analysts, and consultants while identifying contributions made by the brand. We test the concept on a model company within a case study. The method can be also a contribution in terms of the calibration and refinement of the existing approaches and will support both researchers and practitioners to improve the understanding between the already accepted brand valuation methods and novel perspectives on the issue. Journal: Economic Research-Ekonomska Istraživanja Pages: 2365-2388 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2097110 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2097110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2365-2388 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2097107_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ge Song Author-X-Name-First: Ge Author-X-Name-Last: Song Author-Name: Zhiqing Xia Author-X-Name-First: Zhiqing Author-X-Name-Last: Xia Author-Name: Kai-Hua Wang Author-X-Name-First: Kai-Hua Author-X-Name-Last: Wang Author-Name: Otilia Manta Author-X-Name-First: Otilia Author-X-Name-Last: Manta Title: Is there relationship between air quality and China’s stock market? Evidence from industrial heterogeneity Abstract: This study investigates the unsymmetrical effect from air quality (AQ) to stock return (SR) in China’s different industries. Depending on quantile-on-quantile (QQ) test, it draws the important results in following aspects. For tourism, iron and steel, and automobile industries, their coefficient values between AQ and SR turn into negative from positive with deteriorating AQ. Conversely, the coefficients in the wind power, hydro power, thermal power, environmental protection, and medical equipment industries turn positive from negative. Some contributions are thus drawn when compared to existing literatures. Government industrial policy is regarded as an important supplement in explaining mechanism from AQ to SR, except investor sentiment. Industrial heterogeneity is seriously treated in this paper due to different industries have different responses to AQ. Besides, the QQ test is able to capture nexus between AQ and SR in specific quantiles through embedding non-parametric estimation into conventional quantile approach. Therefore, investors should avoid biased trading decisions under different air qualities. Meanwhile, government intervention is paid special attention when appearing serious air pollution. Journal: Economic Research-Ekonomska Istraživanja Pages: 2320-2340 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2097107 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2097107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2320-2340 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120515_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Po-Sheng Ko Author-X-Name-First: Po-Sheng Author-X-Name-Last: Ko Author-Name: Chien-Shu Tsai Author-X-Name-First: Chien-Shu Author-X-Name-Last: Tsai Author-Name: Jen-Yao Lee Author-X-Name-First: Jen-Yao Author-X-Name-Last: Lee Title: Does compensative subsidy alleviate pollutant emission and improve welfare under cross-industry pollution? Abstract: This paper establishes a cross-industry pollution externality model under centralized labor union. In delineating the motivations of a benevolent government, it might be possible to tax part of the welfare gains and use the revenue to compensate the affected polluting industry for the damage costs, thereby improving welfare. We show that the magnitude of marginal pollution plays a critical role. When the marginal pollution is large, the government should tax the pollution firm to reduce the pollution. However, when the marginal pollution is small, the government should subsidize the polluted firm to increase output and enhance consumer surplus. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2120515 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120515 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2120515 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120040_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Filip Bašić Author-X-Name-First: Filip Author-X-Name-Last: Bašić Author-Name: Tomislav Globan Author-X-Name-First: Tomislav Author-X-Name-Last: Globan Title: Early bird catches the worm: finding the most effective early warning indicators of recessions Abstract: The paper examines whether certain macrofinancial indicators can be used for early detection of recessions. Analysing a sample of small open economies from Central and Eastern European Union, we first identify the most important indicators used for early detection of recessions, and then test the validity of the selection by using the signal method and multivariate probit regressions. Our results imply that the most effective predictors of upcoming recessions are the slope of the yield curve, current account balance to GDP ratio, real estate price index, self-financing ratio of commercial banks, nominal effective exchange rate, global exports and LIBOR rate. Using the Mann-Whitney U Test, we also find that foreign indicators emit earlier signals of incoming recessions in analysed countries than domestic ones. This type of research is important because of the various stakeholders that base their decisions on the signals provided by these indicators. Primarily, these are various government agencies that participate in monetary and fiscal policy making. Early warning of an impending recession allows economic policy makers to take corrective action to avoid a recession or to significantly mitigate its effects, while unreliable indicators may lead to adoption of unnecessary measures with adverse effects on the economy. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2120040 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120040 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2120040 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180051_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Snežana Radukić Author-X-Name-First: Snežana Author-X-Name-Last: Radukić Author-Name: Milan Veselinović Author-X-Name-First: Milan Author-X-Name-Last: Veselinović Author-Name: Ivana Marjanović Author-X-Name-First: Ivana Author-X-Name-Last: Marjanović Title: Technical efficiency analysis of oil companies in the Republic of Serbia Abstract: The subject of this paper is the assessment of the efficiency of oil companies operating in the Republic of Serbia. This paper presents the possibilities of applying non-parametric methods in researching the efficiency of oil companies in the Serbian market. In addition to the standard variables for measuring technical efficiency, the market share should be taken into account, because the oil market is an example of an imperfect competition market. By applying the quantitative-analytical method (Data Envelopment Analysis), obtained results show the development of the efficiency of oil companies in the relevant market, and indicate that the efficiency of oil companies improved during the analysed period. However, the results also indicate that there is still a problem of misallocation of resources. The reasons for this outcome are interesting and debatable for this industrial area. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180051 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180051 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180051 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2116068_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Shan Shan Wu Author-X-Name-First: Shan Shan Author-X-Name-Last: Wu Author-Name: Juan Lin Author-X-Name-First: Juan Author-X-Name-Last: Lin Title: Environmental benefits of China's entertainment and media market: implications for sustainability Abstract: The fundamental role of entertainment and media in the field of environment cannot be denied in this digitalised world. The world faces various environmental issues, and people need to spread awareness about these diseases and precautionary measures. Entertainment and media play a crucial role in spreading information among the masses. The strength of entertainment and media can significantly influence environmental sustainability. Very limited studies have explored this dimension. Hence, our research is covering this vacuum by investigating the role of entertainment and media on the environment in the case of China by using the data from 1998 to 2020. The study explores this nexus by employing the ARDL approach that reports that entertainment and media are significant determinants of environmental quality both in the long-run and short-run. Thus, it is suggested that policymakers need to formulate policies that ensure inclusive usage of entertainment and media in society. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2116068 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2116068 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2116068 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2093244_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Muhammad Sadiq Author-X-Name-First: Muhammad Author-X-Name-Last: Sadiq Author-Name: Jenho Peter Ou Author-X-Name-First: Jenho Peter Author-X-Name-Last: Ou Author-Name: Khoa Dang Duong Author-X-Name-First: Khoa Dang Author-X-Name-Last: Duong Author-Name: Le Van Author-X-Name-First: Le Author-X-Name-Last: Van Author-Name: Thanh Quang Ngo Author-X-Name-First: Thanh Quang Author-X-Name-Last: Ngo Author-Name: Thanh Xuan Bui Author-X-Name-First: Thanh Xuan Author-X-Name-Last: Bui Title: The influence of economic factors on the sustainable energy consumption: evidence from China Abstract: Recently, sustainable energy consumption has been a significant factor in reducing environmental degradation due to the high economic growth, and this phenomenon demands more attention of scholars and policymakers. Thus, the current literature examines the impact of economic factors such as economic growth, foreign direct investment (FDI), inflation, and population growth on sustainable energy consumption (SEC), particularly in renewable energy consumption (REC) in China. This study used secondary data collection methods extracted from world development indicators (WDI), incorporating stationary tests like Phillips-Perron (PP) and Augmented Dickey-Fuller (ADF) to check the unit root of the constructs. The time-series data involved are from 1981 to 2019. The autoregressive distributed lag (ARDL) model was utilized to examine the association among the variables. The results indicated that economic growth, FDI, inflation, and population growth were positively associated with SEC in China. This study provides the guidelines to the policymakers to develop policies related to the SEC. Journal: Economic Research-Ekonomska Istraživanja Pages: 1751-1773 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2093244 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2093244 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1751-1773 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180054_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiaobo Fang Author-X-Name-First: Xiaobo Author-X-Name-Last: Fang Author-Name: Zeng Wei Author-X-Name-First: Zeng Author-X-Name-Last: Wei Author-Name: Ying Zhang Author-X-Name-First: Ying Author-X-Name-Last: Zhang Author-Name: Yinping Zhi Author-X-Name-First: Yinping Author-X-Name-Last: Zhi Title: Does global value chain engagement improve export quality? Evidence from Chinese manufacturing firms Abstract: Using a firm-level data set of Chinese manufacturing sector, we examine whether global value chain (G.V.C.) engagement induces firms to upgrade the quality of the goods that they export. Empirical results show that G.V.C. participation has positive impact on export product quality, and this finding is consistent across several robustness checks. However, the influence of G.V.C. embedment on export quality presents an ‘inverted-U’ shape. The mechanism analysis demonstrates that the effect of G.V.C. participation on export quality is driven by competition effect and firms’ willingness to import high-quality intermediates. Furthermore, the quality effect of G.V.C. embedment differs depending on firm characteristics. This article therefore contributes to a better understanding of the benefits of participation in G.V.C.s for manufacturing firms from developing countries. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180054 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180054 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180054 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2067887_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xushi Wei Author-X-Name-First: Xushi Author-X-Name-Last: Wei Author-Name: Haiping Ren Author-X-Name-First: Haiping Author-X-Name-Last: Ren Author-Name: Sana Ullah Author-X-Name-First: Sana Author-X-Name-Last: Ullah Author-Name: Cuma Bozkurt Author-X-Name-First: Cuma Author-X-Name-Last: Bozkurt Title: Does environmental entrepreneurship play a role in sustainable green development? Evidence from emerging Asian economies Abstract: Environmental entrepreneurship and green growth are emerging concerns of policymakers around the globe. We aim to find the role of environmental entrepreneurship in attaining sustainable green development in emerging Asian economies such as China, India, Indonesia, Korea, Malaysia, Pakistan, the Philippines, Thailand, Malaysia, and Singapore. Two different proxies of environmental entrepreneurship are used in this analysis including electricity production from renewable energy and nuclear & renewables energy production. For empirical estimation, we have applied ARDL-PMG. The findings from the panel-ARDL PMG confirmed the positive impact of electricity production from renewable sources on green economic growth both in the long and short-run. Similarly, renewable energy production also causes green economic growth to rise in the short and long run. Trade is another element that can help promote green economic growth. Green entrepreneurship policies have been suggested for improving sustainable development. Journal: Economic Research-Ekonomska Istraživanja Pages: 73-85 Issue: 1 Volume: 36 Year: 2023 Month: 1 X-DOI: 10.1080/1331677X.2022.2067887 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2067887 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:73-85 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2093767_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Maria Denisa Vasilescu Author-X-Name-First: Maria Denisa Author-X-Name-Last: Vasilescu Author-Name: Gina Cristina Dimian Author-X-Name-First: Gina Cristina Author-X-Name-Last: Dimian Author-Name: Giani Ionel Gradinaru Author-X-Name-First: Giani Ionel Author-X-Name-Last: Gradinaru Title: Green entrepreneurship in challenging times: a quantitative approach for European countries Abstract: The aim of the study is to deep dive into the potential of green entrepreneurship and its drivers in a time of multiple challenges when green growth seeks to reconcile economic and sustainable development goals. The need for responsible business models has become evident in recent years, and companies that offer green products or services are creative, eco-friendly growth incubators and important economic actors that can change the future of society. We used a logistic regression model for 7326 companies from 36 European countries to identify what influences the decision to go green, including supply and demand factors, measures for resource efficiency and targeted policies. We found that the company’s age, its financial performance, the country’s level of development, as well as the incentive measures have a significant potential of stimulating green entrepreneurship. Our results highlight the overwhelming importance of financing. Firms in less developed countries face difficulties in developing green products and services, so support programs are needed to build green entrepreneurship in some regions. Many entrepreneurs in less developed countries are highly educated, creative, and innovative, so they can successfully run sustainable business models if the transfer of good practices is accompanied by an infusion of capital. Journal: Economic Research-Ekonomska Istraživanja Pages: 1828-1847 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2093767 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2093767 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1828-1847 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2090407_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Fengsheng Chien Author-X-Name-First: Fengsheng Author-X-Name-Last: Chien Title: The role of corporate governance and environmental and social responsibilities on the achievement of sustainable development goals in Malaysian logistic companies Abstract: Globally, sustainable development goals (SDGs) have gained significant importance due to the uncertain environmental and economic condition that needs researchers’ attention. Therefore, the present paper aims to scrutinize the effect of environmental and social responsibilities and corporate governance on the achievement of SDGs of logistic firms in Malaysia. The present research also examines the mediating impact of innovative culture among the linkage of environmental and social responsibilities, corporate governance, and achievement of SDGs of logistic firms in Malaysia. The current article has applied the questionnaire method to gather the primary data from selected respondents. The present research also applied the Smart-PLS to analyze the primary data using measurement and structural model assessment. The results indicated that environmental and social responsibilities have a positive linkage with the achievement of SDGs of logistic firms in Malaysia. The findings also exposed that innovative culture significantly mediates the relationship between environmental and social responsibilities and the achievement of SDGs of logistic firms in Malaysia. The present article has provided the guidelines to the policymakers while formulating the regulations and policies related to the achievement of SDGs in the organization. Journal: Economic Research-Ekonomska Istraživanja Pages: 1610-1630 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2090407 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2090407 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1610-1630 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2081232_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Branko Stanić Author-X-Name-First: Branko Author-X-Name-Last: Stanić Title: Gender (dis)balance in local government: how does it affect budget transparency? Abstract: Balanced gender representation in local political life has been a subject of increasing interest to researchers. This paper, based on a unique database, analyses the representation of women in local representative and executive bodies and its impact on budget transparency (BT) in Croatian local governments. The panel analysis shows that a greater representation of women in local councils has a positive effect on the level of local government digital budgetary reporting. This is in line with gender literature settings and theories that explain BT, suggesting that the greater representation of women helps reduce information asymmetry, increase transparency, and promote government legitimacy. We do not find significant results in regard to women’s representation in local executive functions. A particularly indicative policy implication suggests the aim of increasing the gender balance in local political spheres, especially when deciding on good governance practices and fiscal disclosure requirements. Journal: Economic Research-Ekonomska Istraživanja Pages: 997-1014 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2081232 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2081232 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:997-1014 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2094440_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hui Xie Author-X-Name-First: Hui Author-X-Name-Last: Xie Author-Name: Shengying Yang Author-X-Name-First: Shengying Author-X-Name-Last: Yang Author-Name: Yang Liu Author-X-Name-First: Yang Author-X-Name-Last: Liu Author-Name: Minghua Li Author-X-Name-First: Minghua Author-X-Name-Last: Li Title: Can Internet construction promote enterprise upgrading? Abstract: This paper investigates the impact of Internet infrastructure construction on enterprise transformation and upgrading and the underlying mechanisms using a progressive double difference model based on a quasi-natural experiment of the Chinese government's "broadband China" policy by matching A-share listed companies and city panel data from 2008–2019 in Shanghai and Shenzhen. The conclusions show that the "broadband China" policy can significantly promote the transformation and upgrading of enterprises in pilot cities. However, its effect shows a diminishing marginal contribution, and the policy is more effective for traditional manufacturing industries during the implementation period. Enhancing human capital and reducing internal transaction costs are two important channels for Internet infrastructure construction to help enterprises transform and upgrade. Combined with the life cycle theory, we find that the "broadband China" policy has the most significant impact on changing and upgrading enterprises in the growth and maturity stages, especially those in the manufacturing industry, but not those in the maturity and decline stages of the service industry. Finally, a series of robustness tests using Monte Carlo simulation, entropy balance method, and instrumental variables method, excluding other factors, show that the findings are still robust. Journal: Economic Research-Ekonomska Istraživanja Pages: 1933-1959 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2094440 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2094440 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1933-1959 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2072356_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hui Jiang Author-X-Name-First: Hui Author-X-Name-Last: Jiang Author-Name: Cheng Peng Author-X-Name-First: Cheng Author-X-Name-Last: Peng Author-Name: Yu Zou Author-X-Name-First: Yu Author-X-Name-Last: Zou Title: Do the host country’s environmental regulations inhibit the enterprises’ risk preference of multinational investment? Evidence from China Abstract: How to achieve a win-win situation between environment protection and economic development in the process of outward foreign direct investment (OFDI) has always been a major issue of Chinese enterprises. In recent years, China has paid unprecedented attention to environmental protection, and issued relevant policies to encourage enterprises to abide by the host country’s environmental regulations and fulfil their environmental protection-related responsibilities in the process of going global. However, the influence of the host country’s environmental regulations on the enterprises’ risk preference of multinational investment (MIRP) has not received the attention it deserves. This article makes an empirical analysis on how the host country’s environmental regulations affect the MIRP by using the sample of China’s A-share listed companies from 2010 to 2019, and emphatically tests the mediating roles of enterprises' green technology innovation, environmental information disclosure and corporate environmental responsibility, and the moderating role of shareholder protection policies. It is found that, on the whole, the host country’s environmental regulations will inhibit the MIRP by accelerating enterprises' green technology innovation, increasing the level of environmental information disclosure and promoting environmental responsibility. Besides, the shareholder protection policies of the host countries can positively moderate the influence of the host country’s environmental regulations on the MIRP. Journal: Economic Research-Ekonomska Istraživanja Pages: 143-169 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2072356 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2072356 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:143-169 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2101016_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: José Navarrete Oyarce Author-X-Name-First: José Navarrete Author-X-Name-Last: Oyarce Author-Name: Hugo Moraga Flores Author-X-Name-First: Hugo Author-X-Name-Last: Moraga Flores Author-Name: Juan Gallegos Mardones Author-X-Name-First: Juan Gallegos Author-X-Name-Last: Mardones Title: Index to degree of adhesion to good practices of corporate governance and their effect on financial performance: evidence for Chilean companies Abstract: Over recent decades, numerous financial crises have affected the global economy, which were caused by the lack of ethical values and conflicts of interest amongst the leaders of organisations. To protect organisations and their interest groups, regulators have developed norms to discourage and prohibit unethical practices through promotion of good practices of corporate governance. However, the literature on good corporate governance practices focuses mainly on developed economies without considering the challenges of developing countries. Therefore, this research proposes an index to measure the degree of adherence to good corporate governance practices in an emerging economy, like Chile, and estimate its effect on the financial performance of companies. Through a panel analysis, this research provides evidence that shows the existence of a positive and significant relationship between this index and financial performance of organisations, as well as a persistence of its benefits over time when companies adopt good practices. Journal: Economic Research-Ekonomska Istraživanja Pages: 2527-2544 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2101016 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2101016 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2527-2544 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2097448_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Nan Ye Author-X-Name-First: Nan Author-X-Name-Last: Ye Author-Name: Ling Yuan Author-X-Name-First: Ling Author-X-Name-Last: Yuan Author-Name: Yong Xu Author-X-Name-First: Yong Author-X-Name-Last: Xu Title: Non-parametric research methods to measure energy efficiency and renewable energy nexus: evidence from emerging economies Abstract: This study aims to analyse the connection between energy efficiency and renewable energy consumption in the emerging seven (E7) economies during the period 1990–2020. This study also examines the impact of economic growth, carbon emissions and technological innovation on renewable energy. This study employs various panel data approaches that validate the irregular distribution of data and the heterogeneous slopes coefficients. The cross-section dependence test confirms that cross-section dependence is present in the study variables. While these variables are cointegrated. Using non-parametric panel data approaches, the moments' quantile regression results unveil that economic growth is positively associated with renewable energy in all quantiles. Whereas energy efficiency and carbon emissions showed mixed results, negatively affect renewable energy consumption in the lower quantiles, insignificant in the medium quantiles and positive in the higher quantiles. On the other hand, technological innovation is found negatively related to renewable energy consumption. Bidirectional causal association is found between explanatory variables and renewable energy consumption. Based on the empirical findings, this study suggests policies to divert economic growth from fossil fuel energy consumption, enhancing investment in the renewable energy sector, promoting energy efficiency and investment in environmental-related technologies to promote renewable energy. Journal: Economic Research-Ekonomska Istraživanja Pages: 2421-2442 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2097448 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2097448 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2421-2442 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2086600_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiao Lan Author-X-Name-First: Xiao Author-X-Name-Last: Lan Author-Name: Zhe Li Author-X-Name-First: Zhe Author-X-Name-Last: Li Author-Name: Zongjun Wang Author-X-Name-First: Zongjun Author-X-Name-Last: Wang Title: The influence of returnee technology executives on enterprise innovation: the innovation patent data of global exchange market listed companies Abstract: In this paper, the innovation patent data of 344 Chinese Global Exchange Market (GEM) listed companies from 2014 to 2018 is manually collected, and the effect of returnee technology executives (RTEs) on enterprise innovativeness is examined based on the empirical theory of the high ladder team. The study finds that RTEs promote enterprise innovation and that this effect persists after controlling for endogeneity and self-selection problems. By comparing the difference in the effect of RTEs on breakthrough innovation and non-breakthrough innovation, the study found that RTEs had a more significant role in promoting enterprise breakthrough innovation. Furthermore, through executive group analysis, it is found that Returnee Technology Chief Executive Officers (CEOs) have more potently positive effect on promoting enterprise innovation especially breakthrough innovation and RTEs exert greater prominence in fostering innovation in companies across developed coastal areas. The research theoretically expands and deepens the investigation on the rapport between enterprise executive characteristics and innovation, highlights the importance of the human capital of overseas returnees in practice, and has a certain guiding significance for enterprise talent introduction policies. Journal: Economic Research-Ekonomska Istraživanja Pages: 1361-1376 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2086600 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2086600 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1361-1376 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2063919_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Fahad Khalid Author-X-Name-First: Fahad Author-X-Name-Last: Khalid Author-Name: Khwaja Naveed Author-X-Name-First: Khwaja Author-X-Name-Last: Naveed Author-Name: Rab Nawaz Author-X-Name-First: Rab Author-X-Name-Last: Nawaz Author-Name: Xinhui Sun Author-X-Name-First: Xinhui Author-X-Name-Last: Sun Author-Name: Yongmin Wu Author-X-Name-First: Yongmin Author-X-Name-Last: Wu Author-Name: Chengang Ye Author-X-Name-First: Chengang Author-X-Name-Last: Ye Title: Does corporate green investment enhance profitability? An institutional perspective Abstract: Using the institutional theoretical perspective, this study seeks to unearth the antecedents of the mixed results in the extant literature regarding the association between corporate green investment (CGI) and profitability. The study utilized a novel dataset comprising environmental research data from Chinese A-share listed companies for the period 2010–2019. The findings indicate that CGI enhances profitability and that the positive association is reinforced by the promulgation of Environmental Protection Law 2015. Regional development also augments CGI’s positive effect on firms’ profitability. Nevertheless, no significant association is observed between firm profitability and CGI among firms operating within environmentally sensitive sectors. Our findings imply that apart from regulatory forces, normative and cognitive pressures are also key instruments that may be employed by governments to motivate firms to embrace greener and more sustainable practices. Journal: Economic Research-Ekonomska Istraživanja Pages: 1-24 Issue: 1 Volume: 36 Year: 2023 Month: 1 X-DOI: 10.1080/1331677X.2022.2063919 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2063919 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1-24 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106263_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Marie Mikušová Author-X-Name-First: Marie Author-X-Name-Last: Mikušová Author-Name: Ivona Vrdoljak Raguž Author-X-Name-First: Ivona Vrdoljak Author-X-Name-Last: Raguž Author-Name: Petra Horváthová Author-X-Name-First: Petra Author-X-Name-Last: Horváthová Title: Economic and social aspects of three generations’ well-being. Czech study Abstract: The subject of the research is the issue of understanding the values of well-being by three generations of age. The surveys were attended by 5,000 respondents. After evaluation using the Analytical Network Process (A.N.P.) method, when the significance of individual sub-criterion was compared, research questions about potential differences in well-being values were answered. Significant differences in view of well-being during the three generations have been identified. For the ‘youth’ group the evaluation of the finance criterion is significantly prevalent, a strong preference for community well-being is defined for the ‘grandparents’ group. For the ‘parents’ group the evaluation of the criteria is balanced. The existence of the U-shape was detected. The results provide further information to compare the understanding of well-being values, which differ not only within the national region, but also internationally. Practical implication lies in stimulating the debate about the need to know well-being, e.g., by employers and state institutions, not only at the local level, because this knowledge and subsequent relevant interventions bring benefits to all interest groups. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2106263 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106263 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2106263 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2101019_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Muddassar Sarfraz Author-X-Name-First: Muddassar Author-X-Name-Last: Sarfraz Author-Name: Larisa Ivascu Author-X-Name-First: Larisa Author-X-Name-Last: Ivascu Author-Name: Alin Emanuel Artene Author-X-Name-First: Alin Emanuel Author-X-Name-Last: Artene Author-Name: Nicolae Bobitan Author-X-Name-First: Nicolae Author-X-Name-Last: Bobitan Author-Name: Diana Dumitrescu Author-X-Name-First: Diana Author-X-Name-Last: Dumitrescu Author-Name: Oana Bogdan Author-X-Name-First: Oana Author-X-Name-Last: Bogdan Author-Name: Valentin Burca Author-X-Name-First: Valentin Author-X-Name-Last: Burca Title: The relationship between firms’ financial performance and performance measures of circular economy sustainability: an investigation of the G7 countries Abstract: To achieve sustainable development, companies are aware that they need to move from the ‘take-make-consume-throw away’ pattern toward an economic model based on sharing, re-use, repair, refurbishing, and recycling. Implementing the circular economy concept into a company’s business model is not an easy process, given that some eco-innovations have higher costs with direct effects on financial performance. Hence, this study aims to determine the relationship between corporate financial performance and the performance measures of the circular economy through multivariate econometric estimations. The observations considered in our sample reflect the financial and circular economy performance for 411 companies with headquarters in the European G7 members disclosed in the period 2014-2020. The EU was chosen to carry out the study because the member states subscribe to a general reporting framework and the European Green Deal agreement, making it the most active in implementing the circular economy model. The findings are based on the econometric models related to the nature and amplitude of the association relation between firms’ financial performance and circular economy in connection with firms’ performance. The results show that the performance of the circular economy has a relatively small influence on the firms’ financial performance. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2101019 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2101019 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2101019 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2076145_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jianhua Ye Author-X-Name-First: Jianhua Author-X-Name-Last: Ye Author-Name: Massoud Moslehpour Author-X-Name-First: Massoud Author-X-Name-Last: Moslehpour Author-Name: Yu-Te Tu Author-X-Name-First: Yu-Te Author-X-Name-Last: Tu Author-Name: Nguyen The Vinh Author-X-Name-First: Nguyen The Author-X-Name-Last: Vinh Author-Name: Thanh Quang Ngo Author-X-Name-First: Thanh Quang Author-X-Name-Last: Ngo Author-Name: Sang Van Nguyen Author-X-Name-First: Sang Van Author-X-Name-Last: Nguyen Title: Investment on environmental social and governance activities and its impact on achieving sustainable development goals: evidence from Chinese manufacturing firms Abstract: Achieving sustainable development goals (SDGs) is a global requirement that attracts new researchers and regulators. So, the current research investigates the impact of investment on the environment, social, and governance (ESG) activities on the achievement of SDGs of the Chinese manufacturing companies. The current article also examines the mediating impact of organizational effectiveness among the nexus of investment in ESG activities and the achievement of SDGs of the Chinese manufacturing companies. The current research has taken the questionnaires to gather the data and used the smart-PLS to analyze the data. The results exposed that investment in the environment and social activities have a positive impact on the achievement of SDGs. The findings also revealed that the organizational effectiveness significantly mediates among the nexus of investment in the environment and social activities and the achievement of SDGs of the Chinese manufacturing companies. This study provides help to the relevant authorities to achieve the SDGs using the investment in ESG activities. Journal: Economic Research-Ekonomska Istraživanja Pages: 333-356 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2076145 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2076145 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:333-356 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180057_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Liliana Donath Author-X-Name-First: Liliana Author-X-Name-Last: Donath Author-Name: Gabriela Mircea Author-X-Name-First: Gabriela Author-X-Name-Last: Mircea Author-Name: Mihaela Neamţu Author-X-Name-First: Mihaela Author-X-Name-Last: Neamţu Author-Name: Nicoleta Sîrghi Author-X-Name-First: Nicoleta Author-X-Name-Last: Sîrghi Title: A mathematical approach to network contagion regarding greening banks’ policies Abstract: Green banking has become dominant in academics’ and practitioners’ discourse. The purpose of the research is to investigate whether banks’ attitudes, in deciding to go green, change under the influence of other banks through their mutual interaction and whether hysteresis plays a part in the process. A mathematical model, described by a differential system with time delay, considering three variables, i.e.: green, outsider and undecided banks, is used as a research method. We investigate the local stability of the two equilibrium points. Moreover, we look for the optimal control strategy targeting the undecided banks so that the outsiders’ group diminishes. The main contribution is that the paper sheds more light on the qualitative rather than on the quantitative side of the banking business given that banks’ behaviours are examined when it comes to implementing green policies. The research has policy implications since bank managers can decide whether to follow the greening trends of other banks and bank regulators can use the instrument for tracking the overall changes in banks’ behaviours in this respect. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180057 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180057 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180057 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080742_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Chengfang Shen Author-X-Name-First: Chengfang Author-X-Name-Last: Shen Author-Name: Xindong Zhao Author-X-Name-First: Xindong Author-X-Name-Last: Zhao Title: How does income inequality affects economic growth at different income levels? Abstract: To address the slowdown in growth from an inequality perspective, this study applies a comprehensive dataset with strong comparability and a dynamic panel threshold model to explore the effect of income inequality on economic growth, its channels of influence, and differences in channels due to country differences, considering income level differences and country differences. The study finds that whilst inequality impedes growth in the general growth framework, this impediment becomes insignificant when the fertility rate or country differences are controlled for. Second, the impeding effect of inequality on growth occurs at low-income levels rather than at high-income levels. Finally, in the low-income stage, inequality tends to impede growth through channels that reduce the level of human capital and political stability and increase fertility, rather than through channels that affect investment, and the channels vary slightly by the country's economic systems, religious beliefs, and saving habits. This study suggests that at the low-income stage, the government should appropriately increase the proportion of labour compensation, improve the redistribution system, encourage the development of charity, and establish a sound social donation system. Journal: Economic Research-Ekonomska Istraživanja Pages: 864-884 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080742 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080742 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:864-884 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2181840_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hongmin Fan Author-X-Name-First: Hongmin Author-X-Name-Last: Fan Author-Name: Nan Zhang Author-X-Name-First: Nan Author-X-Name-Last: Zhang Author-Name: Huihan Su Author-X-Name-First: Huihan Author-X-Name-Last: Su Title: The effects of smart city construction on urban green total factor productivity: evidence from China Abstract: As a new urbanization mode, smart cities provide a way to achieve the mutually beneficial situation of both economic development and environmental protection. As such, the question of whether and how smart-city construction can promote the high-quality development of urban economies is worth considering. By measuring the green total factor productivity (GTFP) of 233 cities in China from 2004–2019, this paper adopts the national pilot smart cities of China as a quasi-experiment and constructs a time-varying DID model to explore the direct, dynamic, and heterogeneity influence of smart-city construction on GTFP. The results indicate the following: (1) Smart-city construction can significantly promote the urban GTFP, which is mainly caused by the progress of green technology, and the effect is robust after a series of robustness tests; (2) smart-city construction can contribute to GTFP improvement primarily through accelerating technological innovation, promoting industrial upgrading, and realizing resource allocation optimization; and (3) smart cities that are larger in scale, have a higher administrative rank, and lie in eastern regions have stronger positive effects on GTFP. This study aims to contribute to the promotion of urban sustainable development. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2181840 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2181840 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2181840 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080091_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zuhao Zou Author-X-Name-First: Zuhao Author-X-Name-Last: Zou Author-Name: Xiaoping Wang Author-X-Name-First: Xiaoping Author-X-Name-Last: Wang Title: Research on the investment value of China’s medical sector in the context of COVID-19 Abstract: COVID-19 has slowed the growth of, the global economy, which has certain practical significance. Consequently, this study seeks to analyze the investment opportunities in the medical sector before and after the COVID-19 outbreak. In this study, the Markowitz mean–variance (MV) model, capital asset pricing model (CAPM), and correlation models are constructed based on the principle of Markowitz MV and correlation analysis. Simultaneously, statistical analysis is used to verify the analysis, and the MATLAB statistical tool is used to build the model. The results show that the actual expected yield of China’s medical sector is significantly higher than that calculated by the CAPM before and after the pandemic, and that the investment value of the medical sector is undervalued by the market. From the perspective of risk, China’s medical sector has a stable systemic risk premium. Based on the above analysis, when building investment portfolios in the post-pandemic era, investors should appropriately allocate stocks in the medical and pharmaceutical sectors to improve the portfolio income and diversify the investment risk. Journal: Economic Research-Ekonomska Istraživanja Pages: 614-633 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2080091 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080091 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:614-633 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180412_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Nelson Amowine Author-X-Name-First: Nelson Author-X-Name-Last: Amowine Title: The impact of forestation and renewable energy utilisation on environmental efficiency in Africa Abstract: Achieving carbon neutrality is a tedious challenge confronting African countries that have witnessed mounting environmental degradation. Renewable energy consumption (REC) and forestation play a critical role in dealing with the situation. Therefore, to address this concern, this study assesses the dynamic energy or environmental efficiency of 43 sampled African countries by proffering a new dynamic meta-frontier DEA model from 2010 to 2018. The bootstrap truncation regression model investigates the influence of forestation and REC on environmental efficiency in Africa. The dynamic environmental efficiency of the 43 concerned African countries is low (0.59), indicating vast room for improvement. The heterogeneity of dynamic environmental efficiency across the income groups is evident. The upper-middle-income group (UMIG) had the best performance, followed by the low-middle-income group (LMIG) and the low-income group (LIG). The technology gap ratio also confirmed the existence of a huge gap across the income groups in Africa. The bootstrap truncation regression results confirmed a U-shaped relationship between economic growth and dynamic environmental efficiency in Africa. Forestation and REC positively correlate to dynamic CO2 emission and energy efficiency in Africa. In contrast, financial development is negatively associated with CO2 emissions and Africa’s energy efficiency. The study’s findings will aid the sampled African countries in their quest to attain carbon neutrality, thereby promoting sustainability on the African continent. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180412 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180412 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180412 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080735_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Wang Shasha Author-X-Name-First: Wang Author-X-Name-Last: Shasha Author-Name: Babar Nawaz Abbasi Author-X-Name-First: Babar Nawaz Author-X-Name-Last: Abbasi Author-Name: Ali Sohail Author-X-Name-First: Ali Author-X-Name-Last: Sohail Title: Assessment of Olympic performance in relation to economic, demographic, geographic, and social factors: quantile and Tobit approaches Abstract: The sports industry's global gain is worth drawing attention to in the face of economics. Scholars argued that a country's success in sports is directly related to its economic, demographic, geographic, and social factors. Therefore, investigating the relationship between these factors and sports prizes could be a garment in formulating policies for promoting sports success. Thus, this study used cross-sectional data analysis to investigate such claims based on the recent Olympic Games of Rio 2016 from 207 countries with more than 11,000 athletes on 306 events in 28 different sports by employing Quantile Regression and Tobit Regression models. The findings revealed that inflation rate in moderate performed countries; economically active population in low, moderate, high, and very high performed countries; and countries' income classification in low, moderate, high, and very high performed countries are influencing the countries medal ranking performance in the Olympic Games. Furthermore, countries with high temperatures are not likely to do well in the games. However, the size of a country's GDP level, corruption ranking level, the number of athletes, and the topographical nature of a country have no impact on the countries medal ranking performance in the Olympic Games. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080735 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080735 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2080735 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2093245_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Bowen Luo Author-X-Name-First: Bowen Author-X-Name-Last: Luo Author-Name: Arshad Ahmad Khan Author-X-Name-First: Arshad Ahmad Author-X-Name-Last: Khan Author-Name: Adnan Safi Author-X-Name-First: Adnan Author-X-Name-Last: Safi Author-Name: Jin Yu Author-X-Name-First: Jin Author-X-Name-Last: Yu Title: Research methods in economics to evaluate the role of energy efficiency and financial inclusion in achieving China’s carbon neutrality target Abstract: In the recent literature, energy efficiency got the attention of scholars due to its discouraging impact on CO2 emissions, which is considered the most prevalent greenhouse gas that human activities produce. Data reports that China is the leading CO2 emitting country across the globe, and still the environmental degradation is in progress. Thus, the current paper empirically investigates the impact of energy efficiency (ENEF), financial inclusion (FD), GDP, export diversification (EXD), and human capital index (HCI) on the environmental degradation of China over the period from 1988 to 2018. This study uses various time-series tests to empirically investigate the determinant of CO2 emissions, including normality tests, unit root tests, and combined cointegration tests. Besides, the long-run coefficients are analyzed via the fully modified ordinary least square (FMOLS), dynamic OLS (DOLS), and the Canonical Cointegrating Regression (CCR) estimators. The empirical findings reveal that all the variables are cointegrated in the long run. However, the coefficient estimate shows that ENEF and HCI significantly promote environmental sustainability. While GDP, FD, and EXD significantly promote environmental degradation by enhancing the CO2 level in the atmosphere. This study recommends practical policy implications based on the empirical findings: energy-efficient products and energy sources could be promoted. Journal: Economic Research-Ekonomska Istraživanja Pages: 1774-1802 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2093245 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2093245 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1774-1802 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2077793_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Muhammad Nadeem Author-X-Name-First: Muhammad Author-X-Name-Last: Nadeem Author-Name: Siqi Lou Author-X-Name-First: Siqi Author-X-Name-Last: Lou Author-Name: Zilong Wang Author-X-Name-First: Zilong Author-X-Name-Last: Wang Author-Name: Ullah Sami Author-X-Name-First: Ullah Author-X-Name-Last: Sami Author-Name: Syed Ahtsham Ali Author-X-Name-First: Syed Ahtsham Author-X-Name-Last: Ali Author-Name: Qaiser Abbas Author-X-Name-First: Qaiser Author-X-Name-Last: Abbas Author-Name: Seyfettin Artan Author-X-Name-First: Seyfettin Author-X-Name-Last: Artan Title: Efficiency of domestic institutional arrangements for environmental sustainability along the way to participate in global value chains: evidence from Asia Abstract: The well-functioning domestic institutions are very important for the global value chains to have its positive impact on environment. This article provides an empirical assessment of the impact of domestic institutional arrangements along the way to participate in global value chains on environmental performance index for sustainability goals for 41 Asian countries over 2001–2018 period. Most recent empirical studies assumes that causality runs to environmental measures through trade and governance but inverse relationship is also feasible and none of the previous studies have discussed about it. Using instrumental variable strategy to closing these gaps, we analyse the mechanism of direct and indirect impact of participation in global value chains on environmental performance index. Our results show that environmental performance index is negatively affected by participation in global value chains and this relationship overturns when participation in global value chains is accompanied by governance facilitation. Further, the findings suggest that governance-augmented participation in global value chains is a tool of environmental sustainability. Journal: Economic Research-Ekonomska Istraživanja Pages: 516-535 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2077793 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2077793 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:516-535 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180061_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiaofei Du Author-X-Name-First: Xiaofei Author-X-Name-Last: Du Author-Name: Weixin Luan Author-X-Name-First: Weixin Author-X-Name-Last: Luan Author-Name: Cuilian Ma Author-X-Name-First: Cuilian Author-X-Name-Last: Ma Author-Name: Yuduo Lu Author-X-Name-First: Yuduo Author-X-Name-Last: Lu Title: The impact of organizational stigmatization on the operational risk and performance of overseas subsidiaries: empirical evidence from Chinese multinational enterprises Abstract: This study used the global database of events, language, and tone of international public opinion big data to measure organizational stigmatization against China. It then used an econometric model to investigate the impact of organizational stigmatization on the operational risk and performance of overseas subsidiaries of Chinese multinational enterprises. The results show that: (1) organizational stigmatization increases overseas subsidiaries’ operational risk and reduces their operational performance, which is more evident in overseas subsidiaries of state-owned enterprises; (2) the host country’s political stability weakens the organizational stigmatization’s positive impact on overseas subsidiaries’ operational risk. The geographical distance between the home and host countries strengthens organizational stigmatization’s positive impact on overseas subsidiaries’ operational risk; (3) the host country’s political stability and the geographical distance between the home and host countries have no moderating effect on organizational stigmatization and overseas subsidiaries’ operational performance; and (4) organizational stigmatization by the host country reduces overseas subsidiaries’ operational performance via the channel of operational risk. This study innovates the measurement method of organizational stigmatization and lays the foundation for investigating the microeconomic impact of organizational stigmatization from the perspective of overseas subsidiaries. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180061 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180061 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180061 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2103840_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiuyi Wang Author-X-Name-First: Xiuyi Author-X-Name-Last: Wang Author-Name: Le Sun Author-X-Name-First: Le Author-X-Name-Last: Sun Author-Name: Hafiz Kashif Razzaq Author-X-Name-First: Hafiz Kashif Author-X-Name-Last: Razzaq Author-Name: Zulkiflee Abdul-Samad Author-X-Name-First: Zulkiflee Author-X-Name-Last: Abdul-Samad Author-Name: Phan The Cong Author-X-Name-First: Phan Author-X-Name-Last: The Cong Title: The dynamic role of ecological innovation and sustainable finance in improving green productivity: evidence from China Abstract: This study investigates the influence of ecological innovations and sustainable financing in promoting the Chinese economy's green total factor productivity (GTFP) from Q1-2004 to Q4-2018. Initially, this study measures GTFP using Data Envelopment Analysis and applies Bootstrap Auto-regressive Distributed Lagged (BARDL) model for dynamic effects. The preliminary results confirm the existence of unit root and a long-term cointegrating relationship among the model variables. The long-run results demonstrate that ecological innovations and sustainable financing have promoted GTFP in China. Moreover, government intervention is imperative to support green productivity growth at the macro level. However, there is a need to control the adverse effect of unemployment in impeding GTFP. Notably, the long-run results reflect the more substantial impact of the stated variables compared to the short run with the convergence towards long-run equilibrium. The policymakers are suggested to prioritise the development of the financial market and technological innovations. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2103840 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2103840 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2103840 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2094436_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Shiying Hou Author-X-Name-First: Shiying Author-X-Name-Last: Hou Author-Name: Jianjia He Author-X-Name-First: Jianjia Author-X-Name-Last: He Author-Name: Liangrong Song Author-X-Name-First: Liangrong Author-X-Name-Last: Song Title: Fiscal science and technology expenditure and the spatial convergence of regional innovation efficiency: evidence from China’s province-level data Abstract: Narrowing the gap in regional innovation efficiency is conducive to the coordinated development of regional economies. Fiscal science and technology (S&T) expenditure is the government’s primary means of supporting regional innovation. It also plays an essential role in improving the efficiency of regional innovation. This study constructs a spatial convergence economic model based on a dynamic perspective. It also examines the relationship between fiscal S&T expenditure and spatial convergence of regional innovation efficiency. China’s regional innovation efficiency shows a trend of conditional β-convergence. Fiscal S&T expenditure positively affects the spatial convergence of regional innovation efficiency and has an inverted U-shaped, nonlinear relationship as a whole. The transmission mechanism test revealed that the cross-regional flow of research and development (R&D) personnel can enhance this positive effect, and the role of R&D capital is not significant. Journal: Economic Research-Ekonomska Istraživanja Pages: 1848-1866 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2094436 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2094436 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1848-1866 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120045_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiaokai Li Author-X-Name-First: Xiaokai Author-X-Name-Last: Li Author-Name: Xingong Li Author-X-Name-First: Xingong Author-X-Name-Last: Li Author-Name: Sheng Ding Author-X-Name-First: Sheng Author-X-Name-Last: Ding Title: How do Internet applications affect process innovation in Chinese manufacturing companies? Abstract: This study distinguishes between two dimensions of firm process innovation, namely, quantity and quality, and uses data from the World Bank’s China Manufacturing Firm Survey to analyse the differential impact of Internet applications on the quantity and quality of process innovation and their mechanisms of action. Internet applications have a significant facilitating effect on the quantity and quality of process innovation. However, from the perspective of the average marginal effect, the facilitating effect of Internet applications on the quantity of process innovation is greater than that on the quality of process innovation. Further analysing firm size, industry, ownership, and regional heterogeneity shows that in terms of the quantity of process innovation, Internet applications have a greater impact on small- and medium-sized firms, labour-intensive firms, non-state-owned firms, and eastern firms. As for the quality of process innovation, Internet applications have a stronger promoting effect on large firms, technology-intensive firms, and state-owned firms. The mechanism test reveals that open innovation and informatisation capability play a mediating role in the influence of a firm’s Internet applications on process innovation. This study provides micro-empirical evidence for firms’ Internet applications to promote process innovation and policy insights into China’s manufacturing transformation and upgrading. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2120045 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120045 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2120045 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2070772_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ran Fang Author-X-Name-First: Ran Author-X-Name-Last: Fang Author-Name: Huchang Liao Author-X-Name-First: Huchang Author-X-Name-Last: Liao Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Enrique Herrera-Viedma Author-X-Name-First: Enrique Author-X-Name-Last: Herrera-Viedma Title: Risk assessment in project management by a graph-theory-based group decision making method with comprehensive linguistic preference information Abstract: Risk assessment is a vital part in project management. It is possible that experts may provide comprehensive linguistic preference information in distinct forms with respect to different aspects of the risk assessment problem in investment management. It is a challenge to model and deal with comprehensive linguistic preference assessments in multiple forms given by experts. In this regard, this paper defines the generalised probabilistic linguistic preference relation (GPLPR) to represent different forms of linguistic preference information in a unified structure. Then, a probability cutting method is proposed to simplify the representation of a GPLPR. Afterwards, a graph-theory-based method is developed to improve the consistency degree of a GPLPR. A group decision making method with GPLPRs is then proposed to carry on the risk assessment in project management. Discussions regarding the comparative analysis and managerial insights are given. Journal: Economic Research-Ekonomska Istraživanja Pages: 86-115 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2070772 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2070772 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:86-115 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080734_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Dejana Nikolic Author-X-Name-First: Dejana Author-X-Name-Last: Nikolic Author-Name: Milica Kostic-Stankovic Author-X-Name-First: Milica Author-X-Name-Last: Kostic-Stankovic Author-Name: Veljko Jeremic Author-X-Name-First: Veljko Author-X-Name-Last: Jeremic Title: How does genre preference influence the importance of film marketing mix elements: evidence during the COVID-19 pandemics Abstract: This paper aims to propose a conceptual model which will unveil how fans of different film genres observe the importance of elements of marketing mix when consuming products in the film industry during COVID-19 pandemics. To verify the proposed conceptual model, a survey was conducted during the lockdown and the responses of 1606 individuals from Serbia, who declare themselves as film fans, were analyzed using structural equation modelling analysis. The results support the assumption that the respondents who prefer different film genres give different importance to elements of the film marketing mix. Our findings show that based on the genre of the film marketing activities can be tailored so as to improve their effects, especially during the pandemics and post-pandemics period. It is believed that the herein presented research could initiate further research on the issue of modelling marketing activities in the film industry based on consumers’ genre preference and behavior. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080734 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080734 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2080734 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2097105_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Agata Szymańska Author-X-Name-First: Agata Author-X-Name-Last: Szymańska Title: Structure of the population or economic conditions? Determinants of spending on social protection in the European Union Abstract: The paper examines the relationship between dependent variables (spending on social protection and spending on social protection benefits) and variables that capture the economic structure of the population and economic activity on the example of panel data of 26 European Union (EU) countries (except for Bulgaria and Croatia) over the years 2000-2017. In particular, the economic structure of the population is analysed by the age dependency ratio, while economic activity is expressed by the real GDP per capita growth rate and the unemployment rate. Regardless of the estimation technique for specifications with variables transformed to first differences, the results of the study indicate a statistically significant association between the dependent variables and the macroeconomic conditions of the EU countries. By contrast, the relationships between the dependency ratios and the dependent variables are positive but generally statistically insignificant, although EU countries are undergoing advanced processes of population ageing. Journal: Economic Research-Ekonomska Istraživanja Pages: 2273-2297 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2097105 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2097105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2273-2297 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2089192_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Wei-Jie Chen Author-X-Name-First: Wei-Jie Author-X-Name-Last: Chen Author-Name: Jing-Jing Yao Author-X-Name-First: Jing-Jing Author-X-Name-Last: Yao Author-Name: Yuan-Hai Shao Author-X-Name-First: Yuan-Hai Author-X-Name-Last: Shao Title: Volatility forecasting using deep neural network with time-series feature embedding Abstract: Volatility is usually a proxy indicator for market variation or tendency, containing essential information for investors and policy-makers. This paper proposes a novel hybrid deep neural network model (HDNN) with temporal embedding for volatility forecasting. The main idea of our HDNN is that it encodes one-dimensional time-series data as two-dimensional GAF images, which enables the follow-up convolution neural network (CNN) to learn volatility-related feature mappings automatically. Specifically, HDNN adopts an elegant end-to-end learning paradigm for volatility forecasting, which consists of feature embedding and regression components. The feature embedding component explores the volatility-related temporal information from GAF images via the elaborate CNN in an underlying temporal embedding space. Then, the regression component takes these embedding vectors as input for volatility forecasting tasks. Finally, we examine the feasibility of HDNN on four synthetic GBM datasets and five real-world Stock Index datasets in terms of five regression metrics. The results demonstrate that HDNN has better performance in most cases than the baseline forecasting models of GARCH, EGACH, SVR, and NN. It confirms that the volatility-related temporal features extracted by HDNN indeed improve the forecasting ability. Furthermore, the Friedman test verifies that HDNN is statistically superior to the compared forecasting models. Journal: Economic Research-Ekonomska Istraživanja Pages: 1377-1401 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2089192 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2089192 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1377-1401 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2082997_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yanzhang Gu Author-X-Name-First: Yanzhang Author-X-Name-Last: Gu Author-Name: Longying Hu Author-X-Name-First: Longying Author-X-Name-Last: Hu Author-Name: Chenxuan Hou Author-X-Name-First: Chenxuan Author-X-Name-Last: Hou Title: Leveraging diverse ecosystem partners for innovation: the roles of regional innovation environment and partnership heterogeneity Abstract: Although prior studies investigated the influence of partner diversity on focal firms’ innovation performance, they failed to consider partners’ ecosystem positions and the roles of regional innovation environment and partnership heterogeneity. To fill these gaps, this study examines the relationship between supplier diversity, customer diversity, regional innovation environment, partnership heterogeneity and innovation performance to provide a comprehensive and throughout understanding of the influence of partner diversity on innovation performance. Based on data of 188 Chinese manufacturing firms, this article finds that both diversities of upstream suppliers and that of downstream customers contribute to innovation performance. Regional innovation environment and partnership heterogeneity moderate the influences of supplier diversity and customer diversity on innovation performance. In a favourable regional innovation environment, the benefits of diverse upstream suppliers for innovation are eroded, while the benefits of diverse downstream customers for innovation are enhanced. Partnership heterogeneity with suppliers can mitigate the moderating effect of regional innovation environment on the relationship between supplier diversity and innovation performance. These findings advance the literature on partner diversity and innovation performance, thus providing fine-grained managerial implications to firms to orchestrate diverse inter-organizational partners for innovation. Journal: Economic Research-Ekonomska Istraživanja Pages: 1167-1186 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2082997 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2082997 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1167-1186 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180052_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Mohd Ziaur Rehman Author-X-Name-First: Mohd Ziaur Author-X-Name-Last: Rehman Author-Name: Aviral Kumar Tiwari Author-X-Name-First: Aviral Kumar Author-X-Name-Last: Tiwari Author-Name: Durga Prasad Samontaray Author-X-Name-First: Durga Prasad Author-X-Name-Last: Samontaray Title: Analyzing Markov dependence-switching between E7 stock markets Abstract: We investigate the dependence structure among the seven emerging stock markets namely Brazil, China, India, Indonesia, Mexico, South Korea, and Turkey for the period 2000 to 2018 by employing a dependence-switching copula model. This model allows us to investigate the tail dependence and regime shift between positive and negative correlation for bull and bear stock pairs. Our overall results show that under the negative correlation regime, only 8 out of 21 paired stock markets have asymmetric dependence, and 6 out of 21 paired stock markets have asymmetric tail dependence. Although the emerging stock markets are deemed by the global investors to be a homogenous class, these stock markets manifest varied degree of traits. Henceforth, from a portfolio diversification perspective, the global investors can exploit the diversification opportunities offered by the selected stock markets. These findings have appropriate implications from the perspective of asset pricing and risk management. The study recommends that regulators should provide a roadmap for identifying risk’s effects across the selected emerging stock markets. Moreover, policy makers should consider what further financial collaboration they intend to pursue for enabling greater accessibility to the selected emerging stock markets. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180052 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180052 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180052 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2093766_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xuan Hu Author-X-Name-First: Xuan Author-X-Name-Last: Hu Author-Name: Kai Shi Author-X-Name-First: Kai Author-X-Name-Last: Shi Author-Name: Li Nie Author-X-Name-First: Li Author-X-Name-Last: Nie Author-Name: Meng Yan Author-X-Name-First: Meng Author-X-Name-Last: Yan Title: Variability in the impacts of partisan conflict: a new perspective from bank credit Abstract: The purpose of this article is to analyse the impact of partisan conflict on bank credit, and take the global financial crisis as the time node to analyse the variability of this impact before and after the financial crisis. This article examines the impacts of partisan conflict on the bank credit by employing the US data covering the past 40 years and captures the variability in the effects of partisan conflict based on the rolling sample and time-varying parameter VAR analysis. The full sample results reveal that one standard deviation partisan conflict shock will shrink the bank credit growth rate to nonfinancial sectors, and the negative effects of partisan conflict on bank credit are more substantial after the global financial crisis. The rolling sample and time-varying parameter VAR analysis further confirm that the impacts of partisan conflict shock have varied substantially over time, where bank credit still negatively reacts to the impacts of partisan conflict in recent periods. Additionally, we estimate two extended models and support the intermediate role of economic policy uncertainty in transmitting the partisan conflict and the substitution effect of cross-border bank lending on domestic bank credit. Finally, our major results are unchanged by performing a series of robustness checks. The conclusion of this article is that partisan conflict has a significant impact on bank credit and shows obvious variability, which is more significant after the global financial crisis. Journal: Economic Research-Ekonomska Istraživanja Pages: 1803-1827 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2093766 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2093766 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1803-1827 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2077794_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Chi Wei Su Author-X-Name-First: Chi Wei Author-X-Name-Last: Su Author-Name: Yingfeng Chen Author-X-Name-First: Yingfeng Author-X-Name-Last: Chen Author-Name: Jinyan Hu Author-X-Name-First: Jinyan Author-X-Name-Last: Hu Author-Name: Tsangyao Chang Author-X-Name-First: Tsangyao Author-X-Name-Last: Chang Author-Name: Muhammad Umar Author-X-Name-First: Muhammad Author-X-Name-Last: Umar Title: Can the green bond market enter a new era under the fluctuation of oil price? Abstract: This paper investigates how oil price (OP) influences the prospects of green bonds by utilising the quantile-onquantile (QQ) method and researching the interactions between OP and green bond index (GBI) from 2011:M1 to 2021:M11. We find that impacts from OP on the GBI are positive in the short run. The positive effects indicate that high OP can promote the development of the green bond market, indicating that green bonds can be considered an asset to avoid OP shocks. However, in the medium and long term, there is a negative impact due to the oversupply of the oil market and the increase in green energy industry profits. These results are identical to the supply and demand-based correlation model of green bonds and oil price, which underlines a specific effect of OP on GBI. The GBI effect on OP is consistently positive across all quantiles. It indicates that green bonds cannot be considered efficient measures to alleviate the oil crisis due to the instability of the Middle East COVID-19 and the small scale of green bonds. The issuers of green bonds can make decisions based on OP. Understanding the relationship between OP and GBI is also beneficial for investors. Journal: Economic Research-Ekonomska Istraživanja Pages: 536-561 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2077794 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2077794 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:536-561 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2095522_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jun Zhao Author-X-Name-First: Jun Author-X-Name-Last: Zhao Author-Name: Farhad Taghizadeh-Hesary Author-X-Name-First: Farhad Author-X-Name-Last: Taghizadeh-Hesary Author-Name: Kangyin Dong Author-X-Name-First: Kangyin Author-X-Name-Last: Dong Author-Name: Xiucheng Dong Author-X-Name-First: Xiucheng Author-X-Name-Last: Dong Title: How green growth affects carbon emissions in China: the role of green finance Abstract: Accelerating the green transition of the economy is an effective way to conserve energy and reduce emissions, and its impact on the greenhouse effect deserves in-depth discussion. Based on this, we examine the potential effect of China’s green growth on carbon dioxide (CO2) emissions by applying provincial panel data from 2004 to 2018. The regional heterogeneity and how does green finance affect the green growth-CO2 nexus are also checked. The primary findings imply that: (i) China’s green growth achieves preliminary results, and its impact on CO2 emissions is significantly negative. Also, green finance can facilitate carbon emission reduction; (ii) significant regional heterogeneity exists within various regions. Only in the central and western regions can green growth effectively reduce CO2 emissions, and in the eastern and central regions, green finance is conducive to promoting carbon reduction; and (iii) the mediating role of green finance is significant. In other words, China’s green growth not only mitigates the greenhouse effect directly, but also affects CO2 emissions indirectly by accelerating the development of green finance. Journal: Economic Research-Ekonomska Istraživanja Pages: 2090-2111 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2095522 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2095522 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2090-2111 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2073249_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xinli Li Author-X-Name-First: Xinli Author-X-Name-Last: Li Author-Name: Xiaodong Li Author-X-Name-First: Xiaodong Author-X-Name-Last: Li Author-Name: Jun Cheng Author-X-Name-First: Jun Author-X-Name-Last: Cheng Author-Name: Jiaying Li Author-X-Name-First: Jiaying Author-X-Name-Last: Li Author-Name: Zhenyang Zhao Author-X-Name-First: Zhenyang Author-X-Name-Last: Zhao Title: The influence of institutional fragility on corporate cash holdings: evidence from China Abstract: This study examines the relationship between institutional fragility and corporate cash holdings. Using data from China between 2004 and 2017, we find that institutional fragility is associated with increased corporate cash holdings. The relationship is stronger for non-state-owned enterprises and stronger when firms have no relationship with banks. Furthermore, we find that institutional fragility reduces current investment opportunities, leading to an increase in corporate cash holdings. Investment opportunities play an intermediary effect; hence, institutional fragility affects corporate cash holdings. Journal: Economic Research-Ekonomska Istraživanja Pages: 191-208 Issue: 1 Volume: 36 Year: 2023 Month: 1 X-DOI: 10.1080/1331677X.2022.2073249 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2073249 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:191-208 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106265_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xin Kang Author-X-Name-First: Xin Author-X-Name-Last: Kang Author-Name: Danni Zhao Author-X-Name-First: Danni Author-X-Name-Last: Zhao Author-Name: Zaoli Yang Author-X-Name-First: Zaoli Author-X-Name-Last: Yang Title: Analysis of intellectual property cooperation behavior based on stochastic catastrophe theory and the QSIM algorithm Abstract: This article introduces a new model, the catastrophe model of intellectual property cooperation behavior. The purpose of the model is to analyze the evolutionary track of intellectual property cooperation behavior. After providing a general of catastrophe mechanism of intellectual property cooperation behavior and introducing stochastic catastrophe theory, this article offers a catastrophe model of intellectual property cooperation behavior. And then, based on the survey data of high-tech enterprises, the model parameters were given by introducing the qualitative simulation algorithm. The results demonstrate that intellectual property cooperation is composed of a cooperation strategic planning stage, cooperation system formation stage, cooperation system working stage, and cooperation profit distribution stage. Under the influence of control variables, the intellectual property cooperation behavior will appear catastrophic near the set of bifurcation points. Most previous studies on intellectual property cooperation have disregarded the characteristic of the sudden changes in cooperation behavior. Therefore, this article offers an integrated catastrophe model and explains the nature of intellectual property cooperation behavior. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2106265 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106265 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2106265 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120044_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Anna Rivna Author-X-Name-First: Anna Author-X-Name-Last: Rivna Author-Name: Martin Gress Author-X-Name-First: Martin Author-X-Name-Last: Gress Title: Social entrepreneurship as a new business model. The case of refugee integration Abstract: The aim of this paper is to analyse the definition of the new ‘buzzword’ of Social Business in general, as well as to analyse its contribution to the refugee integration and touch upon their challenges and barriers they encounter. In the past few years, Austria has witnessed a massive increase in the number of asylum-seeking refugees, which has sparked a heated debate about the methods of their integration process. Politicians have proposed several measures, still problems such as social inclusion or effective and targeted integration into the labor market have remained untouched. In order to answer the research questions, this study applies the qualitative method and is based on both primary and secondary data. The data is gathered from 10 interviews of social businesses in the field of refugee integration in Austria. Based upon this finding, it is of the utmost importance that social businesses garner the attention of the government and policies which should support their creation and development. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2120044 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120044 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2120044 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2119424_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zhaobo Tang Author-X-Name-First: Zhaobo Author-X-Name-Last: Tang Title: The effects of education upward mobility on income upward mobility: evidence from China Abstract: The effect of education on income has been debated in recent years. We use the China Health and Nutrition Survey database to research the relationship between education upward mobility and income upward mobility. We find education upward mobility has a positive effect on income upward mobility. The intergenerational psychological distance which is a measure of the difference between parents’ and children’s conceptualizations, parents’ social capital, and children’s gender all have effects on this relationship. To be specific, the positive effect is reinforced by a certain amount of intergenerational psychological distance, but is negated by an excessive amount of intergenerational psychological distance. Besides, education upward mobility actively increases the income upward mobility of rural-dwelling children whose parents lack social capital, i.e., education is a key factor that improves the income of children from rural families. In contrast, education upward mobility only actively increases the income upward mobility of urban-dwelling children whose parents have social capital. In addition, the positive effect of education on children’s income is more evident in boys than in girls. These findings greatly advance our understanding of the beneficial effects of education on the income, and will assist improvements to be made in these areas. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2119424 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2119424 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2119424 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180058_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zheng Pan Author-X-Name-First: Zheng Author-X-Name-Last: Pan Author-Name: Xuyun Zheng Author-X-Name-First: Xuyun Author-X-Name-Last: Zheng Title: Price volatility transmission of perishable agricultural products: evidence from China Abstract: Volatility transmission is a crucial price phenomenon that influences upstream production and downstream consumption in agricultural commodity markets. However, existing studies offer little evidence on how product perishability is related to price volatility transmission along the agricultural market chain. This study investigates how price volatilities are transmitted across the farm, wholesale, and retail stages using high-frequency data from litchi and apple markets in China. We adopt various MGARCH models and volatility impulse response functions to evaluate the time evolution of price volatility correlation, and the direction and magnitude of price volatility transmission. Empirical results indicate that in the litchi market chain, the wholesale stage plays a dominant role in price volatility transmission, and the wholesale and retail stages have higher volatility spillover effects on the farm stage than vice versa. However, we find little evidence of price volatility transmission along the apple market chain. Our findings suggest that the degree of price volatility transmission is stronger for higher product perishability. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180058 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180058 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180058 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2113738_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zheng Fu Author-X-Name-First: Zheng Author-X-Name-Last: Fu Author-Name: Bo Xu Author-X-Name-First: Bo Author-X-Name-Last: Xu Author-Name: Xiaomeng Wang Author-X-Name-First: Xiaomeng Author-X-Name-Last: Wang Author-Name: Chaoqun Sun Author-X-Name-First: Chaoqun Author-X-Name-Last: Sun Author-Name: Junlong Chen Author-X-Name-First: Junlong Author-X-Name-Last: Chen Title: The proportion of state-owned shares and capacity sharing with constraints and prices in a mixed oligopoly Abstract: This study constructs an oligopoly model composed of mixed-ownership and private enterprises, examining the equilibrium results of three cases: when two enterprises compete with sufficient capacity (Model AA), insufficient capacity and overcapacity coexist without sharing (Model IA), and sharing (Model IS). This study also explores the effects of the proportion of state-owned shares, capacity constraints, and capacity prices. The realisation conditions and impacts of capacity sharing are further analysed. The results show that the efficiency of state-owned capital affects the effects of state-owned shares on the equilibrium results. An optimal capacity price exists for the capacity provider (private enterprise). Capacity sharing can effectively allocate resources and increase profits; however, consumers and society do not necessarily benefit from it. Full privatisation and the highest proportion of state-owned shares may be the best choice for the government under certain conditions. The government can intervene in enterprises’ capacity decision-making through subsidies to promote social welfare and realise capacity sharing simultaneously. Moreover, the government subsidises different enterprises when the proportions of state-owned shares and capacity prices are within different ranges. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2113738 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2113738 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2113738 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2091633_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jiaju Yu Author-X-Name-First: Jiaju Author-X-Name-Last: Yu Author-Name: Ye Xu Author-X-Name-First: Ye Author-X-Name-Last: Xu Title: Income inequality and human capital allocation Abstract: This study discusses the relationship between income inequality and human capital allocation in China. We categorise income inequality into intersectoral (state- versus non-state owned) and intergenerational income inequality. Based on relevant theoretical assumptions and empirical tests using existing regional data, we find that income inequality influences regional human capital allocation in China in three ways. First, intersectoral income inequality has a negative impact on regional human capital mismatch (i.e., inconsistency between job skill requirements and workers' actual skills). Second, intergenerational income inequality positively affects regional human capital mismatch. Third, the interaction of intersectoral and intergenerational income inequality has a negative impact on human capital mismatch. Thus, we observe differences in the net impact of intersectoral and intergenerational income inequality on human capital mismatch in China. The net impact of intersectoral income inequality on human capital mismatch is persistently negative, while the impact of intergenerational income inequality on human capital mismatch is contingent upon the degree of regional intersectoral income inequality. However, the imbalance in China’s regional development creates discrepancies in the relationship between improvement in income equality across regions and optimisation of human capital allocation. Thus, the process of formulating relevant policies must be regional, long-term based, and phased. Journal: Economic Research-Ekonomska Istraživanja Pages: 1651-1665 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2091633 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2091633 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1651-1665 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2092763_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiaoxi Liu Author-X-Name-First: Xiaoxi Author-X-Name-Last: Liu Author-Name: Xiaoling Yuan Author-X-Name-First: Xiaoling Author-X-Name-Last: Yuan Title: Novel research methods for energy use, carbon emissions, and economic growth: evidence from the USA Abstract: Researchers and governments are debating whether to use renewable energy sources or fossil fuels. The impact of the final decision on developed and developing regions is either the same or different. To investigate the answers to these issues, the current study used panel data for the US economy from 1985 to 2020. Following preliminary diagnostic testing, the researchers discovered that the data is stationary at the level and has long-run cointegration. Furthermore, the influence of economic growth (GDP), nonrenewable energy (EU), and renewable energy consumption was investigated using the quantile regression approach (REC). The analysis discovered that the impact of GDP and the EU on carbon emissions is lowest in industrialized countries and highest in underdeveloped countries. However, the corrective influence of REC on carbon emissions is lowest in industrialized countries and highest in developing regions. Although the GDP and EU have less influence on carbon emissions, the corrective effect of REC is also the least; consequently, policymakers should encourage the aggregate production system to use more REC than the EU as a sustainable alternative. Journal: Economic Research-Ekonomska Istraživanja Pages: 1735-1750 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2092763 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2092763 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1735-1750 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2089709_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Junyi Niu Author-X-Name-First: Junyi Author-X-Name-Last: Niu Title: Novel research methods on evaluating the nexus between environment and energy use: evaluating the role of tourism in the pre-COVID period Abstract: Since the fossil fuels are the principal energy sources across the globe, it is considered as the major reason for environmental degradation. Although, the fossil fuel consumption contributes to maintain industrial production, which is a key factor of economic growth, yet tourism is also among the key sources of revenue for China in the pre-Covid-19 pandemic. However, after the emergence of this novel pandemic, both fossil fuel consumption and tourism are severely affected that slowdowns China’s economic progress and could have influence on environmental quality. This study investigates the impact of traditional fossil fuel, economic growth, and tourism on carbon emissions level in China over the period 1995–2020. Using time series estimating approaches, all the variables are found stationary at first difference. Due to irregular distribution of data, this study employed the novel Quantile-on-Quantile regression. The estimated results reveal that consumption of fossil fuel significantly enhances the level of carbon emissions in China. Whereas the impact of economic growth and tourism on carbon emission is mixed. The influence of both the variables is found positive in the lower and medium quantiles, while negative in the upper quantiles. This study also employed the pairwise Granger causality test, that validates two-way causal nexus between fossil fuel consumption—carbon emission and economic growth—carbon emissions. While one way causality from tourism to carbon emissions is evident in the empirical results. This study suggests lowering of fossil fuel consumption by using the alternative energy sources and increase tourism stringent environmental regulations for environmentally destructive tourism activities. Journal: Economic Research-Ekonomska Istraživanja Pages: 1490-1509 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2089709 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2089709 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1490-1509 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080741_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Qianqian Guo Author-X-Name-First: Qianqian Author-X-Name-Last: Guo Author-Name: Zhifang Su Author-X-Name-First: Zhifang Author-X-Name-Last: Su Title: Capital account liberalisation and systemic financial risk: evidence from 24 countries Abstract: Capital account liberalisation can give rise to uncertainty in capital flows, which may lead to an accumulation of financial risks. This study measures the systemic financial risk indices using the coefficient of variation method with data of 24 countries from 2003 to 2019 and the impact of capital account liberalisation on systemic financial risks using the panel threshold model. Evidence shows that systemic financial risk indices vary heterogeneously across countries. The systemic financial risk indices of high-income countries are lower than those of middle- and low-income countries. Second, capital account liberalisation has an asymmetric effect on systemic financial risk with a double threshold. Low-intensity and high-intensity capital account liberalisation increases systemic financial risk. However, medium-intensity capital account liberalisation is effective in reducing systemic financial risk. Third, the heterogeneity results suggest that capital account liberalisation is conducive to reducing the financial risk of high- and middle-income countries and has the opposite effect on low-income countries. Therefore, this study recommends that countries adjust the intensity of capital account liberalisation according to their national conditions. It is necessary to establish a regulatory system for cross-border capital flows and maximise the benefits of liberalisation while safeguarding financial market stability. Journal: Economic Research-Ekonomska Istraživanja Pages: 845-863 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080741 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080741 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:845-863 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2100438_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Wang Fei Author-X-Name-First: Wang Author-X-Name-Last: Fei Author-Name: Fang Wei Author-X-Name-First: Fang Author-X-Name-Last: Wei Author-Name: Zhao Chunxia Author-X-Name-First: Zhao Author-X-Name-Last: Chunxia Author-Name: Wen Zhen Author-X-Name-First: Wen Author-X-Name-Last: Zhen Title: The impact of environmental, social, and governance, board diversity and firm size on the sustainable development goals of registered firm in China Abstract: Recently, sustainability practices have become a global requirement to attain the high-performance goals of the organizations and capture the focus of regulators and recent researchers. Therefore, the present article aim is to investigate the board diversity (percentage of women directors, percentage of non-executive directors and board member nationality) and firm size (logarithm of total assets) on the sustainability practices (expenditures on environmental sustainability) of the top ten registered firms in China. The researchers have adopted the secondary source of data collection and extracted the data from the financial statements of the adopted firms from 2005 to 2019. Additionally, the researchers used a fixed-effect model (FEM) and a robust standard error model to investigate the relationship between the two concepts. There were positive correlations between firm size (logarithmic total assets) and board diversity (percentage of women directors, percentage of non-executive directors, and board member nationality) and China's top ten registered firms' sustainability practises (expenditures on environmental sustainability). This research provides help to the policymakers while formulating strategies and policies related to the adoption of sustainability practices. Journal: Economic Research-Ekonomska Istraživanja Pages: 668-686 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2100438 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2100438 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:668-686 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2094444_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Wadim Strielkowski Author-X-Name-First: Wadim Author-X-Name-Last: Strielkowski Author-Name: Tatiana Kulagovskaya Author-X-Name-First: Tatiana Author-X-Name-Last: Kulagovskaya Author-Name: Galina Panaedova Author-X-Name-First: Galina Author-X-Name-Last: Panaedova Author-Name: Luboš Smutka Author-X-Name-First: Luboš Author-X-Name-Last: Smutka Author-Name: Stanislava Kontsevaya Author-X-Name-First: Stanislava Author-X-Name-Last: Kontsevaya Author-Name: Dalia Štreimikienė Author-X-Name-First: Dalia Author-X-Name-Last: Štreimikienė Title: Post-soviet economics in the context of international trade: opportunities and threats from mutual cooperation Abstract: Regional cooperation represents a viable alternative to the ongoing process of globalization, in which countries can optimally respond to the changes in the external environment through regional integration, while a larger market size tends to provide better sales opportunities. The purpose of this paper is to identify common determinants of the impact of economic and trade cooperation on the convergence of the economies of the member states of the Eurasian Economic Union (EAEU). We attempt to define a conceptual framework for cooperation between post-Soviet countries with an emphasis on their diversity.In this article, we are using the extrapolation methods that involve the estimation of the parameters of approximating dependences with the ordinary least squares method (OLS) and its modifications as well as the exponential smoothing method. The main reason for conducting this study as well as the major value-added of this paper is in its focus on the regional cooperation of the post-Soviet countries with the assessment of its role on accelerating economic growth, while the main limitation of this study is its focus on predicting the values for one year only which is subjected to the lack of more recent data. Journal: Economic Research-Ekonomska Istraživanja Pages: 2021-2044 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2094444 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2094444 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2021-2044 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2081864_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Iustina Alina Boitan Author-X-Name-First: Iustina Alina Author-X-Name-Last: Boitan Author-Name: Kamilla Marchewka-Bartkowiak Author-X-Name-First: Kamilla Author-X-Name-Last: Marchewka-Bartkowiak Title: Sovereign debt management in the face of climate liabilities: perspective of European Union member states Abstract: Climate change impact on sovereign debt management has become an issue of great concern. The aim of this paper is to analyse the changes in the traditional approach of sovereign debt managers in the face of the pursued climate policy and different scenarios of climate liabilities for 2050. We follow a novel three-fold research approach: 1) assessment of the estimated level of current climate liabilities based on the Fiscal Risk Matrix; 2) performing forward-looking climate debt projections over the timeframe 2025-2050 for the EU countries; 3) conducting case study research on EU countries, to identify the sovereign climate debt management activities undertaken so far and to define a series of good-practice guidelines. Findings indicate a growing role of the climate financial mechanisms in sovereign debt management. In particular, our climate scenario approach reveals those scenarios in which a country’s fiscal position indicators are more vulnerable from the standpoint of rising public expenditure due to the country’s inability to manage CO2 gas emissions. Each country is responsible for its climate pathway by 2050 and this will be mainly determined by the timeliness, efficacy and appropriateness of the public policies and measures implemented to mitigate climate change. Journal: Economic Research-Ekonomska Istraživanja Pages: 1120-1145 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2081864 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2081864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1120-1145 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2077792_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ujkan Q. Bajra Author-X-Name-First: Ujkan Q. Author-X-Name-Last: Bajra Author-Name: Florin Aliu Author-X-Name-First: Florin Author-X-Name-Last: Aliu Author-Name: Boštjan Aver Author-X-Name-First: Boštjan Author-X-Name-Last: Aver Author-Name: Simon Čadež Author-X-Name-First: Simon Author-X-Name-Last: Čadež Title: COVID-19 pandemic–related policy stringency and economic decline: was it really inevitable? Abstract: The coronavirus outbreak in 2020 shattered economies, public health and public well-being worldwide literally overnight. In response to the pandemic, most countries implemented a delicate balance of policy stringency and economic support to ensure public health, social security and a vibrant economy. With the pandemic slowly phasing out, our article explores the effectiveness of various governmental strategies for ensuring economic growth. The proposed econometric model is tested using panel quarterly data for 49 (37 OECD + 12 non-OECD) countries for all four quarters of 2020 and the first quarter of 2021. Our findings show that policy stringency and economic support are both negatively associated with economic growth. We also find that the stringency was largely responsive, oriented to preventing the collapse of health systems after infections had already become widespread, not towards saving human lives by preventing soaring levels of infection. While our findings appear to lend support for the view that a trade-off between human lives and the economy was inevitable, we also challenge this view by evidence that some countries were able to secure a double dividend of maintaining public health and a vibrant economy by a prudent far-sighted stringency policy of preventing the virus outbreak. Journal: Economic Research-Ekonomska Istraživanja Pages: 499-515 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2077792 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2077792 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:499-515 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2090405_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jinpeng Yang Author-X-Name-First: Jinpeng Author-X-Name-Last: Yang Author-Name: Xiaolin Liu Author-X-Name-First: Xiaolin Author-X-Name-Last: Liu Title: The role of sustainable development goals, financial knowledge and investment strategies on the organizational profitability: Moderating impact of government support Abstract: Recently, sustainable development goals (SDG) and investment strategies and knowledge has become the foremost factors for the high organizational profitability and capture the focus of recent studies and policymakers. Therefore, the current study aims to examine the impact of SDG, investment strategies and financial knowledge on the organizational profitability of manufacturing firms in China. Furthermore, the study examines the role of government support in the interplay between investment plans, financial understanding, and the profitability of organisations. Survey questionnaires and smart-PLS were used to collect data and analyse reliability and correlations. The findings show that SDGs, investment strategies, and financial knowledge all play a substantial role in a company's profitability.The results also revealed that government support moderates significantly among investment strategies, financial knowledge, and organizational profitability. This study guides the regulators while developing policies regarding SDG and investment strategies with respect to organizational profitability. Journal: Economic Research-Ekonomska Istraživanja Pages: 1570-1591 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2090405 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2090405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1570-1591 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080743_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zhuang Xiong Author-X-Name-First: Zhuang Author-X-Name-Last: Xiong Author-Name: Pengju Wang Author-X-Name-First: Pengju Author-X-Name-Last: Wang Author-Name: Lingling Wang Author-X-Name-First: Lingling Author-X-Name-Last: Wang Title: Firms’ re-innovation after failure and institutional environment: an evolutionary game theoretical approach Abstract: Carrying out follow-up innovation activities is significant to encourage firms with failed innovation to improve their innovation quality and sustainable competitiveness. However, the existing studies lack discussion on how to stimulate firms’ re-innovation after failure from the institutional level. To explore the relationship between institutional environment and the behavior choice of firms’ re-innovation after failure, the behavior characteristics of firms’ re-innovation after failure were discussed. A game model between government departments and firms with failed innovation was constructed by using the evolutionary game approach. The stable equilibrium strategies in the process of institutional environment optimization and firms’ re-innovation decision-making after failure were analyzed. Meanwhile, the case of Zhengzhou in China was used to illustrate the theoretical model. Results show that the subjective perception of risk and benefit of re-innovation affects the behavior choice of firms’ re-innovation after failure. The increase of re-innovation income promotes re-innovation behavior after failure and enhances firms’ competitiveness. The improvement of intellectual property protection improves re-innovation income, but the reduction of re-innovation cost has a limited impact on the behavior choice of firms’ re-innovation after failure. The increase of government social welfare benefits promotes the institutional environment construction and firms’ willingness to re-innovate after failure. Journal: Economic Research-Ekonomska Istraživanja Pages: 885-905 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080743 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080743 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:885-905 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2076712_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yong Qin Author-X-Name-First: Yong Author-X-Name-Last: Qin Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Xinxin Wang Author-X-Name-First: Xinxin Author-X-Name-Last: Wang Title: A hesitant fuzzy SMART method based on a new score function for information literacy assessment of teachers Abstract: As two powerful and flexible tools for decision-makers (DMs) to model the complex cognition, the hesitant fuzzy set (HFS) and hesitant fuzzy linguistic term set (HFLTS) allow DMs to express their opinions with several possible membership values or linguistic terms on the objects over each criterion. The aim of this article is to develop a novel score function of the HFS and HFLTS including hesitant degree and fuzzy degree information. For this purpose, the notion of fuzzy degree of the hesitant fuzzy element (HFE) and hesitant fuzzy linguistic element (HFLE) is introduced first. Then, considering both the hesitant degree and fuzzy degree information in expressions, the new score function, namely the Score-H&FD, is designed. Based on which, we extend the classical SMART (simple multi-attribute rating technique) method to the hesitant fuzzy environment. As a result, the hesitant fuzzy SMART (HF-SMART) method is developed in this article. Afterwards, we apply our proposed approach to assess and rank several teachers concerning information literacy. Finally, sensitive analysis and comparative analysis are carried out. The results show that the proposed method in this article has substantial advantages and applicability. Journal: Economic Research-Ekonomska Istraživanja Pages: 357-382 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2076712 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2076712 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:357-382 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2086148_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Michael Amponsah Odei Author-X-Name-First: Michael Amponsah Author-X-Name-Last: Odei Author-Name: Petr Novak Author-X-Name-First: Petr Author-X-Name-Last: Novak Title: Determinants of universities’ spin-off creations Abstract: The idea of entrepreneurial university seeks to boost the transfer of academic knowledge to firms and foster socio-economic development. The main objective of this paper is to examine the various determinants that influence universities knowledge transfer activities. To fulfil this objective, we draw our dataset from the higher education and business survey (HESA-BCI) conducted across the United Kingdom in the 2017/18 academic year and the partial least square structural equation was used. The Results demonstrated that funding, patents, and rewards all have significant influence on universities spin off creation. The results also showed that patents played a significant mediating role towards universities spin off creation. Findings of this study contribute to validating the important factors that promotes entrepreneurial activities at universities as well as contributing to knowledge transfer activities. The findings have positive implications for researchers, academic entrepreneurs, and university management aiming to exploit and commercialise university knowledge. Journal: Economic Research-Ekonomska Istraživanja Pages: 1279-1298 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2086148 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2086148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1279-1298 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2100436_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Long Zhao Author-X-Name-First: Long Author-X-Name-Last: Zhao Author-Name: Jianqiang Gu Author-X-Name-First: Jianqiang Author-X-Name-Last: Gu Author-Name: Jawad Abbas Author-X-Name-First: Jawad Author-X-Name-Last: Abbas Author-Name: Dervis Kirikkaleli Author-X-Name-First: Dervis Author-X-Name-Last: Kirikkaleli Author-Name: Xiao-Guang Yue Author-X-Name-First: Xiao-Guang Author-X-Name-Last: Yue Title: Does quality management system help organizations in achieving environmental innovation and sustainability goals? A structural analysis Abstract: The swift decline in the quantity and quality of natural resources and the public’s increased awareness about it is putting steep pressure on manufacturing and services firms to follow eco-friendly practices. The United Nations has made it imperative for organizations to ensure sustainability in their operations. This study investigates whether the quality management system within an organization helps them achieve environmental innovation and sustainable development goals? It also examines does environmental innovation facilitates firms in achieving sustainable development goals? Six quality management practices are taken from the American ‘Malcolm Baldrige National Quality Award’; environmental innovation includes product and process innovation, and corporate sustainability includes environmental, social, and economic dimensions. The authors followed the non-probability convenience sampling technique to collect data from the junior, middle, and senior managers from medium and large-size services and manufacturing firms from July 2019 to October 2019. The structural analysis indicated that quality management facilitates firms to achieve their environmental innovation and sustainability goals; environmental innovation significantly enables organizations to achieve sustainability goals. Dimensional analysis indicated that quality management significantly impacts all studied dimensions. However, environmental innovation is found to have an insignificant impact on social sustainability. The findings of this study provide valuable insights to the managers of the manufacturing and services firms concerning eco-innovation and sustainability goals and conclude by offering recommendations for future studies. Journal: Economic Research-Ekonomska Istraživanja Pages: 2484-2507 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2100436 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2100436 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2484-2507 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2081589_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jinrong Jia Author-X-Name-First: Jinrong Author-X-Name-Last: Jia Author-Name: Muhammad Khalid Anser Author-X-Name-First: Muhammad Khalid Author-X-Name-Last: Anser Author-Name: Michael Yao-Ping Peng Author-X-Name-First: Michael Yao-Ping Author-X-Name-Last: Peng Author-Name: Sheikh Usman Yousaf Author-X-Name-First: Sheikh Usman Author-X-Name-Last: Yousaf Author-Name: Shabir Hyder Author-X-Name-First: Shabir Author-X-Name-Last: Hyder Author-Name: Khalid Zaman Author-X-Name-First: Khalid Author-X-Name-Last: Zaman Author-Name: Sasmoko Author-X-Name-First: Author-X-Name-Last: Sasmoko Author-Name: Mohd Safarin bin Nordin Author-X-Name-First: Mohd Safarin bin Author-X-Name-Last: Nordin Title: Economic determinants of national carbon emissions: perspectives from 119 countries Abstract: The study aims to analyze the economic determinants of national carbon emissions in a large cross-section of 119 countries. The study followed the ‘theory of sustainable development’ to assess the national sustainable developmental agenda. The study employed cross-sectional, robust least squares, and Markov switching regression for parameter estimates. The findings indicate that information disclosure, the cost of business start-up procedures, sustainable fuel imports, and renewable energy decrease emissions stock. In contrast, ease of doing business and logistics operations increase it. According to the ex-ante analysis, information disclosure, the cost of business start-up procedures, and environmentally friendly logistical operations would likely reduce emissions stock. Ease of doing business and lower renewable fuel expenditures will almost certainly increase emissions stock in the majority of subsequent years. Over time, information disclosure is expected to significantly impact carbon emissions, followed by renewable energy consumption, doing business, and logistical operations. Sustainable economic policies worldwide make it possible for green technology and environmentally friendly manufacturing to be put into place. Journal: Economic Research-Ekonomska Istraživanja Pages: 1099-1119 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2081589 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2081589 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1099-1119 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2167222_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Marina Dabić Author-X-Name-First: Marina Author-X-Name-Last: Dabić Author-Name: Carolyn P. Egri Author-X-Name-First: Carolyn P. Author-X-Name-Last: Egri Author-Name: Vojko Potocan Author-X-Name-First: Vojko Author-X-Name-Last: Potocan Author-Name: Zlatko Nedelko Author-X-Name-First: Zlatko Author-X-Name-Last: Nedelko Title: The stimulus of European Union accession on the personal values formation process: a study of Croatia and Slovenia Abstract: The main purpose of this study is to investigate the change in the personal values orientations of individuals in Croatia and Slovenia resulting from the countries’ accession to the European Union (EU). We examined business managers’ and professionals’ value orientation by using four individual-level higher-order dimensions of self-transcendence, self-enhancement, openness to change and conservation, as defined in Schwartz’s value theory. To capture the effect of EU accession, we examined employees’ values orientation before accession to the EU (Croatia N = 276; Slovenia N = 389) and after each country’s accession (Croatia N = 223, Slovenia N = 336). This study reveals a substantial impact of this major socio-political change on the individual value-formation process. The value-formation of Croatia and Slovenia poorly follows manifested EU common principles and shared values, where Slovenians have more aversive look at the EU integration, then Croatians, what can be assigned to ‘initial enthusiasm', as Croatia entered almost decade later. The identified ‘EU integration gap' warns that accession to the EU is more associated with reaping economic benefits than with aligning the country’s values with those emphasized by EU integration. The findings have important implications for value management in the EU, single countries, and organizations. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2167222 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2167222 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2167222 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080736_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jingyuan Yu Author-X-Name-First: Jingyuan Author-X-Name-Last: Yu Title: Tax structure and corporate tax compliance: evidence from China Abstract: This article empirically examines the impact of tax structure on corporate tax compliance using Chinese industrial enterprise database and prefectural data. The results show that relying more on indirect taxes tends to decrease corporate tax compliance, while increasing the ratio of direct taxes of total tax revenues significantly enhances corporate tax compliance. To overcome endogeneity, the robustness is tested using instrumental variables and other robustness checks, such as changing variables and changing time windows. Mechanism analysis shows that it is conducive to reducing the complexity of the tax system, improving the quality of governance, and enhancing taxation efforts. This article examines the impact of tax system on corporate taxation behaviour from the perspective of the tax structure, which also provides microscopic empirical evidence for tax reform in China. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2080736 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080736 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2080736 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120042_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Omar Ikbal Tawfik Author-X-Name-First: Omar Author-X-Name-Last: Ikbal Tawfik Author-Name: Faozi A. Almaqtari Author-X-Name-First: Faozi A. Author-X-Name-Last: Almaqtari Author-Name: Waleed M. Al-ahdal Author-X-Name-First: Waleed M. Author-X-Name-Last: Al-ahdal Author-Name: Abdul Aziz Abdul Rahman Author-X-Name-First: Abdul Aziz Author-X-Name-Last: Abdul Rahman Author-Name: Najib H. S. Farhan Author-X-Name-First: Najib H. S. Author-X-Name-Last: Farhan Title: The impact of board diversity on financial reporting quality in the GCC listed firms: the role of family and royal directors Abstract: The present study examines the impact of board diversity on financial reporting quality with special consideration of the extent to which family and royal directors influence financial reporting quality (FRQ). The study utilises a sample of 181 listed GCC firms over the period from 2010 to 2016. Board personal attributes, including board expertise, age, gender, and nationality are investigated along with some other board issues such as; board size, meetings, and independence. Panel data analysis with fixed and random effect models are conducted to estimate the results. The results reveal that companies with large board size and greater age have less FRQ. Further, the results report that institutional founders, higher board independence, and expertise associate with greater levels of FRQ. The results also find that board meetings and family founders negatively influence FRQ. However, female directors, foreign directors, and royal board members setting in the board did not contribute to the levels of FRQ in the sampled companies. Finally, the results indicate that companies with a CEO royal member have higher levels of FRQ however, companies with chair board royals have less levels of FRQ. This research has valuable implications for investors, board of directors, analysts, academicians, and policymakers. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2120042 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120042 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2120042 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2114922_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Gengcan Zhu Author-X-Name-First: Gengcan Author-X-Name-Last: Zhu Author-Name: Jiangquan Wang Author-X-Name-First: Jiangquan Author-X-Name-Last: Wang Author-Name: Yuping Shang Author-X-Name-First: Yuping Author-X-Name-Last: Shang Title: Revisiting economic growth and environment: evaluating the role of research and development for China Abstract: One of the most alarming issues of the current times is the increasing level of carbon emissions and the depletion of Ozone layer, which is due to the increased fossil fuel usage. Scholars and governors are paying more attention towards identifying the factors and remedial measures of environmental degradation. The current study aims to analyse the influence of economic growth, research and development (R.D.D.), renewable electricity output (R.E.O.), and technological innovation (T.I.) on the carbon emissions in China throughout 1988–2021. This study uses the time series approach, that unveils the stationarity of variables, and the existence of cointegration between the variables. Due to the issue of data non-normality, this study uses the novel method of moment quantile regression (M.M.Q.R.). The estimated results asserted that economic growth and R.D.D. are the significant factors of increased carbon emission level in the country. On the other hand, renewable electricity is found adversely affecting the carbon emissions level. Also, the T.I. is found negative, but insignificantly affecting the carbon emission level of the country. These results are found robust by using the novel Bootstrap quantile regression (B.S.Q.R.). The empirical results suggest the constriction policies that could consider the increased investment in environmental-related R.D.D, T.I., and renewable energy sector to attain sustainable development. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2114922 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2114922 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2114922 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2097102_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Vieri Lastrucci Author-X-Name-First: Vieri Author-X-Name-Last: Lastrucci Author-Name: Alberto Romolini Author-X-Name-First: Alberto Author-X-Name-Last: Romolini Author-Name: Martina Giusti Author-X-Name-First: Martina Author-X-Name-Last: Giusti Author-Name: Niccolò Persiani Author-X-Name-First: Niccolò Author-X-Name-Last: Persiani Title: The impact of outsourcing operating theatre support services on hospital performances: the case of the largest university hospital of the Albania Abstract: Hospitals in most of the countries in transition face the challenge to raise efficiency in a rapidly evolving health sector. In this framework, the Albanian Ministry of Health has outsourced the sterilization and operating theatre support(SOTS) services of all the public hospitals. The aim of this article is to evaluate the impact of the outsourcing of SOTS services on the productivity of the surgical services. A case study analysis was conducted in the Country’s largest hospital. Surgical activity data of all the surgical services were analyzed. Furthermore, interviews with key stakeholders were conducted in order to enable a more detailed exploration of the results. Compared with the previous twelve months, a relevant increase in the total number of surgical interventions performed by the hospital was registered in the twelve months after the introduction of the new organizational model (+14%); this significant increase occurred in almost all the surgical services. Results of the interviews highlighted several organizational-, supply capacity-, and confidence-related determinants behind the productivity gains. These findings have significant implications for poorly performant—but increasingly competitive and evolving—hospital sectors of countries in transition, in which the outsourcing of SOTS services may represent a key tool for enhancing the productivity. Journal: Economic Research-Ekonomska Istraživanja Pages: 2199-2214 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2097102 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2097102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2199-2214 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2082998_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Chao Zhang Author-X-Name-First: Chao Author-X-Name-Last: Zhang Author-Name: Ziwei Zhang Author-X-Name-First: Ziwei Author-X-Name-Last: Zhang Title: Novel research methods to examine renewable energy and energy related greenhouse gases: evidence from novel panel methods Abstract: In the current time, the most distressing issue is emissions control and environmental recovery. All developed and developing economies are rapidly expanding their industrial sector and increasing energy use while struggling for environmental sustainability. This study aims to analyse whether renewable energy helps BRICS economies reduce energy related emissions. Also, the role of economic growth, research and development, and public–private partnership investment in energy is investigated during the period from 1990 to 2020. Using various panel data instruments, the results illustrate the slopes heterogeneity, panel cross-section dependence, and the long-run co-integration association between the variables. Using the novel method of moment quantile regression, this study found that economic growth adversely affects environmental quality by triggering energy related emissions. However, renewable energy consumption, research and development, and public–private partnership investment in energy significantly reduce energy related emissions in the region at all quantile (25th, 50th, 75th and 90th). Besides, this study found bidirectional causal nexus between economic growth, renewable energy, research and development, and the energy related greenhouse gas emissions, while unidirectional causality from public–private partnership investment to energy related emissions. Some relevant policies are suggested that could help tackle the issue of energy related emissions. Journal: Economic Research-Ekonomska Istraživanja Pages: 1187-1204 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2082998 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2082998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1187-1204 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2167223_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Dinkneh Gebre Borojo Author-X-Name-First: Dinkneh Gebre Author-X-Name-Last: Borojo Author-Name: Jiang Yushi Author-X-Name-First: Jiang Author-X-Name-Last: Yushi Author-Name: Zhang Hongyu Author-X-Name-First: Zhang Author-X-Name-Last: Hongyu Author-Name: Luo Xiao Author-X-Name-First: Luo Author-X-Name-Last: Xiao Author-Name: Miao Miao Author-X-Name-First: Miao Author-X-Name-Last: Miao Title: A pathway to the green revolution in emerging economies: how does green technological innovation affect green growth and ecological sustainability? Abstract: Green technological innovation (G.T.I.) contributes to making economic growth compatible with ecological sustainability (E.S.). Thus, in light of environmental challenges and attempts of emerging economies’ progress toward a green revolution, this study examines the effects of G.T.I. on green growth (G.G). and E.S. for 25 emerging economies from 1990 to 2018. It also investigates the moderating role of G.T.I. on the impacts of energy intensity and foreign direct investment (F.D.I.) on G.G. and E.S. to illustrate the energy rebound effect and pollution haven hypothesis. The Fully modified least square (F.M.O.L.S.), the Dynamic least square (D.O.L.S.), and the Pooled mean group autoregressive distributed lag (P.M.G./A.R.D.L.) estimators are used. The findings imply that G.T.I. positively impacts G.G. and E.S. in emerging economies. Conversely, F.D.I. and energy intensity have adverse effects on G.G. and E.S. However, the negative effects of F.D.I. and energy intensity on G.G. and E.S. are decreasing with respect to G.T.I., implying that emerging countries promoting G.T.I. minimize the pollution haven effects of F.D.I. and mitigate the negative effect of energy intensity. Therefore, G.T.I. is a vital factor to facilitate the pathway to the green revolution in emerging economies. Policy implications are forwarded based on the findings of the study. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2167223 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2167223 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2167223 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2076140_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yilmaz Bayar Author-X-Name-First: Yilmaz Author-X-Name-Last: Bayar Author-Name: Marius Dan Gavriletea Author-X-Name-First: Marius Dan Author-X-Name-Last: Gavriletea Author-Name: James Estes Author-X-Name-First: James Author-X-Name-Last: Estes Author-Name: Mirela Oana Pintea Author-X-Name-First: Mirela Oana Author-X-Name-Last: Pintea Title: Impact of banking sector development and environment on population health: evidence from EU transition countries Abstract: This study explores the short and long-run effects of banking sector development and the environment on population health in EU member transition states through second-generation panel cointegration and causality analyses. The causality analysis revealed a significant causality between banking sector development and population health, but the causality direction varied depending on the indicator of banking sector development. Also, a one-way causality from greenhouse gas emissions per capita to population health was revealed. Furthermore, the cointegration analysis revealed that banking sector development had a very weak positive influence on population health in Bulgaria, Croatia, Estonia, Romania, Slovakia, and Slovenia, but had a very weak negative influence on population health in Hungary, Latvia, Lithuania, Poland. On the other hand, greenhouse gas emissions per capita had a negative effect on population health in Bulgaria, Croatia, Lithuania, and Romania. Lastly, real GDP per capita had a very weak positive influence on population health in Czech Republic, Hungary, Latvia, Lithuania, and Slovenia. Measures against environmental degradation need to be adopted to improve population health. Since the consumption of fossil fuels is the primary source of CO2 emissions, policymakers should find proper policy tools for reducing emissions by finding the right balance between costs and benefits. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2076140 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2076140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2076140 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2113739_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Dezhi Guo Author-X-Name-First: Dezhi Author-X-Name-Last: Guo Author-Name: Yiyin Zheng Author-X-Name-First: Yiyin Author-X-Name-Last: Zheng Author-Name: Weishen Wang Author-X-Name-First: Weishen Author-X-Name-Last: Wang Author-Name: Preng-Nien Hu Author-X-Name-First: Preng-Nien Author-X-Name-Last: Hu Author-Name: Ziqi Yang Author-X-Name-First: Ziqi Author-X-Name-Last: Yang Author-Name: Zejun Chen Author-X-Name-First: Zejun Author-X-Name-Last: Chen Title: The impact of different sentiment in investment decisions: evidence from China’s stock markets IPOs Abstract: In this study, we used data on China’s initial public offerings (IPOs), market volatility and macro environment before and after two stock crashes during 2006–2016 to investigate how different investor sentiment affects IPO first-day flipping. The empirical results show that the expected returns of allocated investors are affected by sentiment, with allocated investors having higher psychological expectations of future returns during an optimistic bull market and their optimism discouraging first-day flipping, while higher risk-free interest rate levels and rising broad market indices also discourage first-day flipping and tend to sell in the future. The pessimistic bear market during which allocated investors have lower psychological expectations of future returns, their pessimism will promote first-day flipping, and the increase in the risk-free rate level will also promote first-day flipping, which is the opposite of the optimistic bull market, indicating that their risk aversion has increased and they tend to sell on the same day. We also found an anomaly that the greater the decline in the broad market index during a pessimistic bear market, the more inclined the allocated investors are to sell in the future when the broad market index rises in an attempt to gain higher returns. These findings help explain and understand the impact of market and macro index fluctuations on investor behavior under different investor sentiments. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2113739 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2113739 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2113739 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2077227_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Le Thanh Ha Author-X-Name-First: Le Thanh Author-X-Name-Last: Ha Title: Effects of financial constraints and policy uncertainty on the economy with shifting trend inflation Abstract: The primary purpose of this paper is to investigate macroeconomic, financial and welfare effects of financial constraints and policy uncertainty on the economy featuring shifting trend inflation. By developing a New Keynesian model incorporating trend inflation into staggered prices and staggered credit channel, we indicate three important findings. First, we report negligible welfare consequences of financial shocks, whereas policy uncertainty shocks dampen the economic welfare considerably. More importantly, financial frictions are a channel through which policy uncertainty stuns the economy more remarkably. Second, the welfare consequences and business cycles effects of shocks are greater in the high-trend-inflation economy, while the costs of exogenous variations in trend inflation are larger if there is policy uncertainty. Third, among staggered prices and staggered credit, the later plays a more vital role in transmitting adverse effects of shocks to trend inflation into the economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 383-421 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2077227 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2077227 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:383-421 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2100434_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zi Hui Yin Author-X-Name-First: Zi Hui Author-X-Name-Last: Yin Author-Name: Chang Hwan Choi Author-X-Name-First: Chang Hwan Author-X-Name-Last: Choi Title: The effect of trade on the gender gap in labour markets: the moderating role of information and communication technologies Abstract: This study analyses the impact of international trade on the gender gap in labour force participation while considering the moderating role of information and communication technologies (ICT). Our analyses of panel data from 79 developing economies over 2006–2019 reveal that international trade narrows gender gap, and the interaction between trade and ICT is likely to widen it. Further, the impact of these two parameters on the gender gap varies across economies by development level and region. Developing economies should strategically focus on trade promotion and adopt gender-equitable ICT development policies to narrow gender gap. Journal: Economic Research-Ekonomska Istraživanja Pages: 2443-2462 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2100434 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2100434 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2443-2462 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2097111_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Muhammad Adnan Bashir Author-X-Name-First: Muhammad Adnan Author-X-Name-Last: Bashir Author-Name: Zhao Dengfeng Author-X-Name-First: Zhao Author-X-Name-Last: Dengfeng Author-Name: Muhammad Imran Khan Author-X-Name-First: Muhammad Imran Author-X-Name-Last: Khan Author-Name: Farrukh Shahzad Author-X-Name-First: Farrukh Author-X-Name-Last: Shahzad Author-Name: Samina Khalil Author-X-Name-First: Samina Author-X-Name-Last: Khalil Title: Novel research methods on the net-zero economy of climate finance in the energy sector Abstract: This is a perspective, about the future climate policy of Pakistan, to improve the harvest of Green Climate Funds (GCF). This paper takes upon the calculation of climate financing potential in the context of the energy sector of Pakistan by estimating the potential of becoming a net-zero sector in Pakistan’s Economy. The study has identified several options for the government to reallocate the energy mix and tie the energy demand targets with climate targets for a green future of Pakistan. The study has used basic excel tools to calculate facts from the available data sets in Pakistan. The study found that, if Pakistan chooses to shift from dirty sources of energy production to the use of cleaner inputs for energy production, Pakistan can generate a significant amount of climate finance by reducing the emissions from energy production, which are recordable, traceable, and can be evaluated by any of the third-party evaluating organization. The initial cost for Pakistan will cause some discrepancies in some of the macroeconomic indicators and may also cause budget imbalances it will surely help the economy to achieve the targets of becoming a net-zero economy and be able to harvest Green Climate Funds in long term with much faster rate, which can overpass the investments made or being made in this sector and will create a significant amount jobs in the economy, which will be green jobs, promoting environmental friendly output and sustainable growth. Journal: Economic Research-Ekonomska Istraživanja Pages: 2389-2399 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2097111 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2097111 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2389-2399 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080739_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Inzamam Ul Haq Author-X-Name-First: Inzamam Author-X-Name-Last: Ul Haq Author-Name: Apichit Maneengam Author-X-Name-First: Apichit Author-X-Name-Last: Maneengam Author-Name: Supat Chupradit Author-X-Name-First: Supat Author-X-Name-Last: Chupradit Author-Name: Chunhui Huo Author-X-Name-First: Chunhui Author-X-Name-Last: Huo Title: Are green bonds and sustainable cryptocurrencies truly sustainable? Evidence from a wavelet coherence analysis Abstract: This article aims to explore the co-movement of daily returns among S&P green bonds (GB/GBs), the top five sustainable cryptocurrencies, Bitcoin, the Dow Jones Sustainability World Index (DJSWI) and the Dow Jones Sustainability Emerging Market Index (DJSEMI) to determine whether GBs, Bitcoin and sustainable cryptocurrencies are truly sustainable; in addition, it investigates hedging and diversification opportunities. Using a partial wavelet coherence framework to capture the bivariate co-movement, our findings show strong (weak) positive co-movements among GB (sustainable cryptocurrencies) and DJSWI returns, where GBs (sustainable cryptocurrencies) have a heterogeneous leading role in the short-term and long-term horizons. Results indicate moderate positive (negative) co-movement among GBs and sustainable cryptocurrencies (Bitcoin) and DJSWI in the short run (long run). Overall, the results show GB (sustainable cryptocurrencies) acts as a diversifier for Bitcoin and sustainable cryptocurrencies in most cases (DJSWI). However, increasing Bitcoin returns adversely impacts the DJSWI in the long run. Findings are equally imperative for green investors, crypto traders and policymakers, where investors and traders can earn financial and social returns, and policy-makers can deploy suitable policies for the development of sustainable cryptocurrency mining processes. The role of Bitcoin is alarming for the United Nations Sustainable Development Goals and global greener economy. Journal: Economic Research-Ekonomska Istraživanja Pages: 807-826 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080739 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080739 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:807-826 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2167224_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jiaqi Liu Author-X-Name-First: Jiaqi Author-X-Name-Last: Liu Author-Name: Peifen He Author-X-Name-First: Peifen Author-X-Name-Last: He Author-Name: Qiuling Meng Author-X-Name-First: Qiuling Author-X-Name-Last: Meng Title: Meeting investors’ demands in PPP project to improve enthusiasm for participating in green and low-carbon Abstract: The use of PPP scheme to guide private investors to actively participate in green and low-carbon development is conducive to filling the funding gap of domestic green and low-carbon transformation. It is important to meet the demands of investors to ensure that investors can permanently participate in PPP low-carbon projects. Due to the high financing leverage, wide coverage, and government's right to initiate in PPP project, the investors' demands also include the enhancement of social reputation, and the acquisition of future project market resources besides investment income. To fully understand the purpose of the investors' participation in PPP projects and provide guidance for further analysis of behavioural influence path, the study systematically analyzes the demands of investors and develops a demand measurement scale. Firstly, based on the characteristics of PPP scheme, six investor's demands were identified. Secondly, through theoretical analysis, the measurement items of investors' demand were constructed, and 269 valid data were collected through questionnaire. Finally, carrying out factor analysis, reliability and validity test, the items were revised to get the formal investor demand scale. The research provides guidance for improving the demand satisfaction of investors, which is conducive to attracting private capital to participate in the green low-carbon development strategy of PPP projects, and provides financial guarantee for achieving the ‘double carbon’ goal. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2167224 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2167224 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2167224 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2090406_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yao Dong Author-X-Name-First: Yao Author-X-Name-Last: Dong Author-Name: Chen Liang Author-X-Name-First: Chen Author-X-Name-Last: Liang Author-Name: Zhong Wanyin Author-X-Name-First: Zhong Author-X-Name-Last: Wanyin Title: Board diversity and firm performance: impact of ESG activities in China Abstract: The investigation of association between board diversity and the firm performance is the subject of many studies. However, the empirical results presented in the extant literature are inconclusive at best. The inconclusive empirical results could be due to several factors and one of them could be that the relationship is contingent on some key factors. Given the rising trend of Environmental, Social and Governance (ESG) activities, in this paper the relationship between board diversity and the firm performance is tested in the context of ESG activities. The subject of examination in this study is the listed Chinese firms. The sample period spans for 6 years and is collected from 2014 to 2019. This work uses a dynamic approach to modelling relationships. The generalised method of moments (GMM) is used in a two-step system. An endogeneity-free estimate may be achieved by using this strategy. We can learn a great deal from these hypotheses. There is a positive and substantial correlation between board diversity and the firm's success, which suggests that diverse boards are beneficial to businesses. Both ESG activities and a positive coefficient on company performance are significant. This shows investors appreciate companies that are involved in ESG activities because they see this as an investment that pays off. Last but not least, the report shows that board diversity has a negative and considerable impact on ESG efforts. According to the results, board diversity and ESG efforts are not necessary for a company's success. According to the data, board diversity is not particularly beneficial in the context of significant ESG initiatives. Board diversity really hurts a company's success when it engages in high ESG activities. The study also discusses the work's policy ramifications. Finally, the work lays out a clear path for further study. Journal: Economic Research-Ekonomska Istraživanja Pages: 1592-1609 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2090406 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2090406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1592-1609 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080733_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Lihong Song Author-X-Name-First: Lihong Author-X-Name-Last: Song Author-Name: Likai Zou Author-X-Name-First: Likai Author-X-Name-Last: Zou Author-Name: Qiang Liang Author-X-Name-First: Qiang Author-X-Name-Last: Liang Title: Do political connections foster or hamper firm environmental investment? Abstract: Extant studies of environmental investment determinants have not distinguished between different types of political connections. This study tries to close this gap by employing an extensive dataset based on the four-yearly Chinese Private Enterprises Survey conducted between 2006 and 2012. The central question in this paper asks whether different political connections (ascribed vs. achieved) are fostering or hindering environmental protection expenditures in private enterprises. The results show that achieved political connections serve as binds of promoting firm environmental investment while ascribed political connections act as buffers, hampering firm environmental expenditures. The moderating roles of environmental regulation and innovation capability demonstrate heterogeneous effects: environmental regulation stringency strengthens the positive impact of achieved political connections only. In contrast, innovation capability enhances the negative impact of ascribed political connections. Journal: Economic Research-Ekonomska Istraživanja Pages: 2071-2089 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080733 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080733 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2071-2089 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2092525_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hong Wu Author-X-Name-First: Hong Author-X-Name-Last: Wu Author-Name: Urszula Mentel Author-X-Name-First: Urszula Author-X-Name-Last: Mentel Author-Name: Grzegorz Lew Author-X-Name-First: Grzegorz Author-X-Name-Last: Lew Author-Name: Shizhen Wang Author-X-Name-First: Shizhen Author-X-Name-Last: Wang Title: What drives renewable energy in the group of seven economies? Evidence from non-parametric panel methods Abstract: In the last few decades, the environmental degradation, global warming, and climate change remained the life-threatening issues across the globe. Specifically, the use of non-renewable fossil fuels is regarded as the most significant reason of such inclined issues. However, the policy-makers and scholars are now more concerned about the recovery of environmental quality, where renewable energy is considered as the primary solution to the existing issue. The developed economies and environment related international organizations rapidly enhances the use and promotion of renewable energy after the taking pledge in the Kyoto Protocol Agreement (1997). Nonetheless, the scholars are participating in analyzing the key drivers of renewable energy. Still, the proper drivers of renewable energy are not properly addressed in the existing literature. To fill this gap, current study analyzed the group of seven (G7) economies over the period 1990-2020. Using various panel data techniques such as slope heterogeneity, cross-section dependence, unit root, and cointegration test, the results indicates that the slopes are heterogeneous, and the cross-section dependence, as well as cointegration exists among the panel economies. Besides, the irregular distribution of data leads to the adoption of novel Method of Moments Quantile Regression accommodating four quantiles, i.e., (Q0.25, Q0.50, Q0.75, and Q0.90). The examined results asserted that economic growth and energy efficiency negatively and significantly affects renewable energy consumption (REC). Whereas, developed environmental related technologies, environmental taxes, and composite risk index are positively affecting REC in the study panel. Besides, improved energy efficiency (energy efficiency squared) also contributed to the promotion of renewable energy consumption. The Granger causality test estimates reveals bidirectional and unidirectional causal association between the variables. Based on the empirical results, policies are provided that could help developed economies in the promotion of renewable energy consumption, improve economic growth, and enhances environmental sustainability. Journal: Economic Research-Ekonomska Istraživanja Pages: 1708-1734 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2092525 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2092525 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1708-1734 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179506_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Riste Ichev Author-X-Name-First: Riste Author-X-Name-Last: Ichev Title: IPO underpricing from the institutional investor perspective: evidence from emerging markets Abstract: This paper examines IPO underpricing from the institutional investor perspective in emerging markets. Observing market adjusted returns for several countries, industries, and years, results show evidence that the underpricing phenomenon is present across all emerging markets, averaging at 30.29% on the first trading day, and 27.98% for the first trading month. Underpricing particularly stands out in China, for the Basic Materials industry, during the 2007/2008 financial crisis period, increases with higher levels of property rights protection and decreases in countries with relatively more freedom from corruption. Underpricing is positively related to a country’s legal framework and negatively related to the number of IPOs. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2179506 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179506 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2179506 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2072355_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Haixia Wu Author-X-Name-First: Haixia Author-X-Name-Last: Wu Author-Name: Jianping Li Author-X-Name-First: Jianping Author-X-Name-Last: Li Title: The relationship between environmental disclosure and financial performance: mediating effect of economic development and information penetration Abstract: What’s the relationship between environmental disclosure and financial performance? To answer this question, our study focus on the heavy polluting enterprises in China from 2008 to 2019 to investigate the relationship between environmental disclosure and financial performance as well as the mediating effect of provincial level characteristics namely economic development and information penetration using hierarchical linear model (HLM). Findings show that there is positive relationship between both mandatory environmental disclosure and voluntary environmental disclosure and financial performance; economic development positively relates to corporate financial performance, and it also strengthens the relationship between environmental disclosure and financial performance; information penetration positively relates to corporate financial performance, but it weakens the relationship between environmental disclosure and financial performance. As time goes on, corporate financial performance will significantly rise in general. Journal: Economic Research-Ekonomska Istraživanja Pages: 116-142 Issue: 1 Volume: 36 Year: 2023 Month: 1 X-DOI: 10.1080/1331677X.2022.2072355 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2072355 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:116-142 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180059_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: María Huertas González-Serrano Author-X-Name-First: María Huertas Author-X-Name-Last: González-Serrano Author-Name: Irena Valantine Author-X-Name-First: Irena Author-X-Name-Last: Valantine Author-Name: Jonas Hammerschmidt Author-X-Name-First: Jonas Author-X-Name-Last: Hammerschmidt Author-Name: Ferran Calabuig Author-X-Name-First: Ferran Author-X-Name-Last: Calabuig Title: How to foster intrapreneurial intentions of sport science students? A cross-cultural symmetric and asymmetric approach Abstract: Intrapreneurs are needed in the sport sector due to its competitive nature. However, little attention has been paid to this topic within sport entrepreneurship literature. This paper aims to examine the cross-cultural applicability of Ajzen’s theory of planned behavior for predicting the intrapreneurial intentions (II) of sport science students from two European countries and to discover if there is a moderating effect of country’s culture on the antecedents of II. A questionnaire to collect the data was used. The sample is composed by 736 final year sports sciences students from Spain and Lithuania. The combination of a symmetric (Structural Equations Modelling) and asymmetric (Qualitative Comparative Analysis) approach was used to examine the students’ country culture as a potential moderator. Results indicate Ajzens’s theory of planned behavior as a suitable framework to predict intrapreneurial intentions (II). Moreover, it is highlighted that the country’s culture can have a moderating effect on the university students’ II. Educational policy makers should consider the impact of county culture when promoting intrapreneurial behavior. In Spain, it should be developed a positive attitude towards intrapreneurial behavior, while in Lithuania it is more important to foster that they perceive as having the necessary skills to be an intrapreneur. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180059 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180059 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180059 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180415_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hui Xu Author-X-Name-First: Hui Author-X-Name-Last: Xu Author-Name: Bo Cheng Author-X-Name-First: Bo Author-X-Name-Last: Cheng Author-Name: Qiaoling Fang Author-X-Name-First: Qiaoling Author-X-Name-Last: Fang Title: Does culture diversity affect innovation? Evidence from Chinese business group affiliated firms Abstract: We analyze how intra-group culture diversity affect group affiliated firm’s innovation. Our findings suggest that the more inconsistency on risk preference among affiliated firms in one group, the less impact of affiliated firm’s own risk culture on innovation. Specifically, we document that intra-group culture diversity impedes individual affiliated firm’s innovation through managerial and controlling agency problems. The heterogeneity test shows that size, executives, headquarter connected, location, state ownership and information quality of affiliated firms can affect intra-group culture diversity on innovation. We prove that intra-group culture diversity impedes innovation on group affiliated firms, which means a dark side of business group affiliation. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180415 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180415 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180415 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2094443_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Rui Tang Author-X-Name-First: Rui Author-X-Name-Last: Tang Title: Digital economy drives tourism development—empirical evidence based on the UK Abstract: The digital economy has become a driving force in global tourism development. The data from 2011 to 2019 is used to study the influence of the digital economy on tourism in the UK. It is found that the digital economy of each country (region) had a driving effect on the UK’s tourism with a marginal increasing trend. Heterogeneity tests show that the digital economy had positive effect on the tourism business and holiday market, and the increasing level of digital economy in Europe and OECD countries also contributed to the development of tourism in the UK. According to the influence mechanism, the digital economy of various countries (regions) could promote the tourism development by improving the quality of the regime, strengthening market control capability and increasing freedom of trade. Finally, relevant suggestions were put forward from the perspectives of government regulation, digital infrastructure construction, and applications of digital technology. Journal: Economic Research-Ekonomska Istraživanja Pages: 2003-2020 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2094443 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2094443 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2003-2020 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179507_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Shengliang Zhao Author-X-Name-First: Shengliang Author-X-Name-Last: Zhao Author-Name: Jungil Park Author-X-Name-First: Jungil Author-X-Name-Last: Park Title: Novel evidence on the asymmetric causality between the Chinese stock and real estate markets: evidence from city-level data Abstract: Our study re-examines the asymmetric causality between the Chinese stock and real estate markets in 70 cities. Prior research using symmetry hypotheses, has not yet linked these two markets or paid attention to their heterogeneity. We uniquely employed the nonlinear autoregressive distributed lag model, which permits the exploration of bidirectional asymmetric causality. Decreases and increases in stock prices caused short-run changes to real estate prices in 18 of the cities studied; this short-run effect was ultimately carried on in Guangzhou and in three cities. Even after switching the study variables, similar results were obtained. Our findings show that real estate policymakers in specific cities need to take into consideration the asymmetric performance of real estate prices as caused by the asymmetry within stock prices. If government stabilises the real estate market, it can in turn facilitate stock-market stability. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2179507 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179507 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2179507 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2076142_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yijie Wang Author-X-Name-First: Yijie Author-X-Name-Last: Wang Author-Name: Kaihao Liu Author-X-Name-First: Kaihao Author-X-Name-Last: Liu Title: The effect of environmental regulation on firm productivity: evidence from pulp and paper industry in China Abstract: The relationship between environmental regulation and firm productivity has been widely debated but inconsistencies in findings across different studies. Using detailed firm-level micro-data from 2000 to 2007, this paper employs difference-in-difference combined with matching based on entropy balancing method to explore the effect of environmental regulation on firm total factor productivity (TFP) in pulp and paper industry in China. Our main findings are as following: Firstly, stricter environmental regulation, as represented by the Wastewater Discharge Standards for Pulp and Paper Industry in Shandong province, increases firm TFP significantly. Moreover, the coefficients of interest are robust to multiple robustness checks. Secondly, dynamic effects estimates reveal that when faced with this phase-in environmental regulation, firms take the foreseeably increasing strictness into account from the very beginning and prefer to take one-step adjustment to reach full compliance. Thirdly, potential mechanism analysis finds that the positive effect mainly comes from the improvement of resource allocation efficiency within firms. Fourthly, the heterogeneity test indicates that the effect of environmental regulation on firm TFP is heterogeneous across firms with different sizes, ages, ownerships, capital intensity, and export status. Finally, this paper provides convincing and insightful evidence that environmental regulation has the potential to achieve the dual goals of environmental sustainability and economic growth and is thus of broader significance for understanding the enforcement of environmental regulation in developing countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 264-295 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2076142 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2076142 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:264-295 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2117718_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hao Xie Author-X-Name-First: Hao Author-X-Name-Last: Xie Author-Name: Shuangshuang Chang Author-X-Name-First: Shuangshuang Author-X-Name-Last: Chang Author-Name: Yunfeng Wang Author-X-Name-First: Yunfeng Author-X-Name-Last: Wang Author-Name: Anees Afzal Author-X-Name-First: Anees Author-X-Name-Last: Afzal Title: The impact of e-commerce on environmental sustainability targets in selected European countries Abstract: E-commerce plays a crucial role in the digital economy. E-commerce can reduce costs and boost economic growth. Therefore, the global rate of E-commerce is increasing very fast, which has implications for the digital economy. This study analyses the impact of e-commerce on environmental sustainability. The empirical analysis employed OLS, 2SLS, GMM, and panel quantile regression methods using panel data of 10 European economies spanning over 2002–2019. Carbon emissions and GHG emissions measure environmental sustainability. The results from OLS, 2SLS and GMM show that e-commerce negatively impacts carbon emissions. The panel quantile regression results also show that e-commerce negatively impacts carbon emissions at the middle and higher quantiles. This study recommends that environmental sustainability programs pay attention to policies encouraging e-commerce. Journal: Economic Research-Ekonomska Istraživanja Pages: 230-242 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2117718 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2117718 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:230-242 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2077790_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ana Cuic Tankovic Author-X-Name-First: Ana Author-X-Name-Last: Cuic Tankovic Author-Name: Jelena Kapeš Author-X-Name-First: Jelena Author-X-Name-Last: Kapeš Author-Name: Dragan Benazić Author-X-Name-First: Dragan Author-X-Name-Last: Benazić Title: Measuring the importance of communication skills in tourism Abstract: Tourism service providers need to have expressive communication skills to be able to offer a better tourism product and create a pleasant tourist experience. To better understand, conceptualize, and achieve the multidimensional concept of communication skills, this paper aims to investigate the literature and propose a measurement scale adapted to the modern tourism workplace. Results, based on a literature review and questionnaire survey, show that five communication skill dimensions emerge: written, oral, listening, digital, and non-verbal communication skills. The paper's theoretical contribution is the systematization of the literature and the conceptualization of communication skills up to date, while its empirical contribution is based on the examination of collected data related to the validated scale measurement. The scale presented in this paper will assist future empirical research on communication skills required in the field of tourism. The paper will help generate novel research questions for identifying and analyzing acquired communication skills. Journal: Economic Research-Ekonomska Istraživanja Pages: 460-479 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2077790 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2077790 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:460-479 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2081234_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Vineeta Kumari Author-X-Name-First: Vineeta Author-X-Name-Last: Kumari Author-Name: Brajesh Kumar Tiwari Author-X-Name-First: Brajesh Kumar Author-X-Name-Last: Tiwari Author-Name: Piyush Gupta Author-X-Name-First: Piyush Author-X-Name-Last: Gupta Author-Name: Dharen Kumar Pandey Author-X-Name-First: Dharen Kumar Author-X-Name-Last: Pandey Title: How the global airline industry behaved to restrictions on air travel to India? An event study analysis Abstract: We examine the impact of the recent restrictions/bans imposed by several nations on air travel to India in the light of the increasing number of infections amid the second wave of covid-19. We employ the standard event study method on a sample of 34 airline stocks across seven nations to find that the recent restrictions/bans on air travel significantly impact the global airline industry, although the country-specific impacts are not similar. We find that the post-event reaction in all nations has been different from those evidenced during the global pandemic declaration. We are the first to examine these impacts during the current wave of the pandemic. It contributes to the literature on the effects of the pandemic on the global airline industry. Further, it also provides practical explanations to the investors on how the airline stocks react to the persistence of the pandemic. Journal: Economic Research-Ekonomska Istraživanja Pages: 1040-1054 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2081234 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2081234 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1040-1054 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2102049_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Libor Závodný Author-X-Name-First: Libor Author-X-Name-Last: Závodný Author-Name: David Procházka Author-X-Name-First: David Author-X-Name-Last: Procházka Title: IFRS adoption and value relevance of accounting information in the V4 region Abstract: The article compares the value relevance of information contained in financial statements, namely earnings, operating cash flows and book value of equity, in the V4 countries (the Czech Republic, Hungary, Poland and Slovakia). Using a dataset of 604 firm-year observations for the period 2005–2017, we identify higher value relevance of accounting information in the Czech and Hungarian capital markets than in Poland. The financial statements of the Slovak listed firms are found not to present value relevant information. The most relevant metric on the Prague and Budapest stock exchanges are earnings. For the Czech Republic and Poland, we find that investors value between-period changes more than absolute amounts for the period. Finally, the Czech and Hungarian markets exhibit a considerable improvement in value relevance of accounting information approximately five years after adopting the IFRS. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2102049 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2102049 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2102049 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2117228_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zhenlong Chen Author-X-Name-First: Zhenlong Author-X-Name-Last: Chen Author-Name: Shang Jin Author-X-Name-First: Shang Author-X-Name-Last: Jin Title: Modelling returns volatility: mixed-frequency model based on momentum of predictability Abstract: The estimation and prediction of financial asset volatility are important in terms of theoretical and practical applications. Considering that low-frequency and high-frequency information plays an important role in volatility prediction, this article proposes a mixed-frequency model based on the momentum of predictability (MF-MoP). To illustrate the advantages of the proposed model, comparative research is conducted on the prediction accuracy of volatility among the GARCH model, the Realized GARCH model and the MF-MoP model, by the loss function and MCS test. The empirical results show that the MF-MoP model has higher prediction accuracy than the other two models; especially based on skewed-t distribution, the MF-MoP significantly outperforms the competing models. Moreover, the MF-MoP model can improve the forecasting of volatility, regardless of different look-back periods (including 1, 3, 6 and 9 days), different data (including the CSI 300 index, the N225 index and the KS11 index), and realized measures (including RV, RRV and MedRV), indicating that the model is robust. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2117228 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2117228 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2117228 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2097112_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Huanchun Huang Author-X-Name-First: Huanchun Author-X-Name-Last: Huang Author-Name: Keng Chen Author-X-Name-First: Keng Author-X-Name-Last: Chen Author-Name: Hao Zhang Author-X-Name-First: Hao Author-X-Name-Last: Zhang Author-Name: Lijian Ren Author-X-Name-First: Lijian Author-X-Name-Last: Ren Title: Planning and coordinated response mechanism of economic and ecological services in urban expansion Abstract: Against the backdrop of urban sustainable development around the world, how to coordinate both economic growth and ecological benefits in urban space becomes an important problem. Therefore, this study simulated and predicted the spatiotemporal changes in urban economy and ecosystem service value (E.S.V.) equivalent ratio under the current policies by 2030, and analysed how adjusting planning policies influences economy and ecology. This process was based on the future land use simulation (F.L.U.S.) model of coupled neural network, and on methods assessing the spatial changes in ecosystem services and land economy. This study aims to analyse urban land economy and E.S.V., and assess how China’s land spatial planning guides and promotes high-quality urban economic development. Results show that artificial intelligence (A.I.) simulation can forecast the results of spatial planning policies of national lands, to make policy-making more forward-looking. The guidance of planning policies on urban expansion accelerates the increase in economic value of urban residential and commercial lands, thereby promoting the economic growth. However, adjusted planning policies may lead to ecological destruction. So, this study provides model verifications and path guidance to realise coordinated sustainable development between economy and ecology, serving as an important reference to formulating proper policies for urban development. Journal: Economic Research-Ekonomska Istraživanja Pages: 2400-2420 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2097112 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2097112 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2400-2420 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2116067_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Tolassa Temesgen Hordofa Author-X-Name-First: Tolassa Author-X-Name-Last: Temesgen Hordofa Author-Name: Hieu Minh Vu Author-X-Name-First: Hieu Author-X-Name-Last: Minh Vu Author-Name: Apichit Maneengam Author-X-Name-First: Apichit Author-X-Name-Last: Maneengam Author-Name: Eko Priyo Purnomo Author-X-Name-First: Eko Priyo Author-X-Name-Last: Purnomo Author-Name: Phan The Cong Author-X-Name-First: Phan Author-X-Name-Last: The Cong Author-Name: Song Liying Author-X-Name-First: Song Author-X-Name-Last: Liying Title: Does eco-innovation and green investment limit the CO2 emissions in China? Abstract: The continuous upsurge in worldwide economic development and human activities has intensified CO2 emissions that highlighted the significant role of eco-innovation and green investment in curbing CO2 emissions. The study aims to explore the impact of eco-innovation and green investment on CO2 emissions by using the China dataset for time period 1990–2019. The study adopts the ARDL approach. The study used two proxies to determine the impact of eco-innovation, namely environment-related technologies and patents. The empirical estimates of the ARDL approach confirm the negative impact of eco-innovation and green investment on CO2 emissions confirming that these determinants result in limiting CO2 emissions in China. Based on these findings, the study suggests strengthening environmentally friendly policies and the advancement of green investment to mitigate CO2 emissions. Journal: Economic Research-Ekonomska Istraživanja Pages: 634-649 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2116067 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2116067 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:634-649 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120043_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Cui Li Author-X-Name-First: Cui Author-X-Name-Last: Li Author-Name: Yawei Qi Author-X-Name-First: Yawei Author-X-Name-Last: Qi Title: Driving effect of fiscal policy on regional innovation efficiency Abstract: This study uses a network data envelopment analysis (DEA) approach to measure phased innovation efficiency to explore how fiscal technology innovation policy drives the development of regional innovation. A game model is constructed that includes governments, enterprises, universities, and research institutes to explain the influence mechanism. The innovation process is decomposed into the transformation stage of scientific research results and their commercial application. A Tobit model is used to explain the effect of fiscal policy on innovation efficiency. These methods led to novel conclusions: (1) the growth rate of innovation efficiency in the first stage is greater with smaller regional differences, with larger regional differences in innovation efficiency in the second stage; (2) the intensity of fiscal R&D funding in science and technology has a significant positive effect on overall innovation efficiency and phased innovation efficiency; and (3) the positive effect of fiscal R&D funding is greater on the commercial application of scientific achievements. The targeting effect of fiscal innovation policy on industry–university research (IUR) cooperation needs to be improved through resource sharing, joint participation, sharing of achievements, and risk sharing. Journal: Economic Research-Ekonomska Istraživanja Pages: 767-785 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2120043 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120043 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:767-785 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2081233_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ling Feng Author-X-Name-First: Ling Author-X-Name-Last: Feng Author-Name: Yingying Liu Author-X-Name-First: Yingying Author-X-Name-Last: Liu Author-Name: Jie Fang Author-X-Name-First: Jie Author-X-Name-Last: Fang Title: Implicit government guarantees and bank risk Abstract: We develop a model on bank risk and implicit government guarantees. This model concerns the willingness and capacity of implicit government guarantees. Using the Option Pricing Theory, we derive a mathematical formulation of maximizing the bank’s net present value (NPV) with implicit government guarantees. Unlike previous work, both the loan portfolio and the bank’s NPV are regarded as a combination of options underlying the risky project. We conduct comparative static analyses and numerical examples to examine how implicit government guarantees and capital control affect bank risk and its asset scale. The main insight of our analysis is that implicit government guarantees have some unintended consequences: (a) Inefficient and excessive risk taking (including bank’s asset and overall risk); (b) Inefficient investment if there is no binding capacity constraint. We show that it is mainly due to the bank's excessive reliance on contingent assets. In addition, we demonstrate the ineffectiveness of capital constraint on risk control under certain circumstances. Therefore, we suggest that the gradual withdrawal of implicit government guarantees should be accompanied by multiple combinations of regulatory measures and proper institutional reform to avoid risk surges. Journal: Economic Research-Ekonomska Istraživanja Pages: 1015-1039 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2081233 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2081233 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1015-1039 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120038_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Imen Tebourbi Author-X-Name-First: Imen Author-X-Name-Last: Tebourbi Author-Name: Anh Thi Truc Nguyen Author-X-Name-First: Anh Thi Truc Author-X-Name-Last: Nguyen Author-Name: Shu-Fang Yuan Author-X-Name-First: Shu-Fang Author-X-Name-Last: Yuan Author-Name: Chiung-Yu Huang Author-X-Name-First: Chiung-Yu Author-X-Name-Last: Huang Title: How do social and economic factors affect carbon emissions? New evidence from five ASEAN developing countries Abstract: This study analyzes the long and short-run impacts of social and economic factors on carbon emissions from five developing ASEAN countries during the period 1986–2017. Utilising a Pooled Mean Group Estimator, we find a nonlinear relationship between CO2 emissions and real GDP, confirming the Environmental Kuznets Curve. Our results indicate that energy consumption is the main driver of environmental degradation in these countries; and that FDI and urbanisation reduce carbon emissions. Our research indicates both a long-run and short-run nexus between government education expenditures and CO2 emissions. We conclude with policy suggestions to reduce CO2 emissions while attaining sustainable growth. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2120038 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120038 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2120038 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2084437_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yiqing Wu Author-X-Name-First: Yiqing Author-X-Name-Last: Wu Author-Name: Lianxiao Yao Author-X-Name-First: Lianxiao Author-X-Name-Last: Yao Title: Carbon productivity and economic growth patterns in China Abstract: This article discusses the changes in carbon productivity and economic growth patterns in China. We calculated carbon productivity using panel data from BRICS and G7 countries between 2001 and 2019 and developed a methodology to estimate economic growth patterns by combining carbon productivity and economic growth. As the world’s top carbon emitter, China can combat global climate change by increasing carbon productivity. We show that (i) China has a high growth rate of carbon productivity; however, the carbon productivity level only accounts for about 20% of developed countries. (ii) When determining economic growth patterns from a low-carbon perspective, China has transitioned from high-carbon type II to low-carbon type III. However, low-carbon economic growth is common in developed countries, and (iii) it can improve carbon productivity by reducing energy-averaged carbon emission factors. It assists the government in determining how to implement low-carbon economic development policies by examining economic growth from a low-carbon perspective. Journal: Economic Research-Ekonomska Istraživanja Pages: 1247-1260 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2084437 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2084437 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1247-1260 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2090403_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Iulia Cristina Iuga Author-X-Name-First: Iulia Cristina Author-X-Name-Last: Iuga Author-Name: Syeda Rabab Mudakkar Author-X-Name-First: Syeda Rabab Author-X-Name-Last: Mudakkar Author-Name: Larisa Loredana Dragolea Author-X-Name-First: Larisa Loredana Author-X-Name-Last: Dragolea Title: Time of COVID-19: stability analysis of stocks, exchange rates, minerals and metals markets Abstract: The coronavirus (COVID-19) pandemic has shaken the global economy and significantly affected the financial markets. This anxiety triggered panic reactions. The article aims to explain impact of abrupt changes in structural stability of four key asset markets due to pandemic. It includes a detail discussion regarding structural change in co-movement of stock indices, exchange rates, minerals and metal returns. The daily returns of 14 financial indices across four groups during a span of 25 January 2019 to 3 February 2021 are sampled. The selection of financial assets is based on trading volume and velocity in each of the four groups. The results of Markov Switching model explain that pandemic not only increase volatility of financial markets but also have a significant long-term impact on structural behaviour in daily returns. The analysis further reveals differences in co-movement of financial returns during two periods. However, on a positive note, pandemic does make a way for few financial assets to dominate the market, especially ones recognised as ‘safe-haven’ assets. Journal: Economic Research-Ekonomska Istraživanja Pages: 1527-1548 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2090403 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2090403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1527-1548 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106266_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Muhammad Umar Author-X-Name-First: Muhammad Author-X-Name-Last: Umar Author-Name: Tsangyao Chang Author-X-Name-First: Tsangyao Author-X-Name-Last: Chang Title: How consumer confidence is reshaping the outbound tourism expenditure in China? A lesson for strategy makers! Abstract: Tourism is a rapidly rising sector that contributes significantly to economies. In this paper, we apply a bootstrap full-sample causality test, parameter stability test, and quantile-on-quantile approach test so as to examine the relationship between consumer confidence index (CCI) and outward tourism expenditure (OTE) for the period between 1998:Q1 to 2021:Q4. The results of the findings reflect that CCI tends to exert a positive impact on the OTE in most of the quantiles. This essentially implies that consumer confidence in China can act as a compound for outbound tourism expenditure in nature. Therefore, it can be affirmed that the OTE tends not to have an effect on the CCI, thus extending the implication that an alteration in the private outbound tourism spending in most likely to be insufficient for the modification of the factor of consumer confidence. To ensure the robustness of the results, we have employed the quantile-based granger causality to investigate the causal relationship in quantile between CCI on the OTE. The results of this study tend to educate the foreign tourism policymakers, while at the same time making forecasts of the tourism arrivals from China. Policymakers can then plan their tourism strategies, ideally including the CCI. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2106266 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106266 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2106266 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179514_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Siyu Xu Author-X-Name-First: Siyu Author-X-Name-Last: Xu Author-Name: Jun He Author-X-Name-First: Jun Author-X-Name-Last: He Author-Name: Noshaba Aziz Author-X-Name-First: Noshaba Author-X-Name-Last: Aziz Title: “I” vs “me”: the urbanization of “post-80s” and “post-90s” Chinese migrant workers Abstract: The difference in self-identity among migrant workers of the new generation leads them towards different desires regarding urbanization. In this regard, it is imperative to explore the influence of self-identity on the migrant workers’ willingness to stay. To explore the phenomenon empirically, the current study used data sourced from the China Migrants Dynamics Survey (CMDS), during the year, 2017. The study employed the Heckman two-stage selection model to explore the study objective. Further, the study also employed the machine learning methods for robustness check. The outcome showed that the “I” identity has a more significant impact on the urbanization by migrant workers belonging to the “post-90s”. In comparison, the identity of “Me” has a more significant impact on the urbanization by migrant workers belonging to the era of the 1980s. And it is clear that if “post-80s” and “post-90s” migrant workers are uniformly divided into the union of new generation, the differences and characteristics within them may conceal. The overall findings proposes that based on the differences in migrant workers’ self-identity, both born in the 1980s and 1990s, there is a need to formulate related policies to promote their residence and boost urbanization. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2179514 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179514 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2179514 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2096093_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hai Le Author-X-Name-First: Hai Author-X-Name-Last: Le Title: Modelling inflation dynamics: a Bayesian comparison between GARCH and stochastic volatility Abstract: This study employs a prominent model comparison criterion, namely the Bayes factor, to compare three commonly used GARCH models with their stochastic volatility (SV) counterparts in modelling the dynamics of inflation rates. By using consumer price index (CPI) data from 18 developed countries to evaluate these models, we find that the GARCH models are generally outperformed by their stochastic volatility counterparts. Furthermore, the stochastic volatility in mean (SV-M) model is shown to be the best for all 18 countries considered. The paper also examines which model characteristics play a main role in modelling inflation rates. It turns out that inflation volatility feedback is a crucial feature that we should take into consideration when modelling inflation rates. The relevance of a leverage effect, however, is found to be rather ambiguous. Finally, the forecasting results using the log predictive score confirm these findings. Journal: Economic Research-Ekonomska Istraživanja Pages: 2112-2136 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2096093 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2096093 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2112-2136 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2101017_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yutang Xie Author-X-Name-First: Yutang Author-X-Name-Last: Xie Author-Name: Chaoqun Lin Author-X-Name-First: Chaoqun Author-X-Name-Last: Lin Title: The impact of investment strategies and sustainable development goals on organizational effectiveness: mediating role of organizational climate Abstract: Organizational effectiveness is the global requirement of every organization to survive in this competitive era and needs the focus of recent studies and policymakers. Thus, the researchers examine the sustainable development goals (SDG) and investment strategies impact on the organizational effectiveness of automobile companies in China. The researchers also investigate the mediating role of organizational climate among the relationships of SDG, investment strategies and organizational effectiveness of automobile companies in China. The present article has used the primary data collection methods and used the survey questionnaires to gather the data from respondents. The researchers have also used the Smart PLS to test the validity of the constructs and relationships among the variables. The results indicated that SDG and investment strategies have a positive influence on the organizational effectiveness of automobile companies in China. The findings also revealed that organizational climate significantly mediates among the nexus of SDG, investment strategies and organizational effectiveness of automobile companies in China. This study guides the regulators while developing the policies related to the SDG and organizational effectiveness. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2101017 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2101017 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2101017 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2097108_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jialu You Author-X-Name-First: Jialu Author-X-Name-Last: You Author-Name: Jinhua Zhang Author-X-Name-First: Jinhua Author-X-Name-Last: Zhang Title: Immigrants’ health education and economic behaviours: saving rates, social medical insurance and house purchase Abstract: Healthy China is a crucial policy for advancing global health, addressing inequality between rural and urban health education, and helping the domestic markets recover after the COVID-19 outbreak. This study combines life cycle mechanisms and safety beliefs to evaluate the long-lasting values of health education. We employed data from the China Migration Dynamic Surveys to examine the economic behaviours of 720,900 immigrants using a robust empirical approach combining an Extended Regression Model (E.R.M.), Average Treatment Effects (A.T.E.), and heterogeneous treatment effects. We find that health education increases participation in social medical insurance and the likelihood of purchasing a house. In contrast, the relationship between health education and saving rates is non-linear effects. Empirically robust heterogeneous treatment effects account for heterogeneity in the previous and the younger generations, as well as urban and rural citizens’ long-run effects of health education. This study’s findings suggest that health education stimulates immigrants’ consumption behaviours; however, extra health education is not desirable. Rural-urban citizenship acquisition bias is found to significantly affect health education. Journal: Economic Research-Ekonomska Istraživanja Pages: 2341-2364 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2097108 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2097108 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2341-2364 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080744_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Quyen Doan Thuc Author-X-Name-First: Quyen Author-X-Name-Last: Doan Thuc Author-Name: Khoa Dang Duong Author-X-Name-First: Khoa Dang Author-X-Name-Last: Duong Author-Name: Quynh Doan Huong Author-X-Name-First: Quynh Author-X-Name-Last: Doan Huong Author-Name: Nguyen Ho Viet Anh Author-X-Name-First: Nguyen Ho Author-X-Name-Last: Viet Anh Author-Name: Thanh Quang Ngo Author-X-Name-First: Thanh Quang Author-X-Name-Last: Ngo Author-Name: Thanh Xuan Bui Author-X-Name-First: Thanh Xuan Author-X-Name-Last: Bui Title: The role of ecological consequences of green energy in developed and developing economies Abstract: Recently, green energy has been a significant factor in the technology changes that require researchers’ emphasis. Thus, this study examines the impact of green energy such as renewable energy production, energy import and renewable energy consumption on the technological changes. The current article also investigates the role of economic factors (control variables) such as economic growth and population growth on the technological changes. The present research has selected ten developed and ten developing countries and extracted the data from 2008 to 2019. This article adopted fixed-effect model (FEM), robust standard error and generalized method of moments (GMM) to examine the association between the variables. The results indicated that green energy, such as renewable energy production and renewable energy consumption, along with economic factors such as economic growth, have a positive association with technological changes. The results also indicated that energy import and population growth have a negative association with technological changes. This article guides the regulators while developing effective policies regarding technological changes in the country. Journal: Economic Research-Ekonomska Istraživanja Pages: 906-929 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080744 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080744 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:906-929 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2081235_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Dinkneh Gebre Borojo Author-X-Name-First: Dinkneh Gebre Author-X-Name-Last: Borojo Author-Name: Jiang Yushi Author-X-Name-First: Jiang Author-X-Name-Last: Yushi Author-Name: Miao Miao Author-X-Name-First: Miao Author-X-Name-Last: Miao Author-Name: Yang Liu Author-X-Name-First: Yang Author-X-Name-Last: Liu Title: The impacts of trade policy uncertainty on trade flow of emerging economies and low-income developing countries Abstract: This study is aimed to investigate the effects of the trade policy uncertainty (T.P.U.) on the trade flow of 113 emerging economies and low-income developing countries to 143 destination countries. It further investigates the effects of T.P.U. based on income heterogeneity. Moreover, it considers the effects of T.P.U. on trade flow between developing countries’ pair and non-manufacture trade. The two-step Heckman sample selection model is applied to run the structural gravity model of trade using three-year intervals for the period 2004–2019. The analysis is repeated using the Poisson pseudo-maximum likelihood (P.P.M.L.) model for the robustness test. The results imply that the extensive and intensive margin of trade flow of emerging economies and low-income developing countries are adversely affected by the T.P.U. of destination countries. However, the T.P.U. of origin has an adverse effect on the extensive margin of trade. It also negatively affects the trade flow between developing-developing pairs. We also conduct a counterfactual simulation analysis to convert the effect of T.P.U. on trade flow to distance equivalent. To sum up, the findings of this study imply that T.P.U. is a more important barrier to trade for emerging economies and low-income developing countries. Policy implications are forwarded based on the findings. Journal: Economic Research-Ekonomska Istraživanja Pages: 1055-1075 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2081235 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2081235 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1055-1075 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2094442_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yan Miao Author-X-Name-First: Yan Author-X-Name-Last: Miao Author-Name: Zheng Li Author-X-Name-First: Zheng Author-X-Name-Last: Li Author-Name: Zhonglin Bai Author-X-Name-First: Zhonglin Author-X-Name-Last: Bai Title: Incentive effect of structural tax reduction policy on consumption upgrading and high-tech industry Abstract: China is implementing a structural tax reduction policy to upgrade the structure of household consumption and promote the development of high-tech industry. This article constructs a heterogeneous NK-DSGE (New Keynesian - Dynamic Stochastic General Equilibrium) model to study the effects of tax reduction policies on consumption upgrading and the development of high-tech industry. The tax categories involved in this model are divided into demand-side tax and supply-side tax. We build two indexes to measure the consumption structure and the development of high-tech industry. It is found that reducing high-tech enterprise income tax would upgrade the consumption structure and promote the development of high-tech industries in the short term. Reducing low-tech enterprise income tax would achieve similar effects in the medium and long term. Moreover, tax such as consumption tax, labour income tax and capital income tax reduction policies can upgrade the consumption structure and promote the development of high-tech industry in the long term. Finally, this article finds that when the elasticity of labour substitution is smaller, reducing high-tech enterprise income tax is more effective. Journal: Economic Research-Ekonomska Istraživanja Pages: 1972-2002 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2094442 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2094442 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1972-2002 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2089194_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yang Shoufu Author-X-Name-First: Yang Author-X-Name-Last: Shoufu Author-Name: Ma Dan Author-X-Name-First: Ma Author-X-Name-Last: Dan Author-Name: Shen Zuiyi Author-X-Name-First: Shen Author-X-Name-Last: Zuiyi Author-Name: Wen Lin Author-X-Name-First: Wen Author-X-Name-Last: Lin Author-Name: Dong Li Author-X-Name-First: Dong Author-X-Name-Last: Li Title: The impact of artificial intelligence industry agglomeration on economic complexity Abstract: Artificial intelligence (AI) is a fundamental driver of technological and economic growth. However, few studies have focused on the impact of AI industry agglomeration on economic complexity. This study uses a unique dataset of 2,503,795 AI enterprises in China collected through web crawlers to measure AI industrial agglomeration and examine the relationship between AI industry agglomeration and economic complexity in 194 Chinese cities based on Marshall industry agglomeration theory. The study’s results show that AI industry clustering increases economic complexity. The mechanism analysis indicates that people and knowledge are the channels through which it boosts economic complexity. Unexpectedly, AI industry agglomeration does not improve the economic complexity index (ECI) through the goods path. This study proposes three possible explanations for this result. First, AI industrial clustering may lead to excessive rivalry in China’s intermediate product market. Hence, sharing intermediate inputs has no increasing returns effect. Second, the city's high-end talent is not fairly distributed due to China's uneven development. Finally, policies drive the formation of China’s AI industrial agglomeration, which does not develop naturally. Consequently, China should implement a talent- and knowledge-driven AI agglomeration. To avoid overcrowding, policies must match regional development. Journal: Economic Research-Ekonomska Istraživanja Pages: 1420-1448 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2089194 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2089194 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1420-1448 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179510_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Elena Kašt’áková Author-X-Name-First: Elena Author-X-Name-Last: Kašt’áková Author-Name: Anabela Luptáková Author-X-Name-First: Anabela Author-X-Name-Last: Luptáková Title: Identification of export potential in foreign trade: case of Slovakia in Kazakhstan Abstract: For small open economies such as Slovakia, foreign demand is a significant factor in economic growth. Since Slovakia acceded to the European Union, its exports have focused primarily on the EU internal market. Therefore, one of its goals is to diversify the territorial structure of foreign trade. Kazakhstan is the economic engine of Central Asia, which has made significant efforts in recent years to transform its economy. The aim of the case study of the Slovak Republic is to examine its export opportunities to Kazakhstan using selected one-factor indicators of competitiveness based on their mutual foreign trade. The imbalance in Slovakia-Kazakhstan’s foreign trade suggests sizable reserves. The work evaluates their foreign trade relations through indices of trade intensity, complementarity, and intra-industry trade. It identifies the export potential of Slovakia based on the concept of revealed comparative advantages and import significance of Kazakhstan in the examined period. In 2020, The export potential was used only at 2%, the export gap was 95,928 mil. EUR and concerned 56 commodities at the level of HS 4 aggregation. Considering the geographical distance and costs, Slovakia should focus on the export of goods with higher added value. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2179510 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179510 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2179510 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2091631_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hong Yi Author-X-Name-First: Hong Author-X-Name-Last: Yi Author-Name: Xue Meng Author-X-Name-First: Xue Author-X-Name-Last: Meng Author-Name: Yuting Linghu Author-X-Name-First: Yuting Author-X-Name-Last: Linghu Author-Name: Ziyu Zhang Author-X-Name-First: Ziyu Author-X-Name-Last: Zhang Title: Can financial capability improve entrepreneurial performance? Evidence from rural China Abstract: The capability of individuals to manage their finances is essential to the outcomes of their entrepreneurial activities. Using panel data from the China Household Finance Survey (C.H.F.S.) in 2013, 2015 and 2017, this article examines how financial capability affects entrepreneurial performance in rural China. The results demonstrate that financial capability is positively correlated with the scale, profitability and sustainability of entrepreneurship, which is robust in consideration of endogeneity. The effects of financial capability are heterogeneous for different entrepreneurs. Furthermore, technology, labour and land act as the mediating variables through which financial capability improves entrepreneurial performance. Therefore, to facilitate entrepreneurial success, it is important to provide entrepreneurs with financial education. Meanwhile, improvements to the financial environment should also be considered. Additionally, financial institutions should combine financial services with factors, such as technology, land and labour, to improve entrepreneurial performance. Journal: Economic Research-Ekonomska Istraživanja Pages: 1631-1650 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2091631 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2091631 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1631-1650 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2167730_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ziyi Wang Author-X-Name-First: Ziyi Author-X-Name-Last: Wang Author-Name: Debin Ma Author-X-Name-First: Debin Author-X-Name-Last: Ma Author-Name: Jingxiang Zhang Author-X-Name-First: Jingxiang Author-X-Name-Last: Zhang Author-Name: Yu Wang Author-X-Name-First: Yu Author-X-Name-Last: Wang Author-Name: Dongqi Sun Author-X-Name-First: Dongqi Author-X-Name-Last: Sun Title: Does urbanization have spatial spillover effect on poverty reduction: empirical evidence from rural China Abstract: In light of a scarcity of research on the spatial effects of urbanization on poverty reduction, this study uses panel data on 30 provinces in China from 2009 to 2019 to construct a system of indices to assess poverty that spans the four dimensions of the economy, education, health, and living. We use the spatial autocorrelation test and the spatial Durbin model (SDM) to analyze the spatial effects of urbanization on poverty reduction in these different dimensions. The main conclusions are as follows: (a) China’s urbanization has the characteristics of spatial aggregation and a spatial spillover effect. (b) Different dimensions of poverty had the attributes of spatial agglomeration, and Moran’s index of a reduction in economic poverty was the highest. Under the SDM, the different dimensions of poverty also showed a significant positive spatial correlation. (c) Urbanization has a significant effect on poverty reduction along the dimensions of the economy, education, and living, but has little effect on reducing health poverty. It has a spatial spillover effect on poverty reduction in economic and living contexts. (d) There were spatial differences in the effect of urbanization on relieving economic and living-related poverty. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2167730 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2167730 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2167730 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2097104_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yang Yang Author-X-Name-First: Yang Author-X-Name-Last: Yang Author-Name: Ling Yan Author-X-Name-First: Ling Author-X-Name-Last: Yan Author-Name: Jing Gu Author-X-Name-First: Jing Author-X-Name-Last: Gu Title: Vertical or horizontal: optimal integration strategy under separation of ownership and control Abstract: This study proposes a framework to analyze the strategic value of integration, when separation of ownership and control is considered. According to this framework, we investigate the optimal integration strategy in different control distribution and discuss how external market influences the best strategic choice. Beside theoretical analysis, we also provide evidence from Chinese listed firms to validate our research. The key results of our study show that first, unintegrated strategy works best, if the level of control-ownership disparity is extremely high. Second, in general, vertical strategy is more appropriate for substitute markets, while horizontal strategy may bring more benefits in a highly complementary market. Third, the impact of integration strategy on a firm’s performance is negatively moderated by control-ownership disparity. However, this moderate effect may be weakened by market structure. Our results provide a new and comprehensive perspective for understanding the inconsistent results from previous studies. Moreover, the analysis in this study also highlights a firm’s strategic decision and market regulation policy. Journal: Economic Research-Ekonomska Istraživanja Pages: 2233-2272 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2097104 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2097104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2233-2272 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180053_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Anca-Gabriela Turtureanu Author-X-Name-First: Anca-Gabriela Author-X-Name-Last: Turtureanu Author-Name: Rodica Pripoaie Author-X-Name-First: Rodica Author-X-Name-Last: Pripoaie Author-Name: Carmen-Mihaela Cretu Author-X-Name-First: Carmen-Mihaela Author-X-Name-Last: Cretu Author-Name: Carmen-Gabriela Sîrbu Author-X-Name-First: Carmen-Gabriela Author-X-Name-Last: Sîrbu Author-Name: Emanuel Ştefan Marinescu Author-X-Name-First: Emanuel Ştefan Author-X-Name-Last: Marinescu Author-Name: Florentina Chiţu Author-X-Name-First: Florentina Author-X-Name-Last: Chiţu Author-Name: Laurentiu-Gabriel Talaghir Author-X-Name-First: Laurentiu-Gabriel Author-X-Name-Last: Talaghir Title: An exploratory and comparative assessment of the tourist circulation at the level of some countries of the South-Eastern European union in the current pandemic context Abstract: The coronavirus epidemic (COVID19) has affected the global economy and the services sector. Quarantine measures related to travel restrictions have led to an unprecedented decline in the tourism industry with repercussions on tourism service providers, transport companies and state budgets. Travel is necessary for tourism, therefore, any factor that prevents travel can have a profound impact on the tourism industry. In the current pandemic context, the forecast in the field of tourist travel has played an important role in supporting the revival of this sector. In this study, econometric and interpretive methods were combined to predict the demand. In this study we approached a prediction model that is based on the seasonal stationary and adjustment of observed and FFT data. Experimental results show that the proposed prediction model has demonstrated a good medium-term forecast and can be used successfully in short and medium periods of time. For a certification of the exploratory evaluation of tourism forecasts there were comparatively analyzed the results obtained for three countries in south-eastern Central Europe, countries with similar natural and anthropic tourist resources (Bulgaria, Croatia and Romania). Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180053 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180053 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180053 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120039_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Vaida Sapolaite Author-X-Name-First: Vaida Author-X-Name-Last: Sapolaite Author-Name: Ioanna Reziti Author-X-Name-First: Ioanna Author-X-Name-Last: Reziti Author-Name: Tomas Balezentis Author-X-Name-First: Tomas Author-X-Name-Last: Balezentis Title: Dynamics in the economic performance of farms: a quintipartite decomposition of the profitability change at the aggregate level Abstract: This paper presents a framework for decomposition of changes in farm profitability with regards to structural, activity and intensity (efficiency) effects. The Index Decomposition Analysis (IDA) is adapted for isolation of the effects of profit margin, asset turnover, leverage, capital intensity and structure. The proposed approach complements the regression-based analysis as the IDA allows combining data from different levels of aggregation and taking the structural change into account. The Shapley value is applied to facilitate the decomposition. The proposed model is applied to the case of Greek farms for 2010–2017. Besides from the theoretical contribution to analysis of the farm profitability, this paper is first to evaluate the financial performance of Greek farms. Journal: Economic Research-Ekonomska Istraživanja Pages: 708-726 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2120039 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120039 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:708-726 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2121741_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Peijun Xie Author-X-Name-First: Peijun Author-X-Name-Last: Xie Author-Name: Zili Zhu Author-X-Name-First: Zili Author-X-Name-Last: Zhu Author-Name: Guangyun Hu Author-X-Name-First: Guangyun Author-X-Name-Last: Hu Author-Name: Jun Huang Author-X-Name-First: Jun Author-X-Name-Last: Huang Title: Renewable energy and economic growth hypothesis: Evidence from N-11 countries Abstract: In the recent years, the trend of environmental sustainability is rapidly increasing by adopting renewable energy resources. However, the main concern is that whether renewable energy consumption contributes to economic growth. To investigate the issue, this study analyzes renewable energy led economic growth hypothesis in the Next-11 economies over the period 1990–2020. Also, this study aims to examine the influence of industry value added, gross national expenditure, and trade openness on economic growth of these economies. Along with the second-generation panel unit root test, this study employed the non-parametric panel data approach, i.e., quantile method of moments regression. The estimated results reveal the slopes coefficients are heterogeneous and cross-sectional dependency is present in the panel. The non-parametric approach reveals that validity of renewable energy led growth hypothesis. Also, the industry value added, gross national expenditure, and trade openness are found positively affecting economic growth of these economies. The panel causality test gives indication of the two way causal association between the variables. Based on the obtained results, policy implications are also provided for governors and researchers. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2121741 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2121741 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2121741 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2167100_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Pedro Seva-Larrosa Author-X-Name-First: Pedro Author-X-Name-Last: Seva-Larrosa Author-Name: Bartolomé Marco-Lajara Author-X-Name-First: Bartolomé Author-X-Name-Last: Marco-Lajara Author-Name: Mercedes Úbeda-García Author-X-Name-First: Mercedes Author-X-Name-Last: Úbeda-García Author-Name: Patrocinio Zaragoza-Sáez Author-X-Name-First: Patrocinio Author-X-Name-Last: Zaragoza-Sáez Author-Name: Laura Rienda-García Author-X-Name-First: Laura Author-X-Name-Last: Rienda-García Author-Name: Francisco García-Lillo Author-X-Name-First: Francisco Author-X-Name-Last: García-Lillo Author-Name: Rosario Andreu-Guerrero Author-X-Name-First: Rosario Author-X-Name-Last: Andreu-Guerrero Author-Name: Encarnación Manresa-Marhuenda Author-X-Name-First: Encarnación Author-X-Name-Last: Manresa-Marhuenda Author-Name: Lorena Ruiz-Fernández Author-X-Name-First: Lorena Author-X-Name-Last: Ruiz-Fernández Author-Name: Eduardo Sánchez-García Author-X-Name-First: Eduardo Author-X-Name-Last: Sánchez-García Author-Name: Esther Poveda-Pareja Author-X-Name-First: Esther Author-X-Name-Last: Poveda-Pareja Author-Name: Javier Martínez-Falcó Author-X-Name-First: Javier Author-X-Name-Last: Martínez-Falcó Title: Students´ perception of sustainable development goals (SDGs) and the benefits for companies derived from their implementation Abstract: Business leaders play a key role in the implementation of actions leading to the achievement of the 17 SDGs. Likewise, higher education is emerging as the principal factor in developing a sense of moral responsibility amongst university business students, who will eventually become company managers and decision makers. The aim of this research is, thus, twofold. First, to analyse university business students’ perceptions of the role of business in achieving the SDGs; and second, to examine university business students’ perceptions of the relationship between greater commitment to achieving the SDGs and business benefits. The analysis was performed with a sample of 178 business-related university students. Amongst the potential contributions made by this study we can highlight the possibility of understanding future managers’ perceptions of the role of business in achieving the SDGs, as well as the benefits that companies could derive from greater commitment to achieving these SDGs and identifying areas for improvement in university education regarding sustainable development. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2167100 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2167100 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2167100 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179513_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ziyu Zhang Author-X-Name-First: Ziyu Author-X-Name-Last: Zhang Author-Name: Yuting Linghu Author-X-Name-First: Yuting Author-X-Name-Last: Linghu Author-Name: Xue Meng Author-X-Name-First: Xue Author-X-Name-Last: Meng Author-Name: Hong Yi Author-X-Name-First: Hong Author-X-Name-Last: Yi Title: Research on the carbon emission reduction effects of green finance in the context of environment regulations Abstract: The rise in carbon emissions has significantly aggravated issues related to climate change. In light of this background, there has been a strong focus on using financial methods to reduce carbon emissions. Based on panel data for China for the period 2003–2019, we examine the effects of green finance on carbon emissions and the moderating effects of environmental regulations. The results indicate that green finance development alleviates carbon emissions. Meanwhile, our findings on the effects of green finance policies suggest that the implementation of such policies will strengthen the carbon-emission reduction effects of green finance. Additionally, the impacts of green finance on carbon emissions are moderated by administration and public-oriented environmental regulations rather than market-oriented environmental regulations. As the biggest emitter of carbon emissions in the world, China should prioritise the consistent and steady development of green finance and facilitate the green finance legislation. Furthermore, China should enhance the role of market-oriented environmental regulations while considering the synergy between environmental regulations and green finance. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2179513 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179513 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2179513 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080745_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Monica Violeta Achim Author-X-Name-First: Monica Violeta Author-X-Name-Last: Achim Author-Name: Viorela Ligia Văidean Author-X-Name-First: Viorela Ligia Author-X-Name-Last: Văidean Author-Name: Andrada Ioana Sabau (Popa) Author-X-Name-First: Andrada Ioana Author-X-Name-Last: Sabau (Popa) Author-Name: Ioana Lavinia Safta Author-X-Name-First: Ioana Lavinia Author-X-Name-Last: Safta Title: The impact of the quality of corporate governance on sustainable development: an analysis based on development level Abstract: Sustainable development has gained the attention of researchers worldwide and is becoming an important topic, especially in relation to corporate governance principles. This study investigates the influence of corporate governance on sustainable development in a sample of 185 countries over 2005–2020 using a panel linear regression model. Separate analyses are also conducted on subsamples of high- and low-income countries. Our findings highlight the positive influence of corporate governance, as measured by board efficacy, the strength of audits and reports, and digitalisation, on sustainable development, as measured by the Human Development Index, Human Capital Index, and Environmental Performance Index. Moreover, we find a higher positive and marginal effect of the influence of corporate governance on sustainable development for low-income countries than for high-income countries. The robustness checks performed using variables related to the happiness index, women in top management positions, and technology adoption verify our results. Our findings are important for managers and policymakers to consolidate sustainable development through the incentive brought about by high-quality corporate governance. Journal: Economic Research-Ekonomska Istraživanja Pages: 930-959 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080745 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080745 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:930-959 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2113334_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Mingqi Zhu Author-X-Name-First: Mingqi Author-X-Name-Last: Zhu Title: The role of human capital and environmental protection on the sustainable development goals: new evidences from Chinese economy Abstract: Currently, the achievement of sustainable development goals (SDG) is the requirement of the entire globe and needs the attention of recent researchers and regulators. Thus, the current research also investigates the impact of human capital and environmental protection on the SDG of the developed economy like China. The researchers have explored the secondary data sources and collected the data from 1986 to 2019, and used the world development indicators (WDI) for this purpose. The current article also used the augmented dickey-fuller test (ADF) to check the stationarity and autoregressive distributed lag model (ARDL) to test the nexus among variables. The results indicated that all the predictors such as human capital index (human capital), renewable energy consumption and renewable energy production (environmental protection) have a negative association with carbon emission and a positive association with SDG. The outcomes also indicated that control variables such as economic growth and population growth have a positive association with carbon emission. These outcomes provide the guidelines to the regulators while developing policies related to sustainable development goals. Journal: Economic Research-Ekonomska Istraživanja Pages: 650-667 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2113334 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2113334 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:650-667 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2063920_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Martina Skalicka Author-X-Name-First: Martina Author-X-Name-Last: Skalicka Author-Name: Marek Zinecker Author-X-Name-First: Marek Author-X-Name-Last: Zinecker Author-Name: Adam P. Balcerzak Author-X-Name-First: Adam P. Author-X-Name-Last: Balcerzak Author-Name: Michał Bernard Pietrzak Author-X-Name-First: Michał Bernard Author-X-Name-Last: Pietrzak Title: Business angels and early stage decision making criteria: empirical evidence from an emerging market Abstract: How do business angels assess a prospective entrepreneurial firm when they make an investment decision? This article examines a central question that informal venture capitalists have been struggling with for decades: What early stage decision making criteria do investors define and apply to reduce the volume of potential deals to a more manageable size? Based on semi-structured interviews with business angels in an emerging market, we show that investors are focused on the industry structure and product features, on the other side, our results also suggest a very strong support for the personality of the entrepreneur and management team. More specifically, entrepreneur trustworthiness is an essential element affecting an investor’s decision to close a deal. Business angels set requirements in terms of the entrepreneur’s equity stake in the start-up and monitoring tools to prevent the failure of investee firms. Our findings suggest that if there are warning signs that the project is in an existential crisis, most of the investors will reject their participation. We believe that our empirical results support both researchers and practitioners to establish a better understanding between the well-developed financial theories and the underresearched informal venture capital market in a Central and Eastern European country. Journal: Economic Research-Ekonomska Istraživanja Pages: 25-50 Issue: 1 Volume: 36 Year: 2023 Month: 1 X-DOI: 10.1080/1331677X.2022.2063920 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2063920 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:25-50 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2094438_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yuee Tang Author-X-Name-First: Yuee Author-X-Name-Last: Tang Author-Name: Siyu Wu Author-X-Name-First: Siyu Author-X-Name-Last: Wu Author-Name: Shuxing Chen Author-X-Name-First: Shuxing Author-X-Name-Last: Chen Title: Evaluating the influence of environmental R&D on the SO2 intensity in China: evidence from dynamic spatial Durbin model analysis Abstract: Green technology is a significant means to improve the environment and achieve sustainable development goals. According to the data of Chinese provincial panel from 2000 to 2016, our study investigated the spatial effect of environmental research and development (R&D) activities on SO2 intensity using the dynamic spatial Durbin model. First, SO2 intensity in China was shown to have obvious spatial correlation, strong path dependence, and spatial agglomeration features of ‘high-high’ as well as ‘low-low’. Second, both in the short- and long-term, environmental R&D activities had an essential negative influence on local SO2 intensity, but no significant effect on SO2 intensity in the neighbouring areas, indicating that the SO2 intensity reduction effect of environmental R&D activities was confined to local areas. Moreover, the long-term effect of environmental R&D activities on SO2 intensity was not enhanced, indicating that China's existing green technology is insufficient, which hinders the spillover influences of environmental R&D activities. Third, the short- as well as long-term effects of practical-type R&D on SO2 intensity were significantly negative, indicating that practical-type R&D can effectively reduce SO2 intensity. Invention-type R&D had a significant negative effect on local SO2 intensity, but no significant effect on neighbouring areas. Journal: Economic Research-Ekonomska Istraživanja Pages: 1886-1905 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2094438 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2094438 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1886-1905 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179505_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Shigang Zheng Author-X-Name-First: Shigang Author-X-Name-Last: Zheng Title: Estimating the effect of long-term mechanism for real estate in China: a regression discontinuity approach Abstract: Housing prices in China have risen dramatically in recent decades, giving rise to bubble concerns. Many studies show that short-term regulation of real estate market is ineffective, which drove central government to propose the construction of a long-term mechanism for real estate in late 2016. However, few studies have been conducted to estimate its effects. This article highlights the effects of the long-term mechanism on housing prices, similar to a quasi-natural experiment, with the proposal of the long-term mechanism. In this context, the study was conducted with the end of 2016 as a breakpoint, using the RDiT method and panel data for 35 large- and medium-sized cities from 2009 to 2021, to find out whether the long-term mechanism has stabilized housing prices or not. The results reveal that the long-term mechanism dramatically reduced the divergence and dispersion of housing prices from the long-term equilibrium level. Further study shows that there is significant heterogeneity in the impact of the long-term mechanism on housing prices across cities, with significant effects in second-tier cities but not in first-tier cities, and with significant effects in central and western cities but not in eastern cities. Therefore, we suggest that the eastern, including the first-tier cities, remain the focus of the construction of the long-term mechanism in the future, and continue to implement short-term regulation for key cities, and build a system that coordinates with the long-term mechanism. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2179505 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179505 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2179505 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2089195_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Dongmei Xu Author-X-Name-First: Dongmei Author-X-Name-Last: Xu Author-Name: Changqi Tao Author-X-Name-First: Changqi Author-X-Name-Last: Tao Author-Name: Jiawen Wang Author-X-Name-First: Jiawen Author-X-Name-Last: Wang Title: Attention allocation, factor stock adjustment, and high-quality product development Abstract: The manufacturing industry is the foundation for building and strengthening a country. Micro-manufacturing enterprises are the basis for the development of manufacturing, and products are the core and life of enterprises. Based on micro data from industrial enterprises, this study conducts a statistical measurement on the indicators of high-quality product development. Taking the Baidu Index as the proxy variable for attention allocation, the influence of attention allocation on high-quality development of products is systematically examined both theoretically and empirically; Additionally, it seeks to ascertain whether factor stock adjustment has a mediating effect. The findings are as follows: 1. Within the full sample, 63.63% of the attention allocation process to promote high-quality development of products is achieved by optimizing the factor stock adjustment channels. 2. Capital stock and labor stock adjustment have a partial mediating effect on the high-quality development of products in capital-intensive industries, while labor stock adjustment has a partial mediating effect on labor-intensive industries. 3. The regional results show that the adjustment of capital and labor stock has a partial mediating effect in the eastern region. This conclusion provides a theoretical basis for realizing the high-quality development of China's manufacturing industry. Journal: Economic Research-Ekonomska Istraživanja Pages: 1449-1469 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2089195 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2089195 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1449-1469 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2119425_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yue Shang Author-X-Name-First: Yue Author-X-Name-Last: Shang Author-Name: Hongwen Cai Author-X-Name-First: Hongwen Author-X-Name-Last: Cai Author-Name: Yu Wei Author-X-Name-First: Yu Author-X-Name-Last: Wei Title: The impacts of infectious disease pandemic on China’s edible vegetable oil futures markets: A long-term perspective Abstract: For the extremely important role of China in global edible vegetable oil market and its decisive measures in the epidemic controlling and stable economic recovery during the COVID-19 pandemic, the aim of this article is to inspect the quantitative impacts of infectious disease pandemic on the returns, volatilities and correlations of China’s edible vegetable oil futures markets by using a DCC-MVGARCH-X model incorporating Baidu searching index as the proxy of pandemic severity. Our empirical results show that infectious disease pandemic does have significantly positive impacts on the returns and volatilities of China’s soybean, canola and palm oil futures markets. Second, there are significant volatility spillover effects among the three vegetable oils, suggesting strong contagion effect from one oil market to the others. Third, soybean oil and palm oil show the largest correlation, while the dependence between canola oil and palm oil is the smallest one among the three pairwise correlations. Moreover, no matter to consider epidemic situation in China or in global environment, infectious disease pandemic has significant effects on these correlations. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2119425 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2119425 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2119425 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080738_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yafei Li Author-X-Name-First: Yafei Author-X-Name-Last: Li Author-Name: Yameng Li Author-X-Name-First: Yameng Author-X-Name-Last: Li Author-Name: Xintong Wu Author-X-Name-First: Xintong Author-X-Name-Last: Wu Author-Name: Zhou Zhou Author-X-Name-First: Zhou Author-X-Name-Last: Zhou Title: Can intellectual property protection promote trade credit financing of high-tech enterprises: evidence from the Chinese ‘three-in-one trial’ reform Abstract: Whether the intellectual property protection (IPP) system can improve the financing environment for enterprise innovation is a poorly studied research issue. Taking the Chinese ‘three-in-one trial’ reform of intellectual property rights (IPRs) as a quasi-natural experiment; we investigate the impact of strengthening IPP on trade credit financing of high-tech enterprises. The results show that strengthening IPP can promote their trade credit by about 2%, and the technology market effect, innovation effect and information effect are the underlying mechanisms. Further tests indicate that the promotion effects of IPP are more obvious on high-tech enterprises with lower government support, lower proportion of fixed assets and healthier government–business relationship. Different from the previous literature, which focuses on the relationship between IPP and innovation activities or benefits, this article expands the literature by investigating its impact on innovation financing and fills the research gap of the impact of IPP on capital market information searching. Journal: Economic Research-Ekonomska Istraživanja Pages: 786-806 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080738 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080738 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:786-806 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2097106_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Wenzhou Li Author-X-Name-First: Wenzhou Author-X-Name-Last: Li Author-Name: Zhang Jingqi Author-X-Name-First: Zhang Author-X-Name-Last: Jingqi Author-Name: Liang Chen Author-X-Name-First: Liang Author-X-Name-Last: Chen Title: Cash dividends, return on equity and earnings persistence Abstract: With reference to Ohlson’ model, we optimise earnings persistence model and express earnings persistence measure as a function of return on equity (R.O.E.), dividends payout ratio and other factors. Our theoretical model reveals that dividends payout ratio has little effect on the earnings persistence, while R.O.E. has a decisive effect on earnings persistence. Using quarterly earnings data of 872 listed firms in China over 2011–2020, we calculate the Revised Persistence value of earnings (RPer value) of our earnings persistence model, and find that the Rper value of our model have more explanatory power than that of Kormendi and Lipe’ model. Our study also suggest that quarterly earnings are useful and have information content. Both the theoretical model and empirical results of our research are of great significance to understand and support the implementation of semi-compulsory cash dividends rules in China. Journal: Economic Research-Ekonomska Istraživanja Pages: 2298-2319 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2097106 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2097106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2298-2319 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080740_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jiahua Zhao Author-X-Name-First: Jiahua Author-X-Name-Last: Zhao Author-Name: Minglin Wang Author-X-Name-First: Minglin Author-X-Name-Last: Wang Author-Name: Qiuqin He Author-X-Name-First: Qiuqin Author-X-Name-Last: He Title: Cash holdings, the internal capital market, and capital allocation efficiency in listed companies Abstract: The rise in firm-level cash asset ratios has become a prominent trend in countries around the world which may further influence the capital allocation efficiency. This study analysed the inefficient effect of cash holdings on the capital allocation by combining the internal capital market theory with principal–agent theory and asymmetric information theory. The theoretical hypotheses were tested using linear panel regression models based on financial data from Chinese listed enterprises. We found that corporations holding more cash assets had lower capital allocation efficiency than those with fewer cash assets, which is consistent with agency theory and asymmetric information theory. Internal capital markets exacerbated this adverse effect. Additional testing was conducted to examine the heterogeneity of this effect between different types of ownership and strategy; the findings showed that an increase in cash holdings had a greater marginal impact on overinvestment among privately owned enterprises and underinvestment among state-owned enterprises. Internal capital market operation alleviated the problem of overinvestment but exacerbated the problem of underinvestment in privately owned enterprises, whereas it increased overinvestment in state-owned enterprises. The results suggested that different types of enterprises should deal with the inefficient effect of cash assets based on the causes of inefficient investment. Journal: Economic Research-Ekonomska Istraživanja Pages: 827-844 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2080740 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080740 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:827-844 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2096659_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: He Chengying Author-X-Name-First: He Author-X-Name-Last: Chengying Author-Name: Tianqi Wang Author-X-Name-First: Tianqi Author-X-Name-Last: Wang Author-Name: Salman Ali Shah Author-X-Name-First: Salman Ali Author-X-Name-Last: Shah Author-Name: Yali Chang Author-X-Name-First: Yali Author-X-Name-Last: Chang Author-Name: Xiaoliang Zhou Author-X-Name-First: Xiaoliang Author-X-Name-Last: Zhou Title: A study on the moderating role of national absorptive capacity between institutional quality and FDI inflow: evidence from developing countries Abstract: Numerous studies on foreign direct investment (FDI) as a prime element of capital flow and external finance contribute to foreign physical stock of capital, knowledge spillovers, transfer of technology, and recipient countries’ employment. Developing economies need FDI to boost their economic growth. This study explores the moderating role of national absorptive capacity between FDI inflow and institutional quality (control of corruption, government effectiveness, political stability and the absence of violence, regulatory quality, rule of law, voice and accountability) on a panel of 113 developing countries for 2000–2019. Hausman fixed-effect and random-effect estimation are used in the analysis. The results show that national absorptive capacity (AC) moderates the relationship between FDI inflow and institutional quality dimension. To check robustness, we formed an index of institutional quality (OIQ) dimensions through principal component analysis (PCA) and regressed, demonstrating that AC moderates the relationship between OIQ and FDI. Subsequently, taking BRICS + Pakistan as a sample, we find that the results hold. This study will help form FDI-friendly policy in developing countries. Journal: Economic Research-Ekonomska Istraživanja Pages: 2177-2198 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2096659 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2096659 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2177-2198 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2080737_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Laura Južnik Rotar Author-X-Name-First: Laura Author-X-Name-Last: Južnik Rotar Author-Name: Sergej Gričar Author-X-Name-First: Sergej Author-X-Name-Last: Gričar Author-Name: Štefan Bojnec Author-X-Name-First: Štefan Author-X-Name-Last: Bojnec Title: The relationship between tourism and employment: evidence from the Alps-Adriatic country Abstract: Overlooking the importance of non-stationarity and normally distributed models in previous studies, this paper aims to fill the gap in literature based on time series between 2000 and 2019 for an Alps Adriatic country on tourism-led employment. Before implementing the Granger Causality Test, the vector autoregressive model is applied. The results confirmed that tourist arrivals significantly impact the hospitality labour market in Slovenia as employment in the lodging industry was driven in bi-causal directions to overall tourist arrivals. The demonstrated validity of substantial tourism-led employment has implications for job creation and economic growth, focusing on domestic tourists. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2080737 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2080737 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2080737 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2120037_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Maoxi Tian Author-X-Name-First: Maoxi Author-X-Name-Last: Tian Author-Name: Yong Jiang Author-X-Name-First: Yong Author-X-Name-Last: Jiang Author-Name: Binyao Wang Author-X-Name-First: Binyao Author-X-Name-Last: Wang Author-Name: Yizhe Dong Author-X-Name-First: Yizhe Author-X-Name-Last: Dong Author-Name: Yingying Chen Author-X-Name-First: Yingying Author-X-Name-Last: Chen Author-Name: Baofeng Shi Author-X-Name-First: Baofeng Author-X-Name-Last: Shi Title: Downside and upside risk spillovers from commercial banks into China’s financial system: a new copula quantile regression-based CoVaR model Abstract: In this paper, we investigate the downside and upside risk spillovers from three kinds of commercial banks (state-owned commercial banks (SOCBs), joint-stock commercial banks (JSCBs) and city commercial banks (CCBs)) to China’s financial system by proposing a new copula quantile regression-based CoVaR model. We find that (i) the dynamic risk spillovers show heterogeneity over time, specifically that its downward trend is significant after the stock market disaster in 2015; (ii) JSCBs display the largest risk spillovers, indicating that JSCBs are the main contributors to systemic risk in China’s financial system; and (iii) the risk spillovers are not symmetrical, as the upside risk spillovers are smaller than the downside risk spillovers. Our results have crucial implications for financial regulators and investors who want to measure and prevent systemic financial risk and optimise their investment strategies. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2120037 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2120037 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2120037 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2076141_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Wenting Xue Author-X-Name-First: Wenting Author-X-Name-Last: Xue Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Wuhui Lu Author-X-Name-First: Wuhui Author-X-Name-Last: Lu Title: A probabilistic linguistic thermodynamic method based on the water-filling algorithm and regret theory for emergency decision making Abstract: Since thermodynamics can describe the energy of matter and its form of storage or transformation in the system, it is introduced to resolve the uncertain decision-making problems. The paper proposes the thermodynamic decision-making method which considers both the quantity and quality of the probabilistic linguistic decision information. The analogies for thermodynamical indicators: energy, exergy and entropy are developed under the probabilistic linguistic circumstance. The probabilistic linguistic thermodynamic method combines the regret theory which captures decision makers’ regret-aversion and the objective weight of criterion obtained by the water-filling algorithm. The proposed method is applied to select the optimal solution to respond to the floods in Chongqing, China. The self-comparison is conducted to verify the effectiveness of the objective weight obtained by the water-filling algorithm and regret theory in the probabilistic linguistic thermodynamic method. The reliability and feasibility of the proposed method are verified by comparative analysis with other decision-making methods by some simulation experiments and non-parametric tests. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2076141 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2076141 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2076141 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2090402_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Marián Čvirik Author-X-Name-First: Marián Author-X-Name-Last: Čvirik Author-Name: Monika Naďová Krošláková Author-X-Name-First: Monika Author-X-Name-Last: Naďová Krošláková Author-Name: Ivona Milić Beran Author-X-Name-First: Ivona Author-X-Name-Last: Milić Beran Author-Name: Romana Capor Hrosik Author-X-Name-First: Romana Author-X-Name-Last: Capor Hrosik Author-Name: Peter Drábik Author-X-Name-First: Peter Author-X-Name-Last: Drábik Title: Influence of health-conscious consumer behaviour on consumer ethnocentrism during the COVID-19 pandemic Abstract: The aim of the article is fourfold: (1) to identify the level of health consciousness during the pandemic in Slovakia and Croatia, and to point out the possible influence of selected demographic factors on this rate, (2) to identify the degree of consumer ethnocentrism during the pandemic in Slovakia and Croatia and to examine the impact of selected demographic factors to this extent, (3) to examine the link between health consciousness as a factor affecting consumer ethnocentrism and (4) to identify differences in the studied variables of Croatia and Slovakia. The article is supported by a primary survey based on 459 respondents in Croatia and 429 respondents in Slovakia. Whilst referring to our aims, we formulated research questions and hypotheses, in order to answer and verify them we chose ANOVA test and regression analysis. The results point to a high level of respondents' health awareness and an average (in the case of Slovakia) and above-average (in the case of Croatia) rate of consumer ethnocentrism. The results indicate a low relationship between the variables examined. Results can be applied both in theory and in practice in various fields. Journal: Economic Research-Ekonomska Istraživanja Pages: 1510-1526 Issue: 1 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2022.2090402 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2090402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:1510-1526 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2077791_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Andrijana Rogošić Author-X-Name-First: Andrijana Author-X-Name-Last: Rogošić Author-Name: Ivana Perica Author-X-Name-First: Ivana Author-X-Name-Last: Perica Title: Affective professional commitment and accounting ethics principles: examining the mediating role of the code of ethics Abstract: Accounting ethics emerged as a significant socio-economic issue due to the recent frauds that eroded the public trust in financial statements and in accountants who prepare them. Therefore, ethical behaviour in business must be indorsed. This article examines the effect of affective professional commitment of accountants on their perception of importance of accounting ethics principles application with the mediation of the Code of Ethics for Professional Accountants by ISEBA. As in other vocations, some professional accountants have an innate sense of morality but the others should be advised to consult the Code of Ethics. This explains the direct and indirect (with the Code of Ethics as the mediator) relationship between affective professional commitment and the accounting ethics principles application. According to our findings, accountants with higher levels of affective professional commitment are more likely to perceive the importance of accounting ethics principles. Application of the five fundamental accounting ethics principles (integrity, objectivity, professional competence and due care, confidentiality and professional behaviour) should be promoted while consulting the Code of Ethics should be supported in order to decrease unethical behaviour of the professional accountants. Journal: Economic Research-Ekonomska Istraživanja Pages: 480-498 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2077791 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2077791 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:480-498 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180062_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Maria Botey-Fullat Author-X-Name-First: Maria Author-X-Name-Last: Botey-Fullat Author-Name: Cristina Marín-Palacios Author-X-Name-First: Cristina Author-X-Name-Last: Marín-Palacios Author-Name: Pedro Arias-Martín Author-X-Name-First: Pedro Author-X-Name-Last: Arias-Martín Title: Macroeconomics and the Spanish stock market, impact-response analysis Abstract: The aim of this paper is to identify potential causal relationships between macroeconomic variables and the stock market in Spain. Numerous articles recognize the influence of macroeconomic variables on the stock market and value this knowledge as essential for good investment management. However, there are very few empirical studies that justify the influence of disaggregated macroeconomic variables on the stock market in Spain and vice versa. This article uses the general index of the Madrid Stock Exchange as a proxy variable of the stock market and numerous macroeconomic variables, analyzing monthly data from January 2001 to December 2020 from various published data sources. A descriptive analysis is carried out and a vector autoregressive model (VAR) is applied. Finally, the causality is analyzed identifying the transmission of effects between them. The results confirm the impact of lagged interest rate, monetary aggregate M1 and unemployment rate on the stock market but also identify new features, such as the influence of the stock market on the interest rate, industrial production index, manufacturing activity index and economic sentiment index. This research is useful for Public Administration to detect possible risks in the economy, and it enables investors to better manage their investments. Journal: Economic Research-Ekonomska Istraživanja Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2180062 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180062 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:2180062 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2078850_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Shengjia Zhou Author-X-Name-First: Shengjia Author-X-Name-Last: Zhou Author-Name: Junxing Zhou Author-X-Name-First: Junxing Author-X-Name-Last: Zhou Author-Name: Sichao Chen Author-X-Name-First: Sichao Author-X-Name-Last: Chen Title: Outlier identification and group satisfaction of rating experts: density-based spatial clustering of applications with noise based on multi-objective large-scale group decision-making evaluation Abstract: Group satisfaction is a trending issue in large-scale group decision-making (LSGDM) but most existing studies maximize the group satisfaction of LSGDM from the perspective of consensus. However, the clustering algorithm in LSGDM also has an impact on group satisfaction. Hence, this paper proposes a density-based spatial clustering of applications with noise (DBSCAN)-based LSGDM approach in an intuitionistic fuzzy set (IFS) environment. The DBSCAN algorithm is used to identify experts with outlier ratings that can reduce the time consumption and iterations of the LSGDM process and maximize the satisfaction of the group decision. An easy-to-use function is then provided to estimate group satisfaction. Finally, a numerical example of data centre supplier evaluation and comparative analysis is constructed to validate the rationality and feasibility of the proposed DBSCAN-based LSGDM approach in an IFS environment. The results demonstrate that the proposed method can effectively identify outliers in expert ratings and improve group satisfaction in the LSGDM process. Journal: Economic Research-Ekonomska Istraživanja Pages: 562-592 Issue: 1 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2078850 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2078850 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:562-592 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2125035_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiaojing Jiao Author-X-Name-First: Xiaojing Author-X-Name-Last: Jiao Author-Name: Pengwei Zhang Author-X-Name-First: Pengwei Author-X-Name-Last: Zhang Author-Name: Liying He Author-X-Name-First: Liying Author-X-Name-Last: He Author-Name: Zeyun Li Author-X-Name-First: Zeyun Author-X-Name-Last: Li Title: Business sustainability for competitive advantage: identifying the role of green intellectual capital, environmental management accounting and energy efficiency Abstract: The manufacturing organizations are threatening the earth and its wildlife because of their growing concern about environmental pollution and industrial waste. Hence, in the present study, the three potential solutions, Green Intellectual Capital, Environmental Management Accounting and Energy Efficiency, are evaluated for excelling the organizational operations towards business sustainability and attaining the Competitive Advantage. With the assistance of ‘Partial Least Square-Structural Equation Modelling’ on the dataset of 364 respondents from the manufacturing organizations in China, the outcome reported the positive and significant impact of all of the studied potential solutions in excelling and enhancing business sustainability and competitive advantage. Based on the findings, it is proposed that manufacturing organizations need to apportion due attention to developing the green intellectual capital, improve the level of consumption of energy and need to disclose their environmental management through proper Environmental Management Accounting. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2125035 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2125035 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2125035 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2107042_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Le Thanh Ha Author-X-Name-First: Le Thanh Author-X-Name-Last: Ha Title: Welfare costs of external shocks in the medium-scale model with shifting moderate trend inflation Abstract: We aim at investigating welfare costs of shocks as well as dynamics of business and financial cycle due to these shocks. By using the theoretical model and parameters calibrated jointly to match the selected moments for the U.S. data during 1954Q3–2018Q4 period, our findings emphasise interaction between trend inflation and shocks. In the one side, welfare costs of these shocks in the Rotemberg model are modest but these costs increase when central banks raise their inflation targets to the higher level. Under impacts of these shocks, the economy gets more volatile reflected by higher dynamics of business and financial cycles. On the other hand, we investigate impacts of trend inflation on impulse response of key macroeconomic as well as financial variables to these shocks. In almost cases, these variables reacts more strongly to the shocks for higher trend inflation levels. Importantly, there are long-lasting debt response and short-lived equity response to unexpected changes in financial conditions. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2107042 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2107042 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2107042 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2169737_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Na Wang Author-X-Name-First: Na Author-X-Name-Last: Wang Title: Assessing the role of ecological innovation and economic growth in enhancing educational performance: evidence of BRICS countries Abstract: Science symbolises education as an integral element in attaining environmental sustainability. Even after having elite-level human intelligence, this universe faces adverse effects of ecological deprivation. Therefore, this study specifically investigates the role of ecological innovation and economic growth on educational performance in BRICS nations. The present study selected the recent year’s data of BRICS nations to explore the repercussions of ecological innovation and the countries’ GDP income, and chooses the potential statistical technique name CS-ARDL method. In addition, this study uses other testing tools such as the CD test, unit root analysis tests, Westerlund and Edgerton test, and Bai and Silvestre-I-Carrion cointegration test to explore the role of these variables on educational performance. The estimated outcomes of the unit root test and CD test signify the structural breaks and heterogeneity in the data, but later Pesaran and Yamagata (2008) test resolved the relative issues. Therefore, long-run and short-run analyses of the CS-ARDL method identified the positive and significant affluence of ecological innovation (GIN) and economic growth (GDP) on educational performance (EDU). Thus, some dynamic policies are introduced in the below section to nourish the educational system of BRICS countries with the help of ecological innovation and economic progression. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2169737 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2169737 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2169737 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2178019_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Lisi Zhang Author-X-Name-First: Lisi Author-X-Name-Last: Zhang Author-Name: Ziwei Zhang Author-X-Name-First: Ziwei Author-X-Name-Last: Zhang Author-Name: Karolina Bieryt Author-X-Name-First: Karolina Author-X-Name-Last: Bieryt Author-Name: Summiya Aftab Author-X-Name-First: Summiya Author-X-Name-Last: Aftab Title: Sustainable green financial system perspective of environmental protection investment and the government’s environmental policy or public participation: evidence from Chinese A-share listed companies Abstract: Corporate environmental protection investment (EPI) is one of the ways to accelerate green development. This paper develops a theoretical model of EPI focusing on three factors: the government, the public, and the enterprises. It uses data from A-share listed Chinese companies from 2008 to 2014 to analyse the effects of the government environmental policy and public participation on the corporate EPI. Results of this research show that both the environmental regulations issued by the government and the demands put forward by public opinion encourage enterprises to increase investment in environmental protection. Moreover, the government’s green policy efforts and public participation result in synergy in governance. Relevant regulations issued by the government improve the efficiency of actual public participation. However, redundant government intervention is not conducive to increasing corporate investment in environmental protection. According to this research, market-oriented reforms can boost the positive impact of government and public efforts on corporate EPI. In order to improve environmental governance and achieve green development, it is necessary to deepen market-oriented reforms and build a coordinated, complementary, and incentive-compatible governance system that deals with issues, demands, rights, and responsibilities of the government, the public, and enterprises. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2178019 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2178019 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2178019 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106269_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Lijin Xiang Author-X-Name-First: Lijin Author-X-Name-Last: Xiang Author-Name: Wenhao Wang Author-X-Name-First: Wenhao Author-X-Name-Last: Wang Author-Name: Jiameng Ren Author-X-Name-First: Jiameng Author-X-Name-Last: Ren Author-Name: Yang Zhao Author-X-Name-First: Yang Author-X-Name-Last: Zhao Title: The impact of monetary policy shocks on income inequality: a tale of two countries Abstract: The easing monetary policy after the global financial crisis triggered wide concerns on the responses of income inequality. In this paper, we investigate impact of monetary policy shocks on income inequality. We propose a general equilibrium model and show that monetary policies could affect income inequality by affecting the earnings of high-income households in financial markets and business operations. Using a TVP-FAVAR model, we find contradictory distributional effects of monetary policy shocks in China and the US. Specifically, expansionary monetary policy shocks persistently increase income inequality in China but decrease income inequality in the US. Moreover, the impacts are volatile in the short-term, but stabilise after 10 periods. The investigation on the responses of top 1% and bottom 50% income share confirms the finding of contradictory distributional effects of monetary policy shocks. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106269 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106269 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106269 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142635_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Roxana Maria Bădîrcea Author-X-Name-First: Roxana Maria Author-X-Name-Last: Bădîrcea Author-Name: Nicoleta Mihaela Doran Author-X-Name-First: Nicoleta Mihaela Author-X-Name-Last: Doran Author-Name: Alina Georgiana Manta Author-X-Name-First: Alina Georgiana Author-X-Name-Last: Manta Author-Name: Silvia Puiu Author-X-Name-First: Silvia Author-X-Name-Last: Puiu Author-Name: Georgeta-Madalina Meghisan-Toma Author-X-Name-First: Georgeta-Madalina Author-X-Name-Last: Meghisan-Toma Author-Name: Marius Dalian Doran Author-X-Name-First: Marius Dalian Author-X-Name-Last: Doran Title: Linking financial development to environmental performance index—the case of Romania Abstract: To make steps in society towards a more sustainable future, countries must meet the targets established by the United Nations’ Sustainable Development Goals. Thus, factors that could impact the environmental indicators should be analysed. Therefore, this study aims to identify the correlations between financial development and environmental performance in Romania, during the period 1995–2018. Using composite indexes to assess financial development and the Environmental Performance Index (EPI) to express environmental performance, important results are obtained through the Canonical Cointegrating Regression (CCR) method. The explanatory variables used in the study are specific to the evaluation of the financial development of a country: access, depth and efficiency. The results show that, in the case of financial institutions, the access index and the depth index have a negative influence on the environmental performance index, while in the case of financial markets, the negative impact of the access index of financial markets can be observed. The efficiency index, both in the case of financial institutions and financial markets, generates a positive influence on environmental performance in Romania. Financial markets also address positive influences on the evolution of the environmental performance index. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142635 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142635 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142635 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2143847_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Afrizal Firman Author-X-Name-First: Afrizal Author-X-Name-Last: Firman Author-Name: Massoud Moslehpour Author-X-Name-First: Massoud Author-X-Name-Last: Moslehpour Author-Name: Ranfeng Qiu Author-X-Name-First: Ranfeng Author-X-Name-Last: Qiu Author-Name: Pei-Kuan Lin Author-X-Name-First: Pei-Kuan Author-X-Name-Last: Lin Author-Name: Taufiq Ismail Author-X-Name-First: Taufiq Author-X-Name-Last: Ismail Author-Name: Ferry Fadzlul Rahman Author-X-Name-First: Ferry Fadzlul Author-X-Name-Last: Rahman Title: The impact of eco-innovation, ecotourism policy and social media on sustainable tourism development: evidence from the tourism sector of Indonesia Abstract: Tourism growth is a significant factor in the economic development around the globe, and eco-innovation and tourism policies could improve the tourism development and needs the researchers’ attention. Thus, the present article investigates the impact of eco-product innovation, eco-process innovation, eco-organizational innovation, eco-tourism policies, and social media on sustainable tourism development in Indonesia. This article has used primary data collection methods like questionnaires to collect the data from the selected respondents. The research also applied the smart-PLS to check the association among variables and test the hypotheses. The results revealed that eco-product innovation, eco-process innovation, eco-organizational innovation, eco-tourism policies, and social media have a positive nexus with sustainable tourism growth in Indonesia. This shows that through social media, the tourism firms keep in contact with the stakeholders, can have information, and share their own ideas with them. In this way, they can keep their tourism practice innovative and according to the requirements of stakeholders. This article guides the regulators to develop effective policies that improve sustainable tourism growth using eco-innovation and eco-tourism policies. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2143847 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2143847 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2143847 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2143843_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ana Jovičić Vuković Author-X-Name-First: Ana Author-X-Name-Last: Jovičić Vuković Author-Name: Aleksandra Terzić Author-X-Name-First: Aleksandra Author-X-Name-Last: Terzić Author-Name: Dragana Gašević Author-X-Name-First: Dragana Author-X-Name-Last: Gašević Author-Name: Dragana Tomašević Author-X-Name-First: Dragana Author-X-Name-Last: Tomašević Author-Name: Josip Mikulić Author-X-Name-First: Josip Author-X-Name-Last: Mikulić Title: Travel intentions in pandemic circumstances – the case of Balkan tourists Abstract: Examination of tourist behaviour during and after the crisis is of great importance for understanding and coping with the harmful effects of the crisis. The study aims to discover the impact of perceived risks, health status, and travel experience on proximal travel intentions during the Covid-19 outbreak. Perceived risks that coronavirus brought reshaped the collective awareness and altered typical travel habits. The research involved 1109 respondents from four Balkan countries who participated in an online survey at the first peak of the pandemic (April 2020). According to the results, perceived risk negatively influenced travel intentions. The study presumed the positive influence of previous travel experience on travel intentions and indicated its negative impact on risk perception. Results showed that subjective health condition positively affected travel intention and had no significant effect on risk perception. The profound uncertainty that the tourism sector experienced is primarily reflected in an immense impact on the travel possibilities and changes in tourist preferences. This study offers an insight into peoples’ travel intentions influenced by a global health crisis, reflecting specific risk negation when it comes to the timing of after-crisis travel plans. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2143843 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2143843 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2143843 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2175008_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Carlos Cid-Aranda Author-X-Name-First: Carlos Author-X-Name-Last: Cid-Aranda Author-Name: Félix López-Iturriaga Author-X-Name-First: Félix Author-X-Name-Last: López-Iturriaga Title: C.E.O. characteristics and corporate risk-taking: evidence from emerging markets Abstract: Although the Upper Echelon Theory predicts that C.E.O.s play a relevant role in corporate risk-taking, the C.E.O.s’ traits that can be associated with such risk are not well-explored. Our study fills this gap and shows the effect of C.E.O.s’ characteristics on corporate risk-taking of a hand-collected sample of 369 Latin American listed firms. We study six traits: C.E.O.s’ age, tenure, gender, duality (i.e., holding concurrent Chairman and C.E.O. roles), educational background, and career horizon. We find that age increases risk-taking. However, when the C.E.O.'s age reaches a given point, their concern about reputation and retirement results in a negative relationship. We also find that as C.E.O. tenure increases, corporate risk begins to decrease. Nevertheless, there comes a point at which the C.E.O. uses their knowledge and their overconfidence to make risky financial decisions. Female C.E.O.s are negatively related to risk-taking, while C.E.O. duality, C.E.O. educational background, foreign C.E.O.s, and a C.E.O.'s career horizon have the opposite effect. Our study is novel because of the focus on emerging markets and because of the use of different market-based measures of risk-taking. We provide policymakers, investors, and practitioners with fresh evidence about how C.E.O.s’ risk aversion shapes the firm’s risk-taking behaviour. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2175008 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2175008 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2175008 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106504_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yali He Author-X-Name-First: Yali Author-X-Name-Last: He Author-Name: Suchang Yang Author-X-Name-First: Suchang Author-X-Name-Last: Yang Author-Name: Fayyaz Ahmad Author-X-Name-First: Fayyaz Author-X-Name-Last: Ahmad Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Author-Name: Muhammad Umar Draz Author-X-Name-First: Muhammad Umar Author-X-Name-Last: Draz Author-Name: Abbas Ali Chandio Author-X-Name-First: Abbas Ali Author-X-Name-Last: Chandio Title: Investments in environmental preservation: is the government crowding in green enterprises? Evidence from a-listed companies in China Abstract: Government investment in environmental protection (Govin) plays a key role in stimulating private green investment (Prinv) to preserve the ecological environment with economic profits. To examine the effect of Govin on Prinv, this study uses data from 2010 to 2020 on green A-listed companies in China and estimates a dynamic panel model by using both the difference generalized method of moments and system generalized method of moments. The results indicate that Govin has a crowding-in effect on Prinv, and this conclusion is confirmed by several robustness tests. Furthermore, we identify revenues as a potential mechanism variable to explain how Govin affects Prinv. In addition, this study finds regional and enterprise ownership differences in the crowding in effect of Chinese Govin. Finally, based on these outcomes, the study suggests that the government should rationally and dynamically adjust the contents of public environmental investment and optimise its structure to effectively promote the development of green, low-carbon, and circular economies. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2106504 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106504 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106504 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2125032_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zeng Hailiang Author-X-Name-First: Zeng Author-X-Name-Last: Hailiang Author-Name: Wasim Iqbal Author-X-Name-First: Wasim Author-X-Name-Last: Iqbal Author-Name: Ka Yin Chau Author-X-Name-First: Ka Yin Author-X-Name-Last: Chau Author-Name: Syed Ale Raza Shah Author-X-Name-First: Syed Ale Author-X-Name-Last: Raza Shah Author-Name: Wasim Ahmad Author-X-Name-First: Wasim Author-X-Name-Last: Ahmad Author-Name: Huang Hua Author-X-Name-First: Huang Author-X-Name-Last: Hua Title: Green finance, renewable energy investment, and environmental protection: empirical evidence from B.R.I.C.S. countries Abstract: Environmental degradation has become a severe concern for the globe; therefore, policymakers in emerging economies are trying to meet the environmental standards. Nowadays, economies have shifted their energy pattern from non-renewable to renewable energy (R.E.U.), but its cost is too high. Undoubtedly, the financial sector also performs well in facilitating such green activities. Therefore, the current study investigates the role of R.E.U. and green finance in environmental quality and collects the data for B.R.I.C.S. economies from 2000 to 2018. The study uses quantile regressions and other advanced techniques to deal with the problems of cross-sectional dependence (C.S.D.) and heterogeneity. The estimated outcomes show that green finance, R.E.U. consumption, and technical innovations perform well in securing the environment by reducing carbon emissions. Likewise, the environmental quality in selected economies is deteriorating due to the rise in non-R.E.U. consumption, economic progress, F.D.I., and trade openness. Therefore, it is time to reshape the local, national and regional growth policies concerning a green investment that can secure our environment. Also, this study proposes future pathways for green finance and other factors relevant to a sustainable environment. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2125032 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2125032 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2125032 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142262_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yuxin Liu Author-X-Name-First: Yuxin Author-X-Name-Last: Liu Author-Name: Ping Lei Author-X-Name-First: Ping Author-X-Name-Last: Lei Author-Name: Zhihao Zhao Author-X-Name-First: Zhihao Author-X-Name-Last: Zhao Author-Name: Ying Sun Author-X-Name-First: Ying Author-X-Name-Last: Sun Title: Influence of green financing, technology innovation, and trade openness on consumption-based carbon emissions in BRICS countries Abstract: The study explores the dynamic effects of renewable energy investment (green financing), green technology, and trade openness on consumption-based (trade-adjusted) carbon emissions in BRICS economies from 2000 to 2020. The study employs the cross-section autoregressive distributed lag method for empirical estimation to address slope heterogeneity and cross-sectional dependency issues in panel data. The findings exhibit that green financing and sustainable technologies mitigate consumption-based carbon emissions in the long-run, while trade openness contributes to emissions in BRICS countries. The short-run outcomes are compatible with long-run; however, the magnitude of long-run estimates is larger than the short-run. Moreover, the error correction term reveals a significant negative coefficient value, endorsing the conversion towards steady-state equilibrium with a 37% yearly adjustment rate in case of any deviation from equilibrium. The robustness of results is confirmed through augmented mean group and common correlated effect mean group. These findings imply that BRICS countries should encourage financing in renewable energy projects and allocate R&D investment to promote the adaptation of sustainable technologies. In addition, sustainable and green trade policies would help to curb trade-adjusted pollution. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142262 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142262 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142262 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2137825_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Bo Zhou Author-X-Name-First: Bo Author-X-Name-Last: Zhou Author-Name: Yayun Zhang Author-X-Name-First: Yayun Author-X-Name-Last: Zhang Title: Expansion of financial system and production-based carbon emissions: evidence from high-income countries Abstract: The recent environmental and energy economics is more influential towards sustainability of the environment. Unlike the existing literature covering extensively consumption-based carbon emissions factors, this research tends to identify the factors influencing production-based carbon emissions in the G7 economies from 1989 to 2020. The study utilised various panel econometric approaches to find the presence of cross-section dependence, stationarity of variables, and the validation of long-run cointegration association between the variables. This study uses a non-parametric long-run estimator (method of moment quantile regression) to explore the association between these variables at four (Q0.25, Q0.50, Q0.75, Q0.90) quantiles. The estimated results revealed that economic growth is a significant positive factor of production-based carbon emissions, whereas the influence of imports is positive but insignificant across the quantiles. On the other hand, this study found the negative and significant influence of exports and financial expansion on the production-based carbon emissions and helps to achieve environmental sustainability in the region. The non-parametric (bootstrap quantile regression) and parametric (robust regression) robustness tests also validate the earlier estimator’s empirical findings. Based on the results obtained, this study recommends increased investment in environmentally friendly energy resources, technologies, and energy efficiency, increased exports, and strengthening financial institutions. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2137825 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2137825 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2137825 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2134902_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Isam Saleh Author-X-Name-First: Isam Author-X-Name-Last: Saleh Author-Name: Malik Abu Afifa Author-X-Name-First: Malik Author-X-Name-Last: Abu Afifa Author-Name: Abdallah Alkhawaja Author-X-Name-First: Abdallah Author-X-Name-Last: Alkhawaja Title: Internal corporate governance mechanisms and earnings manipulation practices in MENA countries Abstract: This study has the objective of examining how internal corporate governance mechanisms are related to earnings manipulation, measured by real-based earnings manipulation (REM) and accrual-based earnings manipulation (AEM). The internal corporate governance mechanisms discussed in this study signify two main kinds of board characteristics (board size and board independence) and three main kinds of ownership structure (institutional ownership, foreign ownership and business group affiliation). The study models were examined from eight countries selected from the Middle East and North Africa (MENA) region. A total of 480 non-financial firms listed between 2012 and 2019 were examined. Based on panel data-based generalised methods of moments (GMM) estimation, the findings showed that institutional ownership in MENA nations limits the use of REM and AEM. Additionally, we found that larger boards are more likely to participate in REM practices. Board independence has a positive association with REM and AEM. The results also reveal that business group affiliation has a significant effect on both methods of earnings manipulation. Foreign ownership does not seem to significantly impact either of the two manipulation methods. Finally, these results help regulators and policymakers pursue reforms to enhance national governance quality in the MENA region. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2134902 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2134902 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2134902 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2124430_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiangchen Yan Author-X-Name-First: Xiangchen Author-X-Name-Last: Yan Title: Novel research methods to evaluate renewable energy investment and environment: evidence from global data Abstract: The global economy is facing a severe threat of global warming and climate change, where the primary cause of these issues is regarded as the carbon dioxide emissions. To eradicate such issues, this study tends to explore the global energy use, economic growth, renewable electricity and carbon emission throughout 1990–2020. Using various time-series econometric specifications, this study validates the stationarity of all these variables for the long-run estimations. Besides, this study detects the issue of data non-normality, due to which this study opted the novel and efficient quantile-on-quantile regression. The estimated outcomes asserted that energy use and economic growth significantly and severely enhance global carbon emissions at higher quantiles, whereas the magnitude of the influence is found weaker in the lower and lower-middle quantiles, thus validating energy use and economic growth as the factors of increased environmental degradation. On the contrary, renewable electricity significantly reduces the carbon emissions level only in the lower as and middle quantile, while the influence non-negative at the higher quantiles. This study recommends the use of renewable energy, increase renewable's investment, research and development, adoption energy efficient approaches to reduce fossil energy. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2124430 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2124430 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2124430 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142265_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: He Liying Author-X-Name-First: He Author-X-Name-Last: Liying Author-Name: Kamisah Ismail Author-X-Name-First: Kamisah Author-X-Name-Last: Ismail Title: Identifying the contribution of technology innovation in driving sustainability in higher educational institutions through political influence, performance-based budgeting, organizational culture Abstract: In the current situation where organisations in general and educational institutions in particular, are achieving economic benefits at the cost of the environment, there is a need to have innovations to a substantial extent that can reduce environmental pollution and improve the economic benefits. The current study is an attempt to identify the potential contribution of technology innovation in driving sustainability, especially when it is powered by Political Influence, Performance-based budgeting, and organisational culture in educational institutions from China. Based on the data of 472 respondents, the application of PLS-SEM has reported significant associations among the proposed hypotheses. The findings revealed that all of the three measures, political influence, performance-based budgeting, and organisational culture, have significant effects on enhancing the level of technology innovation. Moreover, technology innovation also improves the organisation’s sustainable performance, which includes economic, environmental, and social. Based on the findings, the organisations in general and educational institutions in particular, are recommended to cultivate a culture encouraging technology innovation. In contrast, management is recommended to have performance-based budgeting to improve productivity and the level of efficiency. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142265 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142265 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142265 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2170900_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Boya Sun Author-X-Name-First: Boya Author-X-Name-Last: Sun Author-Name: Wenzhong Zhu Author-X-Name-First: Wenzhong Author-X-Name-Last: Zhu Author-Name: Nafeesa Mughal Author-X-Name-First: Nafeesa Author-X-Name-Last: Mughal Author-Name: Tolassa Temesgen Hordofa Author-X-Name-First: Tolassa Temesgen Author-X-Name-Last: Hordofa Author-Name: Rinat Zhanbayev Author-X-Name-First: Rinat Author-X-Name-Last: Zhanbayev Author-Name: Iskandar Muda Author-X-Name-First: Iskandar Author-X-Name-Last: Muda Title: Sustainable economic growth via human capital and cleaner energy: evidence from non-parametric panel methods Abstract: The association between resource rents and economic growth is one of the key issues that have attracted the attention of both policy-makers and scholars. Several attempts have been made regarding the association, yet the literature holds the gap. The present research intends to explore the connection between natural resource volatility and economic performance in seven (G-7) countries. For the time frame from 1990 to 2020, this study also examines the role of technological innovation (TI), human capital (HCI), and research and development budget for renewable energy (RER&D). Empirical results asserted that the variables under study are cointegrated. Employing a novel non-parametric panel quantile method of moments regression and quantile-on-quantile, the outcomes propose that natural resources volatility significantly affects EP throughout the quantiles. This negative impact is valid for the aggregate panel of countries and cross-sections. Natural resource volatility supports the resource curse hypothesis for G7 economies. On the other hand, HCI and TI are significant economic performance factors. From lower to higher quantiles, the magnitude and significance levels increase. The variable for cleaner energy investment is also positively related to economic performance yet insignificant in the higher quantile. The study recommends channeling natural resource rents to effectively and fully transfer the full potential of natural resources to other real sectors of the economy to fully utilize the benefit from it. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2170900 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2170900 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2170900 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2178022_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jing Zheng Author-X-Name-First: Jing Author-X-Name-Last: Zheng Author-Name: Yu Xiang Author-X-Name-First: Yu Author-X-Name-Last: Xiang Author-Name: Xunhua Tu Author-X-Name-First: Xunhua Author-X-Name-Last: Tu Title: Digital economy, spatial spillover and carbon intensity: concurrently on the threshold effect of human capital Abstract: Under the new development pattern, green low-carbon and digital economy become two mainstream development directions in China. Against the background ‘dual carbon’ strategies, based on the data of China between 2010 and 2018 at the city level, The paper adopts dynamic spatial Durbin models to investigate the causal links causal between digital economy and carbon intensity by constructing different spatial weight matrices, and explore the influence of human capital with threshold model. Results show that：(1) Urban digital economy and carbon intensity show significant positive spatial correlation characteristics. The carbon reduction of digital economy has obvious spatial spillover effect under different spatial weight matrices. (2) Industrial structure upgrading, technological innovation and resource allocation optimization are effective channels through which digital economy contributes to carbon emission reduction. (3) A double-threshold effect of human capital is evident in the carbon reduction of digital economy. The findings offer new perspectives and empirical evidence for understanding the causality relation between the digital economy and carbon emission, and those conclusions have important policy implications for how to promote the digital economy development and thus achieve the ‘double carbon goal’. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2178022 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2178022 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2178022 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2132348_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Simona Laura Dragos Author-X-Name-First: Simona Author-X-Name-Last: Laura Dragos Author-Name: Codruta Mare Author-X-Name-First: Codruta Author-X-Name-Last: Mare Author-Name: Gabriela Mihaela Mureșan Author-X-Name-First: Gabriela Mihaela Author-X-Name-Last: Mureșan Author-Name: Alexandra-Anca Purcel Author-X-Name-First: Alexandra-Anca Author-X-Name-Last: Purcel Title: European motor insurance demand: a spatial approach of its effects and key determinants Abstract: The expansion of the European Union has intensified road traffic from, at least, two perspectives: it increased free mobility of people and goods, along with structural funds available for infrastructure improvement. Consequently, connections between regions/countries have improved, and a spatial diffusion effect is seen in the car transportation behaviour. We study the effect of Human Development Index (HDI) along with other important socio-economic, demographic and institutional factors on the motor insurance market in 31 European countries. Simultaneously, we evaluate if the crucial spatial diffusion effect is present on the European motor insurance market. Findings reveal that HDI, urbanization and car fleet positively impact the motor insurance market, while unemployment and population density exhibit an opposite effect. Overall, results are robust to a set of additional control factors, but sensitive relative to institutional factors and emerging and former communist countries group. Estimations confirm the assumption of spatial diffusion, while the assessment of the direct and indirect effects shows that most of the factors internally impact the dependent variable, and an international effect is at work for the HDI. Our findings may enhance the understanding of the European motor insurance market and provide some valuable insights from a policy perspective. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2132348 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2132348 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2132348 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142811_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Davor Mikulić Author-X-Name-First: Davor Author-X-Name-Last: Mikulić Author-Name: Damira Keček Author-X-Name-First: Damira Author-X-Name-Last: Keček Author-Name: Nikolina Žajdela Hrustek Author-X-Name-First: Nikolina Author-X-Name-Last: Žajdela Hrustek Title: Effects of COVID-19 on Adriatic and Continental Croatia tourism: a regional input-output perspective Abstract: The purpose of this article is to estimate regional economic impact of tourism in Croatia. Rich cultural heritage and natural resources are factors which have contributed to the rapid increase in tourist arrivals in Adriatic Croatia, especially after the removal of all barriers to free movement following Croatia’s admittance to the European Union. While tourism is one of the key sectors which has contributed to Adriatic Croatia’s growth and development, a high share of tourism in gross value added and employment has increased the region’s vulnerability to external shocks, such as the outbreak of COVID-19 pandemic in 2020. The estimation of tourism’s role in Croatia’s regions is based on the regional input–output model, which identifies total effects of tourist demand. Results of the study reveal structural differences in Croatia’s regional growth path. While Continental Croatia specialises in more sophisticated industrial sectors, the economy of the Adriatic region is strongly dependent on tourism. The decrease in tourist arrivals due to COVID-19 travel restrictions resulted in a significant decline in economic activity in Adriatic Croatia. Economic activity in the hospitality sector was most affected by decreased demand, but other sectors which deliver inputs required for tourism services were also significantly impacted. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142811 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142811 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142811 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142809_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Lucia Kohnová Author-X-Name-First: Lucia Author-X-Name-Last: Kohnová Author-Name: Zdenko Stacho Author-X-Name-First: Zdenko Author-X-Name-Last: Stacho Author-Name: Nikola Salajová Author-X-Name-First: Nikola Author-X-Name-Last: Salajová Author-Name: Katarína Stachová Author-X-Name-First: Katarína Author-X-Name-Last: Stachová Author-Name: Ján Papula Author-X-Name-First: Ján Author-X-Name-Last: Papula Title: Application of agile management methods in companies operating in Slovakia and the Czech Republic Abstract: The current pandemic situation has forced organisations to adapt quickly and change processes through digital transformation. Businesses began to interact with consumers online and generally had to adjust existing processes and develop or improve the products and services offered. The agile transformation as part of Industry 4.0 started several years ago and in the current situation can be considered the best starting point for ongoing changes. The agile approach is mostly used in the field of IT, where it has penetrated mainly into software solutions and project management. Later, this concept began to penetrate deeper into several areas of the organisation, today we can talk about the company-wide transformation into an agile platform. While agility was initially perceived as a benefit, especially for software solutions, today it helps in successful business mainly by penetrating the organisational culture in which organisations define the desired values, ideas and procedures of employee behaviour in the organisation and is able to implement agile management principles. In the presented article, we present the results of research focussed on the analysis of the current state of application of agile management methods in companies operating in Slovakia and the Czech Republic. The aim of this paper is to identify the approach to building an agile culture as a basic prerequisite for their effective implementation. The contribution of this article to agile management research is to identify specific aspects of agile culture that support agile management functioning. The size of the examined sample and the comparison of the results between the group of companies in the Slovak Republic and the Czech Republic provide findings with a high degree of reliability. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142809 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142809 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142809 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2131590_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ana Rimac Smiljanić Author-X-Name-First: Ana Author-X-Name-Last: Rimac Smiljanić Author-Name: Sandra Pepur Author-X-Name-First: Sandra Author-X-Name-Last: Pepur Author-Name: Ivana Bulog Author-X-Name-First: Ivana Author-X-Name-Last: Bulog Title: Women’s decision-making on additional unpaid work during the COVID-19 pandemic: assessing the role of finance Abstract: This article investigates the determinants of women’s additional unpaid work during the specific circumstances of the COVID-19 pandemic lockdown. Apart from the influential factors usually investigated in the standard model of unpaid work, we contribute to recent research by including variables such as financial literacy and family financial fragility. Pandemic lockdown altered the normal functioning of families and created financial uncertainty. Thus, we hypothesised that women’s financial literacy and family financial fragility influenced women’s decision to take on less or more unpaid work and could alter the division of unpaid work between women and other family members. We employed real-time individual-level data from the survey that we conducted during the second lockdown restrictions in January and February 2021. Croatia is an interesting case to investigate unpaid work determinants because although it has joined the E.U. and accepted positive legal aspects of gender equality, conservative gender norms still dominate there. The results revealed that women’s financial literacy negatively affects women’s willingness to take on more unpaid work while the deteriorating family financial situation in the pandemic has a positive effect. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2131590 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2131590 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2131590 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2127417_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Syed Zeeshan Zafar Author-X-Name-First: Syed Zeeshan Author-X-Name-Last: Zafar Author-Name: Qiao Zhilin Author-X-Name-First: Qiao Author-X-Name-Last: Zhilin Author-Name: Fatma Mabrouk Author-X-Name-First: Fatma Author-X-Name-Last: Mabrouk Author-Name: Edwin Ramirez-Asis Author-X-Name-First: Edwin Author-X-Name-Last: Ramirez-Asis Author-Name: Haitham M. Alzoubi Author-X-Name-First: Haitham M. Author-X-Name-Last: Alzoubi Author-Name: Sanil S. Hishan Author-X-Name-First: Sanil S. Author-X-Name-Last: Hishan Author-Name: Mivumbi Michel Author-X-Name-First: Mivumbi Author-X-Name-Last: Michel Title: Empirical linkages between ICT, tourism, and trade towards sustainable environment: evidence from BRICS countries Abstract: There is a growing utilisation of information and communication technologies (ICT) in the recent digital era. Trade and tourism have also attained attention as determinants of environmental sustainability. Therefore, this study investigates linkages between ICT, tourism, trade, economic growth, and environmental sustainability in BRICS economies. Advanced panel estimation entitled cross-sectionally augmented autoregressive distributed lags (CS-ARDL) was applied from 1990 to 2019. Findings suggest the adverse effect of tourism, trade, and growth factors on environmental sustainability, whereas ICT helps promote a sustainable environment among the targeted economies. Likewise, the short-run results prove that economic growth and tourism are prone to ecological health, while trade possesses an insignificant influence on ecological sustainability. These results suggest the integration of ICT in trade and tourism sectors to mitigate their negative ecological consequences. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2127417 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2127417 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2127417 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179092_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jing Yuan Author-X-Name-First: Jing Author-X-Name-Last: Yuan Author-Name: Ata Al Shraah Author-X-Name-First: Ata Author-X-Name-Last: Al Shraah Author-Name: Yen-Ku Kuo Author-X-Name-First: Yen-Ku Author-X-Name-Last: Kuo Author-Name: Iskandar Muda Author-X-Name-First: Iskandar Author-X-Name-Last: Muda Author-Name: Fatma Mabrouk Author-X-Name-First: Fatma Author-X-Name-Last: Mabrouk Author-Name: Marcos Espinoza-Maguiña Author-X-Name-First: Marcos Author-X-Name-Last: Espinoza-Maguiña Author-Name: Niamat Abdulrehman Author-X-Name-First: Niamat Author-X-Name-Last: Abdulrehman Title: Effects of ecological innovation, governance structure, and social development on the adoption of sustainable reporting in the global tourism industry Abstract: This study analyzes the effects of institutional factors on adopting sustainability reporting in the worldwide tourism industry. Initially, it compiled the data on the organizational environment, including environment, social and governance performance, and sector-level macroeconomic control variables such as economic growth, exports, and tourism receipts from 2001 to 2019. For empirical estimations, it applies multiple panel estimators; pooled ordinary least square (OLS), fixed effect, and random effects model, while dynamic Generalized Method of Moments is applied to address endogeneity issues in panel data. The results report that environmental, social, and governance indicators are essential for sustainable tourism. Mainly, ecological and social circumstances are more prominent than others. Further, ecological innovation is considered essential for sustainability in this sector. This research suggests an innovative theoretical approach that exposes the importance of sustainability reporting in the tourism industry. It also provides the guideline to the regulators that they should expand their focus on the regulations of sustainability reporting on the tourism industry. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2179092 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179092 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2179092 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2177701_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Cong Li Author-X-Name-First: Cong Author-X-Name-Last: Li Author-Name: Xueting Feng Author-X-Name-First: Xueting Author-X-Name-Last: Feng Author-Name: Xiujuan Li Author-X-Name-First: Xiujuan Author-X-Name-Last: Li Author-Name: Yunxu Zhou Author-X-Name-First: Yunxu Author-X-Name-Last: Zhou Title: Effect of green credit policy on energy firms’ growth: evidence from China Abstract: The response of energy firms to green credit policy is of great significance, which is related to the emission reduction effect of green finance and transformation of energy firms. This paper analyzes the impact of green credit policy on the growth of energy firms based on the data of Chinese listed companies from 2009 to 2019. The empirical results show that green credit policy has significantly promoted the growth of energy firms. Further research shows that green credit policy promoted the growth of energy firms by reducing financing costs and promoting green innovation. Besides, the owned firms, big-scale firms and firms in central and eastern China are more susceptible to the impacts of the green credit policy. This study is relevant to the implementation of green credit policies and the promotion of the development and transformation of energy firms. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2177701 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2177701 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2177701 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2123022_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xinfeng Jiang Author-X-Name-First: Xinfeng Author-X-Name-Last: Jiang Author-Name: Jianxing Guo Author-X-Name-First: Jianxing Author-X-Name-Last: Guo Author-Name: Ahsan Akbar Author-X-Name-First: Ahsan Author-X-Name-Last: Akbar Author-Name: Petra Poulova Author-X-Name-First: Petra Author-X-Name-Last: Poulova Title: Right person for the right job: the impact of top management’s occupational background on Chinese enterprises’ R&D efficiency Abstract: The research on the influence of personal attributes of top management on a firm’s innovative behavior has recently gained much traction in the corporate finance literature. However little is known about the role of professional background of top management in influencing corporate R&D efficiency. The present research employs data of China’s A-share listed firms during the period of 2008–2016 to explore this association. Empirical outcomes reveal that top management with an R&D background significantly enhance Chinese firms’ R&D efficiency. Moreover, equity incentives for the core R&D team, lesser pay disparity between senior management and employees, and the appointment of directors with R&D background play a mediating role between R&D-savvy top management and firm’s innovation capacity. The study findings establish a link between top management’s human capital and an enterprise’s technological capability and show that adopting appropriate innovation strategies and R&D management practices is conducive to achieving the R&D efficiency in Chinese enterprises. Our results are robust to alternate econometric specifications and alternate variable specifications. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2123022 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2123022 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2123022 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2182808_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Liping Wu Author-X-Name-First: Liping Author-X-Name-Last: Wu Author-Name: Xiahui Wang Author-X-Name-First: Xiahui Author-X-Name-Last: Wang Author-Name: Hu Kai Author-X-Name-First: Hu Author-X-Name-Last: Kai Author-Name: Chen Yang Author-X-Name-First: Chen Author-X-Name-Last: Yang Author-Name: Oleksii Lyulyov Author-X-Name-First: Oleksii Author-X-Name-Last: Lyulyov Author-Name: Tetyana Pimonenko Author-X-Name-First: Tetyana Author-X-Name-Last: Pimonenko Title: Chinese companies’ transparency under sustainable development goals: the role of asset impairment and biological assets in audit Abstract: The paper aims to analyse the role of asset impairment and biological assets in the company’s audit and to estimate the impact of asset impairment losses and biological asset scale on audit fees. The object of the investigation was A-share listed companies from 2012 to 2021 in China. The study analysed 370 listed companies to obtain 28741 observations, of which 367 listed companies had 1854 observations with biological assets. The study applied the fixed effect model, three-step mediation test, Sobel mediation test and PSM matching test. The results show that asset impairment loss and biological asset size are significantly positively correlated with audit fees, and the scale of biological assets will strengthen the positive correlation between asset impairment loss and audit fees. It is further found that asset impairment and biological assets positively affect audit fees through two parallel intermediary paths of "audit working hours" and "violations". Finally, based on the above findings, this paper also attempts to make optimisation recommendations for the four relevant stakeholders involved in the audit. This paper contributes to improving accounting standards for biological assets and enriching the research on audit pricing based on the empirical justifications of their role in the company’s audit. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2182808 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2182808 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2182808 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2167731_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Seddigheh Khorshid Author-X-Name-First: Seddigheh Author-X-Name-Last: Khorshid Author-Name: Amir Mehdiabadi Author-X-Name-First: Amir Author-X-Name-Last: Mehdiabadi Author-Name: Cristi Spulbar Author-X-Name-First: Cristi Author-X-Name-Last: Spulbar Author-Name: Ramona Birau Author-X-Name-First: Ramona Author-X-Name-Last: Birau Author-Name: Adrian T. Mitroi Author-X-Name-First: Adrian T. Author-X-Name-Last: Mitroi Title: Modelling the effect of transformational leadership on entrepreneurial orientation in academic department: the mediating role of faculty members’ speaking up Abstract: The creation of an entrepreneurship university involves the promotion and institutionalisation of the orientation towards entrepreneurship of all parts of the university, especially the scientific departments, which is affected by several factors. Therefore, our research investigates the effect of transformational leadership style of academic departments’ heads on entrepreneurial orientation of these departments mediated by speaking up behaviour of faculty members. Data were collected from 217 faculty members of 50 academic departments in universities of Qom city and provided support for the model. The findings demonstrated a positive and significant relationship between transformational leadership and speaking up, between speaking up and entrepreneurial orientation, and between transformational leadership and entrepreneurial orientation. Furthermore, speaking up mediates the relation between transformation leadership style and entrepreneurial orientation. These findings highlight the catalyst role of speaking up, leveraging transformational leadership as antecedents of entrepreneurial orientation in academic departments. These findings are valuable inputs for managers in university, and policy makers in a higher education sector. Eventually, the theoretical and practical inferences of this research are discussed. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2167731 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2167731 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2167731 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142815_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Chirata Caraiani Author-X-Name-First: Chirata Author-X-Name-Last: Caraiani Author-Name: Camelia Iuliana Lungu Author-X-Name-First: Camelia Iuliana Author-X-Name-Last: Lungu Author-Name: Cornelia Dascalu Author-X-Name-First: Cornelia Author-X-Name-Last: Dascalu Author-Name: Carmen-Alexandra Stoian Author-X-Name-First: Carmen-Alexandra Author-X-Name-Last: Stoian Title: The impact of telework on organisational performance, behaviour, and culture: evidence from business services industry based on employees’ perceptions Abstract: The future of work is being redesigned by the world’s largest telework experiment as a consequence of the global pandemic. The research objective was to analyse and debate actual organisational needs in terms of telework and its implications for organisational performance, behaviour, and culture within the context of digital technology. This article challenges the results of previous research on factors related to telework and its outcomes, contributing to the literature through an advanced analysis of employees’ perceptions, for the Business Services industry. Quantitative research is conducted based on a questionnaire. The research hypotheses were tested through Kruskal–Wallis test, Spearman’s correlations, and linear regression, complemented by robustness tests. Findings indicate that the business professionals with pre-pandemic telework experience assigned a higher importance to all organisational dimensions, as compared with the employees having pandemic telework experience, only. The results also show significant relationships between telework and the organisational dimensions, with positive impact for factors contributing to achieving goals while teleworking. The results are mixed in the case of negative factors affecting telework, with a positive impact on organisational performance, and a negative impact on organisational behaviour. Significant changes were found when the digital technology dimension was considered. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142815 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142815 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142815 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2145983_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xin Xu Author-X-Name-First: Xin Author-X-Name-Last: Xu Author-Name: Xiaoguang Xu Author-X-Name-First: Xiaoguang Author-X-Name-Last: Xu Title: Forward guidance investigation in new Keynesian models Abstract: Forward guidance is widely considered a useful tool for improving monetary policy transmission. This paper introduces endogenous Delphic guidance in which future policy targets are time-varying and dependent on the future economy. The results show that the performance of inflation-targeting forward guidance depends partially on the forward horizon and the agents’ expectation, while announcing an interim output target could stimulate the economy only under a rational expectation environment and requires a short forward horizon. We also discuss the effectiveness of Odyssean forward guidance which incorporates monetary authorities’ preferences. The results indicate that the effect of a commitment on future paths of an interest-rate rule is based on the agents’ expectations. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2145983 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2145983 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2145983 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2139740_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Fei Hou Author-X-Name-First: Fei Author-X-Name-Last: Hou Author-Name: Wenshuo Song Author-X-Name-First: Wenshuo Author-X-Name-Last: Song Author-Name: Lanlan Sun Author-X-Name-First: Lanlan Author-X-Name-Last: Sun Author-Name: Hao Xiong Author-X-Name-First: Hao Author-X-Name-Last: Xiong Title: Does signing auditors’ communist party membership shape audit quality? Evidence from China Abstract: In this article, we investigate the effect of signing auditors’ communist party membership on audit quality. Relying on a sample of Chinese listed firms from the period 2001 to 2019, we find that firms with signing auditors who have communist party membership conduct less earnings management, indicating that signing auditors with party membership provide high level of audit quality. Moreover, the above relationship is more pronounced in small audit firms. We also find that firms who are audited by signing auditors with party status have lower likelihood of financial statements and loss avoidance. Further analyses suggest that signing auditors with party status can earn audit fee premium. The positive relationship between signing auditors with party membership and audit quality is more pronounced in non-specialists auditors and high client importance. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2139740 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2139740 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2139740 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2110138_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yue Zhu Author-X-Name-First: Yue Author-X-Name-Last: Zhu Author-Name: Juntao Zhang Author-X-Name-First: Juntao Author-X-Name-Last: Zhang Author-Name: Caiquan Duan Author-X-Name-First: Caiquan Author-X-Name-Last: Duan Title: How does green finance affect the low-carbon economy? Capital allocation, green technology innovation and industry structure perspectives Abstract: The development of green finance and social low-carbon transformation is an essential concern for academia and industry. Based on Chinese provincial panel data spanning the period 2005–2019, we introduce the Cobb-Douglas production function and spatial Durbin and dynamic panel threshold models to deeply analyse the impact of green finance on the low-carbon economy. The mechanism test demonstrates that the scale, technique, and structural effects of green finance play a significant role in the low-carbon economy: they correct capital mismatch, promote green technology innovation, and optimise industrial structure. Meanwhile, green finance not only promotes the local low-carbon economy construction process, but also generates spatial spillover effects on neighbouring regions; however, there is regional heterogeneity in the impact of the transmission mechanism. Furthermore, only when capital mismatch is severe, and the low-end industrial structure poor is the positive impact of green finance on the low-carbon economy highlighted based on scale and structural effects; the ability of green finance to contribute to the low-carbon economy through the technique effect has been more stable and significant. This emphasises that green technology innovation is key to supporting low-carbon development in the long run. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2110138 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2110138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2110138 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2129409_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Xi Yuan Author-X-Name-First: Xi Author-X-Name-Last: Yuan Author-Name: Muhammad Umar Author-X-Name-First: Muhammad Author-X-Name-Last: Umar Author-Name: Tsangyao Chang Author-X-Name-First: Tsangyao Author-X-Name-Last: Chang Title: Is presidential popularity a threat or encouragement for investors? Abstract: The economic situation of the post-epidemic is facing huge downward risks, and the government actively introduces stimulus measures to improve the current economic situation. In this crisis, the president’s role in asset price gradually deepened. Hence, we utilise a wavelet-based quantile-on-quantile approach to uncover the complex and unstable relationships between presidential popularity and the currency performance of asset price. We find the significant negative impact of the government popularity on the stock market and oil prices, especially in the medium quantile. This suggests that political stalemates will not always be suitable for financial markets. Instead, this will hinder the investment because it expresses the uncertainty of the direction. On the contrary, the U.S. dollar presents a highly positive relationship with the government popularity. Investors can avoid the trust risk of the president through the adjustment of the asset portfolio. The result is consistent with the asset pricing model, suggesting that investor sentiments significantly influence the performance of assets. Meanwhile, the duration of impacts caused by short-term shock will eventually be repaired for a long time. The approval ratings will harm the investor sentiment in the short term, but the market will digest this over time. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2129409 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2129409 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2129409 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2126991_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Tao Zhai Author-X-Name-First: Tao Author-X-Name-Last: Zhai Author-Name: Daqing Wang Author-X-Name-First: Daqing Author-X-Name-Last: Wang Author-Name: Qi Zhang Author-X-Name-First: Qi Author-X-Name-Last: Zhang Author-Name: Parvaneh Saeidi Author-X-Name-First: Parvaneh Author-X-Name-Last: Saeidi Author-Name: Arunodaya Raj Mishra Author-X-Name-First: Arunodaya Author-X-Name-Last: Raj Mishra Title: Assessment of the agriculture supply chain risks for investments of agricultural small and medium-sized enterprises (SMEs) using the decision support model Abstract: A key challenge in responding to the emerging challenges in agri-food supply chains is encouraging continued new investment. This is related to the recognition that agricultural production is often a lengthy process requiring ongoing investments that may not produce expected returns for a prolonged period, thereby being highly sensitive to market risks. Agricultural productions are generally susceptible to different serious risks such as crop diseases, weather conditions, and pest infections. Many practitioners in this domain, particularly small and medium-sized enterprises (SMEs), have shifted toward digitalization to address such problems. To help with this situation, the current paper develops an integrated decision-making framework, with the Pythagorean fuzzy sets (PFSs), the method for removal effects of criteria (MEREC), the rank-sum (RS) and the gained and Lost dominance score (GLDS) termed as PF-MEREC-RS-GLDS approach. In this approach, the PF-MEREC-RS method is applied to compute the subjective and objective weights of the main risks to assess the agriculture supply chain for investments of SMEs, and the PF-GLDS model is used to assess the preferences of enterprises over different the main risks to assess of the agriculture supply chain for investments of SMEs. An empirical case study is taken to evaluate the main risks to assess the agriculture supply chain for SME investments. Also, comparison and sensitivity investigation are made to show the superiority of the developed framework. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2126991 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2126991 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2126991 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142830_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Milva Eileen Justavino-Castillo Author-X-Name-First: Milva Eileen Author-X-Name-Last: Justavino-Castillo Author-Name: Irene Gil-Saura Author-X-Name-First: Irene Author-X-Name-Last: Gil-Saura Author-Name: Maria Fuentes-Blasco Author-X-Name-First: Maria Author-X-Name-Last: Fuentes-Blasco Author-Name: Beatriz Moliner-Velázquez Author-X-Name-First: Beatriz Author-X-Name-Last: Moliner-Velázquez Title: How to increase company loyalty: using relational variables and sustainable practices to segment the maritime transport sector Abstract: Intense competition in goods transportation has highlighted the importance of understanding customers’ interests in order to design successful relationship strategies. This study proposes, through a segmentation approach, to identify customer groups based on their perceptions of sustainable practices and relational variables about their main transport supplier. From a sample of 122 companies, a multiple correspondence analysis was carried out. The results show that there are three groups of customer companies, which correspond to a high, low, and medium relational and sustainability approach. The identified segments are also significantly different in terms of time of operation in the maritime sector, type of activity, size, and age. This proposal provides valuable information at the managerial level on the most influential attributes in the generation of loyalty in the B2B context of the maritime transport sector. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142830 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142830 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142830 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2123021_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Chuc Anh Tu Author-X-Name-First: Chuc Anh Author-X-Name-Last: Tu Author-Name: Saqib Farid Author-X-Name-First: Saqib Author-X-Name-Last: Farid Author-Name: Muhammad Abubakr Naeem Author-X-Name-First: Muhammad Abubakr Author-X-Name-Last: Naeem Author-Name: Kinza Younas Author-X-Name-First: Kinza Author-X-Name-Last: Younas Author-Name: Farhad Taghizadeh-Hesary Author-X-Name-First: Farhad Author-X-Name-Last: Taghizadeh-Hesary Title: Causal links between hot money and investment markets: evidence from small-scale economy Abstract: Hot money is generally associated with economic and financial turmoil in emerging economies. In this backdrop, a number of studies document the causal links between hot money and financial markets. Accordingly, the study examines the causal relationship among hot money, equities, and real estate assets in the small-scale economy of Pakistan. For this purpose, we employ various time series techniques such as the JJ Co-integration test, Granger causality tests, Impulse Response Functions (IRF), and Variance Decomposition Analysis (VDC). The findings validate the long-term association between speculative funds and underlying investment markets. The results uncover unidirectional causality from investment markets to hot money in Pakistan. However, the lack of a bi-directional relationship among the underlying variables indicates that hot money is not a major driver of soaring prices in equities and real estate assets. Alternatively, developing the underlying markets attracts speculative cash inflows into the economy. The findings of the study highlight some useful implications for investors and regulators. For instance, the study's findings present valuable insights for international investors seeking diversification opportunities in small-scale economies such as Pakistan. Also, the regulators in the underlying economy can utilize the study findings to formulate an optimal model to manage international capital flows. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2123021 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2123021 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2123021 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142631_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Željka Kordej-De Villa Author-X-Name-First: Željka Author-X-Name-Last: Kordej-De Villa Author-Name: Sunčana Slijepčević Author-X-Name-First: Sunčana Author-X-Name-Last: Slijepčević Title: Impact of COVID-19 on Croatian island tourism: a study of residents’ perceptions Abstract: The COVID-19 pandemic, which marked the whole of 2020, caused numerous difficulties in the economies and the health systems of all countries and led to a global economic and health crisis. This paper explores citizens’ attitudes towards tourism on Croatian islands during the COVID-19 pandemic using survey data from over 200 islanders. The results reveal that almost one-third of the citizens considered the islands overcrowded with tourists in the pre-pandemic period. The survey results indicate a link between the expected impact of the development of tourism, citizens’ attitudes towards tourism, and their willingness to take a larger health risk due to the pandemic. The results also show that islanders’ attitudes toward economic measures taken during the COVID-19 pandemic were not homogenous and were significantly different depending on the size of the island. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142631 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142631 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142631 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179503_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: María del Carmen Pérez González Author-X-Name-First: María del Carmen Author-X-Name-Last: Pérez González Author-Name: María de la O Barroso González Author-X-Name-First: María de la Author-X-Name-Last: O Barroso González Author-Name: Natalia Vladimirovna Lutsak Yaroslova Author-X-Name-First: Natalia Vladimirovna Author-X-Name-Last: Lutsak Yaroslova Title: Exploring the assessment of territorial potential for social innovation: an indicator system applied to a region in Ecuador Abstract: One of the key elements in territorial dynamics processes is Social Innovation since we can improve our regional sustainable systems from the relationship and participation among territorial agents. However, this concept is still poorly explored and does not currently have a commonly-agreed definition and a complete assessment system, based on which strategies for improvement might be designed to guarantee regional sustainability. As a result, it has limited capacity for contributing to development. In accordance with the above, the main aim of this article is to explore the concept of Social Innovation and to asses it, designing a system of indicators capable of measuring territorial potential for social innovation, applicable to any region and adapting to its specificities and necessities. This work also aims to use a case study application, using a Ecuadorian region, to design an indicator assessment tool for social innovation, which integrates the main Social Innovation dimensions. This article makes contribution to the international debate on Social Innovation since it offers real input, potentially encouraging social change and the improvement of society’s wellbeing. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2179503 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179503 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2179503 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106272_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xin Li Author-X-Name-First: Xin Author-X-Name-Last: Li Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Zheng Li Author-X-Name-First: Zheng Author-X-Name-Last: Li Author-Name: Muhammad Umar Author-X-Name-First: Muhammad Author-X-Name-Last: Umar Title: What threatens stock market returns under the COVID-19 crisis in China: the pandemic itself or the media hype around it? Abstract: The outbreak of the COVID-19 pandemic received widespread media attention, and global financial markets reacted strongly to the pandemic shocks. It is, therefore, worthwhile to detect the influence of media hype about COVID-19 and the pandemic index on stock market price returns. Utilising a newly developed non-linear ARDL model, our empirical outcomes show that the direct effect of the COVID-19 pandemic index on sectoral stock market returns is generally weak and significant only in the Energy, Financials, and Health Care sectors. In contrast to the direct effect of the COVID-19, we find that the media hype index pronouncedly affects sectoral stock market returns, with a significant negative effect in most sectors and with asymmetry. The dynamic asymmetric causality test has been applied for robustness check, where there is time-varying asymmetric causality from media hype to sectoral stock markets. These findings help investors with different investment horizons in emerging markets understand sector-level stock price dynamics and formulate investment strategies during the pandemic. Furthermore, market regulators should consider asymmetric effects over time when formulating strategies and making policy decisions. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106272 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106272 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106272 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106284_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Guang Liu Author-X-Name-First: Guang Author-X-Name-Last: Liu Author-Name: Yunying Huang Author-X-Name-First: Yunying Author-X-Name-Last: Huang Author-Name: Khaldoon Albitar Author-X-Name-First: Khaldoon Author-X-Name-Last: Albitar Title: The impact of urban housing prices on labour mobility: evidence from cities in China Abstract: Urban development relies heavily on labour, while the change in urban housing prices, in turn, has a crucial impact on labour. Therefore, the regulatory policies of housing prices have become a critical content of urban management worldwide for a long time. Based on the theoretical analysis of urban housing prices and labour mobility, we use fixed-effect panel model with the panel data of 281 cities in China from 2002 to 2018. We study the impact of rising urban housing prices on labour and identify the housing price jump as an instrumental variable in solving the endogenous problem. The results are as follows. First, the increase in urban housing prices has a crowding-out effect on labour mobility. Second, there is a moderating effect on different levels of education, urban construction, and income under the impact of urban housing prices on labour mobility. Third, the heterogeneity of the impact is reflected in the housing price-to-income ratios and industrial structures. These conclusions are supposed to have significant enlightenment for controlling the urban housing prices during high-quality economic growth and guiding labour flow more rationally. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106284 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106284 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106284 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2108475_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xin Liu Author-X-Name-First: Xin Author-X-Name-Last: Liu Author-Name: Dewang Wu Author-X-Name-First: Dewang Author-X-Name-Last: Wu Title: Minimum wages, firms’ capital intensity and the evolution of economic efficiency in China Abstract: Implementing the minimum wage (M.W.) regime leads to higher barriers to entry and the elimination of inefficient firms. This may be a key factor that affects the efficiency of Chinese firms’ evolution and contributes to macroeconomic growth. Based on Chinese industrial enterprise and district M.W. data, we analyse the impact of China’s M.W. regime on the evolution and behaviour of micro firms and the resulting macroeconomic effects from two aspects: a theoretical model and panel data regression. The results show that the M.W. regime increases firms’ factor productivity significantly but leads to the immobility of incumbents, as it results in lower entry and exit probabilities. Total factor decomposition suggests that a M.W. regime improves regional economic efficiency via the growth effect. In addition, as capital intensity increases, a M.W. regime further boosts the growth in firms’ productivity, but its positive effect on macroeconomic efficiency diminishes. The results help understand the underlying drivers of China’s economic growth and offer important reference significance for rationalising labour policies. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2108475 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2108475 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2108475 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142807_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Madalina Ecaterina Popescu Author-X-Name-First: Madalina Ecaterina Author-X-Name-Last: Popescu Author-Name: Amalia Cristescu Author-X-Name-First: Amalia Author-X-Name-Last: Cristescu Author-Name: Ramona-Mihaela Paun Author-X-Name-First: Ramona-Mihaela Author-X-Name-Last: Paun Title: The COVID-19 pandemic and main economic convergence indicators in the EU Abstract: >The outbreak of COVID-19 pandemic caused an unprecedented global public health crisis, which led to a drastic decline in economic activity and sharp rises in government deficits and public debts. Our research aims to analyse the aggregated impact of COVID-19 pandemic on each EU country and their health systems and correlate it with the main economic convergence indicators for 2020. To this purpose, we built a composite COVID index using Principal Component Analysis, employed TOPSIS to rank the EU countries according to nominal and real convergence indicators, and correlate the index with each ranking. Our findings suggest that in the first year of the pandemic, nominal convergence indicators were more affected than real convergence indicators. Non-euro CEE countries managed to keep some of their convergence indicators at relatively sustainable levels despite having high COVID index values. Baltic and Scandinavian countries seem to have outperformed the others, the latter having an initially more relaxed approach to the restrictions imposed on the population. The risk of diverging during the pandemic crisis appears to be increasing in countries where there were imbalances prior to 2020. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142807 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142807 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142807 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2178018_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Noura Metawa Author-X-Name-First: Noura Author-X-Name-Last: Metawa Author-Name: Rania Itani Author-X-Name-First: Rania Author-X-Name-Last: Itani Author-Name: Saad Metawa Author-X-Name-First: Saad Author-X-Name-Last: Metawa Author-Name: Ahmed Elgayar Author-X-Name-First: Ahmed Author-X-Name-Last: Elgayar Title: The impact of digitalization on credit risk: the mediating role of financial inclusion (National Bank of Egypt (NBE) case study) Abstract: This article investigates potential direct and indirect impact of National Bank of Egypt (NBE) digitalization and its financial inclusion on credit risk. The methodology used in the study is an empirical technique through the collection of secondary data from the period between 2011 and 2021 in the Egyptian banking sector. To accomplish this, the study developed two hypotheses employing the empirical SEM model for testing whether there is a positive or negative impact for three chosen variables: digitalization, credit risk and financial inclusion. The investigational outcome shows that NBE digitalization has both direct and indirect impact through the mediator variable, financial inclusion. It also provides an understanding of the relationship between digitalization, credit and financial inclusion. The article proposes for future studies the impact of other Fintech factors directly and indirectly using the mediators on credit risk. The authors came up with many findings: first, financial inclusion indices can be built using portable money and banking services activities. Second, digitalization has a negative direct impact on credit risk. Also, digitalization has a positive indirect impact on credit risk through the mediator variable which is referred to as financial inclusion. Third, the model fit is adequate for the data being tested. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2178018 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2178018 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2178018 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2175009_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Gui-Hua Lin Author-X-Name-First: Gui-Hua Author-X-Name-Last: Lin Author-Name: Peixin Chen Author-X-Name-First: Peixin Author-X-Name-Last: Chen Author-Name: Yuwei Li Author-X-Name-First: Yuwei Author-X-Name-Last: Li Author-Name: Xide Zhu Author-X-Name-First: Xide Author-X-Name-Last: Zhu Title: Service selection strategic analysis for self-operated e-commerce platforms under settlement Abstract: In order to study whether e-commerce platforms carry out service cooperation after settlement in-depth, this paper focuses on service selection strategic analysis for agent channels on some self-operated e-commerce platforms settled in hybrid e-commerce platforms. We present multi-leader-follower models in two different scenarios with the platforms as leaders and the manufacturers as followers and give some numerical experiments to analyze the impacts of service selection strategies for self-operated platforms on all supply chain members. Our finding shows that if the service cost efficiency is moderate or low, the self-operated platform prefers to provide its service for the agent; otherwise, its selection mainly depends on the unit product service fee. In addition, fierce service competition and high unit service fee are unfavorable to all members, while high service cost efficiency may hurt both the platform and the manufacturer. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2175009 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2175009 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2175009 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2175007_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Roberto Cervelló-Royo Author-X-Name-First: Roberto Author-X-Name-Last: Cervelló-Royo Author-Name: Carlos Devece Author-X-Name-First: Carlos Author-X-Name-Last: Devece Author-Name: Cristina Blanco-González Tejero Author-X-Name-First: Cristina Author-X-Name-Last: Blanco-González Tejero Title: Economic freedom influences economic growth and unemployment: an analysis of the Eurozone Abstract: Lack of economic growth and a high unemployment rate imply poverty and inequality. Economic freedom is considered a relevant explanatory factor for growth, employment and the distribution of income. The present research work addresses how policy makers should take into account economic freedom aspects to effectively enhance a country’s economic growth and lower its unemployment rate. This study analyses the effect of four components of economic freedom (business freedom, labour freedom, government integrity, tax burden) on the mean GDP growth of the last 5 years, and also on unemployment. A cross-national analysis, based on data from the 23 Eurozone3 (Eurozone and part of its enlargement) Member Countries, examines the causal configurations of GDP and unemployment by a fuzzy-set qualitative comparative analysis. The results suggest that the combination of high levels of business freedom, labour freedom and government integrity triggers high levels of economic growth and lowers the unemployment rate. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2175007 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2175007 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2175007 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142827_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xuewei Wang Author-X-Name-First: Xuewei Author-X-Name-Last: Wang Author-Name: Maosheng Ran Author-X-Name-First: Maosheng Author-X-Name-Last: Ran Author-Name: Xiaoge Tong Author-X-Name-First: Xiaoge Author-X-Name-Last: Tong Title: Capitalisation of research and development investment and enterprise value: a study on the threshold effect based on level of financialisation Abstract: This study uses a mathematical model to explore how enterprises’ financialisation levels affect the role of research and development (R&D) investment capitalisation in enterprise value. We construct a mathematical model involving the financialisation level, capitalised R&D investment, and enterprise value. The sample comprises A-share listed companies that disclosed the capitalisation of R&D investment in the Shanghai and Shenzhen stock markets from 2014 to 2020. The results suggest that R&D investment capitalisation positively impacts enterprise value, especially in the current phase. With financialisation level as the threshold variable, R&D investment capitalisation has a double threshold effect on enterprise value in the current and next phases. Additionally, corporate financial investment behaviour has a timely impact on capitalised R&D investment but does not significantly impact enterprise value in a future phase. Enterprises evidently choose financial investment to enhance enterprise value by increasing capitalised R&D investment. These results can help enterprises formulate financial asset investment strategies and promote their development from virtual to real. The government should standardise enterprises’ financial investment behaviour, prevent excessive financialisation, and promote high-quality development of the real economy. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142827 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142827 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142827 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2177703_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Kutay Gozgor Author-X-Name-First: Kutay Author-X-Name-Last: Gozgor Author-Name: Mesut Karakas Author-X-Name-First: Mesut Author-X-Name-Last: Karakas Title: How do global financial markets affect the green bond markets? Evidence from different estimation techniques Abstract: The green bond market has significantly improved in recent years thanks to the development of financial instruments and the rising climate change concerns. Given this backdrop, this paper investigates the effects of returns in different financial markets, i.e. the United States Treasury Bonds, the Standard & Poor’s stock market, the United States Dollar, Gold, Crude Oil, and Bitcoin on the Green Bond returns (the Standard & Poor’s Green Bond Index) from September 17, 2014, to September 1, 2022. The results from the robust linear and machine learning estimators indicate that the returns of the United States Treasury Bonds and the United States Dollar are negatively related to the Green Bond returns. Meanwhile, Gold returns positively affect Green Bond returns. The quantile regression estimations of Machado–Santos Silva also show that these findings are valid in different quantiles. The paper also discusses policy implications related to climate change and the development of financial instruments to promote green investments. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2177703 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2177703 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2177703 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2172600_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zihui Liu Author-X-Name-First: Zihui Author-X-Name-Last: Liu Author-Name: Xuebin Huang Author-X-Name-First: Xuebin Author-X-Name-Last: Huang Author-Name: Anfeng Xu Author-X-Name-First: Anfeng Author-X-Name-Last: Xu Title: Green innovation for the ecological footprints of tourism in China. Fresh evidence from ARDL approach Abstract: This study’s objective is to analyze ecological footprints that exist among China’s economic growth, energy consumption, carbon dioxide emissions, and the revenue that is generated from tourism in other countries. The years 1995 through 2020 are the focus of this particular research endeavor. The relationship between tourism and carbon emissions has been discovered by a large number of researchers; nevertheless, the findings have been inconsistent and do not give a clear picture of the situation. We can only hope that the results of the study will improve the existing body of knowledge on tourism and the quality of the surrounding environment. Throughout the whole of this investigation, the autoregressive distributed lagged (ARDL) model was used to explore both long-run and short-run estimations. A dynamic ordinary least squares (DOLS) model was used in the study to arrive at long-term estimations that could be relied upon. Even though money from tourism does not have a substantial influence on the quality of the environment in China, growth and increasing energy usage are primary donors to carbon emissions in the nation. ARDL model’s long-term projections were shown to be correct by the DOLS approach, which offered this validation. The results of the research provide fresh insights into the body of knowledge that has been accumulated on the subject of the linkage between tourism and the natural environment. Because the receipts from tourism do not have any significant negative exteriority toward the environment, energy usage is an important element of environmental degradation and policymakers should prioritize the development of the tourism sector over energy-focused manufacturing activities to maintain the growth of the nation in the upper quartiles. This is because tourism does not have any significant negative externalities on the environment. Sustainable tourism minimizes environmental and cultural damage while boosting profits. Developing the appropriate technology, physical infrastructure, and human capital requires money, time, and effort. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2172600 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2172600 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2172600 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2107554_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yanyun Yao Author-X-Name-First: Yanyun Author-X-Name-Last: Yao Author-Name: Qiang Huang Author-X-Name-First: Qiang Author-X-Name-Last: Huang Author-Name: Shangzhen Cai Author-X-Name-First: Shangzhen Author-X-Name-Last: Cai Title: Daily return distribution forecast incorporating intraday high frequency information in China’s stock market Abstract: The stock market forecast is an important and challenging issue. Its distribution forecast of returns can provide information that is more complete, compared to point forecast and interval forecast. As intraday high-frequency information is available, we incorporate intraday returns into the predictive modelling of daily return distribution in two ways: realized volatility and scale calibration. Three parametric models, EGARCH, EGARCH-X, and realGARCH, and two nonparametric models, NP and realNP, are used. Our improved NP model, the realNP model, is based on intraday returns calibration. The results show that intraday information improves goodness-of-fit and forecasting effect, and the realGARCH model is relatively the best. According to the realNP model results, the intraday returns can only contribute about a 30% description of the daily distribution and less than 1% information for a one-step-ahead distribution forecast. Furthermore, three combinations are considered, and the log-score and CRPS combinations are found to have direction predictability and excess profitability statistically. The non-short-selling situation consistently has more excess profits than the short-selling situation, which implies that the non-short-selling rule protects investors. This study reveals the importance of incorporating intraday information and model combinations for stock market forecast modelling. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2107554 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2107554 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2107554 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2175705_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yutong Zou Author-X-Name-First: Yutong Author-X-Name-Last: Zou Author-Name: Ziwei Zhang Author-X-Name-First: Ziwei Author-X-Name-Last: Zhang Author-Name: Salma Bibi Author-X-Name-First: Salma Author-X-Name-Last: Bibi Author-Name: Ahmad Mohammed Alamri Author-X-Name-First: Ahmad Mohammed Author-X-Name-Last: Alamri Author-Name: Mohammed Moosa Ageli Author-X-Name-First: Mohammed Moosa Author-X-Name-Last: Ageli Title: Visualising energy technologies and environment nexus: re-examining the importance of technologies for emerging economies Abstract: Decarbonising the energy industry is an essential aim due to recent environmental disasters and the continued impacts of global warming. Energy technology (E.T.), research and development, and technical innovation are critical to successfully transitioning from fossil fuels to renewables. The current study investigates the role of E.T., renewable electricity output (R.E.T.), R&D expenditures (R.A.D.), technological innovation (T.E.I.) and gross domestic product (G.D.P.) in mitigating territorial-based carbon emissions (CO2) for the five leading emerging economies from 1991 to 2021. The movement quantile regression (M.M.Q.R.) approach demonstrates that E.T., R.A.D., R.E.T. and T.E.I. cut CO2 emissions, whereas G.D.P. increases emissions in targeted nations. E.T. is the fundamental driving force behind decarburisation and the move to greener energy generation and use. The findings are significant because the economies considered are anticipated to benefit from an energy transition to renewables enabled by energy efficiency and environmental technology breakthroughs. In the last section, the study provides relevant policy implications to enrich the literature on the importance of technology and its role in achieving carbon neutrality targets of emerging economies. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2175705 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2175705 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2175705 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2125034_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xudong Zhang Author-X-Name-First: Xudong Author-X-Name-Last: Zhang Author-Name: Fei Liu Author-X-Name-First: Fei Author-X-Name-Last: Liu Author-Name: Hai Wang Author-X-Name-First: Hai Author-X-Name-Last: Wang Author-Name: Rabia Nazir Author-X-Name-First: Rabia Author-X-Name-Last: Nazir Title: Influence of ecological innovation and green energy investment on unemployment in China: evidence from advanced quantile approach Abstract: This study investigates the dynamic and asymmetric effects of ecological innovation and green energy investment on China’s unemployment from 1995 to 2020. The study has applied Quantile Autoregressive Distribution Lag (QARDL) model to explore the association between the study variables at different grids of quartiles. The overall results reveal that environmental technology and clean energy investments have a negative employment impact in the short-run and long-run, while environmental technology’s significance is high in the short-run only. It implies that environmental technology and clean energy investments create ample job opportunities in China’s energy sector and significantly address the growing unemployment issue. Moreover, the study examines the directional association among the variables by applying the Quantiles Granger Causality. It suggests a bidirectional causality between clean energy investment and unemployment, while a unidirectional relationship is observed between environmental technology and unemployment. These findings offer relevant policy recommendations. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2125034 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2125034 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2125034 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142818_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jinling Yan Author-X-Name-First: Jinling Author-X-Name-Last: Yan Author-Name: Yongjie Xue Author-X-Name-First: Yongjie Author-X-Name-Last: Xue Author-Name: Congna Quan Author-X-Name-First: Congna Author-X-Name-Last: Quan Author-Name: Bo Wang Author-X-Name-First: Bo Author-X-Name-Last: Wang Author-Name: Yanan Zhang Author-X-Name-First: Yanan Author-X-Name-Last: Zhang Title: Oligopoly in grain production and consumption: an empirical study on soybean international trade in China Abstract: What has been neglected in much of the existing studies of the influence of seasonal and regional characteristics of agriculture on the market power and national security. This paper constructs a multivariate equations model to investigate the monopoly power of seasonal suppliers and national security in China’s soybean market. The results show no relationship between market share and monopoly power; and that CR3 and HHI show China’s soybean import market has been the highest oligopoly type, but the model suggest that exporters (the U.S., Brazil and Argentina) have very weak monopoly power and China has no monopsony power; and that the performance of some exporters’ soybeans is affected by others, while others are relatively independent in market. This is due to the non-substitutability of the product, the non-substitutability of the buyer and the seller, etc., which causes the mutual dependence of the seller and buyer, and their market power cancel each other out. The seasonality and regionality of soybean production is the root. Considering national security, it is necessary to take the seasonal and regional characteristics of exporters into account to disperse trade risks and oppose monopolisation of international food production and trade. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142818 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142818 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142818 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106505_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jun Chen Author-X-Name-First: Jun Author-X-Name-Last: Chen Author-Name: Xiaowen Zeng Author-X-Name-First: Xiaowen Author-X-Name-Last: Zeng Title: Highways, railways and entrepreneurship in peripheral cities: evidence from China Abstract: Peripheral cities are more susceptible to transportation infrastructure than core cities in terms of entrepreneurial activities. We use market access approach to estimate the impacts of highways and high-speed railways on entrepreneurship in the small and medium-sized cities in China under knowledge spillover entrepreneurship framework. The results show that the increased market potential caused by highways and high-speed railways significantly improves the entrepreneurial performance of peripheral cities. The entrepreneurship effects of highways are stronger than high-speed railways, especially for these cities that are relatively closer to core cities. On the contrary, the entrepreneurship effects of high-speed railways are stronger in these cities that are far from core cities. This study suggests that transportation infrastructure plays an important role in entrepreneurship, and there is a complementary effect between highways and high-speed railways. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2106505 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106505 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106505 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2130389_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiao Jian Author-X-Name-First: Xiao Author-X-Name-Last: Jian Author-Name: Sahar Afshan Author-X-Name-First: Sahar Author-X-Name-Last: Afshan Title: Dynamic effect of green financing and green technology innovation on carbon neutrality in G10 countries: fresh insights from CS-ARDL approach Abstract: There is a notion that finance plays a crucial role in anthropogenic; however, the emerging trends have been observed to incorporate environmental concerns into sustainable financing. Moreover, technological innovations tend to help in achieving carbon neutrality. This research examines the role of green financing (GFIN) and green technologies in dealing with carbon neutrality in G10 economies from 2000 through 2018. Advanced panel estimations; Cross-Sectional ARDL, cross-sectional dependence, unit root test with and without structural breaks, slope homogeneity, and panel cointegration has applied. The long- and short-run estimates confirm that GFIN and technologies promote carbon neutrality. Moreover, the long-run results endorse the validity of the Environmental Kuznets Curve. Similar findings are observed in the short run except for EKC; however, their marginal contribution toward carbon neutrality is relatively higher in the long run. Moreover, the negative sign of the error correction term endorses convergence towards steady-state equilibrium. These results are endorsed by alternative estimators and offer valuable recommendations. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2130389 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2130389 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2130389 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2177697_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiao-Li Gong Author-X-Name-First: Xiao-Li Author-X-Name-Last: Gong Author-Name: Yi-Wei Li Author-X-Name-First: Yi-Wei Author-X-Name-Last: Li Author-Name: Jin-Yan Lu Author-X-Name-First: Jin-Yan Author-X-Name-Last: Lu Author-Name: Yong-Kang Feng Author-X-Name-First: Yong-Kang Author-X-Name-Last: Feng Title: Independent director network, agency costs and stock price crash risk Abstract: It is of great significance to improve the corporate governance structure to study whether independent directors play the role of ‘vase’ in the governance of listed companies. Based on the social network theory, this article constructs the social network formed by interlocking independent directors and examines the influence of independent director network on stock price crash risk. The mechanism test analyses the mediating effect of principal–agent problem and large shareholder’s tunnelling on stock price crash risk. The empirical research shows that the higher the network centrality of the company’s independent directors, the lower the stock price crash risk. The independent director network can restrain the company’s stock price crash risk by reducing two types of agency costs. Further research finds that the influence of independent director network on stock price crash risk is more pronounced in companies with unreasonable ownership structure, poor internal governance and weak external supervision. The research conclusions have important implications for listed companies to reduce the risk of stock price crash and maintain the stability of the capital market. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2177697 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2177697 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2177697 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142255_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Valentina Vučković Author-X-Name-First: Valentina Author-X-Name-Last: Vučković Author-Name: Lorena Škuflić Author-X-Name-First: Lorena Author-X-Name-Last: Škuflić Author-Name: Jasmina Mangafić Author-X-Name-First: Jasmina Author-X-Name-Last: Mangafić Title: Trust and firms’ performance in Western Balkan countries Abstract: The purpose of the paper is to analyse the effects of interpersonal trust in business relations (proxied by trade credit) and institutional trust (proxied by firms’ trust in courts) on firms’ performance. The analysis is performed on a specific sample of 1298 firms in Western Balkan countries which are usually characterized by negative social capital that is considered to hinder economic and social development at all levels. The methodological approach is based on the propensity score matching method and the obtained results show that firms’ perception of courts as fair, impartial and uncorrupted, is connected with lower costs and with positive expectations of an increase in sales in the upcoming period. On the other side, trade credit as a trust variable has a statistically significant and positive effect on firm productivity measured as sales per employee and on expectations of an increase in sales in the upcoming period. The paper contributes to the existing literature in terms of the choice of the post-socialist groups of countries for the analysis, the method that is used (treatment-effects estimation), and in terms of performing firm-level analysis of the effects of two types of trust on selected variables of firm performance. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142255 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142255 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142255 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2172739_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Vicent Almenar-Llongo Author-X-Name-First: Vicent Author-X-Name-Last: Almenar-Llongo Author-Name: Javier Muñoz- de-Prat Author-X-Name-First: Javier Muñoz- Author-X-Name-Last: de-Prat Author-Name: Mónica Maldonado-Devis Author-X-Name-First: Mónica Author-X-Name-Last: Maldonado-Devis Title: Growth of total productivity of the factors, innovation and spillovers from advanced business services Abstract: Advanced business services (ABS) are seen as generators and disseminators of innovation among their client companies, and their use by client companies can improve efficiency and productivity. However, one question that has not been addressed is whether ABS provision can be an explanatory factor for the total productivity of the factors (TPF). This paper aims to determine whether the innovation generated and/or transmitted by ABS companies is reflected in the TPF growth in the manufacturing sector. For this purpose, a Cobb-Douglas function was estimated using panel data analysis on data of ten OECD countries in the period 1977-1996. ABS labour was considered the proxy variable for the provision of these types of services and treated as a separate factor in the production process. The quantitative study shows that the contribution of labour endowment in ABS to the efficiency and productivity of manufacturing industry is significant, that it generates spillovers and that it is an explanatory factor for the TPF. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2172739 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2172739 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2172739 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142828_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Insook Lee Author-X-Name-First: Insook Author-X-Name-Last: Lee Title: Technological progress and optimal income taxation Abstract: Facing technological progress, how should a government reform income taxation? To address this question, optimal capital and labor income taxation is obtained for an economy of heterogeneous individuals. Technological progress raises optimal capital income tax rate and lowers optimal average marginal labor income tax rate if it is capital-biased by increasing relative capital productivity. Technological progress does the opposite if it is labor-biased by decreasing relative capital productivity. Neither capital-biased nor labor-biased technological progress affects optimal slope of labor income tax rate schedule. Technological progress does not affect optimal income taxation if it is unbiased by preserving relative capital productivity. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142828 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142828 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142828 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2135557_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Mariano Méndez-Suárez Author-X-Name-First: Mariano Author-X-Name-Last: Méndez-Suárez Author-Name: Abel Monfort Author-X-Name-First: Abel Author-X-Name-Last: Monfort Author-Name: María de las Mercedes de Obesso Author-X-Name-First: María de las Mercedes Author-X-Name-Last: de Obesso Title: Real options appraisal for a reactive CSR strategy: the case of Facebook Abstract: The present research values reactive corporate social responsibility (CSR) policies using the theory of Real Options (RO). Its main goals are to determine the role of RO methodology as a business risk hedging function on reactive CSR strategies and to analyse whether the application of RO adds value to companies with reactive CSR strategies. The study illustrates Facebook’s reactive CSR policy and also demonstrates that RO can be used serve to hedge market risk (systematic risk), just like their equivalents in the financial markets but also to hedge business risks (non-systematic risk). In addition, it shows that despite the criticism that the use of reactive CSR strategies may arouse, they have a positive impact on the market when used at the right time in companies that do not have a brand positioning closely linked to CSR. Additionally, the article shows that decision-making is a fundamental part of managerial functions and whether the situation is considered as a structured or unstructured problem will determine the action to be taken. In this particular case the reactive CSR strategy relates to waiting as an outcome of a planned choice. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2135557 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2135557 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2135557 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2174152_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Luis René Vásquez-Ordóñez Author-X-Name-First: Luis René Author-X-Name-Last: Vásquez-Ordóñez Author-Name: Carlos Lassala Author-X-Name-First: Carlos Author-X-Name-Last: Lassala Author-Name: Klaus Ulrich Author-X-Name-First: Klaus Author-X-Name-Last: Ulrich Author-Name: Samuel Ribeiro-Navarrete Author-X-Name-First: Samuel Author-X-Name-Last: Ribeiro-Navarrete Title: The impact of corporate social responsibility on the financial performance of renewable energy firms Abstract: Tackling environmental pollution and climate change is a global challenge. Therefore, sustainability has become a hugely relevant topic in recent years. In their decision making, investors increasingly consider the non-financial performance of companies such as their social and environmental impact. However, the business research community has not yet reached a consensus regarding the relationship between corporate social responsibility (CSR) and corporate financial performance. This research contributes to the discussion on this relationship. It does so by assessing the impact of the individual dimensions of the environmental, social and governance (ESG) score on the corporate financial performance of renewable energy firms from a quantitative and qualitative perspective. Fuzzy-set qualitative comparative analysis (fsQCA) reveals complex and equifinal configurations that lead companies to record high and low levels of Tobin’s Q. The results for a sample of 96 energy companies from the Eikon database do not provide strong enough evidence to affirm that the individual dimensions of the ESG score have a decisive effect on the corporate financial performance of renewable energy firms. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2174152 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2174152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2174152 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2109054_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Wenjun Jiang Author-X-Name-First: Wenjun Author-X-Name-Last: Jiang Author-Name: Shuli Liu Author-X-Name-First: Shuli Author-X-Name-Last: Liu Author-Name: Weizhong Wang Author-X-Name-First: Weizhong Author-X-Name-Last: Wang Title: A hybrid performance evaluation approach for urban logistics using extended cross-efficiency with prospect theory and OWA operator Abstract: Urban logistics performance evaluation can provide reference for further improving its level. However, most performance evaluation for urban logistics premises that decision-makers (DMs) are completely rational, which may not conform to the actual situation. Therefore, this article aims to consider the DMs’ psychological factors in the performance evaluation of urban logistics. Specifically, the cross-efficiency evaluation (CEE) method with the DMs’ psychological factors is used to measure the urban logistics efficiency in the central area of Yangtze River Delta (YRD) urban agglomeration in China in 2019. The main contributions in this article are to propose a hybrid CEE method with prospect theory and ordered weighted average (OWA) operator for urban logistics industry and to expand the evaluation perspectives of urban logistics performance. The main conclusions are obtained: (1) The DMs’ optimism level can indeed affect the efficiency value and ranking of urban logistics. (2) The aggregation based on the OWA operator is fair and reasonable because it can make all self-evaluation efficiencies play the same role. (3) To make the efficiencies and rankings of urban logistics in the central area of the YRD have credibility and discrimination, the DMs’ optimism level range is best between 0.8 and 0.8177. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2109054 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2109054 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2109054 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2172740_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Primitiva Pascual-Fernández Author-X-Name-First: Primitiva Author-X-Name-Last: Pascual-Fernández Author-Name: María Leticia Santos-Vijande Author-X-Name-First: María Leticia Author-X-Name-Last: Santos-Vijande Author-Name: Mar Gómez-Rico Author-X-Name-First: Mar Author-X-Name-Last: Gómez-Rico Author-Name: José Ángel López-Sánchez Author-X-Name-First: José Ángel Author-X-Name-Last: López-Sánchez Title: How to achieve excellence in the new service development process: the role of innovative culture, market orientation and management support Abstract: Despite the importance of the new service development process for new service success, little is known about the drivers of new service development process excellence or how to execute this process while including all important stages and guaranteeing excellence in the execution of each stage. This study analyses the role of innovative culture, market orientation, and top management support as antecedents of new service development process excellence in hotels. The results obtained for a sample of 133 hotels provide useful insights into how to improve new service performance. Both innovative culture and market orientation have a positive impact on new service development process excellence, although top management support has the strongest effect. New service development process excellence benefits new service quality, which reinforces new service market performance. The robustness of our findings is tested considering innovation type (radical versus incremental services). Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2172740 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2172740 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2172740 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2137823_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Meng Shang Author-X-Name-First: Meng Author-X-Name-Last: Shang Author-Name: Zhenzhong Ma Author-X-Name-First: Zhenzhong Author-X-Name-Last: Ma Author-Name: Yanzhi Su Author-X-Name-First: Yanzhi Author-X-Name-Last: Su Author-Name: Fiza Shaheen Author-X-Name-First: Fiza Author-X-Name-Last: Shaheen Author-Name: Haroon ur Rashid Khan Author-X-Name-First: Haroon ur Rashid Author-X-Name-Last: Khan Author-Name: Lokman Mohd Tahir Author-X-Name-First: Lokman Mohd Author-X-Name-Last: Tahir Author-Name: Sasmoko Author-X-Name-First: Author-X-Name-Last: Sasmoko Author-Name: Muhammad Khalid Anser Author-X-Name-First: Muhammad Khalid Author-X-Name-Last: Anser Author-Name: Khalid Zaman Author-X-Name-First: Khalid Author-X-Name-Last: Zaman Title: Understanding the importance of sustainable ecological innovation in reducing carbon emissions: investigating the green energy demand, financial development, natural resource management, industrialisation and urbanisation channels Abstract: Humanity is in more danger from escalating greenhouse gas (G.H.G.) emissions, making the world warmer. The study examined the relationship between China’s environmental technologies, ecological innovation, and carbon emissions using time-series data from 1975 to 2020. The N.A.R.D.L. approach is used to examine the cointegration of variables in the short and long run. In the short run, environmental technologies, industrialisation (I.N.D.), positive shocks to natural resource depletion (N.R.D.), negative shocks to renewable energy (R.E.) use, and technical advancements affect carbon emissions. On the other hand, positive shocks to environmental technologies and financial development (F.D.), negative shocks to N.R.D., R.E. consumption (E.C.), and technical innovation all have a long-term effect on carbon emissions. Granger causality was used to examine the causal link between variables. According to the findings, environmental technologies, F.D., technical innovation, N.R.D., and economic growth (E.G.) cause carbon emissions. The impulse response function revealed an inverse link between asymmetric environmental technology and carbon emissions. In contrast, F.D. and N.R.D. directly affect environmental degradation over time. The outcome of the variance decomposition revealed that negative shocks of F.D. would likely exert greater pressure on achieving sustainable environmental agenda. Investment in environmental technology, F.D., technological innovation and R.E. should be encouraged by the Chinese government to achieve sustainable prosperity. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2137823 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2137823 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2137823 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2121934_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Massoud Moslehpour Author-X-Name-First: Massoud Author-X-Name-Last: Moslehpour Author-Name: Ka Yin Chau Author-X-Name-First: Ka Yin Author-X-Name-Last: Chau Author-Name: Lijie Du Author-X-Name-First: Lijie Author-X-Name-Last: Du Author-Name: Ranfeng Qiu Author-X-Name-First: Ranfeng Author-X-Name-Last: Qiu Author-Name: Chia-Yang Lin Author-X-Name-First: Chia-Yang Author-X-Name-Last: Lin Author-Name: Batzaya Batbayar Author-X-Name-First: Batzaya Author-X-Name-Last: Batbayar Title: Predictors of green purchase intention toward eco-innovation and green products: Evidence from Taiwan Abstract: Recently, purchasing intention towards green products has gained global attention due to their extensive use and high environmental issues. Thus, the current article investigates environmental concern, environmental knowledge, green product, and eco-innovation influence on the green purchase intention of green products in Taiwan industry. The research also examines the mediating role of consumers’ attention among environmental concerns environmental knowledge, green products eco-innovation, and green purchase intention. The article used questionnaires to collect the primary data from the sampled population. To examine the hypothesis, the PLS methodology was adopted. The results indicated that environmental concern, environmental knowledge, green product, and eco-innovation have a positive association with green purchase intention. The findings also exposed that consumer attention significantly and positively mediates environmental concern, environmental knowledge, green product, eco-innovation, and green purchase intention. The paper also proposed some guidelines to the practitioners which help them in the development of green-related policies to increase purchase intention. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2121934 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2121934 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2121934 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142814_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jean Vasile Andrei Author-X-Name-First: Jean Vasile Author-X-Name-Last: Andrei Author-Name: Luminița Chivu Author-X-Name-First: Luminița Author-X-Name-Last: Chivu Author-Name: Violeta Sima Author-X-Name-First: Violeta Author-X-Name-Last: Sima Author-Name: Ileana Georgiana Gheorghe Author-X-Name-First: Ileana Georgiana Author-X-Name-Last: Gheorghe Author-Name: Dumitru Nancu Author-X-Name-First: Dumitru Author-X-Name-Last: Nancu Author-Name: Mircea Duică Author-X-Name-First: Mircea Author-X-Name-Last: Duică Title: Investigating the digital convergence in European Union: an econometric analysis of pitfalls and pivots of digital economic transformation Abstract: This study aims to investigate the convergence of digitalisation in the European Union (EU) in terms of DESI per capita in all EU countries during 2015–2020. The empirical results sustain the hypothesis of convergence of the degree of digital level in the European Union member countries. In evaluating the convergence process, we also aimed to investigate the role of economic development and education, measured by gross value added and education index. The analysis results, the use of sigma and beta convergence methods, showed that the role of economic development is likely to be decisive in resolving disparities, as opposed to that of educational development. The sigma convergence analysis showed that the gap between the EU-28 countries regarding digitalisation tends to decrease in the analysed period. Spatial data analysis, in turn, provides strong evidence for the presence of spatial autocorrelation in the DESI distribution. This result is based on a spatial lagged model that considers that DESI growth rates are related both to their initial levels of digitalisation and the growth rates of neighbouring regions. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142814 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142814 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142814 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2169736_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yunping Hao Author-X-Name-First: Yunping Author-X-Name-Last: Hao Author-Name: Bing Zhang Author-X-Name-First: Bing Author-X-Name-Last: Zhang Author-Name: Hongfei Yin Author-X-Name-First: Hongfei Author-X-Name-Last: Yin Title: Can digital finance drive urban–rural integration? Abstract: Financial services are an essential source of capital and play a crucial and significant role in urban–rural integration. We analyse empirically the effect of digital finance on urban–rural integration and its mechanism using provincial panel data in China for 2011–2020. The results indicate that digital finance contributes to urban–rural integration. Moreover, for every 1 standard deviation increase in digital finance development, the degree of urban–rural integration increases by 7.7% on average, and it is more evident in China’s eastern regions, with regional heterogeneity. The level of entrepreneurship can be a vital channel for digital finance to facilitate urban–rural integration. The mechanism of action of digital finance to facilitate urban–rural integration by improving entrepreneurship levels is primarily revealed in the group with lower levels of human capital, which exhibits certain inclusive characteristics. This study is conducive to developing a policy for promoting the free flow of resources between urban and rural areas and advancing urban–rural integration. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2169736 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2169736 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2169736 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2129406_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Sami Ullah Author-X-Name-First: Sami Author-X-Name-Last: Ullah Author-Name: Rundong Luo Author-X-Name-First: Rundong Author-X-Name-Last: Luo Author-Name: Kishwar Ali Author-X-Name-First: Kishwar Author-X-Name-Last: Ali Author-Name: Muhammad Irfan Author-X-Name-First: Muhammad Author-X-Name-Last: Irfan Title: How does the sectoral composition of FDI induce economic growth in developing countries? The key role of business regulations Abstract: The prior empirical outcomes on the FDI-growth relationship are vastly conflicting. The key possible reason for these conflicting findings is the use of aggregate FDI, while FDI impacts largely depend on the receiving sectors of the host country. This study empirically estimated the influence of sectoral FDI on the economic growth and the role of business regulations in influencing the FDI-growth connection of 85 developing countries, for the time 1996–2019 and applied 2SLS method. The outcomes indicate the significant contribution of sectoral FDI inflows to economic growth. In contrast, the interaction of regulations with sectoral FDI negatively impacted host countries’ economic growth. Furthermore, in low income countries, only agriculture and industry FDI have growth promoting effect, while manufacturing and services FDI are insignificant. Similarly, FDI inflows to all sectors positively affect middle income countries’ economic growth except services FDI. However, FDI inflows to all sectors enhance high income countries economic growth. The regulations’ interaction with all types of FDI adversely affects the economic growth across all income groups, except agriculture and services FDI in the case of low and high income countries, which are found insignificant. The outcomes are consistent by employing diverse econometric techniques and model specifications. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2129406 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2129406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2129406 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142633_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Qiongzhi Liu Author-X-Name-First: Qiongzhi Author-X-Name-Last: Liu Author-Name: Yun Bai Author-X-Name-First: Yun Author-X-Name-Last: Bai Title: Government debt and household wealth inequality: evidence from China Abstract: This study attempts to explain the relationship between government debt and household wealth inequality, and further discusses possible channels of influence to provide ideas for mitigating the increasing gap between rich and poor. This study puts forward relevant assumptions in the theoretical model, further analyses the composition of household wealth, and verifies that household housing investment is an essential factor. This study finds that the expansion of government debt raises the price of housing, leading to faster wealth growth for wealthy households with relatively more real estate and widening the gap between rich and poor. This study argues that in economic development, government debt should be tilted towards livelihood protection and infrastructure construction, providing guaranteed housing to eligible relatively poor and narrowing the gap between rich and poor to a reasonable extent. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142633 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142633 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142633 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142632_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Pengfei Guo Author-X-Name-First: Pengfei Author-X-Name-Last: Guo Author-Name: Xinyun Hu Author-X-Name-First: Xinyun Author-X-Name-Last: Hu Author-Name: Shikuan Zhao Author-X-Name-First: Shikuan Author-X-Name-Last: Zhao Author-Name: Mingming Li Author-X-Name-First: Mingming Author-X-Name-Last: Li Title: The growth impact of infrastructure capital investment: the role of regional innovation capacity—evidence from China Abstract: To verify the impact mechanism between infrastructure capital investment and regional economic growth in China, this study first estimates production capital stocks of the infrastructure by Perpetual Inventory Method (PIM) based on a balanced panel dataset for 31 Chinese provinces, autonomous regions and municipalities covering 1993–2017, then analyses the important mediating role of regional innovation capacity in the relationship between infrastructure capital investment and regional economic growth in China. The empirical results indicate that infrastructure capital investment can effectively promote economic growth in China. Furthermore, through analysing the mediating impact mechanism, the infrastructure capital investment can indirectly affect regional economic growth through the regional innovation capacity. When fully considering the potential heterogeneity, the mediating effect of developed regions is more significant than that of underdeveloped regions, and such a mediating effect is increasing with deepening industrialization. Therefore, a harmonious relationship between infrastructure capital investment and economic growth can be achieved if policymakers attempt to arouse the positive mediating role of regional innovation capacity when formulating relevant policies. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142632 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142632 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142632 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142257_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Muhammad Umar Author-X-Name-First: Muhammad Author-X-Name-Last: Umar Author-Name: Ghulame Rubbaniy Author-X-Name-First: Ghulame Author-X-Name-Last: Rubbaniy Author-Name: Amjad Iqbal Author-X-Name-First: Amjad Author-X-Name-Last: Iqbal Author-Name: Syed Kumail Abbas Rizvi Author-X-Name-First: Syed Kumail Abbas Author-X-Name-Last: Rizvi Author-Name: Yan Xu Author-X-Name-First: Yan Author-X-Name-Last: Xu Title: Covid-19 and stock market liquidity: international evidence Abstract: This study analyzes the impact of Covid-19 on stock market liquidity of China and four worst hit countries by the pandemic. Using daily data for the stock market illiquidity spanning over July 1, 2019 to July 10, 2020 and the data for new cases and deaths over the period from December 31, 2019 to July 10, 2020, the results of our GARCH analysis show that liquidity in stock markets of all the sampled countries hit hard by the news of the Covid-19 outbreak. We find that for all sampled countries increase in illiquidity due to temporary shocks reverts to long term trend shortly, suggesting that the liquidity shocks due to the incidence of Covid-19 were short lived. The findings of our VAR analysis show an absence of any short-term relationship between Covid-19 new cases or deaths and illiquidity. Since the series are not integrated at same level, long-term relationship between Covid-19 and stock market illiquidity do not exist as well suggesting no evidence of the effect of Covid-19 on stock market liquidity. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142257 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142257 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142257 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2139739_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ján Pokrivčák Author-X-Name-First: Ján Author-X-Name-Last: Pokrivčák Author-Name: Pavel Ciaian Author-X-Name-First: Pavel Author-X-Name-Last: Ciaian Author-Name: Drahoslav Lančarič Author-X-Name-First: Drahoslav Author-X-Name-Last: Lančarič Author-Name: Tomáš Michalička Author-X-Name-First: Tomáš Author-X-Name-Last: Michalička Author-Name: Miroslav Plevný Author-X-Name-First: Miroslav Author-X-Name-Last: Plevný Title: Where are craft breweries located? The role of agglomeration, tourism, and know-how Abstract: The objective of this article is to identify main drivers determining the geographical location of craft breweries in Slovakia. The main contribution of the article to the literature is to provide empirical evidence on the location determines of small firms as well as the focus on the Eastern European country both of which are less explored in the literature. The article employs a conditional logit model on a regional panel data dataset of craft breweries and location attributes covering 79 counties in Slovakia for the period 1995–2019. The estimated results suggest that agglomeration economies are key determinants of location choices. However, the agglomeration of small breweries has notably strong effect, while the agglomeration of large breweries and past brewing experience are statistically insignificant in affecting location choices. Further, important drivers of craft breweries location choices are demand factors linked to tourist sector development. Other drivers, such as urban effects, life quality and labour market conditions, seem not to play role or have rather a weaker impact. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2139739 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2139739 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2139739 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2129410_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Fajian Liu Author-X-Name-First: Fajian Author-X-Name-Last: Liu Author-Name: Fangqi Zhang Author-X-Name-First: Fangqi Author-X-Name-Last: Zhang Author-Name: Nan Wu Author-X-Name-First: Nan Author-X-Name-Last: Wu Author-Name: Nallo Keifalla James Author-X-Name-First: Nallo Keifalla Author-X-Name-Last: James Title: Career barriers of hospitality and tourism management students and the impacts on their career intention Abstract: This study constructs a three-dimensions of perceived career barriers (CB) of hospitality and tourism management (HTM) students, namely personal, social and interactional career barriers, and explores their impacts on students’ professional identity and intention to work in hospitality and tourism (H&T) industry. The findings based on a sample of 842 HTM students in mainland China are as follows. Firstly, the three-dimensions model could reveal the structure of HTM students’ perceived career barriers and all dimensions have significantly negative effects on professional identity and career intention. Meanwhile, the predictive power of personal career barriers is strongest, interactional and social barriers followed. Secondly, students’ professional identity plays a role as a mediator between career barriers and intention. Lastly, the barriers could be negotiated by major satisfaction, as it moderates the relationship of career barriers to intention partially. Managerial implications are also discussed for tourism industries and educators. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2129410 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2129410 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2129410 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2131591_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Abdul Rehman Author-X-Name-First: Abdul Author-X-Name-Last: Rehman Author-Name: Magdalena Radulescu Author-X-Name-First: Magdalena Author-X-Name-Last: Radulescu Author-Name: Fayyaz Ahmad Author-X-Name-First: Fayyaz Author-X-Name-Last: Ahmad Author-Name: Muhammad Kamran Khan Author-X-Name-First: Muhammad Author-X-Name-Last: Kamran Khan Author-Name: Silvia Elena Iacob Author-X-Name-First: Silvia Elena Author-X-Name-Last: Iacob Author-Name: Laura Mariana Cismas Author-X-Name-First: Laura Mariana Author-X-Name-Last: Cismas Title: Investigating the asymmetrical influence of foreign direct investment, remittances, reserves, and information and communication technology on Pakistan’s economic development Abstract: The study used an asymmetric ARDL model to analyse the asymmetric (positive and negative shocks) impact of foreign direct investment, personal remittances, total reserves, gross savings, and information and communication technology on economic growth in Pakistan from 1976 to 2019. The short-run and long-run results of the asymmetric autoregressive distributed lag approach show that total reserves have a negative and non-significant influence on Pakistan’s economic growth. Similarly, the results of asymmetric ARDL show that positive shocks in personal remittances have a positive and significant influence on Pakistan’s economic growth, but negative shocks have a negative and non-significant impact in both the long-run and short-run. The findings of the gross savings show that a positive shock has a favourable and non-significant impact on economic growth in both the long-run and short-run. The investigated outcomes of foreign direct investment show that positive shocks have a detrimental and considerable impact on the economy of Pakistan in both the long-run and short-run. Furthermore, information and communication technology has a negative impact on economic growth in both the long-run and short-run. The government of Pakistan may adopt better policies to build the country’s infrastructure by employing foreign investment more effectively. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2131591 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2131591 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2131591 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142806_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Tomasz Szopiński Author-X-Name-First: Tomasz Author-X-Name-Last: Szopiński Title: Holding accounts in several banks - a conscious or reckless consumer? Abstract: Service providers are in a fierce competition for their clients’ loyalty, encouraging them to participate in loyalty programs or to install mobile applications. Split loyalty is becoming more popular on the banking services market. This means that customers are loyal to two or three companies or service providers by buying or using their products or services interchangeably. This phenomenon may be further explained by the liberalization of the banking sector, for example through the Payment Services Directive (PSD2). Whilst the unbanked are a commonly analyzed subject, the overbanked have not yet been examined in the literature. The aim of the current article is to answer the following question: is having accounts in multiple banks connected with customer recklessness or consumer awareness? The analysis carried out by the author of this paper shows that people who have accounts in many banks: are aware of the guaranteed amounts of deposits in banks operating in Poland, compare offers in different banks, and are less likely to be victims of phishing. Results show that awareness increases with respondents’ age. Age is a variable which directly and indirectly affects the number of accounts held in different banks. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142806 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142806 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142806 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106280_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yan Liu Author-X-Name-First: Yan Author-X-Name-Last: Liu Title: Energy efficiency, cleaner energy and energy related prices: evidence from dynamic generalised method of moments Abstract: Environmental degradation is one of the main concerns for the countries across the globe, where energy efficiency (E.N.E.F.) is regarded as one of the substantial remedial measures. Still, the factors affecting E.N.E.F. is not extensively explored in the empirical literature. In this sense, the current study tends to analyse the influencing factors of E.N.E.F. in case of the G7 economies throughout 1990–2020. Since this study is dealing with the panel data, therefore, various panel data specifications are used, which validates the slope heterogeneity, panel cross-section dependence (C.D.), and the existence of cointegration between E.N.E.F., economic growth, renewable energy, energy related inflation, and political risk index (P.R.I.). Due to mixed integrating order, this study employed Cross-Sectional Autoregressive Distributed Lag (C.S.-A.R.D.L.) approach, which reveals that all the variables are significant and positive factors of E.N.E.F. in both short and long-run. Also, the results reveals the convergence of model towards the equilibrium with 83.7% speed of adjustment. To tackle the panel data issues such as slope heterogeneity and C.D., this study employed Dynamic Common Correlated Effects–Generalised Method of Moment (D.C.C.E.–G.M.M.), which also indicates the positive and significance influence of the selected variables on E.N.E.F. The estimated results are validated by Augmented Mean Group (A.M.G.) estimator. Moreover, bidirectional causal nexus is found between E.N.E.F. and regressors (economic growth, renewable energy, energy related inflation, and P.R.I.). This study also provides relevant policy measures at the end. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106280 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106280 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106280 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2108476_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Simona-Andreea Apostu Author-X-Name-First: Simona-Andreea Author-X-Name-Last: Apostu Author-Name: Valentina Vasile Author-X-Name-First: Valentina Author-X-Name-Last: Vasile Author-Name: Mirela Panait Author-X-Name-First: Mirela Author-X-Name-Last: Panait Author-Name: Valentin Sava Author-X-Name-First: Valentin Author-X-Name-Last: Sava Title: Exploring the ecological efficiency as the path to resilience Abstract: The permanent changes in society affect, among other, the environment. This is why environmental efficiency plays a very important role, being quantified in different forms. In our paper we have developed a composite index of ecological efficiency taking into account two dimensions, environmental pollution and resource consumption, each one being characterized by specific indicators. Thus, using this index, the aim was to evaluate and rank the level of greening of each country in Europe. Crises over time, including the health crisis caused by coronavirus, have focused to resilience, so we have highlighted whether it is significantly influenced by the ecological efficiency index. In addition, we analyzed whether ecological efficiency is related to investments in a country, financial, material and technological potential. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2108476 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2108476 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2108476 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2110139_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ying Xin Author-X-Name-First: Ying Author-X-Name-Last: Xin Author-Name: Shuobin Yang Author-X-Name-First: Shuobin Author-X-Name-Last: Yang Author-Name: Muhammad Faisal Rasheed Author-X-Name-First: Muhammad Faisal Author-X-Name-Last: Rasheed Title: Exploring the impacts of education and unemployment on CO2 emissions Abstract: The role of human capital and unemployment has been debated in a limited number of empirical studies that have aimed to study the discipline of environmental sustainability. Therefore, by Employing a reliable autoregressive distributed lag (ARDL) model approach, this study examines the dynamic linkage between education, unemployment, and CO2 emissions, by using the Chinese economy’s dataset from the time period pertaining to 1991–2020. The vivacious side of human capital shows that variables such as literacy rate and the average year of schooling curb CO2 emissions in the long run. Moreover, Human capital results are also based on facts in terms of their magnitude and direction. Also, empirical findings have unfolded that unemployment significantly increases CO2 emissions in the long-run. However, the short-run has estimated that the coefficients of education and unemployment provide similar results. Based on these novel findings, a wide set of economic policies are required and hence suggested for maintaining the environmental quality. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2110139 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2110139 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2110139 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2134904_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Youngjae Lee Author-X-Name-First: Youngjae Author-X-Name-Last: Lee Author-Name: Junho Jang Author-X-Name-First: Junho Author-X-Name-Last: Jang Author-Name: SungJu Song Author-X-Name-First: SungJu Author-X-Name-Last: Song Title: Infectious disease control and its economic gains in a pandemic: the case of South Korea Abstract: We investigate the role of the infectious disease control (IDC) system in curbing the spread of infectious disease and preventing economic damage during the COVID-19 pandemic. To this end, we propose incorporating a clustering analysis into the synthetic control method. This contributes to constructing a homogeneous donor pool, which is necessary for an unbiased treatment effect estimator. South Korea’s effective IDC system, the so-called K-Quarantine, is estimated to have reduced the number of disease infections and to have prevented a 3.6% loss of GDP and a 0.3%p rise in the unemployment rate in South Korea in 2020. These results are robust in an alternative reduced-form regression analysis under various specifications. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2134904 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2134904 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2134904 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142263_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hui Li Author-X-Name-First: Hui Author-X-Name-Last: Li Author-Name: Yiyun Li Author-X-Name-First: Yiyun Author-X-Name-Last: Li Author-Name: Muddassar Sarfarz Author-X-Name-First: Muddassar Author-X-Name-Last: Sarfarz Author-Name: Ilknur Ozturk Author-X-Name-First: Ilknur Author-X-Name-Last: Ozturk Title: Enhancing firms’ green innovation and sustainable performance through the mediating role of green product innovation and moderating role of employees’ green behavior Abstract: In today’s competitive world, the growing role of firms’ green innovation (GI) has caused organisations to respond to the demand for sustainable performance. Significantly, increasing environmental awareness has inevitably popularised GI approaches to maximise firms’ sustainable goals. GI receiving international significance has become the prime driver accelerating firms’ socio-ecological practices. Using the theoretical lens of resource-based theory, the study explores the impact of green process innovation, GI strategy and green action innovation on sustainable performance under the mediating role of green product innovation and moderating role of employee green behaviour. The data was collected from the 411 employees working in the Pakistani manufacturing sector. Structural equation modelling (SEM) and Partial Least Squares (PLS) regression were used for the proposed hypothesis testing. The employees’ green initiatives ensure the organisation’s sustainable performance through eco-friendly products. Employee green behaviour moderates between green product innovation and sustainable performance. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142263 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142263 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142263 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2147564_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Laura Parte Author-X-Name-First: Laura Author-X-Name-Last: Parte Author-Name: Anne Marie Garvey Author-X-Name-First: Anne Marie Author-X-Name-Last: Garvey Author-Name: Bridget McNally Author-X-Name-First: Bridget Author-X-Name-Last: McNally Author-Name: José Antonio Gonzalo-Angulo Author-X-Name-First: José Antonio Author-X-Name-Last: Gonzalo-Angulo Title: True and fair view/fair presentation as a nexus between conventional accounting, sustainability accounting and Islamic accounting: unifying three frameworks? Abstract: The objective of the article is twofold. Firstly, it evaluates the importance and significance of true and fair view (TFV)/fair presentation (FP) in European jurisdictions using IFRS standards. Secondly, it examines the potential role of TFV/FP for sustainability accounting and for aligning with the moral code of Islamic accounting. We assess whether we are at an important juncture in time where a common understanding of TFV/FP and the TFO could pave the way for increased understanding and harmonisation across all three frameworks.Conventional accounting is examined in the context of TFV/FP. A survey shows significant acceptance of TFV in European jurisdictions using IFRS, but gaps exist, and reclarification of the concepts could be timely. Experts’ opinions on TFV in ‘conventional accounting’ can illuminate sustainability accounting, which could benefit from the application of these concepts. The introduction of sustainability accounting in IFRS is an opportunity to develop a unified understanding of the TFV/FP concepts across all three frameworks and conclude in stronger and connected base frameworks.This is the first time that sustainability accounting development is considered as an opportunity to strengthen and unify the frameworks of conventional, Islamic and sustainability accounting through the common acceptance of principles-based concepts TFV/FP. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2147564 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2147564 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2147564 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2111976_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Vu Minh Hieu Author-X-Name-First: Vu Minh Author-X-Name-Last: Hieu Title: The moderating role of innovative organizational climate on the relationship between environmental monitoring social monitoring, governance monitoring and sustainable development goals (case of Vietnam) Abstract: Globally, the achievement of sustainable development goals (SDGs) is a significant requirement for companies and economies due to the high uncertainty of environmental and economic conditions. Thus, the present research investigates the impact of effective environmental, social and governance (ESG) monitoring on the SDGs achievement of textile industry in Vietnam. The research also examines the mediating impact of innovative organizational climate among the association of ESG monitoring and SDGs achievement. The questionnaires were adapted to collect the primary data from the selected respondents. Smart-PLS was applied to examine the data reliability and linkage among variables. The results revealed that environmental monitoring and social monitoring have a positive linkage with the SDGs achievement. The findings also exposed that innovative organizational climate significantly mediates among environmental monitoring, social monitoring and SDGs achievement. This article guides the policymakers while formulating regulations related to the ESG monitoring to attain the SDGs. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2111976 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2111976 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2111976 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2135554_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Mingqing Xing Author-X-Name-First: Mingqing Author-X-Name-Last: Xing Author-Name: Tingting Tan Author-X-Name-First: Tingting Author-X-Name-Last: Tan Title: Partial passive ownership holdings and R&D risk choices in a differentiated duopoly Abstract: This study investigates the R&D risk choices in a differentiated duopoly, in which a firm has partial passive ownership holdings (P.P.O.s) in its rival. Firms perform R&D projects with identical expected outcomes but different risk degrees. It mainly finds that: (1) the P.P.O.s make both firms more willing to take R&D risks; (2) compared with the firm which owns a share of its rival, its partially owned rival is more willing to take R&D risks; (3) for both firms, their private incentive for R&D risk is lower than the social incentive. However, the P.P.O.s may make the private optimum closer to the social optimum. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2135554 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2135554 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2135554 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142634_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ahmed Yamen Author-X-Name-First: Ahmed Author-X-Name-Last: Yamen Author-Name: Ali Coskun Author-X-Name-First: Ali Author-X-Name-Last: Coskun Author-Name: Hounaida Mersni Author-X-Name-First: Hounaida Author-X-Name-Last: Mersni Title: Digitalization and tax evasion: the moderation effect of corruption Abstract: This study investigates the impact of digitalization adoption on tax evasion and tests the moderation effect of corruption on this relationship. The World Bank’s digitalization adoption index is used to measure the level of digitalization adoption, and the shadow economy is chosen as a proxy for tax evasion. The research is conducted based on a comprehensive dataset including data from 133 countries. The results indicate a negative and significant relationship between tax evasion and digitalization adoption of businesses and people, which indicates that digitalization helps to reduce tax evasion. Additional results show that digitalization is highly effective in reducing tax evasion in low-corruption countries compared to high-corruption countries. Our findings are potentially useful for policymakers in identifying digitalization as an effective tool for deterring financial crimes. Investment in technology can help in increasing tax revenues and allow governments to be more efficient in allocating resources. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142634 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142634 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142634 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142148_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Baixun Wang Author-X-Name-First: Baixun Author-X-Name-Last: Wang Author-Name: Wenjuan Zhao Author-X-Name-First: Wenjuan Author-X-Name-Last: Zhao Author-Name: Xiaodong Yang Author-X-Name-First: Xiaodong Author-X-Name-Last: Yang Title: Do economic complexity and trade diversification promote green growth in the BRICTS region? Evidence from advanced panel estimations Abstract: Green growth is a comprehensive and integrated approach that ensures the potential economic deliverables of the natural capital on a sustainable basis. Existing studies have explored various deriving factors of green growth. However, none of the studies has evaluated the combined effect of economic complexity, trade diversification, renewable energy consumption, and environment-related taxes to promote green growth. Therefore, this study quantified the impact of these variables on achieving green growth goals for BRICTS countries (Brazil, Russian Federation, India, China, Turkey, and South Africa) from 1995 to 2018. The study addressed the potential econometric issues of panel data, such as cross-section dependency, slope heterogeneity, data nonstationary through robust testing. Cross-Sectional ARDL has been applied to investigate the long-run and short-run association among the study variables. The findings suggest that economic complexity, trade diversification, renewable energy consumption, and environment-related taxes significantly drive green growth in BRICTS countries. However, their marginal contribution substantially varied. Similar results are endorsed using alternative estimators and offer pertinent policy implications. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142148 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142148 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106271_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Duo Xu Author-X-Name-First: Duo Author-X-Name-Last: Xu Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Shuixia Chen Author-X-Name-First: Shuixia Author-X-Name-Last: Chen Author-Name: Hamido Fujita Author-X-Name-First: Hamido Author-X-Name-Last: Fujita Title: A multi-channel cross-residual deep learning framework for news-oriented stock movement prediction Abstract: Stock market movement prediction remains challenging due to random walk characteristics. Yet through a potent blend of input parameters, a prediction model can learn sequential features more intelligently. In this paper, a multi-channel news-oriented prediction system is developed to capture intricate moving patterns of the stock market index. Specifically, the system adopts the temporal causal convolution to process historical index values due to its capability in learning long-term dependencies. Concurrently, it employs the Transformer Encoder for qualitative information extraction from financial news headlines and corresponding preview texts. A notable configuration to our multi-channel system is an integration of cross-residual learning between different channels, thereby allowing an earlier and closer information fusion. The proposed architecture is validated to be more efficient in trend forecasting compared to independent learning, by which channels are trained separately. Furthermore, we also demonstrate the effectiveness of involving news content previews, improving the prediction accuracy by as much as 3.39%. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106271 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106271 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106271 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142812_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Irfan Ullah Author-X-Name-First: Irfan Author-X-Name-Last: Ullah Author-Name: Qiujun Zhao Author-X-Name-First: Qiujun Author-X-Name-Last: Zhao Author-Name: Aurang Zeb Author-X-Name-First: Aurang Author-X-Name-Last: Zeb Author-Name: Amjad Iqbal Author-X-Name-First: Amjad Author-X-Name-Last: Iqbal Author-Name: Muhammad Arif Khan Author-X-Name-First: Muhammad Arif Author-X-Name-Last: Khan Title: Board diversity and financial reporting quality: evidence from China Abstract: This study explores the relationship between board diversity and financial reporting quality (FRQ) in China, an emerging market, by using panel data techniques. Specifically, it investigates firms registered from 2005 to 2018. Board diversity is categorised into relation (i.e., gender and age), task (i.e., education, tenure, and experience), and overall board diversity (sum of relation and task diversities). Findings indicate that board diversity has a significant positive impact on FRQ. The relationship between board diversity and FRQ is also strong in non-state-owned firms and during noncrisis periods. Findings remain consistent after numerous robustness checks comprising instrumental approach, propensity score matching, generalised method of moment, lag of independent variables, Heckman two-step model, change analysis, and alternative FRQ measures. Overall, board diversity is found to be associated with corporate outcomes. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142812 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142812 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142812 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2182809_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zhong Ning Author-X-Name-First: Zhong Author-X-Name-Last: Ning Author-Name: Xinzhou Qi Author-X-Name-First: Xinzhou Author-X-Name-Last: Qi Title: Is economic policy uncertainty an excuse for corporate fraud? Abstract: This study examines the dynamic relationship between economic policy uncertainty (EPU) and corporate fraud by using a sub-sample time-varying rolling window test. Corporate fraud is classified as fraud incidents (the number of corporate frauds) and fraud magnitude (the severity of corporate frauds). Based on this, we propose an EPU-Fraud Triangle model to evidence that EPU affects corporate fraud by acting on Pressure, Opportunity, and Rationalization. The empirical results show that corporations are more likely to engage in fraud during high EPU periods. Moreover, corporate fraud has positive impacts on EPU. As a result, this study suggests corporations consider fraud consequences and policy trends when making decisions. Additionally, government policymakers should analyze the causes of corporate fraud to develop appropriate policies. In addition, to minimize information asymmetries, investors should pay attention to corporate fraud and remain knowledgeable of national policy trends. Furthermore, the study can contribute to the smooth functioning of macroeconomics and reduce the probability of financial risks. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2182809 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2182809 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2182809 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2177180_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Naoyuki Yoshino Author-X-Name-First: Naoyuki Author-X-Name-Last: Yoshino Author-Name: Ehsan Rasoulinezhad Author-X-Name-First: Ehsan Author-X-Name-Last: Rasoulinezhad Author-Name: Han Phoumin Author-X-Name-First: Han Author-X-Name-Last: Phoumin Author-Name: Farhad Taghizadeh-Hesary Author-X-Name-First: Farhad Author-X-Name-Last: Taghizadeh-Hesary Title: SMEs and carbon neutrality in ASEAN: the need to revisit sustainability policies Abstract: Most rules and regulations for protecting the environment and reducing greenhouse gas emissions target large enterprises. Although small and medium-sized enterprises (SMEs) have major shares in most Asian economies, they remain outside the purview of most environmental rules and regulations. The primary purpose of this study is to assess the association between SMEs’ activities and carbon emissions in the Association of Southeast Asian Nations (ASEAN) countries from 2010 to 2020. To this end, a fully modified ordinary least squares (FMOLS) model was developed. The results show that SMEs’ activities do not align with environmental protection goals and sustainable development, as the estimation results revealed their significant contributions to CO2 emissions. Other practical implications of this study for carbon-neutral SMEs are introducing green finance policies, revisiting the environmental and carbon reduction rules and regulations that cover SMEs, and changing banks’ lending mechanisms based on SMEs’ green economic performance. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2177180 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2177180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2177180 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106275_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Keyu Lu Author-X-Name-First: Keyu Author-X-Name-Last: Lu Author-Name: Huchang Liao Author-X-Name-First: Huchang Author-X-Name-Last: Liao Title: Dynamic preference elicitation of customer behaviours in e-commerce from online reviews based on expectation confirmation theory Abstract: Preference change, also known as preference drift, is one of the factors that online retailers need to consider to accurately collect consumer preferences and make personalised recommendations. Online reviews have been widely used to analyse the preference drift of consumers. However, previous studies on online reviews ignored the psychological perceptions of consumers in terms of satisfaction. This paper aims to develop a method for dynamic preference elicitation from online reviews based on exploring the theory of consumer satisfaction formation. Based on the framework of expectation confirmation theory, we develop formulas for expressing the relations among expectation, perceived performance, confirmation, and satisfaction. We then use the proposed dynamic preference elicitation model to predict the change of consumer overall preference after each review and rank products for consumers’ next purchase. We test the proposed approach with a case study based on a data set from Amazon.com. It is founded that the satisfaction changes in each purchase, and this change will affect the prediction of the next product ranking. The case study is based on one product group, and further research is needed to see if the operation of the proposed method can be extended to other kinds of products. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106275 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106275 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106275 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142821_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Chuanbo Xing Author-X-Name-First: Chuanbo Author-X-Name-Last: Xing Author-Name: Xitao Liu Author-X-Name-First: Xitao Author-X-Name-Last: Liu Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Title: Entrepreneurship and environmental sustainability in highly polluting Asian economies: the role of eco-innovation Abstract: We aim to investigate the impact of environmental entrepreneurship and green innovations on CO2 emissions in highly polluting Asian economies. For empirical estimation, we have applied ARDL and NARDL models. In the short run, the linear estimates of environmental entrepreneurship are significant in China and India. The short-run non-linear estimates of environmental entrepreneurship are significant in the case of China, India, and Japan. Similarly, the short-run linear estimates of green innovations are significant in China, India, and Japan, whereas the non-linear estimated coefficients of green innovation appeared to be significant in India, Japan, and Russia. In the long run, the linear estimates of environmental entrepreneurship are negative and significant in three countries, namely China, Japan, and Russia. Similarly, the estimates of green innovations are negative and significant in China, India, Japan, and Russia. In the non-linear model, the estimated coefficients of positive shock in environmental entrepreneurship are significant and negative in the case of China, India, and Japan; while, the estimates of negative shock in environmental entrepreneurship are negative and significant in India only. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142821 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142821 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142821 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2174153_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yanlei Sun Author-X-Name-First: Yanlei Author-X-Name-Last: Sun Author-Name: Raad Mahmoud Al-Tal Author-X-Name-First: Raad Mahmoud Author-X-Name-Last: Al-Tal Author-Name: Abu Bakkar Siddik Author-X-Name-First: Abu Bakkar Author-X-Name-Last: Siddik Author-Name: Samiha Khan Author-X-Name-First: Samiha Author-X-Name-Last: Khan Author-Name: Muntasir Murshed Author-X-Name-First: Muntasir Author-X-Name-Last: Murshed Author-Name: Rafael Alvarado Author-X-Name-First: Rafael Author-X-Name-Last: Alvarado Title: The non-linearity between financial development and carbon footprints: the environmental roles of technological innovation, renewable energy, and foreign direct investment Abstract: The economies of the majority of the South Asian countries have substantially expanded in the last couple of decades. Nevertheless, the simultaneous deterioration in environmental quality questions the quality of such growth performances of the South Asian countries in light of their environmental sustainability objectives. As a result, limiting the environmental hardships faced by these countries is deemed as an important agenda of the concerned governments. Therefore, this study aims to examine the determinants of carbon footprints in selected South Asian countries using advanced panel data econometric methods. Overall, the findings confirm an inverted U-shaped association between financial development and carbon footprints based on which the environmental Kuznets curve hypothesis is verified in the long run. Besides, technological innovation is evidenced to curb the short- and long run levels of carbon footprints while renewable energy transition exerts carbon footprint-inhibiting impact only in the long run. Further, the findings verify the pollution haven hypothesis by confirming carbon footprint-boosting impact of net foreign direct investment inflows. Consequently, for improving environmental quality, South Asian economies should develop their financial sectors further, discover green technologies, undergo renewable energy transition, and restrict inflows of unclean foreign direct investments. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2174153 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2174153 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2174153 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2140303_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Martina Pezer Author-X-Name-First: Martina Author-X-Name-Last: Pezer Title: How could Croatia reform tax-benefit policies for families with children: tackling distributional effects Abstract: Abstract: Policies aimed at the family are an important tool for governments to achieve various goals to improve society, manage populations, enhance well-being, and reduce inequality, among other things. Choosing an optimal policy design often constitutes a compromise between different goals and priorities. The Croatian tax allowance for dependent children has often been criticised in the literature for its regressivity, and opacity due to a lack of parliamentary oversight. There is room to improve the child benefit allocation. This research investigates whether Croatia could reform its policies on child benefit and tax allowance for dependent children without increasing the budget, based on family policies that have been implemented in Greece, Germany, the Slovak Republic, Sweden and the United Kingdom. EUROMOD, a widely used European tax-benefit microsimulation model, is used to assess the differences in structure and distributional effects of these 'imported' policies in Croatia. The results highlight that imported policies would make support to families with children more equitable and reduce child poverty. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2140303 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2140303 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2140303 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142813_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiang Cheng Author-X-Name-First: Xiang Author-X-Name-Last: Cheng Title: Financial friction, rare disaster, and recovery policy Abstract: The paper introduces financial intermediation into the New Keynesian model with rare disasters, analyzes the impacts of rare disaster shock on the macro economy, and compares the effects of different economic recovery policies. Based on the numerical analysis, this study finds that: (1) rare disaster risk shock retains a negative relationship with consumption levels, and banks increase their leverage ratios to cause risk accumulation; (2) refinance policy and consumer coupon policy can alleviate economic fluctuations caused by disaster risks from various channels; (3) the consumer coupon policy is conducive to reducing the average social welfare loss caused by disaster risks. It is believed that the establishment of a sustainable economic stimulus mechanism to fundamentally reduce the impact of catastrophic events on the macro economy and achieve economic recovery in a short period are essential issues that should be urgently addressed by countries. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142813 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142813 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142813 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2170903_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Qiang Ma Author-X-Name-First: Qiang Author-X-Name-Last: Ma Author-Name: Qiu Li Author-X-Name-First: Qiu Author-X-Name-Last: Li Author-Name: Chang Ma Author-X-Name-First: Chang Author-X-Name-Last: Ma Title: How the digital economy drives energy efficiency in China: a re-examination based on the Environmental Kuznets Curve Abstract: The digital economy has become important in the world’s major economies. Improving energy efficiency is the key to achieving stable and sustainable economic growth and carbon emissions reduction. However, the impact of the digital economy on energy efficiency remains unclear. Accordingly, this study examines the relationship between the digital economy and energy efficiency from the Environmental Kuznets Curve (EKC) perspective. In doing so, this study confirms that the digital economy follows the EKC in energy utilization efficiency, and there is a U-shaped relationship between the digital economy and energy efficiency, although this relationship differs from one region to another. This study also discusses the moderating effects of environmental regulation and innovation capability in this U-shaped relationship, confirming that they have a moderating effect on this relationship, reducing the inflection point of the U-shaped relationship, and reducing the negative influence of the digital economy on the energy efficiency and enhancing the positive impact. This study can serve as a reference for policymakers and professionals in emerging economies, helping them achieve a win-win situation for economic development and reducing carbon emissions. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2170903 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2170903 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2170903 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2147565_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Eleonora Kontuš Author-X-Name-First: Eleonora Author-X-Name-Last: Kontuš Author-Name: Kristina Šorić Author-X-Name-First: Kristina Author-X-Name-Last: Šorić Author-Name: Nataša Šarlija Author-X-Name-First: Nataša Author-X-Name-Last: Šarlija Title: Capital structure optimization: a model of optimal capital structure from the aspect of capital cost and corporate value Abstract: The purpose of this study is, firstly, to examine capital structure optimization and secondly, to provide a framework for determining the optimal capital structure from the aspect of capital cost and corporate value. The results of our work provide an innovative model for arriving at a company’s optimal capital structure based on the estimation of the effective cost of capital and the determination of the shares of new equity and long-term debt that will both minimize the overall cost of capital and maximize its value. The model can be applied for quantitative estimates of optimal capital structure. This paper contributes to the literature by applying mathematical modeling and mathematical theory of optimization to solve the problem of capital structure optimization, and by providing a framework for determining optimal capital structure. The scientific contribution of this research is development of a model of optimal capital structure from the aspect of capital cost and corporate value, and new equations for calculating the effective costs of long-term financing sources. This model provides explicit advice on optimal long-term debt and equity level and can be applied to produce a firm-specific recommendation about optimal capital structure that a given company should use. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2147565 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2147565 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2147565 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2136228_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yan Chen Author-X-Name-First: Yan Author-X-Name-Last: Chen Author-Name: Lei Zhang Author-X-Name-First: Lei Author-X-Name-Last: Zhang Title: Can jumps improve the futures margin level? An empirical study based on an SE-SVCJ-GPD model Abstract: In addition to the characteristics of leptokurtic fat-tailed distribution, financial sequences also exhibit typical volatility and jumps. Moreover, jumps exhibit self-exciting and clustering characteristics under extreme events. However, studies on dynamic margin levels often ignore jumps. In this study, we combine the self-exciting stochastic volatility with correlated jumps (SE-SVCJ) model with a generalized Pareto distribution (GPD) to measure the optimal margin level for the stock index futures market. Value at risk (VaR) is estimated and forecasted using the SE-SVCJ-GPD, SVCJ-GPD, and generalized autoregressive conditional heteroskedasticity with GPD (GARCH-GPD) models. SE-SVCJ-GPD can undertake more risks in the long or short trading position of stock index futures contracts. Moreover, the backtesting experiment results show that the SE-SVCJ-GPD model provides a more accurate margin level forecast than the other methods in both positions. This study’s findings have practical significance and theoretical value for assessing the level of risk and taking corresponding risk-prevention measures. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2136228 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2136228 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2136228 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2177700_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Trung Kien Tran Author-X-Name-First: Trung Kien Author-X-Name-Last: Tran Author-Name: Ka Yin Chau Author-X-Name-First: Ka Yin Author-X-Name-Last: Chau Author-Name: Thi Thu Hien Phan Author-X-Name-First: Thi Thu Hien Author-X-Name-Last: Phan Author-Name: Ky Nguyen Tran Author-X-Name-First: Ky Nguyen Author-X-Name-Last: Tran Author-Name: Nguyen Thi Thu Thuy Author-X-Name-First: Nguyen Thi Thu Author-X-Name-Last: Thuy Author-Name: Thanh Quang Ngo Author-X-Name-First: Thanh Quang Author-X-Name-Last: Ngo Title: Dynamic association between energy transition technologies, renewable energy production, trade openness, green investment, carbon tax, and carbon neutrality: empirical evidences from China Abstract: The existing millennium documents the most adverse consequences of global warming which in contrast to pre-industrial era are more devastating. Thus, these prevailing consequences raise numerous concerns regarding the well-being of future and current generation. Scholars, in this regard, are putting efforts punctiliously towards methods that could halt the surging emissions. This paper also attempts to contributes to existing literature by reporting the empirical evidences regarding the role of energy transition technologies, renewable energy production (REP), trade openness, green investment, and carbon taxes in carbon neutrality in Chinse economy covering the time span of 1980–2020. By employing Dynamic Auto-regressive Distributed Lags (DARDL) model to check the association, findings exposed that electricity production from water sources, electricity production from solar sources, REP, trade openness, green investment, and carbon taxes are negatively correlated with CO2 emissions. Study offers policymakers a help in formulating policies related to achieve carbon neutrality using renewable sources of energy production, carbon taxes, and green investment. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2177700 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2177700 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2177700 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2108478_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Miguel Á. Solano-Sánchez Author-X-Name-First: Miguel Á. Author-X-Name-Last: Solano-Sánchez Author-Name: Julia M. Núñez-Tabales Author-X-Name-First: Julia M. Author-X-Name-Last: Núñez-Tabales Author-Name: Lorena Caridad-y-López-del-Río Author-X-Name-First: Lorena Author-X-Name-Last: Caridad-y-López-del-Río Title: Tourist accommodation pricing through peer-to-peer platform: evidence from Seville (Spain) Abstract: The expansion of holiday rentals’ worldwide makes it relevant to confirm what are the determinants of these accommodations’ daily rates. This research aims to compare two models on estimating holiday rentals’ daily rate through variables that influence it; using artificial neural networks and hedonic pricing method, with the same cross-sectional dataset and variables with data obtained from Booking.com listings from Seville (Spain), a ‘cultural tourism’ large European city. Artificial neural networks estimations adapt better than the hedonic pricing method due to non-linear relations involved, although hedonic estimators have a clearer economic interpretation. Variables related to size, location and amenities appear as the most relevant in the models, including also seasonal and special events factors. The models presented, not only help to clarify these variables but also allow estimating a rental price congruent with the characteristics of the dwelling and season, being useful as an objective valuation method for the main agents of the accommodation sector: Owners, clients and peer-to-peer platforms. This study wants to highlight the convenience of using Booking.com listings as the main data source, as two variables presented as relevant for the models (size and location) are not available in other peer-to-peer platforms like Airbnb. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2108478 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2108478 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2108478 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106283_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Laimi Yang Author-X-Name-First: Laimi Author-X-Name-Last: Yang Title: Country-by-country reporting and corporate tax avoidance: evidence from China Abstract: In 2016, China implemented the country-by-country reporting (CbCR) rule established by the Organization for Economic Cooperation and Development. This study investigates whether and how CbCR affects corporate tax outcomes. Employing difference-in-difference models to analyse data from Chinese listed companies during 2011–2019, we document an about 1.7 percentage points increase in effective tax rates among affected firms. We further find that CbCR discourages tax avoidance caused by related party transactions, and its effects vary among different types of related party transactions. Additional analysis shows that CbCR has a greater influence on firms with lower information transparency and higher tax risk. Finally, CbCR changes the profit distribution of multinational companies, leading to a reduction in the proportion of headquarters profits. The results are robust to various measurements of tax avoidance, placebo test, and parallel trends test. To the best of our knowledge, this study is one of the first to examine the association between CbCR and corporate tax avoidance in China. Overall, the findings enrich the theoretical mechanism of CbCR and provide implications for China's participation in global tax governance. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106283 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106283 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106283 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106281_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Lu Xu Author-X-Name-First: Lu Author-X-Name-Last: Xu Author-Name: Fengjiao Long Author-X-Name-First: Fengjiao Author-X-Name-Last: Long Author-Name: Xijing Liu Author-X-Name-First: Xijing Author-X-Name-Last: Liu Author-Name: Diyuan Xu Author-X-Name-First: Diyuan Author-X-Name-Last: Xu Author-Name: Yuping Shang Author-X-Name-First: Yuping Author-X-Name-Last: Shang Title: Energy efficiency and environmental degradation nexus: evidence from the Quantile-on-Quantile regression technique Abstract: The world is facing enormous challenge of climate change and global warming due to increased emission level. In order to overcome such challenges, economies are adopting energy efficient techniques to control the carbon emissions and improves environmental sustainability. This study analyses the influencing factors of environmental quality from a global perspective throughout the last three decades. In this regard, advanced time series approaches are used to identify the association between factors such as economic growth, energy efficiency (E.N.E.F.), and carbon emissions – covering global data over the period 1990Q4–2020Q4. From the time series methods, this study observed the stationarity of all variables at first difference. The empirical outcomes also validates the long-run equilibrium relationship between the variables. Due to asymmetric distribution of the variables, this study uses the novel Quantile-on-Quantile (Q.Q.) regression approach, which reveals that increasing economic growth harms environmental quality by increasing the carbon emissions level. However, E.N.E.F. is a prominent factor of environmental sustainability, that reduces the level of carbon emissions in the atmosphere. Employing the pairwise Granger causality test, this study observed the unidirectional causality from economic growth to carbon emissions, while a two-way causal nexus is found between economic growth – E.N.E.F. and E.N.E.F. – carbon emissions. Based on the empirical results, this study suggests that economic growth should be regulated in a sense that it contribute towards the improvement of E.N.E.F., which ultimately leads to reduce the emissions level and promote environmental sustainability. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106281 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106281 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106281 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2135556_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Maja Šerić Author-X-Name-First: Maja Author-X-Name-Last: Šerić Author-Name: Josip Mikulić Author-X-Name-First: Josip Author-X-Name-Last: Mikulić Author-Name: Đurđana Ozretić Došen Author-X-Name-First: Đurđana Author-X-Name-Last: Ozretić Došen Title: Understanding prevention measures and tourist behavior in Croatia during the COVID-19 pandemic. A mixed-method approach Abstract: This study investigates the adoption of prevention measures in Croatia during the COVID-19 pandemic and its relationship with tourist behavior. The research adopts a mixed-method approach as it examines both practitioners’ and tourists’ viewpoints. A qualitative study was conducted with eight destination service providers, while the quantitative study took place among 333 international tourists during their stay in the country. Results from the qualitative study show that the most frequently employed prevention measures are cleaning and disinfection of customer-use spaces, the use of hand sanitizers, mandatory face masks for employees and guests, and social distancing. Tourism service providers observed that international tourist behavior changed significantly from 2020 to 2021. Findings from the quantitative study show relatively high levels of perception of adoption of prevention measures among tourists, low levels of the perceived risk of COVID-19, and high levels of tourist satisfaction. Some differences in tourist behavior related to gender and destination type are also observed. Positive correlations are found between tourists’ perceptions of prevention measures and their satisfaction level, while the correlations between perceived risk of COVID-19 and prevention measures on one hand and perceived risk of COVID-19 and tourists’ satisfaction on the other are found to be negative. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2135556 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2135556 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2135556 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142817_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Lu Miao Author-X-Name-First: Lu Author-X-Name-Last: Miao Author-Name: Wei Zhen Author-X-Name-First: Wei Author-X-Name-Last: Zhen Title: Estimating long-term and short-term CO2 rebound effects of China’s urban residential sector: evidence from a dynamic econometric approach Abstract: This study quantifies China’s urban residential CO2 rebound owing to improvements in energy efficiency. We use a dynamic econometric model (error corrected linear approximated almost ideal demand system, ECM-LA-AIDS) to examine the relationship between energy-efficiency promotion, energy consumption behaviour, and the CO2 rebound effect. An improvement in energy efficiency lowers the energy price, resulting in unbalanced short- and long-term energy consumption behaviours. Inconsistent short- and long-term energy-efficiency policies may lead to greater rebound effects. Therefore, this study estimates the residential energy-related CO2 (ECR-CO2) rebound effects considering both short- and long-term consumption patterns to provide targeted policies for controlling residential ECR-CO2. The results indicate that the short- and long-term urban residential ECR-CO2 effects differ across regions and provinces. Additionally, the direct rebound effect contributes more to the total ECR-CO2 rebound effect than the indirect rebound effect. Finally, at the national level, the urban residential ECR-CO2 rebound effects exhibit a U-shaped divergence, indicating that, among the 31 Chinese provinces considered, the ECR-CO2 rebound effect first converges and then diverges, owing to differences in the levels of technological progress. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142817 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142817 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142817 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2140302_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yunqian Mo Author-X-Name-First: Yunqian Author-X-Name-Last: Mo Author-Name: Sana Ullah Author-X-Name-First: Sana Author-X-Name-Last: Ullah Author-Name: Ilhan Ozturk Author-X-Name-First: Ilhan Author-X-Name-Last: Ozturk Title: Green investment and its influence on green growth in high polluted Asian economies: Do financial markets and institutions matter? Abstract: The notion of green growth has occurred as a leading policy response to environmental pollution. This study explores the dynamic impacts of green investment, financial institutions & markets on green growth based on a time series data set comprised of four high polluted Asian countries from 1995 to 2019. We found several important short and long-run results from the ARDL bounds testing approach. First, green investment has a positive long-run effect on green growth in China, India, and Russia. Second, financial institutions have positive long-run effects on green growth in China, India, and Japan; but financial markets improve only in China and Russia. The findings also propose that internet users and R&D foster green growth in mostly high polluted Asian countries. Thus, our findings offer some implications for high polluted Asian countries to stimulate green growth in the future. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2140302 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2140302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2140302 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2137826_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Peijun Xie Author-X-Name-First: Peijun Author-X-Name-Last: Xie Author-Name: Jun Huang Author-X-Name-First: Jun Author-X-Name-Last: Huang Title: Financial expansion and economic performance: evaluating the role of research and development expenditures for China Abstract: This research targets to investigate the link between research and development expenditures and financial expansion along with other control variables such as natural resources (NRS) and gross domestic product (GDP) for China’s economy over the period of 1984–2021. To analyse china’s economy, the authors employ time series data relevant to econometrics approaches for long-run relationships (FMOLS, DOLS, and CCR) to monitor changes over time between variables, which is important in actual studies. The models’ primary findings are as follows: The cointegration test confirms that there are log-run associations among the targeted variables. Our targeted results show that Research and development expenditures have the largest influence on the financial expansion of the economy. The control variables like NRS decreases financial expansion while GDP boosts financial expansion in china. These results imply that it is very important for policymakers further to change their policy concerning investment in R&D activities. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2137826 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2137826 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2137826 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2134903_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Fuzhong Chen Author-X-Name-First: Fuzhong Author-X-Name-Last: Chen Author-Name: Guohai Jiang Author-X-Name-First: Guohai Author-X-Name-Last: Jiang Title: The impact of institutional quality on foreign direct investment: empirical analysis based on mediating and moderating effects Abstract: The purpose of this paper is to investigate the relationship between institutional quality and foreign direct investment (FDI) inflows using panel data of 42 G20 countries from 2005 to 2020. The results indicate a positive association between them. Mediating analyses reveal that institutional quality attracts FDI inflows by increasing trade openness, accelerating industrial structure optimization, and encouraging technological innovation. Furthermore, financial development, tax level, and natural resource abundance moderates the positive association between institutional quality and FDI inflows. Among them, financial development and natural resource abundance strengthen the promoting role of institutional quality in attracting FDI; the tax level weakens this process. These findings have implications for policymakers seeking to make full use of favourable institutions to achieve sustainable growth of FDI. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2134903 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2134903 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2134903 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2111316_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jianjun Zhang Author-X-Name-First: Jianjun Author-X-Name-Last: Zhang Author-Name: Syed Muhammad Faraz Raza Author-X-Name-First: Syed Muhammad Author-X-Name-Last: Faraz Raza Author-Name: Yongming Huang Author-X-Name-First: Yongming Author-X-Name-Last: Huang Author-Name: Cheng Wang Author-X-Name-First: Cheng Author-X-Name-Last: Wang Title: What affect energy poverty in China? A path towards sustainable development Abstract: Despite the crucial role of investment in energy under public–private partnership (I.E.P.P.P.) in abating environmental pollution and reducing energy poverty (E.P.), the existing literature offers less information about the nexus between I.E.P.P.P. and E.P. In order to identify the E.P. gap based on accessibility, affordability, and availability dimensions, this study investigates the factors influencing E.P., and examines the impact of I.E.P.P.P., globalisation (G.L.O.), output (G.D.P.), risk, technological innovation (T.I.) and renewable energy consumption (R.E.C.) on E.P. in China during the period of 1990 to 2019. The causal relationship between E.P. with its determinants is also examined. Utilising fully modified ordinary least squares (F.M.O.L.S.) econometric approach, we find that investment in energy with a public–private partnership, T.I., and gross domestic product (G.D.P.) bridge the gap for E.P., whereas R.E.C., composite risk index (C.R.I.), and G.L.O. increase the E.P. gap in China. In addition, frequency Domain Causality test reveals that unidirectional causation from I.E.P.P.P., G.D.P., T.I., G.L.O., risk, and R.E.C. to E.P. in the short run to long run. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2111316 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2111316 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2111316 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2177182_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yang Chen Author-X-Name-First: Yang Author-X-Name-Last: Chen Author-Name: Huaizhong Mu Author-X-Name-First: Huaizhong Author-X-Name-Last: Mu Title: Analysis of influencing factors of CO2 emissions based on different coal dependence zones in China Abstract: There are differences in economic level, population size, and technical level in different stages. At the same time, as a coal-dependent country, other regions have foreign dependence on coal. Then the primary factors and influence degrees of CO2 emissions in different stages and areas with different coal dependents will be various. This paper adds urbanization rate, industrial structure, and energy consumption structure to the traditional STIRPAT model. Based on the expanded STIRPAT model, the panel data of 30 regions in China from 2005 to 2019 are used to analyze the different stages and areas with foreign coal dependence. The main influencing factors and degree of influence of CO2 emissions. Regression finds that population size, energy consumption, and industrial structure will increase regional carbon dioxide emissions. There is an “inverted U-shaped” curve relationship between economic development, technological level, and carbon dioxide emissions. The improvement of the urbanization rate can reduce carbon dioxide emissions. Carbon dioxide emissions. An “inverted U-shaped” curve relationship between per capita GDP and CO2 emissions in three research periods from 2005 to 2010, 2011 to 2015, and 2016 to 2019. At the same time, the inhibition effect of the urbanization rate is constantly strengthened, and the promotion effect of the coal consumption ratio is decreasing year by year. The influence of population size, technical level, and industrial structure on carbon dioxide emissions in the whole country and areas with different coal dependents varies with the study period. To provide a theoretical basis for local conditions and regional management in the future direction of energy-saving and carbon reduction. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2177182 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2177182 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2177182 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2129405_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Min Wang Author-X-Name-First: Min Author-X-Name-Last: Wang Author-Name: Xiao-fen Wu Author-X-Name-First: Xiao-fen Author-X-Name-Last: Wu Author-Name: Yu-han Xie Author-X-Name-First: Yu-han Author-X-Name-Last: Xie Author-Name: Yung-ho Chiu Author-X-Name-First: Yung-ho Author-X-Name-Last: Chiu Title: Comparative analysis of port efficiency in Yangtze River Delta and Pearl River Delta: a meta Dynamic D.D.F. approach Abstract: The Yangtze River Delta and Pearl River Delta are two regions with the highest level of economic development in China, and their port development is at the forefront of the country. This study measures the efficiency of 23 major ports in the two deltas from 2010 to 2018 using the meta Dynamic Directional Distance Function (D.D.F.) model and discusses the technology gap and the reasons for inefficiency of the ports. The research results show that 80% of the ports in these two deltas are inefficient. The Yangtze River Delta’s port efficiency is higher than that of the Pearl River Delta, but the internal efficiency difference of the Yangtze River Delta port cluster is more significant. The efficiency ranking of most ports is inconsistent under the meta-frontier (M.F.) and group frontier (G.F.), and the average technology gap ratio (T.G.R.) of ports in the Pearl River Delta gradually exceeds that in the Yangtze River Delta. The inefficiency of ports in the Pearl River Delta is caused by input factors, and the inefficiency of ports in the Yangtze River Delta is also related to the containerisation level. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2129405 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2129405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2129405 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142256_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Hongzhan Tao Author-X-Name-First: Hongzhan Author-X-Name-Last: Tao Author-Name: Tao Song Author-X-Name-First: Tao Author-X-Name-Last: Song Title: Trade liberalisation, imperfect pass-through and cost of living: evidence from Chinese cities Abstract: This article investigates the consumption effect of trade liberalisation through changes in the cost of living in Chinese cities. We use fixed effects model and dynamic panel model based on household survey data from 2002 to 2009. We identify the imperfect pass-through mechanism of tariffs and non-tariff measures at city level. The main findings show that the aggregate cost of living in Chinese cities is an inverted-V trend. Tariffs reduction and the high incidence of non-tariff measures can decrease cost of living in Chinese cities, which improves the overall consumption welfare and narrows down the regional disparities. The consumption effects are heterogenous due to the diverse spatial effects, demand effects and competition effects across Chinese cities. Cities with a high expenditure share of manufactured goods have a larger effect on the reduction of cost of living. Tariffs have a larger marginal effect in small cities and cities with high level of privatisation. While the incidence of non-tariff measures has a larger marginal effect in small cities and cities with low level of privatisation. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142256 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142256 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142256 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142822_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Josep Garcia-Blandon Author-X-Name-First: Josep Author-X-Name-Last: Garcia-Blandon Author-Name: Josep Maria Argilés-Bosch Author-X-Name-First: Josep Maria Author-X-Name-Last: Argilés-Bosch Author-Name: Diego Ravenda Author-X-Name-First: Diego Author-X-Name-Last: Ravenda Author-Name: Gonzalo Rodríguez-Pérez Author-X-Name-First: Gonzalo Author-X-Name-Last: Rodríguez-Pérez Title: Female directors, board-gender quotas and firm performance: evidence from Norway Abstract: The opponents to board gender quotas point out the utility argument, according to which, the impossibility of appointing the best candidates will have a negative impact on firm performance. Norway is the case study to investigate the impact of board gender quota regulations on firm performance. Because a gender quota was voluntary from 2004 to 2006 and mandatory afterwards, it allows us to investigate the respective impact of voluntary and mandatory gender quota regulations. The research design takes advantage of this unique research setting and implements difference-in-differences estimations. Previous studies examining the Norwegian context, however, do not differentiate between the voluntary and mandatory implementation of the quota. After controlling for several methodological issues that were unnoticed by these studies, we report sound evidence that the Norwegian quota did not have any negative impact on firm performance. Furthermore, results also suggest that when the quota was applied voluntarily, it had some positive effects on performance. These findings contradict most of the extant evidence and have interesting implications. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142822 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142822 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142822 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142826_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: E. Chuke Nwude Author-X-Name-First: E. Chuke Author-X-Name-Last: Nwude Author-Name: Sebastine Ugochukwu Ugwuegbe Author-X-Name-First: Sebastine Ugochukwu Author-X-Name-Last: Ugwuegbe Author-Name: Adesanmi Timothy Adegbayibi Author-X-Name-First: Adesanmi Timothy Author-X-Name-Last: Adegbayibi Title: Impact of income level and foreign aid on economic growth in Sub-Saharan Africa: the case of Anglophone and Francophone countries Abstract: The study examines the impact of foreign aid on economic growth (EG) of 40 Sub-Saharan African countries classified according to their colonial history and the level of income. Domestic capital formation and labour participation served as control variables. For empirical analysis, annual data for the period 1982–2018 are used, and a structural model is estimated using the pooled mean group estimation approach. The results reveal that (1) bilateral foreign aids (bfa) strongly favour the Francophone better than the Anglophone as it exerts strong favourable effect on the former (2) Multilateral aid exerts strong unfavourable effect on the Anglophone but weak on the francophone (3) only bilateral aid is a significant positive determinant of EG in low income countries (LICs) and low middle income countries (LMICs) in the long-run and in upper middle income countries (UMICs) in the short-run. One percent increase in bfa increases EG by −1.829%, 18.95%, 7.998%, 40.19% and 187.2% in the Anglophone, francophone, LICs, LMICs, and UMICs, respectively. These suggest that to significantly increase output productivity in the regions more of bilateral aid is required. To encourage inflow of foreign aid, complementary gross fixed capital formation should be increased and labour productivity enhanced. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142826 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142826 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142826 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2173630_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yi Li Author-X-Name-First: Yi Author-X-Name-Last: Li Author-Name: Van Hai Hoang Author-X-Name-First: Van Hai Author-X-Name-Last: Hoang Author-Name: Cuiping Sun Author-X-Name-First: Cuiping Author-X-Name-Last: Sun Author-Name: Jangwoo Lee Author-X-Name-First: Jangwoo Author-X-Name-Last: Lee Title: Idiosyncratic volatility and firm-specific news: evidence from the Chinese stock market Abstract: This study investigates the effect of firm-specific news on the pricing of idiosyncratic volatility (IVOL) in China. Using a sample of non-financial A-share listed firms from January 2006 to June 2018, we find that the predictive ability of IVOL is much weaker around firm announcements compared to that without news, suggesting that the limited arbitrage cannot disentangle the IVOL puzzle completely in the emerging market. Additionally, we investigate the effect of news sentiment on the predictive ability of IVOL and find that it is much stronger following bad news compared to good news. Finally, when we include the macroeconomic variables known to predict returns to adjust the systematic risk, we obtain novel findings that the negative premium of IVOL becomes insignificant, suggesting that the negative premium is time-varying with macroeconomy. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2173630 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2173630 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2173630 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2135555_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Suyuan Tian Author-X-Name-First: Suyuan Author-X-Name-Last: Tian Author-Name: Wenqing Bai Author-X-Name-First: Wenqing Author-X-Name-Last: Bai Author-Name: Wenlei Shi Author-X-Name-First: Wenlei Author-X-Name-Last: Shi Title: Capital market opening and labour investment efficiency Abstract: The purpose of this research is to explore the impact of capital market opening on inefficient labour investment of enterprises and its impact path. This paper takes 2010–2019 A-share non-financial listed companies in Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) as research objects and samples, and uses DID method to examine the impact of capital market opening on labour investment efficiency of listed companies.We collected 22567 pieces of data.The results show that the capital market opening system significantly reduces inefficient labour investment of enterprises, mainly through reducing the information asymmetry and the agency costs as the main paths. This research shows that the capital market opening is of positive significance to the sustainable development of enterprises, and it proposes targeted suggestions for the government, listed companies and market investors to effectively reduce the inefficient labour investment of enterprises. The research provides more feasible references for capital market opening and corporate governance, and also offers theoretical evidence for the implementation of ‘Shanghai-Hong Kong Stock Connect’ program. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2135555 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2135555 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2135555 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2147566_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Komal Jenifer Dsouza Author-X-Name-First: Komal Jenifer Author-X-Name-Last: Dsouza Author-Name: Ankitha Shetty Author-X-Name-First: Ankitha Author-X-Name-Last: Shetty Author-Name: Pooja Damodar Author-X-Name-First: Pooja Author-X-Name-Last: Damodar Author-Name: Adithya D. Shetty Author-X-Name-First: Adithya D. Author-X-Name-Last: Shetty Author-Name: Tantri Keerthi Dinesh Author-X-Name-First: Tantri Keerthi Author-X-Name-Last: Dinesh Title: The assessment of locavorism through the lens of agritourism: the pursuit of tourist’s ethereal experience Abstract: The popularity of local foods is increasing among the masses, especially tourists, and this has led to the inception of ‘locavorism’ where the consumers – termed locavores – look for sustainable local foods. We gauge tourists’ ideology of locavorism through the lens of agritourism in India as we found it crucial to highlight and enhance local foods as an addition to the tourists’ palate. A pre- and post-survey was conducted using repeated measures multivariate analysis of variance (MANOVA) to empirically assess 8 Agritourism farms’ tourists’ behaviour towards locavorism. Data was collected among tourists by using a self-report questionnaire during two phases (check-in and check-out; n = 344). Findings underscore that tourists’ intention to buy local food increases considerably after experiencing Agritourism. This study is the first of its kind to understand the perception of tourists towards India’s ethnic cuisine, its role in augmenting tourist experience, and in figuring out better ways to sustain local foods. The impact that Agritourism has on tourists’ behaviour towards locavorism and its continuing effects on the local economy needs to be studied by researchers. Future research can extend the concept of locavorism to service providers by understanding their perception of producing and marketing sustainable local foods. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2147566 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2147566 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2147566 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106506_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Supanika Leurcharusmee Author-X-Name-First: Supanika Author-X-Name-Last: Leurcharusmee Author-Name: Woraphon Yamaka Author-X-Name-First: Woraphon Author-X-Name-Last: Yamaka Author-Name: Paravee Maneejuk Author-X-Name-First: Paravee Author-X-Name-Last: Maneejuk Author-Name: Nalitra Thaiprasert Author-X-Name-First: Nalitra Author-X-Name-Last: Thaiprasert Author-Name: Nathapong Tuntichiranon Author-X-Name-First: Nathapong Author-X-Name-Last: Tuntichiranon Title: Economic survival duration of Thai workers during COVID-19 Abstract: This study examines the impact of the COVID-19 pandemic on the livelihood and economic survival of Thai citizen workers, using The Asia Foundation’s survey data which were conducted in May 2020 (first round), August 2020 (second round) and November 2020 (third round). We adopt the Cox proportional-hazards regression with lasso estimation to estimate the coefficients and perform variable selection simultaneously. The model allows us to identify the vulnerable groups with risks of consumption inadequacy. The empirical results show that those workers characterized as low-educated, unemployed, unskilled, working in the tourism sector and living in the northeastern or southern regions are less likely to sustain their consumption. However, our study highlights that higher education is a crucial factor influencing the survivability of Thai workers. Regarding the role of government schemes, the result shows that that a set of cash assistance programs is less likely to increase the survivability of the non-agricultural workers. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2106506 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106506 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106506 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2175010_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Muhammad Sadiq Author-X-Name-First: Muhammad Author-X-Name-Last: Sadiq Author-Name: Thang Le-Dinh Author-X-Name-First: Thang Author-X-Name-Last: Le-Dinh Author-Name: Trung Kien Tran Author-X-Name-First: Trung Kien Author-X-Name-Last: Tran Author-Name: FengSheng Chien Author-X-Name-First: FengSheng Author-X-Name-Last: Chien Author-Name: Thi Thu Hien Phan Author-X-Name-First: Thi Thu Hien Author-X-Name-Last: Phan Author-Name: Pham Quang Huy Author-X-Name-First: Pham Author-X-Name-Last: Quang Huy Title: The role of green finance, eco-innovation, and creativity in the sustainable development goals of ASEAN countries Abstract: Recently, sustainable development has become a global requirement. Every country strives to achieve this essential goal, and this attracts the attention of researchers and policymakers. This study investigates the impact of green finance, eco-innovation, and creativity on the sustainable development goals in ASEAN countries. Using CUP-FM and CUP-BC techniques, the study examines the association between variables, and finds that green finance (such as green credit), renewable energy production, eco-innovation, and creativity, have positive associations with sustainable development goals. The control variable, economic growth, has a negative association with sustainable development goals. Based on the evidence, the ASEAN region must increase the quantity of green bonds as a part of green finance. This financial measure would guarantee adequate returns for private investors. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2175010 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2175010 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2175010 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106273_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: David Delgado-Vaquero Author-X-Name-First: David Author-X-Name-Last: Delgado-Vaquero Author-Name: José Morales-Díaz Author-X-Name-First: José Author-X-Name-Last: Morales-Díaz Author-Name: Constancio Zamora-Ramírez Author-X-Name-First: Constancio Author-X-Name-Last: Zamora-Ramírez Title: A model proposal for IFRS 16 IBR adjustment based on bond market pricing Abstract: The Incremental Borrowing Rate (IBR) is generally used by companies for discounting future lease payments and calculating the value of the lease assets and liabilities under IFRS 16. According to this standard, leased asset must be considered as a collateral, and therefore the yield to be used should reflect an adequate Loss-Given Default (LGD), which may vary depending on the estimated recovery rate of the asset (machinery, real estate, vehicles, etc.). There is a lack of accounting and finance literature focused on analysing how a standard IBR should be adjusted to reflect the expected underlying asset LGD in line with IFRS principles. In this context, we propose a model that uses bond quoted information as a basis for introducing an adjustment to the standard “unsecured” IBR. The model consists of replicating the change in a certain bond yield when there is a change in the LGD (usually due to a change in the seniority level). We empirically demonstrate that the model works by using data from real bond quotations (97 outstanding bonds quoted on several secondary markets such as NY, Vienna, Frankfurt and London). The empirical analysis has been performed for two different time periods: pre-COVID 19 and post-COVID 19. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106273 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106273 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106273 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2121935_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiaohua Shen Author-X-Name-First: Xiaohua Author-X-Name-Last: Shen Title: The nexus between political globalisation, higher education, health development and ecological innovation in China: evidence from a nonlinear approach Abstract: The perspective of ecological innovation is widely studied around the globe because of its future demand in building a stable economy. Thus, the vital concept of the present study is to investigate the nexus between political globalisation and ecological innovation; while examining the impact of higher education (H.E.) and health development in China via the Quantile autoregressive distributed lagged (Q.A.R.D.L.) method. According to Cho et al. (2015), the Quantile Autoregressive lagged method is superior to the lasted estimation software because of its uniqueness of quantile base. However, through the analysis explanation of the ecological innovation concerning political globalisation, H.E. and health development are checked in long-run and short-run quantiles. The Q.A.R.D.L. technique investigations revealed that error correction parameters are negatively significant across all the quantiles. Hence this confirmed the presence of reversion to the long-standing association between ecological innovation and political globalisation, H.E. and health development. This implies that the affirmative impact of political globalisation (P.G.L.O.B.), H.E., H.D.L. and gross domestic product (G.D.P.) on ecological innovations emerges positive change in the environment of China. However, the Granger causality test describes the bi-directional relationship amongst the selected variables. Some potential implications for the China country are discussed in the last paragraphs of the study. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2121935 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2121935 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2121935 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2171455_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yimin Wu Author-X-Name-First: Yimin Author-X-Name-Last: Wu Author-Name: Rosmanjawati Abdul Rahman Author-X-Name-First: Rosmanjawati Abdul Author-X-Name-Last: Rahman Author-Name: Qiuju Yu Author-X-Name-First: Qiuju Author-X-Name-Last: Yu Title: An empirical study of the time-varying spillover effects between China’s crude oil futures market and new energy markets Abstract: The time-varying spillover effect of China’s crude oil futures market and new energy market has an important impact on promoting the green development of China’s economy. This study uses the dynamic connectedness method based on DCC-GARCH model to analyze the time-varying spillover effects between Shanghai crude oil futures and various industries in new energy markets. The results show that there was a stable volatility correlation and high degree of connectedness between Shanghai crude oil futures and the new energy stock market. The new energy vehicle and energy storage industries were driving the market, while Shanghai crude oil futures and both wind power and photovoltaic industries were driven by the market.With the analysis results, the study provides scientific policy recommendations for the development of China’s crude oil futures market and new energy market, which are expected to contribute to the sustainable development of the energy market. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2171455 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2171455 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2171455 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106276_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Mingming Li Author-X-Name-First: Mingming Author-X-Name-Last: Li Author-Name: Fumei Zhang Author-X-Name-First: Fumei Author-X-Name-Last: Zhang Title: The wage structure and gap between public and private sectors: an empirical study in urban China Abstract: The idea that the wage gap (W.G.) between the public sector (P.U.S.) and private sectors (P.R.S.) has widened is a point of contention among scholars, but to date, there has been no systematic discussion of changes in the W.G. and their causes in China. This article combines data from China’s Urban Household Survey (U.H.S.) for 2004, 2008 and 2013 to examine changes in between-sector W.G.s and identify the causal factors by wage decomposition methods. Using ordinary least squares and a Heckman sample selection model, this study finds that public-sector workers consistently earn more than private-sector workers and that the W.G. is expanding, especially in upstream industries where state-owned enterprises (S.O.E.s) have monopoly status. In addition, the Oaxaca–Blinder (O.B.) decomposition method is adopted to reveal that the characteristic effect is the main cause of the W.G. Further, the regression and decomposition of the recentered influence function show that the effect of characteristics and coefficient effects differ across wage quantiles. This article indicates that the intersectoral W.G. in China is widening mainly as a result of differences in labour endowments and provides evidence to support government decision-making. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106276 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106276 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106276 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2147563_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Nian Zhang Author-X-Name-First: Nian Author-X-Name-Last: Zhang Author-Name: Qi Tian Author-X-Name-First: Qi Author-X-Name-Last: Tian Author-Name: Bin Li Author-X-Name-First: Bin Author-X-Name-Last: Li Author-Name: Jin Liu Author-X-Name-First: Jin Author-X-Name-Last: Liu Title: Pricing strategy of innovative product in supply chain considering anticipated regret Abstract: Product innovation is a significant marketing strategy for enterprises to attract customers. However, innovative products may not meet consumers’ expectations, where consumers would regret and return after purchasing the products. Firstly, a Stackelberg game is constructed in this paper model under different supply chain power structures. And then, the impact of consumers’ anticipated regret and innovation attributes are discussed on the equilibrium results and supply chain profit through theoretical comparison and numerical simulation. The results show that: (1) Sales enterprise can adopt the strategy of pricing penetration to promote the demand and avoid selling risk. (2) Enterprise can provide customers with high value-added services to increase profit. (3) Manufacturing enterprise can adopt the additive value strategy to promote consumption and gain extra profit. The conclusion can provide reference opinions for enterprises’ innovation and pricing decision-making. However, the different regret coefficients for innovative products and current products are not considered in this paper. Further the situation is considered in which consumers purchase current product, discount product and innovative product. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2147563 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2147563 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2147563 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106270_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Joseph Dery Nyeadi Author-X-Name-First: Joseph Dery Author-X-Name-Last: Nyeadi Title: The impact of financial development and foreign direct investment on environmental sustainability in Sub-Saharan Africa: using PMG-ARDL approach Abstract: This study is aimed at establishing the impact of foreign direct investment and financial development on carbon dioxide emission and clean energy using 44 countries in sub-Saharan Africa ranging from 1998 to 2017. Employing a second generation unit root test in conjunction with Pooled Mean Group, the study established that financial development have significant positive impact on clean energy consumption in sub-Saharan Africa. This was found to be consistent in both low-income and middle-income countries in sub-Saharan Africa. Financial development is however found to be significantly negative with carbon dioxide in sub-Saharan Africa and middle-income countries. This relationship is only positive in the low-income countries. Foreign direct investment does not have any significant impact on clean energy consumption in sub-Saharan Africa. A significant impact is noted after the decomposition of the sample into low-income and high-income countries. In low-income countries, foreign direct investment inflows impact positively on clean energy consumption. This relationship is however negative with middle-income countries. The link between foreign direct investment and carbon dioxide is significantly positive in the whole sample and also in low-income countries. These long-run relationships have been confirmed by the causality test. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106270 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106270 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106270 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106507_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Li Luo Author-X-Name-First: Li Author-X-Name-Last: Luo Author-Name: Siqi Zhang Author-X-Name-First: Siqi Author-X-Name-Last: Zhang Author-Name: Jie Xiang Author-X-Name-First: Jie Author-X-Name-Last: Xiang Title: Development of the family doctor service: an evolutionary game theory analysis Abstract: Family physicians play a prominent role in the primary health care system of several countries and regions. This study examined family doctors, community residents, and general hospitals, and found that their behaviour and decisions were inevitably affected by multiple economic concerns. To explore the influence of these economic factors, we established a tripartite evolutionary game model. Based on this dynamic game model, we examined the equilibrium of their interactions, effects of relevant parameters, and evolution trends of different scenarios. The main result shows that the participation of general hospitals is crucial to the construction of the family doctor service; that is, to develop the family doctor service, the government should focus on financial compensation for general hospitals rather than for family doctors. We further concluded that the compensation mechanism of contracted services plays a vital role in attracting physicians’ participation; thus, policymakers should consider these in different stages of the promotion of the family doctor service. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2106507 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106507 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106507 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106274_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: María Eugenia Ruiz-Molina Author-X-Name-First: María Eugenia Author-X-Name-Last: Ruiz-Molina Author-Name: Irene Gil-Saura Author-X-Name-First: Irene Author-X-Name-Last: Gil-Saura Author-Name: Mihaela Simona Moise Author-X-Name-First: Mihaela Simona Author-X-Name-Last: Moise Author-Name: Antonio Marín-García Author-X-Name-First: Antonio Author-X-Name-Last: Marín-García Title: ‘Green’ practices and value co-creation: does guest culture make a difference? Abstract: In an increasingly competitive environment, many hotels have implemented sustainable practices and have actively involved the guests in the generation of unique experiences through the value co-creation process. In this sense, this paper aims at analysing the impact of ‘green’ practices and value co-creation on hotel image, guest trust, satisfaction, and loyalty, and to assess the moderating role of culture, conceived as related to guest nationality. To test the model, a quantitative method based on a sample of 611 guests from Spain and Colombia was used. Our results indicated that there are significant differences based on the guests´ nationality regarding the effects of value co-creation and image on trust, image on satisfaction, and satisfaction on loyalty. These findings will allow hotel management to have a better understanding of tourists when designing their corporate strategies. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106274 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106274 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106274 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142636_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Sara Alonso-Muñoz Author-X-Name-First: Sara Author-X-Name-Last: Alonso-Muñoz Author-Name: Rocío González-Sánchez Author-X-Name-First: Rocío Author-X-Name-Last: González-Sánchez Author-Name: María-Sonia Medina-Salgado Author-X-Name-First: María-Sonia Author-X-Name-Last: Medina-Salgado Author-Name: Fernando-Enrique García-Muiña Author-X-Name-First: Fernando-Enrique Author-X-Name-Last: García-Muiña Title: Technology development as a tool towards circularity: a research agenda Abstract: New technological development enables to implement circular economy (CE) practices. This phenomenon is taking particular interest for the Academy. The aim of this study is to analyse the cognitive and intellectual structure of the relationship between CE and technology. The proposed research questions seek to answer how the evolution of the number of publications per year, the main authors, journals, institutions and countries in this field, and the most relevant topics and papers in the research area are. It is used a bibliometric approach of co-word analysis of 996 articles published on Web of Science. In addition, it is proposed a research agenda after reviewing the most cited articles and points the research trend topics. There is a need to include topics associated with the social sphere, since most of the research is focused on environmental aspects and economic effects. In recent years, research has been polarised towards the blockchain, Big Data and biorefinery technologies. Although these technologies are in demand, it should not ignore other emerging technologies that could be key to circularity, such as those related to product redesign or changes in production infrastructures. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142636 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142636 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142636 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142810_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Duo Shang Author-X-Name-First: Duo Author-X-Name-Last: Shang Author-Name: Dongliang Yuan Author-X-Name-First: Dongliang Author-X-Name-Last: Yuan Author-Name: Dehui Li Author-X-Name-First: Dehui Author-X-Name-Last: Li Author-Name: Libo Fan Author-X-Name-First: Libo Author-X-Name-Last: Fan Title: The effect of geographic distance on independent directors’ performance from the perspective of inefficient investment Abstract: Geoeconomics has attracted sustained attention in recent years, but the role of independent directors’ geographic distance in investment efficiency remains unexplored. We explore the governance effects of independent directors from a geographic location perspective. Specifically, the Great Circle Distance Formula is employed to calculate the geographic distance between the independent directors and the enterprise. Then, we measure the inefficient investment. Using a detailed sample in the Chinese market from 2009 to 2018, we find that geographic distance is not conducive to the functioning of independent directors and that there is a positive relationship between independent directors’ geographic distance and inefficient investment. The coefficients are robust to multiple robustness checks. In addition, the positive effect of independent directors’ geographic distance on inefficient investment will increase (become more positive) when there is no high-speed rail and the marketisation process is low in the enterprise’s location. Mechanism tests show that geographic distance does affect inefficient investment by inhibiting independent directors’ access to information as well as their reputation. Our results have important implications for investment policy and corporate governance. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142810 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142810 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142810 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2111317_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Feng Qi Author-X-Name-First: Feng Author-X-Name-Last: Qi Author-Name: Ayman Abu-Rumman Author-X-Name-First: Ayman Author-X-Name-Last: Abu-Rumman Author-Name: Ata Al Shraah Author-X-Name-First: Ata Author-X-Name-Last: Al Shraah Author-Name: Iskandar Muda Author-X-Name-First: Iskandar Author-X-Name-Last: Muda Author-Name: Rosario Huerta-Soto Author-X-Name-First: Rosario Author-X-Name-Last: Huerta-Soto Author-Name: Tran Thi Hai Yen Author-X-Name-First: Tran Thi Author-X-Name-Last: Hai Yen Author-Name: Zulkiflee Abdul-Samad Author-X-Name-First: Zulkiflee Author-X-Name-Last: Abdul-Samad Author-Name: Mivumbi Michel Author-X-Name-First: Mivumbi Author-X-Name-Last: Michel Title: Moving a step closer towards environmental sustainability in Asian countries: focusing on real income, urbanization, transport infrastructure, and research and development Abstract: Environmental pollution has become the matter of concern all over the world with the increase in urbanization, transport, industrialization and several other factors. The researcher has therefore designed this study to investigate the impact of urbanization, research and development R&D expenditure, infrastructure development and real income on the emission of carbon dioxide in Asian countries. The data collection process involved six Asian countries from 1997 and ending 2019. The panel data estimation and analysis tools and techniques were applied on the collected data and the results were obtained. The results of regression estimation suggest that as per MG estimator, all the variables have significant and positive impact on CO2 emission but infrastructure development has insignificant impact. In case of FMOLS, again all the variables have significant and positive impact on CO2 emission but infrastructure development has insignificant impact. However, in case of DOLS, all the variables have shown significant impact on CO2 emission. In the last, DK estimator indicates that urbanization, real income and population density have significant and positive impact on CO2 emission but R&D expenditure and infrastructure development has insignificant impact. In this way, the impacts of all independent and control variables on CO2 emission were estimated. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2111317 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2111317 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2111317 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142260_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Chi Wei Su Author-X-Name-First: Chi Wei Author-X-Name-Last: Su Author-Name: Fangying Liu Author-X-Name-First: Fangying Author-X-Name-Last: Liu Author-Name: Meng Qin Author-X-Name-First: Meng Author-X-Name-Last: Qin Author-Name: Tsangyao Chnag Author-X-Name-First: Tsangyao Author-X-Name-Last: Chnag Title: Is a consumer loan a catalyst for confidence? Abstract: In the context of the global economic downturn, the approach guided by consumer loans (CL) to boost consumer confidence is a feasible way to promote the internal circulation of the Chinese economy. Therefore, we use a time-varying rolling-window approach to identify how CL affects the consumer confidence index (CCI). We find that CL can be seen as vital support for promoting confidence because it can ease liquidity constraints and improve consumption levels. The empirical outcome is supported by the Rational Expectations Perpetual Income Hypothesis (RE-PIH), emphasizing that increasing CL can boost consumer confidence. Conversely, CCI has both positive and negative effects on CL. The positive effects suggest that consumers’ optimistic confidence leads them to increase borrowing, which in turn creates a heavier debt burden. This statement cannot be supported by the negative effect due to consumers’ blind self-confidence will cause cognitive bias, which is not conducive to the loan market development. Against the backdrop of increased global uncertainty due to the COVID-19 pandemic and the government’s continuous adjustment of loan policies, consumers can effectively optimise their consumption decision-making through borrowing. The policymaker can maintain loan stability by effectively promoting consumer confidence and raising the consumption level of the whole society. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142260 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142260 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142260 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142261_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Leping Huang Author-X-Name-First: Leping Author-X-Name-Last: Huang Author-Name: Qiang Liang Author-X-Name-First: Qiang Author-X-Name-Last: Liang Author-Name: Lidi Xu Author-X-Name-First: Lidi Author-X-Name-Last: Xu Author-Name: Adnan Khan Author-X-Name-First: Adnan Author-X-Name-Last: Khan Title: Mediating effect of sustainable development practices on the relationship between information management practices and green innovation in China Abstract: This research examines the role of information management practices termed as knowledge acquisition, knowledge dissemination, and knowledge application towards green innovation among the Small and Medium Enterprises (SMEs) working in China’s region. Moreover, the mediating role of sustainable development practices is also observed in the relationship between knowledge management and green innovation. An online survey questionnaire collected a valid sample of 364 respondents from different SMEs after the COVID-19 period to integrate its aftershocks. Furthermore, structural equation modelling was applied, and the measurement model confirms the reliability, convergent validity, and discriminant validity of latent constructs and selected items’. We confirm a direct and significant relationship between knowledge acquisition, knowledge dissemination, application, and green innovations through PLS-SEM. Besides, sustainable development indicators confirm their mediating role in the relationship between knowledge management and green innovations. This research offers meaningful theoretical and empirical contributions and suggestions for SME industries and policymakers. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142261 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142261 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142261 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142816_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Adnan Safi Author-X-Name-First: Adnan Author-X-Name-Last: Safi Author-Name: Yingying Chen Author-X-Name-First: Yingying Author-X-Name-Last: Chen Author-Name: Abdul Qayyum Author-X-Name-First: Abdul Author-X-Name-Last: Qayyum Author-Name: Salman Wahab Author-X-Name-First: Salman Author-X-Name-Last: Wahab Author-Name: Maaz Amin Author-X-Name-First: Maaz Author-X-Name-Last: Amin Title: How does corporate social and environmental responsibility contribute to investment efficiency and performance? Evidence from the financial sector of China Abstract: Corporate social responsibility (CSR) and corporate environmental responsibility (CER) are important determinants of a firm’s investment efficiency and financial performance. However, there is scant literature using the financial sector, and studies have excluded the financial sector due to its different capital structure. Therefore, this study investigates the effect of corporate social and environmental responsibility on China’s financial institutions’ investment efficiency and financial performance from 2010 to 2019. The data analysis consists of multivariate Driscoll and Kraay regression analysis, while a two-stage least squares regression is also used for robustness purposes. The results show a significant positive relationship between corporate social responsibility, investment efficiency, and the performance of financial institutions. The results also show that environmentally responsible firms perform better in terms of investment efficiency and financial performance. Furthermore, for non-state-owned enterprises, this impact is higher as compared to state-owned enterprises. Therefore, managers should strategically consider corporate social and environmental responsibility to reduce agency problems and improve their investment efficiency and performance. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142816 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142816 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142816 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106503_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Mustafa K. Yilmaz Author-X-Name-First: Mustafa K. Author-X-Name-Last: Yilmaz Author-Name: Umit Hacioglu Author-X-Name-First: Umit Author-X-Name-Last: Hacioglu Author-Name: Ekrem Tatoglu Author-X-Name-First: Ekrem Author-X-Name-Last: Tatoglu Author-Name: Mine Aksoy Author-X-Name-First: Mine Author-X-Name-Last: Aksoy Author-Name: Selman Duran Author-X-Name-First: Selman Author-X-Name-Last: Duran Title: Measuring the impact of board gender and cultural diversity on corporate governance and social performance: evidence from emerging markets Abstract: This study examines the effects of gender and cultural diversity of boards on the corporate governance and social performance of 373 companies listed in 24 emerging country markets over the period of 2010–2019 using panel data analysis. A two-step system GMM model is also applied to test the endogeneity problem. The results indicate that gender and cultural diversity positively affect corporate governance performance. While we note that social performance is positively associated with both gender and cultural diversity, this relationship is insignificant. The findings offer multidimensional insights for companies, policy makers, and stakeholders to promote the association between gender and cultural diversity initiatives and corporate sustainability dimensions in emerging markets. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106503 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106503 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106503 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142820_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Wen Zhou Author-X-Name-First: Wen Author-X-Name-Last: Zhou Title: COVID-19 impacts of tourism on Chinese economy Abstract: To comprehensively assess the economic impacts from China’s tourism industry caused by COVID-19 in 2020, this article develops a new multiplier calculation and decomposition method based on the social accounting matrix (SAM). This method is suitable for situations in which multiple industries are simultaneously exposed to external shocks, especially comprehensive industries like tourism. By categorizing all industries as being in either the tourism sector or the nontourism sector, we calculate the output, value-added and employment impacts of COVID-19, then decompose them into four levels: direct, indirect, spillover and reverberation effects. There are some subindustries of both the tourism and nontourism sectors that were severely affected. Compared with the calculation results from the traditional SAM method, the method developed in this paper identifies quite different industrial structures, although there is almost no difference in the total impacts. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142820 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142820 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142820 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179093_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Bao-Chang Xu Author-X-Name-First: Bao-Chang Author-X-Name-Last: Xu Author-Name: Chang-Wei Pan Author-X-Name-First: Chang-Wei Author-X-Name-Last: Pan Author-Name: Yi-Han Sun Author-X-Name-First: Yi-Han Author-X-Name-Last: Sun Author-Name: Meng Zhang Author-X-Name-First: Meng Author-X-Name-Last: Zhang Title: Do environmental regulations cause enterprises to exit from market? Quasi-natural experiments based on China’s Cleaner Production Standards Abstract: Taking the implementation of Cleaner Production Standards at the industry level in China as a quasi-natural experiment, the impact of these standards on enterprises' exit behavior was empirically analyzed by using the Difference-in-Differences method. Results suggested that the implementation of Cleaner Production Standards reduced the probability of enterprises exiting the market. A parallel trend test, Propensity Score Matching (PSM), and the exclusion of other policy factors were then used to verify the robustness of this finding. The impact mechanism test showed that implementation of the standards reduced the probability of enterprises exiting the market through improving total factor productivity and promoting enterprise product innovation. The heterogeneity test revealed that, on the one hand, the implementation of Cleaner Production Standards can reduce the probability of R&D intensive industries and medium-sized enterprises exiting the market, and protect innovative and moderately sized enterprises. On the other hand, the implementation of Cleaner Production Standards can increase the probability of state-owned enterprises and small-scale enterprises exiting the market and optimize the allocation of resources among enterprises. This paper has important implications for China's future approach to environmental policy formulation as well as the optimization of domestic enterprise structure. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2179093 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179093 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2179093 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2134906_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Guochen Pan Author-X-Name-First: Guochen Author-X-Name-Last: Pan Author-Name: Lingyun Zheng Author-X-Name-First: Lingyun Author-X-Name-Last: Zheng Author-Name: Zhixiang Geng Author-X-Name-First: Zhixiang Author-X-Name-Last: Geng Author-Name: Mengqi Liu Author-X-Name-First: Mengqi Author-X-Name-Last: Liu Title: Does enterprise risk management benefit manufacturing firms? Evidence from China Abstract: It is observed that Enterprise risk management (ERM) framework has been adopted by some manufacturing firms in China in the past years. To investigate the effectiveness of ERM, data of A-share listed manufacturing firms in Shanghai and Shenzhen stock exchange during 2010-2019 are adopted from Wind database and CSMAR database, two large domestic databases, to examine the impact of ERM on value of manufacturing firms. Treatment effects model and genenralised method of moments (GMM) are employed to derive the empirical results. Our results show that adoption of ERM can add value to the firms, and firms benefit more from high-quality ERM program. Furthermore, the impact of ERM seems to be more significant among the manufacturing firms with smaller scale, or stronger institutional shareholding, or international business. Our findings encourage the manufacturing firms to implement ERM program and improve the program to achieve its targets. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2134906 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2134906 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2134906 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2125889_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Haoliang Fu Author-X-Name-First: Haoliang Author-X-Name-Last: Fu Author-Name: Pengyu Huang Author-X-Name-First: Pengyu Author-X-Name-Last: Huang Author-Name: Yang Xu Author-X-Name-First: Yang Author-X-Name-Last: Xu Author-Name: Zhukai Zhang Author-X-Name-First: Zhukai Author-X-Name-Last: Zhang Title: Digital trade and environmental sustainability: the role of financial development and ecological innovation for a greener revolution in China Abstract: China’s government has pledged to attain net-zero emissions by 2050 and aims to create the world’s most resilient and forward-looking border by 2025. It has outlined a high-level vision for digital trade and a freeport plan and guarantees to implement new free trade agreements, develop infrastructure, and equalise the economy. Therefore, this study explores the dynamic impact of digital trade and financial development on ecological sustainability from 2000-Q1 to 2020-Q4. We apply the Bootstrap ARDL model for empirical analysis and found that digital trade in goods and services, financial development, and green innovation are conducive to long-term environmental sustainability. Similar results are also observed in the short run; however, the influence of short-run parameters is relatively lower. Moreover, the error correction term endorses convergence towards stable equilibrium with a 32.7% quarterly adjustment rate. Granger causality test report uni-direction casualty in all variables, except green innovation and carbon emissions. These findings recommend an inclusive policy for promoting digital trade, financial integration, and green innovation in China. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2125889 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2125889 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2125889 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106282_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Qian Yang Author-X-Name-First: Qian Author-X-Name-Last: Yang Author-Name: Bing Zhu Author-X-Name-First: Bing Author-X-Name-Last: Zhu Author-Name: Huchang Liao Author-X-Name-First: Huchang Author-X-Name-Last: Liao Author-Name: Xingli Wu Author-X-Name-First: Xingli Author-X-Name-Last: Wu Title: Learning consumer preferences from online textual reviews and ratings based on the aggregation-disaggregation paradigm with attitudinal Choquet integral Abstract: Online reviews contain a wealth of information about customers’ concerns and sentiments. Sentiment analysis can mine consumer preferences and satisfaction over products/services. Most existing studies on sentiment analysis only considered how to extract attribute types or attribute values of products/services from textual reviews, but ignored the role of attribute-level ratings in reflecting consumer preferences and satisfaction. Based on sentiment analysis and preference disaggregation, this paper unifies the quantitative and qualitative information extracted from attribute-level ratings and textual reviews, respectively, to obtain attribute types and attribute values of products/services. To acquire individual consumer preferences concerning product/service attributes, this paper proposes a method within an aggregation-disaggregation paradigm based on the attitudinal Choquet integral to transform overall online ratings into the form of pairwise comparisons. Compared with the additive value function used in most studies, more consumer preferences in terms of the importance of attributes, the interactions between pairwise attributes, and the tolerance of consumers to make compensation between attribute values in the aggregation process can be deduced by our proposed method. Several real cases on TripAdvisor.com are given to show the applicability of the proposed method. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106282 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106282 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106282 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142638_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Djula Borozan Author-X-Name-First: Djula Author-X-Name-Last: Borozan Author-Name: Yilmaz Bayar Author-X-Name-First: Yilmaz Author-X-Name-Last: Bayar Author-Name: Marius Dan Gavriletea Author-X-Name-First: Marius Dan Author-X-Name-Last: Gavriletea Title: Do stringent environmental and business regulations, and uncertainty matter for foreign direct investment inflows? Evidence from G7 and BRICS economies Abstract: This paper empirically evaluates the impact of environment stringency policy, business regulations, policy and economic uncertainty, and real GDP per capita on foreign direct investment (FDI) inflows by employing the autoregressive distributed lag approach and using data from 2000 to 2015. Specifically, we focus on two groups of countries with different economic development, the Group of Seven (G7) and the BRICS countries, and the composite indices of business and environmental regulations and policy-induced uncertainty, along with real gross domestic capital (GDP) per capita, were selected to reflect the multidimensionality of the settings in the selected countries. Our results indicate that only the effect of real GDP per capita turned out to be homogenous and statistically significant across different income groups and time horizons. Findings also show that more friendly business regulations significantly encourage FDI inflows in the long run, but there is a bottom line. When regulations are already at a low level, as is the case with G7 countries, further liberalization would adversely affect FDI inflows. Furthermore, more stringent environmental regulations have a marginally adverse effect on FDI inflows only in the long run. At the same time, they weakly support the pollution haven hypothesis. The impact of policy-induced uncertainty on investment is adverse but largely nonsignificant in the short run. It appears that cross-border investments follow a pattern of the safe-haven effect to avoid uncertainty in the long run. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142638 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142638 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142638 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2178017_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Mei Zhang Author-X-Name-First: Mei Author-X-Name-Last: Zhang Author-Name: Danting Zhang Author-X-Name-First: Danting Author-X-Name-Last: Zhang Author-Name: Tingfeng Xie Author-X-Name-First: Tingfeng Author-X-Name-Last: Xie Title: Technology innovations and carbon neutrality in technologically advanced economies: imperative agenda for COP26 Abstract: This article aims to fill the literature gap while examining the role of green innovation, climate change adaptation technologies, technological diffusion, and environmentally related tax revenues in dealing with carbon neutrality among seven technologically advanced economies (T.A.E.-7) from 1990 to 2018. We employ advanced panel estimators to address slope heterogeneity and cross-sectional dependency issues. The long-run results show that green technological innovations and technological diffusions have significantly and negatively impacted carbon emissions in sample countries. Meanwhile, the role of environmental policy is also significant in addressing environmental vulnerabilities. These findings suggest that climate tech is imperative to ensure carbon neutrality in the long run; however, their marginal effects vary in magnitude, particularly concerning diffusion and adaptation. Similar results are endorsed using alternative estimators addressing endogeneity issues and recommending climate tech’s inclusive framework to support the green growth agenda. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2178017 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2178017 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2178017 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142639_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yu Zhao Author-X-Name-First: Yu Author-X-Name-Last: Zhao Author-Name: Jichan Zhu Author-X-Name-First: Jichan Author-X-Name-Last: Zhu Title: The effect of US economic policy uncertainty on market risk of international crude oil and the portfolio strategy Abstract: The paper investigates the impact of US economic policy uncertainty (EPU) on major crude oil markets. GARCH-tDDC-Copula model is constructed to study the spillover effect of US EPU on the international crude oil market risk, and then the median-CoVaR portfolio model is constructed to discuss the optimal portfolio strategy of crude oil importers when US EPU is in different states. Results show that the spillover effect of US EPU on international crude oil market risk is nonlinear, asymmetric and time-varying. When US EPU increases from the average level to the 0.95 quantile level, the price reduction risk of crude oil market in Brent, Dubai and Western Texas increases by 37.26%, 42.66%, and 39.28% respectively, and the price increase risk increases by 7.22%, 6.64%, and 7.53% respectively. Compared with the median-VaR portfolio strategy and the equal-weight combination portfolio strategy, the advantage of the median-CoVaR model is that it can achieve ‘targeted’ management for asset risk under specific conditions. When US EPU peak occurs, crude oil importers can formulate a basket price strategies with dynamic weighted based on the median-CoVaR model, which can better reduce the depreciation risk of crude oil assets. The findings have important implications for importers and investors. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142639 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142639 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142639 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106509_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Shanshan Li Author-X-Name-First: Shanshan Author-X-Name-Last: Li Author-Name: Yao Wang Author-X-Name-First: Yao Author-X-Name-Last: Wang Author-Name: Ying Li Author-X-Name-First: Ying Author-X-Name-Last: Li Title: Novel research methods for estimating the impact of energy use on ecological environment: evidence from B.R.I.C.S. economies Abstract: The current study looked at the influence of fossil-fuel energy (E.U.) consumption, renewable power generation and greenhouse gas emissions in Brazil, Russia, India, China, and South Africa (B.R.I.C.S.) between 1990 and 2020. The latest study also takes into account the influence of gross domestic product (G.D.P.) and technological innovation on carbon emissions. Using cross-sectional dependence and slope heterogeneity, the order of the unit root is also determined. The findings acquired by the application of moment quantile regression. The research finds that G.D.P. and the usage of E.U. increase carbon emissions at the 25th, 50th, 75th and 90th quantiles. On the other hand, renewable energy generation and technical innovation reduce carbon emissions at the 25th, 50th, 75th and 90th quantiles. Furthermore, while implementing B.R.I.C.S. economies' energy, environment, and growth policies based on empirical data, policymakers should analyse the asymmetry behaviour of G.D.P., E.U. consumption, renewable power output and technological innovation. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2106509 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106509 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106509 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2143844_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zhiwei Yang Author-X-Name-First: Zhiwei Author-X-Name-Last: Yang Author-Name: Muhammad Naeem Author-X-Name-First: Muhammad Author-X-Name-Last: Naeem Author-Name: Hao Ji Author-X-Name-First: Hao Author-X-Name-Last: Ji Author-Name: Gang Liu Author-X-Name-First: Gang Author-X-Name-Last: Liu Author-Name: Yuchun Zhu Author-X-Name-First: Yuchun Author-X-Name-Last: Zhu Author-Name: Jia Xu Author-X-Name-First: Jia Author-X-Name-Last: Xu Title: Does China’s stock market react to COVID-19 differently at industry level? Evidence from China Abstract: Since the outbreak of the COVID-19 pandemic in 2020, global economic growth has been negatively affected. The reaction of financial markets was particularly dramatic, especially in countries severely affected by the outbreak. Based on Shanghai Stock Exchange (SSE) data from August 13, 2019 to December 31, 2020, this study investigates the short-term and the long-term market reactions of industry indices. The event study method and the Fama-French five-factor model are used to analyse the effect of the COVID-19 pandemic. Findings reveal that cumulative abnormal returns (CARs) in most industries followed a similar short-term trajectory. However, the excess returns of the SSE Information Technology, SSE Telecommunication Services and SSE Materials show different performance in the long term. This study facilitates the analysis of the impact of large public emergencies, such as global pandemics, on investors’ expectations and decision-making. It also helps investors to make rational decisions and the government to formulate targeted policies. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2143844 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2143844 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2143844 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142825_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: P. Merello Author-X-Name-First: P. Author-X-Name-Last: Merello Author-Name: A. Barberá Author-X-Name-First: A. Author-X-Name-Last: Barberá Author-Name: L. Porcuna-Enguix Author-X-Name-First: L. Author-X-Name-Last: Porcuna-Enguix Author-Name: R. Porcuna-Enguix Author-X-Name-First: R. Author-X-Name-Last: Porcuna-Enguix Author-Name: A. Zorio-Grima Author-X-Name-First: A. Author-X-Name-Last: Zorio-Grima Title: Movies, ethics and accounting: a teaching experience Abstract: This research presents an innovative learning experience undertaken in three groups of a financial accounting course at the University of Valencia (Spain). After watching three accounting-related movies, students answered a test based on each movie with questions about the ethical and accounting issues described in them and their satisfaction with the learning technique. Nonparametric tests and a multivariate analysis showed that the students who participated in this experience obtained a higher exam mark than those who did not. Our results evidence a significant effect on the final exam mark for more questions only in one of the movies. Our results are valuable because they show that students engage in this methodological approach, which can be helpful for them to improve their exam performance. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142825 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142825 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142825 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106508_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Guo Meng Author-X-Name-First: Guo Author-X-Name-Last: Meng Author-Name: Wei Fan Author-X-Name-First: Wei Author-X-Name-Last: Fan Author-Name: Xiaomin Huang Author-X-Name-First: Xiaomin Author-X-Name-Last: Huang Author-Name: Jiaozi He Author-X-Name-First: Jiaozi Author-X-Name-Last: He Title: Research methods on the role of financial inclusion, energy efficiency and energy R&D: Evidence from G7 economies Abstract: Countries around the globe are rapidly targeting energy efficiency goal achievement due to the unproductive and inefficient use of traditional energy sources. Several factors are discovered that are critical for energy efficiency in the region. Still, there are many economic, financial, energy, and research and development factors that could influence energy efficiency and remained ignored in the scholarly research, which is important from economic growth as well as environmental sustainability perspective. This research contributes to the existing literature by providing novel factors affecting energy efficiency in the developed nations. Specifically, the current study investigates the influence of financial inclusion, energy R&D, political-economic-financial risk index, and the energy-related inflation on the energy efficiency of G7 economies covering the period from 2004 to 2020. This study employed the slope heterogeneity and cross-section dependence test, which led to using the second-generation unit root test. For empirical estimations, the current study utilizes the panel Quantile regression, and the outcomes reveal that all the considered variables positively influence the energy efficiency in the region. However, the influence of these variables increases except for the energy-related inflation when moving from lower quantile Q0.25 to medium Q0.50 to higher quantile Q0.75, respectively. The estimated results are found robust, confirmed by the FMOLS estimator. Based on the empirical findings, it is recommended that financial inclusion and energy-related research and development be enhanced to achieve the region's energy efficiency. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2106508 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106508 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106508 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2170904_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Queling Zeng Author-X-Name-First: Queling Author-X-Name-Last: Zeng Author-Name: Rong Zhou Author-X-Name-First: Rong Author-X-Name-Last: Zhou Author-Name: Li Zheng Author-X-Name-First: Li Author-X-Name-Last: Zheng Title: Sustainable financial system and capital investment: a novel perspective of US economy Abstract: Nonetheless, the risk factors such as economic risk, political risk, and financial risk have their respective pros and cons in various economic and financial investigations. Yet, the influence of these risk factors on sustainable venture capital is hardly studied in the existing literature. In this sense, the present research tends to investigate the influence of these risks on sustainable venture capital while considering the role of human capital in the US economy. This study uses novel time series approaches using quarterly data from 2006Q1 to 2020Q4. The estimated results validated each variable’s stationarity and cointegration between the study variables. The asymmetric data distribution leads to the employment of a novel method of moment quantile regression, which illustrates the positive association between economic risk, political risk, human capital, and sustainable venture capital. On the contrary, financial risk is found adversely affecting the sustainable venture capital in the country. The robustness of the model is examined by employing the bootstrap quantile regression. This study suggests minimizing economic, political, and financial risks and increasing investment in human capital to encourage sustainable venture capital. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2170904 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2170904 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2170904 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2140443_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Audil Rashid Author-X-Name-First: Audil Author-X-Name-Last: Rashid Author-Name: Walid Bakry Author-X-Name-First: Walid Author-X-Name-Last: Bakry Author-Name: Somar Al-Mohamad Author-X-Name-First: Somar Author-X-Name-Last: Al-Mohamad Title: Are cryptocurrencies a future safe haven for investors? The case of Bitcoin Abstract: The paper seeks to determine whether Bitcoin behaves differently from forex markets and Gold, and whether it offers any diversification, hedging, or safe-haven potential. A Markov regime-switching regression model is employed to determine the relationship between Bitcoin, the real economic activity, foreign exchange markets, financial markets, Energy, and Gold. The results indicate that, unlike USD/EUR and Gold, besides other variables, Bitcoin exhibits significant deviations in terms of its association with other financial and economic variables. Bitcoin appears to be strikingly positively associated with equity markets in both regimes. This may limit its potential to either act as a hedge or a safe-haven for US Equity markets. Bitcoin also deviates considerably from Gold and USD/EUR as it is not affected by the same set of variables as Gold or USD/EUR are under either regime. Moreover, while Gold appears to offer considerably weak safe-haven properties, particularly against equity, Bitcoin fails to be a safe-haven for any of the assets under study. The results, however, indicate that the properties of Bitcoin may range between a diversifier and a hedge, however, such potential of Bitcoin must be viewed with caution owing to the large volatility exhibited by Bitcoin. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2140443 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2140443 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2140443 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142637_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xinzhou Qi Author-X-Name-First: Xinzhou Author-X-Name-Last: Qi Author-Name: Zhong Ning Author-X-Name-First: Zhong Author-X-Name-Last: Ning Author-Name: Meng Qin Author-X-Name-First: Meng Author-X-Name-Last: Qin Title: Incubator role of foreign venture capital: evidence from overseas listing of enterprises Abstract: This study uses the Granger-causality test and a sub-sample time-varying rolling window to explore the dynamic relationship between foreign venture capital (FVC) and overseas listing of Chinese enterprises (COLC), and takes into account the changes of legal environment and accounting standards. The results showed that from Q1 2012 to Q4 2014, the lower the FVC, the lower the COLC. From Q1 2008 to Q4 2008, the higher the FVC, the higher the COLC. Both positive and negative effects exist from COLC to FVC. Specifically, the more listed enterprises there are, the more foreign venture capitalists trust the potential of Chinese enterprises and the market. Thus, the corresponding FVC was high. Furthermore, the negative correlation between COLC and FVC was due to political factors and epidemics. Many enterprises improve their internationalization and profitability by attracting FVC to Chinese enterprises. Therefore, this study helps foreign investors achieve a greater return on investment in China and enables enterprises to improve their international reputations and realize overseas listings. In addition, the results can provide suggestions for the government to issue relevant measures conducive to maintaining the stability of the domestic market and the balanced development of domestic and foreign markets. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142637 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142637 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142637 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2108100_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Tong Yang Author-X-Name-First: Tong Author-X-Name-Last: Yang Author-Name: Ziwei Yuan Author-X-Name-First: Ziwei Author-X-Name-Last: Yuan Author-Name: Chen Xing Author-X-Name-First: Chen Author-X-Name-Last: Xing Title: Research on China’s fiscal and taxation policy of new energy vehicle industry technological innovation Abstract: Technological innovation in the new energy vehicle industry is conducive to the achievement of China’s major strategic goal of ‘carbon peak and carbon neutrality’. This research involved an empirical study on the relevant data of 14 listed new energy vehicle companies from 2012 to 2019. It used the entropy weight method to obtain the technological innovation index through the four indicators of research and development (R&D) investment, fixed asset investment, intangible assets, and patent application volume. Taking fiscal subsidies and tax burdens as independent variables, a fixed effect model was used to analyze the impact of fiscal and taxation policies on technological innovation in the new energy vehicle industry. The research results show that financial subsidies will encourage new energy vehicle companies to carry out technological innovation, the tax burden has no significant impact on the technological innovation of new energy vehicle enterprises, the scale and age of enterprises, as well as the proportion of R&D personnel to the total number of employees, will all encourage new energy vehicle companies to carry out technological innovation. Based on this, we put forward specific suggestions on further improving the fiscal subsidy and tax incentive policies. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2108100 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2108100 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2108100 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2108099_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Suhua Tian Author-X-Name-First: Suhua Author-X-Name-Last: Tian Author-Name: Dihai Wang Author-X-Name-First: Dihai Author-X-Name-Last: Wang Author-Name: Li Wang Author-X-Name-First: Li Author-X-Name-Last: Wang Title: Spillover impact of the U.S. monetary policy shock on China's economy: capital flow channel Abstract: This study builds an open economy theoretical model with financial frictions to analyse the spillover impact of the U.S. monetary policy shock on China’s economy through capital flow channel. Bayesian technique is employed to estimate the TVP-VAR model and obtain three main results. First, the increase in the U.S. nominal interest rate causes the decline in China's capital inflow, which has a negative spillover impact on China’s economy and leads to the decline in China’s real output. Second, this negative spillover impact on China's economy has no structural time-varying characteristics. Third, the pass-through effect from international capital flow to China's real output is greater than that of international capital flow itself. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2108099 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2108099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2108099 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2140304_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Lijuan Yang Author-X-Name-First: Lijuan Author-X-Name-Last: Yang Title: Fields of harmony: trade standards and China’s value-added exports in global value chains Abstract: This study uses a gravity model to analyse the effects of different trade standards on China’s value-added and total exports in global value chains (G.V.C.s). The results indicate that harmonisation with international standards promotes both types of exports in China. Hence, the country should not neglect the implementation of standards. Mandatory standards have a greater impact on exports than voluntary standards. In addition, mandatory internationally harmonised standards have a greater trade promotion effect on total exports than on value-added exports. Voluntary country-specific standards have a greater trade inhibiting effect on value-added exports than on total exports. Voluntary internationally harmonised standards do not show statistically significant impacts on either export type. Therefore, emerging economies should optimise the scale and structure of standards, ensure their implementation, and improve their international harmonisation to promote exports and reap the benefits of joining G.V.C.s. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2140304 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2140304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2140304 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2134901_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Song Jiang Author-X-Name-First: Song Author-X-Name-Last: Jiang Author-Name: Jie Zhou Author-X-Name-First: Jie Author-X-Name-Last: Zhou Author-Name: Shuang Qiu Author-X-Name-First: Shuang Author-X-Name-Last: Qiu Title: Is there any correlation between digital currency price fluctuation? Based on the DCC-GARCH and wavelet coherence analysis Abstract: The existing studies rarely reveal the reasons for the digital currency price fluctuation from the perspective of internal interaction and contagion. Therefore, to fill this research gap, this paper comprehensively adopts the dynamic conditional correlation (DCC-) GARCH model and wavelet coherence analysis (WTC) to reveal the internal correlation and formation reasons of digital currency price fluctuations. Our research has the following findings: (1) the price fluctuations of digital currency are highly related. Through the observation of the dynamic conditional correlation coefficient graph, it is found that the price fluctuations have a strong time-varying trend, manifested as a ‘contagious’ characteristic. (2) During the outbreak of COVID-19, most digital currencies have shown positive resonance in the short, medium, and long term, suggesting that the COVID-19 pandemic has increased the correlation and contagion of digital currency price fluctuations. (3) In the short term, Bitcoin is the main ‘contagious source’ of digital currency price fluctuation. But in the medium and long term, Ethereum and Ripple, which are closely related to the real economy, have a greater impact and become the new ‘contagious source’. Generally speaking, Bitcoin, Ethereum, and Ripple are the internal causes of instability in the digital currency market. Finally, based on the empirical conclusion, this paper proposes that the digital currency portfolio should be optimized to meet the investment demand; strengthen digital currency regulatory cooperation, and improve regulatory efficiency. Let the digital currency return to the ‘currency’ attribute and serve the real economy. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2134901 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2134901 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2134901 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142264_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Chengyuan Xie Author-X-Name-First: Chengyuan Author-X-Name-Last: Xie Author-Name: Xue Zhao Author-X-Name-First: Xue Author-X-Name-Last: Zhao Author-Name: Lu Huang Author-X-Name-First: Lu Author-X-Name-Last: Huang Author-Name: Sensen Wu Author-X-Name-First: Sensen Author-X-Name-Last: Wu Title: Assessment of coordinated development of digital technology and cultural industries in sustainable environment: evidence from provincial level data in mainland China Abstract: This article proposes an analytical framework for evaluating digital technology and cultural industries in a sustainable environment, employing the entropy weight method and the coordinated development model to measure the level of coordinated development of digital technology and cultural industries in each province in the Chinese mainland. The results show that most provinces in mainland China are in the early stage of coordinated development, but some problems have occurred. First, there is still a big gap between the technological innovation of digital technology and the value creation of cultural industries in each province. Second, although most provinces can adopt effective coordinated development plans based on their conditions, certain provinces are still constrained by economic considerations and are in an uncoordinated development stage. Future research will be optimised and improved by concentrating on summarising a more accurate analytical framework and analysis model or locating more pertinent data resources to define and represent each indicator. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142264 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142264 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142264 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106268_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Chaohui Xu Author-X-Name-First: Chaohui Author-X-Name-Last: Xu Author-Name: Mansi Wang Author-X-Name-First: Mansi Author-X-Name-Last: Wang Author-Name: Haikuan Zhang Author-X-Name-First: Haikuan Author-X-Name-Last: Zhang Author-Name: Xinyi Hong Author-X-Name-First: Xinyi Author-X-Name-Last: Hong Title: Do the government subsidies inhibit the entity over-financialization? Fresh evidence from China Abstract: In order to verify effect of the industrial policies on solving the problem of market failure, we collect the data from China A-share listed companies among 2008-2019, and analyze the effect of government subsidies on the entity over-financialization. The results show that government subsidies significantly inhibit the entity over-financialization. Because the government subsidies could increase the performance of enterprise’s main business and level of the enterprise’s profitability. Subsequently, the enterprise’s arbitrage from cross-industries and the managers’ composition could be decreased. Consequently, government subsidies could reduce the entity over-financialization by the reduce of enterprise’s arbitrage from multi-industries and increase of the managers’ composition which is related to the enterprise’s performance. The results also indicate that the entity financialization is mainly motivated by enterprise arbitrage rather than ‘preventive reserve’ in China. Moreover, the inhibitory effect of government subsidies on the entity over-financialization is only significant in the enterprises with non-state-owned, high-tech, and higher level of demand of innovation. Thus, the government should accurately implement subsidy policies for the enterprises and increase the supports for enterprises with high-tech and higher level of demand of innovation, which could promote economy high-quality development. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2106268 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106268 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106268 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142259_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Reena Agrawal Author-X-Name-First: Reena Author-X-Name-Last: Agrawal Author-Name: Mendon Suhan Author-X-Name-First: Mendon Author-X-Name-Last: Suhan Author-Name: Qaiser Rafique Yasser Author-X-Name-First: Qaiser Rafique Author-X-Name-Last: Yasser Author-Name: Cristi Spulbar Author-X-Name-First: Cristi Author-X-Name-Last: Spulbar Author-Name: Ramona Birau Author-X-Name-First: Ramona Author-X-Name-Last: Birau Author-Name: Lorena Duduiala Popescu Author-X-Name-First: Lorena Duduiala Author-X-Name-Last: Popescu Title: The impact of COVID-19 pandemic on air transport: the case of Virgin Australia airlines Abstract: This research study scrutinized the financial signs that were overlooked or were failed to be controlled by Virgin Australia from 2012 through 2019. Empirical research was done based on secondary data retrieved from the annual reports of the company. The annual reports of the company were analyzed in a multi-dimensional manner using financial analysis tools and instruments. The finds of this research demonstrate that it was not merely the Covid-19 pandemic, which pushed the world’s oldest airlines into bankruptcy but there existed numerous critical issues within the company. Virgin Australia’s financial statements revealed fifteen alarming indicators which were overlooked by the company. Right from operating revenue, operating expenses, profit margins, to current and liquid ratio all eleven indicators were hugely adverse since last eight years continuously. The outbreak of the Covid-19 pandemic forced lockdown across nations and the aviation industry was the worst hit amid the global turmoil. This proved fatal for Australia’s second-largest carrier which was already ailing from financial distress for the last several years and thus the company had to file bankruptcy. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142259 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142259 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142259 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2177696_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ming Luo Author-X-Name-First: Ming Author-X-Name-Last: Luo Author-Name: GuoHua Zhou Author-X-Name-First: GuoHua Author-X-Name-Last: Zhou Author-Name: Hao Xu Author-X-Name-First: Hao Author-X-Name-Last: Xu Title: A differential game model research on dynamic pricing and coordination of fresh agricultural products supply chain based on freshness Abstract: For the problem of optimal dynamic pricing and coordination of fresh agricultural products supply chain, the differential equations related to freshness and market needs are constructed, and the optimal control theory is used to solve the optimal strategy under centralized and decentralized decision-making, i.e., optimal selling price and optimal preservation input. The equilibrium results under the two scenarios are also compared. The comparison finds that the decentralized scenario leads to low overall supply chain profits, based on which a two-part pricing contract is proposed to coordinate the supply chain operating companies. The results show that freshness effectiveness directly impacts pricing, and the centralized scenario does not necessarily lead to high prices for fresh produce due to the ‘double marginal effect’. the two pricing contracts can successfully coordinate the supply chain. The freshness effectiveness increases the supply chain coordination ability of fresh produce suppliers, while operational inefficiencies, on the contrary, decrease the coordination ability. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2177696 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2177696 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2177696 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2125888_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Javier Pagán Castaño Author-X-Name-First: Javier Pagán Author-X-Name-Last: Castaño Author-Name: María Arnal-Pastor Author-X-Name-First: María Author-X-Name-Last: Arnal-Pastor Author-Name: Esther Pagán-Castaño Author-X-Name-First: Esther Author-X-Name-Last: Pagán-Castaño Author-Name: María Guijarro-García Author-X-Name-First: María Author-X-Name-Last: Guijarro-García Title: Bibliometric analysis of the literature on critical thinking: an increasingly important competence for higher education students Abstract: In recent years, interest in critical thinking(CT) has grown considerably. An evaluation of this research field and its challenges are provided in this paper. A bibliometric study was performed to analyse 1,295 papers on CT published in the last 50 years. The data were obtained from the WOS Core Collection database. The findings of this study improve the understanding of the CT domain by showing key studies, the main studies developing the field, key past studies and their influence in subsequent publications, emerging trends and potentially transformative ideas. Most publications and citations are from the last decade, reflecting the momentum of this concept over the period examined. The topic has also expanded geographically. Although the University of Iowa and the University of Alberta are the most prolific institutions, Asian universities have gained in prominence in recent years, as shown by the number of papers published. According to the analysis, the increase in the number of authors, publications and journals in this field and the rise in the number of publications written in collaboration with authors from different parts of the world are two trends that reflect the interest in CT as a way to understand the development of thinking skills. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2125888 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2125888 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2125888 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2139741_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yantuan Yu Author-X-Name-First: Yantuan Author-X-Name-Last: Yu Author-Name: Nengsheng Luo Author-X-Name-First: Nengsheng Author-X-Name-Last: Luo Title: Effect of land price distortion on land use efficiency: Evidence from China Abstract: Land price distortion will not only lead to a series of economic problems such as widening regional economic gap, local government debt risk and serious ecological deterioration, but also lead to the imbalance of macro allocation of land resources and irrational spatial structure, and the land input-output efficiency will also be affected. This article studies the impact of land price distortion on China’s land use efficiency using a dataset of 103 cities in China during the years 2008–2015. The results show that there exist significant spatiotemporal disparities of land use efficiency. The land use efficiency has significant spatiotemporal differences. Empirical results document that increases in land price distortion leads to significant decreases in land use efficiency. Our findings are robust to alternative measures of land price distortion, different subsamples and instrumental variable estimations. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2139741 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2139741 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2139741 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180411_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Agnieszka Lipieta Author-X-Name-First: Agnieszka Author-X-Name-Last: Lipieta Author-Name: Artur Lipieta Author-X-Name-First: Artur Author-X-Name-Last: Lipieta Title: The analysis of innovative processes – a Polish case Abstract: The paper aims at examining the properties of innovative processes with regard to Schumpeter premises on factors and drivers of the development of the economy. Due to the analysis of the changes of the characteristics of the economic entities formalised in a mathematical model, two new indexes, namely, an index of the creative destruction, as well as an innovators’ competitiveness index, are defined. As a result, we get a formal relationship between a size of innovators’ competitiveness and a level of innovativeness. These findings give us the tools for distinguishing the qualitative properties of economic transformations. In the consequence, we obtain a coherent and unified study of innovative processes in Polish regions. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2180411 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180411 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2180411 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106278_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yi Hu Wu Author-X-Name-First: Yi Hu Author-X-Name-Last: Wu Author-Name: Liang Bai Author-X-Name-First: Liang Author-X-Name-Last: Bai Author-Name: Xiaohui Chen Author-X-Name-First: Xiaohui Author-X-Name-Last: Chen Title: How does the development of fintech affect financial efficiency? Evidence from China Abstract: The rapid development of fintech is transforming the global financial system. However, how does fintech impact financial efficiency? Based on the technology spillover theory, this study analysed the theoretical mechanism of fintech’s impact on financial efficiency and used the text mining method to construct a fintech level index for each province in China. Using interprovincial panel data from 2008 to 2018, the study empirically tested the relationship between fintech development and financial efficiency. The results show that technology spillover theory can adequately explain the impact of financial technology on financial efficiency and that there is a U-shaped nonlinear relationship between fintech development and financial efficiency. Further analysis shows that financial decentralisation moderates the marginal effect of fintech on financial efficiency. The effect of fintech on financial efficiency is more significant in regions with greater financial decentralisation. Therefore, at this stage, the study recommends that we actively embrace fintech, continuously deepen the integration of technology and finance, promote improvement in financial efficiency, and expand the positive role of local governments in technological innovation. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106278 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106278 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106278 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2169839_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Nguyen Thi Minh Phuong Author-X-Name-First: Nguyen Thi Minh Author-X-Name-Last: Phuong Author-Name: Nguyen Thi Xuan Huong Author-X-Name-First: Nguyen Thi Xuan Author-X-Name-Last: Huong Author-Name: Nguyen Van Song Author-X-Name-First: Nguyen Van Author-X-Name-Last: Song Author-Name: Vu Ngoc Huyen Author-X-Name-First: Vu Ngoc Author-X-Name-Last: Huyen Author-Name: Nguyen Thi Hai Yen Author-X-Name-First: Nguyen Thi Hai Author-X-Name-Last: Yen Author-Name: Truong Cong Giap Author-X-Name-First: Truong Cong Author-X-Name-Last: Giap Author-Name: Hoang Vu Quang Author-X-Name-First: Hoang Vu Author-X-Name-Last: Quang Author-Name: Nguyen Van Huong Author-X-Name-First: Nguyen Van Author-X-Name-Last: Huong Title: The role of eco-innovation, eco-investing, and green bonds in achieving sustainable economic development: evidence from Vietnam Abstract: The perpetual upsurge of global economic development and human actions has multiplied the intensity of carbon emissions that signifies the effectiveness eco-innovation, eco-investment and green bonds in order to curb carbon emissions. Thereby, the study attempts to examine the impact of eco-innovation, eco-investment, and green bonds on the achievement of sustainable economic development (S.E.D.) in Vietnamese economy. Secondary data was used and extracted from Organization for Economic Co-operation and Development (O.E.C.D.), central bank, and World Development Indicators (W.D.I.) from 1991 to 2020. Techniques such as dynamic Auto-regressive Distributed Lags (D.A.R.D.L.) model and Bayesian Auto-regressive Distributed Lags (B.A.R.D.L.) were employed to evaluate the relationship. Findings echo that that eco-innovation, eco-investment, green bonds, industrialisation, inflation, and employment rate share positive connection with the achievement of S.E.D. in Vietnam. The study guides the policy-making authorities that they should establish the policies related to S.E.D. by using eco-innovation and eco-investment. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2169839 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2169839 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2169839 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2140306_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Syed Abdul Rehman Khan Author-X-Name-First: Syed Abdul Rehman Author-X-Name-Last: Khan Author-Name: Zhang Yu Author-X-Name-First: Zhang Author-X-Name-Last: Yu Author-Name: Ibrahim Lanre Ridwan Author-X-Name-First: Ibrahim Lanre Author-X-Name-Last: Ridwan Author-Name: Ateeq ur Rehman Irshad Author-X-Name-First: Ateeq ur Rehman Author-X-Name-Last: Irshad Author-Name: Pablo Ponce Author-X-Name-First: Pablo Author-X-Name-Last: Ponce Author-Name: Muhammad Tanveer Author-X-Name-First: Muhammad Author-X-Name-Last: Tanveer Title: Energy efficiency, carbon neutrality and technological innovation: a strategic move towards green economy Abstract: Through a production process based on low carbon emissions, achieving sustainable development is the desired goal of the various social and political actors around the world. However, achieving this requires energy policies focused on the factors that determine green economic growth (GEG). Consequently, the current study investigates the long-run nexus between GEG and some factors that determine its behaviour using annual data from 1990 to 2020 for the Organization for Economic Co-operation and Development. The empirical evidence relies on second-generation estimators comprising cross-sectional dependence tests, Westerlund tests, and method of moment quantile regression. Feedbacks from the empirical analyses uncover the pertinence of energy efficiency, renewable energy, and technology as positive predictors of GEG. Complementarily, the findings reveal that the Integrity of the Government plays an essential role in implementing more efficient and environmentally friendly production processes. From the results found, several policy suggestions are derived from being considered to develop an energy policy aimed at mitigating environmental degradation. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2140306 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2140306 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2140306 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106277_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Marin Mileusnic Author-X-Name-First: Marin Author-X-Name-Last: Mileusnic Title: EU fiscal policy shifts: towards more integration? Abstract: This article sets out to empirically examine the salience of EU fiscal integration processes between 2007 and 2022. By employing text-mining and qualitative analysis, the previously generated discourse on fiscal integration during and after the financial and sovereign debt crisis, several EU regulatory overhauls, Brexit and the COVID-19 crisis has been tracked. Particularly important have been the new counter-COVID-19 policies such as SURE and NGEU as these substantially impacted the course of common fiscal integration. The assessment covered a body of 160 documents including legal texts, peer reviewed articles, communications and reports of the EU bodies and policy papers, and has relied on the neo(neo)functionalism theory to identify shifts in fiscal integration. The findings show that the discourse on fiscal integration gains prominence with each economic and political crisis and that the shifts can go in the direction of either more (upward) or less (downward) fiscal integration, or involve enough (nil) integration. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106277 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106277 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106277 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142829_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Fang Li Author-X-Name-First: Fang Author-X-Name-Last: Li Author-Name: Muhammad Abuzar Author-X-Name-First: Muhammad Author-X-Name-Last: Abuzar Author-Name: Syed Ahtsham Ali Author-X-Name-First: Syed Ahtsham Author-X-Name-Last: Ali Author-Name: Nabil Mohemmed Al-Hazmi Author-X-Name-First: Nabil Mohemmed Author-X-Name-Last: Al-Hazmi Author-Name: Qaiser Abbas Author-X-Name-First: Qaiser Author-X-Name-Last: Abbas Title: A revaluation of carbon intensity factors through the carbon decomposition approach in a developing economy Abstract: The issue of climate change and its impact on every field of life has increased manifold during the 4.0 industrial revolution. We explore the driving factors of a sector-level carbon intensity which is essential to determine the targeted emissions reduction strategy in the developing economy. To execute this purpose, the study has been integrated by joining production and index decomposition with a spatial-temporal decomposition analysis to estimate the comparative performance of a sector. We cover nine significant factors for this purpose: the economic efficiency effect, the intensity effect, the gross domestic product gap effect, the structure effect, and the energy use efficiency effect. Moreover, this study utilized an updated set of data from three economic sectors, including the agriculture, services, and industrial sectors during 2006–2019 to estimate the energy-related carbon dioxide emission. According to our results based on the above classification, the performances of all these sectors are relatively either above, average, or below level. The economic and energy usage efficiency effects have a high association with one another, and both have above-average performance; however, the GDP gap effect has a lower performance. The service sector shows mixed results, whereas the performance of the agriculture sector remained unsatisfactory in this perspective. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142829 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142829 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142829 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2109053_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: P. C. Abdul Rasheed Author-X-Name-First: P. C. Author-X-Name-Last: Abdul Rasheed Author-Name: Iqbal Thonse Hawaldar Author-X-Name-First: Iqbal Author-X-Name-Last: Thonse Hawaldar Author-Name: T. Mallikarjunappa Author-X-Name-First: T. Author-X-Name-Last: Mallikarjunappa Title: Related Party Transactions and firm value: the role of governance mechanism Abstract: The research on Related Party Transactions (R.P.T.s) shows that the impact of R.P.T.s is context dependent and there is no consensus on the findings of available studies. This study aims to examine the impact of R.P.T.s on firm value in Indian context and the interaction effect of governance mechanism on the relationship between R.P.T.s and firm value. A sample of 2,294 firms consisting of 685 group affiliated firms and 1,609 standalone firms for a period of 2014–2021 has been selected and panel data regression method has been applied for testing the hypotheses. The empirical findings of the study support the transaction efficiency hypothesis that R.P.T.s in India do not expropriate the interest of minority shareholders and these transactions enhance efficiency of the firm by reducing transaction cost, enforcing optimal business contracts and effectively allocating resources between affiliated firms. The findings of the study also provide significant contribution to the literature by examining the interaction effect of governance mechanism on the relationship between R.P.T.s and firm value. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2109053 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2109053 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2109053 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2108477_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zhongming Cheng Author-X-Name-First: Zhongming Author-X-Name-Last: Cheng Author-Name: Bo Zhang Author-X-Name-First: Bo Author-X-Name-Last: Zhang Author-Name: Xinhe Huang Author-X-Name-First: Xinhe Author-X-Name-Last: Huang Author-Name: Yuhang Chen Author-X-Name-First: Yuhang Author-X-Name-Last: Chen Title: Formalize the informal: market segmentation and integration in the formal and informal credit markets in Wenzhou Abstract: In 2012, the Chinese government designated Wenzhou city as a testbed for policy experimentation aimed at institutionalizing informal lending practices. This study investigates how interest rates in the formal and informal credit markets interacted before and after this policy experimentation. Hence, we use the vector autoregression models and ordinary multiple regression method, which is based on the financial repression theory. We document large yield spreads between the formal and informal credit markets in Wenzhou before (2003–2011) and after (2013–2018) the reforms. We find an increase in the responsiveness of the informal sector to the formal sector, after the reforms. We argue that the informal financial system serves as a one-way substitute for the formal financial sector in Wenzhou. An analysis of the transaction-level data suggests that maturity, availability of collateralization, loan purpose, and the amount of loans determine informal lending rates. Thus, this study provides important policy implications for reforming China’s financial system. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2108477 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2108477 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2108477 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179094_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Michael Karikari Appiah Author-X-Name-First: Michael Karikari Author-X-Name-Last: Appiah Author-Name: Aloysius Sam Author-X-Name-First: Aloysius Author-X-Name-Last: Sam Author-Name: Emmanuel Twum Author-X-Name-First: Emmanuel Author-X-Name-Last: Twum Author-Name: Enchill Godslove Author-X-Name-First: Enchill Author-X-Name-Last: Godslove Title: Modelling the influencing of green entrepreneurship orientation on sustainable firm performance: a moderated mediation model Abstract: This paper aims to develop an integrated model to enhance the relationship between green entrepreneurship orientation (GEO), and sustainable firm performance to encourage sustainable consumption and production, by integrating Natural Resource Based View, and Dynamic Capability Theories with slight modification. We have approached this study through deductive reasoning, and the quantitative research approach. Structured questionnaire has been used to gather data from Green Entrepreneurs across different sectors in Ghana. The analyses have been conducted with the aid of SMART-PLS version 3.3.1 algorithm. Structural Equation Modelling technique has been used to test our hypotheses. Our results have shown that GEO drives green innovative performance, and firm performance. Moreover, green innovative capability significantly moderated the relationship between GEO, and green innovation performance. Again, green innovative performance significantly mediated the relation between GEO, and Sustainable firm performance. In conclusion, environmental sustainability could be achieved through GE, and Environmental Innovative Performance (EIP). Likewise, Green dynamic capability could be used to strengthen the relationship between GEO, and EIP. The implications of this study include the emergence of an integrated model to enhance green entrepreneurship development and environmental sustainability, and social realisation of Sustainability Development Goals 4, 8, 12, and 13 in a developing economy context. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2179094 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2179094 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2129408_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Wei Jiang Author-X-Name-First: Wei Author-X-Name-Last: Jiang Author-Name: Guanghui Liu Author-X-Name-First: Guanghui Author-X-Name-Last: Liu Title: The asymmetric impact of exchange rate changes on bilateral trade balance: evidence from China and its trade partners Abstract: The purpose of this paper is to re-examine the impact of exchange rate changes on the trade balance of China and its major trading partners. In the past, many studies have been focussed on the linear effect of exchange rate change, but in this paper, a non-linear Autoregressive Distribution Lag (NARDL) model is proposed. Empirical results show that there are nonlinear and asymmetric effects on the trade balance of exchange rate. In particular, the effect of exchange rate appreciation on Sino-US trade balance is more significant than that of depreciation. A genuine devaluation of the domestic currency would improve the balance of the domestic trade. However, the opposite effect is found in the case of Sino-Japan and the Euro, and the depreciation of the currency will make the trade balance worse. These results provide a solid basis for understanding the relation of exchange rate variation and trade balance. In terms of economic reality, it is also a useful reference for adjusting exchange rate and commercial policy. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2129408 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2129408 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2129408 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180649_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jiankang Wang Author-X-Name-First: Jiankang Author-X-Name-Last: Wang Author-Name: Zetao Xu Author-X-Name-First: Zetao Author-X-Name-Last: Xu Title: Analysis of the effect of heterogeneous human capital on new urbanization in China Abstract: The impact of human capital on the process of urbanization is very important. This research aims to examine the effect of heterogeneous human capital on the process of new urbanization and divides human capital into basic human capital, skill-based human capital, and knowledge-based human capital. The 2005–2019 provincial spatial panel data model analyzes the impact of heterogeneous human capital and spatial spillover effects on the process of new urbanization based on distinct spatial weight matrices. The results indicate that the three types of human capital have obvious spatial correlations with the evolution of new urbanization. Basic and skill-based human capital have a significant positive influence on boosting the process of new urbanization, while the influence of knowledge-based human capital is not obvious, and less effect on surrounding cities. In terms of regional heterogeneity, the promotion effect of human capital in the east is higher than that in the middle and west. According to the research, this paper suggests that the government should guarantee the social welfare of basic human capital and skilled human capital, because they are an important force in the construction of urbanization, and weaken the impact of academic qualifications on the introduction of urban talents. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2180649 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180649 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2180649 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2139278_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yuanzhe Huang Author-X-Name-First: Yuanzhe Author-X-Name-Last: Huang Author-Name: Changbiao Zhong Author-X-Name-First: Changbiao Author-X-Name-Last: Zhong Author-Name: Haowei Chen Author-X-Name-First: Haowei Author-X-Name-Last: Chen Title: The combined effect of foreign direct investment on firm productivity Abstract: This paper attempts to answer the economic implications of combining inward foreign direct investment (IFDI) and outward foreign direct investment (OFDI) by constructing a panel fixed effects model using Chinese industrial firm-level data for the period 1998–2013. Specifically, we focus on the impact of combining IFDI and OFDI on firm productivity in China. We also introduce interactive terms into the model to explore the direct and indirect mechanisms through which IFDI and OFDI affect productivity growth. The results show that IFDI and OFDI work together to contribute to productivity growth by acting directly on the level of technology, thereby increasing productivity. IFDI intensifies market concentration, which in turn positively moderates the relationship between OFDI and productivity. Furthermore, IFDI moderates the financing constraints of firms, but has a weaker effect; the easing of financing constraints facilitates the positive impact of OFDI on productivity. Absorptive capacity favours IFDI spillover, but OFDI inhibits absorptive capacity improvements. Our in-depth analysis of the mechanism of the combined impact of IFDI and OFDI on productivity reveals the objectives of using this combination, thereby providing theoretical support and policy recommendations for the implementation of this strategy. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2139278 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2139278 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2139278 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2179502_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Maks Tajnikar Author-X-Name-First: Maks Author-X-Name-Last: Tajnikar Author-Name: Petra Došenović Bonča Author-X-Name-First: Petra Author-X-Name-Last: Došenović Bonča Author-Name: Ivan Rubinić Author-X-Name-First: Ivan Author-X-Name-Last: Rubinić Title: The Eurozone’s influence on the cyclical macroeconomic performance: comparative analysis of Slovenia and Croatia Abstract: This paper analyses the impact of cyclical external shocks on the macroeconomic performance of Eurozone and EU member countries. The latter is achieved through a comparative study of two EU countries, Slovenia and Croatia, of which only the former is a Eurozone member state. Cross-country differences are observed over the 2000-2018 period, thus covering all stages of the economic cycle. The primary hypothesis is that the Eurozone economic integration provides its members with comparably greater macroeconomic stability and balanced growth rates. The research elaborates on the possibilities and effects of more autonomous macroeconomic adjustments tailored to the specific needs of non-Eurozone EU countries. Methodologically, the study exhibits an intricate nexus among theoretical, empirical, and institutional economics and shows that the impact of the country’s international interconnectedness, stemming from the economic and geographical links, bears greater importance than Eurozone membership. Concurrently, this analysis confirms that whether the Eurozone’s benefits outweigh the shortcoming of monetary sovereignty abnegation depends predominantly on the capabilities of individual countries and Eurozone’s institutions to design and execute an effective monetary-fiscal policy mix. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2179502 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2179502 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2179502 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142258_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Joanna Stawska Author-X-Name-First: Joanna Author-X-Name-Last: Stawska Author-Name: Maciej Malaczewski Author-X-Name-First: Maciej Author-X-Name-Last: Malaczewski Author-Name: Paulina Malaczewska Author-X-Name-First: Paulina Author-X-Name-Last: Malaczewska Author-Name: Ewa Stawasz-Grabowska Author-X-Name-First: Ewa Author-X-Name-Last: Stawasz-Grabowska Title: The central bank or the government – who really dictates the terms of the policy-mix cooperation in economies with an independent monetary policy? Abstract: The objective of this paper is to consider the cooperative game between the central bank and the government in the case of a non-euro country in the European Union or another country in the world that conducts an independent monetary policy and where statutory deficit restrictions were imposed on its budget. The study takes into account two independent players – the government and the central bank – that make autonomous decisions and are responsible for fiscal and monetary policy, respectively. Our mathematical policy mix model is based on the assumption that there exists some level of coordination between these policies. The article aims to analyse how the level of cooperation influences the behaviour of decision-makers in a specific policy mix model. As a result, the government taking into account the central bank’s goals has no impact on the equilibrium of the budget deficit and interest rates. The conclusion about the central bank’s privileged position emerged as a mathematical consequence of the proposed model. This is confirmed by another case where the government does not consider the central bank’s target in its decisions; then, it does not prevent the monetary authorities from influencing the Nash equilibrium level of either decision variable. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142258 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142258 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142258 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142819_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zhenhua Wang Author-X-Name-First: Zhenhua Author-X-Name-Last: Wang Author-Name: Qiaochu Liu Author-X-Name-First: Qiaochu Author-X-Name-Last: Liu Author-Name: Jinqi Jiang Author-X-Name-First: Jinqi Author-X-Name-Last: Jiang Title: Can technology demonstration promote rural households’ adoption of conservation tillage in China? Abstract: Under the uncertainty of conservation tillage on output, technology demonstration, as an information disclosure mechanism, is very worthy of attention for its effects on rural households’ conservation tillage adoption. This study constructs a three-stage technology adoption model to discuss the theoretical relationship between technology demonstration and rural households’ conservation tillage adoption decision, and then empirical analyzed it using a sampling rural household data from six provinces in the main grain-producing areas of China. The results show that: First, the cognition of conservation tillage is the pre-determined stage for the adoption and its intensity. Second, technology demonstration has significant positive effect on rural households’ cognition of conservation tillage, but it strongly negative related to the adoption and adoption intensity. Third, extending the technology demonstration time cannot change the rural households’ adoption decision. Fourth, the technological demonstration has similar effects on the conservation tillage adoption of small-scale and large-scale farmers. Fifth, increasing land size helps rural households to adopt conservation tillage, while land fragmentation hinders their adoption. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142819 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142819 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142819 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2108474_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Lina Yu Author-X-Name-First: Lina Author-X-Name-Last: Yu Author-Name: Yaxiu Sun Author-X-Name-First: Yaxiu Author-X-Name-Last: Sun Author-Name: Xinran Liu Author-X-Name-First: Xinran Author-X-Name-Last: Liu Author-Name: Tao Wang Author-X-Name-First: Tao Author-X-Name-Last: Wang Title: Does regional value chain participation affect global value chain positions? Evidence from China Abstract: Does participation in the ASEAN-China regional value chain (RVC) affect China’s manufacturing enterprises’ global value chain (GVC) positions in the context of the establishment of the ASEAN-China Free Trade Area (ACFTA)? In this paper, we discuss the theoretical mechanisms and impacts of RVC participation on GVC positions and use an input-output model to decompose the gross exports of China by different sources and destinations. The model measures China’s manufacturing industries’ total, upstream and downstream participation within the ASEAN-China regional value chain. Using panel data from the OECD for 2005 to 2015, the empirical results show that (1) the participation of China’s manufacturing industries in the RVC is conducive to improvement in their GVC positions, (2) moving to more upstream can indeed promote the GVC positions of enterprises, and (3) in contrast to labour-intensive and capital-intensive manufacturing, knowledge-intensive manufacturing in upstream activities of the RVC contributes the most to GVC positions. It is suggested that China should develop knowledge-oriented industries and move to more upstream of the ASEAN-China RVC to raise manufacturing industries’ positions in the GVC. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2108474 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2108474 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2108474 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2135553_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Liangcheng Wang Author-X-Name-First: Liangcheng Author-X-Name-Last: Wang Author-Name: Ziyue Tian Author-X-Name-First: Ziyue Author-X-Name-Last: Tian Author-Name: Xiezheng Wang Author-X-Name-First: Xiezheng Author-X-Name-Last: Wang Author-Name: Tao Peng Author-X-Name-First: Tao Author-X-Name-Last: Peng Title: C.E.O. academic experience and firm sustainable growth Abstract: Chief executive officers (C.E.O.s) play a dominant role in firm decision-makings and operations, and their characteristics will affect firm sustainable growth. This study investigates whether C.E.O. academic experience affects firm sustainable growth. Using a sample from China, we find that C.E.O. academic experience is positively related to firm sustainable growth, and the effect is pronounced for high-tech firms. Further analyses demonstrate that the results are robust to alternative measures and controlling for endogeneity problems. Finally, the channel analysis shows that the effect is partially driven by firm innovation and internal control. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2135553 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2135553 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2135553 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2132351_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Nuo Xu Author-X-Name-First: Nuo Author-X-Name-Last: Xu Author-Name: Yu Zhang Author-X-Name-First: Yu Author-X-Name-Last: Zhang Author-Name: Zhihui Liu Author-X-Name-First: Zhihui Author-X-Name-Last: Liu Author-Name: Bei Lyu Author-X-Name-First: Bei Author-X-Name-Last: Lyu Title: Do financial asset holdings affect investor expectations under negative events? The shock of COVID-19 pandemic Abstract: Holding excessive financial assets will lead to corporate financialization, making investors underestimate its risks in front of extreme benefits and the “reservoir effect” in boom periods, especially in rapid-growing emerging economies. Few studies have explored the investors’ real perceptions and attitudes towards such risks when dealing with unexpected shocks. The 2019 novel coronavirus disease (COVID-19) provides new insights into these questions. Using event study method, this study examines how investors react to corporate financialization in the risk-release condition. First, we find that firms with more financial asset holdings experience significant lower market return during the COVID-19 pandemic. Second, we find that the pandemic-induced drop in stock returns is milder when firms hold more low-liquidity or safe financial assets, have higher solvency, are less exposed to COVID-19 pandemic and have better information environment. These findings show that the investors’ attitude is widely negative towards corporate financialization when the negative shock comes and strong financial flexibility and good corporate governance can alleviate the risk. It implicates that the hidden risks of corporate financialization can be perceived by investors and responded by “voting with their feet” and the managers should be alert to it rather than just seeking financial benefits. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2132351 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2132351 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2132351 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2145984_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zhang Yikun Author-X-Name-First: Zhang Author-X-Name-Last: Yikun Author-Name: Lin Woon Leong Author-X-Name-First: Lin Author-X-Name-Last: Woon Leong Author-Name: Phan The Cong Author-X-Name-First: Phan The Author-X-Name-Last: Cong Author-Name: Ayman Abu-Rumman Author-X-Name-First: Ayman Author-X-Name-Last: Abu-Rumman Author-Name: Ata Al Shraah Author-X-Name-First: Ata Author-X-Name-Last: Al Shraah Author-Name: Sanil S Hishan Author-X-Name-First: Sanil S Author-X-Name-Last: Hishan Title: Green growth, governance, and green technology innovation. How effective towards SDGs in G7 countries? Abstract: In light of the technological advancement and green growth in G7 economies, this research investigates the trends in sustainable development goals (SDGs) as reflected through social and environmental dimensions. Data were collected from 2000 to 2019 with yearly observation for advanced panel estimations.The preliminary finding raises the issues of cross-sectional dependency and slope heterogeneity; thus, we have applied the cross-sectional autoregressive distributed lag(CS-ARDL) model.The long-run findings confirm that technological innovations and green growth encourage environmental sustainability. Moreover, economic growth, green technological innovations, and government effectiveness have significantly promoted social development through higher employment opportunities. Similar results are also observed in the short run; however, the influence is more substantial in the long run. These findings imply that green growth, eco-innovations, and institutional governance are core drivers of SDGs in the long run. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2145984 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2145984 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2145984 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2143845_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Honglu Fan Author-X-Name-First: Honglu Author-X-Name-Last: Fan Author-Name: Viet Ha Trinh Thi Author-X-Name-First: Viet Ha Author-X-Name-Last: Trinh Thi Author-Name: Wei Zhang Author-X-Name-First: Wei Author-X-Name-Last: Zhang Author-Name: Shuang Li Author-X-Name-First: Shuang Author-X-Name-Last: Li Title: The influence of trade facilitation on agricultural product exports of China: empirical evidence from ASEAN countries Abstract: The trade of agricultural products plays an essential role in agricultural development. Agricultural trade is more complicated and diversified than other industrial products, influenced by product characteristics for perishable. The Association of Southeast Asian Nations (ASEAN) is one of the most important markets for China’s agricultural exports. This study aimed to analyze the impact of trade facilitation indicators on China’s agricultural exports to ASEAN countries. A gravity model was adopted by taking the volume of Chinese agricultural exports to ASEAN countries from 2006–2020 as the dependent variable. Indicators such as economic freedom (EF), trade across borders (TAB), and infrastructure quality (Infra) were introduced that were representing trade facilitation as the core independent variable. Also, an empirical analysis was carried out using a mixed regression model. The results show that the three proxy indicators of trade facilitation had a significantly positive impact on the scale of China’s agricultural exports to the ASEAN market. The results could play a guiding role in strengthening the cooperation between China and the ASEAN regarding trade facilitation and expansion of the scale of agricultural trade. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2143845 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2143845 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2143845 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2140305_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Anran Xiao Author-X-Name-First: Anran Author-X-Name-Last: Xiao Author-Name: Yong Qin Author-X-Name-First: Yong Author-X-Name-Last: Qin Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Title: Emerging research trends of total quality management in the COVID-19 pandemic: a dynamic evolution analysis Abstract: As the COVID-19 pandemic rages, the changing trends and emerging areas of total quality management (TQM) research before and after the COVID-19 pandemic are spotlighted, while the links between TQM and environmental social governance (ESG) are deeply discussed in this study. To explore the impact of the pandemic on TQM research, a comprehensive bibliometric analysis is conducted by collecting 1465 pre-pandemic and 76 post-pandemic publications from the WoS database. Further, the fundamental characteristics, conceptual structure and intellectual and social structure of TQM research are statistically analysed through bibliometric tools. Consequently, this article methodically sorts out the evolution, new research areas, primary sources, national collaboration networks and influential themes within an intricate and large TQM research system. The linkages between ESG and TQM are explored by focussing on some emerging topics after the outbreak such as sustainability and environmental management, which advances the innovative attempt towards the goal of cooperating sustainability. Finally, we offer some enlightening new perspectives on economic construction and social life during the pandemic to better cope with the negative effects of the pandemic. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2140305 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2140305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2140305 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2106279_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Mu-chen Li Author-X-Name-First: Mu-chen Author-X-Name-Last: Li Author-Name: Si-xian Feng Author-X-Name-First: Si-xian Author-X-Name-Last: Feng Author-Name: Xing Xie Author-X-Name-First: Xing Author-X-Name-Last: Xie Title: Spatial effect of digital financial inclusion on the urban–rural income gap in China—analysis based on path dependence Abstract: Digital financial inclusion (DFI) helps to narrow the income gap between urban and rural areas, but path dependence may lead to spatial agglomeration in the development of DFI, causing the spatial effect on the urban–rural income gap. This study mainly examines the mechanism and effect of DFI on the urban–rural income gap in China, including its spatial effect issues. Results show that China’s DFI has different impacts on the urban–rural income gap in the east, central, and western regions, showing evident spatial heterogeneity. In addition, the development of DFI has spatial agglomeration, and its impact on China’s urban–rural income gap also has a spatial spillover effect. Moreover, the spatial effect of DFI is mainly because of the path dependence on the development of traditional finance and digital technology. The spatial correlation between them is transmitted to DFI, and the impact of digital technology development is greater. Finally, corresponding policy recommendations are proposed based on the conclusions. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2106279 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2106279 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2106279 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2174151_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xin Li Author-X-Name-First: Xin Author-X-Name-Last: Li Author-Name: Xiao Wang Author-X-Name-First: Xiao Author-X-Name-Last: Wang Author-Name: Kai-Hua Wang Author-X-Name-First: Kai-Hua Author-X-Name-Last: Wang Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Title: Green credit and PM2.5: a time-varying perspective of China Abstract: The causal link between green credit (GC) and particulate matter 2.5 (PM2.5) is discussed this paper for the case of China using the bootstrap rolling-window Granger causality test. The fresh empirical results show that GC had both positive and negative influences on PM2.5 in two separate sub-sample periods. In turn, PM2.5 positively and consistently affected GC in two sub-sample periods. In addition, time periods without causalities were also found in the sample. These inconsistent conclusions do not provide strong support for the hypothesis that GC and PM2.5 would affect each other throughout the whole sampling period. Government intervention, public environmental awareness, the domestic economic situation, and other factors were fully considered in interpreting the deviations in certain periods. Thus, the major contribution of this study is that the linear assumption of causality was relaxed, which is more in line with China’s realities. Some policies are suggested to further strengthen the construction of the GC framework and establish a multiparticipant GC system. Moreover, PM2.5 is an important reference and can be incorporated into enterprises’ green financing strategy. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2174151 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2174151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2174151 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2177698_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Min Zhang Author-X-Name-First: Min Author-X-Name-Last: Zhang Author-Name: Kashif Raza Abbasi Author-X-Name-First: Kashif Raza Author-X-Name-Last: Abbasi Author-Name: Nasiru Inuwa Author-X-Name-First: Nasiru Author-X-Name-Last: Inuwa Author-Name: Crenguta Ileana Sinisi Author-X-Name-First: Crenguta Ileana Author-X-Name-Last: Sinisi Author-Name: Rafael Alvarado Author-X-Name-First: Rafael Author-X-Name-Last: Alvarado Author-Name: Ilknur Ozturk Author-X-Name-First: Ilknur Author-X-Name-Last: Ozturk Title: Does economic policy uncertainty, energy transition and ecological innovation affect environmental degradation in the United States? Abstract: Climate change traps heat, affecting a variety of species in already dry areas. Severe storms, earthquakes, plagues, and food delivery problems are all exacerbated by climate change caused by emissions of greenhouse gases. The United States, the world’s largest economy and second-largest carbon emitter is expertly planning to reduce its environmental difficulties and help the accomplishment of the United Nations Sustainable Development Goals (SDGs) 7 and 13. Given that, the study explores the renewable energy transition, ecological innovation, economic policy uncertainty, and globalization from 1990 to 2019 by using novel econometric approaches augmented ARDL and gradual shift causality. The results show that variables are cointegrated, particularly in the long and short term; renewable energy transition and economic policy uncertainty reduce carbon emissions, while ecological innovation contributes to long-run depletion in CO2 emission. Globalization significantly accelerates emissions in the long and short term. Furthermore, gradual shift causation reveals that renewable energy transition and globalization are unidirectional, but economic policy uncertainty is bidirectional. Finally, the conclusion implies that transitioning from fossil to renewable energy, adequate use of technology, efficient management of policy uncertainties and globalization may contribute to the United States meeting SDGs 7 and 13. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2177698 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2177698 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2177698 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2172598_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Fahd Boundi-Chraki Author-X-Name-First: Fahd Author-X-Name-Last: Boundi-Chraki Title: Do technical change and mechanisation negatively affect employment in the manufacturing sectors? An empirical assessment for the OECD countries Abstract: The present study is aimed at assessing the impacts of technological change and mechanisation on employment in the manufacturing sectors of the OECD countries over the 1995-2018 period. To achieve this goal, the vertically integrated labour productivity and the vertically integrated capital-labour ratio were computed as measures of technological progress and capital intensity per unit of labour, whereas the CS-ARDL and CS-DL approaches were applied to obtain robust results in the presence of cross-sectional dependence and slope heterogeneity. The findings suggest that both technical change and mechanisation may lead to a relative decrease in employment in the short-run and long-run, though for skilled workers the effects appear to be positive. This increase in demand for skilled labour, however, may not be able to compensate for the decline in medium and lesser skilled labourers. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2172598 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2172598 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2172598 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142823_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Qianwei Ying Author-X-Name-First: Qianwei Author-X-Name-Last: Ying Author-Name: Shanye Yang Author-X-Name-First: Shanye Author-X-Name-Last: Yang Author-Name: Siyi He Author-X-Name-First: Siyi Author-X-Name-Last: He Title: Government R&D subsidies and the manipulative innovation strategy of Chinese renewable energy firms Abstract: Renewable energy technology innovation is the key to alleviating environmental issues. The Chinese government promotes corporate innovation in the renewable energy industry by providing R&D subsidies. This paper investigates the impact of R&D subsidies on innovation strategies in Chinese renewable energy listed firms from 2008 to 2017. The results show that R&D subsidies induce firms to adopt a manipulative innovation strategy that increases innovation quantity but reduces innovation quality, especially in regions with low marketization or unfair competition. We further find that the choice of manipulative innovation strategy is caused by the flawed subsidy distribution system and examination procedures of subsidy use. This paper deepens the understanding of the relationship between government subsidies and corporate innovation strategy and provides new enlightenments for emerging economies to enhance the effectiveness of subsidy policies. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142823 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142823 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142823 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2171453_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xining Liu Author-X-Name-First: Xining Author-X-Name-Last: Liu Author-Name: Dong Li Author-X-Name-First: Dong Author-X-Name-Last: Li Title: Analysis of the V.A.R. as a tool to investigate the impact of higher education on economic growth in Macau in the period 2000–2019 Abstract: This article employs the panel data model to investigate the influence of both higher education scale and quality on economic growth in Macau from 2000–2019 and constructs a V.A.R. model to examine the impact of the higher education scale on economic growth. The model is constructed based on the Cobb–Douglas production function with an alteration derived from existing relevant studies to include enrolled university students as one of the variables. It is found that all-time series are stationary; through the pairwise Granger Causality test, it is observed that the number of students enrolled in the Granger cause of G.D.P. Study results show a high level of a statistically significant relationship in the positive direction between higher education and economic growth, while a 1% increase in enrolled students will lead to a 0.5547% increase in G.D.P. Moreover, in general, higher education exerts a significant positive effect on economic growth in Macau, while the effect of fixed capital formation appears insignificant. In addition, the labour force plays a remarkably positive role in the economic growth of Macau. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2171453 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2171453 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2171453 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2134905_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Zhifeng Zhang Author-X-Name-First: Zhifeng Author-X-Name-Last: Zhang Author-Name: Haodong Xu Author-X-Name-First: Haodong Author-X-Name-Last: Xu Author-Name: Shuangshuang Shan Author-X-Name-First: Shuangshuang Author-X-Name-Last: Shan Author-Name: Yuqi Lu Author-X-Name-First: Yuqi Author-X-Name-Last: Lu Author-Name: Hongyan Duan Author-X-Name-First: Hongyan Author-X-Name-Last: Duan Author-Name: Yipin Lyu Author-X-Name-First: Yipin Author-X-Name-Last: Lyu Title: Exploration of the impact of demographic changes on life insurance consumption: empirical analysis based on Shanghai Cooperation Organization Abstract: Based on the panel data of eight member states of Shanghai Cooperation Organization (SCO) from 1996 to 2019, this study explores the impact of demographic changes on life insurance consumption in SCO member countries under the framework of static panel model and dynamic panel model. And the study analyzes the heterogeneity of religious division and different aging degrees. The empirical results show that both old-age dependency ratio and teenager dependency ratio have positive impacts on life insurance consumption in the SCO countries. Besides, the current consumption of ordinary life insurance significantly stimulates the future consumption of ordinary life insurance. Furthermore, demographic changes have heterogeneous impacts on life insurance consumption in terms of different religions and different degrees of aging. Our findings provide managerial implications for insurance companies that carry out life insurance business in SCO member states. Insurance companies should consider the policyholders’ life insurance consumption in accordance with demographic changes of both old-age dependency ratio and teenager dependency ratio, and also take differentiated life insurance sales strategies according to different degrees of aging and whether the residents believe in Islam. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2134905 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2134905 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2134905 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2137822_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Javier Gallardo-Garcia Author-X-Name-First: Javier Author-X-Name-Last: Gallardo-Garcia Author-Name: Esther Pagán-Castaño Author-X-Name-First: Esther Author-X-Name-Last: Pagán-Castaño Author-Name: Javier Sánchez-Garcia Author-X-Name-First: Javier Author-X-Name-Last: Sánchez-Garcia Author-Name: María Guijarro-García Author-X-Name-First: María Author-X-Name-Last: Guijarro-García Title: Bibliometric analysis of the customer experience literature Abstract: This article provides an extensive review and analysis of the customer experience (CX) literature. This growing, highly topical research area draws on contributions from multiple disciplines, including marketing, philosophy, management and psychology. The present analysis was performed using 1,358 articles published between 1996 and 2021 and indexed in the Web of Science (WoS) database. These articles were analysed using bibliometric methods. The analysis provides insights into the volume of publications, most cited articles and authors, most prolific institutions and countries, and keywords in CX research. The findings provide an up-to-date picture of CX as an academic concept. They also help identify new lines of research on CX and other associated concepts. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2137822 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2137822 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2137822 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142808_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Henggui Shi Author-X-Name-First: Henggui Author-X-Name-Last: Shi Author-Name: Guowan Yan Author-X-Name-First: Guowan Author-X-Name-Last: Yan Author-Name: Qiqi Cai Author-X-Name-First: Qiqi Author-X-Name-Last: Cai Author-Name: Meng Tian Author-X-Name-First: Meng Author-X-Name-Last: Tian Title: Corporate social responsibility, strategic style and enterprise innovation: evidence from China Abstract: We make contribution to the literature on corporate social responsibility (CSR) and innovation by studying how CSR affects corporate innovation activities. Using data from listed firms in China, we find that CSR derived from legitimacy has a significant positive effect on corporate innovation. Specifically, our evidence shows that firms’ internal responsibility and business partners’ responsibility can facilitate innovation activities, and the corporate strategy is the potential channel for this positive association. From the perspective of the impact of external environmental pressure, the environmental uncertainty and the shock of the industry prosperity weaken the positive effect of CSR on innovation, namely, in the case of fewer environmental uncertainties and less industry prosperity, CSR plays a stronger role in promoting corporate innovation. From the point of the influence of heterogeneity, for firms with high employee loyalty, low agency cost and few financing constraints, CSR have a stronger impact on innovation. Overall, our results suggest that CSR does have a measurable impact on corporate innovation and contributes to understanding the special role of "legitimacy" in corporate decision-making in emerging markets. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142808 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142808 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142808 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142831_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Qianxiao Zhang Author-X-Name-First: Qianxiao Author-X-Name-Last: Zhang Author-Name: Hu Liu Author-X-Name-First: Hu Author-X-Name-Last: Liu Author-Name: Peidong Deng Author-X-Name-First: Peidong Author-X-Name-Last: Deng Title: Influence mechanism between information management technologies and green innovation: the role of sustainable firms practices in China Abstract: Despite the proposition of sustainable development goals by the United Nations, the progress shown by the organizations is not satisfactory. It also raised the attention of the policymakers to overcome those challenges by identifying potential solutions. Hence, the current study aims to assess the role of the information and knowledge management process in attaining green innovation in sustainable practices. For this purpose, the data is collected from the 395 organizations operating in China that are ISO 14001 certified. The application of PLS-SEM shows that information and knowledge management significantly and positively enhance all three sustainable practices, which eventually play an encouraging role in green innovation. Additionally, all three types of sustainable practices also reported mediating the relationships between the information and knowledge management process and green innovation. Based on the findings, organizations are recommended to integrate and align sustainable practices, information management, and green innovation with the mission, vision, and routine activities and objectives. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142831 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142831 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142831 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142824_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Xiao Hui Chen Author-X-Name-First: Xiao Hui Author-X-Name-Last: Chen Author-Name: Li Zhang Author-X-Name-First: Li Author-X-Name-Last: Zhang Title: Insurance density and the digital economic development: a China perspective Abstract: The digital economy is an important starting point for China’s high-quality economic development, and insurance density is a key variable for measuring the development of the insurance industry. Can increasing insurance density promote digital economic development? Based on China’s provincial digital economic development index from 2013 to 2021, this study explores this question. The results show that a positive U-shaped nonlinear relationship between insurance density and digital economy, and there is an inflection point in insurance density. When insurance density is lower than the inflection point, an increase in insurance density will inhibit digital economic development; when it exceeds the inflection point, a further increase in insurance density will promote digital economic development. Furthermore, there is a positive U-shaped nonlinear relationship between insurance density and traditional technological innovation, which is conducive to digital economic development. As such, insurance density affects digital economic development through the transmission of traditional technological innovation. The findings have reference significance for developing countries to improve their insurance penetration rate and develop their digital economy to promote economic development. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142824 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142824 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142824 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2142832_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yemin Ding Author-X-Name-First: Yemin Author-X-Name-Last: Ding Author-Name: Lee Chin Author-X-Name-First: Lee Author-X-Name-Last: Chin Author-Name: Mengqiu Lu Author-X-Name-First: Mengqiu Author-X-Name-Last: Lu Author-Name: Peidong Deng Author-X-Name-First: Peidong Author-X-Name-Last: Deng Title: Do high housing prices crowd out young professionals?—Micro-evidence from China Abstract: Motivated by the growing trend of young professionals flowing out of high-profile cities in China, this study examines whether high housing prices have a crowding-out effect on young professionals across 235 Chinese cities. Using a conditional logit model with multiple control variables related to the economy, the social environment, and city location, the results showed an inverted U-shaped relationship between a city’s house prices and young professionals’ potential migration into the city. We also performed a series of robustness checks and categorised the sample by gender, academic qualification, and marital status. The results indicated the same inverted U-shaped relationship, but with different extreme points for house prices across the sub-samples. The findings offer suggestions for Chinese local governments to attract young professionals by regulating housing prices in cities where prices surpass the extreme point. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2022.2142832 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2142832 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2142832 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2180417_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yun Hsuan Su Author-X-Name-First: Yun Hsuan Author-X-Name-Last: Su Title: The effect of product innovation, CSR, environmental sustainability and technology innovation on firm performance: a mediated moderation model Abstract: The importance of product innovations has increased to the centre of priorities at every level of the firm organisational structure. This study examines the possible links between product innovation, environmental sustainability, and CSR with firm performance (FP) relationships in Malaysian fashion industries. This research has employed environmental sustainability (ES) as a mediating variable. We also examine how technology innovation (TI) affects the link between ES and FP as a moderator. First, we collected data from 310 respondents working in the fashion industry in Malaysia using a survey instrument to arrive at the conclusions. Furthermore, managers were chosen as responders because of their crucial role in the firm’s strategic growth. Moreover, data is only collected from firms registered on the Bursa Malaysia Stock Exchange. In addition, data for this research were obtained between February and August 2022. Then we used structural equation modelling (SEM) to analyse the data. The scales’ validity and reliability were rigorously examined, and both were found acceptable. According to the study, product innovation (PI), CSR, and ES each directly influenced the FP. Furthermore, the study concluded that the mediating variable ES and moderator technology innovation positively affected FP. Journal: Economic Research-Ekonomska Istraživanja Issue: 2 Volume: 36 Year: 2023 Month: 7 X-DOI: 10.1080/1331677X.2023.2180417 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2180417 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:2:p:2180417 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2147975_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xiangling Wu Author-X-Name-First: Xiangling Author-X-Name-Last: Wu Author-Name: Xiayan Li Author-X-Name-First: Xiayan Author-X-Name-Last: Li Title: Influence of mainland China’s industrial structure evolution on the development of Cross-Strait trade: the grey relational analysis (2011–2020) Abstract: Because of the complex and special political relationship between Mainland China and Taiwan. Cross-Strait trade is influenced by many variables, there has been a view that trade relations between Mainland China and Taiwan are more influenced by political factors. However, between the Cross-Strait, the trade volume has generally shown an upward development trend, especially since 2001. Therefore, the political factors can hardly explain the facts, and economic factors, especially industrial structure factors in Mainland China play an important role in Cross-Strait trade. Based on the small sample data since 2001, this study employed Grey Relational Analysis （GRA） method to verify the evolution of Mainland China’s industrial structure and Cross-Strait trade. Based on the results show that the evolution of Mainland China’s industrial structure strongly impacts the development of Cross-Strait trade. The tertiary industry has the strongest correlation with Cross-Strait trade, followed by the secondary and primary industries. Furthermore, the evolution of the mainland’s industrial structure will expand as well as accelerate the imbalance of Cross-Strait trade. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2147975 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2147975 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2147975 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2154237_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tantri Keerthi Dinesh Author-X-Name-First: Tantri Keerthi Author-X-Name-Last: Dinesh Author-Name: Ankitha Shetty Author-X-Name-First: Ankitha Author-X-Name-Last: Shetty Author-Name: Mathew Thomas Gil Author-X-Name-First: Mathew Thomas Author-X-Name-Last: Gil Author-Name: Komal Jenifer D’souza Author-X-Name-First: Komal Jenifer Author-X-Name-Last: D’souza Title: Effects of perceived stress, mindfulness, self-efficacy and social support on psychological wellbeing of life insurance agents during the COVID-19 pandemic Abstract: The Conservation of Resources theory has been set in motion to understand the psychological wellbeing at work-place-focused foothold of the realm in light of the JD-R theory. Life insurance agents experience multifarious stressors and challenges that negatively impact their psychological wellbeing. The current pandemic situation of the COVID-19 outbreak has directed significance to workplace health promotion as a novel postulation addressed in this study. This research is the first to empirically test and investigate the predicting effects of perceived stress, mindfulness, social support, and self-efficacy on psychological well-being among 794 Life Insurance Agents in India. This non-experimental research method incorporates the reflective model analysed through Smart PLS-3. A power analysis is executed by drawing evidence from India recruited through random sampling. Results show mindfulness as the strongest and most effective predictor of positive psychological well-being. This study underpins the significance of mindfulness-based interventions in unprecedented times during the COVID-19 pandemic where the mindful selling of the right policies surges and assists the agents to build a long-term relationship with the customers. Future studies should try to test these interventions with multi-centred research that can further enhance the robustness of research findings. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2154237 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2154237 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2154237 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2151490_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bo Fan Author-X-Name-First: Bo Author-X-Name-Last: Fan Author-Name: Huawei Zhao Author-X-Name-First: Huawei Author-X-Name-Last: Zhao Author-Name: Hafiz Waqas Kamran Author-X-Name-First: Hafiz Waqas Author-X-Name-Last: Kamran Author-Name: Safdar Husain Tahir Author-X-Name-First: Safdar Husain Author-X-Name-Last: Tahir Title: Environmental sustainability targets: the role of green investment, ICT development, and economic growth Abstract: Current research investigates the role of green investment, information, and communication technology development growth in the Chinese economy’s carbon emissions from 1985-2015. This study has applied the quantile autoregressive distributed lagged (QARDL) approach and the Granger-causality in the quantiles to examine the causal linkage between the variables of interest. The findings through QARDL estimation confirm that there is an existence of significant reversion to the long-run equilibrium association between the explanatory variables and CO2. More specifically, the outcomes under long-run estimation confirm that GIN and ICT development plays a significant role in combating the issues like higher CO2 in China. At the same time, more economic growth leads to the destruction of the natural environment with higher carbon emissions. However, the square of economic growth shows some fruitful results towards fighting environmental pollution but not in all the quantiles of the study. Besides, the Granger-causality outcomes confirm the presence of a bi-directional association between green investment, ICT development, economic growth, and its square value. Based on the study findings, some policy implications are also provided. Besides, various limitations are also linked with this study. Firstly, the current study only examines the trends in CO2 emission from the context of China, whereas other regional economies are entirely neglected. Secondly, the factors like governmental influence in controlling carbon emission, environmental regulations, and governance mechanisms are entirely neglected in this research. Thirdly, the robust checking of the empirical findings is also missing in this study. Fourthly, economic uncertainty would also contribute to environmental pollution like CO2. Therefore, it is suggested that future studies should focus on these limitations to provide some meaningful suggestions and literature contributions. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2151490 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2151490 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2151490 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2183422_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jingwen Li Author-X-Name-First: Jingwen Author-X-Name-Last: Li Author-Name: Weike Zhang Author-X-Name-First: Weike Author-X-Name-Last: Zhang Author-Name: Feiyang Zhou Author-X-Name-First: Feiyang Author-X-Name-Last: Zhou Author-Name: Wenjing Wu Author-X-Name-First: Wenjing Author-X-Name-Last: Wu Title: Sustainable development in natural resources industry: is geopolitical risk a catalyst for corporate excess cash holdings? Abstract: With the outbreak of the Russia-Ukraine conflict, combined with the COVID-19 epidemic and the Federal Reserve’s interest rate hike, geopolitical risks have increased sharply, which has brought great pressure on the sustainable development of natural resources industry. This study aims to discuss the impact of geopolitical risk (GPR) on corporate excess cash holdings in China’s natural resources industry. The findings suggest that GRP can encourage enterprises in the natural resources industry to hold more excess cash. The findings still hold with a suite of robustness tests. The study also evidences that the above effect is more significant for state-owned enterprises, enterprises in the mining industry, and large-scale enterprises. Finally, further results show that with the increase of GPR, enterprises with strong risk-taking capacity tend to hold more excess cash, while enterprises registered in higher market-oriented regions are inclined to retain less excess cash. These findings can conduce to a deep understanding of the influence of GPR on corporate excess cash holdings and serve as a reference for policy-makers to adjust policies. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2183422 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2183422 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2183422 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2264374_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chukwuemeka Valentine Okolo Author-X-Name-First: Chukwuemeka Valentine Author-X-Name-Last: Okolo Author-Name: Jun Wen Author-X-Name-First: Jun Author-X-Name-Last: Wen Author-Name: Juliet Oluchi Eze Author-X-Name-First: Juliet Oluchi Author-X-Name-Last: Eze Title: Does tertiary education promote technological innovation sustainability? The role of national intellectual capital. An empirical evidence Abstract: Tertiary education redefines its role in research and innovation, acting as a proponent of the research and innovation culture, creating real-world solutions, and bridging the gap between decision-making, governance, and innovation. We empirically explore tertiary education’s effect on innovation and national intellectual capital’s role. The empirical findings of the 2SLS and instrumental variable fixed effect model with Driscoll-Kraay robust standard errors, based on panel evidence from 79 economies from 1995 to 2017, show that tertiary education has a positive and substantial effect on innovation performance as determined by patent and trademark applications. Comparable results are obtained using instrumental variable panel quantile regression as robustness tests to support the findings. Also, theoretically, the result shows that national intellectual capital reinforces the impact of tertiary education as a catalyst for technological progress. The findings support R&D data policies that support specific digital innovation, skills, knowledge creation, and diffusion. Proactive policy frameworks should be adopted to promote national intellectual capital through internet infrastructure for economic inclusion that fosters innovativeness; tertiary education using digital technology redefines creativity, stimulates cooperation, and aids in forming innovative ecosystems; boosting government and private grants to university academics allows for identifying ideas with the greatest long-term potential.Tertiary education and technological progress in a panel of 79 economies from 1995–2017 were examined.Empirical results using 2SLS, IV fixed effect model with Driscoll-Kraay robust standard errors, and IV panel quantile regressions indicate tertiary education is essential to innovation.National intellectual capital reinforces the impact of tertiary education to promote technological progress.The findings support R&D data policies that support specific digital innovation, skills, knowledge creation, and diffusion.Proactive policy frameworks should be adopted to promote national intellectual capital through internet infrastructure for economic inclusion that fosters innovativeness.Tertiary education using digital technology can redefine creativity, stimulates cooperation, and aids in forming innovative ecosystems.Boosting government and private grants to university academics allows for identifying ideas with the greatest long-term potential. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2264374 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2264374 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2264374 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2223264_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ahmed Yamen Author-X-Name-First: Ahmed Author-X-Name-Last: Yamen Author-Name: Gökberk Can Author-X-Name-First: Gökberk Author-X-Name-Last: Can Title: The impact of public governance perception on the quality of financial reporting Abstract: The article examines the relationship between public governance perception (PG) and the overall quality of the financial reporting index (OQFRI). The study combines the World Bank’s Worldwide Governance Indicators (WGIs), which are used as a measure for country-level governance. In addition, the study of Tang et al. for the overall financial reporting index (OQFRI) is used to measure the quality of financial reporting. Our balanced panel data set has 418 observations, constructed with 38 countries and the period from 2004 to 2014 is tested using a linear mixed model (LMM) to consider both random and fixed effects. The results indicate a positive relationship between regulatory quality, political stability, the rule of law, government effectiveness and quality of financial reporting. But, findings reveal that voice and accountability and control of corruption have no significant impact on the quality of financial reporting. Our results suggest that institutional quality and public governance perception should be considered by auditors while evaluating the quality of financial reports and their risk. Also, it is important to consider the role of public governance in addition to the role of corporate Governance in improving the quality of financial reporting. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2223264 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2223264 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2223264 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2185793_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Insook Lee Author-X-Name-First: Insook Author-X-Name-Last: Lee Title: Individualism and tax progressivity Abstract: This article proposes a novel theoretical model that factors in individualism culture for explaining tax progressivity. It shows that an increase in the level of individualism reduces optimal tax progressivity, regardless of whether a social planner or voters choose income tax schedule. Moreover, an increase in the pre-tax income inequality raises tax progressivity optimal for the social planner or voters, for any given level of individualism. These findings from introducing individualism culture for tax progressivity are quite original. This article makes an important contribution of providing an explanation for the puzzling fact that taxes of some countries with low inequality of pre-tax income are more progressive than those of other with high inequality. This article implies that a country with low pre-tax income inequality can have highly progressive tax if the country’s culture features fairly low level of individualism. Empirical analysis with panel data of 87 countries finds evidence supportive of these theoretical findings. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2185793 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2185793 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2185793 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2218475_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Beatriz Moliner-Velázquez Author-X-Name-First: Beatriz Author-X-Name-Last: Moliner-Velázquez Author-Name: María Fuentes-Blasco Author-X-Name-First: María Author-X-Name-Last: Fuentes-Blasco Author-Name: Irene Gil-Saura Author-X-Name-First: Irene Author-X-Name-Last: Gil-Saura Title: Effect of motivations and engagement with eWOM on hotel queries Abstract: The study of antecedents of eWOM queries has received less attention than the effects of these queries on purchase decisions. Considering the academic interest recently aroused in engagement with eWOM, the aim is to analyse, in the hospitality context, the effects that motivations to use eWOM have on engagement to eWOM and how this engagement influences adoption of eWOM queries. Based on the double dimension of receiving-sending both for motivations and engagement, the causal relationship chain ‘motivations-engagement-eWOM adoption’ is estimated in a sample of 393 hotel guests through a structural equation model. The effects of both motivations on engagement and, in turn, engagement on adoption are confirmed. The novelty of this work lies in the study of motivations and engagement, both from the dual perspective, as antecedents of the use of eWOM searches. These results have important academic and business management implications. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2218475 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2218475 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2218475 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2177181_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhi-Chao Wang Author-X-Name-First: Zhi-Chao Author-X-Name-Last: Wang Author-Name: Ye Xu Author-X-Name-First: Ye Author-X-Name-Last: Xu Author-Name: Chang-Qi Tao Author-X-Name-First: Chang-Qi Author-X-Name-Last: Tao Title: The impact of innovation-driven policies on innovation factor mismatch: empirical evidence from national innovation-driven city pilot policies Abstract: Factor mismatch has seriously restricted the high-quality development of China’s economy. In order to solve the problem of unreasonable factor allocation in the Chinese economy, this paper takes the innovative pilot cities implemented by the Chinese government as a quasi-natural experiment to study its impact on innovation factor mismatch. The results show that: (1) the implementation of innovation-driven policies significantly improves the mismatch of innovation factors, which still holds after a series of robustness tests and endogeneity tests; (2) For non-state-owned enterprises, non-labor-intensive enterprises and the eastern region, the implementation of innovation-driven policies can better improve the mismatch of innovation factors. Furthermore, this paper finds that the implementation of innovation-driven policies can improve the mismatch index of high-skilled R&D personnel and the capital mismatch index of basic research and applied research. (3) Innovation-driven policies improve the mismatch of innovation factors by strengthening the flow of factors and promoting the upgrading of industrial structure. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2177181 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2177181 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2177181 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2218468_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: YuHang Zhang Author-X-Name-First: YuHang Author-X-Name-Last: Zhang Author-Name: Sultan Sikandar Mirza Author-X-Name-First: Sultan Sikandar Author-X-Name-Last: Mirza Author-Name: Raheel Safdar Author-X-Name-First: Raheel Author-X-Name-Last: Safdar Author-Name: ChengMing Huang Author-X-Name-First: ChengMing Author-X-Name-Last: Huang Author-Name: Chengwei Zhang Author-X-Name-First: Chengwei Author-X-Name-Last: Zhang Title: Business strategy and sustainability of Chinese SMEs: determining the moderating role of environmental uncertainty Abstract: This paper investigates the relationship between business strategy and sustainability of Chinese SMEs and how the environmental uncertainty may affect this relationship. It analyses the impact of active and passive business strategies on firms’ sustainability and tests the potential moderating role of economic policy uncertainty in this relationship. The empirical analysis is performed by employing fixed-effect and GMM estimations on data collected from 937 Chinese A-share non-financial companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2021. The results show that the high-risk active business strategy of innovation and new market development is associated with greater business sustainability, and this relationship is stronger for SMEs than for non-SMEs in China. Moreover, higher economic policy uncertainty strengthens the positive relationship between active business strategy and firm sustainability, implying that in periods of higher environmental uncertainty firms which pursue active business strategy achieve greater business sustainability. These findings are useful for devising business strategy and can assist in formulating policy initiatives seeking to ensure sustainable development of SMEs in China. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2218468 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2218468 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2218468 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2192777_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jian Li Author-X-Name-First: Jian Author-X-Name-Last: Li Author-Name: Mingming Ni Author-X-Name-First: Mingming Author-X-Name-Last: Ni Author-Name: Zhiyi Li Author-X-Name-First: Zhiyi Author-X-Name-Last: Li Title: Impact of rural capital outflow on sustainable economic growth: evidence from Shaanxi Province of China Abstract: The capital constraint and underinvestment faced by rural residents are the pivotal factors limiting economic growth. The rural capital outflow further magnifies the income gap between urban and rural residents, seriously undermining rural areas’ capital accumulation and sustainable development. For this purpose, we perform a theoretical and empirical investigation of the impact of rural capital outflow on economic growth. The results reveal that rural capital outflow occupies investment opportunities for rural economic development that adversely affect economic growth. Secondly, rural economic growth has an inertial effect and generates path dependence on capital outflow. The calculation of rural capital outflow in northern Shaanxi, Guanzhong, and southern Shaanxi regions of China reveals that capital outflow in northern Shaanxi is insignificant and shows signs of capital return, while southern Shaanxi and Guanzhong emerge as key regions for capital outflow.Policymakers must adhere to long-term initiatives to reform and refine multi-level capital markets that support agricultural development in rural areas and build a sound rural financial market order for sustainable economic growth. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2192777 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2192777 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2192777 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2183517_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sheng-Wen Liu Author-X-Name-First: Sheng-Wen Author-X-Name-Last: Liu Author-Name: Weilun Huang Author-X-Name-First: Weilun Author-X-Name-Last: Huang Author-Name: Harika Rao Author-X-Name-First: Harika Author-X-Name-Last: Rao Author-Name: Yan-Kai Fu Author-X-Name-First: Yan-Kai Author-X-Name-Last: Fu Title: Ternary economic analysis of blind-box marketing Abstract: Blind-box consumption, a phenomenon sweeping through the retail market in China, is the process of buying an unlabelled box containing assorted and random novelty gifts from different retailers. Despite the intensity of its emergence, the extent of research on the phenomenon from a marketing perspective has been scarce. This paper identifies factors likely influencing Chinese consumers participating in blend-box consumption. These factors include brand familiarity emotional value and speculative potential. Conceptual issues discussed include the role of emotions and cognition as forces underpinning shopping behavior. The paper also highlights the marketing strategy features that have successfully driven the blend-box consumption experience. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2183517 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2183517 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2183517 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2153374_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ricardo F. Díaz Author-X-Name-First: Ricardo F. Author-X-Name-Last: Díaz Author-Name: Blanca Sanchez-Robles Author-X-Name-First: Blanca Author-X-Name-Last: Sanchez-Robles Title: Outsourcing of research and development and efficiency: a DEA non-parametric analysis of the contract research organisations industry Abstract: Outsourcing to Contract Research Organisations (CROs) has become a widespread practice by bio-pharmaceutical firms seeking to reduce the costs associated with the development of new products. This study empirically analyses the efficiency of the CROs industry by looking at a sample of firms operating internationally over 2012–2020. We compute Data Envelopment Analysis (DEA) efficiency scores for each firm and year. The average bootstrap efficiency in the sample is 0.665, robust across specifications and increasing over 2012–2020. The best performing firms are PPD Australia, Centre Recherches Biologiques and Oy Medfiles. Our results suggest that very large and very small companies outperform the rest in terms of efficiency, which points to the co-existence of increasing returns to scale and niche competitive advantages in the industry. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2153374 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2153374 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2153374 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2218471_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Huihui Liu Author-X-Name-First: Huihui Author-X-Name-Last: Liu Author-Name: Wanmeng Dong Author-X-Name-First: Wanmeng Author-X-Name-Last: Dong Author-Name: Xianfen Xie Author-X-Name-First: Xianfen Author-X-Name-Last: Xie Author-Name: Hao Liu Author-X-Name-First: Hao Author-X-Name-Last: Liu Title: A research on the policies to realise carbon intensity targets in China Abstract: In the context of carbon peaking and neutrality, it would be interesting to study the policy conditions for achieving carbon targets. From a technical perspective, this study constructed a theoretical model of the relationship between energy tax policy, R&D subsidy policy, and energy intensity within the framework of biassed technical change. Subsequently, through the logical relationship between energy and carbon intensities, three combination policy schemes for achieving the carbon intensity target were obtained. The findings are as follows: First, a higher rate of energy tax and R&D subsidy is destined to lead to a lower energy intensity, and energy tax policy can better boost energy intensity than R&D subsidy policy. Second, in terms of pulling the carbon intensity, the effect of the energy tax policy is better than that of the R&D subsidy policy, but in terms of its impact on the future policy effect, the R&D subsidy policy is better than the energy tax policy. Third, China should adopt a combination of policies to reduce carbon intensity, with a certain increase in the energy tax policy and a certain increase in the R&D subsidy rate policy. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2218471 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2218471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2218471 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2192769_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yizhou Wang Author-X-Name-First: Yizhou Author-X-Name-Last: Wang Author-Name: Ilknur Ozturk Author-X-Name-First: Ilknur Author-X-Name-Last: Ozturk Title: Role of green innovation, green internal, and external supply chain management practices: a gateway to environmental sustainability Abstract: Amid rising environmental woes, this study investigates the influence of green innovation, green supply chain management (GSCM), and total quality management (TQM) on ecological sustainability. It also inspects the moderating effect of internal environmental management using primary data collected from 358 respondents from China’s manufacturing industry. The findings exhibit that GSCM (cooperation with the customers and green procurement) significantly and positively influences ecological performance. Besides, green innovations reassure environmental practices, while TQM illustrates an insignificant impact on environmental performance. The outcomes strongly support that internal environmental management significantly moderates the connection between customer cooperation and environmental performance. It offers a valuable suggestion for firms and policymakers. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2192769 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2192769 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2192769 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2150255_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yang Chunfang Author-X-Name-First: Yang Author-X-Name-Last: Chunfang Author-Name: Zhang Yifeng Author-X-Name-First: Zhang Author-X-Name-Last: Yifeng Author-Name: Wang Suyun Author-X-Name-First: Wang Author-X-Name-Last: Suyun Title: The impact of the Internet on household consumption expenditure: an empirical study based on China Family Panel Studies data Abstract: This article empirically analyzes the impact of Internet usage on household consumption expenditure based on the China Family Panel Studies (CFPS) data for three periods 2014, 2016, and 2018. The results show that Internet use significantly increases household consumption. This boost persists after adding a series of control variables, accounting for differences in time and region, or changing the measurement of the main explanatory variables. After introducing instrumental variables to overcome potential endogeneity problems and further including the Internet use of the financial decision maker’s spouse for a series of robustness tests, the findings remain robust. The positive boost is even more significant. Finally, heterogeneity analysis is conducted for different consumption types, urban and rural areas, gender of financial decision-makers, and use of other Internet tools. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2150255 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2150255 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2150255 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2193839_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xuepin Wu Author-X-Name-First: Xuepin Author-X-Name-Last: Wu Author-Name: Yongjun Ma Author-X-Name-First: Yongjun Author-X-Name-Last: Ma Title: The causes of internal habit formation among Chinese urban residents: a multi-layer model perspective Abstract: Economic growth faces serious challenges due to the COVID-19 pandemic. To promote swift economic recovery, the focus has turned to consumption’s role as a driver of economic growth. To explore the influence of external social environment variables on internal habits, this study improves Naik and Moore’s consumption model and constructs a multi-layer statistical model with habit-forming effects. The study shows, first, that internal habit effects are significantly present in all types of the population’s consumption expenditures, and there are significant cross-regional differences. Second, we find significant moderating effects of inclusive digital finance, education levels, income disparities, and regional economic differences on internal habit formation. Furthermore, the internal habit effect is more influenced by inclusive digital finance and income disparity and less by education and regional economic disparity. Finally, the study proposes policy recommendations for building an inclusive digital financial services infrastructure, improving access to education, reducing income disparities, and balancing regional development. To a certain extent, this study reveals the intrinsic link between the external consumption environment and internal habit effects, providing a new perspective for the government’s use in formulating consumption policies that promote economic growth. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2193839 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2193839 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2193839 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2153717_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Patrycja Chodnicka-Jaworska Author-X-Name-First: Patrycja Author-X-Name-Last: Chodnicka-Jaworska Title: Impact of COVID-19 on European banks’ credit ratings Abstract: The aim of this paper is to analysis the impact of the COVID-19 pandemic on European banks’ default risks, as measured by foreign long-term issuer credit ratings published by the main credit rating agencies. Two hypotheses are put forward: (1) The macroeconomic situation has a stronger negative impact on banks’ financial conditions during COVID-19; (2) changes in the capital adequacy, assets, management, earnings, and liquidity indicators have a significant impact on changes in banks’ credit ratings. The analysis has been prepared for the 2000–2021 period for listed and unlisted banks on the European stock exchanges, that received long-term issuer credit ratings from the main credit rating agencies. To the analysis have been used the ordered logit panel data models and the research has been made on the first differences to analyse the impact of the changes of the financial and macroeconomic conditions on the credit ratings changes. The obtained results suggest a direct and significant impact of the COVID-19 pandemic on the credit rating changes, but a delayed reaction. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2153717 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2153717 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2153717 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2204902_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chong Yin Author-X-Name-First: Chong Author-X-Name-Last: Yin Author-Name: Yue Liu Author-X-Name-First: Yue Author-X-Name-Last: Liu Author-Name: YingXin Cui Author-X-Name-First: YingXin Author-X-Name-Last: Cui Title: Structural defects of industrial system and impacts on CEC's technology diffusion: an approach of multi-regional industrial technology flow tree Abstract: The Capital Economic Circle (CEC) is one economic growth pole and occupies important position in China. However, imbalance of allocation of technological resources leads to heterogeneous industrial productivity and economic development in the CEC. To analyze and solve this problem, we combined input-output and network methods to explore structural defects of technology diffusion system of CEC and effective measures to promote industrial technology synergy and integrated development. Firstly, the principles of Multi-Regional Industrial Technology Flow Tree (MR-ITFT) modelling and methods were proposed. Secondly, the structural indexes and the effect indicators including technology spillover and absorption intensity, and spillover and absorption multiplier were designed based on MR-ITFT, which were applied to identify structural defects of industrial system and its effects on technology diffusion. The empirical research shows that heterization and polarization, imbalance of supply and demand, non-integrated vertical function, and centralization and convergence in industrial technology system are structural factors that interferes the circulation of technology flow, and further was reflected in the reduced, inverse and unstable structural effects. Contradiction between low return and high demand of technology investment results in an unsustainable circulation system of CEC. Construction of industrial technology system with high integration and cooperation was suggested. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2204902 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2204902 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2204902 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2191688_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Junfeng Liu Author-X-Name-First: Junfeng Author-X-Name-Last: Liu Author-Name: Shaobo Wang Author-X-Name-First: Shaobo Author-X-Name-Last: Wang Author-Name: Shiwen Wang Author-X-Name-First: Shiwen Author-X-Name-Last: Wang Title: Impact of FDI inflows on green TFP based on carbon emissions transmission mechanism Abstract: Economic globalization and green development have become the consensus of all countries in the world. The importance of FDI, carbon emissions and green total factor productivity is self-evident. This study analyses the impact of FDI inflows on green TFP and the role of carbon emissions in FDI inflows and green TFP. The empirical analysis employed kernel density estimation, OLS, mediation effect model, and panel quantile regression methods using China’s provincial panel data spanning over 2001–2019. The facts show that China’s carbon emissions have been reduced because of environmental regulations and green TFP is still rising in fluctuation. The results from OLS and mediation effect model indicate that the impact of FDI inflows on green TFP present an asymmetric inverted U-shape and FDI influences green TFP by changing carbon emissions. The panel quantile regression results also show that FDI has a stronger impact on green TFP in less developed regions. This paper believes that the introduction of FDI should be appropriate and should be accompanied by corresponding environmental regulations, in order to promote green TFP in countries around the world. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2191688 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2191688 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2191688 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2190378_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Khai Cong Dinh Author-X-Name-First: Khai Cong Author-X-Name-Last: Dinh Author-Name: Thanh Quang Ngo Author-X-Name-First: Thanh Quang Author-X-Name-Last: Ngo Author-Name: Thi Thu Hien Phan Author-X-Name-First: Thi Thu Hien Author-X-Name-Last: Phan Author-Name: Hoang Viet Linh Author-X-Name-First: Hoang Viet Author-X-Name-Last: Linh Author-Name: Khoa Dang Duong Author-X-Name-First: Khoa Dang Author-X-Name-Last: Duong Author-Name: Tien Van Cao Author-X-Name-First: Tien Van Author-X-Name-Last: Cao Title: What role economic growth and sustainability-oriented innovation play on the level of carbon emission: case of China Abstract: Globally, carbon dioxide (CO2) emission is a significant element of environmental pollution because of corrupt economic activities that requires regulators’ focus and researchers’ emphasis. Hence, the current research evaluates economic growth on CO2 emissions in Chinese economy. The article has taken six factors of economic growth on board along with sustainable innovation to predict CO2 emissions. Secondary data, in this regard, has been used which has been borrowed from World Bank from 1986 to 2020. Augmented Dickey-Fuller test is employed to scrutnize unit root, while QARDL model has been run to identify the association between the constructs. Findings revealed that factors such as gross domestic product, national income, human capital, employment ratio, inflation and exports signifies CO2 emissions, hence are corrupt the environment. While sustainability oriented innovation reduces the emissions. This study monitors the policymakers while formulating regulators related to reducing the level of CO2 emission using economic growth factors and sustainability-oriented eco-innovation. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2190378 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2190378 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2190378 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2271968_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tanja Fatur Šikić Author-X-Name-First: Tanja Author-X-Name-Last: Fatur Šikić Author-Name: Sabina Hodžić Author-X-Name-First: Sabina Author-X-Name-Last: Hodžić Title: Can environmental taxes decrease final energy consumption in the old and new EU countries? Abstract: Despite the harmonisation process within the EU area, there are many economic and political differences among European countries in promoting energy policies. Moreover, the status of implementation of environmental tax reforms in the new EU countries is very different from that in the old EU countries, and the economic and environmental impacts of such taxation are diverse. The objective of this paper was therefore to investigate whether the role of environmental taxes in reducing final energy consumption is the same in old and new EU countries. The analysis was conducted for 16 old and 11 new EU member states over the period 1995–2020 using Pooled Mean Group (PMG) and Mean Group (MG) estimators. The results indicate that environmental taxes have a negative long-term impact on final energy consumption in both groups of countries. However, this impact is much smaller in the new EU countries. Moreover, economic growth and greenhouse gas emissions increase final energy consumption. These results also suggest that in order to achieve climate neutrality by 2050, the new EU countries need to apply some stringent regulations and introduce further institutional and environmental reforms that support increasing the share of clean energy sources in the energy mix. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2271968 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2271968 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2271968 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2263510_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Veronika Hedija Author-X-Name-First: Veronika Author-X-Name-Last: Hedija Title: Gender pay gap in the Czech Republic: focused on management Abstract: The existence of a gender pay gap is well known. This paper focuses on the issue of the pay gap in managerial positions. It aims to examine the development of the gender pay gap in managerial positions in the Czech Republic and to identify the unexplained part of the gender pay gap, which could be an indication of gender pay discrimination. To estimate the unexplained part of the gender pay gap data from the European Union Statistics on Income and Living Conditions (EU-SILC) was used and the Oaxaca-Blinder decomposition was applied. The results show that in the period 2005-2019, the average raw gender pay gap in management was 0.22 and the unexplained part was 0.13, using the Neumark’s variant of the decomposition. Differences in women’s and men’s personal and firm characteristics could explain about one-third of the pay gap. The results also suggest that the situation has not changed much over the period considered and that the unexplained part of the gender pay gap has decreased only slightly between 2005 and 2019. Thus, reducing the gender pay gap remains a major challenge for both economic policy makers and companies in promoting corporate social responsibility policies. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2263510 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2263510 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2263510 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2156576_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Pengpeng Yue Author-X-Name-First: Pengpeng Author-X-Name-Last: Yue Author-Name: Linlin Yu Author-X-Name-First: Linlin Author-X-Name-Last: Yu Author-Name: Jun Zhou Author-X-Name-First: Jun Author-X-Name-Last: Zhou Author-Name: Haigang Zhou Author-X-Name-First: Haigang Author-X-Name-Last: Zhou Title: Peer effects of income in consumption Abstract: This article provides a new perspective of peer effects that coexist in different consumer activities and investigates how consumption of a household is affected by the level of incomes of its peers. Using unique panel data on Chinese households between 2011 and 2019, we explore the causal relationship between peers’ income and household consumption and then analyze plausible mechanisms behind it. We find that the peer effect of income in consumption is significantly positive. Higher level of average income in a reference group is associated with the household’s greater expenditure on consumption and the improvement of consumption structure. There is also evidence that peer household income helps to encourage the household consumption through its impact on household income and peer household consumption. By identifying peers’ income as the average income of other households living in the same region, in the same age group and with the same level of education, our research contributes to the literature on peer effects in consumption, mapping relationships between intragroup income and individual consumption. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2156576 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2156576 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2156576 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2154238_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gong Yan Author-X-Name-First: Gong Author-X-Name-Last: Yan Author-Name: Weijun Bian Author-X-Name-First: Weijun Author-X-Name-Last: Bian Title: The impact of relative energy prices on industrial energy consumption in China: a consideration of inflation costs Abstract: Rapidly changing relative energy prices (R.E.P.) have put pressure on global markets all over the world. Even economic factors must have a high degree of self-sufficiency related to the R.E.P. and increasing consumption and its production costs in consumer sectors of China. This research is based on R.E.P. impact on the industrial energy consumption (E.C.) of the Chinese economy. The key dependent and independent variables employed for this purpose were R.E.P.s, consumption price index (C.P.I.), inflation expenses, and so on. The R-square test between R.E.P.s and industrial consumption sectors (C.S.), f-statistical analysis, graphical analysis, and a summary of the Model and its analysis were utilised for this aim. Results run from the P.L.S. software and data collected from the World Bank, and world indicators also collect data from different websites. Data form is secondary and is based-on frequency panel data for 1990 to 2019. Results concluded that the impact of R.E.P.s is fast growing on the E.C. of China and is positively related with the consumer prices index. The contribution of this research is the comprehensive review of the existing and potential markets and services. The assistance can be mainly found in the study on the distribution network reliability service. The change in energy policies considering the different countries must be highly changing on imported energy which occurs high self-sufficiently. This examination of R.E.P.s and index relates to China. The results indicate a significant impact between industry E.C. and R.E.P.s. Therefore, this research is more reliable due to the literature and enhances the knowledge related to the study of relative consumption energy prices in energy industries. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2154238 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2154238 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2154238 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2217892_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Waseem Bahadur Author-X-Name-First: Waseem Author-X-Name-Last: Bahadur Author-Name: Ahsan Ali Author-X-Name-First: Ahsan Author-X-Name-Last: Ali Title: Investigating the effect of service quality dimensions on travellers’ satisfaction with couchsurfing accommodation and subjective well-being in a sharing economy Abstract: This study examines service quality dimensions that influence travellers’ satisfaction with peer-to-peer (P2P) accommodations and their subjective well-being in a sharing economy. Structured equation modelling was used to test the model based on an online survey of 183 couchsurfers with prior Couchsurfing experience. According to the findings, assurance and convenience significantly impacted travellers’ satisfaction with Couchsurfing accommodations. Furthermore, the findings revealed that couchsurfers had low expectations for tangibles, followed by adequacy service supply and understanding and caring regarding network lodgings. Besides, satisfaction with Couchsurfing accommodation positively influenced travellers’ subjective well-being, and satisfaction mediates the relationship between service quality and subjective well-being. Results showed that tangibles, adequacy service supply, and understanding and caring are not significant for couchsurfers because Couchsurfing focuses primarily on free hosting of couchsurfers and developing social networking between hosts and guests rather than providing amenities. Furthermore, the paper suggests that focusing on assurance and improving the Couchsurfing platform’s reviews and profiles system can increase trust among couchsurfers, contributing to a better travel experience. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2217892 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2217892 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2217892 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2264369_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marianna Mauro Author-X-Name-First: Marianna Author-X-Name-Last: Mauro Author-Name: Monica Giancotti Author-X-Name-First: Monica Author-X-Name-Last: Giancotti Author-Name: Vito Pipitone Author-X-Name-First: Vito Author-X-Name-Last: Pipitone Author-Name: Riccardo Tiscini Author-X-Name-First: Riccardo Author-X-Name-Last: Tiscini Title: Covid-19 on stock market performance: evidence from Italy Abstract: This paper has explored the impact of the Covid-19 pandemic on the Italian stock market at an industry level, analysing companies listed in the two major stock indexes: MIB 30 and STAR. Using daily firm-level stock prices (from December 2019, until October 31, 2020), we employed an event-study approach to analyse short-term stock market reactions, considering different pandemic windows period. Results showed that stocks reacted negatively to the announcement of the first case in the country, with deep reversal effects when the country was locked down. Monetary policy measures showed potential to ease stock markets: the announcement of Next Generation Agreement highlights the reversed role of Market Capitalization. Firm-specific variables were included in order to make inferences about firm characteristics that emerged as value drivers during the pandemic: in the first lockdown period, a greater company’s capitalization ensured a greater resilience to the Covid-19 shock. Reversals at both an industry and a company level are observed. Results allow to understand how an outbreak of contagious disease affects stock returns in various sectors, helping investors to develop trading strategies to protect their wealth from future epidemics and providing inputs into the assessment of economic vulnerability to pandemic crises. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2264369 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2264369 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2264369 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2185795_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ruohan Sun Author-X-Name-First: Ruohan Author-X-Name-Last: Sun Author-Name: Bing Zhang Author-X-Name-First: Bing Author-X-Name-Last: Zhang Title: Can fintech make corporate investments more efficient? A study on financing constraints and agency conflicts Abstract: This study investigates the impact of fintech development on corporate investment efficiency from the dual perspectives of financial constraints and agency conflicts, based on data from Chinese A-share listed corporations and 293 cities’ fintech development levels from 2011 to 2020. The results of the study show that fintech makes corporate investments more efficient and that this beneficial impact is long-term; as fintech develops, it plays a greater role in increasing corporate investment efficiency. Based on heterogeneity research, the effect of fintech in boosting corporate investment efficiency is more pronounced in non-states, growth periods, and corporations with weaker internal and external governance. From both aspects of inefficient investment, fintech alleviates under-investment and inhibits over-investment, with a higher inhibitory effect on over-investment. Through a mechanism analysis, we found that fintech has a stronger mitigating effect on under-investment in corporations with higher financing constraints and a stronger inhibiting effect on over-investment in corporations with larger agency conflicts. The conclusions of this study provide critical information for promoting fintech adaptation to corporate needs and high-quality economic development. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2185795 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2185795 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2185795 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2194954_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xiaoshu Sun Author-X-Name-First: Xiaoshu Author-X-Name-Last: Sun Author-Name: Xianming Kuang Author-X-Name-First: Xianming Author-X-Name-Last: Kuang Title: Will advances in digital technology reduce the rural-urban income gap? Abstract: The booming development of digital technology has promoted economic growth and a new round of growth in the income levels of residents. However, the uneven development of digital technology and the existence of the digital divide have led to the fact that urban and rural residents do not enjoy the dividends of income growth brought by digital technology equally. This paper analyzes the relationship between digital technology and the urban-rural income gap and finds that the development of digital technology will narrow the urban-rural income gap, but it shows a non-linear "inverted U-shaped" trend. At the same time, the current level of digital technology is still low and has not yet crossed the inflection point of the "inverted U-shaped" curve. With the continued development of digital technology at its current level, the urban-rural income gap will further widen. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2194954 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2194954 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2194954 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2277275_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Miao Miao Author-X-Name-First: Miao Author-X-Name-Last: Miao Author-Name: Muhammad Irfan Khan Author-X-Name-First: Muhammad Irfan Author-X-Name-Last: Khan Author-Name: Saghir Pervaiz Ghauri Author-X-Name-First: Saghir Pervaiz Author-X-Name-Last: Ghauri Author-Name: Syed Imran Zaman Author-X-Name-First: Syed Imran Author-X-Name-Last: Zaman Title: The effect of corporate governance on firm performance: perspectives from an emerging market Abstract: The aim of this research is to inspect whether Corporate Governance (CG) attributes such as Audit Meeting Frequency, Ownership Concentration, Board Meeting Frequency, Foreign Ownership, Institutional Ownership, Board Gender Diversity, Audit Committee Size, Board Size, Audit Reputation and CEO Compensation affect firms’ performance in Pakistan. This research employed the pooled least square method to estimate the association among attributed of CG and firm performance measures (Return on Asset and Tobin’s Q) by selecting the Cement Sector and Energy sector companies listed in Pakistan Stock Exchange (PSX) during 2009–2022. A substantial result is that the energy sector’s CG system does not differ from the cement sector. Tobin’s Q is lesser than ROA, suggesting the same condition as companies in the cement sector. On average, firms in the energy sector are older than the firms in the cement sector. It contradicts the result of profitability proxies of the energy sector. Being older firms, the profitability proxies show lower returns as compared to cement sector firms. Pakistan needs a uniform CG code and the need for good CG practices for specific approaches of firms. This study enhances the literature in CG domain by investigating the impact of CG processes in Pakistani firm’s performance. In Pakistan, there are studies available on the topic but the comparison between the selected two industries with such a large data set are the unique elements of the current research. In prior studies, the time interval was also short, only five years. Further, the firm performance was measured by an accounting-based tool and did not include a market-based tool for performance, as well as variables for CG were also limited. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2277275 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2277275 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2277275 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2190796_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Massoud Moslehpour Author-X-Name-First: Massoud Author-X-Name-Last: Moslehpour Author-Name: Talla M. Aldeehani Author-X-Name-First: Talla M. Author-X-Name-Last: Aldeehani Author-Name: Amena Sibghatullah Author-X-Name-First: Amena Author-X-Name-Last: Sibghatullah Author-Name: Tran Duc Tai Author-X-Name-First: Tran Duc Author-X-Name-Last: Tai Author-Name: Thi Thu Hien Phan Author-X-Name-First: Thi Thu Hien Author-X-Name-Last: Phan Author-Name: Thanh Quang Ngo Author-X-Name-First: Thanh Quang Author-X-Name-Last: Ngo Title: Dynamic association between technological advancement, green finance, energy efficiency and sustainable development: evidence from Vietnam Abstract: GHG emissions growth of Vietnam is highest all over the globe and the carbon intensity of this economy is considered second highest in Asian economies. As the energy intensity level is rising constantly, thereby, the predictions indicate that Vietnam will become highest GHG emission in the region. In order to address the issue, the current article aims to investigate the impact of green finance, technology advancement, energy efficiency, industrialization, and population growth on sustainable development in Vietnamese context. The time chosen for the study is 1991 to 2020. The study has used the Dynamic Auto-regressive Distributed Lags (DARDL) and the Bayesian Auto-regressive Distributed Lags (BARDL) model for data analysis. Findings exposed that green finance, technology advancement, REO, REC, industrialization, and population growth all are positively connected with sustainable development. The study guides the regulators in establishing regulations related to sustainable development through the adoption of green finance, energy, and technology. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2190796 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2190796 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2190796 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2150256_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jun Han Author-X-Name-First: Jun Author-X-Name-Last: Han Author-Name: Shicheng Jiang Author-X-Name-First: Shicheng Author-X-Name-Last: Jiang Title: Which is important?—the economy or people’s livelihood Abstract: The adjustment of industrial structure not only is an important driving force of economic development but also affects the income gap between urban and rural areas through the effect of resource allocation. Based on this, this article constructs an index of the adjustment range and adjustment quality of the industrial structure. The results show that the adjustment of industrial structure in the eastern region has significantly promoted economic catch-up but inhibited the widening of the income gap between urban and rural areas. The adjustment range and quality of industrial structure in central China has promoted economic catch-up, but the adjustment quality has inhibited economic catch-up. In the western region, the adjustment range and quality of the industrial structure have restrained the regional economy from catching up and expanding the income gap between urban and rural areas. In the eastern and central regions, economic catch-up and the narrowing of the urban-rural income gap significantly promote each other, while in the western region, economic catch-up and the urban-rural income gap significantly promote each other. This shows that both economic development and people’s livelihood improvement can be achieved in economically developed areas but not in underdeveloped areas. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2150256 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2150256 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2150256 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2183229_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Meng Qin Author-X-Name-First: Meng Author-X-Name-Last: Qin Author-Name: Chi-Wei Su Author-X-Name-First: Chi-Wei Author-X-Name-Last: Su Author-Name: Oana-Ramona Lobonţ Author-X-Name-First: Oana-Ramona Author-X-Name-Last: Lobonţ Author-Name: Nicoleta-Claudia Moldovan Author-X-Name-First: Nicoleta-Claudia Author-X-Name-Last: Moldovan Title: Does global supply chain pressure motivate the gold market? Abstract: Analyzing the gold market through a new perspective is crucial to forming a rational investment arrangement. This investigation utilizes the bootstrap full- and sub-sample techniques to probe the correlation between global supply chain pressure (GSCP) and the gold price (GP), further evidence of whether global supply chain pressure could motivate the gold market. The conclusions suggest that GSCP has positive and negative effects on GP. The positive influences indicate that intensifying GSCP might raise the safe-haven demand for gold to avert potential risks and uncertainties, underlining that global supply chain pressure could motivate the gold market, whereas low GSCP may decrease this incentive. However, the negative effect could not support the above opinion, which points out that the appreciation of U.S. dollars might weaken the hedging ability of gold. Conversely, GP negatively impacts GSCP, meaning that the gold bull market may stabilize the global supply chain, especially during economic crises. Against the aggravated Russia-Ukraine war and the severe global supply chain crisis, practical implications for consumers, investors, enterprises, and related economies could be put forward according to the above conclusions. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2183229 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2183229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2183229 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2183420_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Raquel Fernández-González Author-X-Name-First: Raquel Author-X-Name-Last: Fernández-González Author-Name: Félix Puime-Guillén Author-X-Name-First: Félix Author-X-Name-Last: Puime-Guillén Author-Name: Nataša Tandir Author-X-Name-First: Nataša Author-X-Name-Last: Tandir Author-Name: Francisco Rodríguez de Prado Author-X-Name-First: Francisco Author-X-Name-Last: Rodríguez de Prado Title: Sustainability, investment strategy, and governance: evaluation of wind energy sector in North-West Spain Abstract: Climate change is one of the greatest challenges humanity faces globally. For this reason, governmental efforts to reduce emissions of polluting gases have multiplied in the last decade. Against this panorama, petroleum companies have adopted a strategic policy focused on energy diversification, intending to contribute to sustainable development. In the case of Spain, wind energy has been one of the renewable energies that have attracted the most investment from petroleum companies. In particular, this trend is especially acute in Galicia (a region located in the northwest of Spain), since its biophysical conditions and, above all, its institutional framework for the promotion of photovoltaic energy has aroused the interest of petroleum companies. The objective of this article is to perform a feasibility analysis of an average wind project in Galicia. through the calculation of the initial investment, the necessary financing, and the preparation of balance sheets and profit and loss accounts. For this purpose, the methodology used is based on the preparation of a feasibility plan, through which the necessary investment is analyzed and the flows of receipts and payments generated by the company are considered. In this way, this analysis is intended to be useful for companies that are considering the appropriateness/inappropriateness to carry out this type of investment. The results show a high internal rate of return, which indicates the high profitability of the project. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2183420 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2183420 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2183420 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2188238_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Haishi Li Author-X-Name-First: Haishi Author-X-Name-Last: Li Author-Name: Hafiz Muhammad Arslan Author-X-Name-First: Hafiz Muhammad Author-X-Name-Last: Arslan Author-Name: Gehan A. Mousa Author-X-Name-First: Gehan A. Author-X-Name-Last: Mousa Author-Name: Bilal Author-X-Name-First: Author-X-Name-Last: Bilal Author-Name: Ali Abbas Author-X-Name-First: Ali Author-X-Name-Last: Abbas Author-Name: Rocky J. Dwyer Author-X-Name-First: Rocky J. Author-X-Name-Last: Dwyer Title: Exploring sustainability disclosures in family firms: a bibliometric analysis Abstract: Families own two-thirds of the world’s private businesses. It is an organizational model that has succeeded in various sizes, both small and large publicly listed companies. This study aims to explore the developments in sustainability reporting for family firms. The current study employs bibliometric analysis to examine family firms’ sustainability literature’s conceptual structure and influential aspects. Our study recruited 131 research documents from 2004 to 2021 based on our inclusion criteria. The findings from the conceptual analysis, the co-occurrence network of keywords analysis yields three clusters: CSR disclosures and corporate governance in family firms of emerging economics (red cluster), while red and green clusters focus on environmental performance, earnings management, and corporate governance in family firms. Our study has also highlighted the influential aspects of sustainability in family firms’ literature. Our findings have significant implications for researchers and policymakers. Our findings could be helpful to both family businesses and sustainability researchers. The study contributes to the business literature by illuminating the new research directions in sustainability reporting by family firms using bibliometric techniques. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2188238 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2188238 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2188238 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2275582_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Frank Ranganai Matenda Author-X-Name-First: Frank Ranganai Author-X-Name-Last: Matenda Author-Name: Mabutho Sibanda Author-X-Name-First: Mabutho Author-X-Name-Last: Sibanda Title: The influence of entrepreneurship on economic growth in BRICS economies Abstract: This study employs correlation analysis and a fixed effects model premised on indexes extracted through principal component analysis to assess the effects of entrepreneurial attitudes and behaviour, and entrepreneurial framework conditions (EFCs) on economic growth in BRICS economies. For purposes of effectiveness, a panel dataset for entrepreneurial attitudes and behaviour, and EFCs indicators is pooled from the Global Entrepreneurship Monitor website, and one for gross domestic product (GDP) per capita, a proxy for economic growth, is sourced from the World Bank website over the period 2001-2021. The study reveals that there are statistically significant negative correlations between GDP per capita and ‘entrepreneurial intentions rate’, ‘perceived capabilities rate’, ‘perceived opportunities rate’, ‘governmental support and policies’, ‘taxes and bureaucracy’, ‘governmental programmes’, ‘internal market openness’, ‘physical and services infrastructure’ and ‘cultural and social norms’. Furthermore, entrepreneurial attitudes and behaviour positively impact GDP per capita, whereas EFCs have no significant influence on GDP per capita in BRICS economies. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2275582 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2275582 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2275582 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2166555_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Fan Bu Author-X-Name-First: Fan Author-X-Name-Last: Bu Title: Effects of ‘social’ environmental stability and entrepreneurial parameters in assessing the relationship among entrepreneurship, green innovation, and strategic orientation: an entrepreneur development of documentary Abstract: Sustainable entrepreneurship is essential for solving the issue of economic and social stability. This paper is about the determinants of entrepreneurship among green innovation and strategic innovation. The research studies the communication and R&D variables that impact entrepreneurship development. The literature shows that green innovation is vital in developing strategic orientation. Entrepreneurship must work on R&D to gain economic and social stability. Entrepreneurship development is a dependent variable, and communication and R&D are independent variables. This paper evaluates the performance of Multiple Linear Regression (MLR) and the Artificial Neural Network Regression (ANN) approach for estimating entrepreneurship development (ED) in China from 2000 to 2021. For this work, nine independent variables related to entrepreneurial development were selected, which include CO2 emissions (CO2), GDP growth (GDP), Total greenhouse gas emissions (GHG), Computer, communications, and other services (CCS), Nitrous oxide emissions (NO2), Personal remittances, received (PRR), Research and development expenditure (R&D), New businesses registered (NBR), and patents in environment-related technologies (PERT). Data were gathered from the World Bank (WB) official data bank portal. The highest correlation (−0.85 and −0.71) with ED was observed with GHG, followed by a strong correlation with R & D. The MLR model generated 0.78 R2 (error = 0.26) whereas the ANN model produces 0.83 R2 (error = 0.01). The results of the ANN showed that the association among parameters is strong. Ten input variables and 15 hidden neurons were used to estimate the dependent variable. The process took 87 steps, and the optimum result had a Sum of Square Error of 0.001.The top 5 essential variables are NO, NBR, GHG, R&D, and CO2. The least essential variables are PPR and CCS, respectively, with the lowest variable importance (VI) score. This work is unique in the sense that it covers the research gap with new advanced techniques (ANN) applied to time series data. We believe the idea that we developed is a novel approach for social scientists, entrepreneurial development, social stability, and a sustainable environment. The findings of this research can benefit entrepreneurs in many different ways. By understanding the effects of social environmental stability on their success, entrepreneurs can better tailor their strategies to ensure they get the best possible results. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2166555 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2166555 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2166555 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2164866_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yingying Xu Author-X-Name-First: Yingying Author-X-Name-Last: Xu Author-Name: Bolun Fan Author-X-Name-First: Bolun Author-X-Name-Last: Fan Author-Name: Zhixin Liu Author-X-Name-First: Zhixin Author-X-Name-Last: Liu Author-Name: Yueqiang Zhao Author-X-Name-First: Yueqiang Author-X-Name-Last: Zhao Author-Name: Adelina Dumitrescu Peculea Author-X-Name-First: Adelina Dumitrescu Author-X-Name-Last: Peculea Title: The intertemporal substitution effect of energy consumption under climate policy changes Abstract: Based on the intertemporal substitution effect, the high inflation expectations can stimulate agents to consume now rather than in the future. However, under the background of global climate policy changes, how inflation expectations affect energy consumption? Using the bootstrap Granger full-sample causality test and sub-sample rolling window tests, this study examines the intertemporal substitution effect of energy consumption in the U.S. The results based on the full-sample data indicate no causality between inflation expectations and energy consumption, which suggests that the intertemporal substitution effect of energy consumption does not exist. Nevertheless, the rolling window method which estimates a time-varying causality identifies a short-lived positive effects of inflation expectations on energy consumption in a distinct sub-period before the global Paris agreement, but disappears since then. Therefore, the intertemporal substitution effect regarding energy consumption does not exist under the background of pressing carbon targets. The effects of energy consumption on inflation expectations can be positive or negative, which tells a cautionary tale about climate policies aiming at engineering lower carbon emissions. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2164866 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2164866 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2164866 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2159849_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Madad Ali Author-X-Name-First: Madad Author-X-Name-Last: Ali Author-Name: Muhammad Irfan Author-X-Name-First: Muhammad Author-X-Name-Last: Irfan Author-Name: Ilknur Ozturk Author-X-Name-First: Ilknur Author-X-Name-Last: Ozturk Author-Name: Abdul Rauf Author-X-Name-First: Abdul Author-X-Name-Last: Rauf Title: Modeling public acceptance of renewable energy deployment: a pathway towards green revolution Abstract: Renewable energy adoption is a complicated process that is influenced by a multitude of different factors. Previous studies seldom examine the social acceptance of renewable energy from the Chinese perspective in Shandong province. To bridge this gap, comprehensive research is crucial to find the public attitude towards renewable energy. We extended the theory of planned behavior by incorporating three additional factors, i.e., risk perception, environmental concern, and belief about renewable energy costs. A questionnaire survey was conducted in the four major cities of Shandong province. The Logit model was used to determine possible factors affecting public acceptance. Research findings reveal that residents significantly support renewable energy regarding its positive environmental impact. Individuals’ education, personal income, awareness and belief of renewable energy consumption cost positively affect their intention to utilize renewable energy, as the willingness to pay increases with an increase in these factors while decreasing with individuals’ age. Young people with higher education and income are willing to pay extra for green energy. Research results emphasized the importance of enhancing public awareness and highlighting renewable energy benefits to win public acceptance of renewable energy deployment. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2159849 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2159849 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2159849 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2218473_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Beata Zyznarska-Dworczak Author-X-Name-First: Beata Author-X-Name-Last: Zyznarska-Dworczak Author-Name: Justyna Fijałkowska Author-X-Name-First: Justyna Author-X-Name-Last: Fijałkowska Author-Name: Przemysław Garsztka Author-X-Name-First: Przemysław Author-X-Name-Last: Garsztka Author-Name: Ivana Mamić Sačer Author-X-Name-First: Ivana Author-X-Name-Last: Mamić Sačer Author-Name: Daša Mokošová Author-X-Name-First: Daša Author-X-Name-Last: Mokošová Author-Name: Maria-Silvia Săndulescu Author-X-Name-First: Maria-Silvia Author-X-Name-Last: Săndulescu Title: Sustainability performance efficiency in the banking sector Abstract: Traditional sustainability reporting is based on an internally developed methodology and does not fully cope with the sustainability performance evaluation, especially from an external perspective. This study aims to fill this gap by offering a tool that may be used to assess the company’s performance based on the results presented to external users. For this purpose, a two-stage data envelopment analysis (DEA) is proposed, that enables a comparison of the sustainability performance disclosed in non-financial reports in the banking industry in Poland, Croatia, and Romania. The findings of our study identify differences between the efficiency of sustainability performance in the banking sectors of all three countries. The proposed approach to compare hard-to-compare sustainability performance may significantly contribute to the decision-making process for stakeholders and, therefore, to the advancement of sustainability performance measurement research. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2218473 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2218473 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2218473 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2185792_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jorge Fernández-Vidal Author-X-Name-First: Jorge Author-X-Name-Last: Fernández-Vidal Author-Name: Reyes González Author-X-Name-First: Reyes Author-X-Name-Last: González Author-Name: Jose Gasco Author-X-Name-First: Jose Author-X-Name-Last: Gasco Author-Name: Juan Llopis Author-X-Name-First: Juan Author-X-Name-Last: Llopis Title: A case study of corporate diversification and vertical integration in Africa Abstract: Africa is home to some of the world’s most original, resilient, and remarkable companies. The singular challenges and opportunities of the continent’s economic environment have given rise to idiosyncratic strategies and business models. However, there is a notable absence of studies on African companies. While there are numerous noteworthy companies in Africa, there are few as relevant, successful, and influential as the Dangote Group. This paper aims to add to the limited literature in the area by analyzing the business model and strategic choices of Dangote Cement, the Group’s flagship business and one of Africa’s industrial giants. In particular, it explores its corporate diversification and vertical integration strategies, which are at the core of its success. This article is based on 7 interviews with internal and external Dangote stakeholders and a detailed questionnaire completed by the Strategy Department of the firm, together with public data of the company. While the topics of diversification and integration have been studied in multiple contexts, this article provides an original perspective by applying existing research and management thinking to the specific business environment of Africa. This paper explores how and why Dangote Cement diversifies and how it identifies and integrates the advantages and disadvantages of its strategic choices. We believe it provides an original perspective that furthers our limited collective understanding of and research on strategic practices in Africa, the world’s last business academic frontier. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2185792 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2185792 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2185792 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2153152_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jianrun Wang Author-X-Name-First: Jianrun Author-X-Name-Last: Wang Author-Name: Muhammad Ramzan Author-X-Name-First: Muhammad Author-X-Name-Last: Ramzan Author-Name: Raufhon Salahodjaev Author-X-Name-First: Raufhon Author-X-Name-Last: Salahodjaev Author-Name: Muhammad Hafeez Author-X-Name-First: Muhammad Author-X-Name-Last: Hafeez Author-Name: Jihua Song Author-X-Name-First: Jihua Author-X-Name-Last: Song Title: Does financial globalisation matter for environmental quality? A sustainability perspective of Asian economies Abstract: The study aims to explore the asymmetric impact of financial globalisation on renewable CO2 emissions for selected Asian economies for a time span from 1990 to 2019. A sample of 35 economies is selected on the basis of the availability of data. To get the estimates of the variables, the analysis has applied FMOLS and DOLS estimation methods. The linear estimate of financial globalisation in the FMOLS model is negative and significant but positive and insignificant in the DOLS model. The estimates attached to positive financial globalisation are negatively significant in both FMOLS and DOLS models, implying that an increase in financial globalisation causes the environmental quality to improve. Similarly, the estimates attached to negative financial globalisation in both FMOLS and DOLS are negative and suggest that a fall in financial globalisation causes the environmental quality to deteriorate. The magnitudes of positive and negative changes are different; hence, they have a significantly different impact on environmental quality. The robust results clearly indicate that the effects of financial globalisation on CO2 emissions are asymmetric. Therefore, the policymakers should focus on positive as well as negative changes in financial globalisation while considering the impact of financial globalisation on CO2 emissions in Asian regions. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2153152 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2153152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2153152 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2160998_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sampson B. Narteh-Yoe Author-X-Name-First: Sampson B. Author-X-Name-Last: Narteh-Yoe Author-Name: Justice G. Djokoto Author-X-Name-First: Justice G. Author-X-Name-Last: Djokoto Author-Name: Paragon Pomeyie Author-X-Name-First: Paragon Author-X-Name-Last: Pomeyie Title: Aid, domestic and foreign direct investment in small states Abstract: Small States (SS) are economies whose population barely exceeds 1.5 million. Their small population size, small land size and location, mostly on coastal or Islands may act as a disadvantage to their rapid economic growth and makes them susceptible to the effects of external economic issues. Notwithstanding the disadvantages, some of them have enjoyed rapid growth over time and are classified as developed nations. This study examines the effect of aid, foreign direct investment (FDI) and domestic investment (DI) on economic growth in SS. Among SS, aid hurts the economic progress in underdeveloped countries. However, DI and FDI have a favourable impact on economic growth. In developed SS, aid, DI and FDI independently do not positively influence economic growth, however, aid with FDI, aid with trade openness and aid with domestic investment and FDI promoted growth. In the total sample (developed and developing SS), aid discourages economic growth, but FDI and DI enhance economic growth. Also, aid together with FDI positively affects economic growth. Policies should therefore be directed at moving from accepting ‘consumption aid’ to ‘productive aid’, increasing the amount of net FDI and increase in DI. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2160998 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2160998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2160998 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2222306_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sonia Lohana Author-X-Name-First: Sonia Author-X-Name-Last: Lohana Author-Name: Muhammad Imran Author-X-Name-First: Muhammad Author-X-Name-Last: Imran Author-Name: Ahmed Harouache Author-X-Name-First: Ahmed Author-X-Name-Last: Harouache Author-Name: Aysha Sadia Author-X-Name-First: Aysha Author-X-Name-Last: Sadia Author-Name: Zahoor Ur Rehman Author-X-Name-First: Zahoor Author-X-Name-Last: Ur Rehman Title: Impact of environment, culture, and sports tourism on the economy: a mediation-moderation model Abstract: The aim of this study is to investigate the direct relationship between the environment, culture, sports tourism and economy. Additionally, in this study, we have used sports tourism as a mediating variable in the relationship between environment, culture, and economy. Moreover, the moderating role of the destination image in the proposed relationships is examined. To validate the model, data obtained from 373 Malaysian Ministry of Tourism, Arts, and Culture employees is incorporated into structural equation modeling (SEM), PLS 4. According to the findings of this study, there is a positive and significant relationship between the environment, culture, sports tourism and the economy. Additionally, sports tourism mediates the relationship between the environment, culture, and a country’s economy. Interestingly, the study also found that destination image does not moderate the relationship between sports tourism and the economy. Overall, these findings highlight the importance of a healthy and culturally rich environment and the potential benefits of sports tourism for the economy. The findings of this research have important implications for policymakers and can be helpfully used in the tourism industry. In practical implications, fostering a healthy environment, preserving cultural heritage, and promoting sports tourism and destination image can boost the country’s economy. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2222306 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2222306 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2222306 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2155860_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yu Qian Author-X-Name-First: Yu Author-X-Name-Last: Qian Author-Name: Zeshui Xu Author-X-Name-First: Zeshui Author-X-Name-Last: Xu Author-Name: Xunjie Gou Author-X-Name-First: Xunjie Author-X-Name-Last: Gou Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Title: A survey on energy justice: a critical review of the literature Abstract: The increasing scarcity of resources and the escalating complexity of reality make the fairness ensuring in energy activities even more difficult. In this context, energy justice, as an emerging cross-field, tries to provide solutions based on practical problems. In the face of the surge of energy justice publications, it is necessary to review them in time, so that we can comprehend the significant achievements and the research directions worthy of further exploration. With the help of visualization tools, this paper conducts a comprehensive quantitative analysis of 1,910 energy justice publications. Based on the results, we reach the following main conclusions: (1) The energy justice publications have only emerged rapidly in recent years; (2) The research hotspots are closely related to the renewable energy transition; (3) The distribution of prominent contributors in this field is relatively concentrated. The main contribution of this study is to comprehensively display the essential characteristics of the literature in this field, such as the evolutions of research themes and the performances of research contributors in different dimensions, so as to provide readers with an effective way to understand the knowledge structure in this field, and help related researchers rationally examine the existing results. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2155860 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2155860 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2155860 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2271033_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Qingxin Lan Author-X-Name-First: Qingxin Author-X-Name-Last: Lan Author-Name: Wan Tang Author-X-Name-First: Wan Author-X-Name-Last: Tang Title: Research on the impact of digital economy on industrial green total factor productivity—analysis based on Chinese provinces Abstract: Against the background of booming digital economy growth and the perspective of industrial green transformation, this article empirically evaluates the impact of digital economy on industrial green total factor productivity (GTFP) based on provincial-level panel data in China from 2010 to 2020. First, this article calculates the digital economy index (DEI) and industrial GTFP, analyzes the regional development characteristics of the two, and finds that the growth of digital economy and industrial GTFP is unbalanced, basically showing the east high and west low distribution. Then, empirically examines the impact of digital economy on industrial GTFP and finds that digital economy can significantly improve industrial GTFP, with obvious regional variability. Finally, the threshold model regression reveals that this promotion effect has a threshold effect, which gradually weakened as the DEI value crosses the corresponding threshold value. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2271033 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2271033 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2271033 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2155859_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carlos Alberto Pérez-Rivero Author-X-Name-First: Carlos Alberto Author-X-Name-Last: Pérez-Rivero Author-Name: María de la Mercedes de Obesso Author-X-Name-First: María de la Mercedes Author-X-Name-Last: de Obesso Author-Name: Margarita Núñez-Canal Author-X-Name-First: Margarita Author-X-Name-Last: Núñez-Canal Title: Digital competence among university professors: analysis of the impact of the COVID crisis Abstract: The digital revolution and the consequences of COVID-19 have had a significant impact on higher education. The need to develop digital competences, especially among educators and within the entire university system, has become a priority. Furthermore, due to the change of habits required by technology, digitization has entailed a great effort by professors. Until March 2020, the development of digital competence had been increasing gradually. However, its evolution has experienced a qualitative leap due to the impact of the COVID crisis, which forced all education to be delivered initially online, and later in hybrid form. Several theoretical models have been used to determine the digital competence of professors and its impact on student learning. The European Framework for Digital Competence of Educators (DigCompEdu) model is applied in this research. It defines the digital competence of professors in six areas comprising 22 competences, all categorized under three main headings. A survey with 271 university professors has provided the quantitative data analysis for the findings. The results will help to analyze professors’ digital competence evolution showing that self-perception has improved by 51%, which is significant. Finally, some conclusions regarding training and investment in universities are considered from the study results. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2155859 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2155859 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2155859 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2218461_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Weiwei Han Author-X-Name-First: Weiwei Author-X-Name-Last: Han Author-Name: Fangying Yuan Author-X-Name-First: Fangying Author-X-Name-Last: Yuan Author-Name: Chuming Wang Author-X-Name-First: Chuming Author-X-Name-Last: Wang Author-Name: Dongqing Luan Author-X-Name-First: Dongqing Author-X-Name-Last: Luan Author-Name: Hong Wang Author-X-Name-First: Hong Author-X-Name-Last: Wang Title: The impact of carbon risk on real earnings management Abstract: Carbon risk has aroused widespread concern in society. With the implementation of carbon policy and the development of carbon market, the research on the impact of carbon risk on corporate financial behavior has become an important academic frontier issue. We examine the impact of carbon risk on firms’ real earnings management before and after the Paris climate change agreement, signed by China in 2016. A difference-in-differences model is deployed by using a sample of Chinese A-share listed companies. We find that high-carbon-intensive firms engage in significant upward real earnings management compared to low-carbon-intensive firms to offset the negative impact of carbon risk by conveying the message of good corporate development to investors after signing the Paris Agreement. The above research findings still hold after the robustness tests. Further heterogeneity analyses show that the impact of carbon risk on firms’ real earnings management is greater in the sample of non-state-owned firms. The above impact is more significant in firms with weaker corporate governance, implying that strong corporate governance constrains managers from engaging in real earnings management. Therefore, policymakers and regulators should pay attention to the ‘strategic response’ to earnings management of carbon-intensive firms, taking into account the nature of property rights, corporate governance to reasonably improve the policy design and regulatory direction. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2218461 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2218461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2218461 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2186909_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xiaoyun Wang Author-X-Name-First: Xiaoyun Author-X-Name-Last: Wang Author-Name: Xiangyu Wang Author-X-Name-First: Xiangyu Author-X-Name-Last: Wang Title: Insights into entrepreneurship: impact of entrepreneur psychological capital and employee well-being on business sustainable performance during and post-Covid-19 era Abstract: Since Covid-19 is an enduring disease that pushed the world to reshape business strategies to overcome the unprecedented situations in all sectors such as the sports industry. Although substantial research has been carried out to inspect this phenomenon globally. Nevertheless, how entrepreneurial initiatives can contribute to tackling the situation is still lacking. This study attempts to uncover the relationships between entrepreneur psychological capital (EPC) and business sustainable performance (BSF). Second, this study strives to reveal the relationships between employee wellbeing (EWb) and BSP. In addition, education is treated as a moderating factor to unfold the relationships among factors, i.e., EPC, EWb, and BSF. Data were collected from eight hundred (n = 800) participants who were associated with the Chinese sports industry from March to July 2022. The results demonstrated interesting and fruitful findings based on SEM statistical model. First, a positive connection was found between EPC and BSF. Second, it found a positive link between EWb and BSF. Finally, the study highlighted a significant moderating impact of education among implicit relationships, i.e., EPC, EWb, and BSF. This study provides insights into entrepreneurship, entrepreneur psychological capital, and employee wellbeing on how it can optimize the performance of a business during and post-Covid-19 era. Besides, certain shortcomings along with future potential lines are reported for future researchers. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2186909 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2186909 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2186909 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2164034_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yuyu Zhan Author-X-Name-First: Yuyu Author-X-Name-Last: Zhan Author-Name: Yuan Wang Author-X-Name-First: Yuan Author-X-Name-Last: Wang Author-Name: Yifan Zhong Author-X-Name-First: Yifan Author-X-Name-Last: Zhong Title: Effects of green finance and financial innovation on environmental quality: new empirical evidence from China Abstract: Sustainable development pursues equilibrium between the environment, economic growth, and quality of life. Currently, in many economies, environmental pollution has become a critical issue. The financial sector development has played a crucial role in developing every sector of the economy by providing necessary funds, and the environment sector is no exception. Therefore, we aim to investigate the impact of green finance and financial innovation on the environmental status in China from 1996 to 2020. To analyze the finance-environment nexus, we have employed the ARDL model. Findings of the ARDL model confirm that the long-run estimates attached to green finance are significantly negative in both the CO2 emissions and GHGs models. Similarly, the long-run estimates of financial innovation are negative and significant in the CO2 emissions and GHGs models. These results imply that an increase in green finance and financial innovation reduces China’s CO2 emissions and GHGs emissions. Thus, environmental performance improves. In the short run, only the green finance impact is significant and negative on CO2 emissions and GHGs models. The results recommend some vital policy implications. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2164034 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2164034 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2164034 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2165525_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Paulo Rotella Junior Author-X-Name-First: Paulo Author-X-Name-Last: Rotella Junior Author-Name: Luiz Célio Souza Rocha Author-X-Name-First: Luiz Célio Souza Author-X-Name-Last: Rocha Author-Name: Rogério Santana Peruchi Author-X-Name-First: Rogério Santana Author-X-Name-Last: Peruchi Author-Name: Giancarlo Aquila Author-X-Name-First: Giancarlo Author-X-Name-Last: Aquila Author-Name: Edson de Oliveira Pamplona Author-X-Name-First: Edson de Oliveira Author-X-Name-Last: Pamplona Author-Name: Karel Janda Author-X-Name-First: Karel Author-X-Name-Last: Janda Author-Name: Arthur Leandro Guerra Pires Author-X-Name-First: Arthur Leandro Guerra Author-X-Name-Last: Pires Title: Robust portfolio optimization: a stochastic evaluation of worst-case scenarios Abstract: This article presents a new approach for building robust portfolios based on stochastic efficiency analysis, by using the Chance Constrained Data Envelopment Analysis (CCDEA) model and periods of market downturn, i.e. worst-state market. The model is able to accommodate investors who exhibit different risk behaviors and the empirical analysis is done on assets traded on the Brazil Stock Exchange, B3 (Brasil, Bolsa, Balcão). The results confirm that the proposed model achieved portfolios that at the same time reduced systematic risk and maximized portfolio returns when working with worse market state data and higher levels of risk aversion. A higher level of risk aversion also led to better risk-return ratios, which can be seen in higher Sharpe ratio values. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2165525 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2165525 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2165525 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2154240_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bin He Author-X-Name-First: Bin Author-X-Name-Last: He Author-Name: Xiang Ma Author-X-Name-First: Xiang Author-X-Name-Last: Ma Author-Name: Muhammad Nasir Malik Author-X-Name-First: Muhammad Author-X-Name-Last: Nasir Malik Author-Name: Riazullah Shinwari Author-X-Name-First: Riazullah Author-X-Name-Last: Shinwari Author-Name: Yaode Wang Author-X-Name-First: Yaode Author-X-Name-Last: Wang Author-Name: Lingli Qing Author-X-Name-First: Lingli Author-X-Name-Last: Qing Author-Name: Abd Alwahed Dagestani Author-X-Name-First: Abd Alwahed Author-X-Name-Last: Dagestani Author-Name: Mohammed Moosa Ageli Author-X-Name-First: Mohammed Moosa Author-X-Name-Last: Ageli Title: Sustainable economic performance and transition towards cleaner energy to mitigate climate change risk: evidence from top emerging economies Abstract: It is reasonable to expect that the energy needs of the top emerging economies will increase over the coming decades as their economies expand rapidly. There may be environmental costs to using conventional energy from fossil fuels to meet increased energy demand. Therefore, this study aims to investigate the link between energy efficiency and energy transition along with additional control variables like research and development expenditures, trade, and gross domestic product for the top 10 emerging countries between 1990 and 2021. To study the case of these targeted economies, the authors use panel data and novel panel data econometrics techniques for a long-run relationship like the MMQR to observe changes over time between the variables, which is useful in the empirical evidence. The models’ primary findings are as follows: The panel cointegration tests confirm log-run associations among the targeted variables. Energy efficiency has the largest influence on the energy transition. The control variables like RDR and TRA decrease renewable energy consumption in the targeted economies. The findings also support the notion that GDP drives renewable energy consumption in the leading emerging economies. Numerous important ecological sustainability-related plans are recommended to the concerned governments based on research findings. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2154240 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2154240 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2154240 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2151491_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yanan Du Author-X-Name-First: Yanan Author-X-Name-Last: Du Author-Name: Qingxi Wang Author-X-Name-First: Qingxi Author-X-Name-Last: Wang Author-Name: An Hu Author-X-Name-First: An Author-X-Name-Last: Hu Author-Name: Yueji Xin Author-X-Name-First: Yueji Author-X-Name-Last: Xin Title: Influence evaluation of producer services agglomeration on economic resilience: Evidence from China’s cities Abstract: As a new engine of economic development after urbanization’s structural deceleration stage in China, producer services agglomeration on urban economic resilience (ER) requires analysis. Using data from 264 prefecture-level cities and above in China after the global financial crisis, we examine producer services’ impact in terms of diversification (PSD) and specialization (PSS) on urban ER, and also the mediating effect of industrial structure upgrading (ISU). The results show that Cities with more diversified producer services are more resilient to crises, while the effect direction of PSS is the opposite. ISU is partly how PSD and PSS affect ER. Finally, producer services agglomeration’s impact on ER has significant regional heterogeneity. PSD is very conducive to urban ER in the economically developed eastern region and the less developed western region. The more specialized the development of producer services in eastern and north-eastern regions, the less conducive it is to enhancing ER. Our findings can help stabilize China’s economy and achieve high-quality economic development. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2151491 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2151491 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2151491 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2263532_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thanh Quang Ngo Author-X-Name-First: Thanh Quang Author-X-Name-Last: Ngo Author-Name: Canh Thi Nguyen Author-X-Name-First: Canh Thi Author-X-Name-Last: Nguyen Author-Name: Trung-Thanh Nguyen Author-X-Name-First: Trung-Thanh Author-X-Name-Last: Nguyen Author-Name: Khoa Dang Duong Author-X-Name-First: Khoa Dang Author-X-Name-Last: Duong Author-Name: Sang Van Nguyen Author-X-Name-First: Sang Van Author-X-Name-Last: Nguyen Author-Name: Thanh Xuan Bui Author-X-Name-First: Thanh Xuan Author-X-Name-Last: Bui Author-Name: Ky Nguyen Tran Author-X-Name-First: Ky Nguyen Author-X-Name-Last: Tran Title: The impact of productivity on export transitions: revisited evidence from the Vietnamese manufacturing sectors Abstract: The effect of total factor productivity (TFP) on exports particularly interests policy-makers and economists, but empirical evidence is ambiguous. This paper uses the 6-wave panel data in 2010-2015 to investigate the impact of TFP on export transitions at the firm level. We distinguish different types of export transitions, namely start, stop, continuity, fluctuation, and striving, and different phases of export transition. The Generalised Method of Moments (GMM) estimation is applied to control for endogeneity and unobserved time-invariant specific components. The results reveal that (i) the effect of productivity on export (the self-selection hypothesis) is heterogeneous, depending on specific sectors and types and phases of export transitions; (ii) productivity growth does not necessarily result in positive effects on and lead to participation in types and phases of export transitions. Our results also reveal strong evidence of favourable sunk cost in long-run export striving in nearly all sectors, and unlike previous studies, empirical results show a negative effect of sunk cost in some manufacturing sectors. Policy-makers should create dynamic comparative advantages and favourable environments for new exporters, focus the relevant policies on productivity stimulus, and strengthen the likelihood of survival for the domestic firms in the competitive global markets. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2263532 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2263532 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2263532 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2163270_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Philip Arestis Author-X-Name-First: Philip Author-X-Name-Last: Arestis Author-Name: Elena Bárcena-Martín Author-X-Name-First: Elena Author-X-Name-Last: Bárcena-Martín Author-Name: Natalia Martín-Fuentes Author-X-Name-First: Natalia Author-X-Name-Last: Martín-Fuentes Author-Name: Salvador Pérez-Moreno Author-X-Name-First: Salvador Author-X-Name-Last: Pérez-Moreno Title: Foreign direct investment openness and income classes in Europe around the Great Recession Abstract: Distributional implications of capital account regulation is eminently context-specific. This paper examines the distributional effects of the openness of foreign direct investment (FDI) flows across 27 European countries in different economic environments around the Great Recession, covering the period 2007–2013. Our multi-level approach allows us to combine country-level variables and sociodemographic characteristics of individuals. The results highlight that the openness of FDI flows heterogeneously affects the income share of individual groups, favouring in particular the highest income classes. This finding seems to be driven by the educational level. We argue that even though highly educated individuals are present along the entire distribution, the highest income classes are especially favoured by the openness of FDI flows. This biased distributional effect of the openness of FDI flows persists throughout the years examined, regardless of the economic environment; this is due, in part, to the fact that the distribution of highly educated people is not sensitive to the business cycle. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2163270 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2163270 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2163270 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2162946_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nianfan Peng Author-X-Name-First: Nianfan Author-X-Name-Last: Peng Author-Name: Xixi Chen Author-X-Name-First: Xixi Author-X-Name-Last: Chen Title: Model-based learning towards environment in cross-cultural communication: a mediating role of technology innovation acceptance in culture congruence and English language teaching for environmental education Abstract: The effectiveness of English language teaching is a significant issue, especially in countries where English is the second language, like China, and this aspect needs researchers’ emphasis. Hence, this study deems to analyze the model-based learning toward a green environment and how it can impact green culture congruence and effective green culture adoption. It also examines the green culture congruence, and innovation technology acceptance role in the English language teaching for the environment, in the institutions of China. The study also examines the mediating impact of green culture congruence and effective green culture adoption among model-based learning towards the environment and English language teaching for environmental education. Also, it checks the mediating impact of innovation technology acceptance among green culture congruence and English language teaching for the environment in China. This article has used the primary data collected from students of English language institutions using survey questionnaires. The study has also employed the SPSS-AMOS to analyze the linkage among the variables. All hypotheses were significant to the designed framework. Further, this study will help guide the policymakers while making the policies related to improving English language teaching using model-based learning towards environment and technology innovation acceptance. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2162946 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2162946 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2162946 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2164037_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Lei Han Author-X-Name-First: Lei Author-X-Name-Last: Han Author-Name: Dan Zhang Author-X-Name-First: Dan Author-X-Name-Last: Zhang Author-Name: Xia Hua Author-X-Name-First: Xia Author-X-Name-Last: Hua Title: Assessing the coordinative and coupling development of China’s green economic growth: role of sports economics Abstract: The increased concern for green economic growth made many countries shift from simply pursuing economic growth to a green economic growth mode to protect resources and the environment. Against this background, we calculated China’s green GDP and studied the impact of economic growth on environmental quality. For green economic growth, we employed income per capita, its square, information and communication technology, sports industry ecosystem efficiency, and human capital. We applied innovative econometric techniques such as cross-sectional dimensions (CSDs) tests, cross-sectional augmented Dickey-Fuller (CADF), cross-sectional augmented Pesaran and Shin (CIPS) tests, Westerlund co-integration test, generalised method of moments (GMM), and fully modified least squares (FMOLS) estimators. The obtained outcomes showed the inverted U-shaped EKC hypothesis, which validates the green economic growth theme. However, ICT was negatively associated with carbon emissions. Similarly, sports industry eco-system efficiency (SIE) showed an insignificant negative impact on the explained variable. Human capital was inversely associated with carbon emissions. In addition, the moderate role of the SIE significantly reduces carbon emissions. In addition, the D-H panel causality test results showed a significant causal association among the selected variables. Owing to the outcomes, we proposed imperative policy implications for the desired level of green economic growth. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2164037 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2164037 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2164037 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2163510_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Vera Gelashvili Author-X-Name-First: Vera Author-X-Name-Last: Gelashvili Author-Name: Alba Gomez-Ortega Author-X-Name-First: Alba Author-X-Name-Last: Gomez-Ortega Author-Name: Sandra Flores-Ureba Author-X-Name-First: Sandra Author-X-Name-Last: Flores-Ureba Title: Transport companies based on their size and management type: has Covid-19 conditioned their solvency? Abstract: Transport is one of the essential services contributing to a country’s development. The global pandemic caused by Covid-19 has affected different sectors, one of the most affected being public transport services. In Spain there are several transport companies, some of them are public, and others are private. The main objective of this paper is to study the profitability, liquidity, and solvency situation of transport companies considering their size and type of management. The impact of the Covid-19 pandemic on transport companies will be analyzed too. After descriptive analysis of the companies by ratios, the Altman Z-score indicator has been used. This methodology has been used to assess whether the health crisis has compromised the solvency of these companies. The results have shown that privately managed companies are healthier and have a lower risk of insolvency than public companies. In addition, small companies were more solvent than big companies. This study is an essential contribution to the academic literature, public administration, and management of companies. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2163510 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2163510 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2163510 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2190377_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yu Liu Author-X-Name-First: Yu Author-X-Name-Last: Liu Author-Name: Limei Cao Author-X-Name-First: Limei Author-X-Name-Last: Cao Author-Name: Kuan Wan Author-X-Name-First: Kuan Author-X-Name-Last: Wan Title: The impact of China’s VAT reform policy on financial performance of listed companies in China’s cultural industry Abstract: The cultural industry with innovation, low pollution and low energy consumption may become the next strategic pillar industry in China. The tax reform of ‘Replacing business tax with value-added tax (VAT)’ not only lays a solid foundation for the establishment of green tax system, but also contributes to the enterprise development and performance improvement. This paper aims to study the impact of VAT reform policy on the financial performance of listed companies in the cultural industry. To this end, the PSM-DID method was applied, and natural experiments were made by taking A shares listed companies from 2009 to 2014 as the reform pilot. The research finds that: (1) the VAT reform policy ‘replacing business tax with VAT’ is conducive to improving the financial performance of cultural industry enterprises; (2) the policy has more positive impact on the financial performance of manufacturing cultural enterprises than on non-manufacturing ones; (3) compared with state-owned enterprises, the policy contributes more to the financial performance of private enterprises. This study provides empirical evidence for evaluating the impact of VAT reform policy on the operation of cultural industry enterprises. It has practical significance for improving the VAT system and the financial operation of cultural enterprises. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2190377 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2190377 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2190377 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2183421_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Qi Cui Author-X-Name-First: Qi Author-X-Name-Last: Cui Author-Name: Xiaoyu Ma Author-X-Name-First: Xiaoyu Author-X-Name-Last: Ma Author-Name: Sisi Zhang Author-X-Name-First: Sisi Author-X-Name-Last: Zhang Title: Does green finance drive low-carbon economic development? Evidence from China Abstract: Green finance is a vital foundation for fundamental economic low-carbon transformation. Therefore, this study examines the effect of green finance on low-carbon economic development by applying various panel estimators including panel threshold model using data set of 30 provincial administrations in China during 2008–2020. The statistical results suggest that green finance significantly stimulates low-carbon economic development based on a carbon emission and emission intensity perspective. Green finance is more effective in promoting low-carbon economic development in the mid-western areas than in the eastern areas, while it is more effective in less economically developed areas than economically developed areas. Green finance is primarily responsible for driving low-carbon economic development, which is accomplished mainly by stimulating industrial structure upgrading and science and technology investment scale. The threshold outcome reveals that when green finance levels cross a certain threshold, their contribution to low-carbon economic development decreases. These findings offer valuable policy implications. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2183421 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2183421 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2183421 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2155681_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhichao Yu Author-X-Name-First: Zhichao Author-X-Name-Last: Yu Author-Name: Xiao Di Guo Author-X-Name-First: Xiao Di Author-X-Name-Last: Guo Title: Integration of ecological innovation, institutional governance, and human capital development for a sustainable environment in Asian Countries Abstract: The study evaluates the dynamic influence of institutional quality, green innovation, and human capital on the ecological footprint in South Asian countries from 1990 to 2018. For empirical estimation of panel data, the study applied the cross-section autoregressive distributed lag (CS-ARDL) estimator to address the issues of cross-section dependency and slope heterogeneity. The long-run findings reveal that institutional governance and ecological innovation reduce the ecological footprint. Likewise, human development decreases the ecological footprint. The short-run outcomes are identical to the long-run; however, the short-run estimates’ magnitude is smaller than the long-run. The results also support the Environmental Kuznets Curve Hypothesis in the long run. The error correction term (ECT) with a significant negative value endorsed the conversion towards the long-run equilibrium position with a 26.5% annual adjustment rate in case of short-run deviation. The augmented mean group estimator ensures the robustness of estimates. The findings recommend that South Asian economies should promote green technology and human capital through R&D allocations in industrial and academic sectors. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2155681 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2155681 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2155681 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2188407_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zvonimir Savić Author-X-Name-First: Zvonimir Author-X-Name-Last: Savić Author-Name: Nataša Drvenkar Author-X-Name-First: Nataša Author-X-Name-Last: Drvenkar Author-Name: Saša Drezgić Author-X-Name-First: Saša Author-X-Name-Last: Drezgić Title: Convergence and economic integration of CEECs through EU regional policy system Abstract: In order to assess the effectiveness of individual management systems in the analysed EU countries (Croatia, Poland, Slovakia, Latvia, Lithuania, Estonia, Malta, Cyprus, Slovenia, Hungary), an econometric analysis of the interdependence between the quality of the institutional and regulatory framework and the absorption of EU funds and economic growth was conducted. Conceptually, the econometric analysis aims to identify two levels of interdependence between institutional and regulatory variables on the one hand and dependent variables on the other: (1) the effect of the quality of the institutional and regulatory environment on the absorption of EU funds; (2) the effect of the quality of the institutional and regulatory environment on economic growth. The results of the analysis confirm that EU funds have led to increased economic growth in EU countries which provides basis for economic convergence. However, the allocation of funds alone did not necessarily increase the quality of the institutional framework and competitiveness of the analysed countries. Thus, the paper confirms the importance of improvement of the institutional and regulatory framework of particular grant recipient country, as this not only increases the absorption of EU funds, but also improves the economic growth prospects. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2188407 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2188407 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2188407 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2205923_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jun Zhou Author-X-Name-First: Jun Author-X-Name-Last: Zhou Author-Name: Qingyu Lang Author-X-Name-First: Qingyu Author-X-Name-Last: Lang Author-Name: Guohua Ni Author-X-Name-First: Guohua Author-X-Name-Last: Ni Author-Name: Pengpeng Yue Author-X-Name-First: Pengpeng Author-X-Name-Last: Yue Title: Far from home: migration, venture and income mobility Abstract: This work focuses on the role that interregional migration within a country can play in fostering intragenerational income mobility through its effect on households’ participation in business venture. Unique panel data on Chinese households from 2015 to 2019 identifies migration experience and provides detailed information on income and entrepreneurial activities. Our key finding is that migration increases upward economic mobility within cohorts by enhancing opportunities of entrepreneurship, and this pattern is more salient in regions with more severe inequality. Consequently, migrant population in these areas enjoy greater chances when climbing income ladders, which may further alleviate regional income inequality in the long run. The estimation results remain robust when winsorising income, using sub-samples of follow-up households in repeated surveys and altering the scale of income mobility. The analysis in this article, coupled with literature on migration and entrepreneurship, provides a new perspective on how free migration matters in improving intragenerational mobility and longer-term income distribution. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2205923 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2205923 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2205923 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2159472_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: José Fernando López-Muñoz Author-X-Name-First: José Fernando Author-X-Name-Last: López-Muñoz Author-Name: Ignacio Mira-Solves Author-X-Name-First: Ignacio Author-X-Name-Last: Mira-Solves Author-Name: Josefina Novejarque-Civera Author-X-Name-First: Josefina Author-X-Name-Last: Novejarque-Civera Author-Name: Mabel Pisá-Bó Author-X-Name-First: Mabel Author-X-Name-Last: Pisá-Bó Title: Entrepreneurial education and opportunity entrepreneurship: the mediation of self-efficacy belief Abstract: This paper studies the mediating role of self-efficacy belief in explaining the effect of entrepreneurial education on opportunity-driven entrepreneurship. The influence of education on entrepreneurship is a top concern of both researchers and policymakers, who often struggle to understand how this influence occurs. Looking through the theoretical lens of the theory of planned behaviour (TPB), this study contributes to a better understanding of the nomological network of opportunity-driven entrepreneurship. Data from the 2016 Global Entrepreneurship Monitor (GEM) survey yielding a sample of 1,008 entrepreneurs from various Spanish regions with diverse levels of development were used. The results of this study show that self-efficacy belief represents the generative mechanism by which entrepreneurial education influences opportunity-driven entrepreneurship. Furthermore, the results provide evidence of the importance of supporting entrepreneurship education. Policymakers should be focused on reinforcing those skills and competencies that increase self-efficacy belief, enable the individual capability for action and provide a better understanding of business opportunities in the contemporary environment. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2159472 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2159472 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2159472 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2164036_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xiangyu Wang Author-X-Name-First: Xiangyu Author-X-Name-Last: Wang Author-Name: Yi Yang Author-X-Name-First: Yi Author-X-Name-Last: Yang Author-Name: Minmin Tang Author-X-Name-First: Minmin Author-X-Name-Last: Tang Author-Name: Xiaoyun Wang Author-X-Name-First: Xiaoyun Author-X-Name-Last: Wang Title: The effect of macroeconomic regimes, uncertainty, and COVID-19 outcomes on commodity price volatility: implications for green economic recovery Abstract: COVID-19 adversely affected all market mechanisms, shocked economies, halted business operations, and disrupted supply chains. This study examines macroeconomic instability by assessing the commodities market in highly traded regimes using descriptive statistical analysis, the Economic Policy Uncertainty (EPU) Index, and Markov Regime Swapping (MRS) for data covering February 26 to November 30, 2020. The findings indicate that most commodities respond to stock values in both high and low-volatility regimes of supply and demand. Additionally, commodity prices are still in a low volatility regime due to COVID-19-related market uncertainty. The returns for oil, corn, gold, copper, natural gas, silver, and soybeans adapt to low macroeconomic uncertainty and variable rankings for COVID-19. In contrast, changes in COVID-19 deaths had no impact on natural gas or oil under any regime. As agricultural commodities and valuable metals have less negative feedback to exogenous variables than any other commodities, this model is useful for regulators and stockholders. The results suggest that in a global pandemic, portfolio managers and other stakeholders should use priceless metals like gold as a short-term hedge against systemic market risks to achieve macroeconomic stability and facilitate a rapid recovery in the green economy. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 1 X-DOI: 10.1080/1331677X.2022.2164036 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2164036 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2164036 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2186913_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ting-Ting Sun Author-X-Name-First: Ting-Ting Author-X-Name-Last: Sun Author-Name: Tong Wu Author-X-Name-First: Tong Author-X-Name-Last: Wu Author-Name: Hsu-Ling Chang Author-X-Name-First: Hsu-Ling Author-X-Name-Last: Chang Author-Name: Cristina Tanasescu Author-X-Name-First: Cristina Author-X-Name-Last: Tanasescu Title: Global agricultural commodity market responses to extreme weather Abstract: The study investigates the time-varying correlation between El Niño phenomenon and agricultural commodity markets by employing the bootstrap full- and sub-sample rolling-window Granger causality tests. We find that the El Niño index (ENI) which measures the intensity of El Niño phenomenon, has both positive and negative impacts on agricultural commodity prices (ACP). The positive impact indicates that El Niño phenomenon may reduce the output of agriculture commodities, resulting in supply shortages and price increases. However, the negative impact suggests that affected by external uncertainties, ENI does not always cause ACP to change in the same direction. Conversely, we find ACP has negative impact on ENI, showing that agricultural commodity markets can reflect the extreme climate conditions globally in advance. The analyses can assist investors to adjust investment decisions and optimize asset allocation. Additionally, countries can improve the abnormal climate monitoring system to mitigate losses, and consider the impact of external uncertainties on agricultural commodity markets and ensure food security. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2186913 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2186913 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2186913 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2159473_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yan Zhang Author-X-Name-First: Yan Author-X-Name-Last: Zhang Author-Name: Shenglan Xu Author-X-Name-First: Shenglan Author-X-Name-Last: Xu Author-Name: Jiekuan Zhang Author-X-Name-First: Jiekuan Author-X-Name-Last: Zhang Title: How economic growth pressure impact carbon emissions: Evidence for China Abstract: The article explores the impact of economic growth pressure on carbon emissions based on panel data from China’s 277 cities. Moreover, the article analyzes the underlying influence mechanisms as well as regional heterogeneity. The results demonstrate that economic growth pressure significantly increases carbon emissions. Technological innovation and foreign trade constitute the channels through which economic growth pressure affects carbon emissions, but the mediating mechanism of industrial structure upgrading does not exist. Concretely, economic growth pressure increases carbon emissions by reducing technological innovation and foreign trade. In Western China, economic growth pressure has the highest impact on carbon emissions. In central and western China, economic growth pressure has a significant positive effect on carbon emissions. On the contrary, the effect of economic growth pressure on carbon emissions is significantly negative in Eastern China. In Northeast China, the positive effect of economic growth pressure on carbon emissions is statistically insignificant. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2159473 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2159473 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2159473 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2288127_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hao Liu Author-X-Name-First: Hao Author-X-Name-Last: Liu Author-Name: Xiao-Hang Guo Author-X-Name-First: Xiao-Hang Author-X-Name-Last: Guo Author-Name: Li-Chen Chou Author-X-Name-First: Li-Chen Author-X-Name-Last: Chou Author-Name: Helen Cai Author-X-Name-First: Helen Author-X-Name-Last: Cai Author-Name: Xi-Xi Ye Author-X-Name-First: Xi-Xi Author-X-Name-Last: Ye Title: Public land sales and the political cycle in China Abstract: This study analyzed the influence of the political cycle on public land transfer. In this paper, the Party Congress is taken as a political cycle, and we construct a model to discuss the relationship between public land sales and the political cycle. The empirical analysis is based on the land transfer panel data of prefecture-level cities from 2002 to 2018. The main results show that the land transfer area and land transfer income show a downward trend in the early stage of the Party Congress, while the land transfer area and land transfer income show an upward trend after the Party Congress. We believe that the political cycle has a significant impact on the supply of public land. The reason is that the political uncertainty in the early stage of the Party Congress is very high, and the impact of the land transfer on tax revenue and economic growth lags behind. Officials reduce the valuation of future income and thus reduce land transfer. As political uncertainty abated after the party congress, local officials joined the promotion race, offering land to attract investment and boost economic growth. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2288127 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2288127 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2288127 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2158115_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jianlong Wang Author-X-Name-First: Jianlong Author-X-Name-Last: Wang Author-Name: Yong Liu Author-X-Name-First: Yong Author-X-Name-Last: Liu Author-Name: Weilong Wang Author-X-Name-First: Weilong Author-X-Name-Last: Wang Author-Name: Haitao Wu Author-X-Name-First: Haitao Author-X-Name-Last: Wu Title: Effects of Chinese-style fiscal decentralization on carbon emissions: is there a role for urban construction investment bonds? Abstract: Fiscal decentralization is the source of China’s rapid economic growth, but inevitably leads to a surge in total carbon emissions. We verify whether the intermediary mechanism of real estate development and the urban construction investment bonds (UCIB) can share the fiscal pressure of local governments to provide empirical support to clarify and solve the realistic decentralization dilemma. This study conducted a spatial analysis of panel data from 266 Chinese prefecture-level cities from 2006 to 2019 and obtains the following findings. (1) Carbon emissions are spatially correlated, displaying the characteristics of ‘one glory and one loss’. (2) Fiscal decentralization drives an increase in carbon emissions over the entire spatial region. (3) The decomposition results show that although fiscal decentralization aggravates local carbon emission growth, it benefits the carbon emission reduction of neighboring regions. (4) The eastern regions’ fiscal decentralization does not significantly affect carbon emissions, whereas the central and western regions’ fiscal decentralization causes an upsurge in total carbon emissions. (5) Fiscal decentralization has promoted the prosperous development of the real estate industry, which positively influences carbon emissions. (6) The UCIB has a negative moderating effect on fiscal decentralization and carbon emissions, implying that it plays a role in alleviating financial pressure on local governments. Accordingly, we propose relevant countermeasures: adjusting the degree of decentralization, controlling real estate development, and issuing UCIB. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2158115 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2158115 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2158115 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2153719_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xiuling Li Author-X-Name-First: Xiuling Author-X-Name-Last: Li Author-Name: Zhitao Wang Author-X-Name-First: Zhitao Author-X-Name-Last: Wang Author-Name: Yue Yu Author-X-Name-First: Yue Author-X-Name-Last: Yu Author-Name: Yijie Chen Author-X-Name-First: Yijie Author-X-Name-Last: Chen Title: Does green finance promote the social responsibility fulfilment of highly polluting enterprises? – empirical evidence from China Abstract: This study explores whether and how the development of green finance can facilitate the social responsibility of highly polluting enterprises. We conducted a quasi-natural experiment in 2017 in five Chinese provinces (districts), based on the establishment of green finance reform and innovation pilot zones. The research samples were China’s A-share heavy pollution-industry-listed companies from 2013 to 2020, and the difference in differences model was used to examine the relationship between green finance and social responsibility fulfilment of highly polluting firms. The mediating and moderating effects of financial constraints and media monitoring were also discussed. The findings indicate that the advancement of green finance significantly improves the level of social responsibility fulfilment of highly polluting firms, particularly in the area of environmental responsibility. Furthermore, strengthened financing constraints partially mediate the aforementioned relationship, and media monitoring positively moderates the facilitation effect of green finance development on highly polluting firms’ social responsibility fulfilment. Our study demonstrates that a higher degree of financing constraints is an important channel for establishing a green finance reform and innovation pilot zone to force enterprises to fulfilment their social responsibility, and provides theoretical support for governments and enterprises to better understand the policy effects. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2153719 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2153719 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2153719 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2153716_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kuo-Ming Chu Author-X-Name-First: Kuo-Ming Author-X-Name-Last: Chu Title: A consumer innovation resistance theory perspective on the advanced driver assistance systems Abstract: Although advanced driver-assistance systems (ADASs) provide many benefits, there is less information on user resistance to innovation. Thus, this study integrates prior research results to draw up a well-established multi-order construct conceptualisation research framework and to deepen the comprehension of the involvement-resistance-innovativeness behaviour in the ADAS adoption context. Based on the hypotheses, an academic model was developed and tested using a large cross-sectional study of 527 ADAS users from Taiwan, using structural equation modelling. The results indicate that it seems to be suitable to acquire access to innovative behaviour from the consumer resistance viewpoint so as to accomplish greater explanatory power in the three orders adoption models. Numerous barriers, however, still hinder the ADAS's widespread acceptance. Furthermore, the outcomes affirm a meaningful interaction effect of the consumer innovation resistance and were aware of the impetus on actualised innovativeness, and further realised that it substantially reduces the consumers’ eagerness to hunt for hedonist innovativeness and to buy for the social innovativeness, thereby preventing actualised innovativeness. Researchers and practitioners may come to different conclusions and suggest different approaches to combating consumer resistance to digitisation. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2153716 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2153716 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2153716 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2222307_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Orkhan Nadirov Author-X-Name-First: Orkhan Author-X-Name-Last: Nadirov Author-Name: Bruce Dehning Author-X-Name-First: Bruce Author-X-Name-Last: Dehning Title: Trust in public programmes and distributive (in)justice in taxation Abstract: In the tax psychology literature, there is a lack of empirical evidence on the degree of distributive justice in taxation. This article aims to test the relationship between trust in public programmes and distributive justice in taxation at the cross-country level. The sample consists of 47 countries. Trust in public programmes and distributive justice in taxation are measured based on data collected from Wave 7 of the World Values Survey, which took place worldwide in 2017-2022. An Ordered Probit Model was utilised for the empirical analysis. This study finds that if taxpayers support preferential organisations like the police and universities, they are less likely to support distributive justice, where the rich are taxed to support the poor. On the other side, if taxpayers support equitable organisations such as armed forces, courts, civil service, and elections, then they are more likely to believe in taxing the rich to support the poor. The current study’s findings have policy implications for governments intending to improve tax revenue collection. Additionally, the practical implication of the current study is that governments willing to combat income inequality should consider the differences between preferential and equitable organisations in their decision-making. There is congruence between taxpayers’ feelings toward distributive justice and their confidence in equitable organisations. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2222307 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2222307 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2222307 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2168720_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Najia Saqib Author-X-Name-First: Najia Author-X-Name-Last: Saqib Author-Name: Muhammad Usman Author-X-Name-First: Muhammad Author-X-Name-Last: Usman Author-Name: Haider Mahmood Author-X-Name-First: Haider Author-X-Name-Last: Mahmood Author-Name: Shujaat Abbas Author-X-Name-First: Shujaat Author-X-Name-Last: Abbas Author-Name: Fayyaz Ahmad Author-X-Name-First: Fayyaz Author-X-Name-Last: Ahmad Author-Name: Daniela Mihai Author-X-Name-First: Daniela Author-X-Name-Last: Mihai Author-Name: Ray Saadaoui Mallek Author-X-Name-First: Ray Saadaoui Author-X-Name-Last: Mallek Title: The moderating role of technological innovation and renewable energy on CO2 emission in O.E.C.D. countries: evidence from panel quantile regression approach Abstract: This study analysed data from a panel consisting of 32 O.E.C.D. member countries for the years 1996–2020. This research explores the nexus between CO2 emissions, G.D.P. per capita, renewable energy supply, the development of patents, and gross fixed capital formation in the context of 32 O.E.C.D. countries. Also, the panel quantile regression technique is being used to investigate potential variations in heterogeneity and asymmetry. The empirical evidence shows that technological innovation negatively impacts CO2 emissions; however, the impact varies greatly between quantiles. This research also explores the potential for heterogeneity and asymmetry in the moderating effect of technological innovation with regards to economic growth and renewable energy. The investigation, which relied on the use of panel quantile regression, revealed that technological innovation exerts a wide variety of moderating effects. In conclusion, the study provided policy recommendations. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2168720 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2168720 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2168720 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2201295_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ovidiu Niculae Bordean Author-X-Name-First: Ovidiu Niculae Author-X-Name-Last: Bordean Author-Name: Kathleen Welsh Author-X-Name-First: Kathleen Author-X-Name-Last: Welsh Title: The interplay of strategy, corporate social responsibility and customer orientation in explaining firm performance: a stakeholder view Abstract: The link between strategy and performance is a well-established topic in the strategic management field, yet few studies have examined the role that corporate social responsibility (CSR) and customer orientation (CO) have on this relationship. Using a stakeholder theory perspective, the objective of this study is to explore these relationships in the context of a transition economy. A sample of Romanian firms was used and the data was tested using partial least square structural equation modelling. The empirical results present findings that while there is a significant relationship between strategic planning and CSR, a significant relationship was not found between strategic planning and performance, nor between strategic planning and CO. However, a partially mediated relationship was found between CSR, CO, and performance. The conclusion is that the embrace of free-market practices is still evolving in transition economies. The implication is that over time learning and accumulation of related knowledge will strengthen the interplay of these firm practices and result in improved performance. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2201295 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2201295 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2201295 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2192764_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Huaying Yu Author-X-Name-First: Huaying Author-X-Name-Last: Yu Author-Name: Rabia Nazir Author-X-Name-First: Rabia Author-X-Name-Last: Nazir Author-Name: Jianjie Huang Author-X-Name-First: Jianjie Author-X-Name-Last: Huang Author-Name: Haiwei Li Author-X-Name-First: Haiwei Author-X-Name-Last: Li Title: Linkages between renewable energy, financial development, and environmental sustainability in Asian countries Abstract: Financial development and green technologies are imperative to accomplish sustainable development goals in developed and developing economies. Therefore, this study examines the dynamic influence of renewable energy consumption, financial development, and green technology innovations on carbon dioxide emissions using selected Asian countries’ data from 1990 to 2019. It applies the Cross-Sectional Augmented Distributed Lag model to address the slope heterogeneity and the cross-sectional dependency issues in our panel. The long-run results revealed that financial development increases carbon emissions while green innovation and renewable energy consumption reduce emissions. Nevertheless, the emissions mitigating effects of both variables significantly varied, and green innovation possesses a more substantial impact on emissions reduction. The short-run results also produce similar outcomes; however, their coefficient’s magnitude is relatively lower. Moreover, the error correction term is significantly negative, suggesting a 25% speed of adjustment in case of any deviation from steady-state equilibrium. These results suggest integrating renewable energy and green technology innovation into the financial sector to neutralise its negative consequences. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2192764 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2192764 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2192764 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2190399_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Schüller Author-X-Name-First: David Author-X-Name-Last: Schüller Author-Name: Karel Doubravský Author-X-Name-First: Karel Author-X-Name-Last: Doubravský Title: Prediction of E.U. sustainable development indicators based on fuzzy description and similarity Abstract: A sustainable economy is a complex issue related to economic, social and environmental areas. For European Union (E.U.) countries, it is closely linked to the issues of sustainable industry, infrastructure and innovation in R&D. Thus, the article is specifically focused on identifiers of Sustainable Development Goal 9 (S.D.G. 9) created by E.U. To meet the main targets based on sustainable development and The European Green Deal strategy, it is necessary to have an idea of the possible future development of the S.D.G. 9 indicators. The main aim of this article is to create a semi-deep prediction model using cluster analysis and fuzzy approach. The contribution of this article is the use of a fuzzy approach to create a multivariate prediction model that allows to circumvent the limitations of classical regression analysis. The E.U. countries were divided into five clusters. A semi-deep prediction model was created for each cluster using fuzzy approach. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2190399 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2190399 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2190399 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2150871_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Huchang Liao Author-X-Name-First: Huchang Author-X-Name-Last: Liao Author-Name: Shanshan Yang Author-X-Name-First: Shanshan Author-X-Name-Last: Yang Author-Name: Edmundas Kazimieras Zavadskas Author-X-Name-First: Edmundas Author-X-Name-Last: Kazimieras Zavadskas Author-Name: Marinko Škare Author-X-Name-First: Marinko Author-X-Name-Last: Škare Title: An overview of fuzzy multi-criteria decision-making methods in hospitality and tourism industries: bibliometrics, methodologies, applications and future directions Abstract: Stakeholders in hospitality and tourism industries are involved in many decision-making scenarios. Multi-criteria decision-making (MCDM) methods have been widely used in hospitality and tourism industries. Although some articles summarised the applications of MCDM models in hospitality and tourism industries, they ignored the fuzziness of individual cognition in an uncertain environment. In addition, these surveys lacked a comprehensive overview from the perspective of bibliometrics analysis and content analysis regarding the whole hospitality and tourism industries. To analyse the applications of fuzzy MCDM methods in hospitality and tourism industries and further explore future research directions, this article reviews 85 selected papers published from 1997 to 2022 regarding fuzzy MCDM models applied in hospitality and tourism industries. Through analysing the results of bibliometric analysis, methodologies and applications, we found that analytic hierarchy process (AHP) and TOPSIS methods are the most widely used MCDM methods, and tourism evaluation, hotel evaluation and selection, tourism destination evaluation and selection are the most attractive research issues in hospitality and tourism industries. Finally, future research directions are proposed from three aspects. This article provides insights for researchers and practitioners who have interest in fuzzy MCDM models in hospitality and tourism industries. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2150871 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2150871 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2150871 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2263535_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yanling Li Author-X-Name-First: Yanling Author-X-Name-Last: Li Author-Name: Mengxin Wang Author-X-Name-First: Mengxin Author-X-Name-Last: Wang Author-Name: Gaoke Liao Author-X-Name-First: Gaoke Author-X-Name-Last: Liao Author-Name: Ran Gu Author-X-Name-First: Ran Author-X-Name-Last: Gu Title: The impact of digital finance on energy total factor productivity Abstract: In the context of modern scientific and technological revolution and industrial transformation, the development of digital finance is conducive to improving the ecological environment and the energy total factor productivity (TFP). In this paper, DEA cross-efficiency model is used to measure the energy TFP, and moment estimation method is used to empirically test the influence and heterogeneity of digital finance on energy TFP, and then the intermediary model is constructed to study and analyze the influence mechanism based on the sample data of 30 provinces in the Chinese Mainland from 2011 to 2018. The following research findings are obtained. First, the development of digital finance has played a significant role in improving energy TFP. Second, spatial heterogeneity exists in the process of digital finance affecting energy TFP improvement, that is, digital finance has a more obvious improvement effect on the energy TFP in central and western China than in eastern China. Third, digital finance can affect energy TFP through technological innovation; that is, the improvement of regional technological innovation is an important transmission mechanism for digital finance to affect energy TFP. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2263535 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2263535 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2263535 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2175006_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Danish Ahmed Author-X-Name-First: Danish Author-X-Name-Last: Ahmed Author-Name: Hu Xuhua Author-X-Name-First: Hu Author-X-Name-Last: Xuhua Author-Name: Yuantao Xie Author-X-Name-First: Yuantao Author-X-Name-Last: Xie Author-Name: Mohammed Abdel-Haq Author-X-Name-First: Mohammed Author-X-Name-Last: Abdel-Haq Author-Name: Zhang Lijuan Author-X-Name-First: Zhang Author-X-Name-Last: Lijuan Title: Custodian of wealth: an assessment of insurers’ risk management practices Abstract: Unlike the banking industry, the insurers’ risk management framework (RMF) is not governed internationally. For this reason, their risk management (RM) practices are not comparable. We surveyed insurance personnel regarding understanding risk and risk management (URRM), risk identification (RI), risk assessment and analysis (RAA), risk monitoring (RMON), and risk management practices (RMP). These insurance personnel were working at various hierarchical levels in life and non-life insurance. These insurers were operating in developed and emerging insurance market. We took USA and UK insurers as a proxy for developed insurance market. Meanwhile, Chinese, and Pakistani insurers were substituted for emerging insurance market. We analyzed the data through descriptive statistics and an ordered logit model. Our results showed that insurers’ RM is stronger, but large differences exist at the hierarchical, insurer type and country levels. Apart from policy implications, our findings suggest that to achieve sustained competitive advantage insurers should minimize these differences. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2175006 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2175006 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2175006 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2149591_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Moaz Gharib Author-X-Name-First: Moaz Author-X-Name-Last: Gharib Author-Name: Md Shabbir Alam Author-X-Name-First: Md Shabbir Author-X-Name-Last: Alam Author-Name: Iqbal Thonse Hawaldar Author-X-Name-First: Iqbal Thonse Author-X-Name-Last: Hawaldar Author-Name: Muntasir Murshed Author-X-Name-First: Muntasir Author-X-Name-Last: Murshed Author-Name: Uzma Khan Author-X-Name-First: Uzma Author-X-Name-Last: Khan Author-Name: Rafael Alvarado Author-X-Name-First: Rafael Author-X-Name-Last: Alvarado Author-Name: Ijaz Ur Rehman Author-X-Name-First: Ijaz Ur Author-X-Name-Last: Rehman Title: Roles of green intellectual capital facets on environmental sustainability in Oman Abstract: The present study determines the impacts of different types of green intellectual capital such as green human capital, green structural capital, and green relational capital on environmental sustainability in the Sultanate of Oman. It has become a crucial aspect to analyze the effect of green intellectual capital on ecological sustainability. A simple random sample technique is used to assemble data using a structured questionnaire from 205 respondents working at Raysut Cement Company and Salalah Methanol Company in Oman. The covariance-based equation in the structural modeling perspective is used to examine data. The study’s results reveal that green structure-based capital is the only dimension of green Intellectual capital that significantly affects environmental sustainability. In contrast, green human capital and relation-based capital do not substantially affect ecological sustainability. Conclusively, this study also provides ecological strategies that can be useful to enrich organizations to accomplish sustainability. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2149591 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2149591 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2149591 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2153715_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yufei Cao Author-X-Name-First: Yufei Author-X-Name-Last: Cao Author-Name: Aftab Hussain Tabasam Author-X-Name-First: Aftab Hussain Author-X-Name-Last: Tabasam Author-Name: Syed Ahtsham Ali Author-X-Name-First: Syed Ahtsham Author-X-Name-Last: Ali Author-Name: Anam Ashiq Author-X-Name-First: Anam Author-X-Name-Last: Ashiq Author-Name: Carlos Samuel Ramos-Meza Author-X-Name-First: Carlos Samuel Author-X-Name-Last: Ramos-Meza Author-Name: Vipin Jain Author-X-Name-First: Vipin Author-X-Name-Last: Jain Author-Name: Malik Shahzad Shabbir Author-X-Name-First: Malik Shahzad Author-X-Name-Last: Shabbir Title: The dynamic role of sustainable development goals to eradicate the multidimensional poverty: evidence from emerging economy Abstract: This study empirically investigates the multidimensional poverty index (MPI) level and vulnerability to poverty in Pakistan. This study explores MPI province-wise. The MPI consists of three equally weighted dimensions: schooling, health well-being and living standards. This investigation uses a systematic random sampling approach to gather the data from householders from 2003 to 2018. The empirical result demonstrates that 24% of the population was multidimensionally poor in 2007, 20.2% in 2011, 18% in 2014 and 16.4% in 2018, respectively. It identified major determinants of poverty as children mortality and school attendance, cooking fuel and nutrition. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2153715 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2153715 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2153715 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2314367_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Correction Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2024.2314367 File-URL: http://hdl.handle.net/10.1080/1331677X.2024.2314367 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2314367 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2154239_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yanli Pei Author-X-Name-First: Yanli Author-X-Name-Last: Pei Author-Name: Zhendong Wu Author-X-Name-First: Zhendong Author-X-Name-Last: Wu Author-Name: Ahmet Cukurovali Author-X-Name-First: Ahmet Author-X-Name-Last: Cukurovali Author-Name: Xiao-Guang Yue Author-X-Name-First: Xiao-Guang Author-X-Name-Last: Yue Title: Financial development, industrial structure and environmental sustainability: new evidence from Japan Abstract: Considering the significant importance of environmental sustainability, it is vital to understand the determinants of environmental sustainability and to draw the policy implications for a sustainable environment. This paper examines the impacts of financial development and industrial structure on environmental sustainability in China from 1995 to 2020 using the A.R.D.L. approach. The result indicates that financial development negatively impacts CO2 emissions and greenhouse gas emissions in the long-run. The impact of industrial structure is also enormous. The results also suggest that industrial structure negatively impacts environmental sustainability by decreasing CO2 emissions and greenhouse gas emissions in the long-run. While Internet development accelerates environmental sustainability in Japan in the long run, economic development and energy negatively impact environmental sustainability in the long run. The findings of this study add to the current literature and provide some significant policy implications for improving environmental sustainability. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2154239 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2154239 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2154239 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2149589_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yu-Chen Zhang Author-X-Name-First: Yu-Chen Author-X-Name-Last: Zhang Author-Name: Xi-Hua Liu Author-X-Name-First: Xi-Hua Author-X-Name-Last: Liu Author-Name: Arif Ullah Author-X-Name-First: Arif Author-X-Name-Last: Ullah Author-Name: Usman Mehmood Author-X-Name-First: Usman Author-X-Name-Last: Mehmood Title: Effects of human capital, natural resource, urbanization, energy consumption on carbon emissions in the top ten emitter countries Abstract: The entire world is facing the problem of changing climate and distortion of environmental quality due to the rapid increase in carbon emissions. Therefore, this study was planned to examine the world’s top ten carbon emitter countries, and the time extent was from 1990 to 2019. We employed panel Kao cointegration and Pooled Mean Group (PMG) techniques to explore the effect of human development, natural resources, urbanization, and energy use on carbon emissions. The Kao cointegration test results reveal that endogenous variables in the study have robust cointegration with carbon emissions. The PMG techniques results suggest that natural resources, urbanization, and energy use positively impact carbon emission in the top ten carbon emitters countries. Conversely, human development has a negative impact on carbon emission in the selected sampled nations. Based on the study’s outcomes, the officials and policymakers of the sampled selected countries must set a policy to ensure environmental sustainability despite slowing down the process of economic development. More efforts are required to improve the human development index in the sampled selected economies. The overexploitation of natural resources should be revoked immediately to avoid more environmental damage. Further, green energy and urbanization should be introduced and publicized more effectively among society. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2149589 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2149589 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2149589 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2203208_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carlos P. Maquieira Author-X-Name-First: Carlos P. Author-X-Name-Last: Maquieira Author-Name: José T. Arias Author-X-Name-First: José T. Author-X-Name-Last: Arias Author-Name: Christian Espinosa-Méndez Author-X-Name-First: Christian Author-X-Name-Last: Espinosa-Méndez Title: The relationship between dividend payout and economic policy uncertainty (EPU), ownership concentration and free cash flow in Chile Abstract: This study examines how the dividend payout of Chilean firms is associated with economic policy uncertainty (EPU), while controlling for ownership concentration and free cash flow, to consider agency problems. Its contribution is twofold. First, it detects a non-linear, U-shaped relation between EPU and dividend payout, which is a novel finding. Second, this result holds only in cases of high EPU. No significant relationship in cases of low EPU was detected. The sample comprises an unbalanced panel data of 1034 observations from 2005 to 2016. Including ownership concentration as an independent variable leads to a negative association between it and dividend payout, showing a potential agency problem between the main shareholder and the minorities. If free cash flow is considered in the model, then the results show a positive relation between free cash flow and dividend payout, which implies the mitigation of the agency problem. Finally, once both variables (ownership concentration and free cash flow) are considered together as explanatory variables, only free cash flow turns out to be statistically significant and positively associated with dividend payout. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2203208 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2203208 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2203208 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2188420_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Cristiana Doina Tudor Author-X-Name-First: Cristiana Doina Author-X-Name-Last: Tudor Author-Name: Alexandra Horobet Author-X-Name-First: Alexandra Author-X-Name-Last: Horobet Author-Name: Irina Mnohoghithei Author-X-Name-First: Irina Author-X-Name-Last: Mnohoghithei Author-Name: Robert Sova Author-X-Name-First: Robert Author-X-Name-Last: Sova Author-Name: Lucian Belascu Author-X-Name-First: Lucian Author-X-Name-Last: Belascu Title: Decarbonization through carbon intensity mitigation: evidence from global and income-based panels Abstract: Along with emission reduction targets, carbon abatement policies increasingly target the reduction of carbon intensity. In this context, uncovering factors that reduce carbon intensity is a timely research subject and carries significant policy implications. The goal of this study is to explore the dynamic relationships between carbon and energy intensity, renewable energy, economic development, structural transformation, and globalization in a global panel comprising 126 countries and two income-based subpanels. Robust System-GMM estimators indicate that increasing renewable sources in the energy mix can assist countries in mitigating the carbon intensity of electricity generation. Moreover, current results highlight that economic growth is the most effective mitigating factor of carbon intensity at the global level, revealing that on average, countries have managed to decouple economic and pollution (carbon intensity) growth. Results document these links both in the short-and, most importantly, the long-run setting. Other important results reveal that the mitigating effect of renewable energy is stronger with the increase of economic development, whereas structural transformation only decreases carbon intensity in low- and middle-income countries. Consequently, consistent long-term climate policies that promote these mitigating factors and decrease documented driving factors such as energy intensity could work synergistically across multiple SDGs of the 2030 Agenda. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2188420 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2188420 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2188420 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2199416_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Vu Trong Lam Author-X-Name-First: Vu Trong Author-X-Name-Last: Lam Author-Name: Thi Thu Hien Phan Author-X-Name-First: Thi Thu Hien Author-X-Name-Last: Phan Author-Name: Nguyen Hong Mai Author-X-Name-First: Nguyen Hong Author-X-Name-Last: Mai Author-Name: Pham Quang Huy Author-X-Name-First: Pham Quang Author-X-Name-Last: Huy Author-Name: Thanh Quang Ngo Author-X-Name-First: Thanh Quang Author-X-Name-Last: Ngo Title: Dynamic association of green financial innovation, eco-financing, carbon tax, economic openness, and sustainable energy transition in Vietnam: fresh evidence using DARDL approach Abstract: Sustainable energy (SE) transition and environmental quality have become a predominant part of integral policy worldwide. Besides, economic development policies at global level are being reformulated to make sure that energy supplies are reliable and have the tendency to protect environment. Although, economies are participating in activities which can help to fulfill overarching goals but developing economies specifically face challenges due to high dependency on coal consumption. The article, thereby, intends to explore the role of green financial innovation, eco-financing, carbon taxes, and economic openness on the SE transition in Vietnam. The study also checks the role of inflation and industrialization on the SE transition as control variables. The article also used Dynamic Auto-regressive Distributed Lags (DARDL) to test the connection among the variables. The outcome indicated that green financial innovation, eco-financing, carbon taxes, economic openness, inflation, and industrialization have a positive and significant linkage with the SE transition in Vietnam. These outcomes provide guidelines to policymakers in establishing new policies regarding SE transition. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2199416 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2199416 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2199416 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2147976_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xiurui Yang Author-X-Name-First: Xiurui Author-X-Name-Last: Yang Author-Name: Huizhen Long Author-X-Name-First: Huizhen Author-X-Name-Last: Long Author-Name: Hanze Jia Author-X-Name-First: Hanze Author-X-Name-Last: Jia Author-Name: Xinglin Wen Author-X-Name-First: Xinglin Author-X-Name-Last: Wen Title: Analysis of social results of tourism performing arts industry in cultural tourism convergence using fuzzy comprehensive analysis methods Abstract: This work aims to conduct an empirical study on the social benefits of cultural tourism towns featuring the tourism performance industry in the integration of cultural tourism. It combines the BP deep neural network and fuzzy comprehensive analysis method to construct a BP-fuzzy comprehensive evaluation model and applies it to the social empirical investigation of Taiyuan Cultural Tourism Town. In addition, the weights of evaluation indicators such as cultural inheritance and protection, ecological environment improvement and commodity economic development on the development of small towns are calculated. The results show that the weight values of cultural inheritance and protection, ecological environment improvement and commodity economy development on the social results are 0.522, 0.570 and 0.424, respectively. A total of 41.20% of the life benefit G1 is excellent; 39.5% of the environmental benefit of G2 is excellent; and 40.5% of the economic benefit is good. A total of 30.76% of the total social results of the cultural tourism towns are excellent, 37.69% are good, 21.48% are qualified and 10.07% are unqualified. In conclusion, the total social results of TAIYUAN’s cultural tourism town are good. Cultural inheritance and protection, ecological environment improvement and commodity economy development are the key evaluation factors of social results. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2147976 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2147976 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2147976 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2296456_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Łukasz Jurek Author-X-Name-First: Łukasz Author-X-Name-Last: Jurek Title: Employees’ professional situation and the abuse of sick leave absence in Poland Abstract: The propensity to abuse sickness leave is a complex issue conditioned by various individual and contextual factors. The aim of the article is to assess the effect of various work-related factors on the abuse of sick leave in Poland. Three categories of sick leave abuse were distinguished: compulsion, escape and recreation. The data were gathered using the CAWI survey. Statistical analyzes incorporated multivariable linear regression and structural equation modelling. The research sample consisted of 1067 respondents (full-time employees). Some work-related factors have a significant impact on the abuse of sick leave. These factors are: (1) motivational working conditions, (2) social working conditions, (3) qualifications and (4) form of ownership. The main conclusion is that the assessment of specific aspects of working conditions has a different impact on the declared abuse of sickness absence. A high assessment of the 'social’ (interpersonal) aspect is associated with a low tendency to engage in unethical behavior, whereas a high assessment of the 'motivational’ aspect is associated with a high tendency in this respect. Moreover, it was found that a low tendency to abuse is also expressed by people who highly assess their professional qualifications. Finally, abuses are committed relatively often by public administration employees. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2296456 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2296456 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2296456 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2149590_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Shiqi Liu Author-X-Name-First: Shiqi Author-X-Name-Last: Liu Author-Name: Cong Li Author-X-Name-First: Cong Author-X-Name-Last: Li Author-Name: Noshaba Aziz Author-X-Name-First: Noshaba Author-X-Name-Last: Aziz Author-Name: Ali Raza Author-X-Name-First: Ali Author-X-Name-Last: Raza Title: Dynamic nexus between transportation, economic growth and environmental degradation in China: Fresh insights from the QARDL approach Abstract: The continuous growth of the transport sector and the increase in transportation carbon emissions attract policymakers’ attention. It is of great importance to understand the determinants of pollution from transportation. This study explores the dynamic nexus between transportation, growth, and environmental degradation in China. The QARDL approach is used for the empirical investigation of data series from 1995 to 2018. The findings exposed mixed results in both the long and short run. The result for freight transportation only improves the environment at upper extreme quantiles, while the results are insignificant in the short run. The results show that passenger transportation reduces CO2 emissions at the lower bottom quantiles in the long run, while the results are significant at upper extreme quantiles in the short run. In the case of GDP, the results endorsed the EKC hypothesis in the long run, while in short-run dynamics, the results for GDP2 are found insignificant, which elaborates that China’s economic growth enhances the CO2 emissions. Besides, the quantile causality test showed a bi-directional causality between all variables. The findings of this study provide concrete evidence to the policymakers of China to strengthen the sustainable transportation system by promoting eco-friendly and energy-efficient modes of transportation. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2149590 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2149590 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2149590 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2150670_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xiaotian Qi Author-X-Name-First: Xiaotian Author-X-Name-Last: Qi Author-Name: Zilin Yang Author-X-Name-First: Zilin Author-X-Name-Last: Yang Title: Drivers of green innovation in BRICS countries: exploring tripple bottom line theory Abstract: Green technology adoption is indispensable for sustainable growth. Therefore, this study examines the determinants of green innovation in BRICS countries considering the Triple Bottom Line Theory (social, environmental, and economic). A cross-sectional autoregressive distributed lag (CS-ARDL) model is applied for empirical analysis from 1990 to 2019. The findings show that social, economic, and environmental factors significantly derive green innovation in the long run. However, their marginal contribution is substantially varied. A 1% increase in economic factors increases green innovation by 0.290%, while environmental concerns induce innovation by 0.438% in the long run. In contrast, social factors possess a relatively lower influence on green innovation, with a coefficient magnitude of 0.175%. Lastly, globalization stimulates green innovation by 0.310%. Similar results are observed in the short run; however, the magnitude of variables is significantly lower than long-run. These results are also validated using alternative estimators and recommend TBL factors as core drivers of green innovation in BRICS countries. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2150670 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2150670 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2150670 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2164033_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yang Zhou Author-X-Name-First: Yang Author-X-Name-Last: Zhou Author-Name: Zhengyan Liu Author-X-Name-First: Zhengyan Author-X-Name-Last: Liu Author-Name: Meng Wang Author-X-Name-First: Meng Author-X-Name-Last: Wang Author-Name: Rebecca Kechen Dong Author-X-Name-First: Rebecca Kechen Author-X-Name-Last: Dong Author-Name: Xiao-Guang Yue Author-X-Name-First: Xiao-Guang Author-X-Name-Last: Yue Title: Evaluating the impacts of education and digitalization on renewable energy demand behaviour: new evidence from Japan Abstract: Increasing renewable energy consumption is considered the panacea to tackle the issue of global warming and energy security. The digitalization of society can provide smart solutions for energy and environmental-related issues. Similarly, education can bring environmental awareness and encourage individuals and firms to rely more on renewable energy sources. We have tried to investigate the impact of education and digitalization on the renewable energy demand in Japan by applying the Quantile ARDL model. In the short and long run, the estimates attached to education are significantly positive almost all quantiles, which confirms that the higher the level of education in Japan, the higher the renewable energy demand. Likewise, the estimated coefficients of ICT, in both the short and long run, are positive and significant, confirming that increased digitalization help facilitate the renewable energy demand in Japan. Moreover, when we observe the Wald test, the asymmetric impact of education and digitalization are confirmed on the renewable energy demand in the short and long run. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2164033 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2164033 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2164033 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2158114_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Denis Buterin Author-X-Name-First: Denis Author-X-Name-Last: Buterin Author-Name: Saša Drezgić Author-X-Name-First: Saša Author-X-Name-Last: Drezgić Author-Name: Vesna Buterin Author-X-Name-First: Vesna Author-X-Name-Last: Buterin Title: Changes in the tax structure and their impact on economic growth in the Republic of Croatia based on the VAR model Abstract: In Croatia, the social security system is based on generational solidarity, i.e. payment of contributions, which is known as pay as you go (PAYG), but the balance of its functioning is permanently and significantly disturbed by long-term unfavourable demographic processes. Projections show that the worrying demographic situation will deteriorate even further and that, with low birth and fertility rates and negative natural growth, negative net migration will contribute to further depopulation. In addition, contributions directly burden labour, i.e. they increase labour costs for employers and reduce their competitiveness in the marketplace, affecting economic growth. The paper reviews empirical research on the impact of different tax structures on economic growth, the sublimated conclusion of which is that direct taxes have a negative effect on growth, while indirect taxes are neutral. The Croatian tax system, with VAT as the main factor in the tax structure, is focused on taxing consumption, but is also characterized by a high level of levies. In this paper, the authors use the vector autoregression model to analyse the relationship between economic growth and the changed tax structure of the Republic of Croatia, in which the role of indirect taxes would be more emphasized. Data in model are consist of different types of taxes, GDPpc, population growth, gross fixed capital formation, unemployment rate and cover the time period from 2004 to 2019. The authors prove that the reduction of the tax burden through direct taxes has positive economic, demographic and fiscal effects. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2158114 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2158114 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2158114 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2155207_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yian Chen Author-X-Name-First: Yian Author-X-Name-Last: Chen Author-Name: Li Guiping Author-X-Name-First: Li Author-X-Name-Last: Guiping Author-Name: Wenjing Gao Author-X-Name-First: Wenjing Author-X-Name-Last: Gao Title: Is pension insurance a barrier to entrepreneurship? New evidence from China Abstract: This article provides evidence of the impact of pension insurance on entrepreneurship. It uses recent, nationally representative sample data from the Chinese General Social Survey (2013). We use a probit regression model to investigate whether the pension insurance converge rate affects the probability of a person becoming an entrepreneur. We find that the presence of both basic pension and business pension insurance reduce individual entrepreneurial probability. We also find that the two types of pension insurance do not appear to increase entrepreneurship among any particular subgroup, based on geo graphical regions, gender, education, social connection or marital status. Moreover, we argue that the basic pension and business pension insurance actually have a negative effect on the probability of small business entrepreneurship. Even, we have found there seems to be one important exception to this general pattern. For, most importantly, basic pension and business pension insurance have a positive effect on the probability of one particular kind of entrepreneurship: Innovation-driven entrepreneurship. Exploring possible mechanisms, we find that the important transmission channels through which pension insurance affects business creation is the lack of security and total family income. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2155207 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2155207 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2155207 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2264377_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mykhaylo Kunychka Author-X-Name-First: Mykhaylo Author-X-Name-Last: Kunychka Author-Name: Martin Grešš Author-X-Name-First: Martin Author-X-Name-Last: Grešš Author-Name: Leonid Raneta Author-X-Name-First: Leonid Author-X-Name-Last: Raneta Author-Name: Boris Dziura Author-X-Name-First: Boris Author-X-Name-Last: Dziura Author-Name: Dean Sinković Author-X-Name-First: Dean Author-X-Name-Last: Sinković Title: Possible changes over time: poverty among migrants in the European Union Abstract: Over the past decade, the countries of the European Union have faced an increase in immigration flows from less developed and politically stable countries. The movement of migrants created new socio-economic challenges that affected their well-being. Thus, it is fair to ask: what influences the income level of migrants? The aim of the article is to study the influence of the selected determinants on the probability of poverty among migrants in the European Union. Using EU-SILC data for 2014 and 2018, we also explore possible changes in the strength of the determinants of poverty, depending on the pre-crisis and post-crisis periods associated with an increase in immigration. We report that immigrant status expressed by the birth outside the EU or holding other than EU citizenship increases the likelihood of being poor. The applied logistic model show that migrant poverty is associated with the level of education achieved, marital status, occupation, and housing ownership. Using macroeconomic variables, we find that the ratio of migrants to population, population size, and social-democratic welfare regime reduce the likelihood of poverty among migrants. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2264377 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2264377 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2264377 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2218469_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tri Haryanto Author-X-Name-First: Tri Author-X-Name-Last: Haryanto Author-Name: Wahyu Wisnu Wardana Author-X-Name-First: Wahyu Wisnu Author-X-Name-Last: Wardana Author-Name: Julie Ann Q. Basconcillo Author-X-Name-First: Julie Ann Q. Author-X-Name-Last: Basconcillo Title: Does sending farmers back to school increase technical efficiency of maize production? Impact assessment of a farmer field school programme in Indonesia Abstract: A farmer field school programme aims to impart knowledge and promote new technology. The programme is expected to enhance farmers’ performances. However, the empirical evidence remains unclear. A few studies have examined the impact of this programme on technical efficiency in Indonesia. The current study specifically investigates the causal impact of the Farmer Field School of Integrated Crop Management (FFS-ICM) programme on technical efficiency of maize production in Indonesia. We used a stochastic production frontier model and propensity score matching (PSM) to examine the causal impact of FFS-ICM on the technical efficiency of maize production. The results show that the average farm technical efficiency is 68.3%, which suggests that the production can be further improved. The PSM estimation indicates that FFS-ICM increased the technical efficiency by 1.48%, demonstrating the importance of agricultural extension programmes in rural areas in Indonesia. Nevertheless, the relatively small estimated impact raises the issue of cost effectiveness of the programme. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2218469 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2218469 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2218469 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2223263_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Noura Metawa Author-X-Name-First: Noura Author-X-Name-Last: Metawa Author-Name: Iman Akour Author-X-Name-First: Iman Author-X-Name-Last: Akour Author-Name: Zahra Tarek Author-X-Name-First: Zahra Author-X-Name-Last: Tarek Author-Name: Mohamed Elhoseny Author-X-Name-First: Mohamed Author-X-Name-Last: Elhoseny Title: Improved optimization model for forecasting stock directions (FSD) Abstract: The study of stock market price predictions is very important. The Recurrent Neural Network (RNN) has shown excellent results with this issue. There are two significant problems with using this strategy. One is that it constantly struggles with extensive neural network construction efforts and hyper-parameter adjustments. Two, it often fails to come up with a superior answer. The suggested model is proposed to optimize the network topology and hyper-parameters of the RNN model. RNN is utilized for effective forecasting of stock directions in this research. Additionally, the Improved Differential Evolution (IDE) method is used to tune the RNN's hyperparameters to their best potential. Utilizing the IDE method helps in achieving the best stock direction prediction results possible. The direction of Stock Prediction (SP) changes has been accurately predicted by the proposed model that is being presented. A series of tests on two popular benchmark datasets (AAPL and FB) revealed the superiority of the proposed model over the other strategies with accuracy of 99.02% and the loss close of 0.1% for training and testing. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2223263 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2223263 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2223263 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2217880_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: María del Carmen Ramos-Herrera Author-X-Name-First: María del Carmen Author-X-Name-Last: Ramos-Herrera Title: The effects of minimum wage on unemployment for OECD countries: a dynamic fixed effects panel threshold model perspective Abstract: The purpose of this paper is to shed new light on the incidence of the minimum wage on the unemployment rate on 33 OECD countries during 1980–2020 period applying a dynamic fixed effects panel threshold model. Controlling for the usual macroeconomic and demographic factors, the best model estimates a minimum wage threshold of 9.1667. Specifically, the higher the minimum wage the lower the unemployment rate, however the marginal effect is larger above the threshold value. A single-threshold model is identified for 25–74, secondary and long-term unemployment. The possibility of a double-threshold model is rule out for all the unemployment indicators. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2217880 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2217880 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2217880 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2147977_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Abdul Qadeer Author-X-Name-First: Abdul Author-X-Name-Last: Qadeer Author-Name: Lieven De Moor Author-X-Name-First: Lieven Author-X-Name-Last: De Moor Author-Name: Ashfaq Ahmad Author-X-Name-First: Ashfaq Author-X-Name-Last: Ahmad Title: Asset pricing dynamics in sustainable equity portfolios: Evidence from the Pakistan Stock Exchange Abstract: Financial markets are an important segment of the economy that can play a critical role in facilitating the attainment of sustainable development goals (SDGs). The equity aligned to these objectives is designed on the principles of Shariah, which are consistent with SDGs In this study, we explore the dynamics of asset pricing in equity, listed on the newly born Pakistan Stock Exchange–Karachi Meezan Index (PSX–KMI) All Share Index as ‘Shariah-compliant’, using Fama–French asset pricing models. Although our results fail to validate the capital asset pricing model (CAPM), multifactor models perform reasonably well, with exceptions in each model. The value premium seems silent in the five-factor model, whereas the liquidity factor is more attributable in the augmented three-factor model. Despite exceptions, based on the Gibbons, Ross, and Shanken (GRS) test, we confirm the validity of multifactor models to price sustainable equity portfolios (SEPs). Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2147977 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2147977 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2147977 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2150258_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ka Yin Chau Author-X-Name-First: Ka Yin Author-X-Name-Last: Chau Author-Name: Chen-Hsien Lin Author-X-Name-First: Chen-Hsien Author-X-Name-Last: Lin Author-Name: Bushra Tufail Author-X-Name-First: Bushra Author-X-Name-Last: Tufail Author-Name: Trung Kien Tran Author-X-Name-First: Trung Kien Author-X-Name-Last: Tran Author-Name: Le Van Author-X-Name-First: Le Author-X-Name-Last: Van Author-Name: Tran Thai Ha Nguyen Author-X-Name-First: Tran Thai Ha Author-X-Name-Last: Nguyen Title: Impact of eco-innovation and sustainable tourism growth on the environmental degradation: the case of China Abstract: Climate complexities and global warming have made sustainable development a customary topic in environmental literature. Since then, various diggings have been happening in academia. Amongst them tourism and eco-innovation receives the heap due to its contribution to economic development. The study, thereby, examines the impact of tourism, economic growth and eco-innovation on environmental degradation in China. The secondary data has been extracted from World Development Indicators (WDI) database from 1988 to 2020. The nexus among the variables have been examined using Nonlinear Autoregressive Distributed Lagged (NARDL) model. Findings reveal that international tourism receipts, expenditures and number of tourist arrival, GDP, national income and inflation are positively correlated with environmental degradation, while sustainability-oriented eco-innovation is related negatively in case of China. This study has provided help to the regulators while developing new policies regarding environmental degradation by controlling emissions from economic and tourism development and using sustainability-oriented eco-innovation. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2150258 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2150258 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2150258 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2188914_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Komal Khalid Author-X-Name-First: Komal Author-X-Name-Last: Khalid Author-Name: Saima Aftab Author-X-Name-First: Saima Author-X-Name-Last: Aftab Title: Women’s glass-ceiling beliefs and their perceived career progression: a tale of two countries Abstract: This study investigated and compared the impact of women glass-ceiling beliefs (denial, resilience, acceptance, and resignation) on their perceived career progression with a moderating role of education in Pakistan and Saudi Arabia. This is a time-lagged study. Multi-group analysis and permutations in Smart PLS is used for comparative data analysis. Results show significant differences in the impacts of glass-ceiling beliefs on women’s career progression in two different countries. Where education plays an important role in mitigating the negative effects of glass ceiling beliefs proving the same among the two samples of different countries. This study provides significant theoretical and practical implications for policymaking and organizational practices to give due consideration to women’s glass-ceiling beliefs and their career progression through education. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2188914 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2188914 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2188914 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2183518_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Wenlong Liu Author-X-Name-First: Wenlong Author-X-Name-Last: Liu Author-Name: Zhen Yang Author-X-Name-First: Zhen Author-X-Name-Last: Yang Author-Name: Jiapeng An Author-X-Name-First: Jiapeng Author-X-Name-Last: An Title: Firm leverage and labour share: evidence from China Abstract: We examine the relationship between firm leverage and firm-level labour shares by using the panel threshold effect model. Based on the sample of Chinese firms listed in the Shanghai Stock Exchange (SHSE) and the Shenzhen Stock Exchange (SZSE) from 2010 to 2019, we find that leverage has a significant threshold effect on the labour share of firms, and on average, firm leverage is positively associated with the labour share when the debt per labour is less than 640,000 CNY (approximate 89,600 USD). When the firm leverage exceeds the threshold, firm leverage is negatively associated with labour share. We also find significant heterogeneity over state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs), capital-intensive firms and labour-intensive firms, firms with different levels of financial constraints and firms in different life cycles. We contribute to prior literature by revealing the nonlinear association between leverage and firm-level labour share. Therefore, various policies (e.g. made credit policy to restrict lending to firms without sustainable profitability) must be implemented to increase the labour share of enterprises as well as achieve the higher-quality development of the economy in the long term. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2183518 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2183518 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2183518 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2218916_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Zenzerović Author-X-Name-First: Robert Author-X-Name-Last: Zenzerović Author-Name: Josip Šajrih Author-X-Name-First: Josip Author-X-Name-Last: Šajrih Title: Financial statements fraud identifiers Abstract: Contemporary research among fraud professionals indicates that organizations lose 5% of revenues from fraud every year which makes the research in this area and the derivation of fraud detection models very important. The purpose of the article is to develop a new accounting tool that will help companies and investors in prompt fraud detection and prevention which can finally result in the preservation of financial stability as well as more efficient capital allocation. In this context the main objective of the research is to test the significance of some financial statements positions’ relations that has not been used in the previous research using the dataset from SEC AAERs presented and included in Bao et al.’s research as well as to combine them with existing ones and consequently develop new financial statement fraud detection model. Another objective consists of presenting some of the most significant and contemporary research in the field of financial statement fraud detection models and comparing their quality using the ROC analysis. Research results were generated by using the SMOTE algorithm and logistic regression analysis on the dataset of 146,045 cases for a period from 1982 to 2014 and point out five independent variables used by Bao et al. The financial statement fraud detection model comprised of change in free cash flow, percentage of soft assets, sale of common and preferred stock, change in cash sales, and change in receivables shows a sufficient level of discriminant power with 67% area under ROC curve. The model derived could be used as a starting point for fraud detection preventing the significant losses the company and stakeholders could face. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2218916 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2218916 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2218916 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2210661_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Omar Ali Author-X-Name-First: Omar Author-X-Name-Last: Ali Author-Name: Valmira Osmanaj Author-X-Name-First: Valmira Author-X-Name-Last: Osmanaj Author-Name: Piotr Kwiatek Author-X-Name-First: Piotr Author-X-Name-Last: Kwiatek Author-Name: Mohammad Alryalat Author-X-Name-First: Mohammad Author-X-Name-Last: Alryalat Author-Name: Ranga Chimhundu Author-X-Name-First: Ranga Author-X-Name-Last: Chimhundu Author-Name: Yogesh K. Dwivedi Author-X-Name-First: Yogesh K. Author-X-Name-Last: Dwivedi Title: The impact of technological innovation on marketing: individuals, organizations and environment: a systematic review Abstract: Marketing is the cornerstone of an organization as it is vital to both strategic planning and business operations. An organization’s long-run success depends on its ability to create value for its customers, and marketing plays a crucial role in achieving this goal. This review paper attempts to broaden the body of knowledge concerning the impact of technological innovation on the marketing sector by presenting a systematic review along with a set of paths for future research. A total of 93 articles from 716 articles were systematically selected from different academic journals between 1999 and 2019. The articles were reviewed and summarized according to the individual, organizational, and environmental impact of technological innovation on the marketing sector. The study elaborates on different applications of advanced technologies and their impact on the marketing sector. This will help in conceptualizing the impact of technological innovation on the marketing sector in future studies. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2210661 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2210661 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2210661 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2190798_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yixiang Li Author-X-Name-First: Yixiang Author-X-Name-Last: Li Author-Name: Fusheng Wang Author-X-Name-First: Fusheng Author-X-Name-Last: Wang Title: Impact of capital market openness on corporate green technology innovation: evidence from the Shanghai-Hong Kong Stock Connect program Abstract: This paper explores the impact of capital market openness on corporate green technology innovation using the Difference in Differences model (DID) and a quasi-natural experiment with the Shanghai-Hong Kong Stock Exchange using A-share listed corporations data from 2011 to 2020. The findings indicate that capital market openness has a significant promotion effect on corporate green technology innovation. This effect is consistent using Propensity Score Matching-Difference in Differences model (PSM-DID), counterfactual and placebo tests. Moreover, capital market openness can indirectly stimulate corporate green technology innovation by increasing corporate R&D investment and improving corporate management. Notably, the promotion effect of capital market openness on green technology innovation of SOEs and small-scale corporations is stronger. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2190798 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2190798 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2190798 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2186910_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tayyaba Rani Author-X-Name-First: Tayyaba Author-X-Name-Last: Rani Author-Name: Feng Wang Author-X-Name-First: Feng Author-X-Name-Last: Wang Author-Name: Atif Awad Author-X-Name-First: Atif Author-X-Name-Last: Awad Author-Name: Jingfei Zhao Author-X-Name-First: Jingfei Author-X-Name-Last: Zhao Title: A cross-sectoral analysis of energy shortages in Pakistan: based on supply-driven input-output model Abstract: The impacts of energy shortages characterized by regular blackouts, natural gas, and electricity load shedding in Pakistan affected each economic sector, causing an energy-induced crisis and ecological sustainability issues. This study was conducted to reveal the benefits of renewable energy and describe the economic losses associated with electricity unavailability using supply-driven input-output as a price model across 34 sectors. The results revealed that exogenous shocks in electricity prices are responsible for bringing significant fluctuations across the business cycle in the country. Similarly, the overall output of Pakistan’s economy will decrease by 24.89 rupees due to a 1-kilowatt-hour reduction in electricity supply. Moreover, both forward and backward linkages of Pakistan’s economy revealed that higher electricity allocation coefficients pose significant output impacts on most sectors. We conclude that indirect output impacts require due consideration to avoid the underestimation problem due to total electricity shortages. It is recommended that the government provide a social and legal framework to boost the environmental sustainability and economic activities in the textile, oil refining, production of cement, and fertilizer sectors for sustainable economic growth. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2186910 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2186910 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2186910 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2156575_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hongcheng Shen Author-X-Name-First: Hongcheng Author-X-Name-Last: Shen Author-Name: Ting Luo Author-X-Name-First: Ting Author-X-Name-Last: Luo Author-Name: Zhixiong Gao Author-X-Name-First: Zhixiong Author-X-Name-Last: Gao Author-Name: Xia Zhang Author-X-Name-First: Xia Author-X-Name-Last: Zhang Author-Name: Weikun Zhang Author-X-Name-First: Weikun Author-X-Name-Last: Zhang Author-Name: Yen-Ching Chuang Author-X-Name-First: Yen-Ching Author-X-Name-Last: Chuang Title: Digital financial inclusion and the urban–rural income gap in China: empirical research based on the Theil index Abstract: This study examined the effect of digital financial inclusion in reducing the urban–rural income inequality in China. Based on city-level panel data, the results showed that digital financial inclusion narrowed the urban–rural income gap significantly by boosting economic growth. The results were robust when the core explained variables were replaced. Heterogeneity analysis showed that digital financial inclusion indicates regional differences in narrowing the urban–rural income gap. This study puts forward corresponding countermeasures for the development of digital financial inclusion and adds to the research on this very topical subject. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2156575 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2156575 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2156575 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2264373_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Israel-Javier Juma-Michilena Author-X-Name-First: Israel-Javier Author-X-Name-Last: Juma-Michilena Author-Name: María Eugenia Ruiz-Molina Author-X-Name-First: María Eugenia Author-X-Name-Last: Ruiz-Molina Author-Name: Irene Gil-Saura Author-X-Name-First: Irene Author-X-Name-Last: Gil-Saura Author-Name: Sergio Belda-Miquel Author-X-Name-First: Sergio Author-X-Name-Last: Belda-Miquel Title: An analysis of the factors influencing pro-environmental behavioural intentions on climate change in the university community Abstract: Universities play an essential role in promoting economic prosperity, social welfare and environmental protection through education and research. However, discrepancies have been pointed out between what consumers express about their environmental concerns and their environmental behaviour is, thus posing a challenge for the effective adaptation and mitigation of climate change. The purpose of this study is to analyse the sequence ‘beliefs-attitudes-behaviours’ applying the Theory of Planned Behaviour to the context of the university community. To achieve this objective, the hypothesised relations are tested using Partial Least Squares structural equation modeling in a sample of 1991 responses from students and staff at nine Latin American universities. Results show that beliefs and attitudes positively influence intrinsic motivation towards participation in actions related to climate change, and this, together with attitude, influences the pro-environmental behaviour of the university community. Neither extrinsic motivations or individual pro-environmental behaviour do not influence conduct as a member of the community. Affiliation (student vs. employee) moderates some of these relationships. A series of implications for university administrators (e.g., actions oriented towards raising awareness, identification of suitable incentives) are inferred to promote the participation of the community members in pro-environmental actions. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2264373 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2264373 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2264373 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2206471_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jinfang Zhao Author-X-Name-First: Jinfang Author-X-Name-Last: Zhao Author-Name: Dongxu Yang Author-X-Name-First: Dongxu Author-X-Name-Last: Yang Author-Name: Xia Zhao Author-X-Name-First: Xia Author-X-Name-Last: Zhao Author-Name: Minghua Lei Author-X-Name-First: Minghua Author-X-Name-Last: Lei Title: Tourism industry and employment generation in emerging seven economies: evidence from novel panel methods Abstract: To analyze E-7 economies, the authors employ panel data and relevant panel data econometrics approaches for long-run relationships Mean group, fully modified and dynamic OLS (MG, FMOLS, DOLS) to monitor changes over time between variables, which is important in actual studies. The models’ primary findings are as follows: The panel cointegration tests confirm log-run associations among the targeted variables. International tourism has the largest influence on creating direct jobs in the tourist industry. The control variables like FDI and TI increase employment opportunities in the targeted economies. Furthermore, the results confirm that total natural resources reduce employment services in the E-7 economies. Other factors that might affect the performance of the tourist activity are not included in the model. Furthermore, given the availability of official and consistent data, it only includes what has been recorded up to 2020; our target was 2022, but due to data limitation, it covers 2020. The objective is to assess both the significance of tourist-related activities in creating jobs and the effect of tourism on country-level factors where public policy may influence economic activity. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2206471 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2206471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2206471 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2194946_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yuanxiang Peng Author-X-Name-First: Yuanxiang Author-X-Name-Last: Peng Author-Name: Dan Zhu Author-X-Name-First: Dan Author-X-Name-Last: Zhu Title: Assessing technological innovation and sustainable environment: Tourism perspective of advanced panel methods Abstract: The current study aims to analyze the influence of technological innovation, economic growth, tourism and renewable energy consumption on the carbon emissions in four South Asian economies covering the period 1990-2020. This study employed the cross-sectionally augmented autoregressive distributed lag model – a the third-generation estimator as it tackles the issues of slope heterogeneity, panel cross-section dependency, endogeneity, and stationarity. Also, this study uses the augmented mean group as a robustness test and Granger panel causality heterogeneity test. The results display that economic growth significantly enhances emissions level, whereas achievement of the threshold income level significantly reduces environmental degradation – validating the environmental Kuznets curve hypothesis in the region. Besides, tourism, renewable energy consumption, and technological innovation substantially reduces carbon emissions in the regions in short- and long-run. These findings are robust, and a bidirectional causal association exists between the explanatory variables and carbon emissions. The findings suggest policy concerning the adoption of renewable energy, considering industrial sector’s structural transformation, investment in technological innovation and promotion of tourism in the region. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2194946 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2194946 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2194946 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2152359_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dan Xie Author-X-Name-First: Dan Author-X-Name-Last: Xie Author-Name: Nasreen Saeed Author-X-Name-First: Nasreen Author-X-Name-Last: Saeed Author-Name: Shamim Akhter Author-X-Name-First: Shamim Author-X-Name-Last: Akhter Author-Name: Tribhuwan Kumar Author-X-Name-First: Tribhuwan Author-X-Name-Last: Kumar Title: A step towards a sustainable environment in top Asian countries: the role of higher education and technology innovation Abstract: The present study aims to examine a step toward a sustainable environment in top Asian Countries by incorporating the role of higher education and technology innovation. The sample data were collected from (1995 to 2019). However, the most-suited methodological approach i.e., the CS-ARDL technique is used to assess the long-run and short impact of these variables on each other; in addition, the modern theory of the EKC model is applied in the study to enhance the credibility of the results. As per the short-run estimation, determinants of higher education, GDP2, and technology innovation are negatively associated with the environment (CO2 emission). Although the long-run results of CS-ARDL signify that technology innovation (GIN) represents a −0.312∗∗∗ coefficient value which indicates a negative and significant relationship with the environment, whereas, HE & GDP shows a positive association with the environment (CO2 emission) having the coefficient values of 0.249∗∗∗ and 0.437∗∗∗, respectively. While the factor of GDP2 is negative in the long-run and positive in the short run, thus the EKC model is supported under this theoretical framework. Based on these explorations, the relevant implications are prescribed by the authors to get a sustainable environment in these top Asian countries. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2152359 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2152359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2152359 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2153375_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yaofu Li Author-X-Name-First: Yaofu Author-X-Name-Last: Li Author-Name: Nur Rasyidah Mohd Nordin Author-X-Name-First: Nur Rasyidah Author-X-Name-Last: Mohd Nordin Author-Name: Shamim Akhter Author-X-Name-First: Shamim Author-X-Name-Last: Akhter Author-Name: Tribhuwan Kumar Author-X-Name-First: Tribhuwan Author-X-Name-Last: Kumar Author-Name: Musarat Shaheen Author-X-Name-First: Musarat Author-X-Name-Last: Shaheen Title: Does green entrepreneurial behavior enhance through entrepreneurship education, perceived-ability to use technology, and commitment to environment? Understanding the contribution of entrepreneurial motivation and university support Abstract: In a time of environmental destruction, global warming, and continuous rise in the earth’s temperature, Green Entrepreneurship has emerged as a potential solution through which ecological, economic, and social sustainability can be attained. Hence the current is operationalized in order to understand the contribution of Entrepreneurial Motivation (MOT) and University Support (SUP) in enhancing Green Entrepreneurial Behavior (BEH) powered by Entrepreneurship Education (EDU), Perceived-ability to use Technology (TEC), and Commitment to Environment (CMT). On the dataset of 487 students from Chinese education institutions, the application of PLS-SEM reported significant and positive associations among the proposed hypotheses. Precisely, EDU, TEC, and CMT are reported to enhance the level of SUP, MOT, and BEH, whereas the role of SUP and MOT in enhancing BEH is also reported. Based on the findings, there are different managerial implications that the current study has proposed. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2153375 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2153375 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2153375 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2195475_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xinghua Wang Author-X-Name-First: Xinghua Author-X-Name-Last: Wang Author-Name: Zhengzheng Lee Author-X-Name-First: Zhengzheng Author-X-Name-Last: Lee Author-Name: Xin Xie Author-X-Name-First: Xin Author-X-Name-Last: Xie Title: Examining the impact of high technology exports on environmental sustainability? An empirical insight Abstract: Over the last few decades, countries have been highly dependent on exports leading to negative effects on environmental sustainability. Several studies have examined the link between exports and CO2 emissions. However, a huge gap exists in understanding the relationship between high technology exports (HTE) and environmental sustainability. Therefore, this study investigates the impact of HTE on environmental sustainability by providing deeper empirical insights. We controlled the effects of urbanization, industry, and economic growth (GDP). The present study extracted data from the World Development Indicators (WDI) database covering the period 2009 to 2018, with particular attention paid to 25 countries that are considered technologically advanced. The analysis is conducted using both ordinary least squares and robust tests. The results reveal a positive impact of HTE on the carbon intensity level. Additionally, a positive moderating effect of human capital is found. The findings present useful, practical implications to policymakers and academicians. This study enriches the existing research on technology exports and provides a theoretical framework for governments to implement in formulating policies. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2195475 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2195475 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2195475 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2186908_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Lingli Qing Author-X-Name-First: Lingli Author-X-Name-Last: Qing Author-Name: Riazullah Shinwari Author-X-Name-First: Riazullah Author-X-Name-Last: Shinwari Author-Name: Xiang Ma Author-X-Name-First: Xiang Author-X-Name-Last: Ma Author-Name: Yaode Wang Author-X-Name-First: Yaode Author-X-Name-Last: Wang Author-Name: Abd Alwahed Dagestani Author-X-Name-First: Abd Author-X-Name-Last: Alwahed Dagestani Title: Revisiting resources, cleaner energy and sustainable economic performance: the role of cleaner electricity from BRICS economies Abstract: Since the last three decades, the natural resources and energy sector has been regarded as a substantial determinant of economic growth and prosperity. However, the literature is still contradictory and scant for BRICS economies and needs more empirical evidence for appropriate policies. This study aims to analyze the influence of natural resources and cleaner energy on economic performance in the presence of consumption expenditure. Using second-generation diagnostic, unit root, and cointegration tests, the results verify the long-run equilibrium association between the variables during 1990-2021. Due to non-linear data dispersion, the study uses the method of moment quantile regression. It concludes that both natural resources and cleaner energy have an asymmetric influence on the economic growth of these nations. The region’s significant factors of economic growth are electricity production from renewable sources and oil rents. Renewable electricity output and mineral rents adversely affect economic growth and performance. Besides, consumption expenditure is also negatively and significantly affecting economic growth. Based on the empirical outcomes, this study also suggested policies that could benefit the BRICS economic growth and performance. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 3 X-DOI: 10.1080/1331677X.2023.2186908 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2186908 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2186908 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2152070_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhipeng Wang Author-X-Name-First: Zhipeng Author-X-Name-Last: Wang Author-Name: Ahmad Mohammed Alamri Author-X-Name-First: Ahmad Mohammed Author-X-Name-Last: Alamri Author-Name: Jeanne Laure Mawad Author-X-Name-First: Jeanne Laure Author-X-Name-Last: Mawad Author-Name: Mei Zhang Author-X-Name-First: Mei Author-X-Name-Last: Zhang Author-Name: Numan Khan Author-X-Name-First: Numan Author-X-Name-Last: Khan Title: Sustainable growth and green environment? Evidence from nonparametric methods provincial data of China Abstract: A sustainable financial and economic system is the need of the hour, especially in the context of a deteriorating environment. Environment quality is very important for healthy labour life, contributing to economic growth more effectively. China is one of the largest economies in the world, which is the residency of 18.47% of total humans on planet earth. Keeping environment is a major policy concern; this study investigates the relationship between environmental quality and economic growth in the presence of human capita and renewable energy use. The study uses the data for the time period of 1995–2017. While conducting nonparametric tests, the study applied QMMR regression approach to hand the issues of cross-sectional heterogeneities and endogeneity simultaneously. The study found that GDP is positively associated with carbon emissions throughout all the quantiles. Foreign trade is showing mixed results, most probably due to changes in trade patterns, and a hidden heterogeneity across provinces in China. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2152070 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2152070 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2152070 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2264371_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jun Wen Author-X-Name-First: Jun Author-X-Name-Last: Wen Author-Name: Chukwuemeka Valentine Okolo Author-X-Name-First: Chukwuemeka Valentine Author-X-Name-Last: Okolo Title: Does global economic reform accentuate technological innovation? A comparative evidence around the world Abstract: Technology innovation improves efficiency, gives society new and enhanced goods and services through economic reform, and raises their living conditions. This study examined the impact of economic reform on technological innovation using the system generalised method of moments and panel quantile regressions to account for simultaneity and reverse causality. The empirical findings conclude that economic reform significantly impacted technological innovation in 79 nations from 1995 to 2017. More importantly, we verify the positive effect of economic reform on technological innovation by addressing endogenous and robustness checks via various methods and sub-samples. Furthermore, the mechanism of this relationship was explored. Therefore, the research findings offer an alternative method for national ”gove’nments to promote innovation output by reinforcing government effectiveness, financia” sec’or development, and the degree of democracy transparency. Finally, economic proposals are discussed based on the findings and estimation strategies. HIGHLIGHTSThe study examines the impacts of economic reforms on technological innovation in a panel of 79 economies over 1995–2017.Using GMM and panel quantile regressions, empirical findings indicate that economic reforms promote technological innovations.The positive effect of economic reforms on innovation operates through government effectiveness, financial development, and democracy.Intellectual Patent Protection Act controls inadequate competitiveness and preserves a fair market climate. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2264371 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2264371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2264371 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2185068_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Correction Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2185068 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2185068 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2185068 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2151489_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Qin Xiliang Author-X-Name-First: Qin Author-X-Name-Last: Xiliang Author-Name: Yen-Ku Kuo Author-X-Name-First: Yen-Ku Author-X-Name-Last: Kuo Author-Name: Mohammed A. S. Abourehab Author-X-Name-First: Mohammed A. S. Author-X-Name-Last: Abourehab Author-Name: Fatma Mabrouk Author-X-Name-First: Fatma Author-X-Name-Last: Mabrouk Author-Name: Edwin Ramirez-Asis Author-X-Name-First: Edwin Author-X-Name-Last: Ramirez-Asis Author-Name: Zulkiflee Abdul-Samad Author-X-Name-First: Zulkiflee Author-X-Name-Last: Abdul-Samad Author-Name: Nalson Makes Author-X-Name-First: Nalson Author-X-Name-Last: Makes Title: The impact of ICT, green finance, and CSR on sustainable financial performance: moderating role of perceived organizational support Abstract: Recently, the financial performance of the steel industry has faced several challenges due to a lack of focus on corporate social responsibilities (CSR), green finance, and information communication technology (ICT). Hence, this study investigates the impact of CSR, green finance, and ICT on the financial performance of the steel industry in China. The present research also investigates the moderating role of organizational support among CSR and firm performance and ICT and firm performance. We applied structural equation modeling to analyze the primary data of 290 employees collected from the employees of the steel industry in China. The findings indicated that CSR, green finance, and ICT have a positive and significant impact on the financial performance of this industry. The results also showed that organizational support significantly and positively moderates the interaction between CSR, ICT, and financial performance. These findings suggest that Chinese steel industries should adopt CSR practices and implement an ICT adoption strategy for better financial performance. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2151489 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2151489 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2151489 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2162561_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yi Li Author-X-Name-First: Yi Author-X-Name-Last: Li Author-Name: Rumi Iqbal Doewes Author-X-Name-First: Rumi Iqbal Author-X-Name-Last: Doewes Author-Name: Mohammed Hasan Ali Al-Abyadh Author-X-Name-First: Mohammed Hasan Ali Author-X-Name-Last: Al-Abyadh Author-Name: Md. Monirul Islam Author-X-Name-First: Md. Monirul Author-X-Name-Last: Islam Title: How does remote education facilitate student performance? Appraising a sustainable learning perspective midst of COVID-19 Abstract: The COVID-19 pandemic has brought the concept of a "new normal" to our daily lives and fundamentally affects how we live, learn, and work. In these extraordinary times, the quick move from traditional (face-to-face) learning to online learning is viewed as a paradigm change affecting social, economic, and ecological factors. In this vein, the current study investigates the linkages among system quality, instructor quality, campus learning climate, student satisfaction, and online learning success. We have collected questionnaire-based data from 302 students enrolled in different programs and employed the structural equation modelling (SEM) approach. The results indicate that system and instructor quality is vital in accomplishing campus learning climate and student satisfaction. Manifestly, campus learning climate and student satisfaction also significantly affect online learning success, which helps achieve institutional excellence and positive word of mouth. Virtual learning offers many technological advantages and leads to lower resource consumption than physical learning models. Enlightening the quality of education systems and instructors is crucial in producing value in modern societies for institutional superiority. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2162561 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2162561 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2162561 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2153720_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhao Wanwan Author-X-Name-First: Zhao Author-X-Name-Last: Wanwan Author-Name: Zhou Yanan Author-X-Name-First: Zhou Author-X-Name-Last: Yanan Author-Name: Zhao Yongliang Author-X-Name-First: Zhao Author-X-Name-Last: Yongliang Title: Temporary trade barriers and enterprise export market changes: evidence from China Abstract: In theory, previous studies believed that the export market of enterprises was homogeneous. There is no difference in each export market, which is obviously inconsistent with the actual trade situation. This paper divides the export market of enterprises into main export market and secondary export market according to the export status, explores the export changes of enterprises to the main export market and secondary export market respectively when the temporary trade barriers of the main export market to the trade exporting country are raised. This paper focuses on the impact of the main export market on the anti-dumping degree, countervailing level and the improvement of trade safeguard measures on the export conversion of enterprises between the main and secondary markets. The research shows that the increase of the anti-dumping degree of the main market against the trade exporting countries will lead to the higher probability of role exchange between the main and secondary markets; The countervailing level of the main market against the trade exporting countries rises, and the export of enterprises is more likely to turn to the secondary market; The greater the trade safeguard measures in the main market, the more likely the secondary market will become the main market. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2153720 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2153720 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2153720 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2211152_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Huyen Mong Le Author-X-Name-First: Huyen Mong Author-X-Name-Last: Le Author-Name: Thu Thi Nguyen Author-X-Name-First: Thu Thi Author-X-Name-Last: Nguyen Author-Name: Trang Cam Hoang Author-X-Name-First: Trang Cam Author-X-Name-Last: Hoang Title: Performance implications of exploratory and exploitative innovation: the role of management control systems Abstract: Drawing on prominent theories of innovation, this study investigates the inter-relationships between the use of management control systems (MCS), exploratory innovation, exploitative innovation, and firm performance in Vietnam, an emerging market. The research hypotheses were empirically tested using a partial least squares-structural equation model. Data were collected by survey questionnaires from a sample of 238 top-level and middle-level managers in Vietnamese firms. The results confirm that the diagnostic use of MCS has a significant positive effect on exploitative innovation and the interactive use of MCS has a significant positive effect on both exploratory innovation and exploitative innovation. The results also reveal that exploitative innovation and exploratory innovation partially mediate the relationship between the interactive use of MCS and firm performance. Understanding these relationships can assist Vietnamese firms to invest appropriately in MCS that is able to promote innovation actions, thereby achieving outstanding performance. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2211152 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2211152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2211152 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2208635_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mosab I. Tabash Author-X-Name-First: Mosab I. Author-X-Name-Last: Tabash Author-Name: Umaid A. Sheikh Author-X-Name-First: Umaid A. Author-X-Name-Last: Sheikh Author-Name: Muzaffar Asad Author-X-Name-First: Muzaffar Author-X-Name-Last: Asad Author-Name: Ather Azim Khan Author-X-Name-First: Ather Azim Author-X-Name-Last: Khan Title: Do positive and negative variations in stock indexes lead to depreciation in local currencies? A beyond symmetrical evidence from ASEAN-5 region Abstract: Preliminary studies overlooked the importance of the financial crisis in the asymmetric transmission of financial market shocks to FX market returns. Moreover, existing studies also concentrated on the response of aggregate equity market returns to the forex market returns rather than the vice versa asymmetric effect for the ASEAN-5 region. We utilised the panel based ARDL and NARDL framework using pooled mean group method for conducting this study. There are 415 observations spanning the pre-crisis period of January 2001 to December 2007. Furthermore, 595 and 1135 observations are taken into consideration when post-recessionary, and overall sampling periods of January 2010 to December 2019 and January 2001 to December 2019 are considered, correspondingly. Overall, the findings indicated that in the short run, only negative equity market returns caused depreciation in the local currencies of ASEAN-5 member countries during the pre-crisis period, whereas only positive shocks during the post-crisis regime appreciated the local currencies of ASEAN-5 member countries. Furthermore, only longer-term negative financial market shocks contribute to post-crisis local currency deflation in the ASEAN-5 member nations. This demonstrates that investors and exporters must consider the importance of the particulate crisis period when formulating forward currency arrangements. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2208635 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2208635 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2208635 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2212743_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yuguang Yang Author-X-Name-First: Yuguang Author-X-Name-Last: Yang Title: The impact of the digital economy on young people’s consumption in the context of the new coronary pneumonia epidemic Abstract: This paper analyzes digital economy data from Beijing and 1 Chinese province and city by a panel model and a fixed impact model. The findings are as follows: First, the development of digital participatory finance has positively influenced China’s consumption level, consumption structure, consumption areas and development, mainly because it has affected the consumer goods of Chinese citizens. Second, by analyzing digital economy indicators and data at different stages of economic development, it is believed that the size and reach of the digital economy will have a more positive impact on per capita consumption in China. China’s digital economy mainly affects the urban-rural structure, regional structure, and consumption habits of residents to realize the impact of the digital economy. The digital economy has a much greater impact on growth-oriented household consumption than on household consumption. Based on the findings, recommendations for action are also provided. The government should strengthen digital infrastructure, improve digital economy products and derivative financial services, improve the quality of current financial services for citizens, and increase the affordability of citizens to successfully develop the digital economy. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2212743 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2212743 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2212743 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2147567_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yongrong Xin Author-X-Name-First: Yongrong Author-X-Name-Last: Xin Author-Name: Huaizheng Li Author-X-Name-First: Huaizheng Author-X-Name-Last: Li Author-Name: Tomiwa Sunday Adebayo Author-X-Name-First: Tomiwa Sunday Author-X-Name-Last: Adebayo Author-Name: Abraham Ayobamiji Awosusi Author-X-Name-First: Abraham Ayobamiji Author-X-Name-Last: Awosusi Title: Asymmetric linkage between biomass energy consumption and ecological footprints in top ten biomass-consuming nations Abstract: In the current sustainable growth framework, the role of renewable energy cannot be overemphasized. Furthermore, several sustainable development targets necessitate the optimal utilization of biomass energy. Their benefits, trade-off dynamics, and implementation vary according to geography, necessitating an in-depth examination to manage their influence. Therefore, we investigated the impact of biomass energy utilization on the ecosystem in the top ten biomass-consuming nations: India, Austria, Brazil, China, Germany, Sweden, Finland, Italy, the United Kingdom, and the United States. To compare the impact of biomass energy utilization on ecological footprint, this study employed a quarterly dataset covering the period between 1970 and 2018. To achieve this objective, we used the Quantile-on-Quantile approach, which suggests that biomass improves environmental quality in six nations (i.e. Austria, Brazil, China, Germany, Sweden, and United Kingdom) but it degrades the environment in the other countries (i.e. Finland, Italy, India, and the USA). Furthermore, the study employed the Granger causality test in quantile, and the results indicate that biomass energy utilization and ecological footprint can predict each other in nine nations (i.e. Austria, Brazil, China, Germany, Sweden, Finland, Italy, UK, and the USA). However, for India, we detected the absence of causality between biomass energy and ecological footprint. Based on this outcome, this study suggests policies such as intensifying and coordinating the transition from traditional to contemporary biomass, which might increase the green impacts of biomass use, hence lowering environmental degradation. This transition will strengthen the energy efficiency of biomass energy generation, providing additional opportunities to revitalize the forest areas. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2147567 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2147567 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2147567 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2183418_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ihor Bashuk Author-X-Name-First: Ihor Author-X-Name-Last: Bashuk Author-Name: Rui Miguel Dantas Author-X-Name-First: Rui Miguel Author-X-Name-Last: Dantas Author-Name: Mário Nuno Mata Author-X-Name-First: Mário Nuno Author-X-Name-Last: Mata Author-Name: Kateryna Boichenko Author-X-Name-First: Kateryna Author-X-Name-Last: Boichenko Author-Name: João Xavier Rita Author-X-Name-First: João Xavier Author-X-Name-Last: Rita Author-Name: Anabela Batista Correia Author-X-Name-First: Anabela Batista Author-X-Name-Last: Correia Title: The impact of business process modelling on the companies’ efficiency under Covid-19 conditions Abstract: The purpose of this study is to form a methodological approach to assessing the impact of the effectiveness of business process modelling under the COVID-19 pandemic, which creates an opportunity to diagnose the impact of business modelling results on the company’s activities, as well as to make justified management decisions concerning the integrated development of the most relevant and significant business components of the model. The research methodology consists of correlation and regression analysis, scenario modelling, and hierarchical synthesis. The research was carried out according to the materials from 16 road transport companies in Ukraine engaged in cargo transportation. Determination of the effectiveness indicators of business processes modelling per their quality, cost, and speed made it possible to identify leaders and outsiders among the companies under study based on the specified parameters. Regression analysis proves that the speed of business processes is the most significant factor in modelling efficiency for the surveyed companies. According to the determination of the impact of the business processes modelling effectiveness on the companies’ financial efficiency and productivity, the connection between these indicators was diagnosed under the COVID-19 pandemic. The most effective scenario for the vast majority of the studied companies under the pandemic circumstances is one that focuses on the cost and speed of business processes. Modelling business processes based on the scenario of concentration on the cost and speed indicators of business processes have the highest positive effect of their modelling, which contributes to increasing the financial efficiency and productivity of the companies under study. The study confirms the need for integrated business processes modelling, which considers different combinations of the resulting indicators and contributes to increasing the efficiency of business processes modelling and the companies’ financial efficiency and productivity under the COVID-19 pandemic. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2183418 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2183418 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2183418 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2212028_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Shen Yap Author-X-Name-First: Shen Author-X-Name-Last: Yap Author-Name: Hui Shan Lee Author-X-Name-First: Hui Shan Author-X-Name-Last: Lee Author-Name: Ping Xin Liew Author-X-Name-First: Ping Xin Author-X-Name-Last: Liew Title: The role of financial inclusion in achieving finance-related sustainable development goals (SDGs): a cross-country analysis Abstract: Financial inclusion is critical for the achievement of the Sustainable Development Goals (SDGs). Therefore, as there is a lack of extant studies linking financial inclusion to the SDGs, this present study used a panel regression model to examine the individual and combined effects of financial inclusion on the SDGs in selected countries between 2017 to 2020. As most extant studies have only examined specific SDGs individually, this present study is the first to examine the correlation between financial inclusion and finance-related Sustainable Development Goals (SDGs). The findings indicate that financial inclusion positively correlates to the 2nd, 5th, and 8th SDGs but not significantly enough to the 1st, 3rd, 9th, and 10th SDGs. A significant and positive correlation was also identified between financial inclusion and sustainable development in its entirety (finance-related SDG index). As financial inclusion may not directly affect all the SDGs, the uniqueness of this present study is that it examines seven finance-related aspects of SDGs, as outlined by the World Bank. The findings could encourage policymakers to increase efforts to raise the extent of financial inclusion to enhance the finance-related SDGs. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2212028 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2212028 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2212028 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2147978_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Wanshan Wu Author-X-Name-First: Wanshan Author-X-Name-Last: Wu Author-Name: Linyan Zhang Author-X-Name-First: Linyan Author-X-Name-Last: Zhang Author-Name: Mantu Kumar Mahalik Author-X-Name-First: Mantu Kumar Author-X-Name-Last: Mahalik Author-Name: Qian Wan Author-X-Name-First: Qian Author-X-Name-Last: Wan Author-Name: Giray Gozgor Author-X-Name-First: Giray Author-X-Name-Last: Gozgor Author-Name: Zhou Lu Author-X-Name-First: Zhou Author-X-Name-Last: Lu Title: Revisiting the globalisation-welfare state Nexus: what about the quality of the social welfare? Abstract: A large amount of literature examines the effects of globalisation on the size of the welfare state. Unlike previous papers, this article studies globalisation’s effects on the quality of social welfare. For this purpose, we use the annual panel dataset of 169 countries from 1970 to 2018. The findings indicate that a higher level of globalisation leads to a higher quality of the welfare state. This evidence is valid when the countries are divided according to their income levels, such as low-income, middle-income, and high-income economies. In addition, these results remain robust when various sensitivity analyses are implemented, such as using different indicators of globalisation, utilising different estimation techniques, including various controls, and excluding outliers. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2147978 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2147978 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2147978 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2157855_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Shan Yu Author-X-Name-First: Shan Author-X-Name-Last: Yu Author-Name: Zhenlin Ma Author-X-Name-First: Zhenlin Author-X-Name-Last: Ma Author-Name: Xingmin Zhang Author-X-Name-First: Xingmin Author-X-Name-Last: Zhang Author-Name: Xiaoqian Liu Author-X-Name-First: Xiaoqian Author-X-Name-Last: Liu Title: Does the Belt and Road Initiative facilitate China’s corporate overseas investment: Based on a sustainable development perspective Abstract: Corporate overseas investment is a pivotal element of the Belt and Road Initiative (BRI). As an all-round opening-up strategy, the BRI has brought new ideas to international cooperation, and Chinese enterprises should seize this opportunity to promote global sustainable development. Adopting the data of Chinese listed enterprises from 2011-2020, this paper investigates the impact of the BRI on corporate overseas investment (COI) and its mechanisms via exploiting the difference-in-differences model (DID). Results show that the BRI has significantly facilitated the COI along the routes. We observe that the findings still hold after a series of robustness tests. Mechanism analysis verifies that tax incentives and credit environment improvement are the main channels by which BRI enhances COI. Heterogeneity results reveal that this initiative is more prominent for small and medium-sized enterprises and enterprises in dominant industries. The extensive analysis suggests that from a sustainable development perspective, the BRI facilitates more overseas investment of enterprises in polluting or high energy-consuming industries; the COI is more affected by BRI in regions with more stringent environmental regulations. This study provides empirical evidence for BRI construction and regional development. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2157855 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2157855 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2157855 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2163682_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nan Wang Author-X-Name-First: Nan Author-X-Name-Last: Wang Author-Name: Khairul Anuar Mohammad Shah Author-X-Name-First: Khairul Anuar Author-X-Name-Last: Mohammad Shah Title: The impact of ecological innovation on the food production quality: mediating role of environmental awareness Abstract: Eco-innovation is the necessary element for the production process and quality and the organization’s success that needs researchers’ and policymakers’ emphasis. Hence, the current article investigates the impact of product eco-innovation, process eco-innovation, and organizational eco-innovation on the food production quality in the food industry in China. The present study also investigates the mediating impact of environmental awareness among the association of product eco-innovation, process eco-innovation, organizational eco-innovation, and quality of food production in the food industry in China. The article followed the survey questionnaires to gather the primary data. The study used the PLS-SEM to check the relationships among the constructs using SPSS-AMOS. The findings indicated that product eco-innovation, process eco-innovation, and organizational eco-innovation have a positive association with food production quality in the food industry in China. The outcomes also revealed that environmental awareness significantly mediates among product eco-innovation, process eco-innovation, organizational eco-innovation, and food production quality in the food industry in China. This study guides the policymakers in developing policies related to food production quality using eco-innovation and environmental awareness in the complete business process. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2163682 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2163682 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2163682 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2256830_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Majid Riaz Author-X-Name-First: Majid Author-X-Name-Last: Riaz Author-Name: Umar Safdar Author-X-Name-First: Umar Author-X-Name-Last: Safdar Author-Name: Muhammad Qasim Author-X-Name-First: Muhammad Author-X-Name-Last: Qasim Author-Name: Naeem Akhtar Author-X-Name-First: Naeem Author-X-Name-Last: Akhtar Title: An augmentation for innovation: psycho-Tech innovative work behavior model through an intellectual risk-taking pathway Abstract: Organizations require a dynamic and variant work environment to cope with the ever-changing high-tech global challenges, acute competition, and psychological issues. In addition, the covid-19 pandemic has caused devastation across the world. Lockdowns and government measures to restrict the spread of Covid-19 have far-reaching effects on the health and education sectors. Employees in the health and education sectors were surprised by the sudden crisis, which undermined conventional working procedures. Therefore, this study addresses two global issues: high-tech global challenges and covid-19 devastating effects on the health and education sectors. In the context of self-determination theory and theory of planned behavior, the psychological factors (e.g., psychological empowerment, Grit, paradox mindset, and harmonious Passion) and technological factors (for instance, Information and digital handling skills, Communication and collaboration skills and problem-solving skills) have been explored to augment the individual’s innovative work behavior through a novel intellectual risk-taking pathway. Consequently, data comprising1611 responses collected through cross-sectional two-time lag from health and education sectors as well as multisource data obtained from their immediate seniors, reduce biases and provide practitioners and policymakers a new ‘psycho-tech innovative work behavior model with the help of intellectual risk-taking pathway’, which ultimately addresses the high tech global challenges and mitigates the effects of pandemics like Covid-19 and Omicron. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2256830 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2256830 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2256830 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2183419_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Francisco Javier Sastre Segovia Author-X-Name-First: Francisco Javier Author-X-Name-Last: Sastre Segovia Author-Name: Luis Isasi-Sánchez Author-X-Name-First: Luis Author-X-Name-Last: Isasi-Sánchez Author-Name: María Vaquero-Diego Author-X-Name-First: María Author-X-Name-Last: Vaquero-Diego Title: Are Spanish business schools playing the role they should in bringing sustainability to the corporate world? Abstract: Over the last decade, the importance that Society has attributed to sustainability has grown exponentially – to the point of becoming one of its main concerns. The scientific community, albeit with differing opinions regarding the foreseeable evolution of possible scenarios, unanimously agrees that a rapid, joint, global and coordinated response must be acted upon in order to reverse the current situation. The research work that is presented here focusses specifically on identifying the necessary changes to be implemented both in universities and business schools (BSs), in order to significantly contribute to moving society towards a more sustainable scenario. Although this research work was on the Spanish market, it seems that most of the conclusions could be applicable to other countries. A combination of techniques, both quantitative (questionnaires and data analysis of reports, webs, etc.) and qualitative (focus groups, interviews, etc) has been applied to obtain important conclusions, among which the following should be highlighted: specific education programmes should be introduced for business schools and university lecturers; key programmes such as MBAs should include a number of sustainability-specific subjects, and these moves should be implemented as a mid- to long-term strategy policy. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2183419 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2183419 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2183419 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2147979_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Cheng Luo Author-X-Name-First: Cheng Author-X-Name-Last: Luo Author-Name: Yonggang Li Author-X-Name-First: Yonggang Author-X-Name-Last: Li Title: How do composite fiscal decentralization and human development promote inclusive green innovation in G7 countries? Abstract: The study analyzes the dynamic influences of composite fiscal decentralization index (CFD), human development, and research and development (R&D) expenditures on green innovations in G7 countries from 1990 to 2018. For empirical estimation, the study applies the cross-section autoregressive distributed lag method to resolve the issues of cross-section dependency and slope heterogeneity in the panel data. The results exhibit that CFD, human capital development, and R&D spending encourage green technologies in the long run. The short-run findings are also compatible with the long-run; however, their magnitude is smaller than the long-run except for CFD. In addition, the error correction term also indicates a negative and significant coefficient value, endorsing the conversion towards the long-run equilibrium position with a 25.3% annual adjustment rate in case of any shock in the short run. The robustness of the estimates is confirmed through the augmented mean group and common correlated effect mean group. These findings recommend that G7 countries should encourage human resources and R&D expenditures through education and renewable energy investment, respectively. In addition, local governments’ allocation of resources to promote green technologies must be monitored and regulated by a strong institutional framework. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2147979 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2147979 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2147979 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2150257_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ziyan Huang Author-X-Name-First: Ziyan Author-X-Name-Last: Huang Title: The impact of eco-innovation, remediation liabilities of government, and sustainable environmental on soil pollution in China Abstract: Traditionally, laws regarding soil pollution were limited in China. However, due to rapid industrialization and urbanization, soil pollution has become a major environmental issue. Thereby, in order to address the emerging threat, different measures have been introduced and implemented by Chinese government. The paper, in this regard, examines the role of government measures to reduce soil pollution, eco-innovation, and environmental sustainability on soil pollution in China. secondary data from the World Development Indicators (WDI), Chinese Soil Database, the global economy, and the environmental performance index (EPI) has been collected from 1985 to 2020. Autoregressive distributed lag model is used in the study to check the relationship among constructs. Findings reveal that government expenditures to reduce soil pollution, eco-innovation, and environmental sustainability have a negative association with soil pollution in China. The results also revealed that industrialization and population growth have a positive linkage with soil pollution in China. Having these evidences, the study recommends that fiscal policies should be formulated to increase the budget for soil reduction projects so it can save soil from pollution. Likewise, policymakers must behave to encourage eco-innovation at economic and societal levels to reduce soil pollution. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2150257 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2150257 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2150257 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2152358_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yang Cao Author-X-Name-First: Yang Author-X-Name-Last: Cao Author-Name: Jiaming Xie Author-X-Name-First: Jiaming Author-X-Name-Last: Xie Author-Name: Wei Zhang Author-X-Name-First: Wei Author-X-Name-Last: Zhang Title: Have tax reduction and fee reduction promoted the development of the financial industry?—Empirical evidence based on listed companies in the financial industry Abstract: Finance plays an important role in China’s new development pattern, and the financial industry is also a crucial part of the country’s economic growth. This paper selects the four financial index data of 76 listed companies in the financial profile of Hithink RoyalFlush stocks and the consolidated balance sheet and consolidated income statement in the China Stock Market Accounting Research (CSMAR) database, empirically studies the impact of tax reduction and fee reduction on the financial industry through the Panel Vector Autoregression (PVAR) model, and gives relevant suggestions. The results show that: (1) The implementation of tax reduction and fee reduction policy makes the net profit available to the financial industry increase in the short term, but the long-term effect is not obvious. (2) The reduction of the tax burden will significantly increase the net sales interest rate of the financial industry within one year, and then the fluctuation in the impact tends to 0. (3) The reduction of the tax burden will lead to the reduction of financial enterprises’ sense of hardship in a certain period of time, which will lead to the reduction of the total asset turnover rate. (4) The reduction of the tax burden will increase the debt-to-asset ratio of financial enterprises within two years, thus increasing financial risk. The research not only provides a theoretical analysis and policy basis for the analysis of the impact of tax reduction on the financial industry but also provides decision support for tax reduction policies to revitalize industry development, stimulate financial market activities, ensure direct access to financial resources to enterprises, and further increase the market activities of the whole society. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2152358 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2152358 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2152358 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2153260_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tran Thi Hai Yen Author-X-Name-First: Tran Thi Author-X-Name-Last: Hai Yen Author-Name: Wing-Keung Wong Author-X-Name-First: Wing-Keung Author-X-Name-Last: Wong Author-Name: Mohammed Hasan Ali Al-Abyadh Author-X-Name-First: Mohammed Hasan Ali Author-X-Name-Last: Al-Abyadh Author-Name: Iskandar Muda Author-X-Name-First: Iskandar Author-X-Name-Last: Muda Author-Name: Felix Julca-Guerrero Author-X-Name-First: Felix Author-X-Name-Last: Julca-Guerrero Author-Name: Sanil S Hishan Author-X-Name-First: Sanil S Author-X-Name-Last: Hishan Author-Name: Md. Monirul Islam Author-X-Name-First: Md. Monirul Author-X-Name-Last: Islam Title: The impact of ecological innovation and corporate social responsibilities on the sustainable development: Moderating role of environmental ethics Abstract: In light of the economic volatility and the environmentally conscious state, academics must pay close attention to the issue of sustainable development. Therefore, this research analyzes how social responsibility, corporate governance, and ecological innovation have affected the Chinese coal industry’s sustainable development. This study investigates the moderating role of environmental ethics among the nexus of social responsibilities, environmental responsibilities, and sustainable development due to its growing importance for sustainability in the coal industry in China. The study used survey questionnaires to collect primary data from the coal industry employees. The research has applied the structural equation model to examine the association among the variables and test the hypotheses through Smart PLS software. The results revealed that social and environmental responsibilities and ecological innovation have a positive while corporate governance has a negative association with the sustainable development of the coal industry in China. The findings also revealed that environmental ethics significantly moderate among social responsibilities, environmental responsibilities, and sustainable development of the coal industry in China. This study guides policymakers in establishing policies related to sustainable development by improving their social and environmental-related responsibilities and adopting ecological innovation. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2153260 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2153260 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2153260 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2217885_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Albertina Paula Monteiro Author-X-Name-First: Albertina Paula Author-X-Name-Last: Monteiro Author-Name: Isabel-María García-Sánchez Author-X-Name-First: Isabel-María Author-X-Name-Last: García-Sánchez Author-Name: Beatriz Aibar-Guzmán Author-X-Name-First: Beatriz Author-X-Name-Last: Aibar-Guzmán Title: Can social disclosure induce a better corporate social performance? Abstract: Against the background of the debate on the social reporting-social performance link, this article aims to analyse the influence of social disclosures on social performance. Specifically, we analyse the effect of the voluntary disclosure of standardised indicators regarding labour practices and human rights on corporate social performance. A Tobit regression was used on data obtained through content analysis for a sample of 1,243 multinational enterprises for the period 2013–2017. The results show that both total and partial disclosure of the performance indicators are positively associated with higher social performance, confirming that the disclosure of such indicators is oriented towards the improvement of corporate sustainability as opposed to impression management strategies. We demonstrate that, even though companies may aim to satisfy stakeholder demands through the voluntary disclosure of labour practices, decent work and human rights indicators, these indicators can also act as catalysts for strengthening corporate social policies and practices. The findings provide a further motive to promote social reporting: its positive impact on corporate social performance favouring responsive labour management and greater social cohesion. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2217885 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2217885 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2217885 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2158482_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xueli Chen Author-X-Name-First: Xueli Author-X-Name-Last: Chen Author-Name: Ziqiong Song Author-X-Name-First: Ziqiong Author-X-Name-Last: Song Author-Name: Haiyan Deng Author-X-Name-First: Haiyan Author-X-Name-Last: Deng Title: Land market distortion and agricultural green total factor productivity: provincial-level evidence from China Abstract: Based on provincial-level agricultural input and output data in China from 2000 to 2019, this study estimates the Luenberger-Hicks-Moorsteen index using the nonparametric method of the directional distance function to obtain agricultural green total factor productivity (AGTFP). The results show that AGTFP in China has increased significantly over the past 20 years, with significant differences between provinces and among the eastern, central, and western regions. Land market distortion has had a significant negative impact on AGTFP. The results suggest that the government needs to promote the market-oriented reform of land factors, solve the price distortion caused by land finance, promote the intensification and modernization of agricultural management, and realize the potential of green agricultural production. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2158482 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2158482 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2158482 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2196690_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Wang Jinliang Author-X-Name-First: Wang Author-X-Name-Last: Jinliang Author-Name: Ka Yin Chau Author-X-Name-First: Ka Yin Author-X-Name-Last: Chau Author-Name: Fahimeh Baei Author-X-Name-First: Fahimeh Author-X-Name-Last: Baei Author-Name: Massoud Moslehpour Author-X-Name-First: Massoud Author-X-Name-Last: Moslehpour Author-Name: Khanh-Linh Nguyen Author-X-Name-First: Khanh-Linh Author-X-Name-Last: Nguyen Author-Name: Tran Thai Ha Nguyen Author-X-Name-First: Tran Thai Ha Author-X-Name-Last: Nguyen Title: Integrated perspective of eco-innovation, green branding, and sustainable product: a case of an emerging economy Abstract: Climate complexities and environmental problems not only brought changes in organizational practices but also changed the consumer purchasing pattern. Consumers nowadays have become more cautious regarding the consumption pattern of firms due to ecological footprints. This increased awareness influences their buying decisions pattern which leads to the increased demand of sustainable products. Eco-innovation, in this regard, appears to be an effective tool that helps firms to incorporate ecological constraints into business practices in order to develop green branding which ultimately leads to green loyalty. Drawing on literature from existing literature, the study developed a complex framework and established the plausible relationship among outlined constructs. By utilizing PLS methodology, measurement and structural models were assessed. Results echo that eco-innovation and green branding lead to sustainable product. Moreover, evidence also indicate that eco-innovation, and sustainability positively influence green loyalty. Based on the evidence, study proposed some implications which may be helpful for policy makers to maintain the sustainability of a firm. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2196690 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2196690 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2196690 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2153721_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jusuf Zeqiri Author-X-Name-First: Jusuf Author-X-Name-Last: Zeqiri Author-Name: Veland Ramadani Author-X-Name-First: Veland Author-X-Name-Last: Ramadani Author-Name: Wassim J. Aloulou Author-X-Name-First: Wassim J. Author-X-Name-Last: Aloulou Title: The effect of perceived convenience and perceived value on intention to repurchase in online shopping: the mediating effect of e-WOM and trust Abstract: This article investigated the effect of perceived convenience and perceived value on intention to repurchase in online shopping. We also assessed trust and e-WOM as mediators between perceived value and repurchase intention. During March-July 2022, a sample of 298 responses were collected from consumers that use online shopping in North Macedonia. We analysed the research model using PLS structural equation modelling (SEM) and used bootstrapping technique for testing the hypotheses. The findings showed that all independent variables (perceived value, and perceived convenience, trust, and e-WOM) affected repurchase intention. Moreover, the findings revealed that trust and e-WOM mediate the relationship perceived value in its relationship with repurchase intention. Perceived convenience and value contributed significantly to repurchase intention during online shopping, and perceived value had greater impact on e-WOM. Results provide some theoretical and practical implications regarding the effects of factors that impact repurchase intention during online shopping in North Macedonia. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2153721 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2153721 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2153721 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2164032_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tong Zhao Author-X-Name-First: Tong Author-X-Name-Last: Zhao Author-Name: Yichi Zhang Author-X-Name-First: Yichi Author-X-Name-Last: Zhang Title: Government institutional trust and sustainable environment: evidence from BRICS economies Abstract: The growing environmental degradation and climate change issue require serious attention since they harm human health and adversely affect sustainable development. The current study examines the association of government institutional trust with the environmental quality of the BRICS economies during 1990–2020. Also, this study considers economic growth and technological innovation as control variables. The empirical findings validate the sloe heterogeneity and panel cross-section dependence. Therefore, this study uses the second-generation estimators, including the Mean Group and Augmented Mean Group approaches. The empirical results asserted that governmental, institutional trust, and technological innovation are the drivers of a sustainable environment as they significantly reduce the region’s carbon emissions level. On the contrary, economic growth is a substantial factor in increased environmental degradation in the region. The estimated results are found robust by the fully modified ordinary least square and dynamic ordinary least square approaches. Also, a bidirectional causal association exists between government institutional trust – emissions, technological innovation – emissions, and economic growth – emissions. Based on the results, this study suggested strengthening institutional quality, increasing investment in research and development, education, and adopting environmentally friendly energy resources. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2164032 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2164032 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2164032 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2149588_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Linlin Liu Author-X-Name-First: Linlin Author-X-Name-Last: Liu Author-Name: Hong Wu Author-X-Name-First: Hong Author-X-Name-Last: Wu Author-Name: Muhammad Hafeez Author-X-Name-First: Muhammad Author-X-Name-Last: Hafeez Author-Name: Mohamed Shikh Abubaker Albaity Author-X-Name-First: Mohamed Shikh Abubaker Author-X-Name-Last: Albaity Author-Name: Sana Ullah Author-X-Name-First: Sana Author-X-Name-Last: Ullah Title: Carbon neutrality through supply chain performance: does green innovation matter in Asia? Abstract: Logistics performance is considered an important determinant of supply chain performance that results in carbon neutrality. The main aim of this study is to investigate the influence of logistics performance and green innovation on carbon emissions for selected Asian economies over the period 2007–2020. The 2SLS approach has been employed for empirical tasks, and the robustness of results has been confirmed through the GMM approach. The results indicate that logistics performance significantly reduces carbon emissions. Besides the logistics performance index, five other indicators of logistics performance have been used in the analysis. These indicators include quality of logistics services, tracking and tracing capability, logistics infrastructure quality, cargo transportation timelines, and customs clearance efficiency. All these indicators are negatively correlated with carbon emissions. The results further indicate that green innovation leads to a significant reduction in carbon emissions. Thus, our results emphasize the priorities of green innovation, logistics performance, and environmental sustainability in Asian economies. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2149588 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2149588 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2149588 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2263524_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nour El Houda Benzarti Author-X-Name-First: Nour El Houda Author-X-Name-Last: Benzarti Author-Name: Zouheir Mighri Author-X-Name-First: Zouheir Author-X-Name-Last: Mighri Title: Are emerging Islamic equity markets immune from contagion effects during the COVID-19 pandemic crisis? Evidence from the higher-order comoment-based contagion tests Abstract: In this paper, we investigate the possible contagion effects of the COVID-19 pandemic on twenty-four emerging Islamic equity markets. To test for contagion, we use statistical tests based on changes in correlation and higher-order comoments. We also split the full sample into three sub-periods while identifying two phases of the COVID-19 crisis. Our main empirical findings indicate significant evidence of contagion during the two COVID-19 phases, especially through the coskewness, cokurtosis, and covolatility channels. Interestingly, we find that most emerging Islamic equity markets are not immune from the contagious effects of the COVID-19 pandemic. Furthermore, we draw on six behavioural indicators and construct a new index entitled ‘Feverish sentiment’ to examine the causal relationships between investor sentiment and emerging Islamic equity index returns during the COVID-19 pandemic. Using both traditional and frequency-domain Granger causality tests, we find significant causal linkages between investor sentiment and some emerging Islamic equity markets in low, medium, and high frequencies. In particular, the results highlight an increase in the predictive power of investor sentiment during the second phase of the COVID-19 pandemic. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2263524 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2263524 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2263524 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2153718_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Angela C. Chao Author-X-Name-First: Angela C. Author-X-Name-Last: Chao Author-Name: Fred Y. Phillips Author-X-Name-First: Fred Y. Author-X-Name-Last: Phillips Title: The Chinese zombie firm: dilemma and resolution Abstract: The problems of over-capacity of zombie firms in China have attracted much attention. However, little is known theoretically, and even less empirically, about the boundaries and causes of zombie enterprises. This article extends a model to identify the characteristics of zombie firms in consideration of supply-side structural reform in China. We focus on the cause of zombie firms under the background of the ‘de-capacity’ strategy in China. Using a sample of Chinese listed companies over the period 2006–2018, we find that the proportion of zombie firms in the manufacturing industry declined significantly due to expansionary fiscal policy in 2011. Moreover, the structure of ownership, operational capabilities, and debt-paying ability co-varies positively, with state-owned enterprises being most prone to becoming zombie firms. The results allow us to construct various insights into how to govern the zombie firm. These results offer a frame for dealing with zombie firms. Our results are also robust in the sensitivity test of changing the measurement of zombie firms. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2153718 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2153718 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2153718 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2199822_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sikandar Ali Qalati Author-X-Name-First: Sikandar Ali Author-X-Name-Last: Qalati Author-Name: Belem Barbosa Author-X-Name-First: Belem Author-X-Name-Last: Barbosa Author-Name: Shuja Iqbal Author-X-Name-First: Shuja Author-X-Name-Last: Iqbal Title: The effect of firms’ environmentally sustainable practices on economic performance Abstract: Companies are pressured by stakeholders to protect the environment while improving their economic performance. This study aims to further explore the impact of environmentally sustainable practices (ESP) on firm performance (FP), by considering the effects of green employee integration (GEI), environmental sustainability (ES), and employee environmental orientation (EEO). To test the set of hypotheses defined for this article, a closed-ended questionnaire survey was conducted with employees working in the manufacturing sector in China. Data from 325 employees were analysed using SmartPLS 4 software. The results demonstrate that environmentally sustainable practices (ESP) have a direct and significant influence on GEI, ES, and FP. In addition, GEI has a significant direct impact on ES and FP, and ES has a direct impact on FP. This research also demonstrated the partial mediation of GEI and ES and the moderation of EEO on the ESP–FP relationship. This research advances the scope of the ability, motivation, and opportunity theory and the social identity theory. Results suggest that managers should adopt, implement, and promote green practices, as this leads to involving employees in activities that can lessen adverse impacts on society and improve firm’s economic performance, including in terms of reputation and profits. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2199822 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2199822 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2199822 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2150872_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Haiyang Qiu Author-X-Name-First: Haiyang Author-X-Name-Last: Qiu Author-Name: Qilong Wan Author-X-Name-First: Qilong Author-X-Name-Last: Wan Title: Inclusivity between digital trade, human development, and environmental quality: moderating role of green innovations in BRICS countries Abstract: This research investigates the role of digital trade, human development, globalization, and green innovations on ecological footprints (EFP) for BRICS countries. Unlike the earlier studies, this research expands the empirical contribution while examining the moderating effect of green technologies on the relationship between stated explanatory variables and EFP. Initially, we testify the presence of cross-sectional dependence, unit root tests, cointegration, and slope heterogeneity and subsequently apply cross-sectionally augmented autoregressive distributed lags (CS-ARDL) using annual data from 1995 to 2019. The empirical findings exhibit the significance of digital trade, human development, and green technology innovations in complementing low EFP in the long run. However, globalization tends to increase ecological footprints. Moreover, the findings in the short run provide a symmetrical (positive/negative) effect of stated explanatory variables on EFP; however, their marginal impact is lower. Additionally, the moderating effect of green technologies on the relationship between digital trade and EFP and between human development and EFP is significantly negative, supplementing the existing association. Therefore, an inclusive digital and human development policy is imperative to ensure sustainable ecology. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2150872 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2150872 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2150872 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2186911_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xiaohui Chen Author-X-Name-First: Xiaohui Author-X-Name-Last: Chen Author-Name: Jianhua Ye Author-X-Name-First: Jianhua Author-X-Name-Last: Ye Author-Name: Jinshuai Zhi Author-X-Name-First: Jinshuai Author-X-Name-Last: Zhi Author-Name: Han Yan Author-X-Name-First: Han Author-X-Name-Last: Yan Author-Name: Hao Meng Author-X-Name-First: Hao Author-X-Name-Last: Meng Author-Name: Tingting Zhang Author-X-Name-First: Tingting Author-X-Name-Last: Zhang Author-Name: Yanjia Du Author-X-Name-First: Yanjia Author-X-Name-Last: Du Title: The nexus among maxing out effect and idiosyncratic volatility premium puzzle in China’s A Share Market under the background of eco-innovation and sustainability Abstract: The paper investigates whether eco-innovation, sustainability, and asset pricing effect of maximum daily return (maxing out effect), truly and steadily exists in A share market of China and the nexus among maxing out effect and idiosyncratic volatility in China’s A Share Market. Regression analyses were conducted using the data of listed companies in China’s A share market from July 1993 to May 2021. The empirical results show that the maxing out effect, eco-innovation and sustainability steadily exists in a sample country. In practice, this research help to improve asset pricing efficiency, provide high-quality materials for investor education, guide arbitrage trading activities, and improve resource allocation efficiency in the stock market. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2023.2186911 File-URL: http://hdl.handle.net/10.1080/1331677X.2023.2186911 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2186911 Template-Type: ReDIF-Article 1.0 # input file: RERO_A_2160777_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Feimei Liao Author-X-Name-First: Feimei Author-X-Name-Last: Liao Author-Name: Yaoyao Hu Author-X-Name-First: Yaoyao Author-X-Name-Last: Hu Author-Name: Shulin Xu Author-X-Name-First: Shulin Author-X-Name-Last: Xu Title: How do environmental subsidies affect the environmental performance of heavily polluting enterprises: evidence from China Abstract: We investigate the influence of environmental subsidies on enterprise environmental performance based on 257 heavily polluting A-share listed companies in Shanghai and Shenzhen stock exchange from 2010 to 2017. We also discuss the mechanism of how these environmental subsidies influence enterprise environmental performance further. The study employs OLS and PSM methods to evaluate the association between environmental subsidies and enterprise environmental performance. The study finds that environmental subsidies have a positive incentive effect on the environmental performance of heavily polluting enterprises. Its positive incentive effect mainly contributes through three channels: promoting green technology innovation, increasing government environmental supervision and enhancing executives’ environmental awareness. Further research shows that environmental subsidies significantly promote environmental performance in non-state-owned enterprises, with a high degree of financing constraints and high levels of risk-taking. This study contributes to prior works by revealing the black box of the government’s macro policies affecting enterprise micro behaviour and exploring how environmental subsidies influence firm-specific behaviours. Journal: Economic Research-Ekonomska Istraživanja Issue: 3 Volume: 36 Year: 2023 Month: 12 X-DOI: 10.1080/1331677X.2022.2160777 File-URL: http://hdl.handle.net/10.1080/1331677X.2022.2160777 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:reroxx:v:36:y:2023:i:3:p:2160777