Ekonomika
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The Role of Marketing and Business Approach on SME Development
No full textAlmost two decades after the war, Kosovo is an import-based consumption economy. Its weak export does not get any closer to imports, and this makes the country dependent on foreign assistance and remittances. The structure of the economy, with trade as a dominating undertaking, a sustenance-based agricultur,e and very limited production facilities, is a very fragile ground for economic development. Incentives to attract FDI were not competitive with neighboring countries and the country development is still lagging behind. In this respect, the lack of a proper marketing and business approach is present too. Theory and practice from developed countries show that firms that want to increase sales produce what is needed or/and wanted from costumers. In most of the market economy countries, when one wants to engage in business, the first step to start is market research; this rarely happens in Kosovo, people go in business almost ad hoc. Evidence shows that firms do neglect marketing by being mainly sales-oriented; they do produce what they think is good for the costumers and then use lots of resources to convince them that this is what they need. In general, this paper analyses the dynamics of economic development in Kosovo in post-conflict time, the government efforts to change the economic structure, its constraints with emphasis on perception of marketing and the role of consumers for SMEs in the country. In particular, the paper tries to explain why companies need to change their way of doing business; hence, it recommends the change of their business approach. The research, done with 200 small and medium enterprises (SMEs) in Kosovo, shows there are rather few firms that understand marketing and through it fight competition and strive to establish long-term relationships with their customers
Some Problems of Food Safety in Georgia
Full text linkThe problem of production, export, import, and consumption of food was always topical for the long history of Georgia. At all stages of the society development, people need to take food and meet other of their elementary needs. Issues of food supply assurance of the Georgian population differ according to time periods. For example, in Shota Rustaveli’s poem The Knight in the Panther’s Skin it is described that the living standard in the 11th–13th centuries was quite high. At that period of time, Georgia was fed with its own grain. Along with wealth, Shota Rustaveli also characterizes poverty. Most of the state\u27s income was spent on the poor people, so there was a large gap between the rich and poor population.
In the 16th and 17th centuries, the problem of poverty and wealth of the population was highlighted by prominent public figures: Sulkhan – Saba Orbeliani and Vakhushti Bagrationi. Ilia Chavchavadze describes the problem of poverty in the country by the end of the 19th century. Poor living conditions of the population were noted during the initial phase of Georgia in Soviet Union and during World War II. Better conditions existed at the last stage of socialism.Meeting the population’s demand for principal foodstuffs and providing near-rational norms of such foodstuffs has always been a major objective of the governments of all times.The prolonged transformation process of the economy of Georgia with its social characteristics was particularly painful. A sharp decline in the standard of life started from the 1990s. Before the economic collapse, a monthly rated wage in Georgia with its foodstuff purchasing power parity almost equaled that of developed countries
Modeling of Economic Convergence Processes in Eastern Europe Countries
Full text linkThe article describes the features of the processes of economic convergence in the countries of Eastern Europe for the last 10 years. The analysis of β- and σ-convergence was carried out based on a system of macroeconomic indicators with 10 key parameters. The calculation of the direction and speed of convergence was performed using the econometric instruments in the region as a whole and pairwise analysis of the β-convergence index for all analyzed countries. The obtained results allowed to conclude the inequity development of Eastern European countries and the lack of a stable trend towards convergence of macroeconomic indicators. The resulting model is universal and can be applied to other world regions or to determine the processes of convergence of another system of macroeconomic indicators and choose main directions of reforming to bring national economies closer and achieve stronger external relations
The impact of the Ease Doing Business Indicators on Foreign Direct Investment in the European transition economies
Full text linkThe objective (aim) of this paper is to explore the impact of the Ease of Doing Business Indicators on FDI on transition economies in Europe. Authors have used the dynamic panel methodology, by using three methods: Pooled Ordinary Least Square (POLS), Fixed Effect (FE), and Two Step-System Generalised Method of Moments (GMM) estimation techniques. By referring to the GMM technique, it can be seen that variables such as: Starting a Business, Registering property, Getting electricity and Resolving insolvency have a positive and significant impact in attracting FDI in 16 European transition countries, while variables as: Dealing with construction permits, Getting credit, Paying taxes, Protecting minority investors, have shown negative impact, whereas Trading Across Border and Enforcing contracts have not shown any impact on attracting FDIs in European transition countries. This paper contributes to the enrichment of existing literature in this field by using these three methods
Exchange Market Pressure and Monetary Policy: The Turkish Case
Full text linkThe purpose of this study is to determine the relationship between monetary policy and the exchange market pressure index in Turkey for the 2002–2018 period with monthly data. To obtain the foreign exchange market pressure index, this study uses the model developed by L. Girton and D.E. Roper and is based fundamentally on the monetary approach to exchange rate determination and the balance of payments. The calculated exchange market pressure index is in accordance with the developments lived in financial markets and changes in monetary policy during the period under investigation. As for the relation between exchange market pressure index and monetary policy, a VAR model was set up and a Granger type causality analysis was carried out. According to Granger causality test results, there is a unidirectional causality running from domestic credit expansion to exchange market pressure and from domestic credit expansion to interest rate differential while there is a bidirectional causality between exchange market pressure and interest rate differential. Since increasing exchange market pressure means a depreciation of the Turkish Lira, the estimated VAR model’s results support the view that the Central Bank will increase the interest rate to temper the exchange market pressure
INST Institutional Ownership and Firm Value: A Study on the Bist Manufacturing Index
No full textThe aim of this research is to test the relation between institutional ownership and firm value. To accomplish this aim, data from 104 firms listed in the BIST (i.e. Borsa Istanbul) industrial index between 2006 and 2018 have been used. Studies on the structure of ownership have problems with endogeneity. In order to avoid these problems, this study adopted Durbin-Wu-Hausman test with advanced econometric techniques, Ordinary Least Squares (i.e. OLS), and Two-Stage Least Squares (i.e. 2SLS). As a result of the simultaneous equation system improved in this study, a positive relation between institutional ownership as an endogenous variable, and firm value has been located. Besides, it has been found that institutional investors are more interested in the firms that have a higher market performance
The Impact of External and Internal Factors on Strategic Management of Innovation Processes at Company Level
Full text linkThe impact of external and internal factors on organization of operation at company level is studied. The necessity for implementing strategic management of innovation processes at company level is substantiated. The structural interactions of external and internal factors on the organization of company operation are determined; a classification of factors of external and internal environment in the context of strategic management of innovation processes at company level is constructed.  
The economic culture of the polish countryside in the process of 9. changes – an outline of the issues
Full text linkThe paper The Economic culture of the Polish countryside in the Process of Changes – an outline of issues sets up a thesis that the transformation process has a multidimensional character and that its final effect is decided by an interaction between the organizational-institutional and mental-cultural level. Drawing attention to the cultural aspect increases the accuracy of the formulated diagnoses, explanations and prognoses. The author’s arguments are based on three elements. Firstly, she indicates the theoretical aspects of understanding the economic culture – the ways of defining and operation; secondly, she discusses the essential components of the traditional economic culture of the countryside, indicating the impact that the traditional value system has on contemporary economic attitudes and mentality. Thirdly, she points out how the changes connected with the transformation process exert an influence on modification of the crucial elements of this culture, adapting it to the requirements of contemporary world
Enterprise Research and Development Activity in Poland in Comparison to Eurozone Countries
Full text linkDuring the years 2000-2018, the number of enterprises conducting research and development activity in Poland was increasing systematically, thus the expenditures on research and development were increasing as well. The impact of R&D activity on the level of innovation of both enterprises and entire economies is related to objective and subjective structure of these expenditures which means that is not connected only with the value of the expenditures for its financing. The purpose of this paper is to present the level of expenditures on R&D in the business enterprise sector in Poland, in comparison to Eurozone countries and to analyze the convergence of value of these expenditures in Poland. The authors of the article used description and analysis of the statistical data obtained from the EUROSTAT and the GUS (General Statistical Office in Poland) statistics and estimation of econometric models and testing the occurrence of sigma and beta convergence. Based on the results we state that the key issue is to further activate Polish enterprises within the sphere of research and development, because Poland, in comparison with Eurozone countries, ranks within the group of countries with low expenditures on research and development and with structures characteristic of less prosperous economies. The study allowed determination of occurrence of sigma and beta convergence in Poland, in comparison with the Eurozone countries
Impact of Environmental Information Disclosure on Cost of Equity and Financial Performance in an Emerging Market: Evidence from Turkey
Full text linkFinancial instability, financial crises, and business frauds cause a loss of society confidence on firms. Similarly, the economic uncertainty increased as a result of the social problems, such as rapid consumption of natural resources, climate change, water scarcity, violation of human rights. For these reasons, the reliability and validity of the reports published by firms have been questioned. Firms make voluntary disclosures, such as environmental, social, sustainability, in order to overcome these problems and gain trust of investors. In this context, the purpose of this study is to explore the impact of information disclosure, including environmental disclosures, within the context of sustainability on the cost of equity (COE). At the same time, the study examines the effect of information disclosure on financial performance in terms of firm value and profitability. In doing so, the study employs BIST100 data of non-financial firms from 2010 to 2019, and uses panel regression models for Turkey. As a result, it was found that information disclosure negatively impacts the COE while positively affecting firm value and profitability