Ekonomika
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CEO Type and Firm Performance: Evidence from Nasdaq Baltic
Full text linkDespite the well-established characteristics of shareholder-CEOs and professional-CEOs, previous research has yielded inconclusive findings on the actual impact of the separation of shareholding and management on firm financial performance. This study aimed to address this gap by going off the beaten path of research centered on the U.S.-listed firms and investigating 55 firms listed on the Nasdaq Baltic market in the post-Soviet countries of Estonia, Latvia, and Lithuania from 2017 to 2021. While professional-CEO-led firms displayed higher Tobin’s Q (M = 1.37) compared to shareholder-CEO-led firms (M = 1.17), and shareholder-CEO-led firms had a higher average ROE (M = 7.76%) compared to professional-CEO-led firms (M = -1.74%), independent samples t-test analysis revealed that these differences in either stock market performance (p = .250 > .05) or shareholder return (p = .193 > .05) were statistically insignificant. These findings challenge organizational life cycle theory and agency theory predictions, aligning instead with stewardship theory and upper echelons theory, suggesting that CEO characteristics, motivation, and actions, while clearly distinct for shareholder-CEOs and professional-CEOs, are not the sole determinant of financial performance in mature firms. Accordingly, shareholder-CEOs, other stockholders, and boards of directors should draw support from these findings in their considerations regarding firm leadership
Can We Effectively Allocate Time for Work and Life and Be Happy? The Empirical Evidence from Self-Employed Persons in Lithuania
Full text linkThere is not enough attention paid to the analysis of time allocation in the context of happiness. Perhaps it is because happiness economics is an expanding interdisciplinary field. So, recommendations for self-employed persons in Lithuania how daily time should be effectively allocated for life (sleep, personal care, study, housework, family care, leisure, travel and other activities) and work in order to be happy still remain an open question. In this paper the specific recommendations about it are provided for that case. So, this paper analyses two phenomena, i.e. time allocation and happiness. The main attention is given to self-employed persons in Lithuania during 2019 years. Data collection (time diary, survey, interview) and optimization methods are used to identify how daily time should be effectively allocated for two main areas (work and life) in order for self-employed persons to be happy. Having mathematical modeling of time allocation and happiness accomplished, it has been found that 36.1% of day time should be allocated for work and the rest time of the day (63.9%) should be allocated for life. The person’s levels of job satisfaction, life satisfaction and happiness should be equal to 9 points (on a ten-point scale). In this case, monthly net income would be 1001 euros and desirable monthly net income 1101 euros. The number of children should be two. The scientific and practical uniqueness of this article lies in the creation of a mathematical model that can determine how to effectively allocate work time and life time in order for a person to be happy. Although the mathematical model constructed in this paper is based on Lithuanian data, it is not country specific
The Effect of Direct and Indirect Taxes on Economic Growth in Developed Countries
Full text linkThis paper examines how the economic growth in advanced countries is affected by various types of tax revenue. Ten developed countries were chosen based on the Human Development Index, and data from 1995 to 2020 were examined using the feasible generalized least squares method. A total of 260 observations spanning 26 years were available for analysis. The purpose of this paper is to investigate the influence of direct and indirect taxes on economic growth in selected developed countries. According to our results, the growth of these countries was positively influenced by corporate income taxes and taxation on specific goods and services. However, there are adverse impacts from taxes on personal income, contributions to social security, and a tax on value-added. For a beneficial impact on these nations’ growth, we suggest policymakers concentrate on taxes on corporations and specific services and goods. Furthermore, it is important to consider the adverse impacts of personal taxation and value-added taxation on growth
Modelling the Relationship Between Public Expenditure, Tax Revenue and Economic Growth in Türkiye Using the AARDL Approach
Full text linkThis study aims to investigate the macroeconomic impact of fiscal policy in Türkiye, where fiscal policy faces several challenges. Using annual time series data from 1980 to 2021, we examine the impact of tax and public expenditure subcomponents on GDP using the augmented autoregressive distributed lag (A-ARDL) bound test approach proposed by Sam et al. (2019). The A-ARDL test results indicate that tax revenue has a positive impact on economic growth in the short run, while tax revenue has a negative impact on economic growth in the long run. Furthermore, we conclude that increases in current and investment expenditures have a positive impact on economic growth in the short and long run, while increases in transfer expenditures have a negative impact on economic growth in the short run
Does Tax Effort Moderate the Effect of Government Expenditure on Regional Economic Growth? A Dynamic Panel Data Evidence from Indonesia
Full text linkOur research study aims to analyze the effect of government expenditure on goods and services and capital toward regional economic growth in Indonesia. We position local tax effort as a moderating variable between economic growth and government expenditures. Using a panel data set of 24 provinces in Indonesia from 2006 to 2015, a dynamic model of GMM was applied to estimate the effect of public expenditure on growth. The research study provides empirical evidence that the two kinds of public spending positively and significantly affect economic growth. Conversely, local tax efforts negatively affect economic growth. Besides, local tax efforts also reduce the positive impact of capital expenditure on economic growth. In other words, local tax efforts negatively moderate the influence of government expenditure on the output growth of the regional economy
The Capital Structure Determinants on Banking Sector of Western Balkan Countries
Full text linkThe study examines the capital structure of the Western Balkan banking industry across the period 2015 - 2020. Forty-seven of the total Western Balkan-based commercial banks were included in the study. By constructing a balanced panel, this study uses pooled ordinary least squares fixed and random effects regressions to examine the relationship between bank book leverage as the dependent variable and bank-specific explanatory variables that include profitability, leverage ratio, bank size, earnings volatility, collateral, growth opportunities, and liquidity. These reports are examined using linear regression analysis. The study shows a significant positive relationship between profitability and book leverage for the period studied. In contrast, leverage ratio, earnings volatility, collateral, growth, and liquidity significantly negatively impact the book leverage of Western Balkan banks.
The findings have practical implications for bank executives. They will assist them in identifying the bank-specific factors that influence the capital structure and selecting values that promote optimal capital structure. The findings of this study can help regulators develop an effective prudential framework. This study opens up new avenues for further research in this area for academics, researchers, and analysts
The Nexus Between Institutional Quality and Inflation in Emerging Markets: A Panel Causality Test with a Fourier Function
Full text linkIt is important to note that institutional quality has a substantial impact on a country\u27s long-term economic growth, which influences other economic indicators, such as inflation and monetary policy. An in-depth examination of the existence of this crucial relationship was conducted by applying a novel and robust panel Yilanci Gorus Fourier causality test between 2000 and 2019 to 24 developing countries, in order to detect this relationship. A recent inflation rate, the standard deviation of inflation, and sound money are all interconnected and mutually causally related to property rights and the quality of the legal system. Weakness in institutions can exacerbate financial shocks, thereby affecting monetary indicators, and monetary policies will deteriorate the quality of the institution as a result
Unveiling the Cyclical Patterns of Historical Wage Inequality among European Building Laborers
Full text linkThis scholarly investigation examines the historical wage disparities between skilled and unskilled building laborers, as well as gender-based disparities among unskilled male and female workers in major European metropolises including Vienna, Warsaw, Krakow, and Istanbul. While exploring inequality, the study reveals that significant events such as wars, pandemics, and economic fluctuations have a cyclical impact on wage and gender inequality throughout history. However, it should be noted that gender inequality was only examined in the UK. By delving into the dynamics of wage and gender inequality during the medieval and early modern eras of Europe, this study provides a deeper understanding of the complexities of these social issues
