Scientific Annals of Economics and Business
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MACROECONOMIC DIMENSIONS IN THE CLUSTERIZATION PROCESSES: LITHUANIAN BIOMASS CLUSTER CASE
Get PDFThe Future production systems’ increasing significance will impose work, which maintains not a competitive, but a collaboration basis, with concentrated resources and expertise, which can help to reach the general purpose. One form of collaboration among medium-size business organizations is work in clusters. Clusterization as a phenomenon has been known from quite a long time, but it offers simple benefits to researches at micro and medium levels. The clusterization process evaluation in macroeconomic dimensions has been comparatively little investigated. Thereby, in this article, the clusterization processes is analysed by concentrating our attention on macroeconomic factor researches. The authors analyse clusterization’s influence on country’s macroeconomic growth; they apply a structure research methodology for clusterization’s macroeconomic influence evaluation and propose that clusterization processes benefit macroeconomic analysis. The theoretical model of clusterization processes was validated by referring to a biomass cluster case. Because biomass cluster case is a new phenomenon, currently there are no other scientific approaches to them. The authors’ accomplished researches show that clusterization allows the achievement of a large positive slip in macroeconomics, which proves to lead to a high value added to creation, a faster country economic growth, and social situation amelioration.JEL Codes - B22, M21, O1
WORKING CAPITAL MANAGEMENT POLICIES AND RETURNS OF LISTED MANUFACTURING FIRMS IN GHANA
Get PDFThis study sought to determine the effects aggressive/conservative current asset investment and financing policies have on firms’ return for six manufacturing firms listed at Ghana Stock Exchange for a period of 2000-2013. Data were obtained from the annual reports of the firms and the Ghana Stock Exchange. The study adopted longitudinal explanatory non-experimental research design applied to dynamic panel ARDL framework in analyzing the data. The results revealed that the current asset investment and financing policies have highly significant positive effects on returns to equity holders in the long-run. The empirical evidence suggests that conservative current asset investment policies increase firms return while conservative financing policies yields negative returns. The study therefore would enable finance managers to be able to fashion out the appropriate working capital management policies. A firm pursuing conservative current asset investment policy should balance it with aggressive current asset financing policy in order to enhance profitability and create value for their investors.JEL Codes - G31; C2
REGIONAL INCOMES STRUCTURE ANALYSIS IN SLOVAK REPUBLIC ON THE BASIS OF EU-SILC DATA
Get PDFThe paper deals with the regional incomes structure analysis in Slovak republic on the basis of European Union statistics on income and living conditions in Slovak republic data. The empirical probability mass function and empirical cumulative distribution function is constructed with aid of given sampling weights. On the basis of these functions the median, medial, standard deviation and population histogram of the whole gross household incomes for the whole Slovak republic and separately for eight Slovak regions are estimated and compared.JEL Codes - C83, R2
Regional Economic Growth Disparities in Ukraine: Input-Output Analysis Approach
Get PDFRegional inequalities in economic growth had been observed within many countries and regions. This research emphasizes convergence/divergence technique for Ukrainian regions. As concepts of β- and σ-convergence obtained from cross-country growth models has been subjected to a number of criticisms and they do not embrace applied significance in studying regional inequalities in Ukraine, we have built improved technique of investigating disparities across Ukrainian regions. The method is based on the analysis of regional input-output tables and its aggregation. Adopted technique provides weighted aggregation (by prices) of regional input-output tables that allows analyzing the structure of total for each region across sectors (or kinds of economic activity). We showed that implementation of aggregated regional input-output tables in analysis of regional convergence and the usage of equilibrium (weighted) prices have many advantages. The main finding is that among regions of Ukraine there are reduction of disparities in structures of different kinds of economic activities.JEL Codes - B22; C67; C68; P5
Educating for Sustainability: Perspectives and Critical Notes on Accounting Scholars’ Role in Higher Education
Get PDFEducation for sustainable development represents a relevant issue that allows Universities to lead and respond to social needs towards a more sustainable life and a complete change in the global paradigm of education and involvement of society. A crucial point for developing a culturally sensitive vision is to deepen the scholars’ genuine commitment to sustainability. A pillar of sustainability education should rest on authenticity, intended as coherence between the scholars’ research and teaching arguments relative to sustainability and the concrete behaviors held in their professional and personal spheres of life. Starting from this premise, the papers aims to inquire if there is a decoupling between the concepts scholars contribute to promote within the sustainability discourse and the real practice of sustainability in their personal and professional experience. “Is there a missing link between what scholars teach and study, thereby contributing to sustainability research and their daily choices and style of life?” After having presented the research design and the methodological approach adopted to empirically investigate the phenomenon the attention has been focused on the social and environmental accounting research literature, where some contributions claim for the presence of “blue meanies” that invade the world of scholarship, reflection, collegiality and hinder the development of challenges toward sustainability. The preliminary results of the explorative study suggest that a lot of tension related to education for sustainability improve the transfer of sustainable values and attitudes within the scientific community and the students, while several factors hinder sustainable behaviors in the daily professional and personal life of scholars, thus undermining relationships which are a pillar of sustainability.JEL Codes - M41; I23; I2
AN EMPIRICAL ANALYSIS OF THE DETERMINANTS OF ECONOMIC GROWTH IN THE WESTERN BALKANS
Get PDFThe objective of this paper is to assess the main determinants that affect economic growth, and also the policies that may affect it, in the Western Balkan over the period 1994 to 2015. For this purpose we employ different techniques: OLS with robust error, fixed and random effects model, and Hausman-Taylor model with instrumental variables (IV). The study shows the evidence of conditional convergence, indicating to the need for an upward move in the steady state level of the Western Balkan region. The results show that foreign direct investments, gross savings and domestic credit to private sector have a positive effect on per capita growth. On the other hand, initial level of per capita growth, corruption, unemployment, and general government final consumption, have a negative relationships with per capita growth. Moreover, the paper shows puzzling results of the schooling which is not significant factor for growth in the Western Balkans. The study also highlights the relevance of attracting more foreign direct investments and reduction in corruption.JEL Codes - E60; O1
OCA INDEXES AND CONVERGENCE PROCESS IN EUROPE
Get PDFThis paper evaluates the European monetary convergence for period 2001 and 2013. The main purpose of this contribution is the estimation of the so-called OCA index, which indicates the proximity of two economic areas. The paper is theoretically based mainly on the research of Bayoumi, Eichengreen (1997) and Horváth, Komárek (2003). Selection and calculation of variables precedes the econometric analysis, and those variables correspond to the basic characteristics of an optimum currency area. Although the estimated model fulfills the conditions of economic and econometric verifications, its explanatory capabilities are significantly reduced due to the limited set of input data. Results of the analysis point to relatively stable values of indices in the period, but their further examination of the development in time reveals a steady deterioration in the case of almost all economies.JEL Codes - E42, F3
VOLATILITY NEXUS BETWEEN STOCK MARKET AND MACROECONOMIC VARIABLES IN BANGLADESH: AN EXTENDED GARCH APPROACH
Get PDFThis paper examines the volatility of the Bangladesh stock market returns in response to the volatility of the macroeconomic variables employing monthly data of general index of Dhaka Stock Exchange (DSE) and four macroeconomic variables (Call Money Rate, Crude Oil Price, Exchange Rate and SENSEX of Bombay Stock Exchange) from January 2001 to December 2015. The results of GARCH-S models reveal that the volatility of DSE return is significantly guided by the volatility of macroeconomic variables, such as, exchange rate and SENSEX. Specifically, volatility of the DSE is expected to 19% increase by 1% increase of exchange rate. Moreover, the volatility of the Bangladesh stock market returns is expected to dampen down by 2% with an increase in the volatility of Indian stock market of 1%. Thus, we can comment that adding exchange rate or stock returns of India in the GARCH model provides significant knowledge about the behavior of the DSE volatility.JEL Codes - C32, C58, G10, G1
MOTIVATIONAL FACTORS: DRIVERS BEHIND WOMEN ENTREPRENEURS’ DECISION TO START AN ENTREPRENEURIAL VENTURE IN CROATIA
Get PDFA decision to start a business is not easy because it is result of the economic conditions, cultural context, but also “push” and “pull” factors. In order to determine woman motivational factors, a survey of 1,157 Eastern Croatia respondents was conducted. The purpose of the research was to determine which motivations the potential future entrepreneurs believe trigger women entrepreneurs’ decision to start an entrepreneurial venture. The results show that women are considered to be financially motivated. The fact that real-life women entrepreneurs from previous research have stated slightly different motivations shows that there is room for improvement of entrepreneurship education.JEL Codes - B54; J01; J1
Relationship between Spokesperson’s Gender and Advertising Color Temperature in a Framework of Advertising Effectiveness
Get PDFAdvertising spokesperson is one of the undeniably important factors affecting advertising effectiveness. However, advertising spokesperson has to have some particular features to be effective. Various previous researches resulted in determination of different features of advertising spokesperson and their effectiveness; i.e. type of a spokesperson (celebrity vs. a regular person); gender and race of a spokesperson; etc. were found to have an impact on the spokesperson’s effectiveness. However, the research on the impact of shooting color temperature on its effectiveness is still scarce. Moreover, an assumption can be made that color temperature might cause a different effect depending on advertising spokesperson’s gender. The aim of this paper is to fill this gap by analyzing the relationship between spokesperson’s gender and advertising color temperature in a framework of advertising effectiveness. Neuromarketing research methods were applied to meet the aim and to determine the guidelines for its usage in advertising.JEL Codes - M31; M3