Scientific Annals of Economics and Business
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THE PROPORTIONS AND RATES OF ECONOMIC ACTIVITIES AS A FACTOR OF GROSS VALUE ADDED MAXIMIZATION IN TRANSITION ECONOMY
Get PDFSustain growth of value added is one of the most important problem in many countries with transition economy. The article provides new evidence about determining the future dynamics of the economic activities with increasing value added. In this paper, we have used Hopfield’s neural network to clarify the strategies of social and economic development of country. Three types of strategies have been created with using mathematical models and quantitative assessment of their efficiency has been made. From the simulation results, it is observed that state regulation based on this methodology can build the basis for further improvements in economic policy.JEL Codes - O21, C45, P2
BEVERIDGE CURVE SHIFTS – EUROPE 2020 PERSPECTIVES
Get PDFThe present paper aligns to the economic policy body of research granting intensive efforts to the sphere of analysing the unemployment rate’s evolution as well as its primary drivers and effects in the context of the Europe 2020 strategy. Considering one of the agenda’s main targets – increasing employability among the European Union’s states, this paper analyses the areas funded by the European Social Fund as well as the country policy specifics in deriving the behaviour of the Beveridge curve associated with the EU-13 countries given the shift of European Union’s funds from old member states to newer ones. As such, the study employs the tools of Simultaneous Equations Systems and examines the impact of four categories of components on the Beveridge curve’s behaviour - structure of the unemployed, labour market and business environment factors as well as business cycles.JEL Codes - E24, J21, J6
THE SUSTAINABILITY OF PUBLIC FINANCES IN REPUBLIC OF MOLDOVA UNDER EU FISCAL RULES
Get PDFThis paper analyses public finances sustainability in the Republic of Moldova under the European Union fiscal rules, by estimating the structural budget balance indicator using a three steps methodology. We concluded that, except for 2009, the Republic of Moldova complies with the Maastricht numerical fiscal rule; however it does not comply with the new fiscal rules regarding the structural deficit and public expenditures growth that had been set by the Fiscal Compact. The fact that budget deficits and public debt had been sustainable was mainly because of the concessions made by the external creditors in restructuring the public debt and was not a merit of national government. Moreover, since the regular budget deficit and the structural one tell different stories, we strongly advocate for using the latter in order to complement the existing data with a medium-term budgetary view.JEL Codes - H62, H63, E1
THE CREDIBILITY OF FISCAL RULES POLICY AND BUSINESS CYCLE VOLATILITY
Get PDFThis aim of this paper is two-fold; first, it studies the impact of fiscal rule policy credibility on output growth stability; second, it compares to discretionary as well as automatic stabilizer fiscal policy. Employing quarterly data over the period 2001-2013 in the case of Indonesia, we obtain that the credible debt rule leads to decrease the volatility of output growth while the incredible deficit rule does not have any effect. Both unsystematic and systematic components of discretionary fiscal policy have a stabilizing function. Interestingly, the automatic stabilization tends to induce the output growth volatility. Given those results, we infer that government spending is not a good automatic stabilizer. It seems that the lower ratio of government expenditure to GDP along with improving credibility of deficit rule policy has a smoother effect on the economy. Therefore, they implicitly support expenditure cuts in implementing fiscal adjustment in order to reach fiscal sustainability in the short-run and stable economic growth in the long-run.JEL Codes - E32, E62, H6
HUMAN RESOURCES STRATEGIES IN ROMANIAN TOURISM COMPANIES
Get PDFIn the context of political, social and economic global worries, tourism remains an underexploited option as its ability to be a consistent revenues source in Romania. Some companies have understood this and thus they have successfully developed their activities by building their business in a strategic way. In the same way, others failed due to lack of vision and coherence. The strategic thinking capacity, that has led them to success, has been reflected specially in their human resources strategies – positive effects generator on long term. What do they mean and what do these strategies consist of? The main purpose of this article consists in the analysis of information both from the online environment and literature reviews referring to this subject. It also aims to provide best practices and recommendations for a strategic approach of human resources in tourism companies, having in mind an area whose future must to be considered.JEL Codes - M1, M12, M1
ANALYZING FISCAL BALANCE EVOLUTION FOR DEVELOPED AND EMERGENT COUNTRIES
Get PDFThe purpose of our paper is to identify the main factors which influence fiscal balance’s evolution and thereby propose solutions for configuring a sustainable fiscal policy. We have selected as independent variables some of the main macroeconomic measures, respectively public debt, unemployment rate, economy openness degree, population, consumer goods’ price index, current account balance, direct foreign investments and economic growth rate. Our research method uses two econometric models applied on a sample of 22 countries, respectively 14 developed and 8 emergent. The first model is a multiple regression and studies the connection between the fiscal balance and selected independent variables, whereas the second one uses first order differences and introduces economic freedom as a dummy variable to catch the dynamic influences of selected measures upon fiscal result. The time interval considered was 1999-2013. The results generated using the two models revealed that public debt, current account balance and economic growth significantly influence the fiscal balance. As a consequence, the governments need to plan and implement a fiscal policy which resonates with economy priorities and the phase of the economic cycle, as well as ensure a proper management of the public debt, stimulate sustainable economic growth and employment.JEL Codes - H6
THE USE OF ENTERPRISE SOCIAL NETWORKS IN ORGANIZATIONS FROM THE PERSPECTIVE OF GENERATION Y IN THE CZECH REPUBLIC
Get PDFThe article presents the views of the Czech Generation Y on the use of enterprise social networks and their expectations and ideas about the use of communication methods or tools in the context of communication and collaboration in an organization. Emphasis is placed on the possibility of using enterprise social networks in the organizational context. The questionnaire survey that was conducted (838 respondents) completes the view of Czech managers on communication in organizations examined in the European Communication Monitor 2014. This research highlights the different ideas of representatives of Generation Y on personal and professional communication. The distinction lies between the communication methods they commonly use in private life or in the course of their studies and their perception of what methods are or will be used in organizational context for internal communication. Finally, the article discusses institutional resistance in implementing enterprise social networking in an organization. It follows from a broader discussion that an important determinant of success in implementing enterprise social networks is not only the willingness of ordinary employees to use them, but also that of managers. On the one hand, they want enterprise social networks to be used by their employees, but on the other hand, they do not want to use them themselves.JEL Codes - L86, D83, M1
A MODEL OF WEBSITE QUALITY-BASED E-COMMERCE SATISFACTION INDEX
Get PDFIn the contemporary highly competitive e-business market, organization’s success depends on satisfaction and loyalty of its customers. Whereas the differentiation of the determinants and their impact on customer satisfaction in different countries exists, the research aims at developing a model of website quality-based e-commerce customer satisfaction index. While achieving the aim of the article, the analysis and synthesis of scientific literature is provided. Furthermore, quantitative research and the analysis of the research results by means of principle component analysis, structural equation modelling using partial least squares path modelling methodology, and Importance-Performance matrix are applied. As a research result, the model of website quality-based e-commerce customer satisfaction index is elaborated. Latter model indicates the factors, which are worth investments in order to gain customer satisfaction and loyalty. As a result, not profitable investments might be avoided, which could contribute to the growing competitiveness of e-business.JEL Codes - M310, M39
CORPORATE GOVERNANCE FOR A.S.E. LISTED FIRMS
Get PDFThe present paper focuses on the level of compliance and application of corporate governance from the corporations listed in the Athens Stock Exchange (A.S.E.) and attempts to highlight improvements from the adoption of best practices suggested by corporate governance recent trends worldwide. In order for the research to be conducted, a series of qualitative and quantitative variables were used, as derived from the financial statements of 162 public companies. A more extensive analysis regarding the level of compliance with corporate governance was conducted in 25 companies with the highest and 25 corporations with the lowest score, whose classification in these positions was the result of a rating system that was created for this purpose.JEL Codes - G10, G23, G3
FACTORS INFLUENCING THE IMPLEMENTATION OF UNCONVENTIONAL MARKETING IN CULTURAL INSTITUTIONS – EVIDENCE FROM CROATIA
Get PDFUnconventional marketing has the potential to contribute not only to the well-being of cultural institutions but also to the society by raising its general cultural level and fostering economic growth based on creative industries. This paper contributes to the theoretical explanation and understanding of the unconventional marketing approach by providing an overview of literature, a developed model of successful marketing in cultural institutions and an analysis of the objectives of such marketing. Based on empirical research on cultural institutions in the Republic of Croatia, the research objective was to contribute to identifying and understanding the factors that influence unconventional marketing as well as the potential for applying unconventional marketing in cultural institutions. Research was limited to three types of cultural institutions (theatres, museums and galleries) and it was conducted on a sample of 244 institutions by using a highly structured online questionnaire.JEL Codes - M3