Scientific Annals of Economics and Business
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IPOs PERFORMANCE ANALYSIS: EVIDENCE FROM EMERGING MARKETS IN THE BALKANS
Get PDFThe main purpose of this paper is to investigate the performance of initial public offerings (IPOs) in the emerging markets with particular focus on the markets of Balkan countries. The paper provides analysis of long and short performance of IPOs. In the Balkan emerging markets IPOs are relatively rarely used. Although all observed Balkan countries have gone through processes of transition from planned economies to market economies in the past 25 years, just a few state-owned companies have been privatized by use of IPOs. Due to this specific nature of the companies the analyzed sample of IPOs is comprised of state-owned and non-state- owned companies. The results are interpreted and expounded accordingly, taking into consideration the aforementioned conjunction. The findings indicate that company characteristics, signalling variables and financial variables have influence on the IPOs short and long term performance. The paper provides academia and policymakers with new revelations concerning the IPO processes in Balkan emerging economies’ capital markets.JEL Codes - G01, G12, G1
MEASURING INFORMATION ASYMMETRY IN LARGE ACTIVE FIRMS ON THE TEHRAN STOCK EXCHANGE
Get PDFIn financial markets, transparency of financial information is one of the most effective variables of investment strategies. Information asymmetry can seriously affect firm performance on the stock exchange and firms with a poor informational environment can lose the interest of investors. Reducing information asymmetry can have an important effect on firm performance on the stock exchange. Firms may lack a clear informational environment in the market because of the emerging conditions governing the Tehran Stock Exchange. Because larger and more active firms on the Tehran Stock Exchange provide more information, measuring the informational environment of these firms provides an overview of information asymmetry. The present study calculated the information asymmetry in these firms using the PIN and FE indices. The inconsistent results provided by these indices prompted the authors to offer a new index that is a composite of the PIN and FE that can better explain information asymmetry in developing market such as Asian stock markets. The results show that the new composite index, by using the mechanisms of the PIN and FE indices, provides a better outcome. The new composite index shows that the Tosee Melli Inv (TMEL1), Mobarakeh Steel (FOLD1), Iran Mobil Tele (HMRZ1), Saipa (SIPA1) and I.N.C. Ind. (MSMI1) firms have a better informational environment on the Tehran Stock Exchange.JEL Codes - D82, D8
EMOTIONAL OR RATIONAL? THE DETERMINATION OF THE INFLUENCE OF ADVERTISING APPEAL ON ADVERTISING EFFECTIVENESS
Get PDFIn prevailing competition-based market economy, organizations have to search factors influencing advertising effectiveness. This research aims at developing the model of the influence of advertising appeal on advertising effectiveness. While achieving the aim of the article, the analysis and synthesis of scientific literature is provided. Furthermore, traditional marketing research methods as well as neuromarketing research methods are applied in order to determine the influences of different advertising appeals on advertising effectiveness. As a research result, the model of the influence of advertising appeal on advertising effectiveness is elaborated. Accordingly, this research fills the gap in scientific literature by determining the influences of emotional and rational appeals on print / outdoor advertising effectiveness in the context of convenience product category. Moreover, by answering the research question, the contribution to the field emerges in integrating both marketing theory and neuroscience in order to analyze and evaluate consumer behavior.JEL Codes - M310, M39
INFORMATION CHANNELS EFFECTIVENESS ASSESSMENT ON THE BASIS OF DATA FROM STATISTICAL SURVEY
Get PDFThe paper deals with the possibilities of using the data from statistical survey for information channels effectiveness assessment in the case when the same information is provided by more different information channels to different groups of people in the framework of one time period. The association between two categorical variables is analyzed. Values of the first variable represent information channels and values of second one represent different groups of people obtaining information through these information channels. The procedure of information channels effectiveness assessment for different groups of people is suggested. The proposed procedure is applied in information flows about academic ethics improvement at one Slovak university.JEL Codes - C46, M1
DOING BUSINESS WITH THE STATE AND FIRMS' GROWTH. GRASPING INVISIBLE RELATIONAL CAPITAL
Get PDFThis study investigates relationships between reported assets growth, human capital effectiveness, ability to do business with state and firms' growth. Longitudinal data were extracted from annual financial reports. Sample includes 80 companies in construction industry of Bosnia and Herzegovina from 2008-2013. Generalized estimating equations (GEE) approach is used for investigation of previously mentioned associations. We found that working with the state in Bosnian construction sector is dominant factor for outstanding increase in net reported income, while the human capital efficiency is negatively associated to its change. These findings support the theory of markets with asymmetric information, suggesting that the relational and social capital of the firm in the imperfect markets, where the state is dominant customer, drives the growth and that precedes firm’s investments into development of intellectual capital.JEL Codes - M4
REACHING THE OBJECTIVES OF SUSTAINABLE DEVELOPMENT ON THE BASIS OF THE CREATIVE INDUSTRIES – A SOUTH AND EASTERN EUROPEAN ANALYSIS
Get PDFThe reduction of the development gap of South and East European economy compared with the rest of the developed countries represent an important condition to achieve the goal of „healthy development” of European Union. High level of competitiveness in West European industries as well as new policy of sustainable development causes a rethinking of strategy of individual countries. Creative industries may contribute to the efficient utilization of local resources and individual characteristics. Using the culture like an ”engine” of regional development, in South and Eastern Europe, countries can generate many positive and lasting effects on these economies. This article presents the role and evolution of creative goods and industries in South and Eastern European countries, and aims to prefigure their impact on sustainable development of these regions. The involvement of these goods in international trade may improve or rehabilitate the position of different economies at European level.JEL Codes - O11, O17, Q5
ECONOMIC AND FINANCIAL VIABILITY PLAN FOR THE ENTERPRENEURSHIP OF A LYRIC THEATRE LOW-COST COMPANY: THE CASE OF ZARZUELA IN SPAIN
Get PDFTaking into account that one of the major handicaps when undertaken in the cultural sector is the problem of cost and demand volatility, this paper aims to implement a viability plan for the entrepreneurship of a lyric theatre low-cost company, dedicated to Zarzuela performance, a type of Spanish music like Opera. Firstly, the cultural sector data are analysed in terms of supply and demand and secondly a viability plan is carried out for three years. According to the results it is concluded that this type of venture is very risky if you do not have grant or other financial resources, due to the variability of demand and the increase in unit costs as the artistic performance has a fixed production technology that cannot absorb the technical progress of the rest of the economy.JEL Codes - M13, G3
FOREIGN DIRECT INVESTMENT FLOWS AND IMF LENDING PROGRAMS. NEW EMPIRICAL EVIDENCE FROM CESEE COUNTRIES
Get PDFThe aim of the paper it to assess the “catalytic effect” of IMF lending programs on foreign direct investment (FDI) flows to Central, Eastern and South-Eastern European (CESEE) countries during and after the latest global financial crisis. This paper provides new empirical evidence on this catalytic effect while controlling for banking stability. Our results show that IMF lending programs had a negative catalytic effect on FDI flows to emerging economies from CESEE over the period 1999-2013. Other key determinants of FDI flows to these countries are inflation, current account balance, level of education, and infrastructure.JEL Codes - F33, F34, G0
CITY CENTRES AS PLACES FOR STRATEGIC COOPERATION THROUGH ACTIVE CITY MANAGEMENT – THE SIGNIFICANCE OF TRADE ENTITIES
Get PDFThis paper posits that the contemporary city should be viewed as a common space that needs the effort of many various stakeholders in order to satisfy the diverse (and changing) needs of its stakeholders. Yet, achieving this effectively requires active management and coordination of a range of activities. This paper discusses three examples of recent activities in Cracow (Poland) that reflect strategic approach. The first of these case studies focuses on identifying the factors encouraging students to remain in Cracow after completing their studies. The second case study corresponds to a shopping centre opened in 2006 and the last case study shows the recent application of the cultural park legal framework to the city centre of Cracow. This study also makes reference to recent research funded by the European Commission’s Life Long Learning programme on the professional competences of city managers across 6 countries.JEL Codes - R58, L81, M3
OWNERSHIP AND CONTROL IN LARGE EASTERN EUROPEAN COMPANIES
Get PDFThe aim of this paper is to determine if the ownership structure of large Central Eastern-European companies, can influence the performance of the companies via better monitoring and control of managers done by individual blockholders. We use a sample of 497 large private and public CEE companies and analyze influence of large individual type of blockholders on performance over the period 2004-2013. We use ROA as a proxy for performance, firm, country characteristics and ownership indicators in a fixed-effect panel model. Our estimates indicate that only state and foreign ownership can influence performance while individual and widely held ownership do not influence performance in large CEE companies. On average, state controlled companies tend to underperform while foreign ownership seems to be beneficial for performance. This suggests that ownership can be used as a substitute for missing good governance institutions, in such a specific environment as CEE countries.JEL Codes - G32, G3