South East European Journal of Economics and Business
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ANALYSIS OF PUBLIC DEBT AT SUBNATIONAL GOVERNMENT LEVELS: EVIDENCE FROM CANTONS IN THE FEDERATION OF BOSNIA AND HERZEGOVINA
Get PDFTotal public debt of ten cantons in the Federation of Bosnia and Herzegovina (FBiH), one of the two entities in BiH, have substantially increased in recent years. Since it is relatively small in nominal terms, this galloping trend have not attracted enough attention of decision makers. If these developments continue in the future, the public debt at cantonal level in FBiH might create serious fiscal problems and become one of central issues for policy makers. This has motivated our investigation of determinants that caused the increase in public debt over the period 2012-2018.We apply a panel regression analysis and investigate how budget deficit, trade balance, unemployment rate, size of population and institutional changes affect public debt. We find that public debt is positively associated with budget deficit but negatively associated with trade balance, the size of population and institutional changes. These findings motivated policy recommendations presented in the paper
HR LINE MANAGER’S REFLECTIONS ON HRM EFFECTIVENESS THROUGH HR ROLES AND ROLE STRESSORS
Get PDFThe present study examines the relationship between HR roles and HR role stressors in determining the effectiveness of HRM. A massive primary survey was conducted in which 153 line managers of Malaysia’s manufacturing companies participated, the data were analyzed through structural equation modeling (SEM) using Smart PLS. The significant findings of the study reveals that top management support provided insights to the conditions needed to avoid perception of HR role stressors on line managers. Results also revealed that there is a mediation effect of HR overload by line managers, however, no mediation effect has influenced on HR ambiguity. Top management support has moderated the relationship of HR roles on HR role ambiguity
DETERMINANTS OF MIGRATION FOLLOWING THE EU ENLARGEMENT: A PANEL DATA ANALYSIS
Get PDFThe Eastern enlargements of the European Union (EU) since the early 2000s have included post-transitional economies at a lower level of development than the existing member states and thus have significantly affected the East-West migration flows and labour markets on both sides. This has provided a distinctive opportunity to study the effects of the liberalization and to identify economic factors leading to migration flows with the purpose of enabling better estimations of future migration trends. In this research, a panel data analysis with pair of country fixed effects and time fixed effects is used to explore several pull and push factors of the East-West EU migration flows in the period from 2000 to 2017. Results indicate that emigration rate responds rather quickly to changes in GDP per capita and unemployment rate of the youth population in immigration country, with statistically significant elasticity coefficients, suggesting that international migration contributes significantly to adjusting the labour supply to fluctuations in economic activity
THE EFFICIENCY OF MANDATORY PENSION FUNDS: CASE OF CROATIA
Get PDFThe phenomenon of pension funds industry growth in the last decades is inevitable in Central and Eastern European countries including Croatia that was enacted by the systemic pension reforms and introduction of mandatory private individual schemes. One of the main roles of the pension funds is to collect and invest the money contributed by the employer or the employee during working years until retirement. Therefore, development of pension funds as institutional investors is especially important for capital markets as well as for the whole economy.
The aim of this paper is to examine performance of pension funds in Croatia, or more precisely, to measure the mandatory pension funds technical efficiency. By applying the methodology of data envelopment analysis on a sample of 12 mandatory pension funds for 2015-2018 period, we provide further evidence on their efficiency level. The results have shown very small differences among relative inefficient pension funds
SHARING IS CARING, AND MILLENNIALS DO CARE: COLLABORATIVE CONSUMPTION THROUGH THE EYES OF INTERNET GENERATION
Get PDFThe purpose of this research is to investigate the effects of perceived value dimensions (i.e., economic value, hedonic value, symbolic value, and social value) on behavioral intent to engage in collaborative consumption from the perspective of Generation Y. Furthermore, this research aims to investigate the mediating effect of young consumers’ attitude toward collaborative consumption on the relationship between perceived value dimensions and behavioral intent to engage in collaborative consumption. Research findings suggest that specific dimensions of perceived value (economic, hedonic, symbolic, and social) have differing direct effects on young consumers’ behavioral intention to engage in collaborative consumption services. Regarding the mediating role of consumers’ attitude toward collaborative consumption, it was found that the mediating effect takes place only in the symbolic value-behavioral response link. Given the paucity of research focusing specifically on collaborative consumption from the perspective of Generation Y, this study provides new and useful insights for researchers and managers.
Keywords: Sharing economy, Collaborative consumption (CC), Perceived value, Generation Y (Millennials)
JEL Classification: M00
 
PERFORMANCE GAUGING OF PORTFOLIO: LUENBERGER DISTANCE FUNCTION APPROACH ON SARAJEVO STOCK EXCHANGE
Get PDFEfficiency measurement of economic phenomena is of great importance to economists. Known terms and concepts from microeconomic theory and data envelopment analysis regarding efficiency have been developed and adapted to cater different questions and areas of economics. This paper focuses on applications in the area of finance, more specifically, portfolio optimization and Markowitz model. The paper has two goals. First is to give a concise overview of the theoretical and empirical research regarding Luenberger shortage (distance) function in portfolio optimization. The second goal is to empirically evaluate efficiency of a portfolio on the Sarajevo Stock Exchange (SSE). The contribution of the paper is the first comprehensive evaluation of sources of inefficiencies of a portfolio which is not positioned on the efficient frontier on the SSE, as well as Balkan region. The results of the analysis show that efficiency can be obtained with rebalancing the initial portfolio with the inclusion of transaction costs as well
A MICRO BASED STUDY FOR BANK CREDIT AND ECONOMIC GROWTH: MANUFACTURING SUB-SECTORS ANALYSIS
Get PDFThis study examines the relationship of the bank credits between, either performance and growth of manufacturing sub-sectors. It is using monthly time series data of Turkey from 2010/01 to 2017/09. The study adopted the autoregressive distributed lag (ARDL) bound co-integration test approach together with TodaYomamato causality test and was employed to seven manufacturing sub-sectors. Industrial production index was used for different approach as a dependent variable. Indications of the study support the theory that bank credits are more effective than loan rates on industrial production of sub-sectors. Moreover, the increase in bank credit leads the rise of industrial production in all the sub-sectors, except Machinery. According to the Toda Yomamato causality test results, there are different degrees of causalities in means of importance of the bank loans for industrial production. On the other hand, in all sub-sectors except machinery and chemical sub-sectors, causality relations were observed at different grades beginning from loan interest rates to industrial production. As a result, this study concludes with the evidence of supply leading hypothesis via financial sector leads and causes the economic growth