Naše gospodarstvo/Our economy最新文献_第5页

Are African Stock Markets Efficient? A Comparative Analysis Between Six African Markets, the UK, Japan and the USA in the Period of the Pandemic 非洲股市有效吗?大流行时期非洲六个市场与英国、日本和美国的比较分析

Naše gospodarstvo/Our economy Pub Date : 2022-03-01 DOI: 10.2478/ngoe-2022-0004

R. Dias, J. Pereira, L. Carvalho

{"title":"Are African Stock Markets Efficient? A Comparative Analysis Between Six African Markets, the UK, Japan and the USA in the Period of the Pandemic","authors":"R. Dias, J. Pereira, L. Carvalho","doi":"10.2478/ngoe-2022-0004","DOIUrl":"https://doi.org/10.2478/ngoe-2022-0004","url":null,"abstract":"Abstract The aim of this study is to test and compare the efficient market hypothesis, in its weak form, on the stock markets of Botswana, Egypt, Kenya, Morocco, Nigeria, South Africa, Japan, the UK and the USA from 2 September 2019 to 2 September 2020. This study is based on the following research question: has the global pandemic (COVID-19) reduced the efficiency – in its weak form – of African financial markets compared to the mature markets of the UK, Japan and the USA? The results sustain the evidence that the random walk hypothesis is not supported by the financial markets analysed in the period of the global pandemic. The variance ratio values are lower than the unit, which implies that the returns are self-correlated over time. A reversion to the average is also observed, with no differences identified between mature and emerging financial markets. In corroboration, the Detrended Fluctuation Analysis (DFA) exponents show that the financial markets present signs of (in)efficiency in its weak form, thus showing persistence in the yields. This therefore implies the existence of long memories validating the results of the variance using the Wright’s Rank and Signs Test (2000), which prove the rejection of the random walk hypothesis.","PeriodicalId":228142,"journal":{"name":"Naše gospodarstvo/Our economy","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121393464","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 13

The Simplification of Public Administration: A Managerial Perspective 公共行政的简化:一个管理学的视角

Naše gospodarstvo/Our economy Pub Date : 2022-03-01 DOI: 10.2478/ngoe-2022-0006

G. Modugno, M. Bertoni, Bruno de Rosa

{"title":"The Simplification of Public Administration: A Managerial Perspective","authors":"G. Modugno, M. Bertoni, Bruno de Rosa","doi":"10.2478/ngoe-2022-0006","DOIUrl":"https://doi.org/10.2478/ngoe-2022-0006","url":null,"abstract":"Abstract The paper addresses the issue of complexity in the administrative processes of public institutions: in particular, accounting routines and processes are examined. Back-office activities, although having a mere supporting role in the delivery of public services, absorb a relevant part of the resources of public institutions. The aim of the paper is to analyse the factors that contribute to the enhancement of complexity of these activities. The paper is based on an in-depth analysis of two Italian public organisations: a university and an ASP (agency for services to persons). Italy is an interesting context since simplification policies have been adopted in the country at central government level and in specific sectors of public administration, however, at the institutional level, simplification initiatives depend on the initiative of the single organisation. The cases described in this paper show that complexity stems from the need for inspectory controls (which is typical of the law) as well as from the volume of information requested (which is typical of management studies) for different stakeholders and at different, yet correlated, levels. The paper suggests that public management scholars have the opportunity and the burden of a contribution in this field.","PeriodicalId":228142,"journal":{"name":"Naše gospodarstvo/Our economy","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133370611","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Empirical Testing of Purchasing Power Parity Validity in Selected European Union Countries 部分欧盟国家购买力平价有效性的实证检验

Naše gospodarstvo/Our economy Pub Date : 2021-12-01 DOI: 10.2478/ngoe-2021-0019

Jelko Plošinjak, Mejra Festić

{"title":"Empirical Testing of Purchasing Power Parity Validity in Selected European Union Countries","authors":"Jelko Plošinjak, Mejra Festić","doi":"10.2478/ngoe-2021-0019","DOIUrl":"https://doi.org/10.2478/ngoe-2021-0019","url":null,"abstract":"Abstract In this article, the authors carried out an empirical analysis of the validity of purchasing power parity (PPP) in Slovenia, Croatia, the Czech Republic, Slovakia and Austria. The results provide mixed support for PPP, which is typical for extransition economies. In the first phase of the empirical part of the research, the authors tested the stationarity of the real exchange rate in a logarithm, while in the second phase, the cointegration of nominal exchange rate, domestic and foreign price levels was tested.The Vector Error Correction Model (VECM) was used in the third phase to test if the signs of variables are in accordance with economics and econometrics theories, while in the final phase, restrictions were imposed for the symmetry and proportionality of coefficients. Slovenia is subject to limitations on the symmetry and proportionality of coefficients, which means the validity of both the absolute and relative versions of the PPP theory. Croatia is subject to a limitation on symmetry, but not to a limit on the proportionality of coefficients, which means the validity of the relative version of the PPP theory. In the case of the Czech Republic, Slovakia and Austria, restrictions on the symmetry and proportionality of the coefficients do not apply, which consequently constitutes an invalidity of both versions. However, to the authors’ knowledge, and taking into account Liu (1992), who states that it is more important to check the presence of co-integration than to check the symmetry and proportionality of the coefficients, since there is a cointegratation between the nominal exchange rate, foreign prices and domestic prices, the theory of PPP is valid for all the selected countries. The empirical results suggest that all the real exchange rate time series are stationary, additionally, cointegration exists among all the variables for all countries, and the signs of coefficients are statistically significant for all variables in all countries, however, the coefficient restrictions are only statistically significant in Slovenia and Croatia.","PeriodicalId":228142,"journal":{"name":"Naše gospodarstvo/Our economy","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115254664","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Is There Asymmetry in the Relationship Between Government Consumption Dynamics and Economic Activity? Evidence From G7 Economies 政府消费动态与经济活动的关系是否存在不对称?来自G7经济体的证据

Naše gospodarstvo/Our economy Pub Date : 2021-12-01 DOI: 10.2478/ngoe-2021-0018

Marko Senekovič

{"title":"Is There Asymmetry in the Relationship Between Government Consumption Dynamics and Economic Activity? Evidence From G7 Economies","authors":"Marko Senekovič","doi":"10.2478/ngoe-2021-0018","DOIUrl":"https://doi.org/10.2478/ngoe-2021-0018","url":null,"abstract":"Abstract In this paper, based on a quarterly dataset of G7 countries with the application of a nonlinear ARDL model we test for the presence of a short-run and long-term asymmetry in the relationship between government spending and economic activity. The main aim of this study is to analyze the relationship between government spending and economic activity in two separate scenarios, first, in periods when government spending increases and, second, in periods when government spending decreases. Our key findings are, first, the linear model that produces a positive relationship between government consumption and economic activity. Second, in the nonlinear model, more than half of the short-run and long-run coefficients are statistically significant. Third, short-run and long-run asymmetry are detected in four out of seven cases with recognized short-run asymmetry also in the remaining three cases based on graphical analysis. Finally, a negatively inclined short-run asymmetry is detected. The results thus imply a stronger output effect in periods of declining dynamics in government consumption. Future research should be focused on broadening the sample countries and model by adding additional variables.","PeriodicalId":228142,"journal":{"name":"Naše gospodarstvo/Our economy","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126374918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

A Demand-Side Analysis of Intellectual Capital in the Accommodation Industry: The Case of the Youth Market in Slovenia 住宿行业智力资本的需求侧分析:以斯洛文尼亚青年市场为例

Naše gospodarstvo/Our economy Pub Date : 2021-12-01 DOI: 10.2478/ngoe-2021-0023

H. N. Rudež

引用次数: 0

Factors Influencing the Perception of Destination Brand Luxuriousness 影响目的地品牌奢华度感知的因素

Naše gospodarstvo/Our economy Pub Date : 2021-12-01 DOI: 10.2478/ngoe-2021-0022

Zoran Krupka, Andreja Dobra, Goran Vlasic

{"title":"Factors Influencing the Perception of Destination Brand Luxuriousness","authors":"Zoran Krupka, Andreja Dobra, Goran Vlasic","doi":"10.2478/ngoe-2021-0022","DOIUrl":"https://doi.org/10.2478/ngoe-2021-0022","url":null,"abstract":"Abstract The main purpose of this paper is to identify and investigate the factors that influence the building and managing of luxury destination brands. Based on a review of existing literature, the authors identified eight crucial factors: accommodation quality, quality of gastronomy offers, premium price, service quality, luxury shopping, unique experience, transportation infrastructure, and celebrity. The research was conducted on a sample of 619 respondents from 16 countries. Factor and regression analyses were used. The results indicate that the availability of celebrity and luxury shopping has the strongest significant influence on luxury destination brand building, while the impact of accommodation quality and a premium price is non-significant, and, interestingly, transportation infrastructure has a negative and significant impact. A convenience sample and the possibility of omitting certain factors (e.g. safety) from the research represent the main research limitations. This research contributes to marketing and brand management literature by identifying and investigating the factors that help in building and managing a luxury destination brand, which to date has been neglected in literature.","PeriodicalId":228142,"journal":{"name":"Naše gospodarstvo/Our economy","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128920384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The Effect of Stock Market Listing on Real Earnings Management: Evidence From Algerian Companies 股票市场上市对真实盈余管理的影响:来自阿尔及利亚公司的证据

Naše gospodarstvo/Our economy Pub Date : 2021-12-01 DOI: 10.2478/ngoe-2021-0024

Bilal Kimouche

{"title":"The Effect of Stock Market Listing on Real Earnings Management: Evidence From Algerian Companies","authors":"Bilal Kimouche","doi":"10.2478/ngoe-2021-0024","DOIUrl":"https://doi.org/10.2478/ngoe-2021-0024","url":null,"abstract":"Abstract This paper aims to explore the effect of the Algiers Stock Exchange listing on real earnings management. The study included 14 non-financial non-listed companies during the period 2015-2019 and six non-financial listed companies during the period 2010-2019. Due to the small number of companies listed on the Algiers Stock Exchange, the period of study was extended in the case of listed companies to provide enough observations. The measurement of real earnings management is based on the model of abnormal cash flows from operations (Roychowdhury, 2006), while the hypothesis testing is based on a model of multiple linear regression. The results indicate that the company size and the nature of financial statement (consolidation) do not have any effect on real earnings management in Algerian companies. The results are not consistent with the author’s hypothesis about the positive effect of stock market listing on real earnings management. The empirical evidence suggests that the Algiers Stock Exchange listing has had a negative effect on real earnings management in Algerian companies. This might be due to the scrutiny of auditors and regulators as the number of companies is easy to control, which decreases the opportunity for Algerian companies to rely on real earnings management in accordance with the opportunistic or informational view.","PeriodicalId":228142,"journal":{"name":"Naše gospodarstvo/Our economy","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130108632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Exploring Emerging Markets’ Demographic and Macroeconomic Dynamics and the Middle Class Growth: The Case of China and India 探索新兴市场的人口、宏观经济动态和中产阶级增长:以中国和印度为例

Naše gospodarstvo/Our economy Pub Date : 2021-12-01 DOI: 10.2478/ngoe-2021-0020

Romana Korez Vide, Irena Zavrl, Anica Hunjet

{"title":"Exploring Emerging Markets’ Demographic and Macroeconomic Dynamics and the Middle Class Growth: The Case of China and India","authors":"Romana Korez Vide, Irena Zavrl, Anica Hunjet","doi":"10.2478/ngoe-2021-0020","DOIUrl":"https://doi.org/10.2478/ngoe-2021-0020","url":null,"abstract":"Abstract Emerging markets’ political, economic, and social transition processes led to altered demographic trends and new macroeconomic dynamics in these economies. These changes triggered the growth of the middle class that became an essential factor of emerging markets’ attractiveness for sales and production activities of foreign firms. The purpose of this article is to analyze the demographic and macroeconomic trends of China and India in the decades before the COVID-19 crisis, aimed at estimating their role in the growth of the middle class and the consequent attractiveness of these two important emerging markets for foreign firms. We formulate our research findings on the extensive theoretical foundations and empirical analysis of selected demographic and macroeconomic indicators related to the growth of the middle class. We established that India fell behind China considerably concerning demographic transition and macroeconomic dynamics in the observed periods. China enforced a radical demographic transition. The comparative analysis of macroeconomic dynamics showed a solid leadership of China in economic growth, international trade and investment openness, technological advancement, employment, the structure of the output, domestic investment, urbanization, and salaried workers. Consequently, we estimated the lower growth of the Indian middle class and its lower importance in foreign firms’ decisions to enter the Indian market. The findings brought some implications for international managers at segmenting and selecting target foreign markets.","PeriodicalId":228142,"journal":{"name":"Naše gospodarstvo/Our economy","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125727839","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The Effects of Consumers’ Buying Behavior on the E-commerce in Highly Developed Emerging Market and Developed Market: The Case of Singapore and Austria 高度发达的新兴市场和发达市场消费者购买行为对电子商务的影响——以新加坡和奥地利为例

Naše gospodarstvo/Our economy Pub Date : 2021-12-01 DOI: 10.2478/ngoe-2021-0021

Jia Yun Moerth-Teo, V. Bobek, T. Horvat

引用次数: 1

Engaging Economics and Traffic Engineering Students in Community Issues Using the MultiCreation Approach 运用多元创作方法让经济学和交通工程专业的学生参与社区议题

Naše gospodarstvo/Our economy Pub Date : 2021-09-01 DOI: 10.2478/ngoe-2021-0015

Renata Petrevska Nechkoska, Daniela Koltovska Nechovska, Marjan Angeleski

{"title":"Engaging Economics and Traffic Engineering Students in Community Issues Using the MultiCreation Approach","authors":"Renata Petrevska Nechkoska, Daniela Koltovska Nechovska, Marjan Angeleski","doi":"10.2478/ngoe-2021-0015","DOIUrl":"https://doi.org/10.2478/ngoe-2021-0015","url":null,"abstract":"Abstract Effective teaching methods for the coming generations of pragmatic students and teachers are evolving towards much greater involvement on all sides, attempting to bridge real life and academia in innova-tive ways. Our theoretical foundation lays upon the Triple Helix, n-Tuple Helix theory and the innova-tion triangle, but in a problem-based multidisciplinary setting. After introducing and validating the Mul-tiCreation approach in teaching/learning for the business-academia collaboration, where multiple disci-plines, diverse profiles of students, professors, and managers have taken up various roles to address relevant business issues, we were encouraged to expand its applicability beyond the business world - toward societal problems. We retained the problem-based and participatory learning but shifted the positioning of the problem towards the safety of primary school children, incorporating economic, pro-ject-based, managerial, traffic engineering, logistical, regulatory, and governance issues. By including two primary schools, collaborating with their principals, advisory teams, and teachers, as well as chil-dren and parents, in two different cities, we aimed to provide complete research, engineering and educa-tion for the stakeholders so that the schools could just hand in documentation to the relevant municipal bodies to be acted upon effectuation. The involved students came from two faculties -of economics and traffic engineering, steered by three university professors on the subjects of project management and basic and advanced techniques for traffic management. The blended learning components took place as prescribed in the MultiCreation approach, during two semesters of two academic years. They combined countermeasures and solutions. The MultiCreation approach has been enhanced regarding its components and workflow and its effectiveness has been validated in a multi-stakeholder environ-ment of direct and indirect educational beneficiaries.","PeriodicalId":228142,"journal":{"name":"Naše gospodarstvo/Our economy","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127693270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0