Ivana Barković Bojanić, A. Erceg, Jovanka Damoska Sekuloska
{"title":"Silver entrepreneurship: A golden opportunity for ageing society","authors":"Ivana Barković Bojanić, A. Erceg, Jovanka Damoska Sekuloska","doi":"10.18559/ebr.2024.1.1068","DOIUrl":"https://doi.org/10.18559/ebr.2024.1.1068","url":null,"abstract":"This paper aims to discuss the notion of silver entrepre-neurship in the context of the silver economy. Policy-wise knowing who silver entrepreneurs are and what it takes to support them is an essential step to productively managing the ageing population and promoting an age-ready but age-friendly approach to creating a sustainable economy and society in the new demographic reality. The paper provides a theoretical and empirical literature review of silver entre-preneurship to identify the current state of the art. It also identifies selected policies and strategies aiming to foster silver entrepreneurship, representing a more inclusive and age-diverse entrepreneurial landscape. The silver entrepre-neurship proves to be a challenging research field due to the elusive nature of entrepreneurship itself and the lack of universal definitions for this phenomenon.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140365370","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}
{"title":"Assessing the long-term asymmetric relationship between energy consumption and CO2 emissions: Evidence from the Visegrad Group countries","authors":"Błażej Suproń","doi":"10.18559/ebr.2024.1.1082","DOIUrl":"https://doi.org/10.18559/ebr.2024.1.1082","url":null,"abstract":"This study investigates the impact of renewable (REW) and non-renewable (NREW) energy usage, along with econom-ic growth (GDP), on carbon dioxide (CO2) emissions in the Visegrad countries, which rely heavily on traditional energy sources. Using data from 1991 to 2021, the analysis employs a panel asymmetric regression with Driscoll-Kraay and FGLS standard errors. The latent cointegration test reveals long-term relationships with asymmetry among the variables. Real GDP fluctuations exhibit a negative impact on CO2emissions for both positive and negative shocks. A reduc-tion in conventional energy source consumption leads to a greater CO2 emission reduction, confirming asymmetry. Conversely, an increase in consumption positively impacts CO2 reduction. However, non-conventional energy sources show no asymmetries. The OLS-based model proposed by Driscoll-Kraay showed reduced standard errors, but lower significance in the estimated parameters compared to the FGLS model. The findings recommend a sustainable energy transition for Visegrad countries by eliminating traditional sources and promoting renewable resources.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140365654","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}
{"title":"Corporate governance and risk management: An evaluation of board responsibilities in western and Islamic banks","authors":"Bchr Alatassi, Rekha Pillai","doi":"10.18559/ebr.2024.1.1004","DOIUrl":"https://doi.org/10.18559/ebr.2024.1.1004","url":null,"abstract":"This research aims to explore the role of the board in cor-porate governance (CG) and risk management within the context of Islamic banking. Given the global reach of fi-nancial institutions, it is important to compare and evalu-ate the unique position of Shari’ah committees or Shari’ah Supervisory Board (SSB) in addressing the unique risks of Islamic banks. Using a comparative analysis, this study evaluated risk management guidelines in the CG codes of the United Kingdom, Germany, Saudi Arabia, and Malaysia. It found that board were ultimately responsible for risk management, regardless of the governance structure, and Shari’ah-related risks fell under the board’s purview. An innovative blend of Western CG frameworks and Islamic principles enhanced governance robustness through the strategic collaboration between board and SSBs.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140367053","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}
{"title":"Some implications of behavioral finance for international monetary analysis","authors":"Thomas D. Willet","doi":"10.18559/ebr.2024.1.1193","DOIUrl":"https://doi.org/10.18559/ebr.2024.1.1193","url":null,"abstract":"This paper discusses some of the important insights from behavioral finance for international monetary and financial analysis. A broad approach to behavioral finance is advocated which includes analysis of the effects of uncertainty, perverse incentives, and complexity economics as well as the cognitive biases focused on in the initial contributions to behavioral finance. It offers reasons why capital mobility is often not perfect and expectations are sometimes not rational. Correctly interpreted it is not a wholesale attack on efficient market theory but rather argues that markets can behave differently at different times, being efficient sometimes and subject to destabilize or insufficiently stabilizing speculation at others and focuses on the conditions that make different types of behavior more likely. It helps provide insights into issues such as currency crisis, the effects of official intervention in foreign exchange markets, the international monetary trilemma, capital flow surges and reversals, the discipline effects of fixed exchange rates and international financial markets and why uncovered interest rate parity often does not hold.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140243761","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}
Dang Thi Viet Duc, Nguyen Thu Hoai, V. P. Nguyen, Dang Phong Nguyen, Nguyen Huong Anh, Ho Hong Hai
{"title":"Google Search Intensity and Stock Returns in Frontier Markets: Evidence from the Vietnamese Market","authors":"Dang Thi Viet Duc, Nguyen Thu Hoai, V. P. Nguyen, Dang Phong Nguyen, Nguyen Huong Anh, Ho Hong Hai","doi":"10.18559/ebr.2024.1.778","DOIUrl":"https://doi.org/10.18559/ebr.2024.1.778","url":null,"abstract":"The study investigates investor attention's impact on stock trading by modeling the relationship between Google search intensity and stock return with stocks listed in frontier markets in Vietnam from October 2016 to October 2021. The study has three findings. First, the study confirms the price pressure hypothesis and attention theory that Google search intensity positively affects stock returns. Second, this study indicates that the impact of Google search intensity on stock price is short. The positive effect is within the week of searching and reverses the following week, although the reverse force is not strong. Third, the relationship is more robust post than pre-COVID-19, suggesting that after a shock, more new individual investors enter the market, the impact of GSVI on stock return is stronger.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140245572","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}
{"title":"Analyst herding – whether, why, and when? Two new tests for herding detection in target forecast prices","authors":"Binam Ghimire, Callum Reveley, Savva Shanaev, Humnath Panta","doi":"10.18559/ebr.2023.4.892","DOIUrl":"https://doi.org/10.18559/ebr.2023.4.892","url":null,"abstract":"This study proposes two novel tests for security analyst herding based on binomial correlation and forecast error volatility scaling and applies it to investigate herding patterns in analyst target prices in 2008-2020 in the UK. Analysts robustly herd in their valuations, with results consistent across years, sectors, in panel fixed effect, quantile, instrumental variable regressions, and when controlled for optimism and conservatism. Herding becomes prominent for stocks followed by at least five analysts and towards the long sides of Fama-French sorts, reinforcing its non-spurious and behavioral nature. Analyst herd more strongly subject to low volatility and uncertainty.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139149437","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}
{"title":"“Very strong” turnpike effect in a non-stationary Gale economy with investments, multilane turnpike and limit technology","authors":"Emil Panek","doi":"10.18559/ebr.2023.4.891","DOIUrl":"https://doi.org/10.18559/ebr.2023.4.891","url":null,"abstract":"This article presents a multiproduct model of a non-stationary Gale-type economy with technology convergent to a certain limit technology, in which changes in the production technology (the dynamics of the Gale production spaces) are ruled by the size of investments. Thus, the considered model differs from the vast majority of the Gale-type models considered in the mathematical economy. With this assumption, the so-called “very strong” version of the multilane production turnpike theorem in the Gale economy with investments is proved. According to the theorem, if the optimal growth process in such an economy reaches the multilane turnpike, it remains on it from then on, except for, possibly the last period of the analysed economic horizon.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139153986","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}
{"title":"Assessment of the immigrants’ impact on Slovak economy","authors":"Raman Herasimau","doi":"10.18559/ebr.2023.4.777","DOIUrl":"https://doi.org/10.18559/ebr.2023.4.777","url":null,"abstract":"The migration process is becoming more and more intensive in European region. There are different opinions about effects from immigration on country economy. Most of them show the positive effect via fulfilling deficit in labour market and tax payments. From the other hand, there is negative long-term effect on social security system because of poor integration of immigrants into domestic population. This paper analyses effects from immigration based on United nations National transfer accounts methodology invented by Lee and Mason. This methodology is called to break down system of national accounts with respect to age groups or generations and shows economic flows between them. Findings of this paper show that earnings and consumption behaviour of immigrants and natives in Slovakia differs – immigrants work after retirement age, earn more and consume less, what leads to positive effects in aggregate life cycle deficit.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139154800","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}
{"title":"A causal and nonlinear relationship between trade credit policy and firm value: evidence from an emerging market","authors":"Cengizhan Karaca","doi":"10.18559/ebr.2023.4.1074","DOIUrl":"https://doi.org/10.18559/ebr.2023.4.1074","url":null,"abstract":"This study examines whether there is a causal and nonlinear relationship between trade credit policy and firm value. In line with this purpose, the 2005Q1 - 2018Q4 period data is examined for 103 companies operating in the manufacturing industry in an emerging market, Borsa Istanbul, and the relationships revealed. The nonlinear relationship between trade credit and firm value has been proved with the Two-step System GMM (Generalized Moment of Methods) and causality with Dumitrescu - Hurlin (2012) heterogeneous panel causality tests. According to the findings, a nonlinear (inverted U-shaped) relationship has been found between trade credit policy and firm value. Moreover, the values of firms that have moved away from optimum trade credit levels are also negatively affected. One of the original aspects of this study is that the bidirectional causal relationship between trade credit policy and firm value has been revealed.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139183274","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}
{"title":"What drives the savings rate in middle-income countries?","authors":"Wiktor Błoch","doi":"10.18559/ebr.2023.4.1072","DOIUrl":"https://doi.org/10.18559/ebr.2023.4.1072","url":null,"abstract":"The aim of this study is to examine the factors that influence the savings rate in middle-income countries and to compare the results with other studies devoted to different subgroups of countries. Among the potential determinants of savings the study considers: demography, income level, financial sector, international trade, inflation and the structure of the economy. The research sample is confined to 44 middle-income countries and covers the period between 2000 and 2019. Six model specifications are constructed using three different estimators: FE, FGLS and PCSE. In the next step the same models are estimated using alternative dependent variables. Results suggest that industrial share in GDP has a positive impact on the savings rate. On the other hand a negative relationship was diagnosed between the savings and unemployment rates, the share of labour compensation in GDP, military expenditure, inflation and the young dependency ratio.","PeriodicalId":41557,"journal":{"name":"Economics and Business Review","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139183694","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}