Zagreb International Review of Economics & Business最新文献

{"title":"FDI and Economic Growth – Perspective of Southeast European Countries","authors":"Dražen Derado, Darko Horvatin","doi":"10.2478/zireb-2023-0006","DOIUrl":"https://doi.org/10.2478/zireb-2023-0006","url":null,"abstract":"Abstract Emergence of new economic entities, through either integration or disintegration, always creates system inefficiencies resulting in temporary economic setbacks. At the macroeconomic level, this brings about slowdown in economic growth and delayed catching up with more advanced economies. In Europe, the turn of the century brought along political and economic disintegration, on one hand, and economic integration, on the other. Demise of planned economies across Eastern Europe caused serious economic turmoil due to market fragmentation. Meanwhile, creation of new economic architecture in the European Union (EU) has created additional challenges of economic restructuring. Therefore, achieving sustainable economic growth and high income has become the ultimate economic policy objective. Equity investment in form of foreign direct investment (FDI) has proven to be the right choice, because influx of fresh capital and know-how enabled strong economic growth and restructuring through increasing labor productivity and economic efficiency. Stronger competitive pressure through FDI contributed to dynamic restructuring, resembling in increasing exports and stronger integration into global economy. Yet, growth rates across countries were not always proportional to the volume of inward FDI, which indicates a certain level of underperformance for some countries. The aim of the paper is to closer investigate the FDI-growth nexus by differentiating between two types of FDI – mergers and acquisition (M&A) and greenfield investment. Thus, the analysis will take account of the characteristics of the FDI host economy, and those of the investing company, because we find it reasonable to assume that different forms of FDI incorporate different business dynamics and the time horizon of the investor’s expectations. In order to find out the effects of different forms of FDI on economic growth we apply panel data analysis with fixed effects and Prais-Winsten estimator on the sample of European reform countries whereby FDI, M&A and greenfield investment are considered the key variables. Analysis also includes a set of control variables, which combine standard neoclassical growth variables. Results indicate that, with reference to the level of innovativeness, different types of FDI indeed produce different effects on host countries’ economic growth.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"26 1","pages":"119 - 146"},"PeriodicalIF":0.6,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47301928","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":"Determinants of Foreign Direct Investment in Algerian Country during the Period 1990-2017","authors":"Fouad Mahfoudi, Bilal Louail","doi":"10.2478/zireb-2023-0009","DOIUrl":"https://doi.org/10.2478/zireb-2023-0009","url":null,"abstract":"Abstract The importance of the research is to identify the determinants of foreign direct investment in Algeria and to determine them accurately based on previous studies. We used a model of regression Multiple to identify significant determinants of FDI in the period 1990-2017. The results indicate having a positive and significant effect for both the GDP and economic openness on the outside world. Moreover, the effect negative significant for inflation and economic openness (LNINF1LNOPNESSG). The effect was positive but not significant for the increase in population and GDP per capita. Some of the variables that could affect the results and give better results neglected and this is considered a deficiency in this research and could be problematic for future research. Decision-makers in Algeria can benefit from the results of this research to attract the most foreign direct investment. The study period and the method of estimating the model for the case of Algeria considered as a gap that can add new to the subject of foreign direct investment in Algeria.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"26 1","pages":"185 - 196"},"PeriodicalIF":0.6,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48963433","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":"Application of Multi-Criteria Assessment in Banking Risk Management","authors":"V. Ristanović, D. Primorac, M. Mikić","doi":"10.2478/zireb-2023-0005","DOIUrl":"https://doi.org/10.2478/zireb-2023-0005","url":null,"abstract":"Abstract Banks face a number of business risks on a daily basis. Today, operational risk is dominant. The aim of this paper is to develop a decision-making system when choosing a method of operational risk management by using the Analytical Hierarchy Process (the AHP method) and the Fuzzy Analytic Hierarchy Process (the FAHP method). Analytical hierarchical process is a simple efficient process in solving decision-making problems. The final decision depends on the assessment of a set of alternatives and the decision criteria. The main purpose of the process is to find appropriate solutions for defined user factors in the current competitive environment. The results obtained by the classical AHP method, as well as the FAHP method, show that external factors are the dominant criterion, especially during the financial crisis or the Covid19 pandemic, and that solutions should be sought in international standards, using control tools created by the banks themselves.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"26 1","pages":"97 - 117"},"PeriodicalIF":0.6,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46390871","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":"Predicting Financial Crises and Signal Indicators in G7 Countries","authors":"Hilal Alpdoğan, Mustafa Akal, Ali Kabasakal, Şakir Görmüş","doi":"10.2478/zireb-2023-0002","DOIUrl":"https://doi.org/10.2478/zireb-2023-0002","url":null,"abstract":"Abstract This study aims to detect financial crises and their signal indicators in G7 countries from 1990 to 2016. For this purpose, fourteen leading economic indicators supported by the economic literature were examined for signaling and the 24-month crisis window before the beginning of a crisis. Among them, successful crisis estimators were determined by the noise signal ratio. The identified crisis estimators provide essential information about the dynamics of economies and the channels of the crisis affecting them. Our findings may help policymakers determine adverse policies against crisis, avoid significant losses, and stabilize the world economy and national economies.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"26 1","pages":"29 - 53"},"PeriodicalIF":0.6,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45473078","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":"Theory of Boundedly Rational Planned Behavior: A New Model","authors":"M. Ashraf","doi":"10.2478/zireb-2023-0001","DOIUrl":"https://doi.org/10.2478/zireb-2023-0001","url":null,"abstract":"Abstract The prime intent of this article is to propose a new model in the paradigm of behavioral and business economics. To attain this objective, the study modifies a famous behavioral model of the Theory of Planned Behavior (TPB), which is based on the generalized unbounded rationality of neoclassical economics in dictating actual human behavior. Based on the idea of bounded rationality expounded by Herbert A. Simon, TPB has been modified by replacing intention variable with bounded rationality as the antecedent of actual behavior. The new model has been tested collating data collected from the participants of a Microfinance Institute currently operating in Bangladesh. Data were analyzed following the procedure of structural equation modeling (SEM). The findings of the experiment show that the new model of TBRPB’s predictability is observed to be much better than TPB which may be regarded as a basic contribution to the existing body of knowledge.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"26 1","pages":"1 - 28"},"PeriodicalIF":0.6,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43446062","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 Comparative Assessment of the Urbanization – Fertility Nexus in Most Urbanized Countries of Sub-Saharan Africa","authors":"O. Jemiluyi, Leward Jeke","doi":"10.2478/zireb-2023-0008","DOIUrl":"https://doi.org/10.2478/zireb-2023-0008","url":null,"abstract":"Abstract There is a near-consensus in the literature that urbanization is incompatible with large family size owing to factors such as high cost of urban living, opportunity cost of having children in urban centers and increasing awareness of benefits of small family size. However, a cursory glance at the data on sub-Saharan Africa cast doubt on the incompatibility of urbanization with high fertility rate. Hence, this paper investigates the urbanization-fertility nexus in the two most urbanized countries of SSA – Nigeria and South Africa. Exploiting time series data for both countries within a Fully Modified Ordinary Least Square (FMOLS) framework, the incompatibility hypothesis is refuted in both countries. Specifically, the analysis suggests that in Nigeria and South Africa, increasing degree of urbanization is positively related with fertility rate with the magnitude of the relationship being higher in Nigeria than South Africa. These findings imply that policies aimed at improving urbanization process and reducing fertility rates are crucial in both countries.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"26 1","pages":"165 - 183"},"PeriodicalIF":0.6,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46150585","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":"Nexus between Macro Economic Variables and Foreign Direct Investment (FDI) Inflows in India: Evidence from Time Series Analysis","authors":"Ishfaq Hamid","doi":"10.2478/zireb-2023-0003","DOIUrl":"https://doi.org/10.2478/zireb-2023-0003","url":null,"abstract":"Abstract India’s FDI situation is presently seeing a steady move with liberalized reforms over the recent couple of years and an alluring investment atmosphere having a beneficial outcome of the inflows. The main purpose of this study is to determine the nexus between macroeconomic variables and Foreign Direct Investment inflows in India from 1980 to 2016, applying the Autoregressive Distributed Lag (ARDL) testing approach to co-integration and the Toda Yamamoto Granger Causality test to draw inferences. The empirical results reveal a long-run association between Gross Domestic Product and Foreign Direct Investment Inflows. The findings also demonstrate that the causality test validates the causal relationship between foreign direct investment and all economic variables under study, except the Exchange rate and Consumer price index. However, the Toda Yamamoto test divulges bi-directional causality between Gross Domestic Product and Foreign Direct Investment Inflows. Policy makers are essential to pushing the reform agenda in the local market to pull more FDI into the Indian economy.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"26 1","pages":"55 - 75"},"PeriodicalIF":0.6,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44626280","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":"The Triangle, Numeral 3, and the Trinity","authors":"Soumitra Sharma","doi":"10.2478/zireb-2023-0010","DOIUrl":"https://doi.org/10.2478/zireb-2023-0010","url":null,"abstract":"Abstract In history of human civilisation, throughout the world, the power of a triangle, numeral 3 or the trinity is widely visible. These concepts have been used inter-changeably in different fields of science, philosophy, and religion. The presence of these concepts in socio-economic sphere can also be proved. Following is an analysis of these concepts in mentioned fields.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"26 1","pages":"197 - 222"},"PeriodicalIF":0.6,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69135072","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":"The Psychosocial Aspect of Large-Scale Crises: Building Resilient Communities","authors":"Davor Labaš, Tihana Leder","doi":"10.2478/zireb-2023-0007","DOIUrl":"https://doi.org/10.2478/zireb-2023-0007","url":null,"abstract":"Abstract In large-scale crises such as the COVID-19 pandemic, it often happens that various accompanying crises occur in addition to the initial crisis. One of the most frequent ones is the so-called psychosocial crisis. The purpose of this paper is to draw out proposals towards more efficient management of large-scale crises by creating resilient communities. Based on the analysis it was concluded that psychological and social aspects are closely intertwined and interdependent. Main conclusions on how the psychosocial effects of large-scale crises could better be directed towards more resilient communities are by normalizing seeking psychosocial support and systematizing the processes of providing it, working towards healthier social environment through social innovations and by encouraging global cooperation. If more extensive changes are made towards listed proposals, further research could address whether these changes have affected community levels of resilience and better preparedness for coping with the psychosocial effects of future large-scale crises.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"26 1","pages":"147 - 163"},"PeriodicalIF":0.6,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48438653","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 Spillover Effect of Human Capital on Gross Capital Formation: A Quantile Regression Approach","authors":"Onur Özdemir","doi":"10.2478/zireb-2023-0004","DOIUrl":"https://doi.org/10.2478/zireb-2023-0004","url":null,"abstract":"Abstract The major aim of this paper is to examine the extent to which human capital spillover effects are responsive to different quantiles of gross capital formation across selected 19 OECD countries for the period 1980-2017. We develop an endogenous model for estimating the spillover effects on investment regarding the bargaining power of workers. In this sense, different quantile regression models are applied to analyze this miscellaneous linkage and to correct possible diagnostic problems stemming from the endogenous regressors. The empirical results suggest that there are statistically significant spillover effects of human capital on investment level due to a change in the degree of threat option of capital and thereby a decrease in bargaining power of labor. Moreover, the findings reveal the fact that there is significant heterogeneity of human capital spillovers across different quantiles, which means that lowest quartile of investment activities are confronted with higher value of spillovers.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"26 1","pages":"77 - 96"},"PeriodicalIF":0.6,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44863432","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}