Zagreb International Review of Economics & Business最新文献_第8页

Are Growth Led Financing Decisions Causing Insolvency in Listed Firms of Pakistan? 以增长为导向的融资决策是否导致巴基斯坦上市公司破产?

IF 0.6

Zagreb International Review of Economics & Business Pub Date : 2020-11-01 DOI: 10.2478/zireb-2020-0015

R. Y. Hussain, Xuezhou Wen, Rehan Butt, H. Hussain, S. A. Qalati, Irfan Abbas

{"title":"Are Growth Led Financing Decisions Causing Insolvency in Listed Firms of Pakistan?","authors":"R. Y. Hussain, Xuezhou Wen, Rehan Butt, H. Hussain, S. A. Qalati, Irfan Abbas","doi":"10.2478/zireb-2020-0015","DOIUrl":"https://doi.org/10.2478/zireb-2020-0015","url":null,"abstract":"Abstract We examine the relationship between growth opportunities and insolvency risk in a mediating framework through financing decisions for 330 listed firms on the Pakistan Stock Exchange (PSX) This study covers a data period of five years ranging from 2013 to 2017. Financing decisions used in this study involve capital structure decision and debt maturity decision. We applied robust clustered panel OLS regression to the data and found a negative relationship between growth opportunities and insolvency risk in all samples consisting of overall, large and small firms. Growth opportunities have a negative impact on the capital structure, but debt maturity was influenced positively. Financing decisions influenced the insolvency risk positively. We used Baron and Kenny’s (1986) approach to detect the intervening effects of financing decisions. Further, Sobel’s test used to check the significance of mediation. Partial mediation was found for the debt maturity ratio in the large and overall sample of firms. However, the capital structure did not mediate the relationship between growth opportunities and insolvency risk in this study.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"23 1","pages":"89 - 115"},"PeriodicalIF":0.6,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41845447","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: 6

Relationship between Macroeconomic Indicators and Capital Markets Performance in Selected Southeastern European Countries 东南欧部分国家宏观经济指标与资本市场表现的关系

IF 0.6

Zagreb International Review of Economics & Business Pub Date : 2020-07-01 DOI: 10.2478/zireb-2020-0014

Ante Dodig

{"title":"Relationship between Macroeconomic Indicators and Capital Markets Performance in Selected Southeastern European Countries","authors":"Ante Dodig","doi":"10.2478/zireb-2020-0014","DOIUrl":"https://doi.org/10.2478/zireb-2020-0014","url":null,"abstract":"Abstract This study tests the weak form of the efficient capital markets theorem in five transition economies in Southeast Europe between 2005 and 2016. A panel pooled mean group estimator is used to examine the relationship between macroeconomic indicators and the performance of stock market indexes. This is a suitable estimator for these young frontier markets, given that they have yet to develop the breadth and depth of an advanced market—such as ample liquidity and traders—to aggregate cross-country data and use level series prime data instead of differentials of the same. These frontier capital markets are found to be weak form inefficient, meaning that stock prices do not reflect available current public information. In other words, when a market is transparent and investor behavior is rational, the macroeconomic data should be included in the value of the stock indexes. The five countries may benefit from bringing their capital markets legislation in line with those of developed countries and by improving corporate governance and transparency. This would boost investor trust and liquidity. The coverage of this research can be extended to find more standardized data values and develop additional factors not captured by this model.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"23 1","pages":"55 - 88"},"PeriodicalIF":0.6,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49287890","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

Factors Influencing Purchases of Organic Food 影响购买有机食品的因素

IF 0.6

Zagreb International Review of Economics & Business Pub Date : 2020-05-01 DOI: 10.2478/zireb-2020-0006

Michaela Jánská, P. Kollár, Čeněk Celer

引用次数: 7

The Nexus between Economic Sentiment Indicator and Gross Domestic Product; a Panel Cointegration Analysis 经济景气指数与国内生产总值的关系研究a面板协整分析

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Zagreb International Review of Economics & Business Pub Date : 2020-05-01 DOI: 10.2478/zireb-2020-0008

D. Tomić, Jurica Šimurina, L. Jovanov

{"title":"The Nexus between Economic Sentiment Indicator and Gross Domestic Product; a Panel Cointegration Analysis","authors":"D. Tomić, Jurica Šimurina, L. Jovanov","doi":"10.2478/zireb-2020-0008","DOIUrl":"https://doi.org/10.2478/zireb-2020-0008","url":null,"abstract":"Abstract Economic Sentiment Indicator (ESI) became the most popular composite indicator within the EU with the purpose of monitoring and/or forecasting business cycles in one country or for a region as a whole. Since it is calculated regularly, on a monthly base, and is based on five distinct confidence indicators, the main concern is whether the ESI can be explained and/or can explain the current, past or future values of relevant macroeconomic variables. This implies its relevance in predicting both short- and long-term economic outcomes of, for example, variation in income, unemployment fluctuations, consumption change, inflation modifications, sectoral alterations and etc. The question that arises often in academic, as well as within the EU decision-making circles is whether the ESI be used as an explanatory variable with valuable information for modelling the national output developments. Therefore, the aim of this paper is to reveal the true strength and significance in the ESI-GDP nexus for the EU. Empirical research is based on panel cointegration analysis that utilizes data on the ESI and GDP over the period 2000-2018 for the EU28 countries. The causal relationship between the variables appears to be consistent in the short- and long-run across the panel, suggesting that ESI movements do explain movements in national output, hence can help both private and public sector decision-makers to evaluate their goals and plan their actions.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"23 1","pages":"121 - 140"},"PeriodicalIF":0.6,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48660705","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: 3

A Dynamic Network Comparison Analysis of Crude Oil Trade: Evidence from Eastern Europe and Eurasia 原油贸易的动态网络比较分析:来自东欧和欧亚大陆的证据

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Zagreb International Review of Economics & Business Pub Date : 2020-05-01 DOI: 10.2478/zireb-2020-0007

M. Shirazi, A. Ghasemi, T. Mohammadi, Jurica Šimurina, A. Faridzad, A. Taklif

引用次数: 9

Interrelation of Capital Markets in the Context of Increased Audit Oversight in the European Union – Evidence on Third-Country Auditors 资本市场在欧盟加强审计监督背景下的相互关系——来自第三国审计师的证据

IF 0.6

Zagreb International Review of Economics & Business Pub Date : 2020-05-01 DOI: 10.2478/zireb-2020-0005

M. Mocanu, O. Ionescu

{"title":"Interrelation of Capital Markets in the Context of Increased Audit Oversight in the European Union – Evidence on Third-Country Auditors","authors":"M. Mocanu, O. Ionescu","doi":"10.2478/zireb-2020-0005","DOIUrl":"https://doi.org/10.2478/zireb-2020-0005","url":null,"abstract":"Abstract We identified a notable lack of academic literature on the issue of third-country auditors and the main contribution of our article is to address this gap. This research builds on adjacent audit oversight and capital markets literature and we extend this literature by providing evidence on third-country auditors. Specifically, we test the relationship between market capitalization and number of foreign IPOs of listed companies in representative EU countries (on one hand) and the existence of third-country auditors in those respective countries (on the other hand). Our research was performed in the second half of 2018 and is based on the latest data available. We have found that there are about 200 third-country auditors present in the public registers of audit oversight bodies in 11 EU countries. According to our network analysis, only European countries with a developed capital market have attracted third-country auditors. Most of the relationships of these developed EU capital markets are nurtured with non-EU capital markets that are at the same level of development (e.g. USA, Switzerland, Canada, Israel, and Australia). Our research hypotheses were validated: (1) the higher the market capitalization of a EU country, the higher the likelihood for the registration of third-country auditors; (2) the higher the number of foreign IPOs relative to the total IPOs on the stock exchange market, the higher the likelihood for the registration of third-country auditors.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"45 5","pages":"71 - 80"},"PeriodicalIF":0.6,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41301611","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: 2

Assessment of Women’s Early-stage Entrepreneurial Activity in 2018 2018年女性早期创业活动评估

IF 0.6

Zagreb International Review of Economics & Business Pub Date : 2020-05-01 DOI: 10.2478/zireb-2020-0003

I. Pinkovetskaia, T. Gromova, I. Nikitina

{"title":"Assessment of Women’s Early-stage Entrepreneurial Activity in 2018","authors":"I. Pinkovetskaia, T. Gromova, I. Nikitina","doi":"10.2478/zireb-2020-0003","DOIUrl":"https://doi.org/10.2478/zireb-2020-0003","url":null,"abstract":"Abstract The analysis of the regularities characterizing the existing rate of female early-stage entrepreneurial activity, as well as the identification of reserves for female entrepreneurship growth is relevant nowadays. The purpose of the work is to assess the rates of entrepreneurial activity of women, their motivational preferences, and comparative analysis of female and male early-stage entrepreneurial activities. The study is based on the economic analysis of the data on 48 countries, presented in the Global Entrepreneurship Monitor report for 2018. Normal distribution density functions are used in the modeling process. The research reveals features of female entrepreneurship and the barriers to its development. The paper defines countries with high and low values of the considered indicators. The study estimates the existing rates of opportunity and necessity motivation of female entrepreneurs, presents the analysis of the ratio of female to male participation in early-stage entrepreneurial activity, and proves the hypothesis on substantial differentiation of these indicators across countries. The obtained knowledge can be used in future scientific research, in the educational process of bachelors and masters training. The scientific novelty lies in the study of the distribution of indicators characterizing female entrepreneurs’ motivation and the existing gender gap in early-stage entrepreneurship. The study proposes new methods and tools for the analysis and presents a comparative analysis of the development of female and male early-stage entrepreneurship.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"23 1","pages":"35 - 49"},"PeriodicalIF":0.6,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49468424","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: 2

Does Working Capital Management Affect Profitability of Ghanaian Manufacturing Firms? 营运资金管理是否影响加纳制造企业的盈利能力?

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Zagreb International Review of Economics & Business Pub Date : 2020-05-01 DOI: 10.2478/zireb-2020-0001

K. Prempeh, Godfred Peprah-Amankona

{"title":"Does Working Capital Management Affect Profitability of Ghanaian Manufacturing Firms?","authors":"K. Prempeh, Godfred Peprah-Amankona","doi":"10.2478/zireb-2020-0001","DOIUrl":"https://doi.org/10.2478/zireb-2020-0001","url":null,"abstract":"Abstract This paper analyses the link between working capital management and profitability of firms in the context of developing economies. A balanced panel consisting of eleven (11) manufacturing firms listed on the Ghana Stock Exchange covering the period of 2011-2017 was used. The link between working capital management and profitability was examined using dynamic panel regression (Arellano-Bond Estimation) technique. The study revealed that there is a significant positive linear relationship between working capital management and firms’ profitability. The findings also reveal the existence of a concave quadratic relationship between working capital management and firms’ profitability. There is an optimal level at which working capital management maximises firm’s profitability, therefore, managers need to ensure that they operate within the limits of the optimal level by implementing an effective and efficient working capital management policy. The study concludes that, the practice of an aggressive working capital management policy maximises a firm’s profitability.","PeriodicalId":42298,"journal":{"name":"Zagreb International Review of Economics & Business","volume":"23 1","pages":"1 - 18"},"PeriodicalIF":0.6,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2478/zireb-2020-0001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42401521","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: 14

Financial Liberalization and Current Account Developments in New EU Member States 新欧盟成员国的金融自由化与经常账户发展

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Zagreb International Review of Economics & Business Pub Date : 2020-05-01 DOI: 10.2478/zireb-2020-0009

Zdenka Obuljen Zoričić, Boris Cota, N. Erjavec

引用次数: 0

Weather-Induced Moods and Stock-Return Autocorrelation 天气诱发情绪与股票收益自相关

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Zagreb International Review of Economics & Business Pub Date : 2020-05-01 DOI: 10.2478/zireb-2020-0002

A. Khanthavit

引用次数: 0