Ekonomski Vjesnik最新文献

Implementation of currency interventions of the Central Bank of Armenia with financialderivatives 亚美尼亚中央银行通过金融衍生品实施货币干预

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Ekonomski Vjesnik Pub Date : 2023-01-01 DOI: 10.51680/ev.36.1.12

M. Aslanyan

{"title":"Implementation of currency interventions of the Central Bank of Armenia with financial\u0000derivatives","authors":"M. Aslanyan","doi":"10.51680/ev.36.1.12","DOIUrl":"https://doi.org/10.51680/ev.36.1.12","url":null,"abstract":"Purpose: The main goal of the paper is to develop financial derivatives of the Republic of Armenia (RA) as hedging tools for foreign exchange risk management for financial organizations and other entities. The secondary goal is to substantiate the efficiency and expediency of the use of financial derivatives as alternative tools for the implementation of foreign exchange interventions of the Central Bank of Armenia (CBA). Methodology: In order to evaluate the currency interventions carried out by the Central Bank of Armenia (CBA), the interventions and their impact were studied by applying causal-comparative analysis and synthesis methods based on the CBA and International Monetary Fund (IMF) data. The most efficient intervention tools were revealed as a result of such analysis. The forward prices were calculated based on the swap intervention data and using the principle of impossibility of arbitration. Results: The present study substantiated that the application of a forward contract for difference can ensure the same goals like those pursued by foreign exchange interventions with no impact on foreign reserves and no need for sterilization. Conclusion: It was proposed to divide the swap agreements used by the CBA into spot and forward, which will ensure the realization of the same goals along with engaging a large number of non-financial companies. At the same time, the application of a forward contract for difference during the implementation of foreign exchange interventions will lead to the development of the financial derivatives market and ensure the matching of foreign exchange cash flows received by businesses in different periods.","PeriodicalId":42693,"journal":{"name":"Ekonomski Vjesnik","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70670327","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

Comparative analysis of the tax wedge in Croatia and Slovenia from 2005 to 2020 2005 - 2020年克罗地亚和斯洛文尼亚税收楔子的比较分析

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Ekonomski Vjesnik Pub Date : 2023-01-01 DOI: 10.51680/ev.36.1.1

Sandra Krtalić, Paula Peruško

{"title":"Comparative analysis of the tax wedge in Croatia and Slovenia from 2005 to 2020","authors":"Sandra Krtalić, Paula Peruško","doi":"10.51680/ev.36.1.1","DOIUrl":"https://doi.org/10.51680/ev.36.1.1","url":null,"abstract":"Purpose: Personal income tax (PIT) and social security contributions (SSC) play a significant role in tax systems. Since both of them affect employers and employees, it is important to analyse the labour costs paid by the employer (gross wage) and the net wage received by the employee, i.e., the tax wedge. Methodology: Following OECD’s Taxing Wages methodology, this paper analyses the characteristics of the tax wedge and the tax wedge policy in the Republic of Croatia and the Republic of Slovenia in the period from 2005 to 2020. Results: The conducted analysis has shown that a Slovenian taxpayer faces the highest average net tax wedge for each observed family type, and that the Croatian tax wedge is lower in all hypothetical units observed. The taxpayer with the highest average gross wage also faces the highest tax burden. The problem of a relatively high tax wedge in Croatia and Slovenia does not lie with the personal income tax, which is relatively low, but with social contributions. Conclusion: The tax wedge primarily depends on the level of income, it decreases if the taxpayer has (more) children, and its amount depends on various levels of tax, deductions and social security contributions. In the future, the focus will be on alleviating the labour tax burden. However, this begs the question of how to further alleviate the burden on labour without implementing major structural reforms in the pension and healthcare system and/or introducing new tax forms.","PeriodicalId":42693,"journal":{"name":"Ekonomski Vjesnik","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70670619","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

Capital market efficiency in transitioning Southeastern European countries 转型期东南欧国家的资本市场效率

IF 0.4

Ekonomski Vjesnik Pub Date : 2023-01-01 DOI: 10.51680/ev.36.1.5

Ante Dodig, Milica Bugarčić

{"title":"Capital market efficiency in transitioning Southeastern European countries","authors":"Ante Dodig, Milica Bugarčić","doi":"10.51680/ev.36.1.5","DOIUrl":"https://doi.org/10.51680/ev.36.1.5","url":null,"abstract":"Purpose: This paper is a continuation of research in the series that examines the weak form of the efficient capital markets theorem in Southeast European transitioning economies. Model modifications are based on learnings through the previously established inapplicability of foreign exchange metrics. At the same time, the model is being expanded by incorporating new research markets, extending the time coverage to the longest duration to date, between 2005 and 2021, to cover economic bust and recovery periods and research inherent improvements in the capital market context, and adding new variables to provide more sturdiness and conclusiveness. Methodology: The paper applies the panel pooled mean group estimator by aggregating cross-country data. By using level series prime data instead of differentials, this method enables efficient use of information and resolves at best the identified market shallowness. Results: The statistical results of empirical research infer the inefficiency of the investigated markets with greater robustness and supplementary new information revealing more powerful corrective investor and policy behavior in collectively more mature markets. Conclusions: The findings firmly reiterate subpar capital markets performance in a prolonged and more comprehensive environment. The recommendations conclusively emphasize the importance of structural reforms to support sustainability through elementary setup drivers, such as transparency, governance, judiciary productivity, and policy support, inter alia.","PeriodicalId":42693,"journal":{"name":"Ekonomski Vjesnik","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70671145","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

Resource-based economy – determinants of economic growth and sustainable development in Saudi Arabia 资源型经济——沙特阿拉伯经济增长和可持续发展的决定因素

IF 0.4

Ekonomski Vjesnik Pub Date : 2023-01-01 DOI: 10.51680/ev.36.1.4

Sandra Šokčević, Andreja Rudančić, Matea Pandžić

{"title":"Resource-based economy – determinants of economic growth and sustainable development in Saudi Arabia","authors":"Sandra Šokčević, Andreja Rudančić, Matea Pandžić","doi":"10.51680/ev.36.1.4","DOIUrl":"https://doi.org/10.51680/ev.36.1.4","url":null,"abstract":"Purpose: This paper examines the determinants of long-term economic growth and sustainable development of the Kingdom of Saudi Arabia as a chosen one-resource economy that relies on massive oil production. Methodology is based on the econometric methods of multiple regression analysis and the multicollinearity test for the period from 2010 to 2020. The research was conducted on the basis of a model of 13 variables, where the dependent variable is the annual rate of GDP, and the independent variables are inflation, budget deficit, oil exports, imports, unemployment rate, foreign direct investment, labour productivity, public debt, labour force, GDP per capita, HDI index, total rent of natural resources and adjusted net savings. Results indicate a strong connection between gross domestic product and the selected variables and the existence of factors that are of strategic importance for the growth of the Saudi economy, but on the other hand, the negative effects of certain factors on sustainable development. Conclusion: Based on the results, it is suggested that investment in human capital is an urgent step to achieve long-term sustainability and reduce reliance on natural resource operations in the future.","PeriodicalId":42693,"journal":{"name":"Ekonomski Vjesnik","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70670531","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

The nexus between transparency reports and soft skills training in audit firms 审计事务所透明度报告与软技能培训的关系

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Ekonomski Vjesnik Pub Date : 2023-01-01 DOI: 10.51680/ev.36.1.11

Burak Özdoğan, Ayşe Necef Yereli

引用次数: 0

Corruption pressure on business revisited 商界再次面临腐败压力

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Ekonomski Vjesnik Pub Date : 2023-01-01 DOI: 10.51680/ev.36.1.2

Jelena Budak, E. Rajh, Sunčana Slijepčević, Matea Maloča

引用次数: 0

Investigation of the effect of working capital management on profitability by panel dataanalysis and multi-criteria decision making techniques 运用面板数据分析和多准则决策技术研究营运资金管理对盈利能力的影响

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Ekonomski Vjesnik Pub Date : 2023-01-01 DOI: 10.51680/ev.36.1.6

E. Korkmaz, Turgut Karabulut, M. Güner

{"title":"Investigation of the effect of working capital management on profitability by panel data\u0000analysis and multi-criteria decision making techniques","authors":"E. Korkmaz, Turgut Karabulut, M. Güner","doi":"10.51680/ev.36.1.6","DOIUrl":"https://doi.org/10.51680/ev.36.1.6","url":null,"abstract":"Purpose: The aim of this study is to reveal and compare the effect of working capital management on return on assets with different analysis methods, based on the annual financial statement data of companies in the tourism sector traded in Borsa Istanbul (BIST) in the period 2012-2020. This study aimed to reveal the drawbacks of including in the model variables that are not an element of working capital management. Methodology: Panel data analysis, the analytical hierarchy process and the fuzzy analytical hierarchy process were used to reveal the effect of working capital management variables on return on assets based on the financial statement data of the companies. Results: As a result of the analysis, a significant relationship was identified between the rankings made by using the realized return on assets ratios and the rankings obtained by AHP and FAHP, while no significant relationship was found between the rankings obtained by panel data analysis. Conclusion: Including some variables in the model as a working capital management variable in panel data analysis may cause misinterpretation of the effects of real working capital variables on return on assets. When the model that emerged according to the AHP and FAHP methods was examined, the asset turnover rate and financial leverage ratio variables were determined as the ratios with the lowest effect on return on assets, as the elements of working capital management in the weighting made according to the opinions of the experts.","PeriodicalId":42693,"journal":{"name":"Ekonomski Vjesnik","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70670764","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

Characteristics of women and men entrepreneurs according to the student population in Croatia 根据克罗地亚学生人口，男女企业家的特点

IF 0.4

Ekonomski Vjesnik Pub Date : 2023-01-01 DOI: 10.51680/ev.36.1.8

J. Kristić, Ivana Fosić, I. Štefanić

{"title":"Characteristics of women and men entrepreneurs according to the student population in Croatia","authors":"J. Kristić, Ivana Fosić, I. Štefanić","doi":"10.51680/ev.36.1.8","DOIUrl":"https://doi.org/10.51680/ev.36.1.8","url":null,"abstract":"Purpose: The aim of this paper is to determine which characteristics the student population, especially student rural population, perceives as typical of women and men entrepreneurs, respectively, their grouping into latent factors, and the identification of possible differences in attitudes of respondents with regard to their demographic variables. Methodology: An indicative survey was conducted on a sample of 1,157 respondents of the student population in Croatia by a questionnaire as a research tool. Descriptive statistical data analysis, inferential statistics, simple analysis of variance (one-way ANOVA) and exploratory factor analysis were used in the research. Results: The results show that there are differences in attitudes towards the characteristics of women entrepreneurs and men entrepreneurs, with particular emphasis on differences in the perception of women’s entrepreneurship in rural areas. Conclusion: Positive trends in thinking about women’s entrepreneurship in rural areas are very interesting and promising, which may eventually result in a reduction in the women’s unemployment rate in rural areas and in valuing women as capable entrepreneurs.","PeriodicalId":42693,"journal":{"name":"Ekonomski Vjesnik","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70670937","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

What are the factors that determine risk-adjusted returns of Croatian life insurers? 决定克罗地亚寿险公司风险调整收益的因素是什么?

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Ekonomski Vjesnik Pub Date : 2023-01-01 DOI: 10.51680/ev.36.1.15

Tomislava Pavić Kramarić, M. Miletic

{"title":"What are the factors that determine risk-adjusted returns of Croatian life insurers?","authors":"Tomislava Pavić Kramarić, M. Miletic","doi":"10.51680/ev.36.1.15","DOIUrl":"https://doi.org/10.51680/ev.36.1.15","url":null,"abstract":"Purpose: When conducting their business, insurers face various risks that are controlled for in order to mitigate them and protect the insured, inter alia. Moreover, being aware of the factors that determine the reward-to-risk ratio for insurers is also of crucial importance. Thus, the aim of this research is to identify potential factors that influence risk-adjusted returns of life insurance companies. Methodology: The analysis is conducted on a sample of life insurers that operated in Croatia in the period from 2016 to 2020. For this purpose, risk-adjusted ROA, i.e. the Sharpe ratio, is used as a risk-adjusted return measure, while independent variables encompass several insurance firm-oriented and insurance industry-specific variables, as well as variables depicting the level of macroeconomic development, stock market, bond market and institutional development. Results: After conducting dynamic panel analysis, the obtained results suggest that the premium growth rate, asset-based size, the net premium to surplus ratio, i.e. leverage, as well as bond market development are significant factors when determining risk-adjusted returns. Conclusion: Risk-adjusted returns are determined by insurance firm-oriented factors which are important not only to investors but also to insurance market regulators and insurance firm managers.","PeriodicalId":42693,"journal":{"name":"Ekonomski Vjesnik","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70670341","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

Dimensions of attractiveness in employer branding and the value proposition framework foryoung employees 雇主品牌吸引力的维度与年轻员工价值主张框架

IF 0.4

Ekonomski Vjesnik Pub Date : 2023-01-01 DOI: 10.51680/ev.36.1.7

Erik Ružić, Dragan Benazić

{"title":"Dimensions of attractiveness in employer branding and the value proposition framework for\u0000young employees","authors":"Erik Ružić, Dragan Benazić","doi":"10.51680/ev.36.1.7","DOIUrl":"https://doi.org/10.51680/ev.36.1.7","url":null,"abstract":"Purpose: The aim of this paper is to expand the body of knowledge on employer branding by identifying the dimensions of employer attractiveness for Generation Z and to develop a framework for employee value creation in the specific context of Croatian culture. Methodology: The research was conducted on a sample of 220 key informants using the scale developed by Berthon et al. (2005). Since the purpose of the paper was to identify the various dimensions of employer attractiveness as well as the key factors of attractiveness as the basis for value proposition underlying respondents’ perception of employer attractiveness, exploratory factor analysis was applied to analyze the data, i.e. a total of 25 identified employer attractiveness variables. After performing factor analysis, the average rates of importance were measured using summated rating scales for variables of individual factors. Results: The study identified six organizational attractiveness dimensions relevant to Generation Z. In addition, a value proposition framework was developed. The attractiveness dimensions encompass Organization’s market orientation, Acceptance and good relationships with colleagues, Informal characteristics of the workplace, Potential of the workplace for gaining experience and career advancement, Salary and other material benefits, and Sense of belonging to the organization. The dimensions have changed compared to the original Berthon et al. (2005) scale. These differences can be attributed to the specific needs of young employees and to a specific culture and general current conditions. Conclusion: In the “war for talent”, especially for young employees who enter the labor market for the first time, marketing concepts can be a powerful weapon. In order to attract them, their needs and wants should be deeply understood. Based on the proposed value proposition framework and the identified organizational dimensions, a valuable employer brand can be developed and the possibilities to attract and engage employees can be increased.","PeriodicalId":42693,"journal":{"name":"Ekonomski Vjesnik","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70670824","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