Argumenta Oeconomica最新文献_第7页

Book Notes / Semnal editorial: Cezar Mereuță et al., Lumi paralele. Pandemia din 2020 versus economia mondială, Bucureşti, Editura AGIR, 2021

IF 0.5 4区经济学

Argumenta Oeconomica Pub Date : 2021-03-01 DOI: 10.24818/oec/2021/30/1.08

引用次数: 0

Book Review / Recenzie de carte: Adrian Constantinescu, Mecanisme şi instrumente de stimulare a exporturilor, Bucureşti, Editura Expert, 2021

IF 0.5 4区经济学

Argumenta Oeconomica Pub Date : 2021-03-01 DOI: 10.24818/oec/2021/30/2.08

Costea Munteanu

引用次数: 0

Analysis of Economic Cycles in Kondratieff’s Long Cycle Theory and in Bejan’s Constructal Theory 康德拉季耶夫的长周期理论和贝让的建构理论对经济周期的分析

IF 0.5 4区经济学

Argumenta Oeconomica Pub Date : 2021-03-01 DOI: 10.24818/oec/2021/30/1.07

Radu Isaic

{"title":"Analysis of Economic Cycles in Kondratieff’s Long Cycle Theory and in Bejan’s Constructal Theory","authors":"Radu Isaic","doi":"10.24818/oec/2021/30/1.07","DOIUrl":"https://doi.org/10.24818/oec/2021/30/1.07","url":null,"abstract":"Academic discourse has recently seen an increase in its attention to the emergence of a new crisis. As usual, every well-known economist, university professor and researcher attempts to make theoretical or practical arguments about how a hypothetical crisis unfolds and to identify its possible underlying causes. The desire for notoriety pushes economists to random expectations. Slightly panic-stricken, economists adept at different theoretical approaches to business cycles predict a bleak future. Several schools of economic thought have provided different explanations for crises and economic cycles (at a first count, there are about 12 more significant ones and 2-3 more secondary ones); to which we may add the explanations of historians, sociologists, etc. In economics textbooks, four names appear more frequently in the chapters on economic cycles: Kitchin, Juglar, Kuznetz and Kondratieff; and there are often explanations of cycles in the Keynesian line of thinking. Usually, the focus of the textbooks falls on Nikolai Kondratieff’s long cycles. Although the eponymous economist did not give clear explanations as to the causes of cycle production and their identification is empirical, his followers have identified this type of cycle for more than 1000 years. It therefore cannot be a mere coincidence. The question is: can we bring something new to this field? We think so. And we believe that we can explain the issues that have escaped Kondratieff, we can especially identify the causes of long cycles. How do we propose to accomplish this? The answer lies in using Professor Adrian Bejan’s Constructal Theory. This theory speaks of the economy in terms of flow systems: systems that evolve and grow to facilitate the flow as well as decrease the resistances and spread them evenly throughout the systems involved.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"10 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78233755","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

SCHIMBĂRILE CLIMATULUI INTELECTUAL: DINCOLO DE RETORICĂ

IF 0.5 4区经济学

Argumenta Oeconomica Pub Date : 2021-03-01 DOI: 10.24818/oec/2021/30/2.01

O. Jora

引用次数: 0

Tendinţe geoeconomice şi geopolitice în lumea post-pandemie

IF 0.5 4区经济学

Argumenta Oeconomica Pub Date : 2021-03-01 DOI: 10.24818/oec/2021/30/1.04

Narciz Bălăşoiu

引用次数: 0

Methodological contribution to the detection of backward linkages between sectors of the economy 对发现经济部门之间的落后联系的方法贡献

IF 0.5 4区经济学

Argumenta Oeconomica Pub Date : 2021-01-01 DOI: 10.15611/AOE.2021.1.02

X. P. López, M. Węgrzyńska, Fernández Melchor Fernández

{"title":"Methodological contribution to the detection of backward linkages between sectors of the economy","authors":"X. P. López, M. Węgrzyńska, Fernández Melchor Fernández","doi":"10.15611/AOE.2021.1.02","DOIUrl":"https://doi.org/10.15611/AOE.2021.1.02","url":null,"abstract":"In national accounting, there are several synthetic indicators derived from the Leontief inverse, referred to as Total Material Requirement coefficients, which are commonly used in efficiency analyses and are known as input-output multipliers. Among the many indices that can be elaborated from input-output analysis, those related to the detection of key sectors are of special relevance since measuring the importance of a productive sector is especially relevant for policymakers when facing the need to make decisions to promote economic growth. There are two main alternative methods to identify key economic sectors, namely the Classical Multiplier method and the Hypothetical Extraction method (HEM), which essentially differ on the role of internal effects (the impact experienced by the sector in question). While the Classical method quantifies these internal effects, the HEM considers only the external impact. The latter method enables calculating backward linkages by isolating the column corresponding to demand-side sectors. However, such an alteration of the economic system can seem unrealistic and may give rise to doubts as to whether the results are biased, which in turn would cause incorrect public investment and false sectoral priorities. This paper offers an alternative method to detect key sectors based on a normalization of the Leontief inverse. After discussing the properties of the proposed standardization, the HEM, the Classical Multiplier method, and the one proposed here, are formally and empirically compared by using the 2010 input-output tables for Poland and Spain. The findings indicate that distinguishing and disaggregating the external effects from those that are purely internal has relevant policy implications. This disaggregation can be achieved through the proposed methodology, while avoiding the criticisms mentioned regarding the HEM, and with less effort required to calculate it.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084810","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Deviation from target capital structure as a factor of acquisition decisions in European developed markets 偏离目标资本结构是欧洲发达市场收购决策的一个因素

IF 0.5 4区经济学

Argumenta Oeconomica Pub Date : 2021-01-01 DOI: 10.15611/AOE.2021.1.03

Ana Mugosa, S. Popović

{"title":"Deviation from target capital structure as a factor of acquisition decisions in European developed markets","authors":"Ana Mugosa, S. Popović","doi":"10.15611/AOE.2021.1.03","DOIUrl":"https://doi.org/10.15611/AOE.2021.1.03","url":null,"abstract":"The purpose of this paper is to examine the causal relation between deviations from target capital structure (leverage deficit) and acquisition choices in capital markets in Western Europe. The analysis is conducted using a sample of 921 large companies, which represents a strong and solid base for testing target capital structure and takeover interdependence, as the focus is on the period when half of the largest M&A deals in Western Europe occurred. This study found that leverage deficit is a crucial determinant of acquisition choices and market reaction on acquisition announcements, measured by CARs to bidders. Companies that are underleveraged relative to their target capital structure have a higher probability of undertaking acquisitions. On the other hand, the market reacts unfavourably to acquisition announcements of underleveraged acquirers – overleveraged companies undertake the most value-enhancing acquisitions, whilst underleveraged companies make poor acquisition choices. This paper enriches the literature by empirically extending the understanding of how managers make investment decisions in relation to capital structure, and how capital markets assess the impact of these investments.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"12 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084824","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Performance aside… the organizational and director level determinants of boards’ compensation 抛开业绩不谈……董事会薪酬的组织和董事级别决定因素

IF 0.5 4区经济学

Argumenta Oeconomica Pub Date : 2021-01-01 DOI: 10.15611/AOE.2021.1.05

Dmytro Osiichuk

{"title":"Performance aside… the organizational and director level determinants of boards’ compensation","authors":"Dmytro Osiichuk","doi":"10.15611/AOE.2021.1.05","DOIUrl":"https://doi.org/10.15611/AOE.2021.1.05","url":null,"abstract":"Relying on a cross-country panel database, the paper explores the non-performance-related factors affecting the remuneration of supervisory boards. The author demonstrated that entrenched boards benefiting from statutory limitations on director removal and limited director liability receive a higher compensation. In contrast to previous studies, it was shown that the CEO’s power over the board positively contributes to the directors’ remuneration suggesting that the lack of checks on executives may undermine the board’s ability to monitor the management. Overall, a higher workload, board diligence, independence, expertise and experience are shown to increase directors’ remuneration. However, the rewards for advanced tenure and supermajority-backed independence vanish in the tails of distributions of the respective variables. Those boards with the majority of directors possessing board-specific skills are seen to receive lower compensation possibly due to the higher substitutability of board members. Generally, the study proved that there is a certain saturation point when it comes to board independence, skills, and tenure. The use of executive retention and compensation-enhancing tools are seen to increase board compensation while simultaneously contributing to the widening in-house wage disparities.","PeriodicalId":43088,"journal":{"name":"Argumenta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Purchasing power parity in belt and road initiative countries relative to China “一带一路”倡议国家相对于中国的购买力平价

IF 0.5 4区经济学

Argumenta Oeconomica Pub Date : 2021-01-01 DOI: 10.15611/aoe.2021.2.09

Lu Liu, R. Tao, Hua Wang, Chiwei Su

引用次数: 0

Better corporate governance leads to better performance: evidence from Asian countries 更好的公司治理带来更好的业绩:来自亚洲国家的证据

IF 0.5 4区经济学

Argumenta Oeconomica Pub Date : 2021-01-01 DOI: 10.15611/AOE.2021.1.09

Asghar Muhammad Jam e Kausar Ali, Zeshan Anwar, M. Usman, H. Khan

引用次数: 2