Inzinerine Ekonomika-Engineering Economics最新文献

{"title":"Linking Inventory Component Stickiness to Credit Ratings: The Moderating Role of Environmental Dynamism and Complexity","authors":"Xuechang Zhu, Haozhe Shi, Zhenyu Jiang","doi":"10.5755/j01.ee.34.3.32735","DOIUrl":"https://doi.org/10.5755/j01.ee.34.3.32735","url":null,"abstract":"This study aims to investigate the impact of sticky inventory management on credit ratings for all the three inventory components (raw materials, work-in-process, and finished goods). Taking a group of listed manufacturing firms in China from 2011 to 2019, we employed the ordered probit regression model combined with the moderation model to examine the relationship between three inventory component stickiness and credit ratings from two dimensions: environmental dynamism and complexity. We find an inverted U-shaped effect of raw material inventory stickiness and work-in-process inventory stickiness on corporate credit ratings, while sticky inventory management of finished goods exerts a positive association with credit ratings. Further moderation analysis suggests that environmental dynamism positively moderates the impact of sticky inventory management of raw materials and finished goods on credit ratings, but negatively moderates the relationship between work-in-process inventory stickiness and credit ratings. In addition, the impact of sticky inventory management of work-in-process and finished goods on credit ratings is positively moderated by environmental complexity. The results of this study provide a more detailed picture regarding the ratings agencies’ perceptions of inventory stickiness.","PeriodicalId":46830,"journal":{"name":"Inzinerine Ekonomika-Engineering Economics","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85744497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Empirical Investigation of Value at Risk (VaR) Forecasting Based on Range-Based Conditional Volatility Models","authors":"Lakshmi Padmakumari, Muneer Shaik","doi":"10.5755/j01.ee.34.3.30335","DOIUrl":"https://doi.org/10.5755/j01.ee.34.3.30335","url":null,"abstract":"Value at Risk (VaR) is a widely used measure of market risk. Precision in the estimation of volatility leads to accurate VaR forecasts. As volatility is time-varying and has a clustering effect, GARCH class of volatility models is helpful in modeling volatility more precisely. Studies have also shown that range-based volatility estimates are more efficient than traditional models that use only closing prices. Therefore, this study uses the GARCH family of volatility models to model and forecast VaR. The study compares conventional models that use closing prices alone, like GARCH and TARCH, with range-based models like RGARCH and RTARCH models, where the range defined as daily high price minus low price is introduced as an exogenous variable, to explore if the latter provides better predictive accuracy. All the models are back-tested using the Kupiec (1995) unconditional coverage and Christoffersen (1998) conditional coverage tests. The data period in the study ranges from 2003-2021, and we consider five BRICS indices and three major developed economies, namely, the USA, the UK, and Germany. An empirical investigation shows that range-based models do a better job in VaR forecasting as it has more information content than daily closing prices, thereby giving more accurate VaR estimates. The study hopes this finding will greatly help stakeholders like financial institutions, regulators, and practitioners in more effective market risk management.","PeriodicalId":46830,"journal":{"name":"Inzinerine Ekonomika-Engineering Economics","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87227576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Importance of Establishing Financial Valuation of Fixed Assets in Public Companies whose Founders Are Local Self-Government Units in the Republic of Serbia","authors":"Milan Radović, Jelena Vitormir, S. Popović, Aleksandar Stojanovic","doi":"10.5755/j01.ee.34.3.29288","DOIUrl":"https://doi.org/10.5755/j01.ee.34.3.29288","url":null,"abstract":"Valuing company's fixed assets is one of the important tasks that top management needs to do in order to be able to make valid management decisions. This paper used data obtained from a representative survey of 170 public companies whose founders are local self-government units, which is about 25% of such companies in the Republic of Serbia. Unlike the other studies, the authors analyzed fixed assets of a company before and after valuation of total fixed assets. Internal audits’ recommendations and top management’s assessments regarding the valuation of total fixed assets of a company were the reason why this valuation was done. It was concluded that there is a high correlation (p = .00) between the obtained total assessment given by internal auditors and top management regarding the valuation of fixed assets before and after the valuation of total fixed assets of the company.","PeriodicalId":46830,"journal":{"name":"Inzinerine Ekonomika-Engineering Economics","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86872163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Precarious Job and Union Tendencies among Women and Young Employees: The Relationships between Economic Constraints, Job Security and Trust in Employers","authors":"Doğa Başar Sarıipek, Meryem Aybas, Brigita Stanikūnienė","doi":"10.5755/j01.ee.34.3.32994","DOIUrl":"https://doi.org/10.5755/j01.ee.34.3.32994","url":null,"abstract":"The aim of this study is to examine whether having a precarious job (low job security) increases union tendencies among female workers and young workers. The study examines the relationship between economic constraints, trust in employers and union attitudes in terms of gender and age in the context of the antecedents and consequences of job security. Data were collected using a survey conducted among 804 Turkish employees working in various sectors and analysed through multi-group path models, t-tests and ANOVA to measure job security objectively and subjectively. Economic constraints increase the acceptance of low job security and decrease trust towards employers. The research also indicates that poorer job security does not affect collective and union tendencies. While precarious jobs are more intense among young and women employees, there is no difference in their union tendencies. This article used the decent work perspective to explore the consequences of having a precarious job among women and young workers in Turkey. We assumed that the perception of precariousness reduces trust towards employers and strengthens collective and union tendencies. We also argue that economic constraints play an important role in choosing precarious jobs. We also test whether women and young employees, as two prominent disadvantaged groups, have collective efficacy and union efficacy in precarious job conditions.","PeriodicalId":46830,"journal":{"name":"Inzinerine Ekonomika-Engineering Economics","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76222836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exploring the Effects of the Procedural Justice of Downsizing on Survivors' Behaviour","authors":"Stefan Komazec, Milica Maričić, Mladen Đurić","doi":"10.5755/j01.ee.34.3.31266","DOIUrl":"https://doi.org/10.5755/j01.ee.34.3.31266","url":null,"abstract":"Downsizing is seen as a commonly chosen strategy to improve organizational efficiency, effectiveness, performance, competitiveness, and to regain financial stability. After the decision on the downsizing was made and the downsizing was conducted, special attention should be placed on those employees who survived the downsizing. The purpose of this paper is to observe how the procedural fairness of the downsizing method applied impacts the survivers' behaviour. The primary assumption is that the characteristics of the employed downsizing method, here observed Clarity, Validity, and Accuracy, impact the attitudes of survivors viewed through Motivation, Satisfaction, and Turnover Intention. A questionnaire was developed and distributed to 556 employees who had survived downsizing to verify the proposed conceptual model. The results of the study supported the claim that characteristics of the downsizing method influence the survivors' behaviour, whereas Validity stands out for its relatively strong impact on Motivation and Satisfaction with the organisation to which the survivors belong. The findings illustrate that when conducting downsizing, managers and decision makers should consider the fairness of downsizing method applied because, if conducted in an adequate manner, dowsizing can even induce positive behavior of the surviving members.","PeriodicalId":46830,"journal":{"name":"Inzinerine Ekonomika-Engineering Economics","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84601891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Working Poverty and Quality of Employment: The Great Refugee Crisis in Middle Eastern Host Countries","authors":"Ammar Z. Alwrekiat, Antonio Mihi-Ramírez, Elías Melchor-Ferrer","doi":"10.5755/j01.ee.34.3.33316","DOIUrl":"https://doi.org/10.5755/j01.ee.34.3.33316","url":null,"abstract":"This paper focuses on the distribution of the working poor by income level across countries and examines how indicators such as the level of unemployment, the labour force, and the number of self-employed, impact that distribution. In addition, it also examines the impact of official development assistance and the massive influx of refugees as a result of the Syrian conflict. Four income levels of the working poor are analysed using the panel data technique. The sample includes the 5 main host countries (Egypt, Iraq, Jordan, Lebanon, and Turkey) for the period from 1991 to 2021. Our results confirm that unemployment is not a significant predictor for developing countries, so we recommend indicators of job quality. Moreover, our results confirm a low impact of refugees on the labour market in host countries. Furthermore, the effect of self-employment on the income level of the working poor is positive but limited.","PeriodicalId":46830,"journal":{"name":"Inzinerine Ekonomika-Engineering Economics","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86889657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does Technological Innovation Reduce Environmental Degradation? Evidence from China","authors":"Tayiba Khalid, Jun Wen, Momena Khalid, S. Khalid, Muhammad Zakaria, H. Mahmood","doi":"10.5755/j01.ee.34.3.32818","DOIUrl":"https://doi.org/10.5755/j01.ee.34.3.32818","url":null,"abstract":"Developed and developing countries are trying to achieve sustainable growth in the present era. Unfortunately, despite being the world’s largest developing country, China is among those countries that have a high ecological footprint as it emits 27% of global carbon emissions in 2021. However, the encouraging fact is that China has become an emerging economy due to technological advancement. Many existing studies have suggested that technological innovation can overcome environmental degradation. Therefore, this study examines whether technological innovation has reduced environmental degradation in China from 1985 to 2018. This study uses the ecological footprint to measure environmental degradation in China. Furthermore, this study also explores the role of economic growth, trade openness, and population on environment. To estimate the models, ARDL cointegration technique is applied, and the findings are further validated using CCR, DOLS, FMOLS, and Granger causality techniques. Overall, empirical results indicate that technological advancement negatively impacts China’s short- and long-term ecological footprint. This is understandable because more innovation leads to better technology that consumes fewer resources and has lower ecological footprints. However, environmental degradation is exacerbated by economic growth and population growth, whereas trade openness helps to mitigate environmental degradation in China. The diagnostic analysis of the study confirms the absence of heteroscedasticity, multicollinearity, and model instability. The study recommends using eco-friendly technologies that can reduce the usage of harmful alternative energy sources. Furthermore, carbon emissions need to be taxed, and environment friendly technologies need to be supported to promote long-term economic growth.\u0000.","PeriodicalId":46830,"journal":{"name":"Inzinerine Ekonomika-Engineering Economics","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88701157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Reducing Inequalities through Higher Education and Economic Growth. Gender Analysis by Educational Degrees: Bachelor's, Master's and Doctoral Degrees","authors":"A. Haller","doi":"10.5755/j01.ee.34.3.29972","DOIUrl":"https://doi.org/10.5755/j01.ee.34.3.29972","url":null,"abstract":"Inequality is an economic and social problem, and its reduction is a concern in the recent decades. In this context, we decided to analyse the contribution of higher education, according to gender on its three levels (Bachelor`s degree, Master`s degree and Doctoral degree - or equivalent), and economic growth. Higher education and economic growth are factors of competitiveness, important in reducing inequalities in the EU. We applied the panel methodology to some indicators taken from the World Bank website for the period 2013-2018. Data validity narrowed the analysis to 19 European countries divided into two groups according to which we developed two models. Model 1 includes Austria, the Czech Republic, Poland, France, Greece, Slovakia and Slovenia, and Model 2 includes Belgium, Cyprus, Denmark, Finland, Germany, Hungary, Latvia, Lithuania, Malta, the Netherlands, Portugal and Sweden. The two groups differ not only in the number of countries but also in the period of analysis. For the first group, the period analysed is 2014-2017, and the applied model is Fixed Effects. For the second one, the analysed period is 2013-2018, and the applied model is Random Effect. The results show the importance of national characteristics in terms of the effect of higher education on reducing inequalities, despite efforts to standardise European practices. The increase in the number of higher education graduates highlight European inequalities, especially in the case of those with Bachelor's and Doctoral degrees. The results regarding the effect of the numerical increase of graduates with a Master's degree on inequalities are ambiguous. Equal access to education for women and men reduces inequalities, but the analysis captures the maintenance of women in a relatively vulnerable position in the European society and economy. Growth does not guarantee the absorption of inequalities because its transposition in the economy and society has antagonistic effects. There is a possibility to reduce inequalities due to higher growth rates, but this is also a possibility to increase them and to emphasize the differences between the rich and poor people and between the developed and developing countries.","PeriodicalId":46830,"journal":{"name":"Inzinerine Ekonomika-Engineering Economics","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83326931","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Drivers of Firms’ Financial Performance in the Energy Sector: A Comparative Approach between the Conventional and Renewable Energy Fields","authors":"G. Noja, M. Cristea, M. Pirtea, M. Panait, R. Drăcea, D. Abrudan","doi":"10.5755/j01.ee.34.2.31274","DOIUrl":"https://doi.org/10.5755/j01.ee.34.2.31274","url":null,"abstract":"Given the sizeable importance of companies from the energy sector, and the economic, social, and environmental implications generated by their activity, an in-depth assessment of the relationship between financial performance and Corporate Social Responsibility (CSR) initiatives becomes essential for this sector. In this paper, we investigate the shaping factors of the financial performance of companies in the energy field, with a particular focus on the renewable energy sector, in a comparative approach with the conventional ones. The data were gathered from the Refinitiv Eikon database. The methodology applied consists of several advanced econometric procedures, namely robust regression and structural equation modelling. Our findings bring to the fore the distinctiveness of the main drivers of financial performance of companies from the renewable energy sector, compared with the conventional ones, for which specific policies and strategies are needed to comply with the CSR dimensions, as predictors of financial performance in the energy sector.","PeriodicalId":46830,"journal":{"name":"Inzinerine Ekonomika-Engineering Economics","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2023-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77916705","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Quest for Regionalization of Global Value Chains in a Pandemic Global Business Environment","authors":"J. Sekliuckiene, Egidijus Rybakovas","doi":"10.5755/j01.ee.34.2.31640","DOIUrl":"https://doi.org/10.5755/j01.ee.34.2.31640","url":null,"abstract":"Covid - 19 has affected global value chains (GVCs) and firms’ behaviours within GVCs to a large extent. Firms need to find flexible solutions to stabilize production and rethink value chain governance and supplier relationships. Thus, GVCs recover from the initial shock, and the GVCs reconfiguration becomes essential for managers. We reviewed recent literature focusing on the GVCs, the role of governance and Covid – 19 effects on it as well as the regionalization trend. Thus, this study aims to give empirical evidence on the reconfiguration of GVCs, particularly the changes in the structure of suppliers in the global apparel industry, by using the Bloomberg Supply Chain Analysis tool in the period of 2017-2021. We analysed the structural changes in selected leading apparel multinational companies’ GVCs - Industria de Diseno Textil, S.A. (Inditex), Hennes &Mauritz AB (H & M) and adidas AG. The findings provide insights on the current state of the theoretically discussed and widely expected regionalization trend in GVCs. The study concludes that two out of three cases provide evidence indicating an ongoing trend toward GVCs regionalization. The contribution of this study consists of empirical evidence of the changes in GVCs supplier structure in the apparel industry in response to pandemic global business environment. Practical implications and recommendations for businesses and policy makers are related to the revealed theories and testable models by using Bloomberg’s Supply Chain Analysis data and linking causes and effects of the GVCs regionalization processes.","PeriodicalId":46830,"journal":{"name":"Inzinerine Ekonomika-Engineering Economics","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2023-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77218988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}