Ekonomski Pregled最新文献

{"title":"The impact of zombie companies on the performance of healthy companies and economies in selected countries of Central and Eastern Europe","authors":"Marijan Logarušić, Irena Raguž Krištić","doi":"10.32910/ep.73.2.1","DOIUrl":"https://doi.org/10.32910/ep.73.2.1","url":null,"abstract":"The main goal of this paper is to analyze the impact of zombie companies on the performance of healthy companies, economies, and economic sentiment (ESI) in selected countries of Central and Eastern Europe between 2008 and 2016. Zombie companies are companies whose sustainability is uncertain and whose competitiveness is very limited, and such companies can potentially transfer losses to the companies they are associated with. In this paper, they are defined as companies with negative return on assets, negative net investments and interest rates coverage below 1.5. The results of the panel model with fixed effects show that the market congestion by zombie companies has a negative effect on productivity and profit per employee, a positive impact on investments and no impact on employment growth of healthy companies. Dynamic panel model results suggest that market congestion by zombie companies does not have a significant impact on the GDP of selected countries of Central and Eastern Europe while there is a positive relation with ESI. By analyzing the zombie companies issue in the Central and Eastern Europe countries, and their impact on ESI in general this paper contributes to the existing body of literature.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69444179","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":"Novi način određivanja težina u mjerenju europskog potrošačkog sentimenta pomoću nelinearne optimizacije","authors":"Zrinka Lukač","doi":"10.32910/ep.73.3.4","DOIUrl":"https://doi.org/10.32910/ep.73.3.4","url":null,"abstract":"Ankete pouzdanja poduzeća i potrošača (engl. Business and Consumer Surveys, BCS) koristan su izvor podataka za ekonomske analize i prognoze, a bezrezervna dostupnost BCS podataka stimulira nove primjene ovih podataka u empirijskim znanstvenim istraživanjima kao i kontinuirana metodološka unapređenja provođenja anketa i izračunavanja kompozitnih pokazatelja. Pokazatelj pouzdanja potrošača (engl. Consumer Confidence Indicator, CCI), koji se računa upravo pomoću BCS podataka, jedan je od široko prihvaćenih i empirijski potvrđenih vodećih (engl. leading) indikatora osobne potrošnje i ekonomske aktivnosti općenito. Iako je metodologija izračuna pokazatelja pouzdanja harmonizirana na europskoj razini, argumentirani prijedlozi poboljšanja istih uvijek su dobrodošli. Stoga se u ovom radu zadržavaju varijable komponente CCI-a koje su definirane na razini EU-a, ali se promjenom metodologije izračuna CCI-a nastoji ukazati na mogućnost poboljšanja prognostičkih svojstava ovog pokazatelja sentimenta potrošača. Umjesto standardne metode izračuna pokazatelja kao jednostavne aritmetičke sredine četiriju varijabli komponenti, što znači da su sve četiri varijable jednako značajne u izračunu pokazatelja, rabi se metoda nelinearne optimizacije. U istraživanju se polazi od pretpostavke da se inoviranjem metodologije izračuna pokazatelja, novim načinom određivanja težina pridruženih pojedinim varijablama komponentama CCI-a, mogu poboljšati njegova prognostička svojstva. Rezultati empirijskog istraživanja povezanosti inoviranog CCI-a i osobne potrošnje kao referentne serije potvrđuju pretpostavku istraživanja. Naime, rezultati pokazuju da se temeljem promjena inoviranog CCI-a može uspješno predvidjeti smjer promjene osobne potrošnje s dva tromjesečja prethođenja. U istraživanju su rabljeni tromjesečni BCS podatci za četiri standardne CCI komponente i godišnje stope rasta osobne potrošnje na agregatnoj razini EU-a. Podatcima je obuhvaćeno razdoblje od prvog tromjesečja 1996. do drugog tromjesečja 2019. Izvori podataka su Europska komisija i Eurostat. Ovo istraživanje provedeno je samo za EU na agregatnoj razini, no ovo ograničenje uklonit će se budućim istraživanjima koja će se usredotočiti na ispitivanje i uočavanje potencijalnih razlika u sentimentu potrošača po pojedinim zemljama članicama EU-a. Očekuju se različiti sustavi ponderiranja u izračunu CCI-a za različita nacionalna gospodarstva u EU-u. Izvornost ovoga rada ogleda se u inoviranom načinu izračuna pokazatelja pouzdanja potrošača primjenom nelinearne optimizacije u odnosu na standardni izračun koji primjenjuje EU.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445510","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":"Entrepreneurial orientation and local public administration performance","authors":"D. Širola, Zoran Mihanović, S. Janković","doi":"10.32910/ep.73.4.3","DOIUrl":"https://doi.org/10.32910/ep.73.4.3","url":null,"abstract":"For several decades the policymakers and academics stressed out the necessity of increasing the effectiveness, efficiency, quality and availability of public services. Recent times of public austerity during the global financial crisis and economic damages caused by Covid-19 crisis even furtherly stretched the quest for an appropriate response from public managers. The entrepreneurial orientation (EO) concept, which has been already proven in the profit sector may represent a valuable solution for the public sector to cope with the lack of funding and additional costly demands. The purpose of this study was to empirically prove that the EO of the city administrations may be a way to accomplish these tasks, in an innovative, proactive and (acceptable) risk-taking manner. These three components represent the salient components of the EO construct based on Miller's (1983)/Covin & Slevin (1989) conceptualization, used in this research. A survey of mayors and public servants in city administrations in Croatia proved that a medium level of EO exists. The results of a correlation and multiple regression analysis revealed that there is a statistically significant and positive link between more entrepreneurially oriented city administrations and their self-reported performance. However, the influence of the EO on city administration performance measured objectively only partially repeated this conclusion. Furthermore, cluster analysis determined the difference between the salience of the EO dimensions among entrepreneurially 'non-oriented' and 'oriented' city administrations. This study contributes to modest research opus on EO implementation within the local public sector.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445606","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":"Market position of public television in post-transition countries of the European Union from\u00001995 to 2019","authors":"Fran Galetić","doi":"10.32910/ep.73.4.4","DOIUrl":"https://doi.org/10.32910/ep.73.4.4","url":null,"abstract":"Public television is present in every European country, and it position on the market has been changing during the process of transition from monopoly to oligopoly and further towards monopolistic competition market. In most transition countries of the European Union, this process started in early 1990s and today public television represents only one player on the market. This paper analyzes the position of public television in 8 countries: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Slovakia and Slovenia for the period from 1995 till 2019. The goal of this research is to analyze the changes in the market share of public television, as well as to compare public television position in these 8 countries. This will be done by applying descriptive statistic methods on the data about audience. The audience represents the market share, and it is analyzed on the level of each public TV channel. Countries are further divided into three groups, those with strong, middle and weak position of public television. Additionally, concentration analysis based on HHI will show how similar or different these markets are. The results show that the market power of public television has fallen in the analyzed period. Despite of that, in the majority of the 8 analyzed countries, public television still plays an important role on the market.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445619","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":"Earnings management and investor reaction","authors":"M. Salehi, Amir Malekinejad, M. Abbaszadeh","doi":"10.32910/ep.73.4.6","DOIUrl":"https://doi.org/10.32910/ep.73.4.6","url":null,"abstract":"The purpose of the article is to investigate the contraction between the behavior of managers and investors toward Iran's capital market and the focus on agency theory which ends up with the conflict between the utilities of manages and investors because a conflict of interest implies an attempt to spread opportunistic behavior. In the current study, the benefit of reducing capital cost (manager's utility) and return on assets (investor's utility) are considered variables of interest of either party, in that Osborne's game theory was used in a two-step manner. The study population consisted of the companies listed on the Tehran Stock Exchange and Iran Over-the-Counter Market, classified in the game table according to managers' behavior toward high or low earnings management and investor's behavior toward acceptance non-acceptance of stock. The experimental results presented in this paper uphold the agency theory, indicating a conflict between managers and investors in Iran's capital market, particularly in the Tehran Stock Exchange. According to game theory, Nash's dominant equilibrium comes to the fore when dealing with the manager's low earnings management and investor's choice of strategy to accept a share in Iran's capital market and Tehran Stock Exchange. Alternatively, the presentation of transparent financial statements and the acceptance of such a company stock can maximize parties' utilities.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445743","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 Health Care Expenditure in the United States","authors":"Mustafa Göktuğ Kaya, P. Hughes","doi":"10.32910/ep.73.4.7","DOIUrl":"https://doi.org/10.32910/ep.73.4.7","url":null,"abstract":"The rapid increase in health expenditure has become a major concern for both households and governments in the United States. This paper investigates the long-run dynamics of health care expenditure in the United States over the period 1991-2014 using the National Health Expenditure Data from the Centers for Medicare & Medicaid Services. We use an Auto Regressive Distributed Lag (ARDL) technique to estimate the long-run dynamics and short-run adjustment of health care expenditure to changes in government insurance enrollment, controlling for income, health, uninsured, and trend to account for technological changes. The results indicate that the instance and type of insurance affect per capita expenditure; in particular, increases in Medicaid enrollment lead to higher per capita expenditure levels relative to other insurance groups and uninsured, while increases in Medicare enrollment lead to lower per capita expenditure levels.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445769","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 energy consumption in BRICS-T\u0000countries","authors":"Mahmut Sami Duran, M. Acar","doi":"10.32910/ep.73.5.6","DOIUrl":"https://doi.org/10.32910/ep.73.5.6","url":null,"abstract":"With the emergence of globalization borders are fading out and economies are getting ever more interdependent with increasing trade volumes. As global population goes up, consumption demand reinforces increases in output. In this regard, energy can be regarded as one of the most critical inputs in the process of development and growth. Accordingly, the process of growth and industrialization has been gradually increasing the dependence of world economies on energy. Energy consumption has been steadily growing with each passing year, hence increasing the dependence on energy even further. This study examines the factors that determine energy consumption. For this purpose, the factors that determine energy consumption in BRICS-T countries (Brazil, Russia, India, China, South Africa, and Turkey) are analyzed for the period of 1992-2018. Foreign direct investments, energy prices and economic growth are taken to be the potential factors determining energy consumption. Error Correction Method (ECM) proposed by Westerland and LM Boostrap cointegration tests suggested by Westerland and Edgerton is used to test the existence of long term relationship between the series. Long term cointegration coefficients have been estimated using Common Correlated Effects Mean Group (CCEMG) estimator and Augmented Mean Group (AMG) estimator. The findings obtained from the analysis confirm that, firstly, all three variables (foreign direct investments, prices of energy, and economic growth) are critical and have a long-term relationship with energy consumption. Secondly, the series of foreign direct investments is significant in all countries subject to our panel data analysis. Economic growth series is only significant for Turkey and China. Energy prices series are found to be significant in Russia, S. Africa, and China.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445933","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 role of consumer hope, positive emotional advertising, and multi-context numbers in developing purchase intention and word of mouth of eco-efficient product","authors":"Tri Esti Masita, Pramono Hari Adi, Wiwiek Rabiatul Adawiyah, Faizal Wihuda","doi":"10.32910/ep.73.3.3","DOIUrl":"https://doi.org/10.32910/ep.73.3.3","url":null,"abstract":"The research investigates the impact of customer hope, positive emotional advertising, and multi-context number (MCN) brand strategy on purchase intention and word of mouth in the context of an eco-efficient product. This study uses a quantitative survey on an energy-saving lamp. The results indicated that consumer hope positively affects word-of-mouth; positive emotional advertising and multi-context numbers have a positive effect on purchase intentions. However, consumer hope has no impact on the intentions of purchase. This result is arising due to the consumer‘s skepticism. Positive emotional advertising also does not affect word of mouth. Meanwhile, the multi-context number does not affect word of mouth, which can explain the inability of consumers to explain the reasons for recommending brands to others. This study has implications for research in sustainability and the practice of developing new environmentally friendly products to encourage the increase of these product usages.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445966","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":"Analysis of regional development in the Slovak Republic using selected methods of measuring regional disparities","authors":"R. Kotulič, M. Dubravská, M. Marchevská, P. Schwarcz","doi":"10.32910/ep.73.6.4","DOIUrl":"https://doi.org/10.32910/ep.73.6.4","url":null,"abstract":"The aim of the paper is to assess regional disparities within the Slovak Republic with focus on the market concentration that is used to determine the competitiveness of the market. Following the main research aim the regional structure of Slovakia in the light of the selected socio-economic indicators was examined. The most relevant indicator in terms of research carried out is the GDP/capita, the appropriate indicator of socio-economic development in the region. Following step presents the Herfindahl-Hirschman Index (HHI), a measure of market concentration, examining the GDP of regions. The paper focuses on the application of 3 methods used for measuring regional disparities such as variance, standard deviation and coefficient of variation. In accordance with the gained results based on the analysis of RGDP in Slovakia, it can be concluded that the regional disparities between the regions of Slovakia and Bratislava region are gradually disappearing. The obtained data shows that disparities among regions are decreasing, while the decrease was faster during certain years. In 2016 a divergence of disparities can be observed. This year shows a significant divergence, e.g. Trnava region (-0,7217), Nitra region (-0,6243), Banská Bystrica region (-0,2565), Prešov region (-0,4498), which reflects deepening regional disparities compared to Bratislava region. However 2018 recorded values expressing the relationship m>1 (gradual elimination of regional disparities) between the regions - region of Trnava, region of Trenčín, region of Prešov.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69445987","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":"Analysis of public managers' attitudes toward constraints for implementation of public sector accounting reform in Croatia","authors":"Mirjana Hladika","doi":"10.32910/ep.73.1.4","DOIUrl":"https://doi.org/10.32910/ep.73.1.4","url":null,"abstract":"Applied accounting basis affects the scope of accounting information that are presented in the financial statements and it indicates the financial position and performance of a business entity in a given period. For many years, accrual basis for accounting has been applied in the private sector, but in the public sector full application of accrual basis is still rare and insufficiently represented. This paper investigates and analyses the constraints for the implementation of public sector accounting reform and for the implementation of the accrual basis in public sector accounting. The research was conducted through a survey questionnaire on a sample of 130 budgetary users in 2012 and 242 budgetary users in 2018 in Croatia. Respondents were public managers. Research results showed that the most significant constraints for public sector accounting reform can be summarised in four groups: human resources, financial resources, IT support and long duration and complexity of the process. Public sector managers evaluated financial resources as the most significant constraint. The scientific contribution of this paper is reflected in the supplementation of the literature on public sector accounting reform since it systematically investigates and analyses the constraints that occur in the processes of reform. In addition, scientific contribution is contained in presenting the results of the primary research about the constraints for the implementation of public sector accounting reform and the implementation of the accrual basis in public sector accounting in Croatia.","PeriodicalId":53985,"journal":{"name":"Ekonomski Pregled","volume":"1 1","pages":""},"PeriodicalIF":0.5,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69444158","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}