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What drives the capital structure? The case of non-life insurance companies in Serbia 驱动资本结构的因素是什么?塞尔维亚非人寿保险公司的案例
Industrija Pub Date : 2021-01-01 DOI: 10.5937/INDUSTRIJA49-30369
M. Božović, M. Koprivica
{"title":"What drives the capital structure? The case of non-life insurance companies in Serbia","authors":"M. Božović, M. Koprivica","doi":"10.5937/INDUSTRIJA49-30369","DOIUrl":"https://doi.org/10.5937/INDUSTRIJA49-30369","url":null,"abstract":"This paper studies the factors behind the capital structure of insurance companies. We used financial reports of non-life and composite insurance companies in Serbia between 2006 and 2019. In particular, we apply a panel-data approach to examine the relationship between leverage, defined as the ratio of technical reserves to capital and various firm-level characteristics. The coefficients estimated using the individual fixed-effects model indicate a significant and negative influence of profitability, growth and liquidity measures on leverage and a significant and positive influence of company size. The results indicate that the tradeoff theory and the pecking order theory are relevant in explaining the non-life insurer capital structure in Serbia.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"49 1","pages":"25-41"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230622","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
Paternalistic leadership in Kuwaiti business environment: Culturally endorsed, but largely ineffective 科威特商业环境中的家长式领导:文化认可，但很大程度上无效
Industrija Pub Date : 2021-01-01 DOI: 10.5937/INDUSTRIJA49-30984
Slobodan Adžić, Shihanah Almutairi
{"title":"Paternalistic leadership in Kuwaiti business environment: Culturally endorsed, but largely ineffective","authors":"Slobodan Adžić, Shihanah Almutairi","doi":"10.5937/INDUSTRIJA49-30984","DOIUrl":"https://doi.org/10.5937/INDUSTRIJA49-30984","url":null,"abstract":"There is an assumption from the reviewed literature that Paternalistic Leadership (PL) is culturally endorsed as a leadership style in Kuwait. With many diverse perspectives on the effectiveness of paternalistic leadership, the research objectives of the current research are threefold. First, to examine if PL is recognized as a leadership style in Kuwait organizations, second, to test the effectiveness of that style if present, and third, to identify the specifics of the Kuwaiti leadership practice. The findings lead to the conclusion that PL is present in Kuwaiti leadership practices, culturally is endorsed, but otherwise is considered as an ineffective leadership style because of the influence of wasta.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"49 1","pages":"43-65"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230660","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
Impact of reverse globalization on the competition in EU digital markets 逆向全球化对欧盟数字市场竞争的影响
Industrija Pub Date : 2021-01-01 DOI: 10.5937/industrija49-31418
S. Radukić, Andrija Popović
{"title":"Impact of reverse globalization on the competition in EU digital markets","authors":"S. Radukić, Andrija Popović","doi":"10.5937/industrija49-31418","DOIUrl":"https://doi.org/10.5937/industrija49-31418","url":null,"abstract":"This paper aims to analyze the relationship between reverse globalization, the digital markets, and competition policy within the EU. Based on the review of contemporary literature, this paper provides an insight into the EU adaptation to the changes caused by the COVID-19 pandemic. Reverse globalization is identified through the trends in the international trade and FDI flows, while the digital markets' development is evaluated through the Number of individuals using the Internet to order goods and services and ECommerce sales. While this paper uses secondary data sources, it uniquely connects the identified reverse globalization and digital markets expansion with necessary changes in the competition policy pre and during the COVID19 pandemic. Additionally, this paper provides policymakers and business owners with relevant information and possible avenues to improve the competition policy and business strategy.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230808","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
Reexamining Phillips curve: An empirical analysis from Structural Vector Autoregression 重新审视菲利普斯曲线:基于结构向量自回归的实证分析
Industrija Pub Date : 2021-01-01 DOI: 10.5937/industrija49-34643
G. Sasongko, Martha Yolanda, A. Huruta, Min-Sun Kim
{"title":"Reexamining Phillips curve: An empirical analysis from Structural Vector Autoregression","authors":"G. Sasongko, Martha Yolanda, A. Huruta, Min-Sun Kim","doi":"10.5937/industrija49-34643","DOIUrl":"https://doi.org/10.5937/industrija49-34643","url":null,"abstract":"In the literature, the existence of the Phillips curve in every country has been extensively explored. The goal of this research is to investigate the inflation-unemployment trade-off in Indonesia. We used secondary data for 1977 through 2019 from the World Bank for analysis. The Structural Vector Autoregression (SVAR) results revealed a negative connection between unemployment and inflation. There is a one-way relationship between unemployment and inflation in particular. We discovered several factors that influence unemployment. Those factors include working population over 15 years old according to the primary employment (both field and status) and Gross Domestic Product at constant prices according to expenditures.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230385","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
An application of dynamic models in evaluating relationship between direct taxes and investment in OECD countries 动态模型在评价经合组织国家直接税与投资关系中的应用
Industrija Pub Date : 2021-01-01 DOI: 10.5937/industrija49-35561
Branimir Kalaš, V. Mirović, N. Milenković
{"title":"An application of dynamic models in evaluating relationship between direct taxes and investment in OECD countries","authors":"Branimir Kalaš, V. Mirović, N. Milenković","doi":"10.5937/industrija49-35561","DOIUrl":"https://doi.org/10.5937/industrija49-35561","url":null,"abstract":"The article researches the direct tax effect on investment share in thirty-five OECD countries for the period from 1996 to 2016 year. The goal of this research is to determine how direct taxes influence on investment level measured by the share in the gross domestic product. The empirical analysis enables the implementation of fundamental econometric procedures as well as different dynamic panel models in order to measure effect of direct taxes. Results of Hausman show that PMG model is appropriate for measuring the effect of tax revenue growth, personal income tax, corporate income tax and property tax on investment share in selected countries. The model results reflect significant effect of tax revenue growth, personal income tax and property tax in the long term, while corporate tax is not significant for investment share in OECD countries. However, direct taxes do not have significant impact on investment share in the short-term, except tax revenue growth has positive effect on the investment in observed period.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230453","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
Trade in counterfeit goods in Serbia: Methodological approach and quantification 塞尔维亚的假冒商品贸易:方法方法和量化
Industrija Pub Date : 2021-01-01 DOI: 10.5937/INDUSTRIJA49-28308
Branko Radulović, M. Savić
{"title":"Trade in counterfeit goods in Serbia: Methodological approach and quantification","authors":"Branko Radulović, M. Savić","doi":"10.5937/INDUSTRIJA49-28308","DOIUrl":"https://doi.org/10.5937/INDUSTRIJA49-28308","url":null,"abstract":"The paper represents the first step in quantifying the categories of goods with the highest risk of being counterfeit during import into Serbia. Firstly, we present a methodology for quantifying the level of counterfeiting, its advantages, and its limitations. Secondly, we determine the product categories most likely to contain counterfeit products. Likewise, by using the OECD methodology, the GTRIC-p indicator for Serbia was formed, enabling comparison with OECD member countries. Based on the results, Serbia does not significantly differ from EU countries in terms of structure and product categories most at risk. The negative effects of imports of counterfeit products are borne mainly by the foreign intellectual property rights holders whose counterfeit products are imported into Serbia. In this context, despite the legal framework in place, incentives for its proper implementation are questionable.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"49 1","pages":"7-23"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230588","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
Multicriteria selection of the optimal energy mix during the world energy crisis 世界能源危机中最优能源结构的多标准选择
Industrija Pub Date : 2021-01-01 DOI: 10.5937/industrija49-36588
Aleksandra Tomić
{"title":"Multicriteria selection of the optimal energy mix during the world energy crisis","authors":"Aleksandra Tomić","doi":"10.5937/industrija49-36588","DOIUrl":"https://doi.org/10.5937/industrija49-36588","url":null,"abstract":"Sustainable development is feasible through energy transition. The key elements of such transition are: the implementation of energy efficiency measures, the use of renewable resources, tackling climate change and environmental protection. It is known that the EU has established a legally binding framework for achieving the goals of the Paris Agreement from 2015, as well as ambitious goals through the 2030 Agenda. Since Serbia signed Sofia Declaration from 2020, it will create new Energy Strategy and technical study based upon existing energy sources, to get to the aim of optimal energy mix. This will take into account the electricity system and energy security, as well as the economic and financial analysis of the proposed technical solutions of the optimal mix. In this paper, a multi-criteria analysis has been developed for the purpose of evaluating the results and selecting the scenarios on the basis of which the draft of the Integrated National Energy and Climate Plan will be prepared. The basis for this analysis should be the selection of the optimal energy mix that will be continuously monitored with special reference to the period of energy crises, when there are major disruptions in prices and availability on the world energy market.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230609","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
Does foreign investment improve technical efficiency of manufacturing: Evidence from the Republic of Serbia 外商投资是否提高了制造业的技术效率:来自塞尔维亚共和国的证据
Industrija Pub Date : 2021-01-01 DOI: 10.5937/industrija49-34376
I. Nikolić
{"title":"Does foreign investment improve technical efficiency of manufacturing: Evidence from the Republic of Serbia","authors":"I. Nikolić","doi":"10.5937/industrija49-34376","DOIUrl":"https://doi.org/10.5937/industrija49-34376","url":null,"abstract":"This paper offers significant evidence for the presence of a beneficial impact of foreign direct investment on technical efficiency based on a balanced panel data on a sample of 92 manufacturing groups over the period 2010-2019. Throughout this period Serbia lost 28% of the potential output of the manufacturing sector due to technical inefficiency. The finding is directly supported by the results at the level of the observed groups. Thus, the greatest increase in technical efficiency is in branches with a high share of foreign ownership, such as: production of motor vehicles, production of chemicals, and production of wire and cable equipment. The methodology is based on stochastic frontier analysis - within that, 'true' random effects model. The paper contributes to a better understanding of the possible consequences of foreign-invested enterprises on the domestic economy and, in particular, the performance of local businesses. As a result, it is helpful to policymakers in developing counties, where FDI is thought to have technological spillovers on native businesses.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230763","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
Financial development, foreign direct investment and economic growth: Panel causality approach 金融发展、外国直接投资与经济增长:面板因果关系分析
Industrija Pub Date : 2021-01-01 DOI: 10.5937/industrija49-35397
Nevena Veselinović, D. Despotović
{"title":"Financial development, foreign direct investment and economic growth: Panel causality approach","authors":"Nevena Veselinović, D. Despotović","doi":"10.5937/industrija49-35397","DOIUrl":"https://doi.org/10.5937/industrija49-35397","url":null,"abstract":"The examination considers the causality between banking sector depth, foreign direct investment, and economic growth in the sample of six Central and Eastern European countries in the period range between 2000 to 2018. Utilizing the Dumitrescu and Hurlin (2012) panel causality test, the results confirmed a supply-leading hypothesis, FDI-led growth hypothesis, and unidirectional causality from the banking sector depth to foreign direct investment. As the causality ranging from the depth of the banking sector to foreign direct investment and economic growth has been confirmed, the conclusion is that attention should be focused on policies that promote the development of the banking sector. In this way, a well-regulated banking sector will attract more FDI, which will lead to higher growth rates in the analyzed countries.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230441","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
The impact of market concentration on competitiveness of the banking sector in Serbia 市场集中度对塞尔维亚银行业竞争力的影响
Industrija Pub Date : 2021-01-01 DOI: 10.5937/industrija49-36262
Gordana Đuranović, S. Filipovic
{"title":"The impact of market concentration on competitiveness of the banking sector in Serbia","authors":"Gordana Đuranović, S. Filipovic","doi":"10.5937/industrija49-36262","DOIUrl":"https://doi.org/10.5937/industrija49-36262","url":null,"abstract":"The concentration level is proof of development and tendencies on the observed market. It determines the existence of competition and fair play among competitors and participants. This paper aims to analyse and measure the concentration level within the banking sector in the Republic of Serbia. The concentration level is measured applying the concentration ratio for four and five biggest banks (Cr4 and Cr5) and Herfindal-Hirschman index (HH index) in the period from 2018 to the third quarter of 2020 for the following banks' balance sheet positions: assets, approved loans, and collected deposits. The banking market is reported to be medium concentrated according to CR5 and low concentrated according to Cr4 and HHI in all observed categories. The empirical research shows that there is competition among banks in Serbia (loose oligopoly), which depends on the concentration level. Furthermore, the acquired results contribute in the comprehension and perception of the direction in which the Serbian banking sector, as an example of an industry in a small emerging country, is progressing towards a modern financial market through bank consolidation.","PeriodicalId":55740,"journal":{"name":"Industrija","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71230521","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
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