Pub Date : 2022-12-01DOI: 10.20544/serbe.06.02.22.p01
Andrej Ilijevski
The introduction of the digital euro will have an impact on the implementation of the financial policy of North Macedonia. Based on an assessment of its own interests and capabilities, North Macedonia can decide on a model for compatibility with the digital euro. The paper analyses three possible models for cross-border system compatibility. Assuming that a digital euro provides a new channel for the transmission of domestic monetary policy shocks, the basic cross-border effects of the introduction of the digital euro can be summarised as an increase in euroisation, a reduction in monetary policy independence and a reduction in the creditor function of last resort. These effects need to be countered with integrated smart features such as automatic remuneration and bilateral cooperation with the ECB or a combination of these models. According to the analysis, this functionality can be achieved through the model, which is a technological bridge between the systems, as opposed to the model, which is a separate system, or the model, which is integrated. Although the proposed model is the most desirable in terms of potential gains and addressing potential risks, this model involves the development of an own digital currency (digital denar).
{"title":"CHALLENGES OF THE INTRODUCTION OF THE DIGITAL EURO - SEARCH FOR A COMPATIBILITY MODEL FOR NORTH MACEDONIA","authors":"Andrej Ilijevski","doi":"10.20544/serbe.06.02.22.p01","DOIUrl":"https://doi.org/10.20544/serbe.06.02.22.p01","url":null,"abstract":"The introduction of the digital euro will have an impact on the implementation of the financial policy of North Macedonia. Based on an assessment of its own interests and capabilities, North Macedonia can decide on a model for compatibility with the digital euro. The paper analyses three possible models for cross-border system compatibility. Assuming that a digital euro provides a new channel for the transmission of domestic monetary policy shocks, the basic cross-border effects of the introduction of the digital euro can be summarised as an increase in euroisation, a reduction in monetary policy independence and a reduction in the creditor function of last resort. These effects need to be countered with integrated smart features such as automatic remuneration and bilateral cooperation with the ECB or a combination of these models. According to the analysis, this functionality can be achieved through the model, which is a technological bridge between the systems, as opposed to the model, which is a separate system, or the model, which is integrated. Although the proposed model is the most desirable in terms of potential gains and addressing potential risks, this model involves the development of an own digital currency (digital denar).","PeriodicalId":133557,"journal":{"name":"Southeast European Review of Business and Economics","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129283309","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}
Pub Date : 2022-06-03DOI: 10.20544/serbe.05.01.22.p01
Aleksandar Naumoski
In this study, we identify the determinants of cash holding in Macedonian manufacturing companies. The analysis was conducted using accounting data from publicly available financial statements of the sample of Macedonian industrial companies for the 2005 to 2019 period. The research was conducted through the prism of the postulates of the three main theories in corporate finance, i.e., the trade-off theory, pecking order theory,and thefree cash flow theory. To that end, we applied a panel regression analysis, while from the obtained results we assess which theoretical model best explains the cash management in Macedonian companies. We found that the cash to total assets ratio averaged 3.1%. The cash holding decreases with the decrease of the net working capital, financial leverage,cash flow variability, andcash conversion cycle. Cash holding increases with the increase of the company size, cash flow, debt maturity, and capital investments. We concluded that most of the results are in line with the pecking order theory, which indicates that Macedonian companies do not have predefined cash balances, and the cash holdings are abuffer between retained earnings and investments. The level of cash holding is not planned and is not optimized, but is determined during the work processes and depends on other business decisions.
{"title":"ANALYSIS OF DETERMINANTS OF CORPORATE CASH HOLDING OF LISTED MANUFACTURING COMPANIES ON THE MACEDONIAN STOCK EXCHANGE","authors":"Aleksandar Naumoski","doi":"10.20544/serbe.05.01.22.p01","DOIUrl":"https://doi.org/10.20544/serbe.05.01.22.p01","url":null,"abstract":"In this study, we identify the determinants of cash holding in Macedonian manufacturing companies. The analysis was conducted using accounting data from publicly available financial statements of the sample of Macedonian industrial companies for the 2005 to 2019 period. The research was conducted through the prism of the postulates of the three main theories in corporate finance, i.e., the trade-off theory, pecking order theory,and thefree cash flow theory. To that end, we applied a panel regression analysis, while from the obtained results we assess which theoretical model best explains the cash management in Macedonian companies. We found that the cash to total assets ratio averaged 3.1%. The cash holding decreases with the decrease of the net working capital, financial leverage,cash flow variability, andcash conversion cycle. Cash holding increases with the increase of the company size, cash flow, debt maturity, and capital investments. We concluded that most of the results are in line with the pecking order theory, which indicates that Macedonian companies do not have predefined cash balances, and the cash holdings are abuffer between retained earnings and investments. The level of cash holding is not planned and is not optimized, but is determined during the work processes and depends on other business decisions.","PeriodicalId":133557,"journal":{"name":"Southeast European Review of Business and Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126259527","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}
Pub Date : 2022-06-01DOI: 10.20544/serbe.05.01.22.p05
Ž. Stojanov
Software maintenance is one of the main processes in software companies. It is regarded as more complex and costly compared to software development, and therefore should be carefully planned and managed. Micro software companies are companies with up to 10 employees, and they represent a significant driver of economic development in many countries around the world. However, micro companies have specific internal organizations and a business model, but also have significant constraints on human and financial resources. After outlining the basic concepts of software maintenance and the characteristics of small and micro software companies, the paper presents the author’s experience in software maintenance management in a local micro software company in Serbia. Maintenance management was implemented through a project aimed at improving maintenance processes in the company. The main objective was the improvement of maintenance request processing, which resulted in the implementation of a technical solution related to the timeline of maintenance requests. Since the process improvement project fosters organizational learning and knowledge management activities, a knowledge identification and systematization project was implemented as a subproject. Presented experience gained through fieldwork in the company contributed to the overall knowledge base about software engineering practice in micro software companies, which can be beneficial to both researchers from academia and practitioners from industry.
{"title":"SOFTWARE MAINTENANCE MANAGEMENT IN MICRO SOFTWARE COMPANIES","authors":"Ž. Stojanov","doi":"10.20544/serbe.05.01.22.p05","DOIUrl":"https://doi.org/10.20544/serbe.05.01.22.p05","url":null,"abstract":"Software maintenance is one of the main processes in software companies. It is regarded as more complex and costly compared to software development, and therefore should be carefully planned and managed. Micro software companies are companies with up to 10 employees, and they represent a significant driver of economic development in many countries around the world. However, micro companies have specific internal organizations and a business model, but also have significant constraints on human and financial resources. After outlining the basic concepts of software maintenance and the characteristics of small and micro software companies, the paper presents the author’s experience in software maintenance management in a local micro software company in Serbia. Maintenance management was implemented through a project aimed at improving maintenance processes in the company. The main objective was the improvement of maintenance request processing, which resulted in the implementation of a technical solution related to the timeline of maintenance requests. Since the process improvement project fosters organizational learning and knowledge management activities, a knowledge identification and systematization project was implemented as a subproject. Presented experience gained through fieldwork in the company contributed to the overall knowledge base about software engineering practice in micro software companies, which can be beneficial to both researchers from academia and practitioners from industry.","PeriodicalId":133557,"journal":{"name":"Southeast European Review of Business and Economics","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130375259","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}
Pub Date : 2022-06-01DOI: 10.20544/serbe.05.01.22.p03
Natasha Trajkova Najdovska
Empirical investigation on growth, especially in the course of big exogenous shocks is still relatively ambiguous. While models of developed economies describe the growth process as a smooth movement along the balanced growth path, this pattern is altered in the cases of big exogenous shocks that hit economies. The later accumulation of evidence, including the big shocks due to pandemic and Russia - Ukraine war led to more realistic specifications of growth models as well, putting the emphasize on the impact of shocks on growth processes. Hence, the main objective of this paper is to provide a review of the papers that investigate empirically growth and its main determinants, with the accent on analysis of the impact of shocks on growth patterns. A distinction is made between studies that investigate developed economies and those that concentrate on developing or transition economies. The former ones usually apply the modelling strategy based on the neoclassical linear framework and, their review offers valuable insight and overview of the variables mostly used in growth studies. On the other side, the studies concerning developing or transition countries are rather focused on finding new ways of empirically modelling growth in specific conditions of shocks. Although still the majority of the analyses are based on the linearity assumption, in this review we shall treat only the ones that introduce non-linearity in the growth studies, assessing the ways they address the non-linearity observed in the data generating processes. Finally, the proposed strategy for modelling big shocks in the growth pattern is adjusted growth accounting formula with Markov Switching Vector Autoregressive modelling. The modest number of variables is due to the intention of the empirical exercise to put a focus on the shifts in growth rather than on the detailed determinants behind the shifts. Additionally, it should be emphasized that the informative purpose of this empirical model is limited by the lack of data for other possible variables and by the modelling procedure.
{"title":"EMPIRICAL APPROACH TO GROWTH ANALYSIS – PECULARITIES FOR MODELING STRATEGY IN THE CASES OF BIG EXOGENIOUS SHOCKS","authors":"Natasha Trajkova Najdovska","doi":"10.20544/serbe.05.01.22.p03","DOIUrl":"https://doi.org/10.20544/serbe.05.01.22.p03","url":null,"abstract":"Empirical investigation on growth, especially in the course of big exogenous shocks is still relatively ambiguous. While models of developed economies describe the growth process as a smooth movement along the balanced growth path, this pattern is altered in the cases of big exogenous shocks that hit economies. The later accumulation of evidence, including the big shocks due to pandemic and Russia - Ukraine war led to more realistic specifications of growth models as well, putting the emphasize on the impact of shocks on growth processes. Hence, the main objective of this paper is to provide a review of the papers that investigate empirically growth and its main determinants, with the accent on analysis of the impact of shocks on growth patterns. A distinction is made between studies that investigate developed economies and those that concentrate on developing or transition economies. The former ones usually apply the modelling strategy based on the neoclassical linear framework and, their review offers valuable insight and overview of the variables mostly used in growth studies. On the other side, the studies concerning developing or transition countries are rather focused on finding new ways of empirically modelling growth in specific conditions of shocks. Although still the majority of the analyses are based on the linearity assumption, in this review we shall treat only the ones that introduce non-linearity in the growth studies, assessing the ways they address the non-linearity observed in the data generating processes. Finally, the proposed strategy for modelling big shocks in the growth pattern is adjusted growth accounting formula with Markov Switching Vector Autoregressive modelling. The modest number of variables is due to the intention of the empirical exercise to put a focus on the shifts in growth rather than on the detailed determinants behind the shifts. Additionally, it should be emphasized that the informative purpose of this empirical model is limited by the lack of data for other possible variables and by the modelling procedure.","PeriodicalId":133557,"journal":{"name":"Southeast European Review of Business and Economics","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129648276","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}
Pub Date : 2022-06-01DOI: 10.20544/serbe.05.01.22.p06
Gligor Bishev
North Macedonia is relying on Market Failure theory for the role of Government in the economy. The Government should take a back seat and simply create condition for private sector to invest and generate growth. Thus, public expenditures are kept at 1/3 of GDP for many years. Private sector investments in fix assets are anchored on average in last two decades at 22.4 percent of GDP. Result has been a moderate growth, that is not sufficient in foreseeable future to close the gap in living standard between the North Macedonia and EU. Innovative ecosystem and de-risking private sector investments is perceived more adequate model for achieving smart, sustainable and green growth. Such policies must put innovation at heart of growth policies. The Government should have a mission to fund innovations, direct economy to green and smart. This will require public expenditures steadily to reach threshold of 40 percent of GDP. Higher private investments: domestic and foreign, should be attracted by de-risking private sector and by strong private public partnership. This should accelerate growth to 5 percent on long-run, make it more inclusive and secure swift living standard convergence towards EU.
{"title":"FINANCING SUSTAINBLE GROWTH","authors":"Gligor Bishev","doi":"10.20544/serbe.05.01.22.p06","DOIUrl":"https://doi.org/10.20544/serbe.05.01.22.p06","url":null,"abstract":"North Macedonia is relying on Market Failure theory for the role of Government in the economy. The Government should take a back seat and simply create condition for private sector to invest and generate growth. Thus, public expenditures are kept at 1/3 of GDP for many years. Private sector investments in fix assets are anchored on average in last two decades at 22.4 percent of GDP. Result has been a moderate growth, that is not sufficient in foreseeable future to close the gap in living standard between the North Macedonia and EU. Innovative ecosystem and de-risking private sector investments is perceived more adequate model for achieving smart, sustainable and green growth. Such policies must put innovation at heart of growth policies. The Government should have a mission to fund innovations, direct economy to green and smart. This will require public expenditures steadily to reach threshold of 40 percent of GDP. Higher private investments: domestic and foreign, should be attracted by de-risking private sector and by strong private public partnership. This should accelerate growth to 5 percent on long-run, make it more inclusive and secure swift living standard convergence towards EU.","PeriodicalId":133557,"journal":{"name":"Southeast European Review of Business and Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128191161","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}
Pub Date : 2022-06-01DOI: 10.20544/serbe.05.01.22.p04
R. Yilmaz
Theoretically, the relationship between health expenditures and labour productivity is ambiguous. On the one hand, health expenditures can enhance labour productivity by improving health of workers. Poor health impairs both the working hours and productivities of workers. When workers are healthy, they become physically and mentally more energetic and they have higher incentive to develop new skills and knowledge. On the other hand, increase in health expenditures may deteriorates labour productivity by crowding out physical capital investment. Causality between health expenditures and labour productivity is also ambiguous. This paper investigates the long-run relationship between health expenditures and labor productivity by utilizing a panel data covering the period between 2000 and 2015 and 35 OECD countries. Results of the study displays that there is a positive and statistically significant long-run association between health expenditures and labor productivity. Findings indicate that an increase in per capita health expenditure leads to a rise in labor productivity in terms of GDP per person employed. Results of the study also suggest that there is a mutual (bi-directional) causality relationship between health expenditures and labor productivity indicators.
{"title":"THE RELATIONSHIP BETWEEN EXPENDITURE AND LABOR PRODUCTIVITY","authors":"R. Yilmaz","doi":"10.20544/serbe.05.01.22.p04","DOIUrl":"https://doi.org/10.20544/serbe.05.01.22.p04","url":null,"abstract":"Theoretically, the relationship between health expenditures and labour productivity is ambiguous. On the one hand, health expenditures can enhance labour productivity by improving health of workers. Poor health impairs both the working hours and productivities of workers. When workers are healthy, they become physically and mentally more energetic and they have higher incentive to develop new skills and knowledge. On the other hand, increase in health expenditures may deteriorates labour productivity by crowding out physical capital investment. Causality between health expenditures and labour productivity is also ambiguous. This paper investigates the long-run relationship between health expenditures and labor productivity by utilizing a panel data covering the period between 2000 and 2015 and 35 OECD countries. Results of the study displays that there is a positive and statistically significant long-run association between health expenditures and labor productivity. Findings indicate that an increase in per capita health expenditure leads to a rise in labor productivity in terms of GDP per person employed. Results of the study also suggest that there is a mutual (bi-directional) causality relationship between health expenditures and labor productivity indicators.","PeriodicalId":133557,"journal":{"name":"Southeast European Review of Business and Economics","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127289224","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}
Pub Date : 2022-06-01DOI: 10.20544/serbe.05.01.22.p02
R. Lukić
In order to achieve the target profit, it is necessary to manage costs and sales revenues as efficiently as possible. With this in mind, this paper focuses on the specifics of operating cost management in trade with special reference to Serbia. Among other things, the analysis of the efficiency of operating cost management in Serbian trade is based on the Super Radial DEA model. Consequently, according to Super Radial CCR-I and Super Radial CCR-O, efficient management of trade operating costs in Serbia was only in 2014, and inefficient in other years. According to Super Radial BCC-I, efficient management of trade operating costs in Serbia was in 2013, 2014 and 2020, and inefficient in other years. According to Super Radial BCC-O, efficient management of trade operating costs in Serbia was efficient in 2013, 2014 and 2015, and inefficient in other years. In order to improve the efficiency of operational cost management, as well as the overall business, in Serbian trade it is necessary, by applying modern concepts of cost management (for example, costing by activities) and new business models. organic products, etc.), more efficiently manage input elements (real growth rate of gross domestic product, number of employees, assets, capital, employees' salaries, purchase value of sold goods and operating costs), as well as output (sales, margin and net profit) .
{"title":"OPERATING COSTS OF TRADE IN SERBIA","authors":"R. Lukić","doi":"10.20544/serbe.05.01.22.p02","DOIUrl":"https://doi.org/10.20544/serbe.05.01.22.p02","url":null,"abstract":"In order to achieve the target profit, it is necessary to manage costs and sales revenues as efficiently as possible. With this in mind, this paper focuses on the specifics of operating cost management in trade with special reference to Serbia. Among other things, the analysis of the efficiency of operating cost management in Serbian trade is based on the Super Radial DEA model. Consequently, according to Super Radial CCR-I and Super Radial CCR-O, efficient management of trade operating costs in Serbia was only in 2014, and inefficient in other years. According to Super Radial BCC-I, efficient management of trade operating costs in Serbia was in 2013, 2014 and 2020, and inefficient in other years. According to Super Radial BCC-O, efficient management of trade operating costs in Serbia was efficient in 2013, 2014 and 2015, and inefficient in other years. In order to improve the efficiency of operational cost management, as well as the overall business, in Serbian trade it is necessary, by applying modern concepts of cost management (for example, costing by activities) and new business models. organic products, etc.), more efficiently manage input elements (real growth rate of gross domestic product, number of employees, assets, capital, employees' salaries, purchase value of sold goods and operating costs), as well as output (sales, margin and net profit) .","PeriodicalId":133557,"journal":{"name":"Southeast European Review of Business and Economics","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122046612","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}
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