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Financial Life Cycle of Kosovo SMEs: Results of an Enterprise Survey 科索沃中小企业的财务生命周期:一项企业调查的结果
Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.57
Argjentë Qerimi, M. Aliu, B. Krasniqi
This article empirically examined how Kosovan SMEs finance their working capital and their investments through their growth life cycle. Using the financial growth cycle paradigm to test the financial growth cycle based on a sample of 100 Kosovan SMEs’ reporting data since their incep­tion of business. Findings show that Kosovan SMEs use various sources to finance their working capital and investments throughout their life cycle. To finance their working capital needs, during the first two years of operation, Kosovan SMEs rely more on insider capital sources such as personal savings, financing offered from 3F connection - friends, family, fools, retained earn­ings, and also trade credit takes a significant place. Over time, as businesses evolve through age, the proportion of retained earnings and business debt financing in total capital injection volume increases significantly. As firms grow older, financing from trade credit marks a decline, so the SMEs replace it with using more overdraft. During the first years of operation, to finance their investments, Kosovan SMEs rely primarily on owner’s personal savings, financing from 3F connection - friends, family, and fools, retained earnings, but as the company grows older and becomes more extensive, they rely mainly on two sources: retained earnings and bank loans. In general, con­cerning debt, Kosovan SMEs use more trade credit and overdraft to finance their working capital and bank loans to finance their investments. Funding from 3F is mainly used during the initial phase of operation. However, the most used resource by Kosovan SMEs in all stages of operation remains re­tained earnings, while external equity raised from angels and venture capi­talists and other alternative financing are almost inexistent.
本文实证研究了科索沃中小企业如何通过其成长生命周期为其营运资金和投资融资。基于100家科索沃中小企业自开业以来的报告数据样本,运用财务增长周期范式对财务增长周期进行检验。研究结果表明,科索沃中小企业在其整个生命周期中使用各种来源为其营运资金和投资提供资金。在运营的头两年,科索沃中小企业更多地依赖内部资金来源,如个人储蓄、来自3F关系(朋友、家人、傻瓜、留存收益)的融资,以及贸易信贷,以满足其营运资金需求。随着时间的推移,随着企业年龄的增长,留存收益和企业债务融资占总注资量的比例显著增加。随着企业年龄的增长,来自贸易信贷的融资标志着下降,因此中小企业用更多的透支来取代它。在运营的最初几年,科索沃中小企业主要依靠所有者的个人储蓄、来自朋友、家人和傻瓜的3F关系的融资、留存收益,但随着公司的发展和规模的扩大,他们主要依靠两种来源:留存收益和银行贷款。总的来说,在债务方面,科索沃中小企业更多地使用贸易信贷和透支来为其营运资金提供资金,并使用银行贷款来为其投资提供资金。来自3F的资金主要用于业务的初始阶段。然而,科索沃中小企业在所有经营阶段使用最多的资源仍然是留存收益,而从天使和风险资本家筹集的外部股本和其他替代融资几乎不存在。
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引用次数: 1
The 2020 Oil Price War Has Increased Integration Between G7 Stock Markets and Crude Oil WTI 2020年的石油价格战加剧了G7股市和原油WTI之间的一体化
Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.13
Rui Dias, Paulo Alexandre, Paula Heliodoro, Hortense Santos, A. R. Farinha, Márcia R. C. Santos
This paper aims to examine whether the oil price war between Saudi Arabia and Russia has increased integration between the Crude Oil WTI Spot oil index and the G7 stock markets, namely France (CAC 40), Germany (DAX 30), USA (DOW JONES), UK (FTSE 100), Italy (FTSE MID), Japan (Nikkei 225), Canada (S&P TSX), from January 2018 to January 2021. The results show that in the period before the oil price war, the G7 stock markets and the WTI index had 29 integrations (out of 56 possible). The WTI index is integrated with the UK stock markets (FTSE 100), and Japan (NIKKEI 225), and is integrated into the Japanese market. In the period of the oil price war, the G7’s stock markets and the Crude Oil WTI Spot index had 43 integrations (out of 56 possible), namely the WTI, Dow Jones, and Nikkei 225 indexes, with all their peers (7 out of 7 possible). When comparing the period before and during the 2020 oil crash, we found that integrations increased significantly from 29 to 43 (out of 56 possible); we also found that the Crude Oil WTI Spot index is no longer a safe haven for portfolio diversification in G7 stock markets. These findings validate our research issue, i.e., the oil price war between Saudi Arabia and Russia had increased integrations, and this evidence could question portfolio diversification.
本文旨在研究沙特阿拉伯和俄罗斯之间的石油价格战是否增加了原油WTI现货石油指数与G7股票市场之间的整合,即法国(CAC 40),德国(DAX 30),美国(道琼斯),英国(富时100),意大利(富时MID),日本(日经225),加拿大(标准普尔TSX),从2018年1月到2021年1月。结果显示,在油价战争之前的时期,G7股市和WTI指数有29次整合(在56次整合中)。WTI指数与英国股市(富时100指数)和日本股市(日经225指数)相结合,与日本市场相结合。在油价战争时期,G7国家的股票市场和WTI现货原油指数有43个(56个可能中),即WTI、道琼斯、日经225指数与所有同行(7个可能中)进行了整合。在比较2020年石油危机之前和期间的情况时,我们发现整合从29次显著增加到43次(总共56次);我们还发现,原油WTI现货指数不再是七国集团股票市场投资组合多样化的避风港。这些发现验证了我们的研究问题,即沙特阿拉伯和俄罗斯之间的石油价格战增加了一体化,这一证据可能会质疑投资组合的多样化。
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引用次数: 0
Evaluation of Distance Education in Mathematics at the Slovak University of Agriculture in Nitra 尼特拉斯洛伐克农业大学数学远程教育评价
Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.121
Tomáš Pechočiak, D. Országhová, Norbert Kecskés, J. Drábeková
The COVID-19 pandemic has caused disruption of education systems, from elementary and secondary schools to colleges and universi­ties. This situation also affects the education conditions at the Slovak Uni­versity of Agriculture in Nitra. Teaching process has been transferred from full-time to distance learning in virtual space. The main goal of the paper was to analyze how students of economics study programs mastered math­ematical topics in conditions of distance learning. Correlation coefficient and Mann-Whitney U test were used to identify relations and significance of differences between points obtained in preliminary written assignments as well as the overall study results. In both research groups, taught in Slo­vak and English, results showed strong correlations between the number of points in exam test and the total number of points. In the English taught group the second strong correlation was confirmed between the total num­ber of points and the points sum for all preliminary assignments
2019冠状病毒病大流行造成了从小学、中学到大学的教育系统中断。这种情况也影响到尼特拉斯洛伐克农业大学的教育条件。教学过程已从全日制转移到虚拟空间的远程学习。本文的主要目的是分析经济学专业的学生如何在远程学习条件下掌握数学主题。使用相关系数和Mann-Whitney U检验来确定初步书面作业得分与整体研究结果之间的关系和差异的显著性。在这两个用慢语和英语授课的研究小组中,结果显示考试得分与总分之间存在很强的相关性。在英语教学组中,所有初步作业的总分数和总分数之间的第二个强相关性得到了证实
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引用次数: 0
Foreign Direct Investment (FDI) or Remittances? Which Contributes the Most to the Albanian Economy? 外国直接投资(FDI)还是汇款?哪个行业对阿尔巴尼亚经济贡献最大?
Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.47
Alban Korbi, Blisard Zani
Foreign direct investment (FDI) and remittances entering an economy often play a very important role in the development and growth of economies year after year. Especially for economies with similar typolo­gies and characteristics like that of Albania, both of these elements promote economic development and serve as financial incentives. This paper aims to assess the contribution of remittances and foreign direct investment in the Albanian economy in the last three decades, through a multifactorial econometric model. The model uses three endogenous variables, the val­ue of remittances, the value of a foreign direct investment and the value of gross domestic product for the time series 1992 - 2019. As it results from the analysis of the econometric model, both remittances and foreign direct in­vestment payments have a positive impact on economic growth and the value of gross domestic product. It is also evident that remittances are the ones that affect the gross domestic product more compared to foreign di­rect investment.
进入一个经济体的外国直接投资(FDI)和汇款往往在经济年复一年的发展和增长中发挥着非常重要的作用。特别是对于像阿尔巴尼亚这样具有类似类型和特征的经济体,这两个因素都促进了经济发展,并起到财政激励作用。本文旨在通过多因素计量经济模型评估过去三十年中汇款和外国直接投资对阿尔巴尼亚经济的贡献。该模型使用了三个内生变量,即1992 - 2019年时间序列的汇款价值、外国直接投资价值和国内生产总值价值。正如计量经济模型分析的结果,汇款和外国直接投资支付对经济增长和国内生产总值的价值都有积极影响。同样明显的是,与外国直接投资相比,汇款对国内生产总值(gdp)的影响更大。
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引用次数: 0
The Importance of Aesthetic Experience in Fine Dining Restaurants 审美体验在高级餐厅中的重要性
Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.147
S. Marković, Jelena Dorčić, Dora Rašan, Bruna Bucić, M. Blažič
The importance of aesthetic in fine dining restaurants has been recognized as an important factor in creating a perfect service and a mem­orable experience. The purpose of this study is to investigate guests’ impor­tance of certain aspects of aesthetic experience in fine dining restaurants in Croatia. Data were collected using an online self-administered question­naire. Descriptive statistics were used to analyse the data and determine the importance of different aesthetic components in fine dining restaurants. An independent sample t-test was performed to assess the perceived differenc­es between those who have been in fine dining restaurants and those who have not been yet but have the intention to visit them in the future. The re­sults of the study could serve as a guide for restaurant managers to improve the components of the aesthetic experience and enhance the overall guest experience and business performance in fine dining restaurants.
在高级餐厅中,审美的重要性已被认为是创造完美服务和令人难忘体验的重要因素。本研究的目的是调查客人在克罗地亚高档餐厅审美体验的某些方面的重要性。数据通过在线自我管理问卷收集。描述性统计用于分析数据,并确定不同的美学成分在高级餐厅的重要性。进行了独立样本t检验,以评估那些去过高级餐厅的人与那些还没有去过但打算将来去的人之间的感知差异。研究结果可以为餐厅管理者提供指导,以改善审美体验的组成部分,提高餐厅的整体顾客体验和经营绩效。
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引用次数: 1
Digital Methods of Education and the Level of Students’ Knowledge in Mathematics 数字化教育方法与学生数学知识水平
Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.129
Vladimír Matušek, D. Országhová, M. Farkašová, Radomíra Hornyák Gregáňová
The global pandemic caused by the COVID-19 disease signifi­cantly affected higher education in 2020 and resulted in the transition from full-time to distance learning. The question here is the effectiveness of the implementation of new methods of online teaching and learning in relation to the quality of students’ knowledge. The main goal is to analyze the math­ematical knowledge and skills of students and compare the study results in Mathematics in the academic years 2018-2020 in the context of full-time teaching versus online teaching. The paper also points at the possibilities of teaching and studying mathematics using various tools and methods of digital education, e.g. LMS MOODLE, MS TEAMS and MS FORMS. The re­search sample consisted of students of the Faculty of Engineering and re­search data were retrieved from prelim tests, exam tests and final grades in mathematics exams and then were analyzed by selected methods of quan­titative and qualitative research.
2019冠状病毒病引起的全球大流行严重影响了2020年的高等教育,导致全日制教育向远程教育过渡。这里的问题是与学生知识质量相关的在线教学新方法的实施效果。主要目的是分析学生的数学知识和技能,并比较2018-2020学年数学在全日制教学和在线教学背景下的学习结果。本文还指出了使用各种数字教育工具和方法进行数学教学和学习的可能性,例如LMS MOODLE, MS TEAMS和MS FORMS。研究样本由工程学院的学生组成,研究数据来自初试、考试和数学考试的期末成绩,然后采用定量和定性研究的方法进行分析。
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引用次数: 0
Long-range Dependencies of Euronext Capital Markets: A Dynamic Detrended Analysis 泛欧交易所资本市场的长期依赖关系:动态趋势分析
Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.27
R. Dias, Paula Heliodoro, Hortense Santos, A. R. Farinha, Márcia R. C. Santos, Paulo Alexandre
This paper aims to test efficiency, in its weak form, in the cap­ital markets of the Netherlands (AEX), Belgium (BEL 20), France (CAC 40), Ireland (ISEQ 20), Norway (OSEBX), Portugal (PSI 20), in the period from April 4, 2019 to April 1, 2021. The sample was partitioned into two sub­periods, the first and second wave of the global pandemic: April 4, 2019 to April 30, 2020; May 4, 2020 to April 1, 2021. To carry out this analysis, different approaches were undertaken to analyze whether: (i) Euron­ext’s stock markets have more significant long memories in the first or second wave of the global pandemic? The results show the presence of sharp long memories during the first wave of the global pandemic, par­ticularly in the stock indices OSEBX (0.67), PSI 20 (0.67), AEX (0.66), BEL 20 (0.64), CAC 40 (0.62), ISEQ 20 (0.61), which implies that the yields are au­tocorrelated in time and, there is a reversal of the average, in all indexes. Regarding the second wave of the global pandemic, we found that most Euronext stock markets don’t reject the random walk hypothesis, with the exception of the Norwegian (0.56) and Portugal (0.55) stock markets. These findings show that the impact of the Covid-19 pandemic was ac­centuated during the first wave, but from May 2020 the markets adjust­ed and showed balance. The authors believe that the results achieved will be a benefit to international investors seeking efficient diversifica­tion into their portfolios.
本文旨在测试荷兰(AEX)、比利时(BEL 20)、法国(CAC 40)、爱尔兰(ISEQ 20)、挪威(OSEBX)、葡萄牙(PSI 20)资本市场在2019年4月4日至2021年4月1日期间的弱形式效率。样本被分为两个子时期,即全球大流行的第一波和第二波:2019年4月4日至2020年4月30日;2020年5月4日至2021年4月1日。为了进行这一分析,采用了不同的方法来分析:(i)泛欧交易所的股票市场在全球大流行的第一波或第二波中是否具有更显著的长期记忆?结果表明,在全球大流行的第一波期间,存在明显的长记忆,特别是在股票指数OSEBX (0.67), PSI 20 (0.67), AEX (0.66), BEL 20 (0.64), CAC 40 (0.62), ISEQ 20(0.61)中,这意味着收益率在时间上是自相关的,并且在所有指数中都有平均值反转。对于第二波全球大流行,我们发现除了挪威(0.56)和葡萄牙(0.55)股票市场外,大多数泛欧交易所股票市场不拒绝随机漫步假设。这些发现表明,新冠肺炎大流行的影响在第一波期间减弱,但从2020年5月开始,市场进行了调整并呈现平衡。作者认为,所取得的成果将有利于寻求有效分散投资组合的国际投资者。
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引用次数: 0
Level of Knowledge in Personal Finance by University Freshmen Management Students 高校管理专业新生个人理财知识水平调查
Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.137
Zuzana Kozubíková, Aleš Kozubík
Financial literacy becomes one of the key competencies for life in modern society, and its importance grew significantly in the last decade. The study aims to determine how well newly coming university management stu­dents understand basic consumer financial concepts. The research is based on primary data by questionnaires and a sample of 342 students from the target population within Slovakia and the Czech Republic. The question­naire contained in its first part some questions covering the individual per­sonal socio-economic characteristics. In the second part, the respondents solved thirteen problems submitted as multiple-choice questions that tested their knowledge about personal finance. Authors examine the relationships among the personality characteristics of the students and their financial liter­acy. This leads to several remarkable findings. Due to the specialization of the study, the difference between the genders is blurred. As a significant source of the differences in financial literacy, the authors detect the previous education of the respondents and the forms of education in financial literacy.
金融素养成为现代社会生活的关键能力之一,其重要性在过去十年中显著增长。该研究旨在确定新入学的大学管理专业学生对基本消费金融概念的理解程度。这项研究基于问卷调查的原始数据,并从斯洛伐克和捷克共和国的目标人群中抽取了342名学生作为样本。问卷的第一部分载有一些涉及个人社会经济特征的问题。在第二部分,受访者解决了13个以选择题形式提交的问题,以测试他们对个人理财的了解。作者考察了学生的人格特征与他们的金融素养之间的关系。这导致了几个显著的发现。由于研究的专业性,性别之间的差异是模糊的。作为金融素养差异的一个重要来源,作者发现了受访者以前的教育和金融素养教育的形式。
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引用次数: 0
The Response of the Multilateral Development Banks to the COVID-19 Pandemic 多边开发银行对2019冠状病毒病大流行的反应
Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.1
Mária Bábosik
The purpose of this paper is to present the response of the Multilateral Development Banks (MDBs) to the COVID-19 pandemic from its outbreak in January 2020 to May 2021. It focuses on the assistance they provided to their member countries during the health and economic crisis, the changes in their internal operations in the emergency situation and their vision of the post-pandemic future and future plans. The paper uses an analytical approach based on secondary research. Data is from open access sources through the Web. Findings show that MDBs reacted quickly, adapted and intensified their funding activity, adjusted their internal operation due to the pandemic and they are seeking to “build back better” in the future. It can be concluded, that the pandemic response of the MDBs has strengthened their role in the global development arena.
本文旨在介绍多边开发银行在2020年1月至2021年5月期间对2019冠状病毒病大流行的反应。报告重点介绍了它们在卫生和经济危机期间向成员国提供的援助、它们在紧急情况下内部业务的变化以及它们对大流行病后未来和未来计划的看法。本文采用了基于二次研究的分析方法。数据来自通过Web的开放访问源。调查结果表明,多边开发银行迅速作出反应,调整并加强了其供资活动,调整了其内部运作,并寻求在未来"更好地重建"。可以得出结论,多边开发银行的大流行病应对措施加强了它们在全球发展领域的作用。
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引用次数: 0
Analysis of the Number of European Union Citizens Working in the Regions of Slovakia in the Period 2013-2019 2013-2019年期间在斯洛伐克地区工作的欧盟公民人数分析
Pub Date : 1900-01-01 DOI: 10.31410/eraz.s.p.2021.39
Ľubica Hurbánková
The paper aims to analyse the regions of Slovakia based on the number of working citizens of the European Union. The contribution meth­od is used to find out in which region the number of working foreigners in­creased the most, and in which the least. Suslov´s coefficient of similarity of structures is used to analyse changes in the structure of the analysed indica­tor. From the results of the realized analysis we found out that the number of working foreigners in Slovakia increased the most in the year 2014 com­pared to 2013, by 63.40%. Bratislava Region (16.92%), Žilina Region (11.37%) and Prešov Region (9.63%) contributed the most to this increase, while Košice Region (0.91%) and Trenčín Region (1.07%) contributed the least. In the year 2019 compared to 2018 was recorded an increase of only 6.10%. Suslov’s co­efficient of similarity of structures acquires the value 0.0230, which means a high degree of similarity of structures of the number of working foreigners in the years 2013 and 2019.
本文旨在根据欧盟工作公民的数量分析斯洛伐克的地区。贡献法用于找出在哪个地区工作的外国人人数增加最多,哪个地区增加最少。采用苏斯洛夫结构相似系数来分析被分析指标的结构变化。从实现分析的结果中,我们发现,与2013年相比,2014年在斯洛伐克工作的外国人数量增加最多,增加了63.40%。布拉迪斯拉发地区(16.92%)、Žilina地区(11.37%)和Prešov地区(9.63%)对这一增长贡献最大,Košice地区(0.91%)和Trenčín地区(1.07%)贡献最小。与2018年相比,2019年仅增长了6.10%。结构相似度的Suslov系数为0.0230,表明2013年和2019年的外籍就业人数结构相似度较高。
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引用次数: 0
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7th ERAZ Selected Papers (part of ERAZ conference collection)
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