Abstract In the new innovation economy, national competitiveness is an expression of the quality of the human capital and of the capacity to attract and retain the talent. In this paper, we propose to verify the link between the national competitiveness and the human capital, measured by the public expenditure on tertiary education and by the public expenditure on research and development. The research methodology uses the Panel Data method for Central and Eastern European countries by analyzing data on competitiveness scores in the Europe 2020 Report 2014, the Human Development Index 2015, the Global Competitiveness Report 2016 and those on public expenditure on tertiary education and by the public expenditure on research and development, corresponding to the period 2010-2014. The objectives of this paper are: synthesis of theoretical delimitations on competitiveness, highlighting the relationship between national competitiveness and human capital, testing this relationship for the case of Central and Eastern European countries. The results show a significant and a positive relation, indicating that investment in education and research contributes significantly to increasing the national competitiveness. The obtained results draw attention to the fact that Central and Eastern Europe countries need to initiate measures to reduce the drain-brain phenomenon and to create a favorable socio-economic context for retaining and attracting the talent.
{"title":"National Competitiveness through the Europe 2020 Strategy and Human Development Index in CEE Countries. A Panel Data Analysis","authors":"A. Tălmaciu, L. Cismaș","doi":"10.1515/tjeb-2016-0008","DOIUrl":"https://doi.org/10.1515/tjeb-2016-0008","url":null,"abstract":"Abstract In the new innovation economy, national competitiveness is an expression of the quality of the human capital and of the capacity to attract and retain the talent. In this paper, we propose to verify the link between the national competitiveness and the human capital, measured by the public expenditure on tertiary education and by the public expenditure on research and development. The research methodology uses the Panel Data method for Central and Eastern European countries by analyzing data on competitiveness scores in the Europe 2020 Report 2014, the Human Development Index 2015, the Global Competitiveness Report 2016 and those on public expenditure on tertiary education and by the public expenditure on research and development, corresponding to the period 2010-2014. The objectives of this paper are: synthesis of theoretical delimitations on competitiveness, highlighting the relationship between national competitiveness and human capital, testing this relationship for the case of Central and Eastern European countries. The results show a significant and a positive relation, indicating that investment in education and research contributes significantly to increasing the national competitiveness. The obtained results draw attention to the fact that Central and Eastern Europe countries need to initiate measures to reduce the drain-brain phenomenon and to create a favorable socio-economic context for retaining and attracting the talent.","PeriodicalId":30596,"journal":{"name":"Timisoara Journal of Economics and Business","volume":"9 1","pages":"115 - 128"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67365956","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}
Abstract The aim of this paper is to analyze the role of the state audit in strengthening the accountability in managing the public funds. Appropriate and effective use of public funds ensures a healthy economic and financial management, as well as transparency, which leads towards a positive development of the society as a whole. We evaluated the operation of the state audit in Macedonia by analyzing the regularity audit performed on five state institutions from 2010 to 2014 and we compared the results with the state audits in two neighboring countries. Our findings suggest weaknesses in the use of public money by the institutions covered by this analysis and in the operation of the State Audit Office. The research will help in increasing the public awareness about the necessity of responsible management in the public sector.
{"title":"State Audit for Strengthening the Accountability in Public Funds Management: Case of Republic of Macedonia","authors":"Jadranka Mrsik, Tome Nenovski, S. Radenković","doi":"10.1515/tjeb-2016-0006","DOIUrl":"https://doi.org/10.1515/tjeb-2016-0006","url":null,"abstract":"Abstract The aim of this paper is to analyze the role of the state audit in strengthening the accountability in managing the public funds. Appropriate and effective use of public funds ensures a healthy economic and financial management, as well as transparency, which leads towards a positive development of the society as a whole. We evaluated the operation of the state audit in Macedonia by analyzing the regularity audit performed on five state institutions from 2010 to 2014 and we compared the results with the state audits in two neighboring countries. Our findings suggest weaknesses in the use of public money by the institutions covered by this analysis and in the operation of the State Audit Office. The research will help in increasing the public awareness about the necessity of responsible management in the public sector.","PeriodicalId":30596,"journal":{"name":"Timisoara Journal of Economics and Business","volume":"9 1","pages":"81 - 94"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/tjeb-2016-0006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67366028","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}
Abstract This study empirically investigated the effect of trade liberalization on the bilateral trade flows of 2ECO (Pakistan, Turkey and Iran) countries using annual time series data for the period of 1980-2016. The study applied unit root test, bound testing approach and ARDL regression analysis technique to empirically examine the role and impact of trade openness on bilateral trade flows of ECO countries. The empirical results found long-run positive and significant effect of trade openness on bilateral trade flows of ECO countries. Further, the study concluded that trade openness playing an important role in exports as well as in fulfilling the requirements by imports. The findings of the study might provide significant guidelines to policy makers to initiate rules and regulations for the improvement in international trade that might help in attainment of sustainable foreign exchange reserves and economic growth of ECO countries.
{"title":"Does Trade Openness has Noteworthy effect on Bilateral Trade Flows of E.C.O. Countries; an Empirical Investigation","authors":"Ali Gulzar","doi":"10.1515/tjeb-2016-0007","DOIUrl":"https://doi.org/10.1515/tjeb-2016-0007","url":null,"abstract":"Abstract This study empirically investigated the effect of trade liberalization on the bilateral trade flows of 2ECO (Pakistan, Turkey and Iran) countries using annual time series data for the period of 1980-2016. The study applied unit root test, bound testing approach and ARDL regression analysis technique to empirically examine the role and impact of trade openness on bilateral trade flows of ECO countries. The empirical results found long-run positive and significant effect of trade openness on bilateral trade flows of ECO countries. Further, the study concluded that trade openness playing an important role in exports as well as in fulfilling the requirements by imports. The findings of the study might provide significant guidelines to policy makers to initiate rules and regulations for the improvement in international trade that might help in attainment of sustainable foreign exchange reserves and economic growth of ECO countries.","PeriodicalId":30596,"journal":{"name":"Timisoara Journal of Economics and Business","volume":"36 1","pages":"114 - 95"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67365897","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}
Abstract Over the past decade the venture capital industry has become more and more prominent, not just on a global level, but in Hungary, too. Thanks to the JEREMIE Program a large number of new venture capital firms are located in our country, and therefore an investment wave has started. The aim of the paper is to sort micro- and small sized enterprises in terms of how appropriate is a venture capital financing. The main topic of the paper relates to the selection of firms for venture capital investment; therefore, in the first part of the study we briefly summarize a general venture capital investment process, highlighting both the selection process and the criteria used for selection. Then we propose 3 indexes (trustworthiness index, openness index, investment index), which we have created to help venture capitalists to decide whether the targeted enterprises are appropriate for them, or not. In the main part of the paper we provide a classification of micro- and small sized Hungarian firms based on my own survey, and we analyze what kind of relationship exists between the proposed indexes and the type of the classified firms. The result of the classification is that we identify four main firm types and, based on statistical tests, it can be said that there is no significant relationship between the trustworthiness index and the clusters, but that there are between the two other indexes and the clusters.
{"title":"Empirical Analysis of Hungarian Firms According to Venture Capital Investment Criteria","authors":"J. Futó","doi":"10.1515/tjeb-2016-0002","DOIUrl":"https://doi.org/10.1515/tjeb-2016-0002","url":null,"abstract":"Abstract Over the past decade the venture capital industry has become more and more prominent, not just on a global level, but in Hungary, too. Thanks to the JEREMIE Program a large number of new venture capital firms are located in our country, and therefore an investment wave has started. The aim of the paper is to sort micro- and small sized enterprises in terms of how appropriate is a venture capital financing. The main topic of the paper relates to the selection of firms for venture capital investment; therefore, in the first part of the study we briefly summarize a general venture capital investment process, highlighting both the selection process and the criteria used for selection. Then we propose 3 indexes (trustworthiness index, openness index, investment index), which we have created to help venture capitalists to decide whether the targeted enterprises are appropriate for them, or not. In the main part of the paper we provide a classification of micro- and small sized Hungarian firms based on my own survey, and we analyze what kind of relationship exists between the proposed indexes and the type of the classified firms. The result of the classification is that we identify four main firm types and, based on statistical tests, it can be said that there is no significant relationship between the trustworthiness index and the clusters, but that there are between the two other indexes and the clusters.","PeriodicalId":30596,"journal":{"name":"Timisoara Journal of Economics and Business","volume":"9 1","pages":"16 - 32"},"PeriodicalIF":0.0,"publicationDate":"2016-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/tjeb-2016-0002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67365620","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}
Abstract This study investigates the causality relationship between public sector spending and economic growth. Although a relationship between these two variables is traditionally accepted, the direction of this causality relationship has widely been discussed. The relationship in which the increase of public sector spending moves together with the growth is called as Wagner’s Law and it is examined through developing countries’ data. As being developing country group, there is a huge literature about “BRICS countries”. The unique contribution of this study is that it defines a new developing country group as “MATIK countries” and it analyzes BRICS and MATIK (BM) countries together. Therefore, the validity of Wagner’s Law is tested on economic growth and public spending figures of these country groups which have significant population and economic size in world economy. As a result of Granger Causality Test for the period of 1961-2013, findings are obtained as Wagner’s Law is not valid for majority of BM countries, which include 10 high growing economies. This conclusion is compared with other studies, which are conducted for developing countries.
{"title":"Is Wagner’s Law Applicable for Fast Growing Economies? Brics and Matik Countries","authors":"Bilal Kargi","doi":"10.1515/tjeb-2016-0001","DOIUrl":"https://doi.org/10.1515/tjeb-2016-0001","url":null,"abstract":"Abstract This study investigates the causality relationship between public sector spending and economic growth. Although a relationship between these two variables is traditionally accepted, the direction of this causality relationship has widely been discussed. The relationship in which the increase of public sector spending moves together with the growth is called as Wagner’s Law and it is examined through developing countries’ data. As being developing country group, there is a huge literature about “BRICS countries”. The unique contribution of this study is that it defines a new developing country group as “MATIK countries” and it analyzes BRICS and MATIK (BM) countries together. Therefore, the validity of Wagner’s Law is tested on economic growth and public spending figures of these country groups which have significant population and economic size in world economy. As a result of Granger Causality Test for the period of 1961-2013, findings are obtained as Wagner’s Law is not valid for majority of BM countries, which include 10 high growing economies. This conclusion is compared with other studies, which are conducted for developing countries.","PeriodicalId":30596,"journal":{"name":"Timisoara Journal of Economics and Business","volume":"51 1","pages":"1 - 15"},"PeriodicalIF":0.0,"publicationDate":"2016-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/tjeb-2016-0001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67365503","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}
Abstract The agricultural sector in Pakistan is not well-established to provide full employment opportunities and sufficient income for needed living standard to the rural population. Stagnant agricultural productivity and low returns in farming have led rural residents to look for alternative livelihoods, especially non-farm employment. With this background, the present study is an endeavor to empirically determine the factors of non-farm income diversification of rural farm households in Peshawar district of Pakistan. The study was undertaken in four villages and data was amassed from 196 small farming households by using the multi-stage sampling technique. The data were analyzed using the descriptive statistical measures, the mean of income shares approach and the ordinary least squares regression analysis. The results indicate that in all the selected villages, the pattern of non-farm employment was more or less the same; however, the income from non-farm employment activities had an important contribution towards incrementing the absolute income of farm households. Non-farm income diversification is hence crucial for sustaining livelihoods and an integral dimension for invigorating rural economies. Therefore, the study recommends the promotion of non-farm employment as a good strategy for supplementing the income of small farmers without shifting attention from agriculture.
{"title":"Analyzing the Determinants of Non-farm Income Diversification of Farm Households in Peshawar District of Pakistan","authors":"Nazish Kanwal, Muhammad Ammad Khan, Zhihao Zheng","doi":"10.1515/tjeb-2016-0003","DOIUrl":"https://doi.org/10.1515/tjeb-2016-0003","url":null,"abstract":"Abstract The agricultural sector in Pakistan is not well-established to provide full employment opportunities and sufficient income for needed living standard to the rural population. Stagnant agricultural productivity and low returns in farming have led rural residents to look for alternative livelihoods, especially non-farm employment. With this background, the present study is an endeavor to empirically determine the factors of non-farm income diversification of rural farm households in Peshawar district of Pakistan. The study was undertaken in four villages and data was amassed from 196 small farming households by using the multi-stage sampling technique. The data were analyzed using the descriptive statistical measures, the mean of income shares approach and the ordinary least squares regression analysis. The results indicate that in all the selected villages, the pattern of non-farm employment was more or less the same; however, the income from non-farm employment activities had an important contribution towards incrementing the absolute income of farm households. Non-farm income diversification is hence crucial for sustaining livelihoods and an integral dimension for invigorating rural economies. Therefore, the study recommends the promotion of non-farm employment as a good strategy for supplementing the income of small farmers without shifting attention from agriculture.","PeriodicalId":30596,"journal":{"name":"Timisoara Journal of Economics and Business","volume":"9 1","pages":"33 - 48"},"PeriodicalIF":0.0,"publicationDate":"2016-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/tjeb-2016-0003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67365310","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}
Abstract This study investigates the determinants of real effective exchange rate in Nigeria for the period between 1960 and 2015 using the vector error correction mechanism to separate long run from the short run fundamentals. The findings from the regression estimates revealed that; terms of trade, openness of the economy, net capital inflow and total government expenditure were the major long run determinants of real effective exchange rate in the country while variables such as; broad money supply (M2), nominal effective exchange rate, structural adjustment program dummy, June 12 crisis and change to civil rule dummies were revealed as the major short run determinants of exchange rate in Nigeria between 1960 and 2015. The study concludes by recommending that since the major variable of terms of trade (crude oil price) is out of the government control, the effect of shocks due to the fluctuations of crude oil price can be minimized by shifting the economy from a mono-product nation and diversify the economy to increase productive capacity. Also, the change to civil rule dummy used in the study revealed that the system has not been friendly with the country’s real effective exchange rate, thus needing to review the system and bringing out all negative activities there in to ensure Nigeria’s currency appreciation. Guided openness is also suggested to avert the danger that unguided trade liberalization may bring into the country.
{"title":"Econometric Analysis of Determinants of Real Effective Exchange Rate in Nigeria (1960-2015)","authors":"W. Ibrahim","doi":"10.1515/tjeb-2016-0005","DOIUrl":"https://doi.org/10.1515/tjeb-2016-0005","url":null,"abstract":"Abstract This study investigates the determinants of real effective exchange rate in Nigeria for the period between 1960 and 2015 using the vector error correction mechanism to separate long run from the short run fundamentals. The findings from the regression estimates revealed that; terms of trade, openness of the economy, net capital inflow and total government expenditure were the major long run determinants of real effective exchange rate in the country while variables such as; broad money supply (M2), nominal effective exchange rate, structural adjustment program dummy, June 12 crisis and change to civil rule dummies were revealed as the major short run determinants of exchange rate in Nigeria between 1960 and 2015. The study concludes by recommending that since the major variable of terms of trade (crude oil price) is out of the government control, the effect of shocks due to the fluctuations of crude oil price can be minimized by shifting the economy from a mono-product nation and diversify the economy to increase productive capacity. Also, the change to civil rule dummy used in the study revealed that the system has not been friendly with the country’s real effective exchange rate, thus needing to review the system and bringing out all negative activities there in to ensure Nigeria’s currency appreciation. Guided openness is also suggested to avert the danger that unguided trade liberalization may bring into the country.","PeriodicalId":30596,"journal":{"name":"Timisoara Journal of Economics and Business","volume":"9 1","pages":"62 - 80"},"PeriodicalIF":0.0,"publicationDate":"2016-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/tjeb-2016-0005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67365714","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}
Abstract From the most ancient times, the astrological beliefs have played an important role in human history, thinking, world-views, language and other elements of social culture. The practice of relating the movement of celestial bodies to events in financial markets is relatively newer but despite the inconsistency between financial astrology and standard economic or financial theory, it seems to be largely spread among capital market traders. This paper evaluates one of the astrological effects on the capital market, more precisely the Mercury retrograde effect on US capital market. Despite the fact that it is just an optical illusion the astrological tradition says that Mercury retrograde periods are characterized by confusion and miscommunications. The trades could be less effective, the individuals more prone to make mistakes so there is a long-held belief that it is better to avoid set plans during Mercury retrograde, signing contracts, starting new ventures or open new stock market positions. The main findings of this study are lower return’s volatilities in the Mercury retrograde periods, inconsistent with the astrologic theories assumptions but consistent with the idea that trader’s beliefs in Mercury retrograde effect could change the market volatility exactly in the opposite sense than the predicted one.
{"title":"Mercury Retrograde Effect in Capital Markets: Truth or Illusion?","authors":"Aurora Murgea","doi":"10.1515/tjeb-2016-0004","DOIUrl":"https://doi.org/10.1515/tjeb-2016-0004","url":null,"abstract":"Abstract From the most ancient times, the astrological beliefs have played an important role in human history, thinking, world-views, language and other elements of social culture. The practice of relating the movement of celestial bodies to events in financial markets is relatively newer but despite the inconsistency between financial astrology and standard economic or financial theory, it seems to be largely spread among capital market traders. This paper evaluates one of the astrological effects on the capital market, more precisely the Mercury retrograde effect on US capital market. Despite the fact that it is just an optical illusion the astrological tradition says that Mercury retrograde periods are characterized by confusion and miscommunications. The trades could be less effective, the individuals more prone to make mistakes so there is a long-held belief that it is better to avoid set plans during Mercury retrograde, signing contracts, starting new ventures or open new stock market positions. The main findings of this study are lower return’s volatilities in the Mercury retrograde periods, inconsistent with the astrologic theories assumptions but consistent with the idea that trader’s beliefs in Mercury retrograde effect could change the market volatility exactly in the opposite sense than the predicted one.","PeriodicalId":30596,"journal":{"name":"Timisoara Journal of Economics and Business","volume":"9 1","pages":"49 - 61"},"PeriodicalIF":0.0,"publicationDate":"2016-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/tjeb-2016-0004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67365635","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}
Abstract Incorporating environmental impact into financial reports is becoming standard practice in the 21st Century. Investors are aware of the need for environmentally correct operations since failures in this domain lower the price of shares. However, in terms of regulation, in most of the countries, environmental reporting remains voluntary. Institutions dealing with development and promotion of the modern accounting and financial reporting standards encourage companies to concurrently report for their environmental activities. The only question is how. Accounting may include information on the environmental impact only if it is quantitative and monetary. Since many nuances of the issues remain difficult to quantify, corporations opt to separately report on their environmental practices. The aim of this paper is to examine the accounting and stock market regulations and the practice of reporting for environmental impact of the operations of the leading Macedonian companies. We selected ten companies that make the Macedonian Stock Exchange Index and additional five companies with significant environmental impact. We reviewed their annual reports and interviewed their financial officers. The results show that the environmental and social responsibility reporting is left to the companies and their management and its perception of the need for keeping posted the major stakeholders and the most appropriate way to do it. As a consequence, many large Macedonian companies do not refer to these issues in their annual addressing to the stakeholders. The findings of this paper can motivate the regulatory body and the government to require more transparency and disclosure of the sustainability information.
{"title":"Environmental and social responsibility reporting. Do Macedonian companies disclose those information and how?","authors":"Jadranka Mrsik, Ninko Kostovski","doi":"10.1515/tjeb-2015-0016","DOIUrl":"https://doi.org/10.1515/tjeb-2015-0016","url":null,"abstract":"Abstract Incorporating environmental impact into financial reports is becoming standard practice in the 21st Century. Investors are aware of the need for environmentally correct operations since failures in this domain lower the price of shares. However, in terms of regulation, in most of the countries, environmental reporting remains voluntary. Institutions dealing with development and promotion of the modern accounting and financial reporting standards encourage companies to concurrently report for their environmental activities. The only question is how. Accounting may include information on the environmental impact only if it is quantitative and monetary. Since many nuances of the issues remain difficult to quantify, corporations opt to separately report on their environmental practices. The aim of this paper is to examine the accounting and stock market regulations and the practice of reporting for environmental impact of the operations of the leading Macedonian companies. We selected ten companies that make the Macedonian Stock Exchange Index and additional five companies with significant environmental impact. We reviewed their annual reports and interviewed their financial officers. The results show that the environmental and social responsibility reporting is left to the companies and their management and its perception of the need for keeping posted the major stakeholders and the most appropriate way to do it. As a consequence, many large Macedonian companies do not refer to these issues in their annual addressing to the stakeholders. The findings of this paper can motivate the regulatory body and the government to require more transparency and disclosure of the sustainability information.","PeriodicalId":30596,"journal":{"name":"Timisoara Journal of Economics and Business","volume":"8 1","pages":"220 - 231"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/tjeb-2015-0016","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67364911","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}
Abstract The premise that consumer satisfaction determines behavioral models that positively influence business results, is accepted both in the academic and business environment. This research addresses the consequences of satisfaction from the customer’s perspective, focusing on behaviors that customers of banks adopt as a result of satisfaction/dissatisfaction experienced from the performed transactions. Based on literature review, we have developed our own research model and tested the hypotheses formulated regarding the relationships formed between customer satisfaction and behavioral responses to customer satisfaction. For this purpose, we conducted a survey in which the investigated statistical population consists of customers who have completed at least one transaction with suppliers of banking products and services in the last six months. The sample gathered 511 persons using the snowball method, and respondents filled in questionnaires through online self-administration. We tested the research hypotheses using SPSS. Data analysis involved testing the reliability of the used measurement scales, score factors determination, testing the validity of constructs included in the research model, research hypotheses testing. In this article, in analyzing the relationship between customer satisfaction with banking products and services and its behavioral consequences, we take into consideration trust and supplier switching costs as moderator variables.
{"title":"Behavioral consequences of customers’ satisfaction with banking products and services","authors":"F. Isac, Anca-Maria Milovan-Ciuta, Andrei Dobre","doi":"10.1515/tjeb-2015-0017","DOIUrl":"https://doi.org/10.1515/tjeb-2015-0017","url":null,"abstract":"Abstract The premise that consumer satisfaction determines behavioral models that positively influence business results, is accepted both in the academic and business environment. This research addresses the consequences of satisfaction from the customer’s perspective, focusing on behaviors that customers of banks adopt as a result of satisfaction/dissatisfaction experienced from the performed transactions. Based on literature review, we have developed our own research model and tested the hypotheses formulated regarding the relationships formed between customer satisfaction and behavioral responses to customer satisfaction. For this purpose, we conducted a survey in which the investigated statistical population consists of customers who have completed at least one transaction with suppliers of banking products and services in the last six months. The sample gathered 511 persons using the snowball method, and respondents filled in questionnaires through online self-administration. We tested the research hypotheses using SPSS. Data analysis involved testing the reliability of the used measurement scales, score factors determination, testing the validity of constructs included in the research model, research hypotheses testing. In this article, in analyzing the relationship between customer satisfaction with banking products and services and its behavioral consequences, we take into consideration trust and supplier switching costs as moderator variables.","PeriodicalId":30596,"journal":{"name":"Timisoara Journal of Economics and Business","volume":"8 1","pages":"232 - 254"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/tjeb-2015-0017","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67365399","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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