Since it is not enough just to achieve economic development, we should strive for sustainable development over a longer period and base it on innovation. It is an extremely important factor of economic and sustainable development. It is particularly important to innovate those economic activities that are crucial for sustainable development and where there are comparative advantages. Because of that, the aim of this paper is to prove that innovation is the key to success and achieving sustainable development. The cluster analysis has highlighted innovative leaders and learners. The Republic of Serbia is a country where agriculture is one of the most important economic activities. In terms of agricultural productivity, it not only lags behind innovative leaders, but also behind other countries of Southeast Europe, distinguished as innovative learners. In addition, in terms of innovation in agriculture, it significantly lags behind other economic activities at the national level, so that special attention should be paid to this issue.
{"title":"SIGNIFICANCE OF INNOVATION FOR SUSTAINABLE ECONOMIC AND AGRICULTURAL DEVELOPMENT IN THE REPUBLIC OF SERBIA","authors":"D. Despotović, L. Ristić, Miloš Dimitrijević","doi":"10.22190/fueo1904389d","DOIUrl":"https://doi.org/10.22190/fueo1904389d","url":null,"abstract":"Since it is not enough just to achieve economic development, we should strive for sustainable development over a longer period and base it on innovation. It is an extremely important factor of economic and sustainable development. It is particularly important to innovate those economic activities that are crucial for sustainable development and where there are comparative advantages. Because of that, the aim of this paper is to prove that innovation is the key to success and achieving sustainable development. The cluster analysis has highlighted innovative leaders and learners. The Republic of Serbia is a country where agriculture is one of the most important economic activities. In terms of agricultural productivity, it not only lags behind innovative leaders, but also behind other countries of Southeast Europe, distinguished as innovative learners. In addition, in terms of innovation in agriculture, it significantly lags behind other economic activities at the national level, so that special attention should be paid to this issue.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"1 1","pages":"389-401"},"PeriodicalIF":0.0,"publicationDate":"2019-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48231622","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}
Measuring poverty is of utmost importance for any economy in order to look at the extent and causes of the vulnerability of the population, but also to formulate social and economic policy measures and measure their effects. The multidimensionality of poverty makes it difficult to quantify and measure it. The subject of research is the components of the AROPE (At risk of poverty and social exclusion) indicator in the countries of the European Union (EU). Using the cluster analysis, the EU countries were grouped into homogeneous units, after which the significance of the difference in the average values of the analyzed indicators was tested. Based on the obtained results, the hypothesis of pronounced heterogeneity of EU countries from the aspect of poverty was confirmed.
{"title":"POVERTY AS A HETEROGENEITY FACTOR IN EU COUNTRIES","authors":"Vesna Janković-Milić, V. Lepojević, J. Stanković","doi":"10.22190/fueo1904403j","DOIUrl":"https://doi.org/10.22190/fueo1904403j","url":null,"abstract":"Measuring poverty is of utmost importance for any economy in order to look at the extent and causes of the vulnerability of the population, but also to formulate social and economic policy measures and measure their effects. The multidimensionality of poverty makes it difficult to quantify and measure it. The subject of research is the components of the AROPE (At risk of poverty and social exclusion) indicator in the countries of the European Union (EU). Using the cluster analysis, the EU countries were grouped into homogeneous units, after which the significance of the difference in the average values of the analyzed indicators was tested. Based on the obtained results, the hypothesis of pronounced heterogeneity of EU countries from the aspect of poverty was confirmed.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"1 1","pages":"403-414"},"PeriodicalIF":0.0,"publicationDate":"2019-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68291395","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}
The aim of this paper is to determine the relationship between the exchange rate (nominal and real) and foreign exchange reserves based on monthly data for the period from September 2006 to April 2019, using unit root tests and cointegration tests that take into account the possibility of structural break existence. The results of the causality test indicate that there is a long-term relationship between the nominal exchange rate and foreign exchange reserves. On the other hand, the existence of a long-term relationship between the real exchange rate and the foreign exchange reserves has not been confirmed, but there is a short-term causality, that is, the real exchange rate Granger-causes foreign exchange reserves.
{"title":"CAUSALITY BETWEEN EXCHANGE RATES AND FOREIGN EXCHANGE RESERVES: SERBIAN CASE","authors":"I. Marjanović, M. Marković","doi":"10.22190/fueo1904443m","DOIUrl":"https://doi.org/10.22190/fueo1904443m","url":null,"abstract":"The aim of this paper is to determine the relationship between the exchange rate (nominal and real) and foreign exchange reserves based on monthly data for the period from September 2006 to April 2019, using unit root tests and cointegration tests that take into account the possibility of structural break existence. The results of the causality test indicate that there is a long-term relationship between the nominal exchange rate and foreign exchange reserves. On the other hand, the existence of a long-term relationship between the real exchange rate and the foreign exchange reserves has not been confirmed, but there is a short-term causality, that is, the real exchange rate Granger-causes foreign exchange reserves.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"1 1","pages":"443-459"},"PeriodicalIF":0.0,"publicationDate":"2019-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43878878","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}
The article is focused on the need for a systematic approach to the harmonization of Ukrainian and the EU standards and the proposal to develop standards for training specialists in the relevant field in compliance with the standards on the level of qualifications and working conditions of teachers. The conflict between human rights for spiritual and physical development and the lack of opportunities for respecting these rights has been identified. It is proposed to resolve the specified conflict by introducing financial support for entrants. The starting positions of the formation of financial and economic models for providing/obtaining educational services have been outlined. The bases for the implementation of these models are: the strategy of innovative education development; the infrastructure for providing information support for decision-making; as well as the system of criteria for determining the appropriateness of the model selection. Regarding the feasibility of introducing financial and economic models for providing/obtaining educational services in Ukraine, what has been discussed, among others are: public, business, credit, self- and combined financing. The criteria for the selection expediency and the application of each model are justified.
{"title":"FINANCIAL AND ECONOMIC MODELS OF EDUCATIONAL SERVICES IN THE CONTEXT OF UKRAINE AND THE EU STANDARDS HARMONIZATION","authors":"L. Shulgina, M. Okręglicka","doi":"10.22190/fueo1904337s","DOIUrl":"https://doi.org/10.22190/fueo1904337s","url":null,"abstract":"The article is focused on the need for a systematic approach to the harmonization of Ukrainian and the EU standards and the proposal to develop standards for training specialists in the relevant field in compliance with the standards on the level of qualifications and working conditions of teachers. The conflict between human rights for spiritual and physical development and the lack of opportunities for respecting these rights has been identified. It is proposed to resolve the specified conflict by introducing financial support for entrants. The starting positions of the formation of financial and economic models for providing/obtaining educational services have been outlined. The bases for the implementation of these models are: the strategy of innovative education development; the infrastructure for providing information support for decision-making; as well as the system of criteria for determining the appropriateness of the model selection. Regarding the feasibility of introducing financial and economic models for providing/obtaining educational services in Ukraine, what has been discussed, among others are: public, business, credit, self- and combined financing. The criteria for the selection expediency and the application of each model are justified.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"1 1","pages":"337-348"},"PeriodicalIF":0.0,"publicationDate":"2019-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48597167","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}
Host countries, especially developing countries, often grant tax incentives in order to attract foreign capital of multinational companies (MNCs), expecting positive effects of foreign direct investments on their economic development. Also, there is an opinion dominant in the literature that MNCs have enough power to achieve considerable tax incentives in negotiations with host country. Considering that one MNC was granted considerable tax incentives from the Republic of Serbia (RS), the paper examines whether subsidiaries of MNCs have more favorable tax treatment of recorded income than domestic companies in the RS. Statistical analysis outcomes show that subsidiaries of MNCs do not have significantly lower income tax burden than domestic companies suggesting that tax incentives granted to MNCs from the RS are an exception rather than a rule. In addition, research showed that subsidiaries of MNCs primarily use tax incentives that are equally available to domestic companies, such as tax incentives for investment in fixed assets. Research results are robust to changes of income tax burden measures.
{"title":"THE RELATION BETWEEN MULTINATIONAL COMPANIES AND THE REPUBLIC OF SERBIA: INCOME TAXATION CONTEXT","authors":"Stefan Vržina, Nenad Ž. Janković","doi":"10.22190/fueo1904415v","DOIUrl":"https://doi.org/10.22190/fueo1904415v","url":null,"abstract":"Host countries, especially developing countries, often grant tax incentives in order to attract foreign capital of multinational companies (MNCs), expecting positive effects of foreign direct investments on their economic development. Also, there is an opinion dominant in the literature that MNCs have enough power to achieve considerable tax incentives in negotiations with host country. Considering that one MNC was granted considerable tax incentives from the Republic of Serbia (RS), the paper examines whether subsidiaries of MNCs have more favorable tax treatment of recorded income than domestic companies in the RS. Statistical analysis outcomes show that subsidiaries of MNCs do not have significantly lower income tax burden than domestic companies suggesting that tax incentives granted to MNCs from the RS are an exception rather than a rule. In addition, research showed that subsidiaries of MNCs primarily use tax incentives that are equally available to domestic companies, such as tax incentives for investment in fixed assets. Research results are robust to changes of income tax burden measures.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"1 1","pages":"415-427"},"PeriodicalIF":0.0,"publicationDate":"2019-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45118042","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}
Organizational citizenship behaviour represents the behaviour of the employees that goes beyond their duties. This type of behaviour from the perspective of employer is very desirable since it produces many positive consequences regarding individual and the overall organizational performances. However, readiness of the employees to exert this type of behaviour is influenced by many factors. One of the most important is fulfilment of employees’ psychological contract. Since that there are two basic forms of contracts, relational and transactional, the aim of this paper is to investigate the relationship between these types of psychological contract and organizational citizenship behaviour. For the purpose of testing proposed hypothesis, t-test, Pearson correlation and multiple linear regression analysis were applied. The results showed that there is a positive relation and positive impact of relational psychological contract on the organizational citizenship behaviour, which was not the case when it was about the transactional contract.
{"title":"THE INVESTIGATION OF THE INFLUENCE OF PSYCHOLOGICAL CONTRACT TYPES ON ORGANIZATIONAL CITIZENSHIP BEHAVIOUR","authors":"I. Simic, B. Đorđević, S. Milanović","doi":"10.22190/fueo1904365s","DOIUrl":"https://doi.org/10.22190/fueo1904365s","url":null,"abstract":"Organizational citizenship behaviour represents the behaviour of the employees that goes beyond their duties. This type of behaviour from the perspective of employer is very desirable since it produces many positive consequences regarding individual and the overall organizational performances. However, readiness of the employees to exert this type of behaviour is influenced by many factors. One of the most important is fulfilment of employees’ psychological contract. Since that there are two basic forms of contracts, relational and transactional, the aim of this paper is to investigate the relationship between these types of psychological contract and organizational citizenship behaviour. For the purpose of testing proposed hypothesis, t-test, Pearson correlation and multiple linear regression analysis were applied. The results showed that there is a positive relation and positive impact of relational psychological contract on the organizational citizenship behaviour, which was not the case when it was about the transactional contract.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"1 1","pages":"365-376"},"PeriodicalIF":0.0,"publicationDate":"2019-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43418358","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}
This paper investigates resilience and stability of the Serbian banking sector in the light of deteriorated quality of its credit portfolio since the last world economic crisis. Nonperforming loans became a burning issue across Eastern European region. We used a set of indicators to appraise the magnitude of nonperforming loans’ burden to the banking sector’s soundness. Indicators verify that the Serbian banking sector was robust and solvent throughout crisis. Nonperforming loans were concentrated in nonfinancial corporations’ sector, while households sector performed much better, which influenced remedy measures undertaken. We carried out a comparison with peer countries and reviewed nonperforming loans resolution strategy implemented in Serbia. Our finding is that measures taken helped noticeably in reducing stock of nonperforming loans, with a caveat that reduction might have been too fast and too large so that bounce back effect cannot be excluded. Overall, financial stability has been preserved despite serious threats and without government financial aid.
{"title":"NONPERFORMING LOANS AND FINANCIAL STABILITY – THE CASE OF SERBIA","authors":"Velimir Lukić, Svetlana Popović, Irena Janković","doi":"10.22190/fueo1904349l","DOIUrl":"https://doi.org/10.22190/fueo1904349l","url":null,"abstract":"This paper investigates resilience and stability of the Serbian banking sector in the light of deteriorated quality of its credit portfolio since the last world economic crisis. Nonperforming loans became a burning issue across Eastern European region. We used a set of indicators to appraise the magnitude of nonperforming loans’ burden to the banking sector’s soundness. Indicators verify that the Serbian banking sector was robust and solvent throughout crisis. Nonperforming loans were concentrated in nonfinancial corporations’ sector, while households sector performed much better, which influenced remedy measures undertaken. We carried out a comparison with peer countries and reviewed nonperforming loans resolution strategy implemented in Serbia. Our finding is that measures taken helped noticeably in reducing stock of nonperforming loans, with a caveat that reduction might have been too fast and too large so that bounce back effect cannot be excluded. Overall, financial stability has been preserved despite serious threats and without government financial aid.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"1 1","pages":"349-364"},"PeriodicalIF":0.0,"publicationDate":"2019-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48446016","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}
Significance of easy of doing business indicators as determinants of FDI inflows has attracted attention in establishing their connections. The aim of the research is to examine the relationship between the ease of doing business indicators and foreign direct investment (FDI) inflows. Dynamic and correlation analysis are applied in the consideration of the interdependence of doing business indicators: Starting Business, Construction Permits, Getting Electricity, Registering Property, Getting credit, Paying taxes, Trading across borders, Enforcing contracts, and Resolving insolvency with FDI inflows. The obtained results show that Resolving insolvency and Construction Permits have the highest degree of agreement with FDI, while the negative agreement with FDI trends is shown by Getting Electricity, Registering Property, Getting Credit, and Enforcing contracts. The main results of this research are useful for economic policy makers because they provide a good basis for formulating the strategy of improving the business environment in the Republic of Serbia.
{"title":"RELATIONSHIP BETWEEN EASE OF DOING BUSINESS INDICATORS AND THE FOREIGN DIRECT INVESTMENT INFLOWS IN THE REPUBLIC OF SERBIA","authors":"Marko Janaćković, Marija Petrović-Ranđelović","doi":"10.22190/fueo1903269j","DOIUrl":"https://doi.org/10.22190/fueo1903269j","url":null,"abstract":"Significance of easy of doing business indicators as determinants of FDI inflows has attracted attention in establishing their connections. The aim of the research is to examine the relationship between the ease of doing business indicators and foreign direct investment (FDI) inflows. Dynamic and correlation analysis are applied in the consideration of the interdependence of doing business indicators: Starting Business, Construction Permits, Getting Electricity, Registering Property, Getting credit, Paying taxes, Trading across borders, Enforcing contracts, and Resolving insolvency with FDI inflows. The obtained results show that Resolving insolvency and Construction Permits have the highest degree of agreement with FDI, while the negative agreement with FDI trends is shown by Getting Electricity, Registering Property, Getting Credit, and Enforcing contracts. The main results of this research are useful for economic policy makers because they provide a good basis for formulating the strategy of improving the business environment in the Republic of Serbia.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"1 1","pages":"269-282"},"PeriodicalIF":0.0,"publicationDate":"2019-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42944845","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}
This study updated the Crawl, Walk, Run methodology framework (CWRM) for the current digital marketing circumstances, observed in the context of the artistic community in virtual space. Four main premises of CRWM have been considered in order to address the effectiveness of online campaigns based on the laddering support through tiers of engagement (personal, social, advocating); empowering super users; providing source materials for user-generated content; and using tools people are familiar with. The analysis was performed on the data collected from the online community which has operated for 43 days. Data on the number of registered users, their interactions with web site content and showcased artworks were gathered. The specific online platform was created for the purpose of this research and the campaign for its promotion was conducted both in Serbia and globally. The materials for direct communications (email, instant messaging), social media promotion (social networks, blogs) and public relations (articles in online and traditional media) were created. CRWM was proved to be efficient framework for the establishment of online presence of the artistic community. However, we propose that social networks should be introduced in the stage three instead of in the stage four, due to the increase of their applications compared to the time when the CRWM was formulated. All activities once they start should be maintained and performed throughout the campaign lifetime. This study represents one of the first efforts aimed at updating of the CRWM theoretical framework and provides business community with hands-on solutions in modern digital marketing.
{"title":"UPDATE OF THE CRAWL, WALK, RUN METHODOLOGY FRAMEWORK","authors":"J. Filipović","doi":"10.22190/fueo1903229f","DOIUrl":"https://doi.org/10.22190/fueo1903229f","url":null,"abstract":"This study updated the Crawl, Walk, Run methodology framework (CWRM) for the current digital marketing circumstances, observed in the context of the artistic community in virtual space. Four main premises of CRWM have been considered in order to address the effectiveness of online campaigns based on the laddering support through tiers of engagement (personal, social, advocating); empowering super users; providing source materials for user-generated content; and using tools people are familiar with. The analysis was performed on the data collected from the online community which has operated for 43 days. Data on the number of registered users, their interactions with web site content and showcased artworks were gathered. The specific online platform was created for the purpose of this research and the campaign for its promotion was conducted both in Serbia and globally. The materials for direct communications (email, instant messaging), social media promotion (social networks, blogs) and public relations (articles in online and traditional media) were created. CRWM was proved to be efficient framework for the establishment of online presence of the artistic community. However, we propose that social networks should be introduced in the stage three instead of in the stage four, due to the increase of their applications compared to the time when the CRWM was formulated. All activities once they start should be maintained and performed throughout the campaign lifetime. This study represents one of the first efforts aimed at updating of the CRWM theoretical framework and provides business community with hands-on solutions in modern digital marketing.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"16 1","pages":"229-238"},"PeriodicalIF":0.0,"publicationDate":"2019-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46799778","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}
Corporate mergers and acquisitions represent one of the most dynamic fields in the world of the business finance. These remarkably complex transactions success may vary depending on the economic and institutional environments in which the transactions are performed. This paper investigates the information content of the bid premium determined in the MA (2) current equity market trends (3) institutional environments and the degree of the economic development of the countries in which the transaction participants operate; and (4) selected payment method and motive for entering the transaction in regard to space and time dimensions of bid premium. Examining the sample of 783 merger and acquisition transactions at the global economy level, the research explores the importance and range of time and space determinants of bid premiums in M&A transactions. Our results confirm that bid premium carries significant information and that is highly dependent on the observed timeframe, i.e. we find evidence of information “leakage” prior to transaction announcement and sluggish adaptation to expected value creation due to market characteristics, level of economic development of countries in which M&As are operated and specific transaction characteristics such as payment method and motive for participating in such transaction. The paper shows that the results can often differ depending on whether the analysis includes dominant trends in the most important capital markets.
{"title":"WHY PAY MORE - WORLD EVIDENCE ON M&A BID PREMIUM DETERMINANTS","authors":"M. Zivanovic, Nataša Džudović","doi":"10.22190/fueo1903299z","DOIUrl":"https://doi.org/10.22190/fueo1903299z","url":null,"abstract":"Corporate mergers and acquisitions represent one of the most dynamic fields in the world of the business finance. These remarkably complex transactions success may vary depending on the economic and institutional environments in which the transactions are performed. This paper investigates the information content of the bid premium determined in the MA (2) current equity market trends (3) institutional environments and the degree of the economic development of the countries in which the transaction participants operate; and (4) selected payment method and motive for entering the transaction in regard to space and time dimensions of bid premium. Examining the sample of 783 merger and acquisition transactions at the global economy level, the research explores the importance and range of time and space determinants of bid premiums in M&A transactions. Our results confirm that bid premium carries significant information and that is highly dependent on the observed timeframe, i.e. we find evidence of information “leakage” prior to transaction announcement and sluggish adaptation to expected value creation due to market characteristics, level of economic development of countries in which M&As are operated and specific transaction characteristics such as payment method and motive for participating in such transaction. The paper shows that the results can often differ depending on whether the analysis includes dominant trends in the most important capital markets.","PeriodicalId":31607,"journal":{"name":"Facta Universitatis Series Economics and Organization","volume":"1 1","pages":"299-314"},"PeriodicalIF":0.0,"publicationDate":"2019-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43010925","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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