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THE CONSERVATISM PRINCIPLE IN MODERN FINANCIAL REPORTING 现代财务报告中的稳健性原则
Pub Date : 2021-01-16 DOI: 10.22190/FUEO200723027A
Aleksandra Arsenijević
Various studies point out that the principle of conservatism (prudence) has been too long in the field of accounting, which makes it almost irreplaceable. However, the development of accounting is in line with constant expansion of the circle of stakeholders who impose new requirements regarding information on sources of income, destination of expenditures and calculation of periodic results. This inevitably leads to changes in financial reporting, aimed primarily at applying the fair value concept.
各种研究指出,稳健性(审慎)原则在会计领域存在的时间太长,几乎不可替代。然而,会计的发展与利益相关者圈子的不断扩大相适应,利益相关者对收入来源、支出去向和定期结果的计算等信息提出了新的要求。这不可避免地导致财务报告的变化,其主要目的是应用公允价值概念。
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引用次数: 2
MACROECONOMIC FACTORS AND STOCK MARKET BEHAVIOUR: AN ANALYSIS OF THE 2008 CRISIS 宏观经济因素与股市行为&对2008年金融危机的分析
Pub Date : 2021-01-16 DOI: 10.22190/FUEO200803026O
I. O. Osamwonyi, Godfrey Ayegbeni Audu
This study investigates the long term relationship between the behaviour of stock markets during the 2008 crisis and some selected international macroeconomic variables using information from January 2005 to December 2015. The procedures of the Autoregressive Distributed Lag modeling techniques (ARDL) are employed for the analysis. The bounds testing procedure in the ARDL framework is used to test for the existence of long term relationships between stock market behaviour and global economic factors (interest rate, exchange rate, index of industrial production and oil price) as well as the direction of effects, while estimated coefficients are used to test the pattern of long term relationships among the variables. The study revealed that a significant long term relationship exists between stock price movements and these global economic trends while the stock market crash significantly impacted the efficiency of the markets under review. Thus, it is recommended that market fundamentals should remain the capstone of stock market analysis, and policies should encourage the delinking of stock markets from the international commodity market factors.
本研究利用2005年1月至2015年12月的信息,调查了2008年危机期间股市行为与一些选定的国际宏观经济变量之间的长期关系。采用自回归分布式滞后建模技术(ARDL)的程序进行分析。ARDL框架中的边界检验程序用于检验股市行为与全球经济因素(利率、汇率、工业生产指数和油价)之间是否存在长期关系以及影响方向,而估计系数用于检验变量之间的长期关系模式。研究表明,股价波动与这些全球经济趋势之间存在着显著的长期关系,而股市崩盘严重影响了所审查市场的效率。因此,建议市场基本面仍然是股市分析的核心,政策应鼓励股市与国际商品市场因素脱钩。
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引用次数: 0
MEASURING SUPPLY CONCENTRATION ON THE SERBIAN OIL AND OIL DERIVATES MARKET BY HERFINDAHL-HIRSCHMAN INDEX 用HERFINDAHL-HIRSCHMAN指数衡量塞尔维亚石油及石油衍生物市场的供应集中度
Pub Date : 2021-01-16 DOI: 10.22190/FUEO201005025V
M. Veselinović, S. Radukić
One aspect of the intensity of competition analysis of the national oil market is the measurement of the concentration of supply, to which this paper is dedicated. That is why it is not surprising that there are different interpretations of these economic categories. The analysis of these phenomena dates back to the emergence of production relations and production forces. The relaxation of regulatory measures on the national oil market has opened the space for building quality competitive relationships between the participants. Market opportunities, conditions and competition in practice are determined by concentration in the certain observed market. Competitive relations between market participants change over time. Those changes impact on concentration level of certain and well defined market, in this case the oil market of the Republic of Serbia. As the competition changes, the concentration level changes as well. This is the reason why this paper is focused on concentration level measurement and analysis. In  measuring and expressing the concentration level of the certain market, many concentration indicators could be applied. Our choice was Herfindahl-Hirschman Index.
国内石油市场竞争强度分析的一个方面是供应集中度的度量,本文对此进行了研究。这就是为什么对这些经济类别有不同的解释并不奇怪的原因。对这些现象的分析,要追溯到生产关系和生产力的产生。国家石油市场管制措施的放松为参与者之间建立高质量的竞争关系开辟了空间。实践中的市场机会、条件和竞争是由特定观察市场的集中度决定的。市场参与者之间的竞争关系随着时间而变化。这些变化影响到某些明确市场的集中程度,在本例中是塞尔维亚共和国的石油市场。随着竞争的变化,注意力的集中程度也在变化。这就是本文研究浓度水平测量与分析的原因。在衡量和表示某一市场的集中度水平时,可以采用多种集中度指标。我们选择的是赫芬达尔-赫希曼指数。
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引用次数: 0
EXPLORING THE DIVERSITY WITHIN THE WORKPLACE OF SMALL FIRMS IN KOGI STATE, NIGERIA 探索尼日利亚科吉州小企业工作场所的多样性
Pub Date : 2021-01-16 DOI: 10.22190/FUEO200729024N
A. T. Nafiu, Unekwu Cynthia Alogwuja, Dare Joseph Enimola
This study aimed at exploring diversity within the workplace of Small Firms in Kogi State, Nigeria. The study used survey research design. Descriptive statistics, mean score from Likert scale, ANOVA and multiple Regressions were used for data analysis. The study found that age has significant effect on job satisfaction of employees; and that religion, educational background and job experience have strong significant effect on small firms’ organizational outcomes in Kogi State. The finding further indicated that gender difference affects organizational performance, job satisfaction, productivity, competitive advantage and customers’ satisfaction. The study concluded that age has significant positive effect on job satisfaction; and other factors such as religion, educational background and job experience of employees only affect the performance of small firms in Kogi State positively. This study therefore recommended that owner-managers of small firms should take cognizance of age as it affects job satisfaction of employees; and should strategically manage factors such as religion, educational background and job experience of employees as they affect performance
本研究旨在探索尼日利亚科吉州小企业工作场所的多样性。该研究采用了调查研究设计。数据分析采用描述性统计、Likert量表平均分、方差分析和多元回归分析。研究发现,年龄对员工工作满意度有显著影响;宗教、教育背景和工作经验对科吉州小企业的组织成果有很大的影响。研究结果进一步表明,性别差异影响组织绩效、工作满意度、生产力、竞争优势和客户满意度。研究得出结论:年龄对工作满意度有显著的正向影响;宗教、教育背景和员工工作经历等其他因素只会对高知州小公司的业绩产生积极影响。因此,这项研究建议,小公司的所有者和管理者应该注意年龄,因为年龄会影响员工的工作满意度;并应战略性地管理影响绩效的因素,如宗教、教育背景和员工的工作经历
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引用次数: 0
THE IMPACT OF BRAND VALUE ON MARKET PERFORMANCE INDICATORS OF HIGH-TECHNOLOGY ENTERPRISES 品牌价值对高科技企业市场绩效指标的影响
Pub Date : 2021-01-16 DOI: 10.22190/FUEO200612023J
Milica Jovanović, B. Krstić, S. Milanović
Brand valuation gained in importance in the 1980s, when a difference between the price at which some enterprises are bought and their value, according to the balance sheet, was noticed. Brand value can be considered an intangible asset of an enterprise, whose impact on the market performance indicators must be taken into account. This paper examines the relationship between brand value and selected market performance indicators using correlation and regression analysis. The analysis is based on Interbrand data on brand value and annual reports of selected enterprises from high-technology sector. The sample included top 5 enterprises from high - technology sector, whose corporate brands are on the list of the 100 most valuable brands, in all years of the analysed eight-year period (from 2012 to 2019). This paper discovered a statistically significant positive relationship between brand value and market performance indicators and that brand value positively influences those performances of high - technology enterprises. The focus of this study is on the following market performance indicators: market capitalization, Tobin's Q, market to book ratio and earnings per share. The research contributes to the field of brand value management and emphasizes the importance of investments in corporate branding process.
品牌价值在上世纪80年代变得越来越重要,当时人们注意到一些企业的收购价格与其资产负债表上的价值之间存在差异。品牌价值可以看作是企业的无形资产,必须考虑其对市场绩效指标的影响。本文采用相关分析和回归分析的方法,考察了品牌价值与选定的市场绩效指标之间的关系。该分析基于Interbrand关于品牌价值的数据和高科技行业选定企业的年度报告。样本包括来自高科技行业的前5家企业,它们的企业品牌在分析的8年期间(2012年至2019年)的所有年份都在100个最有价值品牌的名单上。研究发现,品牌价值与高新技术企业市场绩效指标之间存在显著的正相关关系,品牌价值对高新技术企业的市场绩效有显著的正向影响。本研究的重点是以下市场绩效指标:市值,托宾Q,市净率和每股收益。该研究为品牌价值管理领域做出了贡献,并强调了投资在企业品牌建设过程中的重要性。
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引用次数: 0
COMPARATIVE ANALYSIS OF DEVELOPMENTAL CONCEPTS OF SOCIAL ENTREPRENEURSHIP IN EUROPE AND THE USA 欧美社会创业发展观的比较分析
Pub Date : 2021-01-16 DOI: 10.22190/FUEO200907028T
Miljana Talić, Maja Ivanović Đukić
The paper presents a comparative analysis of the dominant theoretical concepts and models of social entrepreneurship development in continental Europe and the United States. The initial assumption of the paper was the differences in the model of capitalism that are present in these parts of the world, and the dominant theoretical concepts determine the differences in the form of manifestation of social entrepreneurial activity and the degree of population involvement in its implementation. Empirical research, with the aim of testing this assumption, was conducted on a sample of 50,000 social entrepreneurs from 25 countries. The results showed that there are no significant differences in the degree of involvement of the population in social entrepreneurial activity between Europe and the USA in the initial phase. In the operational phase, there are differences in the degree of involvement of the population in social entrepreneurship between Europe and the USA, but they are also present between Eastern and Western Europe, which means that they are not predominantly conditioned by theoretical concepts and models of social entrepreneurship, but by other factors.
本文对欧洲大陆和美国社会创业发展的主流理论概念和模式进行了比较分析。本文最初的假设是世界上这些地区存在的资本主义模式的差异,而主导的理论概念决定了社会创业活动表现形式和人口参与实施程度的差异。为了检验这一假设,对来自25个国家的50000名社会企业家进行了实证研究。研究结果表明,在创业初期,欧美人群对社会创业活动的参与程度没有显著差异。在操作阶段,欧洲和美国的人口参与社会创业的程度存在差异,但东欧和西欧也存在差异,这意味着它们主要不受社会创业的理论概念和模型的制约,而是受其他因素的制约。
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引用次数: 2
OIL PRICE SHOCKS AND MACROECONOMIC PERFORMANCE OF THE NIGERIAN ECONOMY: A STRUCTURAL VAR APPROACH 油价冲击与尼日利亚经济的宏观经济表现:一种结构VAR方法
Pub Date : 2020-12-01 DOI: 10.22190/fueo200801022a
Raymond Osi Alenoghena
This study examines the effect of oil price shocks on the macroeconomic performance of the Nigerian economy covering the period from 1980 to 2018. The effect of oil price shocks is investigated on macroeconomic variables like output growth, inflation, interest rate, exchange rate and industrial production index using the structural vector autoregression (SVAR) approach. The results of the investigation reveal that oil price shocks have significantly and negatively affected economic growth and industrial output. Furthermore, while the results show that oil price shocks have a significant positive effect on inflation, the effect is also positive on interest rate and exchange rate, but it is not significant. The results of impulse response function show a negative effect on output growth, it is positive on inflation, but mild and indeterminate on industrial production, interest rate and exchange rate. Based on findings in this study, the Renaissance theory and the Dutch Disease theories of economic growth apply to the Nigerian economy. The policy recommendations include the isolation of the country’s real sector from the vagaries of oil price volatility and the pursue of economic diversification to reduce the over-dependence on oil.
本研究考察了1980年至2018年期间石油价格冲击对尼日利亚经济宏观经济表现的影响。采用结构向量自回归(SVAR)方法研究了油价冲击对产出增长、通货膨胀、利率、汇率和工业生产指数等宏观经济变量的影响。调查结果显示,油价冲击对经济增长和工业产出产生了显著的负面影响。此外,虽然结果表明油价冲击对通货膨胀有显著的正向影响,但对利率和汇率的影响也为正,但并不显著。脉冲响应函数对产出增长的影响为负,对通货膨胀的影响为正,但对工业生产、利率和汇率的影响温和且不确定。根据本研究的发现,经济增长的文艺复兴理论和荷兰病理论适用于尼日利亚经济。政策建议包括使该国的实体部门不受石油价格波动的影响,并追求经济多样化,以减少对石油的过度依赖。
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引用次数: 3
ADOPTION OF VOLUNTARY GLOBAL GOVERNANCE INITIATIVES: EQUATOR PRINCIPLES AND BANKS IN NIGERIA 采用自愿全球治理举措:赤道原则与尼日利亚的银行
Pub Date : 2020-11-09 DOI: 10.22190/fueo200416016o
B. Oghojafor, S. A. Aduloju
Due to the growing level of dissatisfaction with the traditional models of governance established by the state, international governance initiatives have attracted more attention. This exploratory study is aimed at finding out the level of awareness and adoption of one such initiative, the Equator Principles (EPs), by banks in Nigeria. These principles were said to represent a good standard where environmental and social risks inherent in development projects can be identified, assessed and managed. The study was anchored on two theories: The club theory and the theory of institutional isomorphism. The survey data were gathered from 124 managers of the leading 10 deposit money banks in Nigeria. Data were analyzed using descriptive statistics presented in frequency tables and percentages. The findings show a high level of awareness of the EPs among the banks in Nigeria, but a low level of adoption. Although the study is limited by a small sample, it offers evidence that difficulties in measurability of benefits of adopting Equator Principles and lack of enforcements of sanctions for noncompliance seriously limit the number of financial institutions adopting the regime in Nigeria.
由于人们对国家建立的传统治理模式越来越不满,国际治理举措引起了更多关注。这项探索性研究旨在了解尼日利亚银行对赤道原则的认识和采用程度。据说,这些原则代表了一个良好的标准,可以识别、评估和管理发展项目中固有的环境和社会风险。本研究基于两种理论:俱乐部理论和制度同构理论。调查数据来自尼日利亚领先的10家存款银行的124名经理。使用频率表和百分比中的描述性统计数据对数据进行分析。调查结果显示,尼日利亚银行对EP的认识程度很高,但采用率很低。尽管这项研究受到小样本的限制,但它提供的证据表明,采用赤道原则的好处难以衡量,以及缺乏对违规行为的制裁,严重限制了尼日利亚采用该制度的金融机构的数量。
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引用次数: 1
SOCIAL AND ECONOMIC INCLUSION OF DISABLED INDIVIDUALS. A LITERATURE REVIEW 残疾人的社会和经济包容。文献综述
Pub Date : 2020-11-09 DOI: 10.22190/fueo200118020c
E. Caragiani
Considering the vulnerable groups’ economic, social and political life, the main aim of this research is to review the connection between the disabled individuals’ social and economic inclusion and the economic development. Different from other papers, I have pointed out the background dissimilarities of disabled people among EU member states. The methodological research consists in employing a review of existing literature into this field, in order to draw up an integrative and substantiated approach of the disabled people. The main results of the paper bring a comprehensive contribution for the continuous struggle to improve the life standards of disabled individuals. Thus, this paper represents the foremost foundation for further research, for deepening the macro-econometric endeavor, in order to support the disabled individuals’ social and economic inclusion, by reshaping the existing strategies and policies.
考虑到弱势群体的经济、社会和政治生活,本研究的主要目的是回顾残疾人的社会和经济包容性与经济发展之间的联系。与其他论文不同的是,我指出了欧盟成员国残疾人的背景差异。方法研究包括对该领域的现有文献进行回顾,以制定一种综合和实证的残疾人方法。论文的主要成果为不断提高残疾人生活水平做出了全面贡献。因此,本文为进一步研究、深化宏观经济计量努力、通过重塑现有战略和政策来支持残疾人的社会和经济包容性奠定了最重要的基础。
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引用次数: 0
ANALYSIS OF SOCIOECONOMIC STATUS, GENDER, AND ACADEMIC ACHIEVEMENTS TO STUDENT CAREER MATURITY 社会经济地位、性别和学业成就对学生职业成熟度的影响分析
Pub Date : 2020-11-09 DOI: 10.22190/fueo200408017g
M. Ghofur, Ady Soejoto, H. P. Pamungkas
Career maturity is defined as a person's ability to identify and prepare for a career choice. Career maturity will be necessary for students because as the level of career maturity increases, the achievement of their work will also increase. This study aims to determine the factors that influence student career maturity. The type of research used is correlational research with quantitative methods. Data were collected using a questionnaire method and data analysis techniques using multiple linear regression. The results of the regression analysis showed that gender variables influenced career maturity, while academic achievement and socioeconomic status do not have a significant influence on student career maturity.
职业成熟度被定义为一个人识别和准备职业选择的能力。职业成熟度对学生来说是必要的,因为随着职业成熟度的提高,他们的工作成就也会增加。本研究旨在探讨影响大学生职业成熟度的因素。所使用的研究类型是定量方法的相关研究。采用问卷调查法和多元线性回归数据分析技术收集数据。回归分析结果显示,性别变量影响职业成熟度,学业成绩和社会经济地位对学生职业成熟度的影响不显著。
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引用次数: 2
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Facta Universitatis Series Economics and Organization
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