Purpose. The main cause of distress in the majority of Nigerian banks is poor corporate governance in the country. Corporate governance (CG) is a contemporary subject attracting the consideration of the corporate world, practitioners, consultants, academia and society at large. As a result, this study explores the financial performance (FP) of money deposit banks (MDBs) in Nigeria as a result of corporate governance put in. It went on to investigate the impact of board size and composition, as well as the audit committee, on bank financial performance. Methodology. A descriptive design method was adopted, while secondary data in the form of yearly financial reports of banks selected for the study were obtained and relevant documents via electronic search of databases. Descriptive statistics were used in analyzing the data and an econometric model of panel least square (PLS) regression test was employed for the study. Findings and Implication. The findings affirmed that the correlation between size of board of directors and bank performance was significant, however negative. The results of the study show that the board of directors (BOD) composition significantly influences the FP of MDBs. The study results further reveal that the correlation between size of the audit committee (AC) and FP of MDBs is significant and also a negative one. As a result, based on the empirical findings of the study, it is concluded that CG has a statistically significant influence on the FP of Nigeria’s listed money deposit banks. Mechanisms such as the large size and composition of the board as well as the size of the audit committee encourage a negative impact on the FP. In line with the foregoing, the study recommended that an effort be made to improve CG, in the sense that the number of directors on board should be kept to a desirable level, and that the ratio of executive directors to non-executive directors, as well as the size of the audit committee, is kept at an optimal level.
{"title":"Corporate Governance and Financial Performance of Money Deposit Banks in Nigeria","authors":"B. B. Amole, I. Muo, K. Lawal","doi":"10.32728/RIC.2021.71/4","DOIUrl":"https://doi.org/10.32728/RIC.2021.71/4","url":null,"abstract":"Purpose. The main cause of distress in the majority of Nigerian banks is\u0000poor corporate governance in the country. Corporate governance (CG) is a\u0000contemporary subject attracting\u0000\u0000the consideration of the corporate world, practitioners, consultants, academia and society at large. As a result, this study explores the financial performance (FP) of money deposit banks (MDBs) in Nigeria as a\u0000result of corporate governance put in. It went on to investigate the impact of board size and composition, as well as the audit committee, on\u0000bank financial performance.\u0000\u0000Methodology. A descriptive design method was adopted, while secondary data in the form of yearly financial reports of banks selected for the study were obtained and relevant documents via electronic search of databases. Descriptive statistics were used in analyzing the data and an\u0000econometric model of panel least square (PLS) regression test was employed for the study.\u0000\u0000Findings and Implication. The findings affirmed that the correlation between size of board of directors and bank performance was significant,\u0000however negative. The results of the study show that the board of directors (BOD) composition significantly influences the FP of MDBs. The\u0000study results further reveal that the correlation between size of the audit committee (AC) and FP of MDBs is significant and also a negative one. As a result, based on the empirical findings of the study, it is concluded that CG has a statistically significant influence on the FP of\u0000Nigeria’s listed money deposit banks. Mechanisms such as the large size\u0000and composition of the board as well as the size of the audit committee\u0000encourage a negative impact on the FP. In line with the foregoing, the study recommended that an effort be made to improve CG, in the sense that the number of directors on board should be kept to a desirable level, and that the ratio of executive directors to non-executive directors, as well as the size of the audit committee, is kept at an optimal level.","PeriodicalId":32138,"journal":{"name":"Review of Innovation and Competitiveness","volume":"148 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86076644","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 Purpose. This research is to investigate the relationship between the variables of technological innovation, research and development costs, economic growth, sales and export of weapons and military costs in Iran for the years 2000 to 2017. Design/Methodology/Approach. In this study, we examine using Autoregressive Distributed Lag (ARDL) method to explore the estimating the impacts of technological innovation, research and development costs, economic growth, sales and export on military costs. Findings/Implications. The results of this study showed that the impact of technological innovation and research and development costs on military costs is negative in short-term and long-term. Although the effect that these two variables have on military spending in the short-term is very close, in long-term the effect that research and development costs have on military spending is far greater and more significant. Also, the impact of economic growth on Iran’s defense economy is much less than the variables of technological innovation and research and development costs. So that this effect will be less in long-term. But, the amount of arms sales and exports in the short-term has a positive effect on defense spending, but in long-term it becomes negative and increase in arms sales and exports can help Iran’s defense economy. Originality. The countries defense economy can always have positive effects on military and civilian research and development, scientific innovation and technological progress, in this condition that the country’s macroeconomics can spend military spending on research and development and support innovation and inventions. Eventually adopt arrangements that use the innovations of the defense industry in the civilian sector, which will lead to economic growth. This is the experience of many developed countries that have been able to use the technological advances and innovations of the military sector in the civilian sectors as well, and to cause the economic progress and development of their country.
{"title":"Impact of Technological Innovation, Research and Development on the Defense Economy - Iran Country","authors":"B. Khanalizadeh, Neda Ranjandish","doi":"10.32728/RIC.2021.71/3","DOIUrl":"https://doi.org/10.32728/RIC.2021.71/3","url":null,"abstract":"The Purpose. This research is to investigate the relationship between the variables of technological innovation, research and development costs, economic growth, sales and export of weapons and military costs in Iran for the years 2000 to 2017. Design/Methodology/Approach. In this\u0000study, we examine using Autoregressive Distributed Lag (ARDL) method to\u0000explore the estimating the impacts of technological innovation, research and development costs, economic growth, sales and export on military costs.\u0000\u0000Findings/Implications. The results of this study showed that the impact of technological innovation and research and development costs on military costs is negative in short-term and long-term. Although the effect that these two variables have on military spending in the short-term is very close, in long-term the effect that research and development costs have on military spending is far greater and more significant. Also, the impact of economic growth on Iran’s defense economy is much less than the variables of technological innovation and research and development costs. So that this effect will be less in long-term. But, the amount of arms sales and exports in the short-term has a positive effect on defense spending, but in long-term it becomes negative and increase in arms sales and exports can\u0000\u0000help Iran’s defense economy.\u0000\u0000Originality. The countries defense economy can always have positive effects on military and civilian research and development, scientific innovation and technological progress, in this condition that the country’s macroeconomics can spend military spending on research and development and support innovation and inventions. Eventually adopt arrangements that use the innovations of the defense industry in the civilian sector, which will lead to economic growth. This is the experience of many developed countries that have been able to use the technological advances and innovations of the military sector in the civilian sectors as well, and to cause the economic progress and development of their country.","PeriodicalId":32138,"journal":{"name":"Review of Innovation and Competitiveness","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90927829","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 analyzes the rapid onset of Robotic process automation (RPA) technologies in the Czech financial sector between 2015-2020. The development and experience from the “hype-and-fear” phase contributed to business process integration and technological spillovers are expected in the future. If ICT capabilities are the source of performance differences, then most likely candidates are inventory and finances business process integration and implemented Enterprise Resource Planning and Customer Relationship Management systems. The RPA should not be seen only as simple automation but as a complex instrument offering a lot of advantages with a focus on benefits for internal and external stakeholders. PURPOSE. The goal is to qualitatively analyze the experience with RPA implementation and quantitatively assess ICT capabilities via analysis of differences between various organizational ICT activities and types of companies in the Czech financial sector. DESIGN/METHODOLOGY/APPROACH. The qualitative case study was performed in the bank ČSOB, a.s. in 2019, respondents, owners of processes in the final part of automation, were chosen randomly from different departments of the bank. Data for the quantitative part comes from the ICT survey (Czech Statistical Office), business performance dataset (EMIS) and a case study about ICT capability implementation. Differences are assessed and indirectly interpreted using goodness-of-fit approach. FINDINGS AND IMPLICATIONS. The results from the RPA case study revealed that the Czech financial sector is past the “hype and fear” phase and many companies focused on their return on investment and are beginning to focus more on other stakeholders. According to this development, the requirements and outputs are suggested in the phases of RPA implementation. The possible source of rofitability performance differences are integrated business processes. LIMITATIONS. Financial sector data are anonymized in ICT surveys and the measurement of the competitive advantage of ICT capabilities is only indirect. Qualitative approach is suggested with focus on technological efficiency measurement using data envelopment approach. ORIGINALITY. This paper provides an understanding of the strong experience in RPA in Czech financial sector. Certain initial setbacks in RPA are expected and this paper suggest to focus on knowledge management (lessons learned) and other requirements influencing the successful RPA prototyping and implementation process.
{"title":"Information and Communication Technology Capabilities and Business Performance","authors":"Marek Vokoun, M. Zelenka","doi":"10.32728/ric.2021.71/5","DOIUrl":"https://doi.org/10.32728/ric.2021.71/5","url":null,"abstract":"This paper analyzes the rapid onset of Robotic process automation (RPA) technologies in the Czech financial sector between 2015-2020. The development and experience from the “hype-and-fear” phase contributed to business process integration and technological spillovers are expected in the future. If ICT capabilities are the source of performance differences, then most likely candidates are inventory and finances business process integration and implemented Enterprise Resource Planning and Customer Relationship Management systems. The RPA should not be seen only as simple automation but as a complex instrument offering a lot of advantages with a focus on benefits for internal and external stakeholders. PURPOSE. The goal is to qualitatively analyze the experience with RPA implementation and quantitatively assess ICT capabilities via analysis of differences between various organizational ICT activities and types of companies in the Czech financial sector. DESIGN/METHODOLOGY/APPROACH. The qualitative case study was performed in the bank ČSOB, a.s. in 2019, respondents, owners of processes in the final part of automation, were chosen randomly from different departments of the bank. Data for the quantitative part comes from the ICT survey (Czech Statistical Office), business performance dataset (EMIS) and a case study about ICT capability implementation. Differences are assessed and indirectly interpreted using goodness-of-fit approach. FINDINGS AND IMPLICATIONS. The results from the RPA case study revealed that the Czech financial sector is past the “hype and fear” phase and many companies focused on their return on investment and are beginning to focus more on other stakeholders. According to this development, the requirements and outputs are suggested in the phases of RPA implementation. The possible source of rofitability performance differences are integrated business processes. LIMITATIONS. Financial sector data are anonymized in ICT surveys and the measurement of the competitive advantage of ICT capabilities is only indirect. Qualitative approach is suggested with focus on technological efficiency measurement using data envelopment approach. ORIGINALITY. This paper provides an understanding of the strong experience in RPA in Czech financial sector. Certain initial setbacks in RPA are expected and this paper suggest to focus on knowledge management (lessons learned) and other requirements influencing the successful RPA prototyping and implementation process.","PeriodicalId":32138,"journal":{"name":"Review of Innovation and Competitiveness","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88387200","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}
A. Okwu, R. Obiakor, T. C. Obiwuru, Margret N Kabuoh, E. Akpa
Purpose. Comparable data on distribution of family income provide reference point for determining economic performance of any country, opportunity to assess effects of income inequality and poverty drivers that are either country- or region-specific. This study analysed the effectiveness of composite indices of public spending on family benefits, labour productivity, macroeconomic performance indicators and moderating factors in reducing income inequality and poverty gap in the Group of Seven (G7) countries from 1980 to 2019. Methodology. The study employed fixed effects Least Squares regression model in panel environment within the framework of empirical econometric methodologies. The composite indices comprised public spending on family benefits in cash and kind, unemployment allowance payments, tax on personal income, labour productivity, harmonised unemployment rate, consumer price index, real GDP growth rate, GDP per capita and per hour worked, fertility rate and trade. After graphical analysis of the data, order of integration was via unit root tests. Hausman test was carried out to choose between fixed and random effects models. Subsequently, parameters of the models were estimated and evaluated for significance at the 0.05 critical level. Findings. The results showed that percentage changes in income inequality and poverty gap indices differed for same percentage change in components of the composite indices. Some variable-specific percentage changes in income inequality and poverty gap were statistically significant, while others were not. However, the overall percentage changes was statistically significant. The paper concluded that while some specific effectiveness of the explanatory variables in reducing income inequality and poverty gap was not significant, their joint effectiveness significantly reduced poverty. Therefore, it is pertinent that family-oriented fiscal policy thrusts should be strengthened and sustained so as to continually reduce income inequality and, ultimately, narrow poverty gap in the countries. Limitations. The study considered the G7 countries for a period of 40 years. The limitations were that the variables considered to influence income inequality and poverty gap in the countries were both exhaustive. Also, the results were conditioned to the method used, and different methods can alternatively be used by other researchers and the results compared with this. Originality. The study is original research paper. It has neither been published in any other peer-reviewed journal not under consideration for publication by any other journal.
{"title":"Public family spending, labour productivity, income inequality and poverty gap in the group of seven countries","authors":"A. Okwu, R. Obiakor, T. C. Obiwuru, Margret N Kabuoh, E. Akpa","doi":"10.32728/ric.2020.61/3","DOIUrl":"https://doi.org/10.32728/ric.2020.61/3","url":null,"abstract":"Purpose. Comparable data on distribution of family income provide reference point for determining economic performance of any country, opportunity to assess effects of income inequality and poverty drivers that are either country- or region-specific. This study analysed the effectiveness of composite indices of public spending on family benefits, labour productivity, macroeconomic performance indicators and moderating factors in reducing income inequality and poverty gap in the Group of Seven (G7) countries from 1980 to 2019. \u0000\u0000Methodology. The study employed fixed effects Least Squares regression model in panel environment within the framework of empirical econometric\u0000methodologies. The composite indices comprised public spending on family benefits in cash and kind, unemployment allowance payments, tax on personal income, labour productivity, harmonised unemployment rate, consumer price index, real GDP growth rate, GDP per capita and per hour worked, fertility rate and trade. After graphical analysis of the data, order of integration was via unit root tests. Hausman test was carried out to choose between fixed and random effects models. Subsequently, parameters of the models were estimated and evaluated for significance at the 0.05 critical level. \u0000\u0000Findings. The results showed that percentage changes in income inequality and poverty gap indices differed for same percentage change in components of the composite indices. Some variable-specific percentage changes in income inequality and poverty gap were statistically significant, while others were not. However, the overall percentage changes was statistically significant. The paper concluded that while some specific effectiveness of the explanatory variables in reducing income inequality and poverty gap was not significant, their joint effectiveness significantly reduced poverty. Therefore, it is pertinent that family-oriented fiscal policy thrusts should be strengthened and sustained so as to continually reduce income inequality\u0000and, ultimately, narrow poverty gap in the countries.\u0000\u0000Limitations. The study considered the G7 countries for a period of 40 years. The limitations were that the variables considered to influence income inequality and poverty gap in the countries were both exhaustive.\u0000Also, the results were conditioned to the method used, and different methods can alternatively be used by other researchers and the results compared with this.\u0000\u0000Originality. The study is original research paper. It has neither been published in any other peer-reviewed journal not under consideration for\u0000publication by any other journal.","PeriodicalId":32138,"journal":{"name":"Review of Innovation and Competitiveness","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79580047","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}
A. Adedokun, Olabusuyi Rufus Falayi, A. M. Adeleke
Purpose. Despite the increasing trend of private savings in Nigeria, the country is still characterised by low investment and output growth, thus, suggesting that the average saving rate is still far from being impressive. This study investigates the determinants of private savings in Nigeria. Methodology. Autoregressive Distributed Lag (ARDL) Model using annual time series data from 1981 to 2016 within the theoretical framework derived from the life-cycle hypothesis is employed in this study. The key variables under investigation are private savings, income, dependency ratio, real interest rate, social security payment, financial development and macroeconomic stability. The data used for analysis are sourced from Central Bank of Nigeria Statistical Bulletin (2016) and World Development Indicator (2016). Findings. The results show that lifetime income and social security payment have significant positive relationship with private saving in the long-run, while adult dependency has significant negative relationship. In the short-run, adult dependency and social security payment have significant positive relationship with private savings. In addition, the result shows that 62% of deviation from the long-run equilibrium level of private savings is annually corrected for by the model estimated. Originality. This research investigates both the long-run and short-run effects of the various determinants of private savings in Nigeria. Thus, the study can serve as eye opener to the important variables that can improve the level of private savings in Nigeria.
{"title":"An autoregressive analysis of the determinants of private savings in Nigeria","authors":"A. Adedokun, Olabusuyi Rufus Falayi, A. M. Adeleke","doi":"10.32728/ric.2020.61/1","DOIUrl":"https://doi.org/10.32728/ric.2020.61/1","url":null,"abstract":"Purpose. Despite the increasing trend of private savings in Nigeria, the\u0000country is still characterised by low investment and output growth, thus, suggesting that the average saving rate is still far from being impressive. This study investigates the determinants of private savings in Nigeria.\u0000\u0000\u0000\u0000Methodology. Autoregressive Distributed Lag (ARDL) Model using annual time series data from 1981 to 2016 within the theoretical framework derived from the life-cycle hypothesis is employed in this study. The key variables under investigation are private savings, income, dependency ratio, real interest rate, social security payment, financial\u0000development and macroeconomic stability. The data used for analysis are\u0000sourced from Central Bank of Nigeria Statistical Bulletin (2016) and World Development Indicator (2016).\u0000\u0000\u0000\u0000Findings. The results show that lifetime income and social security payment have significant positive relationship with private saving in the long-run, while adult dependency has significant negative relationship. In the short-run, adult dependency and social security payment have significant positive relationship with private savings. In addition, the result shows that 62% of deviation from the long-run equilibrium level of private savings is annually corrected for by the model estimated.\u0000\u0000\u0000\u0000Originality. This research investigates both the long-run and short-run effects of the various determinants of private savings in Nigeria. Thus,\u0000the study can serve as eye opener to the important variables that can improve the level of private savings in Nigeria.","PeriodicalId":32138,"journal":{"name":"Review of Innovation and Competitiveness","volume":"253 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76807799","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}
Saleh Shahriar, L. Qian, S. Kea, Nazir Muhammad Abdullahi
Purpose. The purpose of this study is to trace the theoretical developments of the gravity model of trade. The key question is: what are the dominant features of the development of the gravity trade model? Methodology. This research is conducted by employing a number of methods that include the historical, descriptive and analytical methods. The main contribution of this paper is to trace the historical and theoretical development phases of the gravity model. Findings. This study is a novel attempt in terms of the identification of the four distinctive phases of the development of the gravity model. This work would, therefore, expand the existing literature on the gravity model. We argue that the development of the gravity model is the outcome of many research efforts. A large body of literature has given the model a solid theoretical foundation. But there is no consensus about the proper econometric estimation methods of the model. The gravity model is significant both historically and analytically. It is a useful tool for the analysis of international trade. It has become a popular research device used by the researchers and policy makers around the world. The gravity is regarded as one of the most successful models in the literature of international economics. Originality. The original contributions of this paper lie in streamlining the consistent historical development of the gravity model over a longer period of time-frame, ranging from 1885 to 2018. Limitations and Implications. This work is theoretical aspects of the trade gravity model. Future researchers could overcome the limitations by combining the theoretical and empirical studies in a paper. This paper can help the future researchers in dealing with the broad body of literature of gravity model. Acknowledement. This study was supported by the National Natural Science Foundation of China (grants No.71673223 & 71473197), and a PhD scholarship from the China Scholarship Council (CSC). The first author would like to thank the CSC for the financial support. He also acknowledges the invaluable research advice and guidance received from Dr. Yoto V. Yotov, professor at the School of Economics of the Lebow College of Business at Drexel University, Philadelphia, USA. The authors are highly grateful to the anonymous reviewers, managing editor, and the editor-in chief for their kind help and critical comments on the earlier drafts of the paper. However, the authors are responsible for the contents and limitations of the study. They declared no conflict of interests.
目的。本研究的目的是追溯贸易引力模型的理论发展。关键问题是:重力贸易模式发展的主要特征是什么?本研究采用了多种方法，包括历史方法、描述方法和分析方法。本文的主要贡献是追溯了引力模型的历史和理论发展阶段。这项研究在确定重力模型发展的四个不同阶段方面是一种新颖的尝试。因此，这项工作将扩展现有的重力模型文献。我们认为，引力模型的发展是许多研究努力的结果。大量文献为该模型提供了坚实的理论基础。但对该模型的计量估计方法尚未达成共识。引力模型在历史上和分析上都很重要。它是分析国际贸易的有用工具。它已经成为世界各地的研究人员和决策者使用的一种流行的研究工具。重力模型被认为是国际经济学文献中最成功的模型之一。本文的原始贡献在于简化了引力模型在更长的时间框架(1885年至2018年)内的一致性历史发展。限制和影响。本文的工作是理论方面的贸易引力模型。未来的研究人员可以通过将理论和实证研究结合在一篇论文中来克服这些局限性。本文可以帮助未来的研究人员在处理大量的重力模型文献时有所帮助。本研究得到国家自然科学基金(资助号:71673223 & 71473197)和中国国家留学基金委博士奖学金资助。第一作者感谢CSC的资金支持。他还感谢美国费城德雷塞尔大学勒博商学院经济学院教授Yoto V. Yotov博士提供的宝贵的研究建议和指导。作者非常感谢匿名审稿人、总编辑和总编辑对论文早期草稿的热心帮助和批评意见。然而，作者对研究的内容和局限性负责。他们宣称没有利益冲突。
{"title":"The gravity model of trade","authors":"Saleh Shahriar, L. Qian, S. Kea, Nazir Muhammad Abdullahi","doi":"10.32728/ric.2019.51/2","DOIUrl":"https://doi.org/10.32728/ric.2019.51/2","url":null,"abstract":"Purpose. The purpose of this study is to trace the theoretical developments of the gravity model of trade. The key question is: what are the dominant features of the development of the gravity trade model?\u0000\u0000Methodology. This research is conducted by employing a number of methods\u0000that include the historical, descriptive and analytical methods. The main contribution of this paper is to trace the historical and theoretical development phases of the gravity model.\u0000\u0000Findings. This study is a novel attempt in terms of the identification of the four distinctive phases of the development of the gravity model. This work would, therefore, expand the existing literature on the gravity model. We argue that the development of the gravity model is the\u0000outcome of many research efforts. A large body of literature has given the model a solid theoretical foundation. But there is no consensus about the proper econometric estimation methods of the model. The gravity model is significant both historically and analytically. It is a\u0000useful tool for the analysis of international trade. It has become a popular research device used by the researchers and policy makers around\u0000the world. The gravity is regarded as one of the most successful models\u0000in the literature of international economics.\u0000\u0000Originality. The original contributions of this paper lie in streamlining the consistent historical development of the gravity model over a longer period of time-frame, ranging from 1885 to 2018.\u0000\u0000Limitations and Implications. This work is theoretical aspects of the trade gravity model. Future researchers could overcome the limitations by combining the theoretical and empirical studies in a paper. This paper can help the future researchers in dealing with the broad body of literature of gravity model.\u0000\u0000Acknowledement. This study was supported by the National Natural Science\u0000Foundation of China (grants No.71673223 & 71473197), and a PhD scholarship from the China Scholarship Council (CSC). The first author would like to thank the CSC for the financial support. He also acknowledges the invaluable research advice and guidance received\u0000\u0000from Dr. Yoto V. Yotov, professor at the School of Economics of the Lebow College of Business at Drexel University, Philadelphia, USA. The authors are highly grateful to the anonymous reviewers, managing editor,\u0000and the editor-in chief for their kind help and critical comments\u0000\u0000on the earlier drafts of the paper. However, the authors are responsible\u0000for the contents and limitations of the study. They declared no conflict of interests.","PeriodicalId":32138,"journal":{"name":"Review of Innovation and Competitiveness","volume":"58 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86099697","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 Purpose. This study is to investigate factors affecting the attraction of international tourists to Iran for the years 1983 to 2015. Design/Methodology/Approach. In this article, we examine using Autoregressive Distributed Lag (ARDL) method to explore the estimating the impacts of economic growth, hotel development, real exchange rate on tourism industry. Findings/Implications. The results of this study showed that the effect of all variables hotel development, merchandise trade, real exchange rate and real gross domestic product on international tourism In Iran, in the long-term and short-term positive and also bilateral relationship is between them. Also, the greatest impact on the increase in the number of tourists entering Iran is the real effective exchange rate and real GDP and a very important point that the results of this research show is that the development of hotels can increase both the short and long term of the number of international tourism to Iran, so in this regard, the development of the necessary technologies to increase this industry should be It will be on the agenda of the private and public sector of Iran. Originality. Given the increasing number of international tourists and the growing role of the tourism industry in the economies of the country, identification of effective factors in attracting international tourists is more than necessary. Governments and the private sector need to identify the factors affecting the tourism industry in order to develop, compete and survive in the tourism industry.
{"title":"Exploring the effects of hotel development, economic growth and exchange rate on tourism industry","authors":"B. Khanalizadeh, Neda Ranjandish","doi":"10.32728/ric.2019.51/4","DOIUrl":"https://doi.org/10.32728/ric.2019.51/4","url":null,"abstract":"The Purpose. This study is to investigate factors affecting the attraction of international tourists to Iran for the years 1983 to 2015.\u0000\u0000\u0000\u0000Design/Methodology/Approach. In this article, we examine using Autoregressive Distributed Lag (ARDL) method to explore the estimating the impacts of economic growth, hotel development, real exchange rate on\u0000tourism industry.\u0000\u0000\u0000\u0000Findings/Implications. The results of this study showed that the effect of all variables hotel development, merchandise trade, real exchange rate and real gross domestic product on international tourism In Iran, in the long-term and short-term positive and also bilateral relationship\u0000is between them. Also, the greatest impact on the increase in the number of tourists entering Iran is the real effective exchange rate and\u0000real GDP and a very important point that the results of this research show is that the development of hotels can increase both the short and long term of the number of international tourism to Iran, so in this regard, the development of the necessary technologies to increase this industry should be It will be on the agenda of the private and public sector of Iran.\u0000\u0000\u0000\u0000Originality. Given the increasing number of international tourists and the growing role of the tourism industry in the economies of the country, identification of effective factors in attracting international\u0000tourists is more than necessary. Governments and the private sector need to identify the factors affecting the tourism industry in order to develop, compete and survive in the tourism industry.","PeriodicalId":32138,"journal":{"name":"Review of Innovation and Competitiveness","volume":"68 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79964298","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}
Purpose. The purpose of this study was to investigated the impact of commercial bank credits on agricultural output in Nigeria over the period 1980 to 2015 by setting three specific objectives which are to examine the trend of commercial bank credit and agricultural output in Nigeria; to investigate the effect of commercial bank credit on agricultural output in Nigeria and to investigate the effect of commercial bank credit on subsector of agriculture in Nigeria. The trend analysis and the impact of commercial bank credit on subsector of agriculture in Nigeria make this work unique and different from other studies in this area. Trend analysis was used to achieve the first objective and fully modified ordinary least square (OLS) for objective two and three. Methodology. The study employed Fully Modified Ordinary Least Squares (FMOLS) approach. Findings. It was evidenced that interest rate on commercial banks’ credit to agriculture and deposit money bank’s assets are statistically significant in determine agricultural output in Nigeria within the period considered. Also, commercial bank loan on agriculture and deposit money bank’s assets determine the output of crop production in Nigeria; commercial bank loan on agriculture and interest rate on commercial banks’ credit to agriculture determine the output of livestock production in Nigeria and commercial bank loan on agriculture and interest rate on commercial banks’ credit to agriculture determine the output of forestry in Nigeria while commercial bank loan on agriculture and interest rate on commercial banks’ credit to agriculture determine the output of fishing in Nigeria. Limitations. This study is limited because the study does not include other variables that determine the output of agricultural sector in Nigeria. Also, other theories and methods can still be used by other researcher to make it different from this work. Originality. This is an original work and has neither been published in any other peer-reviewed journal nor is under consideration for publication by any other journal.
{"title":"Impact of commercial bank credit on agricultural output in Nigeria","authors":"A. Oyelade","doi":"10.32728/ric.2019.51/1","DOIUrl":"https://doi.org/10.32728/ric.2019.51/1","url":null,"abstract":"Purpose. The purpose of this study was to investigated the impact of commercial bank credits on agricultural output in Nigeria over the period 1980 to 2015 by setting three specific objectives which are to examine the trend of commercial bank credit and agricultural output in Nigeria; to investigate the effect of commercial bank credit on agricultural output in Nigeria and to investigate the effect of commercial bank credit on subsector of agriculture in Nigeria. The trend\u0000analysis and the impact of commercial bank credit on subsector of agriculture in Nigeria make this work unique and different from other studies in this area. Trend analysis was used to achieve the first objective and fully modified ordinary least square (OLS) for objective two and three.\u0000\u0000Methodology. The study employed Fully Modified Ordinary Least Squares (FMOLS) approach. Findings. It was evidenced that interest rate on commercial banks’ credit to agriculture and deposit money bank’s assets are statistically significant in determine agricultural output in Nigeria within the period considered. Also, commercial bank loan on agriculture and deposit\u0000money bank’s assets determine the output of crop production in Nigeria;\u0000commercial bank loan on agriculture and interest rate on commercial banks’ credit to agriculture determine the output of livestock production in Nigeria and commercial bank loan on agriculture and interest rate on commercial banks’ credit to agriculture determine the output of forestry in Nigeria while commercial bank loan on agriculture and interest rate on commercial banks’ credit to agriculture determine the output of fishing in Nigeria. Limitations. This study is limited because the study does not include other variables that determine the output of agricultural sector in Nigeria. Also, other theories and methods can still be used by other researcher to make it different from this work.\u0000\u0000Originality. This is an original work and has neither been published in any other peer-reviewed journal nor is under consideration for publication by any other journal.","PeriodicalId":32138,"journal":{"name":"Review of Innovation and Competitiveness","volume":"91 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79512689","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}
PURPOSE. For the purpose of enforcing flexicurity, deregulation of national labor standards is necessary. The purpose of the paper is to analyze the basic components of flexicurity as well as its secondary components (demographic, social and industrial relations) for a better understanding of the representation of basic flexicurity components in the Republic of Croatia compared to the selected EU states. METHODOLOGY. The paper is illustrated in order to provide a methodology that allows for how many components of flexicurity are represented in the Croatian labor market in relation to selected European countries which grouped together by in groups according to common characteristics with respect to flexicurity. RESULTS. The research results show an unfavorable position of the Republic of Croatia in terms of flexicurity components compared to other researched countries. We have to point out that certain components show a minimal advancement. Therefore, Croatia would profit from a stronger social dialogue in order to balance the stated components. Croatia could implement flexicurity only under the condition of developing new solidary interest relations that will reflect not only the changed needs of the workers and employers as collective partners but also that of the unemployed. CONTRIBUTION. The paper deals with issues that are discussed not only at national level but also at EU level. The scientific contribution of the work derives from the extensive empirical (qualitative and quantitative) research. The paper contains a detailed analysis, appropriate scientific research methods and numerous current and secondary sources of foreign and domestic scientific literature. Work is important for the academic community, policy makers, experts, students of economics and management, as well as for the wider public interested in the labor market. It also provides important insight into further design and development of labor market policies in Croatia. LIMITATIONS. Limitations in the research were for some countries (such as for Croatia becoming a member of the European Union in 2013) because there was no uniform data for all the years of research needed. W hd a
{"title":"Ability to apply flexicurity in the Croatian labor market","authors":"Marija Bušelić","doi":"10.32728/RIC.2019.51/3","DOIUrl":"https://doi.org/10.32728/RIC.2019.51/3","url":null,"abstract":"PURPOSE. For the purpose of enforcing flexicurity, deregulation of national labor standards is necessary. The purpose of the paper is to analyze the basic components of flexicurity as well as its secondary components (demographic, social and industrial relations) for a better understanding of the representation of basic flexicurity components in the Republic of Croatia compared to the selected EU states. METHODOLOGY. The paper is illustrated in order to provide a methodology that allows for how many components of flexicurity are represented in the Croatian labor market in relation to selected European countries which grouped together by in groups according to common characteristics with respect to flexicurity. RESULTS. The research results show an unfavorable position of the Republic of Croatia in terms of flexicurity components compared to other researched countries. We have to point out that certain components show a minimal advancement. Therefore, Croatia would profit from a stronger social dialogue in order to balance the stated components. Croatia could implement flexicurity only under the condition of developing new solidary interest relations that will reflect not only the changed needs of the workers and employers as collective partners but also that of the unemployed. CONTRIBUTION. The paper deals with issues that are discussed not only at national level but also at EU level. The scientific contribution of the work derives from the extensive empirical (qualitative and quantitative) research. The paper contains a detailed analysis, appropriate scientific research methods and numerous current and secondary sources of foreign and domestic scientific literature. Work is important for the academic community, policy makers, experts, students of economics and management, as well as for the wider public interested in the labor market. It also provides important insight into further design and development of labor market policies in Croatia. LIMITATIONS. Limitations in the research were for some countries (such as for Croatia becoming a member of the European Union in 2013) because there was no uniform data for all the years of research needed. W hd a","PeriodicalId":32138,"journal":{"name":"Review of Innovation and Competitiveness","volume":"47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88395060","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 the paper is to analyse the model of public-private partnership in Varaždin County for the purpose of developing educational infrastructure and strengthening the pedagogical standard. Design. A public-private partnership stands for a joint activity of the public and private sectors in the production of public goods or the provision of public services, either at the central government level or at the local self-government unit. The need for public-private cooperation is more common at the local level because global trends such as decentralization bind the local self-government to search for effective responses on their responsibilities. Based on the theoretical background of public-private partnership and the analysis of the external environment of the public-private partnership model on the example of the Varaždin County in the field of education, key factors that influence the model of public-private partnerships have been identified. Moreover, the effects of such partnerships between the public and private sector have been identified too, as well as the weaknesses, opportunities, and threats in applying such a model at the local and regional level and in the education sector. Findings. In order to increase the efficiency of the country in the terms of publicprivate partnership, the benefits of a public-private partnership model should be recognized and the limitations should be reduced by providing the set of standards for the co-financing the model of public-private partnership for each sector separately (education sector, public transport, healthcare, environment, public order and safety, energy and etc.).
{"title":"PUBLIC-PRIVATE PARTNERSHIPS AS A MODEL FOR THE DEVELOPMENT OF EDUCATION INFRASTRUCTURE AND PEDAGOGICAL STANDARDS: THE CASE OF VARAŽDIN COUNTY, CROATIA","authors":"Ivona Huđek, D. Sinković","doi":"10.32728/RIC.2018.43/1","DOIUrl":"https://doi.org/10.32728/RIC.2018.43/1","url":null,"abstract":"The aim of the paper is to analyse the model of public-private partnership in Varaždin County for the purpose of developing educational infrastructure and strengthening the pedagogical standard. Design. A public-private partnership stands for a joint activity of the public and private sectors in the production of public goods or the provision of public services, either at the central government level or at the local self-government unit. The need for public-private cooperation is more common at the local level because global trends such as decentralization bind the local self-government to search for effective responses on their responsibilities. Based on the theoretical background of public-private partnership and the analysis of the external environment of the public-private partnership model on the example of the Varaždin County in the field of education, key factors that influence the model of public-private partnerships have been identified. Moreover, the effects of such partnerships between the public and private sector have been identified too, as well as the weaknesses, opportunities, and threats in applying such a model at the local and regional level and in the education sector. Findings. In order to increase the efficiency of the country in the terms of publicprivate partnership, the benefits of a public-private partnership model should be recognized and the limitations should be reduced by providing the set of standards for the co-financing the model of public-private partnership for each sector separately (education sector, public transport, healthcare, environment, public order and safety, energy and etc.).","PeriodicalId":32138,"journal":{"name":"Review of Innovation and Competitiveness","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83225502","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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