Ivana Đunđek Kokotec, S. Orsag, Marina Klačmer Čalopa
The goal of this research is to examine the involvement of institutional investors in the corporate governance of companies in their portfolio by analyzing characteristics of institutional investors with respect to the type of investment, investment time horizon, and degree of involvement in the process of managing a company. The paper will outline the attitudes of managers on the level of investors’ involvement in the governance process in order to identify determinants of investment decisions, decisions to take corrective actions to enhance corporate governance, or decisions to leave the ownership structure. A qualitative approach was chosen, consisting of a series of structural interviews with 25 fund managers of different types of institutional investors. The results indicate that institutional investors are involved in the corporate governance of their portfolio companies, and that control mechanisms they use include voting rights, direct communication with the management with the aim of discussing strategies for future development, and collaboration with other institutional investors in the ownership structure.
{"title":"The Role of Institutional Investors in Corporate Governance of Their Portfolio Companies – The Case of Croatia","authors":"Ivana Đunđek Kokotec, S. Orsag, Marina Klačmer Čalopa","doi":"10.15179/ces.23.2.4","DOIUrl":"https://doi.org/10.15179/ces.23.2.4","url":null,"abstract":"The goal of this research is to examine the involvement of institutional investors in the corporate governance of companies in their portfolio by analyzing characteristics of institutional investors with respect to the type of investment, investment time horizon, and degree of involvement in the process of managing a company. The paper will outline the attitudes of managers on the level of investors’ involvement in the governance process in order to identify determinants of investment decisions, decisions to take corrective actions to enhance corporate governance, or decisions to leave the ownership structure. A qualitative approach was chosen, consisting of a series of structural interviews with 25 fund managers of different types of institutional investors. The results indicate that institutional investors are involved in the corporate governance of their portfolio companies, and that control mechanisms they use include voting rights, direct communication with the management with the aim of discussing strategies for future development, and collaboration with other institutional investors in the ownership structure.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43932550","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 identifies and assesses the impact and effect of corporate governance (CG), as a good practice mechanism, as well as some specific financial indicators on the performance of the banking sector in Kosovo. The data used in the research are defined as secondary data that include nine (9) commercial banks and cover the period 2013–2020. The analysis applied to data processing is the dynamic approach through 2SLS estimation for the dependent variables ROA, ROE, and NIM. The results obtained at the end of the study show that all variables applied in this research, depending on the variable defined for evaluation, have a significant impact on the performance of the banking sector. The results also show that the most adequate measure for assessing a bank’s performance is the net interest margin (NIM). This research paves the way for debate and discussion on the governing structures of financial institutions and policymakers.
{"title":"Importance of Corporate Governance: Evidence from Kosovo’s Banking Sector","authors":"Esat Durguti, Nexhat Kryeziu","doi":"10.15179/ces.23.2.1","DOIUrl":"https://doi.org/10.15179/ces.23.2.1","url":null,"abstract":"This study identifies and assesses the impact and effect of corporate governance (CG), as a good practice mechanism, as well as some specific financial indicators on the performance of the banking sector in Kosovo. The data used in the research are defined as secondary data that include nine (9) commercial banks and cover the period 2013–2020. The analysis applied to data processing is the dynamic approach through 2SLS estimation for the dependent variables ROA, ROE, and NIM. The results obtained at the end of the study show that all variables applied in this research, depending on the variable defined for evaluation, have a significant impact on the performance of the banking sector. The results also show that the most adequate measure for assessing a bank’s performance is the net interest margin (NIM). This research paves the way for debate and discussion on the governing structures of financial institutions and policymakers.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45006108","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}
Accounting standards allow the application of two models for subsequent measurement of property, plant, and equipment, and those are the cost model and the revaluation model. The application of a certain model depends on the manager’s choice of accounting policy. The main goal of this paper is to investigate the application of the revaluation model for subsequent measurement of property, plant, and equipment in Croatian companies. Further goals are to examine how the fair value for revalued assets is determined, and what the level is of disclosed information about the determined fair value and the revaluation. The theoretical part of the paper analyzes different models for measurement of property, plant, and equipment, the issue of determining fair value, and disclosure requirements according to national and international accounting standards. The empirical part of the paper is conducted on 500 large and medium-sized Croatian companies from the service (utilities), production, and tourism sectors. Particular attention is placed on the notes to the financial statements of these companies. The research covers the period from 2014 to 2018. Collected data are analyzed by using descriptive statistics methods, point-biserial correlation, and Pearson correlation coefficient.
{"title":"Revaluation as a Model of Subsequent Measurement of Property, Plant, and Equipment – Case of Croatia","authors":"Mirjana Hladika, Damir Gulin, Ivana Bernat","doi":"10.15179/CES.23.1.3","DOIUrl":"https://doi.org/10.15179/CES.23.1.3","url":null,"abstract":"Accounting standards allow the application of two models for subsequent measurement of property, plant, and equipment, and those are the cost model and the revaluation model. The application of a certain model depends on the manager’s choice of accounting policy. The main goal of this paper is to investigate the application of the revaluation model for subsequent measurement of property, plant, and equipment in Croatian companies. Further goals are to examine how the fair value for revalued assets is determined, and what the level is of disclosed information about the determined fair value and the revaluation. The theoretical part of the paper analyzes different models for measurement of property, plant, and equipment, the issue of determining fair value, and disclosure requirements according to national and international accounting standards. The empirical part of the paper is conducted on 500 large and medium-sized Croatian companies from the service (utilities), production, and tourism sectors. Particular attention is placed on the notes to the financial statements of these companies. The research covers the period from 2014 to 2018. Collected data are analyzed by using descriptive statistics methods, point-biserial correlation, and Pearson correlation coefficient.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46948922","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}
Ševala Isaković-Kaplan, Herzegovina., Lejla Demirović, Mahir Proho, AS Holding
The objective of preparing and presenting financial statements is to provide information about the financial position and performance of an entity, which is useful to a wide range of users of financial statements for business decisions. If information presented in the financial statements is not full disclosure and/or is incorrect, the presented image of the business entity will be wrong, as well as business decisions made on the basis of such financial statements. Unfortunately, many entities knowingly manipulate revenues and expenses to manage earnings in a way that suits the entity management. Detecting frauds in financial statements is the primary task of forensic accountants. This paper analyzes the possibilities of applying Benford’s law in the forensic analysis of income statements of economic entities in Bosnia and Herzegovina, to detect possible earnings manipulation. The results of the research confirm that the positions of revenues and expenses in the income statements of economic entities in Bosnia and Herzegovina generally follow Benford’s law, but also stress the need to increase attention and conduct additional forensic investigations for certain items as indicators of financial statement manipulation.
{"title":"Benford’s Law in Forensic Analysis of Income Statements of Economic Entities in Bosnia and Herzegovina","authors":"Ševala Isaković-Kaplan, Herzegovina., Lejla Demirović, Mahir Proho, AS Holding","doi":"10.15179/CES.23.1.2","DOIUrl":"https://doi.org/10.15179/CES.23.1.2","url":null,"abstract":"The objective of preparing and presenting financial statements is to provide information about the financial position and performance of an entity, which is useful to a wide range of users of financial statements for business decisions. If information presented in the financial statements is not full disclosure and/or is incorrect, the presented image of the business entity will be wrong, as well as business decisions made on the basis of such financial statements. Unfortunately, many entities knowingly manipulate revenues and expenses to manage earnings in a way that suits the entity management. Detecting frauds in financial statements is the primary task of forensic accountants. This paper analyzes the possibilities of applying Benford’s law in the forensic analysis of income statements of economic entities in Bosnia and Herzegovina, to detect possible earnings manipulation. The results of the research confirm that the positions of revenues and expenses in the income statements of economic entities in Bosnia and Herzegovina generally follow Benford’s law, but also stress the need to increase attention and conduct additional forensic investigations for certain items as indicators of financial statement manipulation.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45931421","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}
Amra Gadžo, Herzegovina., Benina Veledar, S. Lalić
The paper aims to investigate the influencing factors for the choice of accounting specialization by students at ten public higher education institutions in Bosnia and Herzegovina (BiH). In addition to the above, the paper also explores the gender structure of the students, the type of secondary education, the time of making the decision to choose the field of accounting, and planned future training in accounting. The research sample consisted of 253 respondents, and data collection was performed by electronic survey through distance learning platforms. To identify the key factors in choosing to study accounting, we used the multivariate method of factor analysis of major components. The results of the research point to the existence of four key influencing factors in the selection of accounting specialization: achievement, job fulfillment, the influence of authorities in the field of science and profession, and the influence of parents and friends. Over 77 percent of the students are women, and the students have mostly completed general high schools (gymnasiums) or high schools of economics (92 percent). More than 98 percent of the students plan to continue their training in the field of accounting. The results of the research have practical use in terms of preparation and presentation of accounting policies at public higher education institutions in BiH, given that the reduced number of students has resulted in rival positions among different study areas. The results of the research can also be useful to professional groups in the field of accounting in terms of achieving their strategic goals.
{"title":"Identification of Key Factors for Selection of Accounting Specialization by Students at Public Higher Education Institutions in Bosnia and Herzegovina","authors":"Amra Gadžo, Herzegovina., Benina Veledar, S. Lalić","doi":"10.15179/CES.23.1.1","DOIUrl":"https://doi.org/10.15179/CES.23.1.1","url":null,"abstract":"The paper aims to investigate the influencing factors for the choice of accounting specialization by students at ten public higher education institutions in Bosnia and Herzegovina (BiH). In addition to the above, the paper also explores the gender structure of the students, the type of secondary education, the time of making the decision to choose the field of accounting, and planned future training in accounting. The research sample consisted of 253 respondents, and data collection was performed by electronic survey through distance learning platforms. To identify the key factors in choosing to study accounting, we used the multivariate method of factor analysis of major components. The results of the research point to the existence of four key influencing factors in the selection of accounting specialization: achievement, job fulfillment, the influence of authorities in the field of science and profession, and the influence of parents and friends. Over 77 percent of the students are women, and the students have mostly completed general high schools (gymnasiums) or high schools of economics (92 percent). More than 98 percent of the students plan to continue their training in the field of accounting. The results of the research have practical use in terms of preparation and presentation of accounting policies at public higher education institutions in BiH, given that the reduced number of students has resulted in rival positions among different study areas. The results of the research can also be useful to professional groups in the field of accounting in terms of achieving their strategic goals.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2021-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48784988","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 primary objective of the article is to examine the nexus between inflation, R&D, patents, and economic growth within a group of Central and Eastern European countries (CEECs). The examination is conducted in two parts. First, the impact of total R&D expenditures on economic growth is observed, as well as the influence of growth on private and public R&D investments. Second, the conversion from private and public R&D investment to innovation, measured by the number of patents, is observed. Throughout the analysis, economic growth and inflation are representative of macroeconomic stability. The outcomes of the panel auto-regressive distributed lag estimation indicate that total R&D expenditures are essential and positively significant for economic growth in the observed countries. The results also show that output growth has a remarkably positive impact on generating private R&D expenditures. Such an influence is also found, but at a weaker level, in the case of public R&D expenditures. In this part of the analysis, inflation has demonstrated a harmful influence on R&D expenditures. The results of the second part indicate that public and private R&D expenditures, at a significant level, generate innovation activities, while the impact of inflation has proven to be unimportant.
{"title":"Patterns of Interrelationships between Inflation, R&D, Innovation, and Economic Growth: Evidence from Central and Eastern European Countries","authors":"Ljubivoje Radonjic, Nevena Veselinović","doi":"10.15179/ces.22.2.1","DOIUrl":"https://doi.org/10.15179/ces.22.2.1","url":null,"abstract":"The primary objective of the article is to examine the nexus between inflation, R&D, patents, and economic growth within a group of Central and Eastern European countries (CEECs). The examination is conducted in two parts. First, the impact of total R&D expenditures on economic growth is observed, as well as the influence of growth on private and public R&D investments. Second, the conversion from private and public R&D investment to innovation, measured by the number of patents, is observed. Throughout the analysis, economic growth and inflation are representative of macroeconomic stability. The outcomes of the panel auto-regressive distributed lag estimation indicate that total R&D expenditures are essential and positively significant for economic growth in the observed countries. The results also show that output growth has a remarkably positive impact on generating private R&D expenditures. Such an influence is also found, but at a weaker level, in the case of public R&D expenditures. In this part of the analysis, inflation has demonstrated a harmful influence on R&D expenditures. The results of the second part indicate that public and private R&D expenditures, at a significant level, generate innovation activities, while the impact of inflation has proven to be unimportant.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"1 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2020-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42900728","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 paper specifies a simple search and matching model of the labor market and studies how well the model can describe aggregate Croatian labor market dynamics. The model developed is a discrete-time search and matching model with convex vacancy posting costs and two types of shocks: productivity and separation shocks. The model is estimated on unemployment and vacancy data during the period from 2012 to 2020 by using Bayesian methods. The model fits the data well and the estimation shows that productivity shocks are the main driving force of the fluctuations in the labor market, especially for the case of vacancies and output, while the separation shock process accounts for a large percentage of unemployment fluctuations.
{"title":"An Estimated Search and Matching Model of the Croatian Labor Market: Post-crisis Analysis","authors":"J. Rkman","doi":"10.15179/ces.22.2.2","DOIUrl":"https://doi.org/10.15179/ces.22.2.2","url":null,"abstract":"The paper specifies a simple search and matching model of the labor market and studies how well the model can describe aggregate Croatian labor market dynamics. The model developed is a discrete-time search and matching model with convex vacancy posting costs and two types of shocks: productivity and separation shocks. The model is estimated on unemployment and vacancy data during the period from 2012 to 2020 by using Bayesian methods. The model fits the data well and the estimation shows that productivity shocks are the main driving force of the fluctuations in the labor market, especially for the case of vacancies and output, while the separation shock process accounts for a large percentage of unemployment fluctuations.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2020-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46356827","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 study aims to empirically explore the dependence of savings behavior on demographic changes in the context of the life cycle hypothesis (LCH) in a sample of 18 European transition and post transition countries. The empirical methodology is based on a multifactor modeling approach. The research estimates heterogeneous panel data models by employing three different heterogeneous coefficient estimators: mean group (MG) estimator, common correlated effects mean group (CCEMG) estimator, and augmented mean group (AMG) estimator. The findings demonstrate that the LCH is confirmed in the case of European post-transition countries and rejected as inappropriate in European transition countries due to inconsistency of regression coefficients (age dependency, unemployment rate, urbanization, and health expenditure). The models and their findings presented in this study can be used in policymaking to predict dynamic interactions and variations among selected demographic variables in the determination of savings behavior.
{"title":"A Re-examination of the Validity of the Life Cycle Hypothesis (LCH): Evidence from Emerging Europe","authors":"M. Ganić, Agim Mamuti","doi":"10.15179/ces.22.2.3","DOIUrl":"https://doi.org/10.15179/ces.22.2.3","url":null,"abstract":"The study aims to empirically explore the dependence of savings behavior on demographic changes in the context of the life cycle hypothesis (LCH) in a sample of 18 European transition and post transition countries. The empirical methodology is based on a multifactor modeling approach. The research estimates heterogeneous panel data models by employing three different heterogeneous coefficient estimators: mean group (MG) estimator, common correlated effects mean group (CCEMG) estimator, and augmented mean group (AMG) estimator. The findings demonstrate that the LCH is confirmed in the case of European post-transition countries and rejected as inappropriate in European transition countries due to inconsistency of regression coefficients (age dependency, unemployment rate, urbanization, and health expenditure). The models and their findings presented in this study can be used in policymaking to predict dynamic interactions and variations among selected demographic variables in the determination of savings behavior.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2020-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/ces.22.2.3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47357450","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}
Considering the importance of the petrochemical industry as one of the strategic sectors in the eurozone economy, this study aims to evaluate the relationship between exchange rate fluctuations and stock market prices in the eurozone petrochemical industry. This paper applies Jorion’s model and panel regression framework to monthly data spanning from 2002 to 2018. Panel regressions were estimated for three periods: the whole sample, the period before the financial crisis, and the period after the crisis. These divisions allowed for the testing of the persistence of exchange rate exposure in the petrochemical sector over time. This paper provides evidence of the magnitude of the impact of exchange rate shocks. Additionally, this paper shows that the petrochemical sector of the eurozone was exposed to significant exchange rate risk at the 1 percent level during the whole sample period and that this exposure was still present even after we split the test period into the precrisis and postcrisis datasets. However, foreign exchange rate exposure increased after the start of the financial crisis in 2008. The negative coefficient of the variable representing exposure suggests that the depreciation of the euro was followed by an increase in the stock returns of the petrochemical companies in the eurozone.
{"title":"A Study of the Effects of Exchange Rates on the Stock Companies in the Petrochemical Industry of the Eurozone","authors":"J. Šimáková","doi":"10.15179/ces.22.1.4","DOIUrl":"https://doi.org/10.15179/ces.22.1.4","url":null,"abstract":"Considering the importance of the petrochemical industry as one of the strategic sectors in the eurozone economy, this study aims to evaluate the relationship between exchange rate fluctuations and stock market prices in the eurozone petrochemical industry. This paper applies Jorion’s model and panel regression framework to monthly data spanning from 2002 to 2018. Panel regressions were estimated for three periods: the whole sample, the period before the financial crisis, and the period after the crisis. These divisions allowed for the testing of the persistence of exchange rate exposure in the petrochemical sector over time. This paper provides evidence of the magnitude of the impact of exchange rate shocks. Additionally, this paper shows that the petrochemical sector of the eurozone was exposed to significant exchange rate risk at the 1 percent level during the whole sample period and that this exposure was still present even after we split the test period into the precrisis and postcrisis datasets. However, foreign exchange rate exposure increased after the start of the financial crisis in 2008. The negative coefficient of the variable representing exposure suggests that the depreciation of the euro was followed by an increase in the stock returns of the petrochemical companies in the eurozone.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2020-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/ces.22.1.4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46406041","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 paper aims to enhance the discussion about foreign direct investment (FDI) attractiveness of Central, Eastern, and Southeastern European (CESEE) countries, by focusing on those location determinants of FDI which fall within the scope of public policy. First, we summarize the literature on location advantages. Second, some general trends in FDI inflows to the CESEE region are outlined. Third, based on data for 15 CESEE countries in 2013 and 2017, we build a composite index, which allows us to rank countries in terms of their FDI attractiveness, as well as its most important policy-related dimensions, such as institutional framework, infrastructure endowment, labor force quality, and cost competitiveness. In addition to allowing comparison between economies across these dimensions, the Svilena Mihaylova University of Economics – Varna, Bulgaria s.mihaylova@ue-varna.bg CroEconSur Vol. 22 No. 1 June 2020 pp. 65-101 Received: December 13, 2019 Accepted: May 5, 2020 Research Article doi:10.15179/ces.22.1.3
本文旨在加强对中欧、东欧和东南欧(CESEE)国家外国直接投资(FDI)吸引力的讨论，重点关注那些属于公共政策范围的外商直接投资的区位决定因素。首先，我们对区位优势的相关文献进行了综述。第二，概述了流入CESEE区域的外国直接投资的一些一般趋势。第三，基于15个CESEE国家2013年和2017年的数据，我们构建了一个综合指数，该指数使我们能够根据各国的FDI吸引力以及最重要的政策相关维度(如制度框架、基础设施禀赋、劳动力素质和成本竞争力)对各国进行排名。除了允许在这些维度上对经济体进行比较之外，保加利亚瓦尔纳斯维莱娜米哈伊洛娃经济大学s.mihaylova@ue-varna.bg CroEconSur Vol. 22 No. 1 June 2020 pp. 65-101收稿日期:2019年12月13日收稿日期:2020年5月5日研究文章doi:10.15179/ces.22.1.3
{"title":"Foreign Direct Investment Attractiveness of Central, Eastern, and Southeastern European Countries: The Importance of Policy-Related Location Advantages","authors":"S. Mihaylova","doi":"10.15179/ces.22.1.3","DOIUrl":"https://doi.org/10.15179/ces.22.1.3","url":null,"abstract":"The paper aims to enhance the discussion about foreign direct investment (FDI) attractiveness of Central, Eastern, and Southeastern European (CESEE) countries, by focusing on those location determinants of FDI which fall within the scope of public policy. First, we summarize the literature on location advantages. Second, some general trends in FDI inflows to the CESEE region are outlined. Third, based on data for 15 CESEE countries in 2013 and 2017, we build a composite index, which allows us to rank countries in terms of their FDI attractiveness, as well as its most important policy-related dimensions, such as institutional framework, infrastructure endowment, labor force quality, and cost competitiveness. In addition to allowing comparison between economies across these dimensions, the Svilena Mihaylova University of Economics – Varna, Bulgaria s.mihaylova@ue-varna.bg CroEconSur Vol. 22 No. 1 June 2020 pp. 65-101 Received: December 13, 2019 Accepted: May 5, 2020 Research Article doi:10.15179/ces.22.1.3","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"22 1","pages":"65-101"},"PeriodicalIF":0.4,"publicationDate":"2020-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/ces.22.1.3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48820387","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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