Pub Date : 2021-01-01DOI: 10.52950/es.2021.10.1.001
Vasif Abioglu, M. Hasanov
This study investigates the validity of the long-run PPP hypothesis for 60 economies using trade-weighted REER indices for the period 1994:01-2020:04. In addition to conventional tests, we also apply a battery of new unit root tests that allow for structural breaks and nonlinear adjustment. Our results suggest that test procedures that allow for both a structural break in the deterministic components of the series and nonlinearities in the adjustment towards equilibrium lead to a more frequent rejection of the unit root null hypothesis. In particular, after allowing for a temporary structural break in the series along with nonlinear adjustment towards the gradually changing equilibrium, we were able to reject the null hypothesis of unit root for all countries, thus providing some support for the PPP hypothesis.
{"title":"EMPIRICAL INVESTIGATION OF LONG RUN PPP HYPOTHESIS: THE CASE OF TEMPORARY STRUCTURAL BREAK AND ASYMMETRIC ADJUSTMENT","authors":"Vasif Abioglu, M. Hasanov","doi":"10.52950/es.2021.10.1.001","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.001","url":null,"abstract":"This study investigates the validity of the long-run PPP hypothesis for 60 economies using trade-weighted REER indices for the period 1994:01-2020:04. In addition to conventional tests, we also apply a battery of new unit root tests that allow for structural breaks and nonlinear adjustment. Our results suggest that test procedures that allow for both a structural break in the deterministic components of the series and nonlinearities in the adjustment towards equilibrium lead to a more frequent rejection of the unit root null hypothesis. In particular, after allowing for a temporary structural break in the series along with nonlinear adjustment towards the gradually changing equilibrium, we were able to reject the null hypothesis of unit root for all countries, thus providing some support for the PPP hypothesis.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166420","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}
Pub Date : 2021-01-01DOI: 10.52950/es.2021.10.1.002
B. Albassam
Managing public debt efficiently and effectively requires good management of public finances and a high quality of performance by financial and non-financial institutions in a given country. Likewise, the quality of a nation?s economic and financial plans is an essential element in making the most of public debt and reducing the economic risk of default. This paper analyzes the levels of efficiency and effectiveness of public debt management in Saudi Arabia from 1991 to 2019 by looking at the relationship among the following variables: oil and non-oil revenues out of the total revenues, the current and capital expenditures of total expenditures, the ratio of deficit/surplus to GDP, and the general government?s gross debt percentage of GDP. The outcome of the study suggests that the current system of managing the state?s financial affairs and public debt might be not suitable for achieving the goals of the Saudi strategic plans. Therefore, the study calls for economic and financial policies to be developed to include all elements that affect the economy (e.g., governmental performance). The study also calls for the adoption of a long-term fiscal policy that does not change as state revenues increase and for the support of the implementation of the principles of good governance in the public finance system (e.g., strengthening public participation in the process of making the public budget and supporting the independence of the financial supervision agencies).
{"title":"MANAGING PUBLIC DEBT: THE CASE OF SAUDI ARABIA","authors":"B. Albassam","doi":"10.52950/es.2021.10.1.002","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.002","url":null,"abstract":"Managing public debt efficiently and effectively requires good management of public finances and a high quality of performance by financial and non-financial institutions in a given country. Likewise, the quality of a nation?s economic and financial plans is an essential element in making the most of public debt and reducing the economic risk of default. This paper analyzes the levels of efficiency and effectiveness of public debt management in Saudi Arabia from 1991 to 2019 by looking at the relationship among the following variables: oil and non-oil revenues out of the total revenues, the current and capital expenditures of total expenditures, the ratio of deficit/surplus to GDP, and the general government?s gross debt percentage of GDP. The outcome of the study suggests that the current system of managing the state?s financial affairs and public debt might be not suitable for achieving the goals of the Saudi strategic plans. Therefore, the study calls for economic and financial policies to be developed to include all elements that affect the economy (e.g., governmental performance). The study also calls for the adoption of a long-term fiscal policy that does not change as state revenues increase and for the support of the implementation of the principles of good governance in the public finance system (e.g., strengthening public participation in the process of making the public budget and supporting the independence of the financial supervision agencies).","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166054","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}
Pub Date : 2021-01-01DOI: 10.52950/es.2021.10.1.005
Leena Neethu, A. P. Helan
While considering employment migration around the world, the role of India cannot be unforgettable. Among the states in India, Kerala stands first in employment migration. Owing to the high literacy rate, migration from Kerala has become a natural phenomenon. Among those migrating to foreign countries in search of better employment and income, migration to the Gulf countries is more convenient and accessible to the general public. The migration does not necessarily have to be in favor of the immigrants at all times. They have to often work in adverse conditions and survive in crisis situations. Such adverse situations and crises lead the expatriates to ill health. This study seeks to analyse the health of expatriates who have returned to Kerala after a long stay in the Gulf. Using the multi-stage sampling technique, a comparative study was done to find the health condition between the return migrants and non-migrants in the homeland. The study found that expatriates, who had spent more years in exile, were more likely to have health problems when compared to non-migrants.
{"title":"THE HEALTH ISSUES AND PROBLEMS FACED BY RETURNEES FROM GULF COUNTRIES IN KERALA","authors":"Leena Neethu, A. P. Helan","doi":"10.52950/es.2021.10.1.005","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.005","url":null,"abstract":"While considering employment migration around the world, the role of India cannot be unforgettable. Among the states in India, Kerala stands first in employment migration. Owing to the high literacy rate, migration from Kerala has become a natural phenomenon. Among those migrating to foreign countries in search of better employment and income, migration to the Gulf countries is more convenient and accessible to the general public. The migration does not necessarily have to be in favor of the immigrants at all times. They have to often work in adverse conditions and survive in crisis situations. Such adverse situations and crises lead the expatriates to ill health. This study seeks to analyse the health of expatriates who have returned to Kerala after a long stay in the Gulf. Using the multi-stage sampling technique, a comparative study was done to find the health condition between the return migrants and non-migrants in the homeland. The study found that expatriates, who had spent more years in exile, were more likely to have health problems when compared to non-migrants.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166313","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}
Pub Date : 2021-01-01DOI: 10.52950/es.2021.10.1.008
Anca Tamaș
: Purpose – The aim of this paper is to find out the macro determinants of the Romanian pharmaceutical imports and exports from 2001 to 2018. Design / Methodology / Approach – A gravity model and a panel data were used, the software was EViews 10. The data were collected from the World Bank and the International Trade Centre databases. Findings – The gravity model had a high explanatory power for the Romanian pharmaceutical imports and exports. The market size, the health expenditures of the partner countries, sharing a common border, the EU membership, as well as the former CMEA (Council for Mutual Economic Assistance), have a positive impact on import and export flows, while the geographical distance and the economic distance have a negative impact on the Romanian pharmaceutical trade. Practical implications – The profile of the major suppliers for the Romanian pharmaceutical imports and the profile of the major receiving countries for the Romanian pharmaceutical exports were realized. Originality / Value – The paper offers a valuable insight into the Romanian pharmaceutical trade. The major macro determinants for the Romanian pharmaceutical imports are the share of the pharmaceutical exports in all exports and the export market penetration index for the partner country. The major macro determinants of the Romanian pharmaceutical exports are the share of pharmaceutical imports in all imports and the trade openness for the partner country. Limitations – The paper addresses only the macro determinants of the Romanian pharmaceutical trade flows, therefore further research for the micro determinants is needed.
{"title":"THE MACRO DETERMINANTS OF THE ROMANIAN PHARMACEUTICAL IMPORTS AND EXPORTS IN 2001-2018 PERIOD USING THE GRAVITY MODEL","authors":"Anca Tamaș","doi":"10.52950/es.2021.10.1.008","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.008","url":null,"abstract":": Purpose – The aim of this paper is to find out the macro determinants of the Romanian pharmaceutical imports and exports from 2001 to 2018. Design / Methodology / Approach – A gravity model and a panel data were used, the software was EViews 10. The data were collected from the World Bank and the International Trade Centre databases. Findings – The gravity model had a high explanatory power for the Romanian pharmaceutical imports and exports. The market size, the health expenditures of the partner countries, sharing a common border, the EU membership, as well as the former CMEA (Council for Mutual Economic Assistance), have a positive impact on import and export flows, while the geographical distance and the economic distance have a negative impact on the Romanian pharmaceutical trade. Practical implications – The profile of the major suppliers for the Romanian pharmaceutical imports and the profile of the major receiving countries for the Romanian pharmaceutical exports were realized. Originality / Value – The paper offers a valuable insight into the Romanian pharmaceutical trade. The major macro determinants for the Romanian pharmaceutical imports are the share of the pharmaceutical exports in all exports and the export market penetration index for the partner country. The major macro determinants of the Romanian pharmaceutical exports are the share of pharmaceutical imports in all imports and the trade openness for the partner country. Limitations – The paper addresses only the macro determinants of the Romanian pharmaceutical trade flows, therefore further research for the micro determinants is needed.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166923","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}
Pub Date : 2021-01-01DOI: 10.52950/es.2021.10.1.006
Ivana Ninčević Pašalić, I. Pavić
: The objective of this exploratory study was to investigate the present market concentration in the personal computer (PC) industry and compare it with the trends in other manufacturing industries. PC industry specific is that it operates on a global market. The results of the study show that the PC industry is increasingly concentrating. The market power of companies in the PC industry is growing due to merger and acquisition processes and the inability of some companies to maintain large economies of scale. Values of CR4 and HHI indicators for period from 2018-2020 indicate the oligopolistic structure of the PC market. However, due to technological innovations in PC and other competitive industries such as smartphone and tablet industries, PC vendors have less market power than manufacturers in other more stable oligopolistic industries. Moreover, comparison in concentration trends between the global PC industry and U.S. manufacturing industries points to differences in market concentration. Although the number of businesses in both industries is declining, market concentration trends differ as the PC industry shows a constant ascending trajectory of market concentration. Globalization processes that increase concentration and market power in industries characterized by large economies of scale are discussed as well, along with the results of the examination of relationships between market concentration rates and companies’ financials.
{"title":"MARKET CONCENTRATION IN THE PERSONAL COMPUTER INDUSTRY","authors":"Ivana Ninčević Pašalić, I. Pavić","doi":"10.52950/es.2021.10.1.006","DOIUrl":"https://doi.org/10.52950/es.2021.10.1.006","url":null,"abstract":": The objective of this exploratory study was to investigate the present market concentration in the personal computer (PC) industry and compare it with the trends in other manufacturing industries. PC industry specific is that it operates on a global market. The results of the study show that the PC industry is increasingly concentrating. The market power of companies in the PC industry is growing due to merger and acquisition processes and the inability of some companies to maintain large economies of scale. Values of CR4 and HHI indicators for period from 2018-2020 indicate the oligopolistic structure of the PC market. However, due to technological innovations in PC and other competitive industries such as smartphone and tablet industries, PC vendors have less market power than manufacturers in other more stable oligopolistic industries. Moreover, comparison in concentration trends between the global PC industry and U.S. manufacturing industries points to differences in market concentration. Although the number of businesses in both industries is declining, market concentration trends differ as the PC industry shows a constant ascending trajectory of market concentration. Globalization processes that increase concentration and market power in industries characterized by large economies of scale are discussed as well, along with the results of the examination of relationships between market concentration rates and companies’ financials.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71166041","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}
Pub Date : 2020-01-01DOI: 10.20472/IAC.2018.041.006
Mihovil Anđelinović, A. Pavković, Livija Valentić
This paper examines the performance of equity funds relative to the diversification of their portfolios. The main objective of the research is to determine how the allocation of investment in individual sectors affects the yield of equity funds in the Republic of Croatia. Six equity funds which were selected, invested more than 50% of their assets in sectors in the Republic of Croatia. An unbalanced dynamic panel model is estimated for the period from January 2012 to August 2017. Investing in tourism and industry has proved to be the most significant investment and it has a positive effect on the fund yields, whereas significant negative impact has been discovered in consumer goods, funds and conglomerates and the state sector. The macroeconomic environment was studied in order to put the conclusions of econometric analysis into the actual context. The conducted empirical analysis suggests that portfolio managers should pay more attention to macroeconomic conditions and trends in economic sectors if they want to achieve higher returns.
{"title":"EQUITY FUND PERFORMANCE AND SECTOR DIVERSIFICATION","authors":"Mihovil Anđelinović, A. Pavković, Livija Valentić","doi":"10.20472/IAC.2018.041.006","DOIUrl":"https://doi.org/10.20472/IAC.2018.041.006","url":null,"abstract":"This paper examines the performance of equity funds relative to the diversification of their portfolios. The main objective of the research is to determine how the allocation of investment in individual sectors affects the yield of equity funds in the Republic of Croatia. Six equity funds which were selected, invested more than 50% of their assets in sectors in the Republic of Croatia. An unbalanced dynamic panel model is estimated for the period from January 2012 to August 2017. Investing in tourism and industry has proved to be the most significant investment and it has a positive effect on the fund yields, whereas significant negative impact has been discovered in consumer goods, funds and conglomerates and the state sector. The macroeconomic environment was studied in order to put the conclusions of econometric analysis into the actual context. The conducted empirical analysis suggests that portfolio managers should pay more attention to macroeconomic conditions and trends in economic sectors if they want to achieve higher returns.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67598884","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}
Pub Date : 2020-01-01DOI: 10.20472/iac.2018.935.003
Hazar Altinbaş
This paper examines co-movements and interrelationships among 6 emerging and 5 developed stock market returns between period 2001- 2017. First, principal components are extracted from returns. Results show that, for the period analyzed, there is no strong global stock market integration and there isn't any change in patterns of correlations of returns except short-term disturbances in global financial crisis time. Second, partial least squares regression models are used for predicting each stock market returns with other stock markets' current and all markets' up to three month lagged returns. Results identify divergence between developed and emerging markets and greater number of latent transmission channels among former ones. Findings indicate a strong integrity among global stock markets is not yet appeared and considered together with previous studies, today's international market structure can be attributed to last two decades of 20th century. China stock market has a disparate position than all other stock markets and deserves further interest.
{"title":"EXAMINING TIME-VARYING INTEGRITY AND INTERRELATIONSHIPS AMONG GLOBAL STOCK MARKETS","authors":"Hazar Altinbaş","doi":"10.20472/iac.2018.935.003","DOIUrl":"https://doi.org/10.20472/iac.2018.935.003","url":null,"abstract":"This paper examines co-movements and interrelationships among 6 emerging and 5 developed stock market returns between period 2001- 2017. First, principal components are extracted from returns. Results show that, for the period analyzed, there is no strong global stock market integration and there isn't any change in patterns of correlations of returns except short-term disturbances in global financial crisis time. Second, partial least squares regression models are used for predicting each stock market returns with other stock markets' current and all markets' up to three month lagged returns. Results identify divergence between developed and emerging markets and greater number of latent transmission channels among former ones. Findings indicate a strong integrity among global stock markets is not yet appeared and considered together with previous studies, today's international market structure can be attributed to last two decades of 20th century. China stock market has a disparate position than all other stock markets and deserves further interest.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67599506","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}
Pub Date : 2020-01-01DOI: 10.20472/es.2020.9.1.006
A. Grześkowiak
The purpose of this paper is to examine differences in earnings in Poland with respect to the level of soft skills. The study is based on data from a nationwide survey on human capital carried out in 2014. Eight types of soft skills are taken into consideration: entrepreneurship and showing initiative, resistance to stress, cooperation in a group, communicativeness, ability to resolve conflicts, coordination of the work of other employees, creativity and continuous learning of new things. Distributions of earnings corresponding to groups of individuals declaring low, medium and high soft skills are compared by statistical methods, namely by kernel estimation, one-way ANOVA on ranks and relative distributions. The analysis leads to the conclusion that earnings distributions vary substantially with regard to the level of soft skills. The biggest differences concern such skills as entrepreneurship and showing initiative, coordination of the work of other employees and creativity. This paper contributes to the knowledge about the associations between soft skills level and earnings.
{"title":"SOFT SKILLS AND EARNINGS: EVIDENCE FROM A NATIONWIDE SURVEY IN POLAND","authors":"A. Grześkowiak","doi":"10.20472/es.2020.9.1.006","DOIUrl":"https://doi.org/10.20472/es.2020.9.1.006","url":null,"abstract":"The purpose of this paper is to examine differences in earnings in Poland with respect to the level of soft skills. The study is based on data from a nationwide survey on human capital carried out in 2014. Eight types of soft skills are taken into consideration: entrepreneurship and showing initiative, resistance to stress, cooperation in a group, communicativeness, ability to resolve conflicts, coordination of the work of other employees, creativity and continuous learning of new things. Distributions of earnings corresponding to groups of individuals declaring low, medium and high soft skills are compared by statistical methods, namely by kernel estimation, one-way ANOVA on ranks and relative distributions. The analysis leads to the conclusion that earnings distributions vary substantially with regard to the level of soft skills. The biggest differences concern such skills as entrepreneurship and showing initiative, coordination of the work of other employees and creativity. This paper contributes to the knowledge about the associations between soft skills level and earnings.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67599145","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}
Pub Date : 2020-01-01DOI: 10.20472/es.2020.9.2.005
D. Santos, P. Gama
: Which firms are more likely to time the market? This paper uses a relative transaction price approach, focusing on 37997 own stock transactions from Euronext Lisbon listed firms, ranging from 2005 to 2015, to estimate the relationship between the market timing ability of firms and a set of firm specific characteristics. Results show that smaller, more efficient but less valuable companies are more likely to be successful to time the market. Furthermore, we show that a shifting event such as a country bailout can lead to an increased performance from firms when trading own stock. Additionally, we find proof that OTC trading can be linked to lower market timing capabilities. At last, and due to the considerable weight of the financial sector within our sample, we estimated isolated results, which prove that the higher the relative performance of a firm when compared to its share value, the higher the capabilities of a financial sector firm to time the market when repurchasing own stock. earnings for relative valuation, quick ratio for liquidity and finally the total shareholder’s equity for overall financial health. use the Shapiro –Wilk W test for normality to the different RTP’s samples. This is done since, a priori, we do not know the distribution pattern of the relative transaction prices. The Shapiro–Wilk test is a test of normality in frequentist statistics. Published in 1965 by Samuel Sanford Shapiro and Martin Wilk it is commonly used to test series follows or not a normal distribution. stands stands for looking relative transaction Heteroskedasticity and robust standard are used. and * show statistical significance at a level of 1, 5 and 10% respectively.
{"title":"HOW DO DIFFERENT FIRMS PERFORM WHILE TRADING OWN STOCK? A GRANULAR ANALYSIS ON SPECIFIC CHARACTERISTICS AND MARKET CONDITIONS","authors":"D. Santos, P. Gama","doi":"10.20472/es.2020.9.2.005","DOIUrl":"https://doi.org/10.20472/es.2020.9.2.005","url":null,"abstract":": Which firms are more likely to time the market? This paper uses a relative transaction price approach, focusing on 37997 own stock transactions from Euronext Lisbon listed firms, ranging from 2005 to 2015, to estimate the relationship between the market timing ability of firms and a set of firm specific characteristics. Results show that smaller, more efficient but less valuable companies are more likely to be successful to time the market. Furthermore, we show that a shifting event such as a country bailout can lead to an increased performance from firms when trading own stock. Additionally, we find proof that OTC trading can be linked to lower market timing capabilities. At last, and due to the considerable weight of the financial sector within our sample, we estimated isolated results, which prove that the higher the relative performance of a firm when compared to its share value, the higher the capabilities of a financial sector firm to time the market when repurchasing own stock. earnings for relative valuation, quick ratio for liquidity and finally the total shareholder’s equity for overall financial health. use the Shapiro –Wilk W test for normality to the different RTP’s samples. This is done since, a priori, we do not know the distribution pattern of the relative transaction prices. The Shapiro–Wilk test is a test of normality in frequentist statistics. Published in 1965 by Samuel Sanford Shapiro and Martin Wilk it is commonly used to test series follows or not a normal distribution. stands stands for looking relative transaction Heteroskedasticity and robust standard are used. and * show statistical significance at a level of 1, 5 and 10% respectively.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67599154","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}
Pub Date : 2020-01-01DOI: 10.20472/es.2020.9.2.008
I. Uvarova, D. Atstāja, V. Korpa
: Recently the circular economy has got a lot of attention within discussions of policy makers, academics and practitioners. The circular economy proposes the treatment of environmental and climate change problems, simultaneously promising benefits for the business. The circular economy promotes the reduction of the consumption and reuse or recycling of the resources that in various aspects contradicts traditional business models that stream to linear growth of sales of their products. Yet the circular economy concept has been more discussed regarding its global scale, but there is a lack of scientific discussions about the approaches of the adoption of circular economy principles on the business level. This paper conceptualises multi-level dimensions of the circular economy and highlights challenges related to the perception of the circular economy principles in the micro business level. The conducted research shows that rural SMEs of six EU countries have rarely heard about the circular economy and even less about circular business models. While rural SMEs are more familiar with the bio and green economies forming good base for developing circular business models, they are reluctant towards introducing new business models. This paper aims to assess the level of the advancement in introduction of the circular business models among rural SMEs of EU countries. This article emphasizes the circular economy as an inseparable part of the business models of rural SMEs and rural economies of EU countries. This study has a policy implication as we suggest that the government should play an important role in promotion of circular business models in rural SMEs. The existing public support system is fragmented, and in most cases just incidentally encourage rural SMEs to adopt new circular business models. Also, the circular economy on a local level, especially in rural areas, has an important role in ensuring social wellbeing of local inhabitants. The methodological approach and research results presented in the paper can be used further developing EU support system and priorities beyond 2020. driven competitiveness and growth of rural SMEs — INNOGROW” funded by the European Union under the Interreg Europe programme. The preparation of this article has been funded by the research project “Management of Circular Business Models and Projects within Economy of Latvia” funded by BA School of Business and Finance, Latvia. Many thanks for the opportunity to publish this research to Latvian Council of Science (Latvia), a research project “Quadruple Helix Concept (QHC) as base of the next generation PPP model” (no. lzp-2020/1-0062). More detailed results of this research will be reflected in the PhD Thesis of Inga Uvarova.
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