首页 > 最新文献

Scientific Annals of Economics and Business最新文献

英文 中文
The Impact of Business Intelligence and Analytics Adoption on Decision Making Effectiveness and Managerial Work Performance 商业智能和分析方法的采用对决策有效性和管理工作绩效的影响
IF 0.6 Q3 ECONOMICS Pub Date : 2023-02-12 DOI: 10.47743/saeb-2023-0012
Luminita Hurbean, F. Militaru, M. Muntean, Doina Danaiata
Business Intelligence and Analytics systems have the capability to enable organizations to better comprehend their business and to increase the quality of managerial decisions, and consequently improve their performance. Recently, organizations have embraced the idea that data becomes a core asset, and this belief also changes the culture of the organization; data and analytics now determine a data-driven culture, which makes way for more effective data-driven decisions. To the best of our knowledge, there are few studies that investigate the effects of BI&A adoption on individual decision-making effectiveness and managerial work performance. This paper aims to contribute to bridging this gap by providing a research model that examines the relationship between BI&A adoption and manager’s decision-making effectiveness and then his individual work performance. The research model also theorizes that a data-driven culture promotes the BI&A adoption in the organization. Using specific control variables, we also expect to observe differences between different departments and managerial positions, which will provide practical implications for companies that work on BI&A adoption.
商业智能和分析系统能够使组织更好地理解其业务,提高管理决策的质量,从而提高绩效。最近,组织接受了数据成为核心资产的想法,这种信念也改变了组织的文化;数据和分析现在决定了数据驱动的文化,这为更有效的数据驱动决策让路。据我们所知,很少有研究调查BI&A的采用对个人决策效率和管理工作绩效的影响。本文旨在通过提供一个研究模型来检验BI&a的采用与管理者的决策有效性以及个人工作绩效之间的关系,从而为弥合这一差距做出贡献。该研究模型还认为,数据驱动的文化促进了组织中BI&a的采用。使用特定的控制变量,我们还希望观察不同部门和管理职位之间的差异,这将为致力于采用BI&A的公司提供实际意义。
{"title":"The Impact of Business Intelligence and Analytics Adoption on Decision Making Effectiveness and Managerial Work Performance","authors":"Luminita Hurbean, F. Militaru, M. Muntean, Doina Danaiata","doi":"10.47743/saeb-2023-0012","DOIUrl":"https://doi.org/10.47743/saeb-2023-0012","url":null,"abstract":"Business Intelligence and Analytics systems have the capability to enable organizations to better comprehend their business and to increase the quality of managerial decisions, and consequently improve their performance. Recently, organizations have embraced the idea that data becomes a core asset, and this belief also changes the culture of the organization; data and analytics now determine a data-driven culture, which makes way for more effective data-driven decisions. To the best of our knowledge, there are few studies that investigate the effects of BI&A adoption on individual decision-making effectiveness and managerial work performance. This paper aims to contribute to bridging this gap by providing a research model that examines the relationship between BI&A adoption and manager’s decision-making effectiveness and then his individual work performance. The research model also theorizes that a data-driven culture promotes the BI&A adoption in the organization. Using specific control variables, we also expect to observe differences between different departments and managerial positions, which will provide practical implications for companies that work on BI&A adoption.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2023-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44790655","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}
引用次数: 0
Financial Performance - Organizational Sustainability Relationship. Literature Review 财务绩效-组织可持续性关系。文献综述
IF 0.6 Q3 ECONOMICS Pub Date : 2023-02-11 DOI: 10.47743/saeb-2023-0016
M. Neacsu, I. Georgescu
Organizational sustainability efforts focus on three main areas: people, profit, and the environment (Elkington, 1998). With an increasing emphasis on sustainable development, economic entities are concerned with achieving long-term performance, the capacity to create value and to meet the needs of interest groups (investors, employees, customers, communities, local development), but also on the development, promotion and implementation of concrete actions for environmental protection. This study aims to identify the current stage of the relationship between sustainable development and financial performance, in order to identify key elements, trends and research gaps. Based on these considerations, we performed a quantitative analysis of a sample of 62 articles from 3 databases (ScienceDirect, Scopus and Web of Science), which we subsequently studied qualitatively.
组织可持续发展的努力集中在三个主要领域:人员、利润和环境(Elkington,1998)。随着对可持续发展的日益重视,经济实体关注的是实现长期业绩、创造价值的能力和满足利益集团(投资者、员工、客户、社区、地方发展)的需求,同时也关注环境保护具体行动的制定、促进和实施。本研究旨在确定可持续发展与财务绩效之间关系的当前阶段,以确定关键要素、趋势和研究差距。基于这些考虑,我们对来自3个数据库(ScienceDirect、Scopus和Web of Science)的62篇文章进行了定量分析,随后对其进行了定性研究。
{"title":"Financial Performance - Organizational Sustainability Relationship. Literature Review","authors":"M. Neacsu, I. Georgescu","doi":"10.47743/saeb-2023-0016","DOIUrl":"https://doi.org/10.47743/saeb-2023-0016","url":null,"abstract":"Organizational sustainability efforts focus on three main areas: people, profit, and the environment (Elkington, 1998). With an increasing emphasis on sustainable development, economic entities are concerned with achieving long-term performance, the capacity to create value and to meet the needs of interest groups (investors, employees, customers, communities, local development), but also on the development, promotion and implementation of concrete actions for environmental protection. This study aims to identify the current stage of the relationship between sustainable development and financial performance, in order to identify key elements, trends and research gaps. Based on these considerations, we performed a quantitative analysis of a sample of 62 articles from 3 databases (ScienceDirect, Scopus and Web of Science), which we subsequently studied qualitatively.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2023-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45796719","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}
引用次数: 1
The Impact of Environmental Effects of Sustainable Development on Direct Investments 可持续发展的环境效应对直接投资的影响
IF 0.6 Q3 ECONOMICS Pub Date : 2023-02-10 DOI: 10.47743/saeb-2023-0017
M. Onofrei, Adelina-Andreea Siriteanu, Erika-Maria Doacă
On the background of the exponential decrease of natural resources and the continuous and accentuated degradation of the quality of the environment, ensuring the sustainability of economic and social processes has become a reality of everyday life. However, the primary focus is on the degradation of the quality of the environment, which has the main effect of global warming. The idea of sustainable development is based on 3 fundamental pillars, namely the economic, the social and last but not least the environmental. In contemporary society, direct investment is often seen as a vital source for development and even sustainable development. Thus, the desire for development must go hand in hand with sustainable development, implicitly with the quality of the surrounding environment. At the level of the European Union, it is important that all member countries implement common measures on sustainable development. This is the generous context in which the paper aims to analyse the impact of environmental effects in the volume of direct investments. We will analyse the countries of European country in the period 2004-2020, and we will use the Stata program. Thus, following the running of the multiple regression equation, we found that in attracting direct investments in European country in the period 2004-2020, the environmental effects have a positive influence.
在自然资源呈指数级减少和环境质量不断恶化的背景下,确保经济和社会进程的可持续性已成为日常生活的现实。然而,主要的焦点是环境质量的退化,其主要影响是全球变暖。可持续发展的理念基于三个基本支柱,即经济,社会和最后但并非最重要的环境。在当代社会,直接投资往往被视为发展乃至可持续发展的重要来源。因此,发展的愿望必须与可持续发展并行不悖,同时也与周围环境的质量并行不悖。在欧洲联盟一级,重要的是所有成员国执行关于可持续发展的共同措施。这是本文旨在分析直接投资量中环境影响的慷慨背景。我们将分析2004-2020年期间欧洲国家的国家,我们将使用Stata程序。因此,根据多元回归方程的运行,我们发现在2004-2020年期间,在吸引欧洲国家直接投资方面,环境效应具有积极的影响。
{"title":"The Impact of Environmental Effects of Sustainable Development on Direct Investments","authors":"M. Onofrei, Adelina-Andreea Siriteanu, Erika-Maria Doacă","doi":"10.47743/saeb-2023-0017","DOIUrl":"https://doi.org/10.47743/saeb-2023-0017","url":null,"abstract":"On the background of the exponential decrease of natural resources and the continuous and accentuated degradation of the quality of the environment, ensuring the sustainability of economic and social processes has become a reality of everyday life. However, the primary focus is on the degradation of the quality of the environment, which has the main effect of global warming. The idea of sustainable development is based on 3 fundamental pillars, namely the economic, the social and last but not least the environmental. In contemporary society, direct investment is often seen as a vital source for development and even sustainable development. Thus, the desire for development must go hand in hand with sustainable development, implicitly with the quality of the surrounding environment. At the level of the European Union, it is important that all member countries implement common measures on sustainable development. This is the generous context in which the paper aims to analyse the impact of environmental effects in the volume of direct investments. We will analyse the countries of European country in the period 2004-2020, and we will use the Stata program. Thus, following the running of the multiple regression equation, we found that in attracting direct investments in European country in the period 2004-2020, the environmental effects have a positive influence.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2023-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44724103","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}
引用次数: 2
Worldwide Fiscal Progressivity: What can we Learn from Subjective Wellbeing Economics? 全球财政累进性:我们能从主观幸福经济学中学到什么?
IF 0.6 Q3 ECONOMICS Pub Date : 2023-02-09 DOI: 10.47743/saeb-2023-0011
Angela Ruíz Guillermo, Francisco Gómez García, Luis Palma Martos
The link between fiscal progressivity and subjective well-being at global level is an issue that has hardly been considered in the literature on the Economics of Happiness. Oishi et al. (2012) is almost the only work in this field, and they concluded that those countries which had more progressive income tax systems were also happier. Our work use their definition of progressivity as the difference between the upper and lower marginal rate on income, in order to prove its relationship with subjective well-being (SWB), but we have observed that such indicator is not very significant for a sample of 111 countries. Besides, we conclude that the fact that a country's maximum income tax rate is high turns out to have a strong influence on the declared subjective well-being of its citizens. One possible explanation for it could be that they are countries with a high GDP per capita in which disposable income after taxes remains high. However, it must be taken into account that in our work we have managed to isolate the influences that the GDP per capita variable could have using the principal component analysis method.
财政进步性与全球主观幸福感之间的联系是一个在幸福经济学文献中几乎没有考虑过的问题。Oishi等人(2012)几乎是该领域唯一的研究,他们得出的结论是,那些拥有更累进所得税制度的国家也更幸福。我们的工作使用他们对累进性的定义,即收入的上下限边际比率之间的差异,以证明其与主观幸福感(SWB)的关系,但我们观察到,对于111个国家的样本来说,这一指标并不重要。此外,我们得出的结论是,一个国家的最高所得税税率很高,这对其公民申报的主观幸福感有很大影响。一种可能的解释是,这些国家的人均GDP很高,税后可支配收入仍然很高。然而,必须考虑到的是,在我们的工作中,我们已经成功地使用主成分分析方法分离了人均GDP变量可能产生的影响。
{"title":"Worldwide Fiscal Progressivity: What can we Learn from Subjective Wellbeing Economics?","authors":"Angela Ruíz Guillermo, Francisco Gómez García, Luis Palma Martos","doi":"10.47743/saeb-2023-0011","DOIUrl":"https://doi.org/10.47743/saeb-2023-0011","url":null,"abstract":"The link between fiscal progressivity and subjective well-being at global level is an issue that has hardly been considered in the literature on the Economics of Happiness. Oishi et al. (2012) is almost the only work in this field, and they concluded that those countries which had more progressive income tax systems were also happier. Our work use their definition of progressivity as the difference between the upper and lower marginal rate on income, in order to prove its relationship with subjective well-being (SWB), but we have observed that such indicator is not very significant for a sample of 111 countries. Besides, we conclude that the fact that a country's maximum income tax rate is high turns out to have a strong influence on the declared subjective well-being of its citizens. One possible explanation for it could be that they are countries with a high GDP per capita in which disposable income after taxes remains high. However, it must be taken into account that in our work we have managed to isolate the influences that the GDP per capita variable could have using the principal component analysis method.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2023-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48814828","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}
引用次数: 0
European Efficiency or Inefficiency in Economic Growth Through Digital Transformation 通过数字化转型实现欧洲经济增长的效率还是低效
IF 0.6 Q3 ECONOMICS Pub Date : 2023-02-06 DOI: 10.47743/saeb-2023-0010
M. Georgescu, A. Lungu, I. A. Bogoslov, E. Stoica
The current global changes bring to the fore the importance of the innovation and digital transformation for economic development. Under the previous assumption, an objective evaluation of the economic growth discrepancies, considering the digitalization process, is required. The main goal of the present research is to analyse the economic growth of the European countries, based to the digitalization process, by using an input-output method. Under these circumstances, a Data Envelopment Analysis (DEA) was performed, considering the digitalization dimensions of DESI Index as input and the economic growth (annual %) as output. Based on the proposed model, the results highlighted the bidirectional relationship between economic growth and digitalization. Consistent with the research results, the European countries can be divided in two main categories: the efficient and the inefficient. On one hand, we can find the relatively efficient European states in terms of achieving the economic growth through digitalization (Ireland, Romania, Croatia and Greece). On the other hand, there is a numerous list of the inefficient ones, including important countries like Finland, Germany or France. Obviously, a remarkable aspect related to their situation is that, considering the national available inputs, an output maximization will be possible. According to the proposed model, the efficient countries can serve as peers or optimal benchmarks for solving the issue of relative inefficiency, by adapting and implementing their good practices.
当前的全球变化凸显了创新和数字化转型对经济发展的重要性。在之前的假设下,需要考虑数字化过程,对经济增长差异进行客观评估。本研究的主要目标是在数字化过程的基础上,使用投入产出法分析欧洲国家的经济增长。在这种情况下,进行了数据包络分析(DEA),将DESI指数的数字化维度作为输入,将经济增长率(年%)作为输出。基于所提出的模型,研究结果突出了经济增长和数字化之间的双向关系。与研究结果一致,欧洲国家可分为两大类:高效国家和低效国家。一方面,我们可以找到通过数字化实现经济增长的相对高效的欧洲国家(爱尔兰、罗马尼亚、克罗地亚和希腊)。另一方面,效率低下的国家有很多,包括芬兰、德国或法国等重要国家。显然,与他们的情况有关的一个显著方面是,考虑到国家现有的投入,产出最大化是可能的。根据拟议的模式,高效率国家可以通过调整和实施其良好做法,成为解决相对低效问题的同行或最佳基准。
{"title":"European Efficiency or Inefficiency in Economic Growth Through Digital Transformation","authors":"M. Georgescu, A. Lungu, I. A. Bogoslov, E. Stoica","doi":"10.47743/saeb-2023-0010","DOIUrl":"https://doi.org/10.47743/saeb-2023-0010","url":null,"abstract":"The current global changes bring to the fore the importance of the innovation and digital transformation for economic development. Under the previous assumption, an objective evaluation of the economic growth discrepancies, considering the digitalization process, is required. The main goal of the present research is to analyse the economic growth of the European countries, based to the digitalization process, by using an input-output method. Under these circumstances, a Data Envelopment Analysis (DEA) was performed, considering the digitalization dimensions of DESI Index as input and the economic growth (annual %) as output. Based on the proposed model, the results highlighted the bidirectional relationship between economic growth and digitalization. Consistent with the research results, the European countries can be divided in two main categories: the efficient and the inefficient. On one hand, we can find the relatively efficient European states in terms of achieving the economic growth through digitalization (Ireland, Romania, Croatia and Greece). On the other hand, there is a numerous list of the inefficient ones, including important countries like Finland, Germany or France. Obviously, a remarkable aspect related to their situation is that, considering the national available inputs, an output maximization will be possible. According to the proposed model, the efficient countries can serve as peers or optimal benchmarks for solving the issue of relative inefficiency, by adapting and implementing their good practices.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2023-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48149986","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}
引用次数: 0
Bibliometric Review on the Business Management Field 企业管理领域文献计量学综述
IF 0.6 Q3 ECONOMICS Pub Date : 2023-02-03 DOI: 10.47743/saeb-2023-0002
T. Arar, Gülşen Yurdakul
The purpose of this article is to review the business management field evolution from 2000 up to date and to map the conceptual, social, and intellectual structure of the research in this field. Data were collected from the WoS database, comprising 12,145 articles published between 2000 and 2022. Several bibliometric techniques were applied, including analysis of co-words, co-citation, bibliographic coupling, and co-authorship networks in addition to performance analysis. VosViewer and the Bibliometrix/Biblioshiny packages were used to perform the analyses. Besides revealing the evolution of the business management field, the results identify the most active and influential authors, articles, journals, and topics in this field.
本文的目的是回顾自2000年以来企业管理领域的演变,并绘制出该领域研究的概念、社会和知识结构。数据收集自WoS数据库,包括2000年至2022年间发表的12,145篇文章。除了性能分析外,还应用了几种文献计量学技术,包括共词分析、共引分析、书目耦合分析和共同作者网络分析。使用VosViewer和Bibliometrix/Biblioshiny软件包进行分析。除了揭示企业管理领域的演变之外,结果还确定了该领域最活跃和最具影响力的作者,文章,期刊和主题。
{"title":"Bibliometric Review on the Business Management Field","authors":"T. Arar, Gülşen Yurdakul","doi":"10.47743/saeb-2023-0002","DOIUrl":"https://doi.org/10.47743/saeb-2023-0002","url":null,"abstract":"The purpose of this article is to review the business management field evolution from 2000 up to date and to map the conceptual, social, and intellectual structure of the research in this field. Data were collected from the WoS database, comprising 12,145 articles published between 2000 and 2022. Several bibliometric techniques were applied, including analysis of co-words, co-citation, bibliographic coupling, and co-authorship networks in addition to performance analysis. VosViewer and the Bibliometrix/Biblioshiny packages were used to perform the analyses. Besides revealing the evolution of the business management field, the results identify the most active and influential authors, articles, journals, and topics in this field.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":"1 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2023-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41586721","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}
引用次数: 0
Impact of the Covid-19 Crisis on Service Enterprises and their Attitudes Towards Marketing Investments 新冠肺炎危机对服务企业的影响及其对营销投资的态度
IF 0.6 Q3 ECONOMICS Pub Date : 2022-12-20 DOI: 10.47743/saeb-2022-0021
Martina Juříková, L. Ližbetinová, Eliška Káčerková
The service sector has become the dominant sphere of market economies over the last forty years. The maturity of a country’s economy is directly related to the maturity of services as an economic sector. The immense growth across the service sector has also put mounting pressure on the competitiveness of service enterprises and their marketing activities. The turn of the millennium has already seen the competitive struggle affected by two crises – first, an economic one and now, one caused by the Covid-19 pandemic, which has had a great impact (not only) on the service sector. The article deals with the question of how Czech service enterprises reflect on the impact of the pandemic. The article’s aim is to find out how service enterprises perceive the impact of the Covid-19 crisis depending on their size and classification within the service sector and how they approach marketing investments during a pandemic crisis. The research is focused on service enterprises (n=90) in terms of their application of marketing processes in the conditions of the Czech Republic in the period 2020-2021. The results, based on descriptive and inferential statistics (ANOVA test in conjunction with Hochberg and Games-Howell tests, Pearson’s correlation coefficient and chi-squared test), show that smaller enterprises tend to be more affected by the effects of government measures in the context of the Covid-19 crisis than medium and large enterprises.
在过去的四十年里,服务业已经成为市场经济的主导领域。一个国家经济的成熟程度直接关系到服务业作为一个经济部门的成熟程度。整个服务业的巨大增长也给服务企业的竞争力和营销活动带来了越来越大的压力。在世纪之交,竞争斗争已经受到两场危机的影响,一场是经济危机,现在是Covid-19大流行造成的危机,这对服务业产生了巨大影响(不仅如此)。这篇文章涉及捷克服务企业如何反思疫情影响的问题。本文的目的是了解服务企业如何根据其在服务部门的规模和分类来看待Covid-19危机的影响,以及他们如何在大流行危机期间进行营销投资。该研究主要针对服务企业(n=90)在2020-2021年期间捷克共和国条件下的营销流程应用。基于描述性和推断性统计(ANOVA检验结合Hochberg和Games-Howell检验、Pearson相关系数和卡方检验)的结果表明,在新冠肺炎危机背景下,小型企业比大中型企业更容易受到政府措施效果的影响。
{"title":"Impact of the Covid-19 Crisis on Service Enterprises and their Attitudes Towards Marketing Investments","authors":"Martina Juříková, L. Ližbetinová, Eliška Káčerková","doi":"10.47743/saeb-2022-0021","DOIUrl":"https://doi.org/10.47743/saeb-2022-0021","url":null,"abstract":"The service sector has become the dominant sphere of market economies over the last forty years. The maturity of a country’s economy is directly related to the maturity of services as an economic sector. The immense growth across the service sector has also put mounting pressure on the competitiveness of service enterprises and their marketing activities. The turn of the millennium has already seen the competitive struggle affected by two crises – first, an economic one and now, one caused by the Covid-19 pandemic, which has had a great impact (not only) on the service sector. The article deals with the question of how Czech service enterprises reflect on the impact of the pandemic. The article’s aim is to find out how service enterprises perceive the impact of the Covid-19 crisis depending on their size and classification within the service sector and how they approach marketing investments during a pandemic crisis. The research is focused on service enterprises (n=90) in terms of their application of marketing processes in the conditions of the Czech Republic in the period 2020-2021. The results, based on descriptive and inferential statistics (ANOVA test in conjunction with Hochberg and Games-Howell tests, Pearson’s correlation coefficient and chi-squared test), show that smaller enterprises tend to be more affected by the effects of government measures in the context of the Covid-19 crisis than medium and large enterprises.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43363677","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}
引用次数: 0
Does Voracious Behavior favor Efficient Market Hypothesis? Role of Performance Measures 贪婪行为是否支持有效市场假说?绩效指标的作用
IF 0.6 Q3 ECONOMICS Pub Date : 2022-12-19 DOI: 10.47743/saeb-2022-0029
Attayah Shafique, Usman Ayub, M. Shariq, Muḥammad Ashfaq
Greed plays an important in the fluctuations of stock prices because investors want profits irrespective of the risk taken by them. This study aims to determine, whether, in times of rising trends in the market, greediness is good for the investor or not. Secondly, investors can get high profits by beating the market or not. The already formed deciles portfolios of listed companies on NYSE, AMEX, and NASDAQ based on size and book to market value are taken from the Kenneth R. French data library from Dec 1994 to Dec 2021. Sharpe, Treynor, and Sortino ratios are used as the measure of the performance of portfolios. Ordinal logistic regression is used to calculate the probability at different benchmark levels to determine, whether the investor gets the profit by beating the market or not. The results show that the investor who used the Sharpe ratio has an average 85% probability of getting a profit of more than 75% of the benchmark of S&P-500 in all periods. Thus, the investors’ greediness is good in the long run if the investor considers total risk and can beat the market. By using the Sortino and Treynor ratio, there is an average 50% probability of achieving the profit up to the benchmark which is S&P-500. This means that the investors are not able to beat the market thus, support the efficient market hypothesis by considering the downside and market risk.
贪婪在股票价格的波动中起着重要的作用,因为投资者想要利润而不顾他们所承担的风险。本研究旨在确定,在市场趋势上升的时候,贪婪是否对投资者有利。其次,投资者可以通过战胜市场或不战胜市场来获得高额利润。根据规模和账面市值,纽约证券交易所、美国证券交易所和纳斯达克上市公司已经形成的十分之一的投资组合来自1994年12月至2021年12月的Kenneth R. French数据库。夏普比率、特雷纳比率和索蒂诺比率被用来衡量投资组合的表现。利用有序逻辑回归计算在不同基准水平上的概率,以确定投资者是否通过跑赢市场获得利润。结果表明,使用夏普比率的投资者在所有时期获得超过标准普尔500基准指数75%的利润的平均概率为85%。因此,如果投资者考虑总风险并能战胜市场,那么从长期来看,投资者的贪婪是好的。通过使用Sortino和Treynor比率,平均有50%的概率实现达到标准普尔500指数的利润。这意味着投资者无法战胜市场,因此,通过考虑下行和市场风险来支持有效市场假说。
{"title":"Does Voracious Behavior favor Efficient Market Hypothesis? Role of Performance Measures","authors":"Attayah Shafique, Usman Ayub, M. Shariq, Muḥammad Ashfaq","doi":"10.47743/saeb-2022-0029","DOIUrl":"https://doi.org/10.47743/saeb-2022-0029","url":null,"abstract":"Greed plays an important in the fluctuations of stock prices because investors want profits irrespective of the risk taken by them. This study aims to determine, whether, in times of rising trends in the market, greediness is good for the investor or not. Secondly, investors can get high profits by beating the market or not. The already formed deciles portfolios of listed companies on NYSE, AMEX, and NASDAQ based on size and book to market value are taken from the Kenneth R. French data library from Dec 1994 to Dec 2021. Sharpe, Treynor, and Sortino ratios are used as the measure of the performance of portfolios. Ordinal logistic regression is used to calculate the probability at different benchmark levels to determine, whether the investor gets the profit by beating the market or not. The results show that the investor who used the Sharpe ratio has an average 85% probability of getting a profit of more than 75% of the benchmark of S&P-500 in all periods. Thus, the investors’ greediness is good in the long run if the investor considers total risk and can beat the market. By using the Sortino and Treynor ratio, there is an average 50% probability of achieving the profit up to the benchmark which is S&P-500. This means that the investors are not able to beat the market thus, support the efficient market hypothesis by considering the downside and market risk.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44125552","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}
引用次数: 0
Financial Contagion from the Subprime Crisis: A Copula Approach 次贷危机的金融传染:一种联结方法
IF 0.6 Q3 ECONOMICS Pub Date : 2022-12-19 DOI: 10.47743/saeb-2022-0031
Rita I.L. Mendes, Luís Gomes, P. Ramos
The magnitude of the subprime crisis effects caused recessions in several economies, giving rise to the global financial crisis. The scale of this major shock and the different recovery profiles of European economies motivated this paper. The main objective is to look for evidence of contagion between the North American financial market (S&P500) and the financial markets of Portugal (PSI20), Spain (IBEX35), Greece (ATHEX) and Italy (FTSEMIB), in the South of Europe, and the financial markets of Sweden (OMXS30), Denmark (OMX2C0), Finland (OMXH25) and Norway (OsloOBX), in the North of Europe. Considering the period from January 1, 2003 to December 31, 2013, the ARMA-GARCH models were estimated to remove the autoregressive and conditional heteroscedastic effects from the time series of the daily returns. Then, the copula models were used to estimate the dependence relationships between the European stock indexes and the North American stock index, from the pre-crisis subperiod to the crisis subperiod. The results indicate financial contagion of the subprime crisis for all analyzed European countries. The North European markets intensified the relations of financial integration (both in negative and positive shocks) with the North American market, apart from the Danish against the Portuguese. In addition to the contribution made by the joint application of the ARMA-GARCH models, the findings are useful to identify channels of financial contagion between markets and to warn about the effects of possible new crisis, which will require different levels of adaptation by the companies’ financial managers and intervention by the authorities.
次贷危机的严重影响导致了几个经济体的衰退,引发了全球金融危机。这一重大冲击的规模和欧洲经济体不同的复苏状况激发了本文的动力。主要目标是寻找北美金融市场(标准普尔500指数)与欧洲南部葡萄牙(PSI20)、西班牙(IBEX35)、希腊(ATHEX)和意大利(FTSEMIB)金融市场以及欧洲北部瑞典(OMXS30)、丹麦(OMX2C0)、芬兰(OMXH25)和挪威(OsloOBX)金融市场之间传染的证据。考虑到2003年1月1日至2013年12月31日期间,估计ARMA-GARCH模型从每日收益的时间序列中去除了自回归和条件异方差效应。然后,使用copula模型估计了欧洲股指和北美股指从危机前子周期到危机子周期的依赖关系。结果表明,所有被分析的欧洲国家都受到了次贷危机的金融传染。北欧市场加强了与北美市场的金融一体化关系(无论是在负面还是正面冲击中),除了丹麦对葡萄牙。除了ARMA-GARCH模型的联合应用所做出的贡献外,这些发现还有助于确定市场之间的金融传染渠道,并警告可能出现的新危机的影响,这将需要公司财务经理进行不同程度的适应和当局的干预。
{"title":"Financial Contagion from the Subprime Crisis: A Copula Approach","authors":"Rita I.L. Mendes, Luís Gomes, P. Ramos","doi":"10.47743/saeb-2022-0031","DOIUrl":"https://doi.org/10.47743/saeb-2022-0031","url":null,"abstract":"The magnitude of the subprime crisis effects caused recessions in several economies, giving rise to the global financial crisis. The scale of this major shock and the different recovery profiles of European economies motivated this paper. The main objective is to look for evidence of contagion between the North American financial market (S&P500) and the financial markets of Portugal (PSI20), Spain (IBEX35), Greece (ATHEX) and Italy (FTSEMIB), in the South of Europe, and the financial markets of Sweden (OMXS30), Denmark (OMX2C0), Finland (OMXH25) and Norway (OsloOBX), in the North of Europe. Considering the period from January 1, 2003 to December 31, 2013, the ARMA-GARCH models were estimated to remove the autoregressive and conditional heteroscedastic effects from the time series of the daily returns. Then, the copula models were used to estimate the dependence relationships between the European stock indexes and the North American stock index, from the pre-crisis subperiod to the crisis subperiod. The results indicate financial contagion of the subprime crisis for all analyzed European countries. The North European markets intensified the relations of financial integration (both in negative and positive shocks) with the North American market, apart from the Danish against the Portuguese. In addition to the contribution made by the joint application of the ARMA-GARCH models, the findings are useful to identify channels of financial contagion between markets and to warn about the effects of possible new crisis, which will require different levels of adaptation by the companies’ financial managers and intervention by the authorities.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49096179","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}
引用次数: 0
Time-Varying Structure of the Optimal Hedge Ratio for Emerging Markets 新兴市场最优套期保值率的时变结构
IF 0.6 Q3 ECONOMICS Pub Date : 2022-12-19 DOI: 10.47743/saeb-2022-0030
Metin Teti̇k, Ercan Özen
Emerging markets are more exposed to risk than developed markets. Therefore, they require risk management using futures market instruments. This study aims to determine the hedging effectiveness of the spot index market risks in the stock index futures market in Brazil, Russia, India, South Africa, and Turkey. Measuring the hedging effectiveness level of futures markets is vital for these countries because investors must remain in the stock markets for the sustainability of the financial markets and economies. Weekly closing data for the period from January 2009 to October 2021 were analyzed via a dynamic method referred to as flexible least squares (FLS). Although the FLS results show that futures transactions provide high hedging effectiveness for all countries within the scope of this study, country-specific conditions may reduce the hedging effectiveness.
新兴市场比发达市场更容易受到风险的影响。因此,他们需要使用期货市场工具进行风险管理。本研究旨在确定巴西、俄罗斯、印度、南非和土耳其股指期货市场现货指数市场风险的套期保值有效性。衡量期货市场的对冲有效性水平对这些国家至关重要,因为投资者必须留在股票市场,以维持金融市场和经济的可持续性。2009年1月至2021年10月的每周收盘数据通过灵活最小二乘(FLS)动态方法进行分析。虽然FLS结果表明,期货交易为本研究范围内的所有国家提供了较高的套期保值有效性,但各国的具体条件可能会降低套期保值有效性。
{"title":"Time-Varying Structure of the Optimal Hedge Ratio for Emerging Markets","authors":"Metin Teti̇k, Ercan Özen","doi":"10.47743/saeb-2022-0030","DOIUrl":"https://doi.org/10.47743/saeb-2022-0030","url":null,"abstract":"Emerging markets are more exposed to risk than developed markets. Therefore, they require risk management using futures market instruments. This study aims to determine the hedging effectiveness of the spot index market risks in the stock index futures market in Brazil, Russia, India, South Africa, and Turkey. Measuring the hedging effectiveness level of futures markets is vital for these countries because investors must remain in the stock markets for the sustainability of the financial markets and economies. Weekly closing data for the period from January 2009 to October 2021 were analyzed via a dynamic method referred to as flexible least squares (FLS). Although the FLS results show that futures transactions provide high hedging effectiveness for all countries within the scope of this study, country-specific conditions may reduce the hedging effectiveness.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48921390","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}
引用次数: 0
期刊
Scientific Annals of Economics and Business
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1